Revenue drops 81.06% QoQ as operating margin plunges to -246.36%
Other income rose 89.19% and narrowed the consolidated net loss, but expenses fell less than revenue.
Filed 15 Oct 2026, 17:02 IST · after market close · VIPULLTD (VIPULLTD)
Key takeaways
- Consolidated revenue fell -81.06% QoQ to Rs 7.72 cr, while operating margin narrowed 202.22 percentage points to -246.36%.
- Other income rose +89.19% to Rs 20.13 cr, helping narrow net loss from Rs 15.45 cr to Rs 0.77 cr despite an operating loss of Rs 19.03 cr.
- Consolidated EPS improved to Rs -0.05 in Q1FY27 from Rs -1.10 in Q4FY26.
Revenue contraction overwhelms the operating base
VIPULLTD reported consolidated revenue of Rs 7.72 cr, down -81.06% QoQ, while expenses declined -54.46% to Rs 26.75 cr. Costs therefore fell less than revenue, widening the operating loss to Rs 19.03 cr. The result was a 202.22 percentage-point deterioration in operating margin to -246.36%.
Non-operating income drove the loss reduction
Other income increased +89.19% to Rs 20.13 cr, which substantially offset the operating loss and brought the consolidated loss before tax down to Rs 0.77 cr from Rs 14.11 cr. This makes the near break-even result dependent on non-operating income, as the core operating result remained loss-making. Interest expense fell -75.20% to Rs 1.59 cr, while no tax was recorded compared with Rs 1.34 cr in Q4FY26.
Quarter-on-quarter improvement remains narrow in scope
The net loss narrowed from Rs 15.45 cr in Q4FY26 to Rs 0.77 cr, but this improvement came alongside a sharper operating loss and a steep revenue decline. With only the preceding quarter available for comparison, the key direction is the 202.22 percentage-point QoQ fall in operating margin rather than the reported net-loss improvement.
Results were filed after market close
The consolidated results were filed after market close on 15 Oct 2026. There is therefore no market reaction to assess yet, and no historical post-results reaction is available in the reported data.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹8 cr | ₹41 cr | -81.06% |
| Other income | ₹20 cr | ₹11 cr | +89.19% |
| Expenses | ₹27 cr | ₹59 cr | -54.46% |
| Operating profit | ₹-19 cr | ₹-18 cr | -5.78% |
| Operating margin (%) | -246.36% | -44.14% | — |
| Interest | ₹2 cr | ₹6 cr | -75.20% |
| Depreciation | ₹0 cr | ₹0 cr | -20.00% |
| Profit before tax | ₹-1 cr | ₹-14 cr | +94.54% |
| Tax | ₹0 cr | ₹1 cr | -100.00% |
| Net profit | ₹-1 cr | ₹-15 cr | +95.02% |
| EPS (₹) | ₹-0.05 | ₹-1.10 | +95.45% |
What to watch
- Whether consolidated revenue improves from Rs 7.72 cr.
- Whether operating margin moves up from -246.36%.
- Whether other income remains a material offset to the Rs 19.03 cr operating loss.