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Darshan Orna Q2 FY27 results: net profit down 62.5% to ₹0.09 crore, revenue ₹26 crore vs ₹6.31 crore
Darshan Orna Limited reported standalone revenue of ₹26 crore in Q2 FY27, up 108.5% from Q1 FY27 and 312.0% from Q2 FY26. Profit remained low: net profit was ₹0.09 crore and basic EPS was ₹0.01, while EBITDA margin was 0.5%.
Key points
- Standalone revenue was ₹26 crore in Q2 FY27, up 108.5% from Q1 FY27 and 312.0% from Q2 FY26.
- EBITDA was ₹0.14 crore, up 75.0% from Q1 FY27 but down 61.1% from Q2 FY26; the margin was 0.5%.
- Net profit was ₹0.09 crore, up 80.0% from Q1 FY27 and down 62.5% from Q2 FY26; basic EPS was ₹0.01.
- Total assets were ₹38.38 crore and total equity was ₹35.37 crore as on 30 September 2026.
- Thirteen peers filed for the quarter; the median peer revenue growth was 14.2%, and 8 peers reported higher profit.
How did Darshan Orna perform in Q2 FY27?
Darshan Orna reported standalone revenue of ₹26 crore for Q2 FY27, compared with ₹12.47 crore in Q1 FY27 and ₹6.31 crore in Q2 FY26. EBITDA was ₹0.14 crore, against ₹0.08 crore in the previous quarter and ₹0.36 crore a year earlier. The EBITDA margin was 0.5%, compared with 0.7% in Q1 FY27 and 5.7% in Q2 FY26.
Profit before tax was ₹0.10 crore in Q2 FY27, compared with ₹0.06 crore in Q1 FY27 and ₹0.34 crore in Q2 FY26. After tax of ₹0.01 crore, the company reported a net profit of ₹0.09 crore, against ₹0.05 crore in the previous quarter and ₹0.24 crore a year earlier. Basic EPS was ₹0.01, compared with ₹0.01 in Q1 FY27 and ₹0.05 in Q2 FY26.
The company filed standalone unaudited results for the quarter and half-year ended 30 September 2026. The board approved them on 2 November 2026, and the Audit Committee reviewed the results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 26 | 12.47 | 6.31 | +312.0% | +108.5% |
| Other income | 0 | 0 | 0 | ||
| Total expenses | 25.90 | 12.41 | 5.98 | +333.1% | +108.7% |
| EBITDA | 0.14 | 0.08 | 0.36 | −61.1% | +75.0% |
| EBITDA margin | 0.5% | 0.7% | 5.7% | −5.2 pp | −0.2 pp |
| Profit before tax | 0.10 | 0.06 | 0.34 | −70.6% | +66.7% |
| Tax | 0.01 | 0.01 | 0.10 | −90.0% | +0.0% |
| Net profit | 0.09 | 0.05 | 0.24 | −62.5% | +80.0% |
| EPS (₹) | 0.01 | 0.01 | 0.05 | −80.0% | +0.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Darshan Orna's costs and profit?
Total expenses rose to ₹25.90 crore in Q2 FY27 from ₹5.98 crore in Q2 FY26, an increase of ₹19.92 crore. Cost of materials accounted for the main rise, increasing by ₹20.34 crore to ₹22.45 crore. Finance costs rose by ₹0.02 crore to ₹0.04 crore, while employee cost was unchanged at ₹0.03 crore.
Other expenses increased by ₹0.19 crore to ₹0.19 crore from no exceptional item in the year-ago quarter. Other income remained unchanged, with no exceptional item, and depreciation was unchanged at ₹0.00 crore. There was no exceptional item in Q2 FY27.
Tax expense fell by ₹0.09 crore to ₹0.01 crore from ₹0.10 crore in Q2 FY26. Despite the lower tax expense, profit before tax declined by ₹0.24 crore to ₹0.10 crore, and net profit fell by ₹0.15 crore to ₹0.09 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 22.45 | 2.11 | +20.34 | +964.0% |
| Employee cost | 0.03 | 0.03 | 0 | +0.0% |
| Finance costs | 0.04 | 0.02 | +0.02 | +100.0% |
| Depreciation | 0 | 0 | 0 | |
| Other expenses | 0.19 | 0 | +0.19 | |
| Total expenses | 25.90 | 5.98 | +19.92 | +333.1% |
| Other income | 0 | 0 | 0 | |
| Tax | 0.01 | 0.10 | −0.09 | −90.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Inventories declined to ₹13.85 crore from ₹17.05 crore. Trade receivables increased to ₹15.36 crore from ₹13.97 crore, while trade payables fell to ₹1.10 crore from ₹3.24 crore.
