SPML Infra margin slips as revenue falls -17.56% QoQ
Lower interest and higher other income limited the profit decline, while a 0.00% tax rate also supported reported earnings.
Filed 12 Nov 2026, 18:05 IST · after market close · SPML Infra Ltd (SPMLINFRA)
Key takeaways
- Consolidated revenue declined -17.56% QoQ, while operating margin narrowed 0.34 percentage points to 9.11% as expenses fell only -17.25%.
- Net profit declined -4.67% QoQ as interest fell -31.53%, but other income accounted for 20.03% of pre-tax profit and the tax rate was 0.00%.
- SPML Infra's operating margin was 2.40 percentage points below the 11.51% median for 230 reported Industrials peers.
Price around the results
Revenue fell faster than the cost base
On a consolidated basis, revenue declined -17.56% QoQ to Rs 234.35 cr, while operating profit fell -20.61% to Rs 21.34 cr. Expenses declined -17.25%, a smaller fall than revenue, causing operating margin to narrow from 9.45% in Q1FY27 to 9.11%.
Lower interest cushioned operating weakness
Interest expense declined -31.53% QoQ, helping limit the fall in pre-tax profit to -4.67% despite the sharper operating-profit decline. Other income rose 216.06% and contributed 20.03% of pre-tax profit, making earnings partly dependent on non-operating income. The 0.00% tax rate also meant reported net profit carried no tax charge.
Margin trails the Industrials peer median
The quarterly trend shows operating margin moving down from 9.45% in Q1FY27 to 9.11% in Q2FY27. SPML Infra's margin was 2.40 percentage points below the 11.51% median among 230 Industrials companies that had reported the same quarter. The results were filed after market close on 12 Nov 2026, so this update does not assess a share-price reaction.
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 | ₹234 cr | ₹284 cr | -17.56% |
| Other income | ₹4 cr | ₹1 cr | +216.06% |
| Expenses | ₹213 cr | ₹257 cr | -17.25% |
| Operating profit | ₹21 cr | ₹27 cr | -20.61% |
| Operating margin (%) | 9.11% | 9.45% | — |
| Interest | ₹3 cr | ₹5 cr | -31.53% |
| Depreciation | ₹1 cr | ₹1 cr | +12.07% |
| Profit before tax | ₹22 cr | ₹23 cr | -4.67% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹22 cr | ₹23 cr | -4.67% |
| EPS (₹) | ₹2.45 | ₹2.74 | -10.58% |
Operating margin of 9.11% compares with a Industrials sector median of 11.51% across 230 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves back above 9.45%, its Q1FY27 level.
- Whether other income's contribution to pre-tax profit falls below 20.03%.
- Whether interest remains below Rs 3.41 cr after its -31.53% QoQ decline.