Revenue jumped +163.82%, but Shekhawati remained loss-making
The operating margin improved 49.24 percentage points as revenue outpaced expenses, but the collapse in other income pulled PBT into a Rs 1.80 cr loss.
Filed 21 Oct 2026, 18:16 IST · after market close · SHEKHAWATI (SHEKHAWATI)
Key takeaways
- Standalone revenue grew 163.82% sequentially, but Shekhawati still reported a net loss of Rs 1.81 cr.
- Operating margin improved 49.24 percentage points sequentially as expenses grew 90.88%, slower than revenue.
- The profit swing was driven by a 99.27% collapse in other income, from Rs 8.23 cr to Rs 0.06 cr.
Revenue growth did not reach operating breakeven
These standalone results show revenue rising 163.82% sequentially, while expenses increased 90.88%. That improved operating margin by 49.24 percentage points to -30.59%, but operating profit remained negative at Rs 1.23 cr. The company therefore moved from a Rs 6.37 cr net profit in Q1FY27 to a Rs 1.81 cr net loss.
Other income drove the earnings reversal
Other income fell 99.27% sequentially to Rs 0.06 cr, removing the main support for the previous quarter's profit. Interest expense rose 130.00% to Rs 0.23 cr, while the reported tax rate fell 2.78 percentage points to -0.38%. The loss was therefore not caused by a large tax charge; it followed the sharp reduction in non-operating income and continued operating losses.
The sequential trend is better operationally but still negative
The only available comparison is with Q1FY27, when operating margin was -79.83%; the improvement to -30.59% marks a substantial sequential recovery in operating performance. However, operating profit moved from a Rs 1.21 cr loss to a Rs 1.23 cr loss, so the higher revenue base has not yet produced operating profit. The results were filed after market close, so there is no post-results market reaction to assess.
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 | ₹4 cr | ₹2 cr | +163.82% |
| Other income | ₹0 cr | ₹8 cr | -99.27% |
| Expenses | ₹5 cr | ₹3 cr | +90.88% |
| Operating profit | ₹-1 cr | ₹-1 cr | -1.65% |
| Operating margin (%) | -30.59% | -79.83% | — |
| Interest | ₹0 cr | ₹0 cr | +130.00% |
| Depreciation | ₹0 cr | ₹0 cr | +5.13% |
| Profit before tax | ₹-2 cr | ₹7 cr | — |
| Tax | ₹0 cr | ₹0 cr | -93.75% |
| Net profit | ₹-2 cr | ₹6 cr | — |
| EPS (₹) | ₹-0.54 | ₹1.85 | — |
What to watch
- Whether revenue remains above Rs 4.01 cr in the next quarter.
- Whether operating margin improves from -30.59% toward breakeven.
- Whether other income stays near Rs 0.06 cr rather than returning to Q1FY27's Rs 8.23 cr.