Costs outrun revenue, pushing Tokyo Plast into a Q2FY27 operating loss
Revenue grew +2.32% QoQ, but expenses rose +11.37%; higher interest, depreciation and tax charges deepened the consolidated loss.
Filed 04 Nov 2026, 23:55 IST · after market close · Tokyo Plast International Ltd (TOKYOPLAST)
Key takeaways
- Consolidated operating margin fell 8.38 percentage points QoQ to -2.87% as expenses grew +11.37% against revenue growth of +2.32%.
- Net loss widened to Rs 2.38 cr from Rs 0.20 cr in Q1FY27, with interest up +34.69% and depreciation up +39.19%.
- Tokyo Plast's -2.87% operating margin was 14.78 percentage points below the Consumer Discretionary median across 225 reported peers.
Price around the results
Revenue growth could not absorb the cost increase
Tokyo Plast's consolidated revenue rose +2.32% QoQ, but expenses grew +11.37%, turning a Rs 1.09 cr operating profit in Q1FY27 into a Rs 0.58 cr operating loss. Operating margin therefore fell 8.38 percentage points to -2.87%. There is no year-on-year comparison in the reported period.
Higher interest and depreciation worsened the loss
Interest expense increased +34.69% QoQ and depreciation rose +39.19%, adding pressure below the operating line. The tax charge also increased +57.14%, while the tax rate moved 51.2 percentage points from -55.9% to -4.7%. Other income was Rs 0.00 cr, so the quarter's loss was not cushioned by non-operating income.
Margin moved from positive to below the peer median
The operating margin fell from 5.51% in Q1FY27 to -2.87% in Q2FY27, reversing the prior quarter's positive operating result. The margin was 14.78 percentage points below the 11.91% median for 225 Consumer Discretionary peers that had reported, placing Tokyo Plast 16th from the bottom.
Results were filed after market close
The consolidated results were filed after market close on 4 November 2026. There is no market response to assess yet.
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 | ₹20 cr | ₹20 cr | +2.32% |
| Other income | ₹0 cr | ₹0 cr | -100.00% |
| Expenses | ₹21 cr | ₹19 cr | +11.37% |
| Operating profit | ₹-1 cr | ₹1 cr | — |
| Operating margin (%) | -2.87% | 5.51% | — |
| Interest | ₹1 cr | ₹0 cr | +34.69% |
| Depreciation | ₹1 cr | ₹1 cr | +39.19% |
| Profit before tax | ₹-2 cr | ₹-0 cr | -1653.85% |
| Tax | ₹0 cr | ₹0 cr | +57.14% |
| Net profit | ₹-2 cr | ₹-0 cr | -1090.00% |
| EPS (₹) | ₹-5.02 | ₹-0.21 | -2290.48% |
Operating margin of -2.87% compares with a Consumer Discretionary sector median of 11.91% across 225 peers that have reported Q2FY27.
What to watch
- Whether operating margin recovers above the 5.51% recorded in Q1FY27.
- Whether expense growth moderates from the current +11.37% QoQ against revenue growth of +2.32%.
- Whether interest and depreciation growth slows from +34.69% and +39.19%, respectively.