Revenue rose 16.94% QoQ, but lower other income limited profit growth
Operating margin widened 0.70 percentage points as expenses grew slower than revenue, while the tax rate fell 3.16 percentage points.
Filed 04 Nov 2026, 20:35 IST · after market close · Vindhya Telelinks Ltd (VINDHYATEL)
Key takeaways
- Consolidated revenue grew +16.94% QoQ while expenses rose +16.02%, lifting operating margin by 0.70 percentage points to 12.47%.
- Net profit increased only +4.89% QoQ as other income fell -29.87% and accounted for 45.51% of pre-tax profit.
- The 12.47% operating margin was 0.23 percentage points above the 143-peer Industrials median.
Price around the results
Revenue growth lifted operating profit, not pre-tax profit
In consolidated Q2FY27, revenue grew +16.94% QoQ and expenses rose +16.02%, allowing operating profit to increase +23.85%. Pre-tax profit grew only +0.62% because other income declined -29.87%, partly offsetting the operating improvement.
Lower tax helped, but earnings quality remains mixed
Operating margin widened 0.70 percentage points because revenue grew faster than expenses. Interest declined -1.11% and the tax rate fell 3.16 percentage points to 22.28%, supporting the +4.89% increase in net profit. Other income contributed 45.51% of pre-tax profit, making non-operating income a material part of reported earnings.
Margin stayed just above the Industrials peer median
The 12.47% operating margin improved from 11.77% in Q1FY27 and was 0.23 percentage points above the median for 143 Industrials companies that had reported the quarter. The company filed these consolidated results after market close on 4 Nov 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 | ₹841 cr | ₹719 cr | +16.94% |
| Other income | ₹46 cr | ₹66 cr | -29.87% |
| Expenses | ₹736 cr | ₹634 cr | +16.02% |
| Operating profit | ₹105 cr | ₹85 cr | +23.85% |
| Operating margin (%) | 12.47% | 11.77% | — |
| Interest | ₹42 cr | ₹42 cr | -1.11% |
| Depreciation | ₹7 cr | ₹7 cr | +3.34% |
| Profit before tax | ₹102 cr | ₹101 cr | +0.62% |
| Tax | ₹23 cr | ₹26 cr | -11.85% |
| Net profit | ₹79 cr | ₹76 cr | +4.89% |
| EPS (₹) | ₹66.97 | ₹63.85 | +4.89% |
Operating margin of 12.47% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 12.47% after the 0.70-percentage-point QoQ improvement.
- Whether other income remains below Q1FY27's Rs 66.26 cr, given its 45.51% share of Q2FY27 pre-tax profit.
- Whether expenses continue to grow below the +16.94% revenue growth rate, after rising +16.02% QoQ.