For the quarter, revenues have grown by ~9% YoY. While slower than last quarter, this is the second highest growth in almost the last 3 years. Operating profits (EBITDA, ex financials) have seen double digit growth (~12%). And once again while growth was slower than last quarter, operating profit growth is the strongest in the last 2 years. Below the line items dragged down profit growth to 11%. Depreciation expense in particular has been a drag on profitability.

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends, highlighting what’s propelling growth this week.

• The second dives into standout company results shaping those numbers.

Aggregate Trends

Commodities is the standout on reported profit growth, with revenue and EBITDA both growing around 9% while PAT surged 47.9%, thanks to cost control and operating factors. Energy and FMCG are the clearest margin-led pockets. Energy posted 6.2% revenue growth, but EBITDA and PAT grew much faster at 20.5% and 30.4%, pointing to pricing discipline and operating strength. FMCG shows a similar pattern, with revenue at 9.6%, EBITDA at 12.7%, and PAT at 31.7%. When several sectors are struggling to convert topline into profit, both sectors stand out for stronger earnings transmission.

Consumer Discretionary remains mixed. Revenue growth of 9.9% indicates demand remains strong, but EBITDA growth is slow at 2.7%, with PAT nearly flat at 0.7%. Healthcare shows the same divergence in a sharper form. It is the fastest-growing sector in revenue, with EBITDA growth nearly as strong at 13.5%, yet PAT is at just 2.6%. So, while sector demand and execution appear strong, net profit is lagging due to non-operating or one-off factors.

Industrials and Services also fit the “activity strong, profits weak” pattern. Industrials posted 11.5% revenue growth and 16.7% EBITDA growth, but PAT declined 4.6%. Services tells a similar story, as revenue grew 8.8% and EBITDA 16.3%, yet PAT fell 16.9%. In both sectors, the operating layer looks far better than the bottom line, which makes EBITDA a cleaner signal than PAT.

Information Technology and Telecom remain the weakest pockets in profit conversion. IT delivered 9.6% revenue growth and 9.2% EBITDA growth, but PAT declined 6.9%. Telecom is the most stressed print in the set. Revenue and EBITDA growth are both near 9%, but PAT is -80%, indicating severe pressure below the operating line.

Financial Services is comparatively steady and, importantly, not distorting the overall earnings picture. Revenue, EBITDA, and PAT growth are all tightly clustered at 10.3%, 11.9%, and 11.4%, making it one of the cleaner sectors in terms of earnings conversion. Utilities, meanwhile, shows modest revenue growth at 3.3% but much stronger PAT growth at 27.2%.

Overall, with this week’s earnings added, our pattern is further reinforced. Growth remains broad-based, but profit quality is uneven across sectors. The aggregate numbers are healthy, yet sector dispersion is still high, and in several cases, EBITDA is telling a materially better story than PAT. The key takeaway, then, goes beyond the fact that revenues are growing; it is more about which sectors are actually converting that growth into durable profitability.

Company Spotlights

• ABB India Ltd. (Industrials): Revenue hit a record quarter with broad traction across electrification, motion, and automation, while profit momentum stayed softer as margins narrowed on input and labour costs. This appears tied to strong capex demand, with cost pressures still passing through.

• CIE Automotive India Ltd. (Consumer Discretionary): Revenue stayed strong on healthy OEM demand and volume growth, but profit rose at a slower pace as margins tightened under higher input and personnel costs. That mix seems to reflect solid scale, with cost pressure still weighing.

• Rane Holdings Ltd. (Financial Services): Revenue grew strongly, and operating performance improved, but the quarter slipped into a loss after a large warranty provision tied to a JV recall. The underlying business looks steadier than the headline profit print suggests.

• Brightcom Group Ltd. (Information Technology): Topline and profit growth were strong, helped by higher digital ad volumes and platform integrations, though margins narrowed as costs rose. That pattern may point to scaling-led expansion, with investment intensity still running high.

• Religare Enterprises Ltd. (Financial Services): Income growth remained strong, led by insurance and broking, but the loss widened as claims and operating costs ran ahead of topline expansion. This seems to reflect a business still scaling through restructuring pressure.

• KRBL Ltd. (FMCG): Revenue fell on weaker exports, but profit climbed sharply as margins expanded and costs stayed disciplined. It looks more like a margin-led quarter than a demand-led one, with export volatility still hanging around.

• Confidence Petroleum India Ltd. (Energy): Revenue nearly doubled on LPG growth, but profit fell as costs rose faster and margins compressed. This likely reflects a scale-heavy expansion phase, where volume growth is accompanied by a much larger cost bill.

• PTC India Ltd. (Utilities): Revenue was broadly flat, and trading volumes edged up, but profit dropped sharply as operating margins weakened and consultancy income softened. It seems the core power-trading business is facing tighter spreads, even with support from non-operating income.

The earnings quarter is almost at its end, and we’ll be taking a broad overview of this earnings season soon. Stay tuned!

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends, highlighting what’s propelling growth this week.

• The second dives into standout company results shaping those numbers.

Want to dig deeper? Download the extended edition for full sector-wise company data and detailed performance notes.

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Aggregate Trends

The major theme currently is profit quality: how much of PAT growth is operating, and how much is exceptional-led. One thread runs across multiple sectors, i.e., labour-code implementation charges and other one-offs are repeatedly distorting reported profits. Hence, EBITDA trends are often healthier than PAT trends, and this is the gap to take notice of.

Starting with Commodities, which is the standout sector and reads like operating leverage plus cost control (in some cases, portfolio mix doing the work). Grasim is a good example of “mix helps momentum.” At the same time, the sector numbers are not a straight-line demand story. Hindalco shows how idiosyncratic events can overwhelm an otherwise decent operating quarter. In EID Parry, the sugar cycle remains choppy, but the non-sugar portfolio is cushioning results. As is often the case, stability increasingly comes from diversification.

Energy is another margin-led pocket, the dispersion arising from pricing and cost discipline. ONGC managed profit growth despite weaker crude realizations, suggesting steadier gas pricing and support from subsidiaries/JVs. IGL shows the steadier side of the demand picture, with volumes up 3–4% and selective CNG price hikes helping realizations. On the flip side, Coal India suffered from realizations softening simultaneously with rising costs: an uncomfortable combination if demand doesn’t re-accelerate.

Within FMCG, HUL’s headline profit surge was heavily boosted by an ice-cream demerger gain; the operating business underneath looks far more muted, with margins compressed as brand investments rose. The cleaner FMCG signals this week came from Britannia (profits growing faster than revenue as margins improve) and United Breweries (premiumisation and cost work lifting gross margin meaningfully). Patanjali Foods sits in the middle, with mix-driven improvement in FMCG/HPC scaling, but also a tax write-back flattering PAT.

Consumer Discretionary seems to be the most mixed sector in this quarter so far, with revenue +8.9% while PAT is essentially flat. Demand is clearly present, but it’s not consolidating into sector-level profit growth because results are being pulled in opposite directions. At one end, the festive/organised shift is obvious. Titan and PN Gadgil’s results read like peak-season operating leverage plus strong conversion and premium mix, even in a high gold-price environment.

Travel and hospitality are similarly buoyant: Indian Hotels converted a 12% revenue rise into a 51% profit jump with record hotel EBITDA and lofty margins. In autos and mobility, M&M and Eicher delivered strong volume-led quarters with margins holding up, suggesting mix and scale are still cushioning costs. But the sector’s flat PAT can be explained by charges and exceptionals. For instance, Amber Enterprises swung into a small loss on impairments and labour-code/Sidwal-related charges despite strong AC demand and improved EBITDA.

In Healthcare, the topline is the strongest of all sectors, but PAT is barely up. Execution is visibly strong at Lupin (US surge, sharp margin expansion), Torrent Pharma (broad-based geography strength with margins holding), and Apollo Hospitals (ARPOB/mix-led growth with integrated efficiency). But reported profits are clipped by labour-code liabilities and acquisition/consolidation costs at players like Zydus and Biocon.

