Omaxe Q2 loss narrows 85% YoY to ₹25.6 Cr, but swings from profit sequentially

Omaxe's consolidated Q2 FY27 (quarter ended September 30, 2026) net loss narrowed to ₹25.55 Cr from a ₹166.42 Cr loss a year earlier — an 84.7% reduction — even as it swung from a thin ₹1.30 Cr profit in Q1 FY27. Revenue from operations grew 79.4% YoY and 41.7% QoQ to ₹575.51 Cr, lifting total income to ₹613.91 Cr. No exceptional items were disclosed in either the current or year-ago period, so the comparison is on a reported, unadjusted basis throughout. Basic EPS was -₹1.37 against -₹9.11 a year ago. The YoY narrowing was driven primarily by a 43.4% drop in finance costs (₹36.60 Cr vs ₹64.68 Cr) against a much steeper loss base a year ago, even though total expenses still rose in absolute terms (₹621.02 Cr vs ₹562.82 Cr). Operating margin (PBT + finance cost + depreciation − other income, over revenue) improved to a near-breakeven ~0.1% from -52.7% YoY, though it slipped from 1.8% in Q1 FY27. Net margin followed the same pattern: -4.2% this quarter versus -48.1% YoY, but down from +0.3% sequentially. A ₹18.47 Cr consolidated tax charge — including a ₹12.98 Cr deferred tax charge — on a ₹7.08 Cr pre-tax loss widened the bottom-line loss beyond what the operating numbers alone suggest. The standalone entity, by contrast, reported a ₹50.49 Cr profit (EPS ₹2.76), a sharp divergence from the consolidated loss; the gap traces to standalone other income jumping to ₹85.37 Cr from ₹16.47 Cr YoY — income that nets out on consolidation and likely reflects intercompany dividends or investment gains not visible at the group level. Management issued no formal forward guidance on record, and none exists in our prior records to grade this print against. No analyst consensus or street preview for Q2 FY27 was found as of the result date (October 27, 2026), so the print cannot be benchmarked against street expectations. No press release accompanied this filing beyond the standard board-outcome letter. Several developments around the result are worth tracking into Q3: Omaxe received RERA approval for its Mathura project (Oct 17), signed a roughly 10-hotel, 4,000-key partnership with Lemon Tree Hotels (Oct 16), and its subsidiary sold a 40% stake in Aquarise Developers (Oct 1) — all post-quarter events that will show up in H2 FY27 numbers rather than this print. With H1 FY27 consolidated revenue up 63.4% YoY to ₹1,052.85 Cr and the H1 loss narrowing to ₹24.25 Cr from ₹352.19 Cr, the trajectory is a project-completion-driven topline recovery that has yet to translate into consolidated profitability.