Sales rose 17.38% QoQ, but RSL margin slipped as costs edged ahead
Standalone net profit grew 17.33% QoQ as lower interest and a slightly lower tax rate offset a 0.08-point operating-margin dip.
Filed 02 Nov 2026, 16:35 IST · after market close · Rajputana Stainless Ltd (RSL)
Key takeaways
- Standalone revenue increased +17.38% QoQ, but expenses grew faster at +17.49%, leaving operating margin down 0.08 percentage points.
- Net profit rose +17.33% QoQ, helped by a -15.70% drop in interest and a 0.16-percentage-point fall in the tax rate.
- RSL’s 9.29% operating margin was 2.24 percentage points below the 11.53% Industrials median across 88 reported peers.
Price around the results
Revenue momentum lifted profit in the standalone quarter
Revenue rose +17.38% QoQ to Rs 359.81 cr, taking operating profit up +16.33% to Rs 33.41 cr. Net profit grew +17.33% to Rs 23.70 cr, broadly keeping pace with the increase in pre-tax profit.
Costs slightly outpaced sales, while lower interest supported earnings
Expenses increased +17.49% QoQ against revenue growth of +17.38%, narrowing operating margin by 0.08 percentage points. Interest fell -15.70%, and the tax rate declined by 0.16 percentage points; other income contributed 6.62% of pre-tax profit.
Margin direction remains uneven and trails the Industrials median
Operating margin rose from 9.22% in Q4FY26 to 9.37% in Q1FY27 before easing to 9.29% in Q2FY27, so the quarter marked a pullback rather than a continued rise. RSL’s margin was 2.24 percentage points below the 11.53% median for 88 Industrials peers that had reported the same quarter.
Results were filed after market close
The standalone results were filed after market close on 02 Nov 2026 at 16:35 IST. There is no post-results market move to assess yet.
Q2FY27 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹360 cr | ₹307 cr | +17.38% |
| Other income | ₹2 cr | ₹2 cr | -8.26% |
| Expenses | ₹326 cr | ₹278 cr | +17.49% |
| Operating profit | ₹33 cr | ₹29 cr | +16.33% |
| Operating margin (%) | 9.29% | 9.37% | — |
| Interest | ₹1 cr | ₹2 cr | -15.70% |
| Depreciation | ₹2 cr | ₹2 cr | +5.34% |
| Profit before tax | ₹32 cr | ₹27 cr | +17.07% |
| Tax | ₹8 cr | ₹7 cr | +16.34% |
| Net profit | ₹24 cr | ₹20 cr | +17.33% |
| EPS (₹) | ₹2.84 | ₹2.42 | +17.36% |
Operating margin of 9.29% compares with a Industrials sector median of 11.53% across 88 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves back above 9.29% after the Q2FY27 dip.
- Whether expenses grow slower than revenue after +17.49% versus +17.38% QoQ.
- Whether interest remains below Rs 1.45 cr.