Raj Television swings to profit as revenue rises 23.51% sequentially
Standalone operating margin rose 18.48 percentage points as expenses barely grew, while the higher tax rate limited the profit conversion.
Filed 12 Nov 2026, 17:02 IST · after market close · Raj Television Network Ltd (RAJTV)
Key takeaways
- Standalone revenue rose +23.51% QoQ while expenses increased only +1.24%, turning operating profit positive at Rs 2.95 cr.
- Operating margin swung up 18.48 percentage points to 15.97% as revenue growth outpaced costs, despite a 7.58 percentage-point rise in the tax rate.
- Raj Television's 15.97% operating margin was 4.74 percentage points above the 11.23% median for 329 Consumer Discretionary peers.
Price around the results
Revenue recovery drove a sharp operating turnaround
Raj Television's standalone revenue increased +23.51% QoQ to Rs 18.49 cr, while expenses rose only +1.24% to Rs 15.53 cr. That gap lifted operating profit from a loss of Rs 0.38 cr in Q1FY27 to Rs 2.95 cr, and profit before tax moved from a loss of Rs 1.19 cr to Rs 2.17 cr. With no other income, the improvement came from operations rather than non-operating gains.
Margin reversal came despite higher tax pressure
Operating margin improved from -2.51% to 15.97%, an 18.48 percentage-point sequential increase, because revenue grew much faster than expenses. Interest expense fell -4.92% QoQ, while depreciation was unchanged at Rs 0.20 cr. The tax rate rose 7.58 percentage points to 22.70%, so the improvement in net profit to Rs 1.68 cr was less than the improvement in pre-tax profit.
Margin now sits above the reported peer median
Raj Television's 15.97% operating margin was 4.74 percentage points above the 11.23% median among 329 reported Consumer Discretionary peers. Operating margin swung from -2.51% in Q1FY27 to 15.97% in Q2FY27, marking a sharp sequential reversal rather than an established multi-quarter trend.
Results were filed after market close
The standalone results were filed after market close, so there is no market reaction to assess yet. The quarter's next read-through is whether the sharp operating improvement is sustained without a return of the expense pressure seen in the prior quarter.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹18 cr | ₹15 cr | +23.51% |
| Other income | ₹0 cr | ₹0 cr | — |
| Expenses | ₹16 cr | ₹15 cr | +1.24% |
| Operating profit | ₹3 cr | ₹-0 cr | — |
| Operating margin (%) | 15.97% | -2.51% | — |
| Interest | ₹1 cr | ₹1 cr | -4.92% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹2 cr | ₹-1 cr | — |
| Tax | ₹0 cr | ₹-0 cr | — |
| Net profit | ₹2 cr | ₹-1 cr | — |
| EPS (₹) | ₹0.32 | ₹-0.19 | — |
Operating margin of 15.97% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 15.97% after the Q2FY27 reversal.
- Whether expense growth remains close to the Q2FY27 rate of +1.24% QoQ.
- Whether the tax rate moves below the current 22.70% level.