The pressure points are clearest in the remaining sectors: Industrials, IT, Services, and Telecom. Industrials show high activity, but bottom lines are getting clipped by one-offs and financing burdens (labour-code charge at Ashok Leyland, leverage stress at Uflex). Services show strong operational growth at big operators like GMR Airports, but expansion-related interest and depreciation keep PAT under pressure. IT looks stable on revenue, but profit softness persists, with one-time charges still showing up even in otherwise steady quarters (e.g., Black Box). Telecom remains the clear laggard, whose revenue growth is not translating into profits at all. Finally, Utilities has a low topline but strong profit conversion via efficiency and regulatory tailwinds, as seen in Torrent Power.

Put together, the season PAT is being shaped as much by accounting/exceptionals as by demand. The most investable signal is often hiding in the spread between revenue, EBITDA, and reported profit: who’s converting growth cleanly, who’s buying growth via costs, and who’s merely reporting noise. As we approach the end of this season, the remainder of the results will highlight whether margin resilience remains the dominant driver or whether demand finally starts doing the heavy lifting.

Company Spotlights

• Hindalco Industries Ltd. (Commodities): Sales climbed 14%, and EBITDA inched up 5%, but profit slumped 45% after a large exceptional hit tied to Novelis’ Oswego fire disruptions. The damage looks more like a one-off US execution than weak Indian aluminium/copper demand.

• Grasim Industries Ltd. (Commodities): Record revenue rose 27%, and profit grew 21% as cement volumes and VSF exports held up, while Birla Opus scaled and financial-services AUM expanded. EBITDA climbed 33% despite a labour-code charge; the portfolio’s mix seems to be supporting momentum.

• Mahindra & Mahindra Ltd. (Consumer Discretionary): SUVs and tractors both posted ~23% volume growth, pushing revenue up 26% and PAT up 39%. The margin hold at ~14.7% (despite the labour-code hit) hints that mix and scale are helping. Momentum seems to be coming from stronger SUV traction and a firmer rural backdrop; the next tell will be whether pricing and input costs stay supportive as volumes normalise.

• Titan Company Ltd. (Consumer Discretionary): A big festive quarter: revenue up 43% and profit up 61%, led by jewellery’s 42% growth across Tanishq/Mia/Zoya and CaratLane. Margin expansion suggests operating leverage; the shift toward organised, premium jewellery may be helping despite high gold prices.

• Oil And Natural Gas Corporation Ltd. (Energy): Topline was basically flat, but profit rose 22% even with crude realizations down ~15% and production steady. That resilience seems tied to tighter costs, steadier gas pricing, and help from subsidiaries/JVs.

• Coal India Ltd. (Energy): Revenue slipped 2% and profit fell 16% as offtake and output softened and realizations eased; pay-revision provisions pushed employee costs up, crimping EBITDA. The pattern may hint at weaker demand and a tougher cost base.

• State Bank of India (Financial Services): Profit rose 14% on modest income growth, helped by stronger NII, better asset quality, and lower credit costs. The quarter was also boosted by non-recurring items like YES Bank stake-sale income and forex profits.

• Muthoot Finance Ltd. (Financial Services): Profit more than doubled as gold-loan AUM expanded ~50% and NII jumped 64%, lifting revenue 58% YoY. Momentum may have been boosted by higher gold prices and festive demand, with easing funding costs adding a tailwind.

• Hindustan Unilever Ltd. (FMCG): The headline print (profit surging 121%) is doing a lot of heavy lifting via the ice-cream demerger gain, so it’s worth separating the two stories. The operating business looks much more muted: low-single-digit revenue growth with steady volumes, but profitability appears under pressure as margins compressed and brand investments rose. The next few quarters hinge on how quickly pricing actions and cost inflation settle, and whether volume growth can stay resilient without leaning on promotions, because without the exceptional item, earnings momentum seems far less dramatic.

• Lupin Ltd. (Healthcare): A standout quarter as revenue jumped 24%, and profit rose 38%, with the US business surging 54% and margins expanding sharply (EBITDA margin ~33.5%, up 840 bps). This looks like a launch-led US run plus a healthier mix and execution.

That’s it for this edition. We still have some key companies in the remaining weeks before the season comes to an end! See you in the next one.

As of yesterday, revenue growth is running at ~8% YoY, down from over 9% as of the last week. Growth in operating profits (EBITDA) has however ticked up to almost 11% YoY, as against less than 10% as of last week. Excluding financial services, operating profit growth is slightly faster but revenue growth is even weaker. This continues to point towards margin management than demand acceleration as the key driver of corporate performance.

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends, highlighting what’s propelling growth this week.

• The second dives into standout company results shaping those numbers.

Want to dig deeper? Download the extended edition for full sector-wise company data and detailed performance notes

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Aggregate Trends

The results so far reinforce the familiar theme of healthy topline growth with sharply uneven profit outcomes by sector.

Beneath these steady headline numbers, however, sector divergence has widened. Energy is now the clearest outperformer, with EBITDA and profit growth far outpacing revenue, supported by improved refining economics and stable fuel demand. Industrials continues to deliver one of the cleanest growth profiles this quarter, with strong topline expansion translating into healthy operating and profit growth.

The Commodity complex tells a more nuanced story. While profits have surged, aided by cost actions, domestic mix benefits, and occasional one-offs, revenue growth remains modest. In contrast, Consumer Discretionary has weakened sharply, with margins and profits coming under pressure despite positive revenue growth, reflecting disruption-driven volatility and fixed-cost absorption challenges.

Several large sectors continue to show a disconnect between operating performance and bottom-line outcomes. FMCG remains steady, with double-digit growth across revenue and EBITDA, but profits are largely tracking rather than accelerating. Healthcare has seen margin pressure cap profit growth despite strong topline expansion. Information Technology and Services both report operating growth, yet profits have slipped, highlighting the growing influence of provisioning, finance costs, depreciation, and exceptional items.

Telecommunications remains the anomaly. Revenues and EBITDA continue to grow strongly on ARPU gains and network scale-up, but profits have fallen sharply as depreciation and statutory costs from heavy investment cycles weigh on reported earnings.

Overall, Q3 FY26 is shaping up as a quarter of stable demand but increasingly uneven profitability, where cost structures and capital intensity are separating reported winners from underlying momentum. As more results flow in, the gap between operating strength and headline profit outcomes gets harder to ignore.

Company Spotlights

• Tata Steel Ltd. (Commodities): Revenue rose 6%, while profit surged on stronger India deliveries, wider EBITDA margins, and transformation-led cost savings, with a tax-related one-off also helping the headline. The jump seems rooted in domestic mix and volume resilience despite softer overseas conditions.

• Steel Authority of India Ltd. (Commodities): Revenue rose nearly 12% on higher sales volumes, while profit rebounded sharply as cost controls and lower finance charges took effect. The improvement seems linked to operating leverage and inventory clean-up, even as margins remain sensitive to steel-cycle swings.

• Adani Enterprises Ltd. (Commodities): Revenue grew in high single digits, while profit spiked mainly because of a large one-time gain from asset/stake sales. Underlying operations appear steadier, with airports and new-energy businesses contributing to EBITDA growth.

• Tata Motors Passenger Vehicles Ltd. (Consumer Discretionary): Revenue fell sharply and the quarter swung to a loss, largely reflecting JLR production disruption from the cyber incident and sizeable exceptional charges. The extent of the decline appears amplified by weaker realisations and fixed-cost absorption, even as domestic PV volumes held up better.

• Indian Oil Corporation Ltd. (Energy): Revenue rose about 8%, while profit rebounded sharply as refining margins improved materially and throughput stayed strong, with LPG compensation also supporting the quarter. The scale of the swing seems tied to more favourable refining economics alongside resilient domestic fuel demand.

• GAIL (India) Ltd. (Energy): Revenue slipped mid-single digits, while profit dropped sharply from a high base as gas marketing margins and petrochemicals weighed on the quarter. The result appears influenced by spread volatility and higher depreciation, even as transmission earnings stayed comparatively steady.

• Bajaj Finserv Ltd. (Financial Services): Revenue grew about 24%, but profit was broadly flat as higher credit provisions and one-time labour-code costs offset strong underlying momentum. The outcome seems consistent with a quarter focused on strengthening buffers, even as lending and insurance engines continued to expand.

