Trident margin rises to 18.25% despite 3.79% revenue decline
Expenses fell 10.63% year on year, while lower tax and other income also supported the 93.09% rise in consolidated net profit.
Filed 02 Nov 2026, 17:39 IST · after market close · Trident Ltd (TRIDENT)
Key takeaways
- Consolidated operating margin rose 6.26 percentage points year on year to 18.25% as expenses fell faster than revenue.
- Net profit increased 93.09% year on year to Rs 175.58 cr despite revenue declining 3.79%, but a lower tax rate and other income supported the increase.
- Operating margin improved for the third straight quarter, reaching 18.25% from 8.62% in Q3FY26.
Price around the results
Margin expansion offset weaker revenue
Trident's consolidated revenue declined 3.79% year on year and 3.77% sequentially to Rs 1,719.48 cr. Expenses fell faster, by 10.63% year on year and 5.47% sequentially, lifting operating margin by 6.26 percentage points year on year and 1.47 percentage points sequentially. Operating profit consequently rose 46.48% year on year to Rs 313.80 cr.
Profit benefited from tax and other income
Net profit rose 93.09% year on year and 11.06% sequentially, even as interest expense increased 30.85% year on year and 8.47% sequentially. The tax rate fell to 24.48% from 26.65% a year earlier and 26.89% in the previous quarter, supporting the reported profit growth. Other income contributed 9.78% of profit before tax, so the quarter's earnings were not entirely operating-driven.
Three straight quarterly margin increases
Operating margin has risen for three consecutive quarters after reaching 8.62% in Q3FY26, moving through 13.92% in Q4FY26 and 16.78% in Q1FY27 to 18.25% in Q2FY27. The latest margin was 5.51 percentage points above the 12.74% median for 153 Consumer Discretionary peers that had reported the quarter. Revenue, however, remained below both the year-ago and preceding-quarter levels.
Results filed after market close; past reaction has usually been negative
The consolidated results were filed after market close, so there was no immediate market reaction in the reported period. Across the stock's last eight results reactions, it rose once and fell seven times, with a median absolute move of 1.82%. That history places the usual response in the low-single-digit range, but does not indicate the reaction to this quarter.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,719 cr | ₹1,787 cr | -3.77% | -3.79% |
| Other income | ₹23 cr | ₹17 cr | +36.82% | +30.17% |
| Expenses | ₹1,406 cr | ₹1,487 cr | -5.47% | -10.63% |
| Operating profit | ₹314 cr | ₹300 cr | +4.67% | +46.48% |
| Operating margin (%) | 18.25% | 16.78% | — | — |
| Interest | ₹33 cr | ₹30 cr | +8.47% | +30.85% |
| Depreciation | ₹72 cr | ₹70 cr | +1.89% | -13.71% |
| Profit before tax | ₹232 cr | ₹216 cr | +7.51% | +87.55% |
| Tax | ₹57 cr | ₹58 cr | -2.15% | +72.30% |
| Net profit | ₹176 cr | ₹158 cr | +11.06% | +93.09% |
| EPS (₹) | ₹0.34 | ₹0.31 | +9.68% | +88.89% |
Operating margin of 18.25% compares with a Consumer Discretionary sector median of 12.74% across 153 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin holds above 18.25%.
- Whether revenue recovers from the 3.77% sequential decline.
- Whether the tax rate remains near 24.48% and other income stays below 9.78% of profit before tax.