Revenue rose 19.90% QoQ as operating margin edged up
Expenses grew slightly slower than revenue, but higher interest, depreciation and tax limited the conversion into net profit.
Filed 12 Nov 2026, 20:16 IST · after market close · Thomas Scott India Ltd (THOMASCOTT)
Key takeaways
- Standalone revenue rose 19.90% QoQ while expenses grew 19.56%, lifting operating margin by 0.25 percentage points to 13.25%.
- Net profit increased 15.62% QoQ to Rs 6.29 cr despite interest rising 34.34% and the tax rate increasing 1.56 percentage points.
- Thomas Scott's 13.25% operating margin was 2.02 percentage points above the 11.23% median for 329 Consumer Discretionary peers.
Price around the results
Revenue growth outpaced costs marginally
Thomas Scott India reported standalone revenue growth of 19.90% QoQ in Q2FY27, while expenses rose 19.56%. That small cost advantage lifted operating profit by 22.20% and expanded operating margin by 0.25 percentage points to 13.25%. Net profit still grew more slowly, at 15.62%, as below-operating-line costs increased.
Higher interest and depreciation restrained profit conversion
Interest expense rose 34.34% QoQ and depreciation increased 58.46%, taking some of the benefit from the operating improvement. The tax rate also rose by 1.56 percentage points to 22.54%, which further limited net-profit growth. Other income contributed only 0.25% of pre-tax profit, so earnings were not materially supported by non-operating income.
Margin was above the reported peer median
The company's 13.25% operating margin was 2.02 percentage points above the 11.23% median among 329 Consumer Discretionary companies that had reported the same quarter. Against Q1FY27, operating margin moved up rather than extending a decline; the available trend shows one preceding quarter. The results were filed after market close, so there was no market reaction to assess yet.
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 | ₹79 cr | ₹66 cr | +19.90% |
| Other income | ₹0 cr | ₹-0 cr | — |
| Expenses | ₹68 cr | ₹57 cr | +19.56% |
| Operating profit | ₹10 cr | ₹9 cr | +22.20% |
| Operating margin (%) | 13.25% | 13.00% | — |
| Interest | ₹1 cr | ₹1 cr | +34.34% |
| Depreciation | ₹1 cr | ₹1 cr | +58.46% |
| Profit before tax | ₹8 cr | ₹7 cr | +17.88% |
| Tax | ₹2 cr | ₹1 cr | +27.08% |
| Net profit | ₹6 cr | ₹5 cr | +15.62% |
| EPS (₹) | ₹4.26 | ₹3.71 | +14.82% |
Operating margin of 13.25% compares with a Consumer Discretionary sector median of 11.23% across 329 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 13.25% in the next quarter.
- Whether interest expense growth moderates from 34.34% QoQ.
- Whether the tax rate moves back below 22.54%.