• Power Finance Corporation Ltd. (Financial Services): Revenue rose in high single-digits, and profit grew in mid-single digits, supported by steady loan book expansion and stable asset quality. The trajectory appears aligned with continued power-sector funding needs. especially renewables, though competitive lending could keep spreads from widening materially.

• Bajaj Finance Ltd. (Financial Services): Revenue grew nearly 18%, but profit fell mid-single digits as accelerated credit provisioning and a labour-code charge weighed on the reported figure. The underlying picture looks stronger, with AUM and loan growth continuing to support core earnings momentum.

• Bharti Airtel Ltd. (Telecommunications): Revenue rose nearly 20%, and EBITDA expanded, led by stronger India and Africa operations and continued ARPU improvement. Profit fell sharply, reflecting higher depreciation and statutory costs from network rollout; the investment cycle appears to be weighing on reported earnings.

That’s it for this edition. We’re only halfway yet, and a lot to look forward to, which we’ll be unpacking in the coming weeks! See you next week.

Revenues are up 9.2% year-on-year so far while EBITDA is up 9.7%, and PAT has grown by 10.6%. That said, growth metrics have decelerated compared to the past week. Excluding financial services, the picture looks a touch firmer across the board, with revenues up 10.1%, EBITDA up 10.9%, and profits up 11.5%, suggesting broader operating momentum outside the financial sector is still holding up well.

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends, highlighting what’s propelling growth this week.

• The second dives into standout company results shaping those numbers.

Want to dig deeper? Download the extended edition for full sector-wise company data and detailed performance notes.

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Aggregate Trends

The results so far reinforce the familiar theme of healthy topline growth with sharply uneven profit outcomes by sector.

Consumer Discretionary remains the clearest outperformer, with revenue up 23.8% translating into 32.8% profit growth, highlighting strong demand conditions and operating leverage. Energy is another standout, where EBITDA growth (17.7%) and PAT growth (25.1%) are comfortably ahead of revenue growth (8.7%), pointing to strong margin support.

Industrials also looks robust, with broad-based strength across the P&L, and revenue up 15.4%, EBITDA up 23.9%, and profits up 16.8%, suggesting operating momentum remains strong even as cost intensity varies within the sector. The middle is more mixed. FMCG is steady, with double-digit growth across revenue and EBITDA (11.2% and 13.1%), while profit growth (10.5%) is holding up but not yet running far ahead.

Utilities is stable but subdued, with EBITDA up 10.8% but profits up just 1.7%, indicating weaker bottom-line conversion despite operating improvement. Financial Services continues its steady run, with profit growth (9.3%) broadly tracking revenue (7.2%).

Several sectors remain under pressure. Healthcare has seen margin compression, with EBITDA down 6.1% and profits down 18% despite revenue growth of 7.4%. Information Technology has slipped into a profit decline (-7.7%) despite modest operating growth. Services is the sharpest laggard on the bottom line, with profits down 35.8% even as EBITDA is up 9.3%, highlighting how costs, finance lines, or exceptional items are increasingly shaping outcomes.

Telecom is the anomaly sector, as its revenues (-8.2%) and EBITDA (-5.4%) remain weak, yet profits are up 19%, suggesting the profit picture is being driven by factors below operating performance rather than a pure demand-led recovery.

Overall, Q3 FY26 continues to look like a quarter of stable demand but uneven profitability, where cost structures and margin discipline are doing more to separate winners from laggards than topline growth alone. As more results come in, the sector divergence, especially between operating performance and bottom-line conversion, should become clearer.

Company Spotlights

• UltraTech Cement Ltd. (Commodities): Revenue jumped 27% YoY to ₹218,297 mn and profit rose 17.4% to ₹17,294 mn, driven by record volumes and EBITDA growth despite a labour-code provision. It may indicate scale-led operating leverage and early synergies from integration, helping cushion a still-competitive pricing backdrop.

• Vedanta Ltd. (Commodities): Revenue dropped 40.3% YoY to ₹233,690 mn, yet profit rose 60.1% to ₹78,070 mn, aided by strong EBITDA and record alumina/aluminium and zinc-silver output. It likely reflects richer realizations and forex tailwinds offsetting weaker oil & gas.

• Maruti Suzuki India Ltd. (Consumer Discretionary): Revenue surged 28.7% YoY to ₹499,041 mn on record volumes, but profit rose only 4.1% to ₹38,791 mn as higher costs and a one-time labour-code provision squeezed margins. It hints that growth is coming through units, while profitability is being capped by pricing and mix.

• Prestige Estates Projects Ltd. (Consumer Discretionary): Revenue more than doubled to ₹38,726 mn (+134% YoY) and profit surged to ₹2,447 mn (+660% YoY), helped by faster project handovers plus strong pre-sales and collections. The spike could also reflect lumpy revenue recognition after timely completions and launches.

• TVS Motor Company Ltd. (Consumer Discretionary): Revenue jumped 32.5% YoY to ₹147,555 mn and profit rose 46.3% to ₹8,913 mn, powered by record volumes, a sharp EV ramp, and strong exports. The margin lift suggests mix and operating leverage improved, not just unit growth.

• Chennai Petroleum Corporation Ltd. (Energy): Revenue rose 23.9% YoY to ₹194,384 mn, while profit jumped to ₹10,016 mn from a low base as GRMs improved sharply and throughput ran above nameplate capacity. This quarter seems driven more by margin cycle and product cracks than by pure volume growth.

• Swiggy Ltd. (Consumer Discretionary): Revenue surged 54% YoY to ₹61,480 mn, led by Instamart’s rapid scale-up alongside steady food delivery growth. Loss widened to ₹10,650 mn as spending rose on dark stores and fleet expansion, likely the near-term cost of pushing quick commerce harder.

• Nestle India Ltd. (FMCG): Revenue climbed 18.6% YoY to ₹56,670 mn and profit jumped 45.1% to ₹9,984 mn, helped by volume-led growth, strong confectionery/beverages, operating leverage, and a lower tax rate. This may point to steady brand pricing power and mix improvement.

• Larsen & Toubro Ltd. (Industrials): Topline stayed healthy. Revenue rose 10.5% YoY to ₹714,497 mn, and EBITDA improved, but profit dipped 3.8% to ₹38,247 mn due to a one-time labour-code provision. Strip that out, and the quarter seems more robust, backed by strong order inflows.

• Vodafone Idea Ltd. (Telecommunications): Revenue nudged up 1.9% YoY to ₹113,230 mn, supported by ARPU at ₹186 and higher data use. Loss narrowed to ₹52,860 mn as EBITDA improved and finance costs softened; the interest-and-spectrum burden still seems to dominate the bottom line.

That’s it for this edition. A lot is yet to come, which we’ll be unpacking in the coming weeks; stay tuned!

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends, highlighting what’s propelling growth this week.

• The second dives into standout company results shaping those numbers.

Want to dig deeper? Download the extended edition for full sector-wise company data and detailed performance notes

This Week In Earnings Q3 Fy26

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Aggregate Trends

The results so far point to a widening divergence across sectors. Consumer Discretionary is a clear outperformer, with strong revenue growth translating into sharp profit expansion, reflecting favourable demand conditions and operating leverage. FMCG has also delivered a positive surprise, with profits growing faster than revenues, indicating meaningful margin recovery.

Commodities continued to post outsized profit growth, supported by strong EBITDA expansion, underscoring the impact of cost discipline and operating leverage even as pricing tailwinds soften. Energy remained stable, with profit growth comfortably outpacing topline growth.

The picture is mixed in other sectors. Industrials and Utilities reported strong revenue and EBITDA growth, but profits have lagged, pointing to cost pressures and ongoing investment weighing on bottom-line conversion. Financial Services continues to show steady but unspectacular performance, with profit growth broadly tracking revenues.

Several sectors remain under pressure. Healthcare has seen a sharp contraction in margins and profits so far this quarter. Information Technology and Services have slipped into profit declines despite modest revenue growth, while Telecom remains the clear laggard so far, with revenues, margins, and profits all sharply lower.

Overall, Q3 FY26 is shaping up as a quarter of stable demand but uneven profitability. Margin discipline and cost structures are increasingly determining outcomes, even where topline growth remains healthy. As more results come in, the contours of this divergence should become clearer.