For H1 FY27, operating cash flow was negative ₹0.66 crore, compared with negative ₹0.54 crore in H1 FY26. Investing cash flow was ₹0.00 crore against ₹0.16 crore, while financing cash flow was negative ₹0.04 crore compared with ₹0.57 crore. Capital expenditure was ₹0.00 crore in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 38.38 | 40.62 |
| Total equity | 35.37 | 35.28 |
| Borrowings | 0.74 | 0.92 |
| Cash and equivalents | 0.21 | 0.91 |
| Inventories | 13.85 | 17.05 |
| Trade receivables | 15.36 | 13.97 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.66 | −0.54 |
| Cash from investing | 0 | 0.16 |
| Cash from financing | −0.04 | 0.57 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has Darshan Orna done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹26.00 crore in Q2 FY27, after ₹25.07 crore in Q3 FY26 and ₹25.32 crore in Q4 FY26. It had bottomed at ₹2.40 crore in Q3 FY25, with the latest quarter showing a renewed rise after ₹12.47 crore in Q1 FY27.
Net profit was ₹0.09 crore in Q2 FY27, compared with ₹0.05 crore in Q1 FY27 and ₹0.11 crore in Q4 FY26. Its highest point in the series was ₹0.24 crore in Q2 FY26, while the lowest was ₹0.04 crore in Q4 FY25.
EBITDA margin was 0.5% in Q2 FY27, following 0.7% in Q1 FY27 and 0.9% in Q4 FY26. It peaked at 5.7% in Q2 FY26 and bottomed at -8.4% in Q4 FY25.
How did Darshan Orna shares react?
By the next day’s close, the stock was up 1.5% from its pre-results close. The industry median was down 0.8% over the same period, leaving Darshan Orna ahead by 2.3 percentage points. Earlier results-day moves were mixed, including -1.4% on 8 August 2026, 0.4% on 28 May 2026 and -1.2% on 14 February 2026.
| After the filing | Stock | Gems, Jewellery And Watches median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +0.5% | |
| Reaction day | +0.0% | +0.0% |
| Next day | +1.5% | −0.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | −1.4% |
| 28 May 2026 | +0.4% |
| 14 February 2026 | −1.2% |
| 14 October 2025 | +2.8% |
| 12 August 2025 | −1.2% |
| 30 May 2025 | −1.6% |
| 18 October 2024 | −9.6% |
| 13 August 2024 | +1.2% |
Source: MarketPing price-reaction measurement.
How did other Gems, Jewellery And Watches companies do?
Thirteen Gems, Jewellery And Watches companies filed for the quarter as of 4 November 2026. Their median revenue growth was 14.2%. Eleven peers grew slower than Darshan Orna, while two peers grew faster than the company.
Among the 11 peers for which profit was compared, 8 reported higher profit. The peer figures cover the companies that filed for the quarter and do not include Darshan Orna.
| Darshan Orna revenue growth (YoY) | +312.0% |
|---|---|
| Median of 13 other Gems, Jewellery And Watches companies | +14.2% |
| Companies with slower revenue growth than Darshan Orna | 11 of 13 |
| Companies with faster revenue growth than Darshan Orna | 2 of 13 |
| Companies whose net profit rose | 8 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Darshan Orna's revenue in Q2 FY27?
Revenue from operations was ₹26 crore, up 312.0% from ₹6.31 crore in Q2 FY26 (standalone).
Did Darshan Orna make a profit in Q2 FY27?
Yes. Net profit was ₹0.09 crore, against a net profit of ₹0.24 crore in Q2 FY26.
What was Darshan Orna's EPS in Q2 FY27?
Basic earnings per share were ₹0.01, against ₹0.05 in Q2 FY26.
How did Darshan Orna shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close; the median Gems, Jewellery And Watches stock moved +0.0%.
When did Darshan Orna announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Unaudited Standalone Financial Results For The Quarter And Half-Year Ended September 30, 2026 And Any Other Business Matter. (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 02, 2026 For Unaudited Financial Results (BSE, 2 November 2026) · PDF
- Results- Financial Results For The Quarter And Half-Year Ended Sep. 30, 2026. (BSE, 2 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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