Ujaas returns to operating profit, but other income still drives profit
Revenue rose 71.29% sequentially, yet net profit fell 15.38% as other income dropped 62.73%; operating margin remained below the Utilities peer median.
Filed 30 Oct 2026, 18:24 IST · after market close · Ujaas Energy Ltd (UEL)
Key takeaways
- Standalone operating margin recovered by 112.43 percentage points QoQ to 20.39% as revenue rose 71.29% while expenses fell 29.04%.
- Net profit fell 15.38% QoQ to Rs 2.75 cr as other income dropped 62.73%, although it still contributed 74.44% of pre-tax profit.
- UEL's 20.39% operating margin was 23.03 percentage points below the Utilities median across 11 reported peers.
Price around the results
Revenue recovery restored operating profitability
Standalone revenue rose 71.29% QoQ to Rs 5.19 cr, while expenses fell 29.04% to Rs 4.13 cr. The combination lifted operating profit from a loss in Q1FY27 to Rs 1.06 cr and moved operating margin up 112.43 percentage points to 20.39%.
Lower other income offset the operating rebound
Other income declined 62.73% QoQ to Rs 2.68 cr, which pushed profit before tax down 15.49% despite the return to operating profit. Other income accounted for 74.44% of pre-tax profit, making reported earnings materially reliant on non-operating income. The tax rate eased by only 0.26 percentage points, so tax provided little offset.
Margin trails the Utilities peer median
UEL's 20.39% operating margin was 23.03 percentage points below the 43.42% median for the 11 Utilities companies that had reported the same quarter. Sequentially, the margin improved sharply from -92.04% in Q1FY27, but the available trend shows only a rebound from the prior quarter rather than a multi-quarter direction.
Results were filed after market close
The standalone results were filed after market close on 30 October 2026. No company commentary was provided with the supplied results, so the quarter's main read-through is the recovery in operating performance alongside continued dependence on other income.
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 | ₹5 cr | ₹3 cr | +71.29% |
| Other income | ₹3 cr | ₹7 cr | -62.73% |
| Expenses | ₹4 cr | ₹6 cr | -29.04% |
| Operating profit | ₹1 cr | ₹-3 cr | — |
| Operating margin (%) | 20.39% | -92.04% | — |
| Interest | ₹0 cr | ₹0 cr | +0.00% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹4 cr | ₹4 cr | -15.49% |
| Tax | ₹1 cr | ₹1 cr | -16.83% |
| Net profit | ₹3 cr | ₹3 cr | -15.38% |
| EPS (₹) | ₹0.21 | ₹0.24 | -12.50% |
Operating margin of 20.39% compares with a Utilities sector median of 43.42% across 11 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 20.39% after the Q1FY27 rebound.
- Whether other income remains below Rs 2.68 cr or again forms a large share of pre-tax profit.
- Whether revenue stays above Rs 5.19 cr while expenses remain below Rs 4.13 cr.