TCC margin jumps 5.06 points as expenses fall sequentially
Consolidated net profit rose +95.97% QoQ, but a -30.53% tax rate and other income equal to 15.07% of pre-tax profit shaped the result.
Filed 04 Nov 2026, 21:18 IST · after market close · TCC Concept Ltd (TCC)
Key takeaways
- Consolidated operating margin rose 5.06 percentage points QoQ to 41.13% as revenue grew +4.20% while expenses fell -4.05%.
- Consolidated net profit rose +95.97% QoQ to Rs 24.77 cr, helped by a 25.38-percentage-point fall in the tax rate to -30.53%.
- TCC's 41.13% operating margin was 29.22 percentage points above the Consumer Discretionary median across 223 reporting peers.
Price around the results
Revenue growth came with operating leverage
TCC's consolidated revenue increased +4.20% QoQ to Rs 133.67 cr, while expenses declined -4.05%. That combination lifted operating profit +18.82% and expanded operating margin by 5.06 percentage points to 41.13%.
Tax benefit amplified the profit increase
The tax rate moved down 25.38 percentage points from the previous quarter to -30.53%, indicating a tax benefit rather than a tax charge and flattering net profit growth. Other income contributed 15.07% of pre-tax profit, so reported earnings also included a meaningful non-operating component. Interest rose +3.78% QoQ and depreciation increased +4.47%, limiting the benefit from the operating improvement.
Margin moved sharply above the peer median
The 41.13% operating margin was up from 36.07% in Q1FY27, extending the sequential improvement visible across the two reported quarters. It stood 29.22 percentage points above the 11.91% median for 223 Consumer Discretionary peers that had reported the same quarter.
Results were filed after market close
The consolidated results were filed after market close on 4 November 2026. The quarter's reported profit therefore needs to be read alongside the tax benefit and the 15.07% contribution of other income to pre-tax profit.
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 | ₹134 cr | ₹128 cr | +4.20% |
| Other income | ₹3 cr | ₹3 cr | -5.30% |
| Expenses | ₹79 cr | ₹82 cr | -4.05% |
| Operating profit | ₹55 cr | ₹46 cr | +18.82% |
| Operating margin (%) | 41.13% | 36.07% | — |
| Interest | ₹12 cr | ₹11 cr | +3.78% |
| Depreciation | ₹27 cr | ₹26 cr | +4.47% |
| Profit before tax | ₹19 cr | ₹12 cr | +57.77% |
| Tax | ₹-6 cr | ₹-1 cr | -833.87% |
| Net profit | ₹25 cr | ₹13 cr | +95.97% |
| EPS (₹) | ₹0.99 | ₹2.58 | -61.63% |
Operating margin of 41.13% compares with a Consumer Discretionary sector median of 11.91% across 223 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 41.13% after the 5.06-percentage-point QoQ increase.
- Whether expenses remain below the prior quarter after declining -4.05% in Q2FY27.
- Whether the tax rate remains near -30.53% and other income stays at 15.07% of pre-tax profit.