Lotus Chocolate swings to ₹3.8 Cr loss in Q2 FY27 as revenue halves YoY to ₹91 Cr
PAT -363.6% YoY · revenue -43% · margins compressing
₹91.43 Cr
-43% YoY
₹-3.8 Cr
-363.6% YoY
-3.48%
-4.3pp YoY
₹-2.96
Lotus Chocolate's standalone revenue for the quarter ended September 30, 2026 nearly halved year-on-year to ₹91.43 Cr from ₹160.44 Cr, while staying roughly flat against Q1 FY27's ₹91.95 Cr. The company swung to a net loss of ₹3.80 Cr for the quarter, reversing a ₹1.44 Cr profit a year earlier, and compares with a near-breakeven ₹0.02 Cr in Q1 FY27. Basic EPS was -₹2.96 versus +₹1.12 a year ago, and net profit margin fell to -4.16% from +0.87% YoY.
Q2 FY-2027 vs prior quarters
Reported PBT was -₹5.39 Cr, but that includes ₹17.78 Cr of other income. Stripped out, the core operating loss was ₹23.16 Cr — worse than Q1's ₹19.64 Cr core loss and far worse than the ₹2.26 Cr core loss a year ago, so the underlying business deteriorated more than the headline PAT swing suggests. The filing does not break out what sits inside other income, and the recurrence of an outsized other-income line in back-to-back quarters (₹19.67 Cr in Q1, ₹17.78 Cr now) for a company this size should be treated as unexplained until clarified rather than taken as core earnings power. On costs, purchases of stock-in-trade rose to ₹65.37 Cr from ₹29.75 Cr YoY while cost of materials consumed fell to ₹18.21 Cr from ₹38.92 Cr, and the year-ago quarter had benefited from a ₹65.80 Cr inventory drawdown versus a small ₹0.63 Cr build this quarter — consistent with a shift toward lower-margin trading volumes and a high base effect from inventory liquidation a year ago.
The stock went into the print at ₹661.1, up 10.6% over the past month of trading.
No analyst or street coverage could be located for this micro-cap scrip (BSE: 523475), so vsStreet is unknown; management has also issued no formal guidance on record for this quarter, and no press release or MD&A accompanied the filing to check framing against. The quarter's governance datapoints — the October 8 board approval, the September 28 trading-window closure, and the September 25 AGM voting disclosure — are procedural and do not bear on the operating print. Finance costs eased to ₹2.28 Cr from ₹4.46 Cr YoY as current borrowings were trimmed to ₹82.00 Cr from ₹89.00 Cr at FY26-end, and trade receivables roughly halved to ₹71.08 Cr from ₹167.05 Cr, helping fund that repayment. Operating cash flow for H1 FY27 was a modest ₹2.44 Cr against an outflow of ₹35.99 Cr in H1 FY26.
W1
Whether the large other-income line (₹17.78 Cr this quarter, ₹19.67 Cr in Q1) recurs or reverses in Q3 FY27 — it is currently the only thing keeping reported PAT above the much larger ₹23.16 Cr core operating loss
W2
Trajectory of the core operating loss (-₹23.16 Cr this quarter vs -₹19.64 Cr in Q1) and whether the revenue mix shift toward trading stabilises the ~₹91 Cr quarterly run-rate or slides further
W3
Pace of deleveraging given current borrowings stand at ₹82.00 Cr (down from ₹89.00 Cr) while H1 FY27 operating cash flow was only ₹2.44 Cr
Standalone only — Note 4 states no subsidiary/associate, so consolidated not applicable. Figures converted from ₹ Lakh (÷100). TotalIncome and PAT checks tie out exactly. Other income (₹17.78 Cr, ~19% of revenue) is unusually large and its composition is not itemised in the filing; a similarly large ₹19.67 Cr other-income line appeared in Q1 FY27 too.