Operating loss narrows, but lower other income deepens pre-tax loss
Revenue rose +16.97% qoq and expenses fell -45.01%, yet other income dropped -75.31%, leaving Q2FY27 consolidated net loss at Rs 1.64 cr.
Filed 05 Nov 2026, 18:07 IST · after market close · VIPULLTD (VIPULLTD)
Key takeaways
- Consolidated operating loss narrowed to Rs 5.68 cr in Q2FY27 as revenue grew +16.97% qoq while expenses fell -45.01%.
- Reported pre-tax loss widened to Rs 1.64 cr because other income fell -75.31% qoq to Rs 4.97 cr despite interest falling -59.75%.
- Operating margin improved 183.48 percentage points qoq to -62.88%, but remained negative after -246.36% in Q1FY27.
Revenue recovery and lower expenses reduced the operating loss
Consolidated revenue increased +16.97% qoq to Rs 9.03 cr, while expenses declined -45.01% to Rs 14.71 cr. That combination narrowed the operating loss from Rs 19.03 cr in Q1FY27 to Rs 5.68 cr, lifting operating margin by 183.48 percentage points to -62.88%.
Other income reversed the operating improvement at the pre-tax level
Other income fell -75.31% qoq from Rs 20.13 cr to Rs 4.97 cr, more than offsetting the improvement in operating performance and taking the pre-tax loss from Rs 0.77 cr to Rs 1.64 cr. Interest expense declined -59.75% to Rs 0.64 cr, while the tax rate stayed at 0.00%; other income represented -303.05% of pre-tax profit because pre-tax profit was negative.
Margin remains negative despite improvement from Q1FY27
Operating margin moved from -44.14% in Q4FY26 to -246.36% in Q1FY27 and then improved to -62.88% in Q2FY27, showing a sharp recovery from the prior quarter but no return to a positive margin. The consolidated results were filed after market close, so there is no market reaction to assess yet.
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 | ₹9 cr | ₹8 cr | +16.97% |
| Other income | ₹5 cr | ₹20 cr | -75.31% |
| Expenses | ₹15 cr | ₹27 cr | -45.01% |
| Operating profit | ₹-6 cr | ₹-19 cr | +70.15% |
| Operating margin (%) | -62.88% | -246.36% | — |
| Interest | ₹1 cr | ₹2 cr | -59.75% |
| Depreciation | ₹0 cr | ₹0 cr | +3.57% |
| Profit before tax | ₹-2 cr | ₹-1 cr | -112.99% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹-2 cr | ₹-1 cr | -112.99% |
| EPS (₹) | ₹-0.12 | ₹-0.05 | -140.00% |
What to watch
- Whether consolidated operating margin improves from -62.88%.
- Whether revenue builds on Rs 9.03 cr while expenses remain below Rs 14.71 cr.
- Whether reported results remain supported by other income after its -75.31% qoq decline to Rs 4.97 cr.