TPHQ swings to a standalone loss as costs rise on lower revenue
Revenue fell 26.37% QoQ while expenses rose 7.38%, turning a 25.16% operating margin into a -9.15% margin.
Filed 02 Nov 2026, 14:50 IST · TPHQ (TPHQ)
Key takeaways
- Standalone revenue fell 26.37% QoQ while expenses rose 7.38%, driving a 34.31 percentage-point decline in operating margin to -9.15%.
- Net profit moved from Rs 6.47 cr in Q1FY27 to a loss of Rs 1.79 cr, with EPS at Rs -0.02.
- The 9.84 percentage-point fall in the tax rate softened the loss, while other income of Rs 0.18 cr was not enough to offset the operating deficit.
Revenue contraction exposed a cost mismatch
These standalone results show revenue declining 26.37% QoQ even as expenses increased 7.38%. That mismatch pushed operating profit from Rs 8.48 cr in Q1FY27 to a loss of Rs 2.27 cr in Q2FY27. The operating margin therefore fell 34.31 percentage points, from 25.16% to -9.15%.
Lower tax softened, but did not change, the loss
The tax rate fell 9.84 percentage points to 15.9%, producing a tax benefit of Rs 0.34 cr as the company reported a pre-tax loss of Rs 2.13 cr. Other income was Rs 0.18 cr, equivalent to -8.45% of pre-tax profit because pre-tax profit was negative, so it did not provide meaningful support to earnings.
Sharp sequential reversal from Q1FY27
The quarter reversed the previous period's profitability: net profit moved from Rs 6.47 cr to a loss of Rs 1.79 cr, while EPS moved from Rs 0.06 to Rs -0.02. The available quarterly trend shows operating margin falling from 25.16% in Q1FY27 to -9.15% in Q2FY27.
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 | ₹25 cr | ₹34 cr | -26.37% |
| Other income | ₹0 cr | ₹0 cr | -35.71% |
| Expenses | ₹27 cr | ₹25 cr | +7.38% |
| Operating profit | ₹-2 cr | ₹8 cr | — |
| Operating margin (%) | -9.15% | 25.16% | — |
| Interest | ₹0 cr | ₹0 cr | -100.00% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹-2 cr | ₹9 cr | — |
| Tax | ₹-0 cr | ₹2 cr | — |
| Net profit | ₹-2 cr | ₹6 cr | — |
| EPS (₹) | ₹-0.02 | ₹0.06 | — |
What to watch
- Whether revenue recovers from Rs 24.8 cr while expenses fall from Rs 27.07 cr.
- Whether operating margin improves from -9.15% after the 34.31 percentage-point sequential decline.
- Whether the tax benefit of Rs 0.34 cr recurs alongside a return to positive pre-tax profit.