Fast Moving Consumer Goods · Q2FY27 · Standalone

Revenue jumps, but Raj Oil Mills' margin slips as costs edge ahead

Standalone net profit rose +26.13% QoQ, with the lower tax rate cushioning a modest operating-margin decline.

By Ashutosh

Filed 05 Nov 2026, 18:51 IST · after market close · Raj Oil Mills Ltd (ROML)

Key takeaways

  • Standalone revenue rose +24.92% QoQ to Rs 44.42 cr, but expenses grew +25.09%, trimming operating margin by 0.13 percentage points.
  • Net profit increased +26.13% QoQ to Rs 1.40 cr, helped by a 1.47 percentage-point decline in the tax rate to 25.50%.
  • At 5.02%, operating margin was 5.67 percentage points below the median for 62 reported FMCG peers.

Price around the results

Revenue growth came with a narrower operating spread

Raj Oil Mills reported standalone revenue growth of +24.92% QoQ in Q2FY27, while operating profit grew +21.86% to Rs 2.23 cr. Expenses grew slightly faster than revenue at +25.09%, reducing operating margin from 5.15% in Q1FY27 to 5.02%.

Lower tax rate supported profit growth

Profit before tax rose +23.68% QoQ, while net profit grew faster at +26.13% as the tax rate fell by 1.47 percentage points to 25.50%. Interest expense increased +80.00% QoQ, but other income contributed only 0.53% of pre-tax profit, so earnings were not materially supported by non-operating income.

Margin remains below the FMCG peer median

The 5.02% operating margin was 5.67 percentage points below the 10.69% median among 62 FMCG peers that had reported the quarter. The sequential move was also negative, with margin declining from 5.15% in Q1FY27.

Results filed after the market close

The standalone results were filed after market close on 5 November 2026. There is therefore no post-results stock reaction to assess in this update.

Q2FY27 at a glance

Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹44 cr₹36 cr+24.92%
Other income₹0 cr₹0 cr+0.00%
Expenses₹42 cr₹34 cr+25.09%
Operating profit₹2 cr₹2 cr+21.86%
Operating margin (%)5.02%5.15%—
Interest₹0 cr₹0 cr+80.00%
Depreciation₹0 cr₹0 cr+0.00%
Profit before tax₹2 cr₹2 cr+23.68%
Tax₹0 cr₹0 cr+17.07%
Net profit₹1 cr₹1 cr+26.13%
EPS (₹)₹0.89₹0.74+20.27%

Operating margin of 5.02% compares with a Fast Moving Consumer Goods sector median of 10.69% across 62 peers that have reported Q2FY27.

What to watch

  • Whether operating margin improves from 5.02% in the next quarter.
  • Whether expense growth comes in below the +25.09% QoQ recorded in Q2FY27.
  • Whether interest expense growth moderates from +80.00% QoQ.