Rupa’s Q2 profit more than doubled as margin edged higher
Revenue grew 58.29% QoQ and expenses 57.71%; the lower tax rate amplified profit growth, while other income was 26.7% of pre-tax profit.
Filed 02 Nov 2026, 17:36 IST · after market close · Rupa & Company Ltd (RUPA)
Key takeaways
- Consolidated revenue rose 58.29% QoQ to Rs 320.42 cr, while expenses grew 57.71%.
- Operating margin improved 0.34 percentage points to 8.12% as revenue growth slightly outpaced expense growth.
- Net profit increased 107.02% QoQ to Rs 17.1 cr, helped by a 10.12-percentage-point fall in the tax rate to 22.33%.
Price around the results
Revenue growth translated into modest operating leverage
In consolidated Q2FY27, revenue rose 58.29% QoQ and operating profit grew 65.14%, faster than sales. Expenses increased 57.71%, slightly below revenue growth, lifting operating margin by 0.34 percentage points to 8.12%.
Lower tax rate amplified profit growth
Profit before tax increased 80.05% QoQ, despite interest expense rising 17.32%. Net profit grew faster at 107.02% as the tax rate fell 10.12 percentage points to 22.33%. Other income accounted for 26.7% of pre-tax profit, making it a material contributor to reported earnings.
Margin remains below the Consumer Discretionary peer median
Rupa’s 8.12% operating margin was 4.62 percentage points below the 12.74% median for 153 Consumer Discretionary peers that had reported the quarter. The margin improved from 7.78% in Q1FY27, but the available trend shows only this sequential comparison.
Results were filed after market close
The consolidated results were filed at 17:36 IST on 02 Nov 2026, after market close. There is no reported post-results stock reaction yet, so the market response cannot be assessed in this update.
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 | ₹320 cr | ₹202 cr | +58.29% |
| Other income | ₹6 cr | ₹5 cr | +9.09% |
| Expenses | ₹294 cr | ₹187 cr | +57.71% |
| Operating profit | ₹26 cr | ₹16 cr | +65.14% |
| Operating margin (%) | 8.12% | 7.78% | — |
| Interest | ₹6 cr | ₹5 cr | +17.32% |
| Depreciation | ₹4 cr | ₹4 cr | +2.12% |
| Profit before tax | ₹22 cr | ₹12 cr | +80.05% |
| Tax | ₹5 cr | ₹4 cr | +23.93% |
| Net profit | ₹17 cr | ₹8 cr | +107.02% |
| EPS (₹) | ₹2.15 | ₹1.04 | +106.73% |
Operating margin of 8.12% compares with a Consumer Discretionary sector median of 12.74% across 153 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 8.12% after the 0.34-percentage-point QoQ improvement.
- Whether the tax rate remains near 22.33% after falling 10.12 percentage points QoQ.
- The share of pre-tax profit represented by other income versus 26.7% this quarter.