Senco's margin falls to 4.38% as costs outpace sequential revenue decline
Other income exceeded pre-tax profit, while the consolidated results were filed after market close and had no immediate trading reaction in the data.
Filed 13 Nov 2026, 20:52 IST · after market close · Senco Gold Ltd (SENCO)
Key takeaways
- Consolidated operating margin fell 2.59 percentage points sequentially to 4.38% as expenses declined less than revenue.
- Other income of Rs 122.12 cr accounted for 101.28% of pre-tax profit, making reported profit quality a key issue.
- Senco's 4.38% operating margin was 6.80 percentage points below the 11.18% median of 361 reporting Consumer Discretionary peers.
Price around the results
Sequential revenue slowdown compresses operating profit
These consolidated results show revenue declining 32.63% sequentially to Rs 2058.73 cr, while operating profit fell 57.69% to Rs 90.18 cr. Revenue and operating profit both declined from Q1FY27, but the sharper operating-profit fall points to weaker operating leverage rather than a proportional slowdown in sales alone. Net profit declined 14.31% to Rs 86.67 cr because other income rose sharply.
Costs grew faster than revenue on the sequential comparison
Expenses declined 30.76%, less than the 32.63% revenue decline, so operating margin narrowed by 2.59 percentage points to 4.38%. Interest rose 2.19% and the tax rate increased by 0.92 percentage points to 28.12%, adding pressure below operating profit. Other income rose 700.26% to Rs 122.12 cr and represented 101.28% of pre-tax profit, so reported earnings relied heavily on non-operating income this quarter.
Margin trails the reported Consumer Discretionary peer set
Senco's 4.38% operating margin was 6.80 percentage points below the 11.18% median among 361 Consumer Discretionary peers that had reported the same quarter. The available quarter-on-quarter trend shows margin moving down from 6.97% in Q1FY27; it does not establish a longer multi-quarter direction.
Results filed after market close
The consolidated results were filed at 20:52 IST on 13 November 2026, after market close. There is no immediate stock reaction to assess against the company's history in the reported data.
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 | ₹2,059 cr | ₹3,056 cr | -32.63% |
| Other income | ₹122 cr | ₹15 cr | +700.26% |
| Expenses | ₹1,969 cr | ₹2,843 cr | -30.76% |
| Operating profit | ₹90 cr | ₹213 cr | -57.69% |
| Operating margin (%) | 4.38% | 6.97% | — |
| Interest | ₹69 cr | ₹68 cr | +2.19% |
| Depreciation | ₹22 cr | ₹22 cr | +3.58% |
| Profit before tax | ₹121 cr | ₹139 cr | -13.21% |
| Tax | ₹34 cr | ₹38 cr | -10.29% |
| Net profit | ₹87 cr | ₹101 cr | -14.31% |
| EPS (₹) | ₹5.29 | ₹6.17 | -14.26% |
Operating margin of 4.38% compares with a Consumer Discretionary sector median of 11.18% across 361 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves back above the Q1FY27 level of 6.97%.
- Whether other income's share of pre-tax profit falls from 101.28%.
- Whether expenses decline faster than revenue, reversing the current comparison of -30.76% versus -32.63%.