Key Company Highlights

• Eternal Ltd. (Consumer Discretionary): Numbers were exceptionally strong as revenue tripled and profit rose 73%, powered by Blinkit’s rapid scale-up and strong Hyperpure growth. Profitability also improved at the EBITDA level, showing the quick-commerce expansion is getting more efficient.

• JSW Energy Ltd. (Utilities): Quarter was driven by scale. Revenue jumped 67% and profit more than tripled as generation rose sharply across thermal and renewables. New capacity and acquired assets are showing up in the numbers, with margins expanding alongside volumes.

• Waaree Energies Ltd. (Industrials): A headline quarter with revenue and profit more than doubling as module output and sales ramped sharply. A large order book supported high utilisation, while strong margins showed the scale-up is feeding through to profitability.

• JSW Steel Ltd. (Commodities): Profit spike is flattered by a large one-off deferred tax credit tied to the Bhushan Power & Steel stake sale. Beneath that, volumes were strong, and EBITDA improved, showing operations did their part, too.

• Mangalore Refinery & Petrochemicals (Energy): Turned in a standout quarter, with refining margins and high utilisation driving a sharp profit rebound. Inventory gains and lower debt amplified operating strength, making the refining cycle work decisively in its favour.

• Bharat Petroleum Corpn. Ltd.: Had a standout quarter, with profit nearly doubling as refining margins widened sharply and throughput improved. Strong domestic fuel demand and better product spreads more than offset the still-steady, competitive marketing environment.

• Nuvoco Vistas Corporation Ltd. (Commodities): Had a clean turnaround quarter, with higher volumes and tighter cost control pushing it back into profit. Premiumisation and lower fuel costs amplified operating leverage as cement demand firmed toward the end of the quarter.

• Hindustan Zinc Ltd.: Had a very strong quarter as revenue rose 28% and profit climbed 46% as mined metal output hit records and costs stayed exceptionally low. Silver volumes also helped, keeping margins very high even as commodity prices added to profitability.

• Radico Khaitan Ltd. (FMCG): Had a strong festive-quarter showing: revenue jumped 22% and profit rose 62% as premium spirits volumes grew faster than the base business. A richer mix and steadier input costs helped margins widen meaningfully.

• CreditAccess Grameen Ltd. (Financial Services): Swung back to profit as credit costs more than halved, signalling that last year’s microfinance stress is easing. Disbursements picked up, AUM grew steadily, and early delinquency trends (PAR) improved. making this feel like a clean, provisioning-led recovery.

That’s it for this edition. A lot is yet to come, which we’ll be unpacking in the coming weeks; stay tuned!

This newsletter is structured into two sections:

• The first section tracks aggregate and sectoral trends so far

• The second dives into the standout company results during the last week

Want to dig deeper? Download the extended edition for full sector-wise company data and detailed performance notes.

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Key Sectoral Trends

The week’s strongest impulses came again from Commodities, Energy, Healthcare, and Industrials, where both scale and margin leverage were the highlights.

• Commodities delivered one of the strongest performances of the week, with sector profits rising 44.1% and revenue up 13.4%. Metals and mining companies drove much of the surge: Tata Steel’s domestic delivery strength, Lloyds Metals’ volume-price combination, and Jindal Stainless’ mix improvements all fed into broader margin expansion across the pack. Fertilisers had a more mixed report: Rashtriya Chemicals & Fertilizers and EID Parry benefitted from firm demand, but National Fertilizers slipped into a small loss as rising gas costs overwhelmed subsidy support.

• Energy remained a major driver of profitability, with PAT growing nearly 52%. Gandhar Oil posted one of the cleanest improvements this season, driven by stronger demand, a better mix, and tighter cost control. ONGC also delivered a strong profit jump despite flat revenue, helped by firmer gas prices and improved operational efficiency. City-gas players such as Gujarat Gas and IGL had a tougher quarter, with rising input costs clearly narrowing margins even as volumes stayed healthy.

• Healthcare sustained its multi-week outperformance, with profits up 16% and revenue up 13%. The breadth of strong prints stood out: Biocon’s biologics and biosimilars scale-up, Max Healthcare’s rising occupancy and higher-acuity case mix. On the pharma side, JB Chemicals, Emcure, Glenmark (excluding its large one-off), and Granules India delivered margin improvement through better global product sales and more efficient APIs.

• Industrials posted another balanced week with profits rising 18.7%. Defense and engineering drove the upside: Bharat Dynamics’ revenue more than doubled on missile execution, while KEC International reported nearly twice the profit thanks to strong margins and record order books. Syrma SGS showed the strength of broad-based demand, while traditional EPC names like Afcons and Cochin Shipyard saw margins squeezed by monsoons, delays, and execution bottlenecks. HAL and Ashok Leyland delivered steady but slightly softer prints on mix and cost pressure.

• Consumer Discretionary grew 17.5% in profits despite highly divergent performances across the sector. Hero MotoCorp and PN Gadgil rode festive-season momentum and improving margins. Asian Paints turned modest revenue growth into a robust profit surge through mix upgrades and scale efficiencies. At the other end, Voltas struggled with a weak summer and higher spending, while Welspun Living faced the full weight of US tariffs and soft global demand. Autos, durables, and retail reflected a clear split between premium-led outperformers and those exposed to global or seasonal swings.

• FMCG revenues have risen by 10%, but profit growth has stayed muted at 1.7%. Margin pressure persisted even among companies that delivered strong top-line prints. KRBL and Parag Milk showed the benefits of a stronger mix and overseas traction, while Gujarat Ambuja Exports and Marico saw higher raw material and brand-building costs squeeze profitability.

• Financial Services have posted a 6.2% profit growth, consistent with the season’s stable tone. Bajaj Finance and Muthoot Finance continued to deliver broad-based strength, driven by loan growth, clean asset quality, and stronger NII and fee momentum. Infibeam Avenues reported a sharp revenue jump tied to scale and strategic repositioning, while Prithvi Exchange and Karnataka Bank weakened under narrower spreads, heavier taxation, and FX instability.

• Telecommunication delivered the biggest statistical jump of the week, with profit up 143%, though most of the improvement came from lower finance costs and a stabilising operational base.

• Services grew revenue by 14%, but PAT remained almost flat due to freight softness and integration-related pressures. Utilities saw profits fall 17%, reflecting cost pressures and last year’s high base, though Torrent Power and Tata Power posted strong underlying earnings.

Overall, this week’s results reinforce the season’s broader theme: margin gains, cost control, and mix upgrades are driving profitability more than top-line acceleration. Even where demand has been patchy (eg: consumer durables, capital-heavy infrastructure), disciplined execution has helped keep the earnings cycle on a firmer footing.

Key Results During The Week

• Tata Steel Ltd. (Commodities): Posted a standout quarter, with domestic steel deliveries lifting the top line and a sharp profit surge powered by stronger India operations and cleaner overseas performance. Cost discipline and a better product mix helped margins open up meaningfully, while recent strategic moves in downstream businesses signaled a push toward a more balanced, higher-value portfolio. Despite a choppy global backdrop, the company’s steady execution at home did most of the heavy lifting this time.

• Hero MotoCorp Ltd. (Consumer Discretionary): Logged record revenue and profit as festive-season demand stayed strong across bikes, scooters, and a growing EV line-up, with overseas markets also adding momentum and margins improving even while input costs and broader macro uncertainties remained in the backdrop.

• Asian Paints Ltd. (Consumer Discretionary): Turned in an impressive print, with modest revenue growth translating into a sharp profit jump as decorative volumes stayed strong and margins widened on a better mix and efficiencies, even as monsoon disruptions and input-cost worries lingered in the background.

• Bajaj Finance Ltd. (Financial Services): Delivered another strong quarter, with revenue and profit rising at a healthy clip as loan growth stayed broad-based, fees and NII picked up, and cleaner asset quality kept credit costs in check. Digital onboarding and product diversification continued to push the franchise’s usual momentum.

• Oil And Natural Gas Corporation Ltd. (Energy): Reported almost flat revenue but a strong profit jump, as lower crude realizations were offset by slightly higher output, firmer gas pricing and tighter cost control, lifting margins and supporting a higher dividend.

