Interest surge deepened TruCap's loss despite revenue more than doubling
Revenue growth outpaced expenses and improved the operating margin, but higher interest and depreciation costs pulled pre-tax loss deeper.
Filed 28 Oct 2026, 21:23 IST · after market close · TruCap Finance Ltd (TRU)
Key takeaways
- Consolidated revenue grew +108.70% QoQ, but a +214.13% rise in interest expense drove the net loss to Rs 22.15 cr.
- Operating margin improved 27.99 percentage points to -51.13% as revenue growth outpaced expense growth, but remained 110.99 percentage points below the 59.86% median for 43 Financial Services peers.
- The tax rate fell 5.18 percentage points to 19.44%, yet the consolidated pre-tax loss widened to Rs 27.49 cr and EPS was Rs -0.92.
Price around the results
Revenue growth improved the operating gap, not net earnings
Consolidated revenue rose +108.70% QoQ to Rs 23.52 cr, while expenses increased +76.16%, lifting operating margin by 27.99 percentage points even though operating profit remained negative at Rs -12.03 cr. The improvement did not reach net earnings because interest rose +214.13% and depreciation increased +101.24%.
Financing costs outweighed the lower tax rate
The higher interest burden took pre-tax loss to Rs 27.49 cr from Rs 14.04 cr in Q1FY27, while the tax rate fell 5.18 percentage points to 19.44%. Other income represented -6.48% of pre-tax profit, so it did not materially offset the loss before tax.
Margin remains near the bottom of the reporting peer set
TruCap's operating margin of -51.13% was 110.99 percentage points below the 59.86% median across 43 Financial Services peers that had reported the quarter, placing it second from the bottom. The company filed its consolidated Q2FY27 results after market close on 28 October 2026.
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 | ₹24 cr | ₹11 cr | +108.70% |
| Other income | ₹2 cr | ₹1 cr | +87.37% |
| Expenses | ₹36 cr | ₹20 cr | +76.16% |
| Operating profit | ₹-12 cr | ₹-9 cr | -35.02% |
| Operating margin (%) | -51.13% | -79.12% | — |
| Interest | ₹14 cr | ₹4 cr | +214.13% |
| Depreciation | ₹3 cr | ₹2 cr | +101.24% |
| Profit before tax | ₹-27 cr | ₹-14 cr | -95.80% |
| Tax | ₹-5 cr | ₹-3 cr | -54.34% |
| Net profit | ₹-22 cr | ₹-11 cr | -109.36% |
| EPS (₹) | ₹-0.92 | ₹-0.89 | -3.37% |
Operating margin of -51.13% compares with a Financial Services sector median of 59.86% across 43 peers that have reported Q2FY27.
What to watch
- Whether operating margin moves above -51.13% in the next quarter.
- Whether interest expense growth moderates from +214.13% QoQ.
- Whether the consolidated net loss narrows from Rs 22.15 cr.