Standalone profit rises 23.13% as margin slips in Q2FY27
Revenue growth outpaced operating-profit growth as expenses rose faster, while other income made up 12.64% of pre-tax profit.
Filed 05 Nov 2026, 20:28 IST · after market close · Time Technoplast Ltd (TIMETECHNO)
Key takeaways
- Standalone net profit rose +23.13% QoQ to Rs 69.16 cr, helped by lower interest despite a 1.19 percentage-point increase in the tax rate.
- Revenue grew +15.18% QoQ, but expenses grew faster at +15.89%, narrowing operating margin by 0.54 percentage points to 12.60%.
- Other income contributed 12.64% of pre-tax profit, while operating margin stayed 1.10 percentage points above the 11.50% median of 174 Industrials peers.
Price around the results
Profit growth outpaced operating performance
Time Technoplast’s standalone revenue increased +15.18% QoQ to Rs 998.39 cr, while operating profit grew more slowly at +10.48% to Rs 125.82 cr. Net profit nevertheless rose +23.13% to Rs 69.16 cr, helped by a -7.53% decline in interest costs and Rs 11.86 cr of other income. Other income accounted for 12.64% of pre-tax profit, so the quarter’s earnings growth was not entirely operating-led.
Faster cost growth narrowed the operating margin
Expenses grew +15.89% QoQ against +15.18% revenue growth, which reduced operating margin by 0.54 percentage points to 12.60%. Depreciation also increased +20.50%, while interest costs fell -7.53%. The tax rate rose 1.19 percentage points to 26.29%, so tax did not flatter the net-profit growth.
Margin remains above the Industrials peer median
Operating margin declined from 13.14% in Q1FY27 to 12.60% in Q2FY27, marking a sequential weakening in the available quarter-to-quarter trend. It remained 1.10 percentage points above the 11.50% median for the 174 Industrials companies that had reported the same quarter.
Management links growth and margins to input prices
Management said consolidated volume growth is targeted at 15% annually, while revenue growth may vary with polymer prices; it also said EBITDA margins will depend on key input prices. The presentation said the Systoverse acquisition involves projected investment of approximately Rs 25 cr for acquisition, upgrades, modernisation and capacity expansion. It also said the company secured an HPCL order for 140,000 10 kg composite LPG cylinders worth approximately Rs 38 cr and is developing a 14.2 kg variant with public gas distributors.
No same-day market reaction after the filing
The results were filed after market close on 5 November 2026. There is no same-day market reaction to assess.
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 | ₹998 cr | ₹867 cr | +15.18% |
| Other income | ₹12 cr | ₹0 cr | — |
| Expenses | ₹873 cr | ₹753 cr | +15.89% |
| Operating profit | ₹126 cr | ₹114 cr | +10.48% |
| Operating margin (%) | 12.60% | 13.14% | — |
| Interest | ₹10 cr | ₹11 cr | -7.53% |
| Depreciation | ₹34 cr | ₹28 cr | +20.50% |
| Profit before tax | ₹94 cr | ₹75 cr | +25.12% |
| Tax | ₹25 cr | ₹19 cr | +31.08% |
| Net profit | ₹69 cr | ₹56 cr | +23.13% |
| EPS (₹) | ₹1.40 | ₹1.14 | +22.81% |
Operating margin of 12.60% compares with a Industrials sector median of 11.50% across 174 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- Consolidated volume growth is targeted at 15% annually, while revenue growth may vary with polymer input prices.
- EBITDA margin levels will depend on key input prices.
Expansion
- The Systoverse acquisition includes projected investment of approximately ₹25 Crores for acquisition, plant upgrades, modernisation and capacity expansion.
New orders
- The company secured an HPCL order for 140,000 10 kg composite LPG cylinders worth approximately ₹38 Cr.
New products
- The company is developing a 14.2 kg composite LPG cylinder with public gas distribution companies.
New initiatives
- The company plans to pursue joint ventures or tie-ups with private gas distributors to establish an independent LPG distribution network.
- The board approved the merger of TPL Plastech with Time Technoplast, subject to statutory and regulatory approvals.
Problems & risks
- The company decided not to proceed with the proposed Ebullient Packaging acquisition after reviewing the business environment and market conditions.
What to watch
- Whether standalone operating margin holds above 12.60% after the sequential decline.
- Whether expenses continue to grow faster than revenue after the +15.89% versus +15.18% gap in Q2FY27.
- Progress on the 140,000-unit HPCL order and the 14.2 kg composite LPG cylinder initiative.