• Biocon Ltd. (Healthcare): Delivered a standout quarter, with healthy revenue growth turning into an outsized profit surge as biologics and generics gained scale, biosimilars lifted the mix, and last year’s one-offs fell out of the base. Stronger contributions from Syngene and steady regulatory approvals helped deepen operating leverage, resulting in a cleaner, more profitable print this time around.

• Max Healthcare Institute Ltd. (Healthcare): Enjoyed a strong quarter with higher patient volumes, better occupancy, and rising revenue per bed, all pushing margins up. Diagnostics and home care are also adding significant weight, making the overall network look more balanced than before.

• Bharat Dynamics Ltd. (Industrials): Delivered a standout quarter, with revenue more than doubling and profit jumping as missile programme execution picked up pace. Rising material costs followed the ramp-up, but order momentum still seems firmly intact. A thick defence order book and fresh missile contracts, such as the Invar deal, are likely to give Bharat Dynamics unusually clear multi-year visibility. If execution stays on track, that pipeline could smooth out year-to-year lumpiness and keep utilisation high.

• GMR Airports Infrastructure Ltd. (Services): Posted a strong rebound, with traffic recovery and higher aero and non-aero income driving a sharp revenue jump and a clean swing to profit. Margins improved too, helped by smoother operations and new commercial initiatives across key airports.

• Tata Power Co. Ltd. (Utilities): Turned in a solid quarter, with profit rising despite flat revenue as renewables, transmission, and distribution all delivered stronger earnings. New clean-energy capacity and a wider rooftop solar footprint kept momentum firm, even with a large arbitration matter still unresolved.

That’s it for this edition. There will be a few more results to analyse and unpack in the next week as the 2Q results season draws to a close. See you then…

Welcome back to This Week in Earnings. The Q2 FY26 season is now in its second half and in aggregate the trend is encouraging. While aggregate revenues are up 8% year-on-year as of Friday, EBITDA and PAT have seen an impressive growth of 14% and 16% respectively. Excluding Financial Services, profits have seen an impressive growth of 24% YoY, reflecting solid margin recovery. That said the recovery is uneven across the different sectors.

This newsletter is structured into two sections. The first section looks at the week’s aggregate trends and sectoral highlights. The second dives into the key results during the week. More details (and lots of charts) can be accessed from a detailed PDF here:

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The big picture summary is that the overall earnings recovery is broadening, with margins again doing much of the heavy lifting. Input cost moderation and operational efficiency—especially in autos, energy, and building materials—are cushioning patchy rural and service-sector demand. Even as consumption pockets remain mixed, the tone of this season suggests that corporate India has settled into a more stable, margin-driven growth cycle rather than one purely dependent on top-line expansion.

Key Sectoral Trends

Energy, Commodities and Industrials continue to be the key sectors with especially strong margin performance driving profit growth.

• Energy remained the top performer, with profits surging nearly 63% on the back of strong refining spreads and operational efficiency. Companies like Aegis Logistics delivered record volumes and multi-year highs in margins, while even softer performers such as Petronet LNG maintained stability through disciplined cost control.

• Industrials continued their broad-based uptrend, with profits rising over 30% and revenue up nearly 14%. The recovery remains rooted in execution strength and capex momentum. Suzlon Energy’s fivefold profit surge and Grasim Industries’ 76% jump underline how scale, diversification, and leverage on utilization are driving outperformance.

• Commodities sustained their rebound, with profits up 41% and margin expansion evident across metals, cement, and fertilisers. Hindalco and NALCO benefited from firm non-ferrous prices and cost tailwinds, while Ambuja Cements and JK Cement reflected how pricing discipline and tax reversals helped cement players deliver standout quarters. Fertiliser majors like Paradeep Phosphates and Chambal Fertilisers rode strong volume momentum despite rising input costs.

• Consumer Discretionary remained upbeat, posting a 17.8% profit rise as festive and wedding-season demand lifted sales across autos, retail, and jewellery. Bajaj Auto and Kalyan Jewellers set new benchmarks, while Nykaa and Titan signalled sustained momentum in premium consumption. Trent and M&M continued to extend their structural gains through volume growth and margin resilience.

• Healthcare and Information Technology both showed steady mid-teens growth in profits, with healthcare once again outperforming on stronger exports and branded formulations. Lupin, Zydus, and Torrent Pharma led the charge, while Apollo Hospitals and Divi’s Labs added scale through a mix of digital and global operations.

• Among the more moderate performers, Financial Services remained stable, up 5.5%, led by SBI, Cholamandalam, and PFC, where loan growth and asset quality held firm even amid narrower NIMs. FMCG saw muted gains at 2.6%, though players like Britannia and Tata Consumer managed solid margin expansion despite uneven rural demand.

• Telecom is having another strong quarter, with sector profits up 51% on the back of rising ARPU and data monetization, exemplified by Bharti Airtel’s doubling of profit. In contrast, Utilities and Services lagged, the former weighed down by higher costs at Power Grid, the latter by softer freight rates and integration costs that hit Delhivery and Shipping Corporation of India.

Key Results During The Week

• Hindalco Industries Ltd. (Commodities): Revenue and profit rose sharply on stronger aluminium and copper demand, with downstream gains and Novelis’ steady performance adding lift. Cost discipline and expansion plans likely kept Hindalco’s growth momentum well-anchored despite higher debt.

• Ambuja Cements Ltd. (Commodities): Revenue grew sharply by 22% and profit jumped nearly fourfold, driven by strong cement volumes and better operating performance, but amplified by a large income tax provision reversal. With record Q2 volumes and an ongoing efficiency- and expansion-led strategy, Ambuja is well-positioned to ride emerging sector tailwinds.

• Bajaj Auto Ltd. (Consumer Discretionary): Record revenue and a more than 50% jump in profit marked this quarter, helped by a tilt towards premium bikes, strong exports, and healthier margins, while early EV efforts and cost discipline likely added support.

• Mahindra & Mahindra Ltd. (Consumer Discretionary): Revenue jumped over 20% and profit grew strongly, underpinned by higher SUV and tractor volumes, healthier margins in auto and farm, and solid contributions from finance and tech arms that likely soften cyclicality.

• State Bank of India (Financial Services): Revenue grew nearly 6% and profit rose a little over 6%, helped by steady retail and SME loan growth and improving asset quality. A one-time Yes Bank stake sale boosted results, but even without it, SBI’s broad-based credit growth and low NPAs underscore its strong fundamentals.

• Lupin Ltd. (Healthcare): A standout print as revenue climbed 24%, but the main story was profit, which jumped nearly 73% as EBITDA margins pushed into the mid-30s. Much of the uplift seems to be coming from a stronger US franchise, where high-value launches and new ANDA approvals are adding heft, alongside faster-growing emerging markets. With R&D spending still healthy and a visible pipeline in specialty generics and possibly biosimilars, Lupin looks to be shifting from a basic volume game toward a more disciplined, margin-rich growth phase rather than just riding a one-off quarter.

• Apollo Hospitals Enterprises Ltd. (Healthcare): Revenue rose nearly 13%, and profit jumped 25% as both hospital operations and digital health platforms grew strongly. Pharmacy and diagnostics drove much of the momentum, while Apollo HealthCo’s fourfold profit surge stood out as a highlight. Even with occupancy easing slightly, margins held firm and expansion plans gathered pace, with thousands of new beds and wider tech integration set to power Apollo’s next growth chapter.

• Suzlon Energy Ltd. (Industrials): This was an outsized quarter: revenue surged 84% and profit leapt over fivefold, powered by record turbine deliveries and fat operating leverage as execution scaled up. On top of that, a large tax write-back gave the bottom line an extra one-off boost, making the headline numbers look even more dramatic. With a hefty multi-GW order book, net cash on the balance sheet, and policy tailwinds for wind and hybrid projects, this looks more like an inflection phase than just a lucky quarter.

• Adani Ports and Special Economic Zone Ltd. (Services): This was a big step-up quarter: revenue and profit both rose about 30%, with higher cargo volumes at domestic ports, a surging logistics arm, and a turbocharged marine business (helped by new vessels) all pulling in the same direction. Even with a slight margin squeeze, EBITDA climbed strongly and returns on capital improved, suggesting the integrated “port-to-hinterland” model is starting to pay off in a more durable, compounding way rather than just riding a trade uptick.

