Singer India’s Q2 margin improved, but stayed below its sector median
Revenue growth outpaced expense growth sequentially, while management attributed appliance growth to trade, e-commerce and portfolio expansion.
Filed 12 Nov 2026, 18:19 IST · after market close · Singer India Ltd (SINGERIND)
Key takeaways
- Standalone operating margin expanded 2.94 percentage points sequentially as revenue grew 28.12% while expenses rose 24.26%.
- Net profit rose 131.33% sequentially to Rs 6.94 cr, although other income contributed 9.19% of pre-tax profit.
- Operating margin at 5.43% remained 5.78 percentage points below the 11.21% median for 312 reported Consumer Discretionary peers.
Price around the results
Revenue growth improved operating leverage
Singer India’s standalone revenue increased 28.12% sequentially in Q2FY27, while expenses grew 24.26%, lifting operating profit by 179.44%. Management said the appliance segment grew 34.4% in Q2, helped by trade and e-commerce channels, portfolio expansion and the fan business. The faster revenue growth explains the 2.94-percentage-point improvement in operating margin.
Margin improved despite commodity inflation
The company’s presentation said commodity price inflation continued during the quarter, but the slower rise in expenses still supported margin expansion. Interest costs fell 6.25% sequentially, while the tax rate increased marginally by 0.11 percentage points, so the rise in net profit mainly reflected better operating performance. Other income accounted for 9.19% of pre-tax profit, making it a notable but not dominant contributor to earnings.
Profitability remained below the peer benchmark
The 5.43% operating margin was below the 11.21% median among 312 Consumer Discretionary peers that had reported the same quarter, a gap of 5.78 percentage points. Sequential momentum improved from Q1FY27’s 2.49% margin, but the available quarter-to-quarter trend does not yet establish a multi-quarter direction.
E-commerce and Zig-Zag products are key initiatives
Management said expanding e-commerce through new products and categories is a key growth opportunity. The company also said it manufactured Zig-Zag machines in India under new BIS standards and showcased 10 Made-in-India Zig-Zag machine SKUs. Management stated that Singer remains India’s sole active BIS-licensed manufacturer of Zig-Zag sewing machines.
Results were filed after market close
Singer India filed the results after market close on 12 November 2026. The immediate share-price response is therefore not part of this update.
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 | ₹185 cr | ₹145 cr | +28.12% |
| Other income | ₹1 cr | ₹2 cr | -55.21% |
| Expenses | ₹175 cr | ₹141 cr | +24.26% |
| Operating profit | ₹10 cr | ₹4 cr | +179.44% |
| Operating margin (%) | 5.43% | 2.49% | — |
| Interest | ₹0 cr | ₹0 cr | -6.25% |
| Depreciation | ₹1 cr | ₹1 cr | +6.82% |
| Profit before tax | ₹9 cr | ₹4 cr | +131.68% |
| Tax | ₹2 cr | ₹1 cr | +132.69% |
| Net profit | ₹7 cr | ₹3 cr | +131.33% |
| EPS (₹) | ₹1.12 | ₹0.48 | +133.33% |
Operating margin of 5.43% compares with a Consumer Discretionary sector median of 11.21% across 312 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The appliance segment grew 34.4% in Q2 and 23.7% in H1, driven by trade, e-commerce, portfolio expansion and fan-business expansion.
Expansion
- Singer identifies e-commerce expansion through new products and categories as a key growth opportunity.
New products
- Singer showcased a new range of 10 Made-in-India Zig-Zag machine SKUs.
New initiatives
- Singer organized exclusive trips to Singapore, Sri Lanka and Jaipur for Elite sewing machine partners.
- Singer manufactured Zig-Zag machines in India according to new BIS standards.
- Singer partnered with Hindustan to host the Hindustan Anokhi Club event across various cities.
Competition
- Singer states that it remains India's sole active BIS-licensed manufacturer of Zig-Zag sewing machines.
Problems & risks
- Singer reported continued commodity price inflation during Q2 FY26-27.
What to watch
- Whether standalone operating margin holds above 5.43% after the sequential improvement.
- Whether expense growth remains below the 28.12% sequential revenue growth rate.
- Whether the appliance segment sustains the 34.4% Q2 growth reported by management.