NSE Q2 FY27 Results (BSE: 544937)
Signal: Steady quarter
The read
The underlying trajectory improved YoY: revenue grew 10.6% to ₹4,066.80 crore and profit grew 22.8% to ₹2,577.62 crore as other expenses fell 67.1% to ₹596.10 crore; however, the 17.4% sequential PAT decline to ₹2,577.62 crore shows that Q1's ₹1,200.94 crore investment-sale gain was a material non-recurring comparator.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,066.8 Cr | +10.6% | -10.8% |
| Net profit | ₹2,577.62 Cr | +22.8% | |
| EPS | ₹10.41 | +22.8% | |
| EBIT margin | N/A |
P&L walk
Revenue rose 10.6% YoY to ₹4,066.80 crore, while reported profit increased 22.8% to ₹2,577.62 crore mainly as other expenses fell 67.1% to ₹596.10 crore; sequential profit declined 17.4% because Q1 included a ₹1,200.94 crore profit on sale of an investment in an associate.
Key positives
- Revenue from operations increased 10.6% YoY to ₹4,066.80 crore, showing positive top-line momentum despite a 10.8% sequential decline.
- PAT rose 22.8% YoY to ₹2,577.62 crore as other expenses fell 67.1% YoY to ₹596.10 crore.
- EPS increased 22.8% YoY to ₹10.41, tracking PAT with paid-up capital unchanged at ₹247.50 crore.
- Property, plant and equipment increased to ₹1,475.36 crore from ₹1,192.84 crore at March 31, 2026, indicating continued investment in the asset base.
Key concerns
- Sequential PAT declined 17.4% to ₹2,577.62 crore from ₹3,120.08 crore, with the comparison distorted by the prior quarter's ₹1,200.94 crore profit on sale of an investment in an associate.
- Other income declined 29.5% sequentially to ₹487.66 crore, underscoring the sensitivity of reported profit to non-operating income.
- Revenue declined 10.8% sequentially to ₹4,066.80 crore from ₹4,560.41 crore; the filing does not disclose the volume, activity or pricing drivers behind the movement.
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