• Bharti Airtel Ltd. (Telecommunication): Logged a standout quarter with revenue up 26% and profit more than doubling, helped by higher ARPU, more premium/postpaid users, and solid India–Africa growth, as 5G rollout and digital services deepen its grip on high-value customers.

That’s it for this edition. There will be a lot more to analyse and unpack in the coming weeks; we’ll be back next week!

Welcome back to This Week in Earnings. The Q2 FY26 results season has picked up further pace, with a sharper rebound across most sectors. As of Friday a total of 569 companies have reported results. Aggregate revenues have grown rose 6.5% year-on-year, while EBITDA and PAT have seen a 13.6% and 13.9% growth respectively. Excluding Financial Services, profit growth has seen an even stronger growth of 20%, highlighting the broad-based momentum despite a cautious consumption backdrop.

This newsletter is structured into two sections. The first section looks at the week’s aggregate trends and sectoral highlights. The second dives into the key results during the week. More details can be accessed from a detailed PDF at the end of this newsletter.

Key Sectoral Trends

The week’s highlights came from Energy, Industrials, and Commodities, each showing notable margin expansion and earnings growth.

• Energy sector’s profits surged 65%, supported by favorable refining margins and disciplined cost control. This uptrend was evident in refiners like HPCL and BPCL.

• Industrials continued to build momentum, with profits up 23%, ensuring sustained capital expenditure and operational efficiency. The ongoing infrastructure push and order execution strength were evident across capital goods and manufacturing firms, with several companies reporting margin gains from improved utilization and tighter costs.

• Commodities maintained their strong trajectory, with profits rising 16%, aided by lower input prices and improving realizations. The positive earnings trend was reflected across both cement and specialty chemical makers, highlighting persisting strength in industrial consumption and cost rationalization.

• Consumer Discretionary remained upbeat, with profits growing 17%, underpinned by robust urban demand and healthy pre-sales in housing and apparel segments. Financial Services delivered steady 5% growth, supported by stable loan books, improving asset quality, and expanding digital channels.

• FMCG saw modest profit growth of 4.5%, as consumer spending stayed uneven. Select players saw margin recovery in niche categories, even as broader volume growth remained tepid.

• Among lagging sectors, Telecom continued to post losses, held back by high operating costs and muted revenue growth, while Utilities and Services saw softer profits despite moderate topline growth.

The earnings recovery seems to be firming up, though still marked by contrasts. Margin gains are emerging as the common thread, whether through softer commodity input costs or execution efficiency in industrials. Demand, while steady in urban consumption and housing, remains patchy across staples and services. The contours of this broad but uneven recovery will become clearer with time.

Key Results During The Week

• Hindustan Petroleum Corporation Ltd: Profits skyrocketed this quarter as stronger refining margins and higher crude throughput lifted earnings. Improved retail performance and refinery upgrades helped HPCL post one of its sharpest rebounds, even with modest topline growth.

• Bharat Petroleum Corpn. Ltd. (BPCL): Profits nearly tripled, powered by stronger refining margins and tight expense control. Softer crude prices and steady product spreads kept conditions favorable for refiners, helping BPCL sustain high profitability despite a modest topline growth.

• ACC Ltd: The profits surge was helped by a one-off tax credit and robust cement demand. Higher volumes, improved realizations, and lower energy costs pushed margins to new highs, marking one of ACC’s strongest quarters in recent years.

• APL Apollo Tubes Limited: Profits shot up, thanks to higher sales volumes and value-added products, which boosted margins. Efficiency gains and tight cost control helped offset weak seasonal demand, keeping APL Apollo firmly ahead in the steel tubes space.

• Bharat Heavy Electricals Ltd.: Profits more than tripled this quarter as stronger project execution and leaner costs boosted margins. Rising orders in power and industrial segments maintained the high momentum, reflecting BHEL’s sharper efficiency and tailwinds from India’s infrastructure push.

• NTPC Limited: Profits eased slightly as higher taxes and interest costs offset efficiency gains. Seasonal demand softness kept revenue flat, though NTPC’s steady margins highlight continued operational discipline amid shifting power demand.

• SRF Ltd.: Profits almost doubled as strong chemical sales and tighter cost control lifted margins. Gains in specialty chemicals and polymers offset softness in technical textiles, keeping SRF’s overall performance well-balanced.

• Larsen & Toubro Limited: Profits rose steadily, thanks to record order inflows and broad-based project wins. While margins softened slightly, L&T’s expanding global order book and infrastructure push kept growth momentum firm across core and emerging sectors.

• Maruti Suzuki India Ltd.: Revenue hit a record, lifted by booming exports even as domestic sales softened. Margins came under pressure from higher input costs and promotions, but Maruti’s global momentum kept overall growth steady.

• Vedanta Limited: Revenue rose modestly, but profits fell sharply due to one-time asset write-offs and settlements. Strong aluminium and power sales kept core operations steady, with disciplined cost control helping cushion Vedanta’s bottom line.

For a more detailed analysis where we analyse key company results sector-wise, download this PDF.

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That’s it for this edition. There’s much to analyse and unpack in the coming weeks; we’ll be back next week!

Welcome back to This Week in Earnings. The Q2 FY26 results season was slow last week, with the festivals underway, and only 57 new companies have reported this week, bringing the total tally to 274. Aggregate revenues are up 7.3% year-on-year, EBITDA by 10.1%, and PAT by 9.4%. Excluding financial services, profit growth strengthens to 14.1%.

Key Sectoral Trends

The strongest results this week came from Healthcare, Consumer Discretionary, and Commodities sectors, each building on momentum seen earlier in the season. Healthcare profits surged by 78%, led by normalization in pharma margins and a pickup in diagnostics volumes. Consumer Discretionary, meanwhile, remains buoyant with 44% profit growth, supported by a stable urban demand and a continued revival in premium housing and leisure spending.

The Commodities sector continues to stand out with a 73% profit surge, highlighting its cost discipline and its leverage to domestic demand. UltraTech Cement and Bhageria Industries exemplified this strength, both benefiting from lower input costs and efficient operations.

Financial Services continues to expand steadily, with 5% profit growth driven by strong loan growth and improvements in asset quality. HDFC Bank, ICICI Bank, and IDFC First Bank all turned in healthy quarters despite tighter margins. Industrials posted a solid 14% profit increase, benefiting from sustained capital spending and order execution, though rising costs continue to trim margins. Energy stayed firm, up 22%, with integrated players maintaining steady earnings despite volatile input prices.

Information Technology grew modestly (3.8% PAT rise), yet selective players such as Cigniti Technologies outperformed, with 56% profit growth highlighting margin gains in digital assurance and successful integration efforts. FMCG, on the other hand, remained subdued as Hindustan Unilever’s 3.8% profit growth came largely from a tax gain, with rural demand still sluggish and cost pressures high.

At the weaker end, Telecom continued to drag the aggregate down with another deep loss, while Services and Utilities posted healthy revenue growth but limited profit traction.

Overall, the last week suggests a familiar theme: earnings strength is broad though uneven. Margin management remains the key differentiator, with commodity producers, healthcare firms, and consumer-facing companies setting the tone for now. As more results flow in, the test will be whether these gains translate into a sustained, broad-based profit recovery across sectors.

Key Results During The Week

• Bhageria Industries Ltd.: Margins expanded sharply this quarter, with profit up 80% and revenue up 58%, helped by operational efficiencies and a sharper product mix. A broader recovery in textile demand and shifts in global sourcing are likely to have reinforced this strong showing.

• Jammu & Kashmir Bank Ltd.: Revenue more than doubled and profit rose 77%, supported by steady loan and deposit growth. Improved asset quality and a high CASA base kept profitability strong, though regional concentration may continue to shape future performance.

• IDBI Bank Ltd.: Profit surged over 75%, mainly from a one-time stake sale in NSDL that lifted overall earnings. Despite softer interest income, strong capital buffers and improving asset quality kept the bank’s financial position steady.

• IDFC First Bank Ltd.: Net profit rose 64% as loan and deposit growth stayed strong and asset quality improved. Lower provisions and steady retail expansion lifted margins, marking another solid quarter in the bank’s ongoing retail-focused transformation.

