Other income drives Rane Holdings’ Q2 profit as operating margin edges up
Revenue growth outpaced expenses QoQ, but other income supplied 85.27% of pre-tax profit.
Filed 12 Nov 2026, 18:37 IST · after market close · Rane Holdings Ltd (RANEHOLDIN)
Key takeaways
- Revenue grew +19.26% QoQ while expenses rose +18.40%, lifting operating margin by 0.67 percentage points to 7.42%.
- Other income accounted for 85.27% of pre-tax profit, making the Rs 319.55 cr consolidated net profit heavily dependent on non-operating income.
- Rane Holdings’ 7.42% operating margin was 44.19 percentage points below the 51.61% median for 118 Financial Services peers.
Price around the results
Sequential growth improved operating leverage
In consolidated results, revenue increased +19.26% QoQ while expenses grew +18.40%, allowing operating profit to rise +31.12% and operating margin to expand by 0.67 percentage points. Net profit increased +562.01% QoQ as other income jumped +1078.53% to Rs 331.05 cr.
Profit quality was dominated by other income
Other income contributed 85.27% of pre-tax profit, so the quarter’s earnings were driven far more by non-operating income than by the operating business. Interest expense rose +17.59% and depreciation increased +9.38%, while the tax rate fell by 2.63 percentage points to 17.69%, also supporting the net-profit increase.
Margin remains well below the sector comparison
Rane Holdings’ 7.42% operating margin was 44.19 percentage points below the 51.61% median among 118 Financial Services peers that had reported. The margin nevertheless improved from 6.75% in Q1FY27, making the immediate sequential direction positive.
Results were filed after market close
The consolidated results were filed after market close, so the stock’s immediate response is not covered in this update. There is also no recent reaction history to set this move against.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,893 cr | ₹1,587 cr | +19.26% |
| Other income | ₹331 cr | ₹28 cr | +1078.53% |
| Expenses | ₹1,752 cr | ₹1,480 cr | +18.40% |
| Operating profit | ₹140 cr | ₹107 cr | +31.12% |
| Operating margin (%) | 7.42% | 6.75% | — |
| Interest | ₹24 cr | ₹20 cr | +17.59% |
| Depreciation | ₹60 cr | ₹55 cr | +9.38% |
| Profit before tax | ₹388 cr | ₹61 cr | +540.86% |
| Tax | ₹69 cr | ₹12 cr | +457.92% |
| Net profit | ₹320 cr | ₹48 cr | +562.01% |
| EPS (₹) | ₹140.97 | ₹26.17 | +438.67% |
Operating margin of 7.42% compares with a Financial Services sector median of 51.61% across 118 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 7.42% after its 0.67 percentage-point QoQ improvement.
- The share of pre-tax profit coming from other income after it reached 85.27% this quarter.
- Whether expenses continue to grow no faster than revenue, after +18.40% versus +19.26% QoQ.