Revenue growth outpaced costs as standalone margin rose 1.02 points
Net profit rose 41.34% QoQ despite a 0.75-point rise in the tax rate; results were filed after market close.
Filed 13 Nov 2026, 20:07 IST · after market close · SREEL (SREEL)
Key takeaways
- Standalone revenue rose 39.48% QoQ, while expenses grew 37.82%, lifting operating margin by 1.02 percentage points.
- Standalone net profit increased 41.34% QoQ to Rs 9.88 cr despite the tax rate rising 0.75 percentage points to 25.47%.
- Other income contributed only 3.09% of pre-tax profit, so the quarter's earnings were mainly operating-led.
Q2FY27 growth came with better operating leverage
SREEL's standalone revenue grew 39.48% QoQ, ahead of the 37.82% increase in expenses. That spread helped operating profit rise 49.10% to Rs 13.27 cr, faster than revenue. Net profit increased 41.34% to Rs 9.88 cr.
Margin improved despite a higher tax rate
Operating margin expanded by 1.02 percentage points to 15.95% because costs grew more slowly than revenue. The tax rate rose 0.75 percentage points to 25.47%, which partially offset the operating improvement at the net-profit level. Other income was only 3.09% of pre-tax profit, limiting its effect on earnings quality.
The sequential margin direction turned positive
Operating margin improved from 14.93% in Q1FY27 to 15.95% in Q2FY27, reversing the immediate sequential direction visible in the prior quarter comparison. With no year-on-year comparison or longer quarterly history provided, the next read is whether the cost advantage persists. The results were filed after market close.
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 | ₹83 cr | ₹60 cr | +39.48% |
| Other income | ₹0 cr | ₹1 cr | -48.75% |
| Expenses | ₹70 cr | ₹51 cr | +37.82% |
| Operating profit | ₹13 cr | ₹9 cr | +49.10% |
| Operating margin (%) | 15.95% | 14.93% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹0 cr | ₹0 cr | +3.03% |
| Profit before tax | ₹13 cr | ₹9 cr | +42.78% |
| Tax | ₹3 cr | ₹2 cr | +47.60% |
| Net profit | ₹10 cr | ₹7 cr | +41.34% |
| EPS (₹) | ₹4.27 | ₹3.02 | +41.39% |
What to watch
- Whether standalone operating margin holds above 15.95%.
- Whether expenses continue to grow more slowly than revenue after the Q2FY27 gap of 37.82% versus 39.48%.
- Whether the tax rate remains near or below 25.47%.