• Cigniti Technologies Ltd.: Revenue grew 13.6% and profit jumped 56%, helped by stronger execution and margin gains in digital assurance services. Expanding client relationships and efficiency improvements kept momentum steady as integration with Coforge continued to unfold.

• UltraTech Cement Ltd.: Profit rose 50% on 25% revenue growth, supported by higher realizations and lower energy costs. Strong demand from housing and infrastructure, along with ongoing capacity expansion, kept UltraTech well ahead of broader industry trends.

• Hindustan Unilever Ltd.: Profit grew 3.8% on modest 2% revenue growth, supported by a one-time tax gain. Flat volumes and higher costs weighed on margins, with rural softness and GST-related shifts keeping recovery gradual for now.

• HDFC Bank Ltd.: Profit rose 10% on steady loan growth and firm asset quality, even as funding costs went up. Expanding retail and SME lending kept momentum intact, though post-merger integration and margin pressure will remain key watchpoints.

• ICICI Bank Ltd.: Revenue rose 4% and profit 2.9%, supported by steady loan and fee income growth alongside improved asset quality. While funding costs may stay high, ICICI’s strong capital base and balanced portfolio kept performance steady.

• UTI Asset Management Co. Ltd.: Revenue fell 22% and profit halved, mainly due to last year’s high base and one-off costs. Core income and AUM growth remained steady, suggesting underlying operations are holding firm despite industry-wide margin pressure.

That’s it for this edition. There’s much to analyse and unpack in the coming weeks; we’ll be back next week!

Welcome back to This Week in Earnings. The Q2FY26 results season has just got underway with 217 companies having reported so far, but early signs point to a strong opening. Aggregate revenues are up 9% year-on-year, EBITDA by 12%, and PAT by nearly 11%. Excluding financial services, profit growth accelerates to 14%, an indication that manufacturing & consumption-driven sectors are setting early pace.

Key Sectoral Trends

Healthcare and Consumer Discretionary have led the initial momentum, though from small samples. The early results from the six healthcare companies that have reported so far highlight sharp profit rebounds and margin recovery across pharma and diagnostics. Consumer names have seen over 50 companies reporting so far, and the tone there is distinctly upbeat. Dixon Technologies, Oberoi Realty, and Sobha delivered standout quarters, while PVR Inox and Avenue Supermarts showed that urban spending and premium housing demand remain stable.

Commodities continued their steady run, posting 77% PAT growth on strong operating leverage. JSW Steel, Hindustan Zinc, and Dalmia Bharat exemplified a sector where cost control and domestic demand are easily outpacing global price softness. Energy stayed firm, with Reliance Industries and MRPL showing that diversified and integrated models still anchor earnings even in a volatile environment.

The larger picture is mixed, however. Financial Services showed modest 3% profit growth, a steady but slower print as provisions and flat margins offset healthier balance sheets at PSU banks and asset managers. FMCG has disappointed so far, with profits falling 12% despite double-digit revenue growth, weighed down by higher input costs and last year’s base effects. Telecom was the clear laggard, swinging sharply into losses again on heavy legacy drag, while Services barely stayed profitable.

Industrials (+15% PAT) and Utilities (+1%) rounded out the early sample with mixed results as toplines surged, but profits lagged, hinting that higher costs and ongoing investments are still muting returns.

It’s early days, but the first week of results sets a clear tone: growth is broadening, yet still uneven. Margins continue to define success more than demand does, and as more results roll in, the broader picture will get clearer.

Key Results During The Week

1. Reliance Industries Ltd: Profit rose over 14% as gains across oil-to-chemicals, digital, and retail kept earnings balanced. Strong refining margins, subscriber growth, and store expansion underpinned results, highlighting the strength of Reliance’s diversified growth engine.

2. JSW Steel: Profit soared more than threefold as new capacities kicked in and output hit record highs. Softer global prices didn’t bite much, with lower input costs and stronger domestic demand keeping margins comfortably ahead.

3. Dalmia Bharat Limited: Margins widened sharply, and profit jumped nearly fourfold with cost controls and better realizations. Even while commissioning a new clinker line, Dalmia kept profitability intact, a rare feat in cement. It’s now balancing expansion with pricing discipline, underlining a mature, efficiency-driven growth phase that could lift sector benchmarks if demand stays firm.

4. Dixon Technologies  (India)  Limited: Profits jumped over 80% as booming mobile and electronics demand powered another record quarter. Scale gains and new global contracts boosted margins, while fresh investments signaled a deeper push into component manufacturing.

5. Oberoi  Realty  Limited: Revenue and profit both doubled as premium housing sales and steady leasing lifted overall performance. Strong absorption in Mumbai projects and near-completion revenue recognition kept momentum firm despite slightly higher construction costs.

5. Vikram Solar Limited: Profit skyrocketed over 1,600% and revenue nearly doubled as module shipments soared, backed by India’s solar-manufacturing push. High utilization, expanding exports, and a swelling order book reflect serious scale momentum. With backwards-integration and PLI-linked expansion underway, Vikram Solar is shaping up as a key player in India’s bid to rival global solar giants, and this quarter was the best proof yet.

7. Infosys Ltd: Profit grew over 13% on steady digital demand and strong large-deal wins. Stable margins and an upgraded outlook reflected balanced execution, as Infosys continued to expand its AI- and cloud-led transformation pipeline.

8. Indian Overseas Bank: Profit surged nearly 60% on stronger lending margins and sharply lower provisions. Healthier asset quality and tight cost control led to a clear turnaround, hinting at steadier, more sustainable earnings momentum ahead.

9. Nestle India Ltd.: Revenue rose over 10% on strong brand momentum and broad-based volume gains, though profit fell as higher input costs and last year’s one-offs weighed on margins. Core demand and brand strength kept growth steady.

10. JSW Energy Limited: Revenue surged 60% on fresh renewable additions and higher generation, though profit eased on project-capitalization effects. Beneath that accounting dip lies a company in transition, building India’s next-gen power mix. With 13 GW now operational and aggressive targets for storage and green capacity, JSW Energy’s renewable pivot is fast becoming the backbone of its long-term growth story.

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India Inc started FY26 on a slow but steady note. Aggregate revenue growth moderated, but profits held up better, thanks to sectoral outperformance in energy and commodities.

Revenue growth for listed firms slowed to 6.5% YoY in June, but PAT rose 9.4% and EBITDA 10.7%, courtesy of margin gains in select sectors.

Energy and commodities brought the heaviest lift this quarter. OMCs reported bumper profits as marketing margins stayed unusually high despite frozen pump prices (ToI). Utilities and infra added stability to this mix. Renewables and transmission capacity additions supported strong earnings momentum (JSW Energy PR, Adani Energy Solutions PR), while ports grew on volumes, with APSEZ handling 121 MMT (+11% YoY) (Deccan Herald).

Financials and consumption, however, showed mixed patterns. While banks remained profitable, they faced continued NIM compression, with FY26 pressure likely easing up by H2 for a potential recovery. FMCG staples showed early signs of volume recovery, although beverages were weather-hit.

IT services continued to face cautious discretionary demand, though large-deal bookings remained strong at TCS and Infosys. Real estate softened on an industry level with home sales down by ~14% YoY, even as branded developers outperformed.

We’ll now dive into each sector in detail, while also looking at the major players in each.

Consumer Discretionary

The Apr–Jun 2025 quarter delivered a patchwork performance across India’s consumer discretionary space as pockets of exceptional growth sat alongside segments facing seasonal or competitive pressures. But the broader picture showed stability, especially in premium and export-linked verticals.

Jewellery & Electronics

These subsectors drove the upside of this stability. Titan reported a 52.4% PAT jump, buoyed by strong festive demand—Akshaya Tritiya, weddings—and a consumer shift toward plain gold at higher ticket sizes (BS). Kalyan Jewellers echoed this trend. Dixon Technologies led electronics manufacturing with a near doubling of revenues (+95.1% YoY), thanks to its growing volumes in both smartphones and feature phones (ICICI Direct Report).

Paints & Electricals

Both of them struggled. Asian Paints saw flat revenues and a 5.9% PAT decline, citing weaker seasonal demand due to early monsoons and “intense” competition (ET). Havells faced similar headwinds, with unseasonal rains and a shorter summer denting sales of cooling products. Their cable and wire segments, however, remained firm (BS).

