Revenue growth outpaced costs, lifting SIL Investments’ margin
Consolidated profit rose QoQ, but a higher tax rate absorbed part of the pre-tax profit increase.
Filed 30 Oct 2026, 13:06 IST · SIL Investments Ltd (SILINV)
Key takeaways
- Consolidated revenue grew +65.68% QoQ while expenses rose +45.91%, lifting operating margin by 1.10 percentage points to 91.84%.
- Net profit increased +42.16% QoQ, as the tax rate rose 16.56 percentage points to 17.95% and limited profit conversion.
- SIL Investments’ 91.84% operating margin was 34.54 percentage points above the 57.30% median for 66 Financial Services peers.
Price around the results
Revenue growth widened the operating surplus
Consolidated revenue grew +65.68% QoQ, faster than the +45.91% rise in expenses, so operating profit increased +67.70%. That cost differential lifted operating margin by 1.10 percentage points to 91.84%.
Higher tax reduced profit conversion
Pre-tax profit rose +70.86% QoQ, but net profit growth was lower at +42.16% as the tax rate moved up from 1.39% to 17.95%. Other income contributed only 0.51% of pre-tax profit, so it was not a material driver of earnings quality in the quarter.
Margin remains well above the Financial Services median
SIL Investments’ 91.84% operating margin exceeded the 57.30% median among 66 Financial Services peers that had reported the quarter by 34.54 percentage points. The quarter also marked an improvement from the 90.74% margin in Q1FY27, rather than another sequential decline.
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 | ₹39 cr | ₹24 cr | +65.68% |
| Other income | ₹0 cr | ₹0 cr | — |
| Expenses | ₹3 cr | ₹2 cr | +45.91% |
| Operating profit | ₹36 cr | ₹22 cr | +67.70% |
| Operating margin (%) | 91.84% | 90.74% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹1 cr | ₹1 cr | +0.00% |
| Profit before tax | ₹36 cr | ₹21 cr | +70.86% |
| Tax | ₹6 cr | ₹0 cr | +2103.45% |
| Net profit | ₹29 cr | ₹21 cr | +42.16% |
| EPS (₹) | ₹27.14 | ₹19.09 | +42.17% |
Operating margin of 91.84% compares with a Financial Services sector median of 57.30% across 66 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 91.84% after the 1.10 percentage-point QoQ improvement.
- Whether expenses continue to grow slower than revenue than the Q2FY27 pace of +45.91% versus +65.68%.
- Whether the tax rate remains closer to 17.95% than Q1FY27’s 1.39%.