Expenses outpace revenue as Visa Chrome swings to an operating loss
Revenue grew 12.41% qoq, but 23.04% expense growth and a 9.58% rise in interest drove the consolidated net loss to Rs 21.94 cr.
Filed 12 Nov 2026, 18:06 IST · after market close · VISA Chrome Ltd (VISACHROME)
Key takeaways
- Consolidated operating margin swung from 4.21% to -4.85% qoq, a 9.06 percentage-point decline as expenses grew faster than revenue.
- Revenue rose 12.41% qoq to Rs 135.39 cr, but expenses increased 23.04% to Rs 141.95 cr, pushing net loss to Rs 21.94 cr.
- The -4.85% operating margin was 17.25 percentage points below the 12.4% median for 149 reported Commodities peers, placing the company fourth from the bottom.
Price around the results
Revenue growth was overtaken by costs
Visa Chrome's consolidated revenue increased 12.41% qoq to Rs 135.39 cr, but expenses rose 23.04% to Rs 141.95 cr. The faster cost growth erased the previous quarter's operating profit of Rs 5.07 cr and produced an operating loss of Rs 6.56 cr. Net loss widened to Rs 21.94 cr from Rs 9.56 cr in Q1FY27.
Margin fell as interest costs also increased
Operating margin declined 9.06 percentage points to -4.85% because expenses grew faster than revenue. Interest expense rose 9.58% to Rs 8.69 cr, adding to the pressure below the operating line, while depreciation was broadly stable at Rs 6.83 cr. The zero tax rate did not flatter the result because the company reported a pre-tax loss, and other income was only 0.14 cr, equivalent to -0.64% of pre-tax profit.
Among the weakest margins in the reported peer set
Visa Chrome's -4.85% operating margin was 17.25 percentage points below the 12.4% median among 149 Commodities peers that had reported the same quarter. The sequential direction also weakened sharply, with margin moving from positive 4.21% in Q1FY27 to negative 4.85% in Q2FY27. The results were filed after market close, so there is no reported market reaction 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 | ₹135 cr | ₹120 cr | +12.41% |
| Other income | ₹0 cr | ₹0 cr | +133.33% |
| Expenses | ₹142 cr | ₹115 cr | +23.04% |
| Operating profit | ₹-7 cr | ₹5 cr | — |
| Operating margin (%) | -4.85% | 4.21% | — |
| Interest | ₹9 cr | ₹8 cr | +9.58% |
| Depreciation | ₹7 cr | ₹7 cr | +1.04% |
| Profit before tax | ₹-22 cr | ₹-10 cr | -129.50% |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹-22 cr | ₹-10 cr | -129.50% |
| EPS (₹) | ₹-1.50 | ₹-0.66 | -127.27% |
Operating margin of -4.85% compares with a Commodities sector median of 12.40% across 149 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin recovers from -4.85% next quarter.
- Whether expense growth comes below the 23.04% qoq pace after exceeding revenue growth of 12.41%.
- Whether interest expense falls below Rs 8.69 cr.