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The Margin Note

Friday, 16 October 2026

sales up 27%, staff costs up 0.3%: a hair oil maker's operating leverage quarter

Note No. 115 min readResultsMembers

the operating margin went from 18.6% to 25.0% because the costs below gross margin barely grew. here is what is likely to last & what may not.

HV InvestingIndependent analysis of Indian companies, in plain language

Sales at a mid-sized hair oil maker grew 27% in the September quarter, & its profit rose 66% to about Rs. 70 crore. The part that stopped me was smaller: staff costs went from Rs. 34.2 crore to Rs. 34.3 crore.

So sales rose by about Rs. 70 crore while the salary bill rose by Rs. 0.1 crore. That single gap explains most of the quarter, & it is one of the cleanest examples of operating leverage we have seen this results season.
The company I'm referring to is . . .

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About the authorHV Investing

Independent analysis of Indian companies, results, industries & macro, built from primary filings & official data, explained without shorthand. The daily Corporate Intelligence Brief covers what changed before the open; The Margin Note is where one story gets the room it needs.

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