Profit before tax rises 50.84% QoQ despite a softer operating margin
Lower interest costs and a reduced tax rate lifted earnings, while other income contributed 15.03% of consolidated pre-tax profit.
Filed 05 Nov 2026, 00:17 IST · Shree Vasu Logistics Ltd (SVLL)
Key takeaways
- Consolidated net profit rose +56.31% QoQ to Rs 5.08 cr as interest expense fell -13.00% and the tax rate declined 2.93 percentage points.
- Revenue grew +23.91% QoQ, but expenses grew faster at +24.25%, narrowing operating margin by 0.20 percentage points.
- Operating margin of 25.59% was 3.17 percentage points above the 22.42% median for 46 reported Services peers.
Price around the results
Earnings growth accelerated beyond operating profit
Consolidated revenue increased +23.91% QoQ and operating profit rose +22.93%, but profit before tax grew faster at +50.84% to Rs 6.32 cr. The difference was helped by a -13.00% decline in interest expense, although depreciation increased +17.51%.
Faster cost growth trimmed the operating margin
Expenses grew +24.25% QoQ against revenue growth of +23.91%, which narrowed operating margin by 0.20 percentage points to 25.59%. Other income accounted for 15.03% of pre-tax profit, while the tax rate fell 2.93 percentage points to 19.53%, so reported net profit also benefited from non-operating income and lower tax.
Margin remains above the Services peer median
The consolidated operating margin was 3.17 percentage points above the 22.42% median among 46 Services companies that had reported the quarter. The sequential margin decline was modest, but it points to cost growth running slightly ahead of revenue momentum in Q2FY27.
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 | ₹80 cr | ₹65 cr | +23.91% |
| Other income | ₹1 cr | ₹2 cr | -39.49% |
| Expenses | ₹60 cr | ₹48 cr | +24.25% |
| Operating profit | ₹21 cr | ₹17 cr | +22.93% |
| Operating margin (%) | 25.59% | 25.79% | — |
| Interest | ₹4 cr | ₹5 cr | -13.00% |
| Depreciation | ₹11 cr | ₹10 cr | +17.51% |
| Profit before tax | ₹6 cr | ₹4 cr | +50.84% |
| Tax | ₹1 cr | ₹1 cr | +30.85% |
| Net profit | ₹5 cr | ₹3 cr | +56.31% |
| EPS (₹) | ₹4.42 | ₹2.83 | +56.18% |
Operating margin of 25.59% compares with a Services sector median of 22.42% across 46 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 25.59% after the 0.20 percentage-point QoQ decline.
- Whether expense growth moderates from +24.25% to below the +23.91% revenue growth rate.
- Whether other income remains a material contributor after accounting for 15.03% of pre-tax profit.