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.
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 item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| 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.