Revenue growth outpaced costs as Shiva Mills lifted margin to 15.95%
Standalone net profit rose +75.27% QoQ, with the improvement driven mainly by operating leverage rather than other income.
Filed 12 Nov 2026, 17:01 IST · after market close · Shiva Mills Ltd (SHIVAMILLS)
Key takeaways
- Standalone revenue grew +35.35% QoQ, outpacing the +29.14% rise in expenses and lifting operating margin by 4.05 percentage points.
- Net profit rose +75.27% QoQ to Rs 4.96 cr even as the tax rate increased by 9.74 percentage points.
- Operating margin at 15.95% was 4.72 percentage points above the 11.23% median for 329 Consumer Discretionary peers that had reported.
Price around the results
Operating leverage drove the quarterly improvement
Shiva Mills’ standalone revenue grew +35.35% QoQ, while expenses increased +29.14%, allowing operating profit to rise +81.68%. That gap between revenue and cost growth widened operating margin by 4.05 percentage points to 15.95%.
Higher tax rate moderated the profit conversion
Pre-tax profit increased +98.53% QoQ, but the tax rate rose by 9.74 percentage points to 26.30%, limiting the conversion of operating gains into net profit. Other income contributed only 2.53% of pre-tax profit, so the quarter’s earnings improvement was not materially dependent on non-operating income.
Margin was above the reported sector median
The 15.95% operating margin was 4.72 percentage points above the 11.23% median among 329 Consumer Discretionary peers that had reported the same quarter. Sequentially, margin improved from 11.90% in Q1FY27; the available trend shows one quarter of expansion rather than a longer multi-quarter direction.
Results were filed after market close
The standalone results were filed after market close on 12 November 2026. No post-results stock reaction is covered here.
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 | ₹52 cr | ₹38 cr | +35.35% |
| Other income | ₹0 cr | ₹1 cr | -67.31% |
| Expenses | ₹43 cr | ₹34 cr | +29.14% |
| Operating profit | ₹8 cr | ₹5 cr | +81.68% |
| Operating margin (%) | 15.95% | 11.90% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹2 cr | ₹2 cr | +0.00% |
| Profit before tax | ₹7 cr | ₹3 cr | +98.53% |
| Tax | ₹2 cr | ₹1 cr | +216.07% |
| Net profit | ₹5 cr | ₹3 cr | +75.27% |
| EPS (₹) | ₹5.74 | ₹3.27 | +75.54% |
Operating margin of 15.95% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 15.95% in the next quarter.
- Whether revenue growth remains ahead of expense growth after the +35.35% and +29.14% sequential increases.
- Whether the tax rate moves below the current 26.30% level.