TPL Plastech's Q2 profit rose 28.53% QoQ as margin edged up
Revenue growth slightly outpaced expenses, but the 9.26% operating margin remained 2.98 percentage points below the 143-peer Industrials median.
Filed 04 Nov 2026, 19:49 IST · after market close · TPL Plastech Ltd (TPLPLASTEH)
Key takeaways
- Consolidated revenue grew +20.20% QoQ while expenses rose +19.96%, lifting operating margin by 0.18 percentage points to 9.26%.
- Net profit increased +28.53% QoQ to Rs 8.38 cr even as interest expense rose +3.28% and the tax rate increased by 0.19 percentage points.
- Operating margin was 2.98 percentage points below the 12.24% median for 143 Industrials peers that had reported.
Price around the results
Revenue growth narrowly outpaced costs
TPL Plastech's consolidated revenue grew +20.20% QoQ in Q2FY27, while expenses increased +19.96%, allowing operating profit to rise faster at +22.48%. That operating leverage, though modest, supported a +28.53% increase in net profit to Rs 8.38 cr. The results were filed after market close on 4 November 2026.
Margin improved, but remained below the sector median
Operating margin rose 0.18 percentage points from Q1FY27 because revenue growth was slightly ahead of expense growth. Interest expense increased +3.28% and the tax rate rose 0.19 percentage points to 23.74%, so the profit increase was not driven by lower financing costs or a lower tax rate. Other income contributed only 0.18% of profit before tax, indicating limited support from non-operating income. At 9.26%, operating margin was 2.98 percentage points below the 12.24% median among 143 reported Industrials peers.
Sequential momentum improved from Q1FY27
Q2FY27 marked an improvement in operating margin from 9.08% in Q1FY27 to 9.26%, while profit before tax grew +28.84% QoQ. Tax expense rose faster than profit before tax at +29.85%, consistent with the 0.19-percentage-point increase in the tax rate. The available quarter-to-quarter trend therefore points to better operating momentum, but with only a modest margin gain.
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 | ₹150 cr | ₹124 cr | +20.20% |
| Other income | ₹0 cr | ₹0 cr | +0.00% |
| Expenses | ₹136 cr | ₹113 cr | +19.96% |
| Operating profit | ₹14 cr | ₹11 cr | +22.48% |
| Operating margin (%) | 9.26% | 9.08% | — |
| Interest | ₹1 cr | ₹1 cr | +3.28% |
| Depreciation | ₹2 cr | ₹2 cr | +3.85% |
| Profit before tax | ₹11 cr | ₹9 cr | +28.84% |
| Tax | ₹3 cr | ₹2 cr | +29.85% |
| Net profit | ₹8 cr | ₹7 cr | +28.53% |
| EPS (₹) | ₹1.07 | ₹0.84 | +27.38% |
Operating margin of 9.26% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 9.26% in the next quarter.
- Whether expense growth remains below the Q2FY27 revenue growth rate of +20.20%.
- Whether interest expense growth stays below the Q2FY27 increase of +3.28%.