S&S Power swings to operating loss as costs outpace revenue
Revenue rose +3.37% sequentially, but expenses grew +8.51%, pushing operating margin down 4.86 percentage points and widening the net loss.
Filed 13 Nov 2026, 20:31 IST · after market close · S & S Power Switchgear Ltd (S&SPOWER)
Key takeaways
- Consolidated operating profit swung from Rs 1.77 cr in Q1FY27 to a loss of Rs 1.75 cr in Q2FY27 as expenses grew +8.51% while revenue rose +3.37%.
- Net loss widened to Rs 2.43 cr from Rs 0.26 cr, even with the tax line at -Rs 0.80 cr.
- Operating margin fell to -2.38%, 13.84 percentage points below the 11.46% median for 267 reported Industrials peers.
Price around the results
Revenue growth could not absorb the cost increase
S&S Power’s consolidated revenue rose +3.37% sequentially to Rs 73.61 cr, but expenses increased +8.51% to Rs 75.36 cr. The faster cost growth pushed operating profit from Rs 1.77 cr in Q1FY27 to a loss of Rs 1.75 cr, while operating margin narrowed 4.86 percentage points to -2.38%. Interest was unchanged at Rs 0.87 cr, but depreciation increased +11.43%.
Tax benefit reduced the reported loss
The tax line was -Rs 0.80 cr against Rs 0.90 cr in the previous quarter, taking the reported tax rate down 115.91 percentage points to 24.66%. That tax benefit softened the loss after tax, but net profit still deteriorated from -Rs 0.26 cr to -Rs 2.43 cr. Other income fell to Rs 0.18 cr and represented -5.57% of pre-tax profit, so it did not provide a meaningful offset to the operating loss.
Margin ranks near the bottom of reported Industrials peers
Among 267 Industrials companies that have reported the quarter, S&S Power’s -2.38% operating margin was 13.84 percentage points below the 11.46% sector median. The company ranked 12th from the bottom on this measure. With only Q1FY27 available for comparison, the quarter shows a sequential reversal from a positive 2.48% operating margin rather than a longer multi-quarter trend.
Results were filed after market close
The consolidated results were filed at 20:31 IST on 13 November 2026, after market close. A market reaction was therefore not yet available in the reported results window.
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 | ₹74 cr | ₹71 cr | +3.37% |
| Other income | ₹0 cr | ₹0 cr | -59.09% |
| Expenses | ₹75 cr | ₹69 cr | +8.51% |
| Operating profit | ₹-2 cr | ₹2 cr | — |
| Operating margin (%) | -2.38% | 2.48% | — |
| Interest | ₹1 cr | ₹1 cr | +0.00% |
| Depreciation | ₹1 cr | ₹1 cr | +11.43% |
| Profit before tax | ₹-3 cr | ₹1 cr | — |
| Tax | ₹-1 cr | ₹1 cr | — |
| Net profit | ₹-2 cr | ₹-0 cr | -834.62% |
| EPS (₹) | ₹-1.97 | ₹-0.21 | -838.10% |
Operating margin of -2.38% compares with a Industrials sector median of 11.46% across 267 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers from -2.38% after the 4.86-percentage-point sequential decline.
- Whether expense growth moderates from +8.51% to closer to the +3.37% revenue growth rate.
- Whether the tax line remains a benefit after -Rs 0.80 cr in Q2FY27.