UCAL's Q2 profit rose 40.07% as revenue growth outpaced costs
Consolidated operating margin widened 0.38 percentage points, while lower interest and other income shaped profit before tax.
Filed 30 Oct 2026, 13:26 IST · UCAL (UCAL)
Key takeaways
- UCAL's consolidated net profit increased +40.07% QoQ as revenue grew +13.51% and expenses rose +13.04%.
- Operating margin widened 0.38 percentage points to 9.92% because revenue growth outpaced expense growth.
- Lower interest expense and a 0.08-percentage-point decline in the tax rate supported profit, while other income contributed 9.49% of pre-tax profit.
Revenue growth translated into modest operating leverage
Consolidated revenue increased +13.51% QoQ to Rs 230.59 cr, while operating profit grew faster at +17.95% to Rs 22.87 cr. Expenses rose +13.04%, slightly slower than revenue, allowing operating margin to widen by 0.38 percentage points to 9.92%.
Lower interest helped profit, but other income remained relevant
Interest expense declined -8.01% QoQ to Rs 6.43 cr, even as depreciation increased +3.71%, improving the conversion from operating profit to pre-tax profit. The tax rate eased by 0.08 percentage points to 26.03%, while other income accounted for 9.49% of pre-tax profit and provided a non-operating contribution to earnings.
Sequential momentum improved across revenue and earnings
Compared with Q1FY27, profit before tax rose +40.00% and net profit rose +40.07%, outpacing the +13.51% revenue increase. Operating margin moved up from 9.54% in Q1FY27 to 9.92% in Q2FY27, marking an improvement in the latest quarter rather than a margin decline.
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 | ₹231 cr | ₹203 cr | +13.51% |
| Other income | ₹1 cr | ₹2 cr | -38.24% |
| Expenses | ₹208 cr | ₹184 cr | +13.04% |
| Operating profit | ₹23 cr | ₹19 cr | +17.95% |
| Operating margin (%) | 9.92% | 9.54% | — |
| Interest | ₹6 cr | ₹7 cr | -8.01% |
| Depreciation | ₹6 cr | ₹6 cr | +3.71% |
| Profit before tax | ₹11 cr | ₹8 cr | +40.00% |
| Tax | ₹3 cr | ₹2 cr | +39.81% |
| Net profit | ₹8 cr | ₹6 cr | +40.07% |
| EPS (₹) | ₹3.70 | ₹2.64 | +40.15% |
What to watch
- Whether operating margin holds above 9.92% after its 0.38-percentage-point sequential expansion.
- Whether interest expense remains below Rs 6.43 cr after declining -8.01% QoQ.
- Whether other income's 9.49% contribution to pre-tax profit becomes smaller or larger.