Trigyn margin improves, but remains well below IT peer median
Revenue grew faster than expenses sequentially, but other income supplied 25.71% of pre-tax profit and the tax rate fell sharply.
Filed 04 Nov 2026, 20:43 IST · after market close · Trigyn Technologies Ltd (TRIGYN)
Key takeaways
- Consolidated operating margin widened 3.86 percentage points sequentially to 5.23% as revenue grew +11.90% faster than expenses at +7.53%.
- Net profit rose +260.74% sequentially to Rs 12.59 cr, helped by an 18.58 percentage-point fall in the tax rate.
- Trigyn's 5.23% operating margin was 13.59 percentage points below the 18.82% median for 59 reported IT peers.
Price around the results
Revenue growth lifts operating profit
In consolidated results, revenue grew +11.90% sequentially while expenses rose +7.53%, widening operating margin by 3.86 percentage points to 5.23%. That cost-to-revenue improvement drove operating profit up +326.22% to Rs 14.79 cr. The improvement came from expense growth staying below revenue growth, rather than from a contraction in the cost base.
Lower tax rate supports profit quality
Net profit rose +260.74% sequentially, but the tax rate fell 18.58 percentage points to 26.01%, which amplified the increase in reported earnings. Other income of Rs 4.41 cr accounted for 25.71% of pre-tax profit, so the quarter's PBT was not entirely generated by operations. Interest expense also rose +40.45% to Rs 1.25 cr, partly offsetting the operating improvement.
Margin remains near the bottom of the IT peer set
Trigyn's 5.23% operating margin was 13.59 percentage points below the 18.82% median among 59 IT companies that had reported the same quarter. It ranked sixth from the bottom of that group, even after improving from 1.37% in Q1FY27. The available sequential direction is therefore positive, but the margin gap to peers remains wide.
Results filed after market close
Trigyn filed these consolidated results after market close on 4 November 2026. There is no post-results market reaction 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 | ₹283 cr | ₹253 cr | +11.90% |
| Other income | ₹4 cr | ₹4 cr | +2.56% |
| Expenses | ₹268 cr | ₹249 cr | +7.53% |
| Operating profit | ₹15 cr | ₹3 cr | +326.22% |
| Operating margin (%) | 5.23% | 1.37% | — |
| Interest | ₹1 cr | ₹1 cr | +40.45% |
| Depreciation | ₹1 cr | ₹1 cr | +5.33% |
| Profit before tax | ₹17 cr | ₹6 cr | +180.23% |
| Tax | ₹4 cr | ₹3 cr | +63.37% |
| Net profit | ₹13 cr | ₹3 cr | +260.74% |
| EPS (₹) | ₹4.09 | ₹1.13 | +261.95% |
Operating margin of 5.23% compares with a Information Technology sector median of 18.82% across 59 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 5.23% in the next quarter.
- Whether revenue growth remains ahead of expense growth after the current +11.90% versus +7.53% gap.
- Whether other income remains a material share of pre-tax profit after contributing 25.71% this quarter.