A gap of 5.85 points. The two baskets differ, so the gap alone doesn’t measure what companies absorbed. Their filed margins are a closer measure, and they’re below.
Updated 9 Nov 2026. 1,072 companies in the Q2 FY27 figures so far.
Change on a year earlier. CPI is on its 2024 base, and only months on that base are shown.
Among 1,072 companies that report a materials cost, the median company’s gross margin moved −0.87 points against the same quarter a year earlier, and 58% saw it fall. In earlier quarters with 500 or more companies, that share was between 49% and 51%.
The median operating margin moved +0.07 points, and median revenue grew +21.8%. Filings don’t split revenue into price and volume, so this can’t tell you which of the two drove that growth.
Results season is still open: companies can file until 14 Nov 2026, so this count and these figures can move.
| Group | Companies | Gross margin, pts | Fell | Op. margin, pts | Revenue | Median gross margin |
|---|---|---|---|---|---|---|
| All companies, Q2 FY27 | 1,072 | −0.87 | 58% | +0.07 | +21.8% | 43.8% → 41.9% |
| Revenue of ₹500 cr+ a year ago, Q2 FY27 | 474 | −0.87 | 60% | −0.19 | +20.7% | 43.0% → 41.7% |
| Same companies, Q1 FY27The check on early filers | 1,036 | +0.02 | 50% | +0.40 | +17.4% | 43.8% → 44.3% |
Companies that file early can differ from those that file late. The last row takes these same companies one quarter back: +0.02 points, with 50% falling.
Each company against the same quarter a year earlier. The dashed line marks 50%, where falls and rises balance.
| Quarter | Companies | Gross margin, pts | Fell | Op. margin, pts | Revenue |
|---|---|---|---|---|---|
| Q2 FY27 | 1,072 | −0.87 | 58% | +0.07 | +21.8% |
| Q1 FY27 | 1,676 | −0.07 | 51% | +0.18 | +16.0% |
| Q4 FY26 | 1,562 | +0.11 | 49% | +0.18 | +11.7% |
| Q3 FY26 thin | 229 | +0.18 | 47% | +0.45 | +8.0% |
| Q2 FY26 thin | 220 | 0.00 | 49% | 0.00 | +7.2% |
| Q1 FY26 thin | 154 | +0.35 | 44% | +0.27 | +5.3% |
| Q4 FY25 | 1,279 | +0.10 | 49% | +0.01 | +8.1% |
| Q3 FY25 thin | 140 | +0.23 | 46% | +0.19 | +9.3% |
| Q2 FY25 thin | 137 | +0.62 | 39% | +0.06 | +5.5% |
“Thin” means fewer than 500 companies matched a year-ago filing on our records, so read those quarters loosely.
| Major group | Year on year | Weight in WPI |
|---|---|---|
| Fuel & Power | 25.85% | 14.11% |
| Manufactured Products | 9.76% | 63.13% |
| Primary Articles | 8.67% | 22.76% |
| Fastest-rising groups | Year on year | Weight in WPI |
|---|---|---|
| Crude Petroleum & Natural Gas | 57.32% | 0.72% |
| Mineral Oils | 40.02% | 8.19% |
| Other Manufacturing | 19.16% | 2.04% |
| Basic Metals | 16.96% | 8.41% |
| Chemicals and Chemical Products | 16.74% | 6.13% |
| Textiles | 13.85% | 4.09% |
| Rubber and Plastics Products | 13.47% | 2.71% |
| Tobacco Products | 12.90% | 0.28% |
| Electrical Equipment | 11.93% | 2.64% |
| Non-food Articles | 10.28% | 5.53% |
Groups with at least 10 companies filed, largest fall in gross margin first. All figures are medians.
| Industry group | Companies | Gross margin, pts | Fell | Op. margin, pts | Revenue |
|---|---|---|---|---|---|
| Construction Machinery and Heavy Transportation Equipment16 companies | 16 | −2.80 | 69% | −1.53 | +38.4% |
| Metal, Glass and Plastic Containers19 companies | 19 | −2.63 | 74% | −0.20 | +24.1% |
| Fertilizers and Agricultural Chemicals28 companies | 28 | −2.56 | 68% | −1.56 | +4.8% |
| Specialty Chemicals58 companies | 58 | −2.21 | 74% | +0.85 | +23.4% |
| Heavy Electrical Equipment12 companies | 12 | −2.09 | 58% | +0.97 | +26.9% |
| Automotive Parts and Equipment56 companies | 56 | −2.07 | 73% | −0.25 | +33.9% |
| Electrical Components and Equipment31 companies | 31 | −1.82 | 71% | +0.32 | +37.8% |
| Household Appliances14 companies | 14 | −1.75 | 71% | +0.70 | +18.8% |
| Industrial Machinery and Supplies and Components40 companies | 40 | −1.15 | 65% | −0.49 | +20.2% |
| Steel49 companies | 49 | −0.85 | 63% | −0.09 | +22.2% |
| Commodity Chemicals46 companies | 46 | −0.71 | 61% | −0.42 | +23.5% |
| Textiles55 companies | 55 | −0.50 | 55% | +1.68 | +22.5% |
| Building Products18 companies | 18 | −0.41 | 50% | −0.18 | +27.4% |
| Construction Materials30 companies | 30 | −0.31 | 57% | −1.33 | +10.8% |
| Apparel, Accessories and Luxury Goods18 companies | 18 | +0.07 | 50% | +0.40 | +7.3% |
| Biotechnology and Life Sciences60 companies | 60 | +0.28 | 45% | +0.48 | +18.9% |
| Health Care Facilities10 companies | 10 | +0.43 | 40% | −0.22 | +22.0% |
| Hotels, Resorts and Cruise Lines17 companies | 17 | +0.49 | 41% | +1.52 | +11.4% |
| Life Sciences Tools and Services12 companies | 12 | +0.68 | 42% | +0.70 | +16.2% |
| Construction and Engineering41 companies | 41 | +0.80 | 41% | −0.23 | +17.3% |
| Packaged Foods and Meats51 companies | 51 | +0.85 | 37% | +0.89 | +13.0% |
| Jewelry, Timepieces and Gemstone Products17 companies | 17 | +0.89 | 47% | +0.55 | +27.8% |
| Pharmaceuticals10 companies | 10 | +1.01 | 30% | +3.85 | +30.7% |
| Communications Equipment10 companies | 10 | +1.06 | 50% | +3.99 | +23.2% |
| Real Estate Development37 companies | 37 | +1.62 | 43% | +1.02 | +12.0% |
| Paper Products12 companies | 12 | +3.03 | 25% | +2.64 | +17.8% |
These lines suit makers of goods best. In real estate and construction, much of the cost can sit elsewhere in the accounts, so read those rows loosely.
Open any company from the stocks directory and go to its quarterly financials. Add up Cost of Materials Consumed, Purchase of Stock-in-Trade and Change in Inventories, then divide by revenue. Compare that share with the same quarter a year ago. If it rose, gross margin fell. Then check whether EBITDA margin moved with it.
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