Revenue growth outpaced costs as operating margin widened to 3.68%
Consolidated net profit rose 72.40% sequentially, but other income contributed 11.25% of profit before tax and the tax rate fell 3.86 percentage points.
Filed 04 Nov 2026, 20:44 IST · after market close · TOTAL (TOTAL)
Key takeaways
- Consolidated revenue grew 46.65% quarter on quarter, while operating profit rose 61.86% as expenses grew slightly slower at 46.12%.
- Operating margin widened by 0.35 percentage points to 3.68%, despite interest expense rising 20.56%.
- Net profit increased 72.40% quarter on quarter, helped by a 3.86-percentage-point decline in the tax rate to 21.52%.
Revenue growth translated into faster operating-profit growth
The consolidated company delivered a sharp sequential expansion, with revenue up 46.65% and operating profit up 61.86%. Expenses grew 46.12%, slightly slower than revenue, allowing operating profit to grow faster than sales. The results were filed after market close on 4 November 2026, so there is no price response to assess in this read.
A modest margin gain came despite higher financing and depreciation costs
Operating margin improved by 0.35 percentage points because expenses did not grow as fast as revenue. Interest expense rose 20.56% and depreciation increased 20.65%, limiting the conversion of operating profit into profit before tax. Other income accounted for 11.25% of profit before tax, while the lower 21.52% tax rate also supported net profit growth.
Sequential momentum improved, but the trend record is still short
Compared with Q1FY27, profit before tax rose 64.01% and net profit rose 72.40%, indicating stronger sequential earnings momentum. The available trend shows only the preceding quarter, so it does not establish a multi-quarter direction for margins. The key distinction this quarter is that revenue growth remained marginally ahead of expense growth rather than being offset by cost inflation.
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 | ₹284 cr | ₹194 cr | +46.65% |
| Other income | ₹1 cr | ₹1 cr | -4.67% |
| Expenses | ₹273 cr | ₹187 cr | +46.12% |
| Operating profit | ₹10 cr | ₹6 cr | +61.86% |
| Operating margin (%) | 3.68% | 3.33% | — |
| Interest | ₹1 cr | ₹1 cr | +20.56% |
| Depreciation | ₹1 cr | ₹1 cr | +20.65% |
| Profit before tax | ₹9 cr | ₹6 cr | +64.01% |
| Tax | ₹2 cr | ₹1 cr | +39.29% |
| Net profit | ₹7 cr | ₹4 cr | +72.40% |
| EPS (₹) | ₹4.41 | ₹2.55 | +72.94% |
What to watch
- Whether operating margin holds above 3.68% next quarter.
- Whether expense growth remains below the 46.65% sequential revenue-growth rate.
- Whether the tax rate remains below the current 21.52% level.