Revenue falls -78.94% QoQ as operating margin slips 5.04 points
Expenses rose +28.87% while revenue contracted, although a lower 4.91% tax rate softened the decline in net profit.
Filed 11 Nov 2026, 19:04 IST · after market close · Tsf Investments Ltd (TSFINV)
Key takeaways
- Standalone revenue fell -78.94% QoQ to Rs 41.54 cr, while operating margin declined 5.04 percentage points to 93.98%.
- Expenses rose +28.87% QoQ even as revenue contracted, making costs the main reason for the margin decline.
- The 93.98% operating margin was 39.55 percentage points above the 54.43% median for 104 Financial Services peers.
Price around the results
Q2 revenue reset after Q1 spike
Standalone revenue was Rs 41.54 cr, with its QoQ change at -78.94% from Q1FY27. Operating profit declined -80.01% QoQ, broadly tracking the revenue contraction. The results were filed at 19:04 IST after market close.
Higher costs narrowed an exceptionally high margin
Expenses increased +28.87% QoQ while revenue fell -78.94%, so costs grew faster and operating margin narrowed 5.04 percentage points to 93.98%. Other income contributed only 1.81% of pre-tax profit, indicating that reported profit was mainly operating in nature. The tax rate fell 5.00 percentage points to 4.91%, cushioning the -79.74% decline in pre-tax profit and taking the net-profit decline to -78.61%.
Margin remains well above the sector median
TSF Investments' 93.98% operating margin was 39.55 percentage points above the 54.43% median among 104 Financial Services peers that had reported the quarter. Sequentially, however, margin declined from 99.02% in Q1FY27, extending the quarter-on-quarter weakening in the supplied trend.
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 | ₹42 cr | ₹197 cr | -78.94% |
| Other income | ₹1 cr | ₹1 cr | -4.00% |
| Expenses | ₹3 cr | ₹2 cr | +28.87% |
| Operating profit | ₹39 cr | ₹195 cr | -80.01% |
| Operating margin (%) | 93.98% | 99.02% | — |
| Interest | ₹0 cr | ₹0 cr | — |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹40 cr | ₹196 cr | -79.74% |
| Tax | ₹2 cr | ₹19 cr | -89.96% |
| Net profit | ₹38 cr | ₹177 cr | -78.61% |
| EPS (₹) | ₹1.70 | ₹7.95 | -78.62% |
Operating margin of 93.98% compares with a Financial Services sector median of 54.43% across 104 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 41.54 cr after the -78.94% QoQ change.
- Whether operating margin holds above 93.98% after the 5.04-percentage-point sequential decline.
- Whether the tax rate remains below Q1FY27's 9.91% after falling to 4.91%.