SUYOG revenue jumps, but operating margin drops 15.30 points
Expenses more than doubled QoQ, while lower tax and higher other income kept net profit broadly unchanged.
Filed 11 Aug 2026, 17:44 IST · after market close · SUYOG (SUYOG)
Key takeaways
- Revenue rose +26.65% QoQ to Rs 70.95 cr, but operating margin fell 15.30 percentage points to 59.32%.
- Expenses grew +102.95% QoQ against revenue growth of +26.65%, leaving net profit almost flat at +0.07% QoQ.
- Other income contributed 11.33% of pre-tax profit, while the 2.25-point lower tax rate helped limit the impact on net profit.
Revenue growth did not translate into profit growth
SUYOG’s consolidated revenue increased +26.65% QoQ to Rs 70.95 cr, but operating profit rose only +0.69% to Rs 42.09 cr. Net profit was almost unchanged at Rs 14.50 cr, up just +0.07% QoQ, as interest and depreciation also increased. The results were filed after market close on 11 August 2026.
Costs drove the margin reset
Expenses grew +102.95% QoQ, far faster than revenue, cutting operating margin by 15.30 percentage points to 59.32%. Interest expense rose +10.96% and depreciation increased +8.06%, adding pressure below the operating line. A lower tax rate, down 2.25 percentage points to 25.68%, partly cushioned the effect on net profit.
Other income was material to pre-tax profit
Other income more than doubled QoQ, rising +104.63% to Rs 2.21 cr, and accounted for 11.33% of pre-tax profit. That makes the reported profit less dependent on operating earnings than the revenue growth alone would suggest. The sequential comparison shows a sharp margin decline from 74.62% in Q4FY26, while the available trend does not establish a longer multi-quarter direction.
No market reaction to assess yet
The consolidated results were filed after market close, so a post-results stock reaction is not yet available to assess against SUYOG’s history. The immediate read-through is therefore centred on the cost increase and the 15.30-point sequential margin contraction.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹71 cr | ₹56 cr | +26.65% |
| Other income | ₹2 cr | ₹1 cr | +104.63% |
| Expenses | ₹29 cr | ₹14 cr | +102.95% |
| Operating profit | ₹42 cr | ₹42 cr | +0.69% |
| Operating margin (%) | 59.32% | 74.62% | — |
| Interest | ₹7 cr | ₹7 cr | +10.96% |
| Depreciation | ₹17 cr | ₹16 cr | +8.06% |
| Profit before tax | ₹20 cr | ₹20 cr | -2.98% |
| Tax | ₹5 cr | ₹6 cr | -10.85% |
| Net profit | ₹15 cr | ₹14 cr | +0.07% |
| EPS (₹) | ₹12.37 | ₹12.35 | +0.16% |
What to watch
- Whether operating margin holds above 59.32% after the 15.30-point QoQ decline.
- Whether expense growth moderates from +102.95% QoQ relative to revenue growth of +26.65%.
- Whether other income remains a material contributor after accounting for 11.33% of pre-tax profit.