Retail

This subsector stayed buoyant, though profitability diverged. Avenue Supermarts (DMart) clocked 16.3% YoY revenue growth, but PAT was flat at –0.1% due to deflation in staples and heightened competition (BS). Trent posted more balanced results with PAT up 8.6%, driven by expansion in its Zudio and Westside formats (Mint).

Food Delivery & Quick Commerce

These platforms posted strong revenue growth but weak bottom-line results. Swiggy’s revenues rose ~54% YoY, while Eternal (formerly Zomato) posted a 70.4% increase. Yet profitability remained under strain, as Eternal’s PAT fell 90.1% YoY, attributed to heavier Blinkit-related spending (ToI), and Swiggy’s losses widened due to higher marketing and Instamart investments (Reuters).

Real Estate

Despite broader housing market softness, real estate developers turned in a strong quarter. Macrotech Developers (Lodha) saw PAT grow by 41.9%. This came even as pan-India housing sales fell 14–20% YoY in Apr–Jun 2025 due to affordability pressures (ET, ToI).

Taken together, the sector’s aggregate performance underscores the divergence across verticals. Revenues rose 8.2% YoY, but profit growth was modest (PAT +1.8%) and operating margins softened (EBITDA –2.7%).

Structurally, consumption in durables and retail is likely supported by premiumisation and formalisation (ICRA), while electronics growth is mostly driven by the government’s PLI-linked push into smartphone exports (PIB Report). Realty trends suggest consolidation towards larger, branded developers and demand skewed to higher-ticket homes (Realtynmore).

Commodities

The Q1 FY25 quarter saw commodity sector profits rebound even as revenue growth remained mixed. Ferrous metals led the charge, with steelmakers benefiting from lower coking coal costs and stable domestic prices (ET). Cement companies continued to deliver on volume and pricing strength, while non-ferrous players posted varied outcomes amid global price pressures (ET).

Steel

Steel earnings were the clearest driver of the rebound. Tata Steel’s revenues dipped 2.9% because of planned maintenance shutdowns at Jamshedpur and NINL, which weighed on deliveries (ToI), but PAT surged 118.5% thanks to better realisations and internal cost control (Mint). JSW Steel posted flat revenues and a 154.8% increase in PAT because of volume gains and reduced coking coal expenses (JSW Steel PR). SAIL reported stronger top-line growth, with an 810.5% jump in PAT, helped by easing input costs and steady domestic demand (Reuters). Jindal Steel & Power saw revenues fall, but PAT rose 11.8% YoY, supported by firmer average selling prices and softer coal costs (PL Capital Report).

Non-Ferrous Metals

Non-ferrous outcomes were mixed. Hindalco reported great results with PAT growing 30.3%. The company had a record downstream profitability and a 1% rise in Novelis shipments, with beverage cans up 8% (Hindalco PR). In contrast, Vedanta’s PAT declined 12.5% due to weaker aluminium and copper prices and a higher tax burden (Reuters).

Cement & Building Materials

This subsector turned in a steady quarter, supported by volume growth and softening fuel costs. UltraTech posted 17.7% revenue growth and a 31.0% rise in PAT, with volumes up ~9.7% (UltraTech Cement PR). Ambuja Cements delivered a strong beat with record quarterly sales as revenues rose 23.8% YoY and PAT 22.8% YoY, aided by a combined recovery in price and volume (Ambuja Cements PR). Grasim, with exposure to both cement and chemicals, reported revenues of ₹40,118 crore (+18.5% YoY) and PAT of ₹2,767 crore (+22.0% YoY), with margin expansion across both segments (Aditya Birla Group PR).

At the aggregate level, the commodities sector’s rebound was clearly profit-led. Revenues rose 6.0% YoY, but PAT jumped 20.8% and EBITDA 16.4%, marking the third straight quarter of strong earnings momentum. Cost structures remained lean, with material costs steady at ~45% of revenue and employee costs at ~6%. Leverage also improved: the interest coverage ratio climbed to 6.0× while interest-to-revenue eased slightly to 2.7%, indicating a stronger balance sheet pattern even in a mixed pricing environment.

Energy

The Apr–Jun 2025 quarter saw energy sector earnings lifted decisively by public oil marketing companies (OMCs), as refining and marketing margins offset weakness in upstream and gas.

OMCs & Refining

This subsector led the quarter. Reliance’s PAT rose sharply on modest topline growth, with improved fuel and downstream product margins as key drivers, with planned refinery shutdowns constraining volumes (RIL PR). Public OMCs delivered bumper profits as petrol and diesel marketing spreads remained unusually strong despite unchanged pump prices. PAT rose 82.9% at IOC, 140.7% at BPCL, and 548.5% at HPCL, with robust marketing margins outweighing weaker GRMs and inventory-related pressures (ToI). IOC, for instance, reported an overall GRM of $2.15/bbl (core GRM $6.91/bbl) alongside strong marketing volumes.

Upstream

Upstream results were mixed. ONGC reported a slight dip in revenues but a YoY rise in PAT, supported by “new well” gas that earns a 20% premium over administered pricing (NSE PR). Coal India remained highly profitable but posted weaker earnings as an early monsoon reduced power demand, curbing shipments and lowering e-auction realisations (Reuters).

Gas & Petrochemicals

The players in these subsectors softened. GAIL reported stable revenues but a decline in PAT due to weaker petrochemical and gas marketing margins (Outlook Business). Petronet LNG’s PAT also fell YoY, with throughput down to 220 TBTU from 262 TBTU a year earlier. Company commentary pointed to lower offtake from the power and fertiliser sectors, though Dahej volumes improved sequentially (Petronet LNG PR).

Refining Loss-Makers

Two refiners bucked the trend. MRPL swung to a loss as GRMs dropped to ~$3.9/bbl and throughput fell, while CPCL also reported a loss with GRMs of $3.22/bbl, citing inventory losses (ToI, Indian Chemical News).

Overall, the energy sector’s recovery was starkly profit-led. Revenues were flat at just +0.3% YoY, but PAT went up 38.6% and EBITDA rose 15.0%, underlining how OMC-led marketing gains drove the quarter.

Sector earnings are likely to remain most sensitive to swings in marketing margins and GRMs. Q1’s OMC surge was primarily driven by outsized retail spreads on petrol and diesel (ET, ToI). Upstream and gas momentum will likely hinge on realised prices and petrochemical margins, while Petronet’s near-term performance will depend largely on power-sector LNG offtake.

Financial Services

This quarter was a mixed one for banks and NBFCs. A clear theme was margin compression, as higher deposit costs weighed on spreads. System-wide net interest margins declined, with net interest income growth modest and public sector banks leaning on treasury gains to offset pressure (BS, BS).

Large Banks

Results underscored the squeeze on NIMs. SBI expanded profits, though NIM stood at 2.90% (domestic 3.02%) and NII dipped 0.13% YoY (SBI PR). HDFC Bank scaled but with lower fee income and elevated funding costs, with reported NIM around 3.35% in the quarter (ET, HDFC PR). ICICI Bank remained a relative outlier with continued profit growth and steady asset quality, even as NIM eased slightly from the previous quarter (Reuters).

Provisions & Taxes

Provisioning and tax expenses were the sharper drags. Axis Bank’s PAT was held back by a “technical impact,” i.e., higher provisions linked to RBI-directed NPA recognition (ET). Bank of Baroda saw domestic NIM compress to 2.91% and reported a YoY dip in NII, consistent with its softer profitability (PAT -26.8%) (BS). PNB’s earnings were pulled down primarily by a one-time tax charge, despite stronger operating income (ET). Canara Bank saw non-recurring treasury gains and ~₹449 crore of additional provisions, factors that weighed on profits even as business growth stayed healthy (Canara Bank). Union Bank managed YoY PAT growth, supported by improved asset quality (ToI).

NBFCs

Outside the banks, NBFCs showed sound growth. Bajaj Finserv reported double-digit growth in both revenues and profits, aided by group-wide momentum in lending and insurance, and sustained AUM expansion at subsidiaries (Bajaj Finserv). Power Finance Corporation (PFC) also delivered strong results, with PAT up ~25% YoY on ~13% loan book growth (PFC India PR).

From a consolidated view, financial services delivered slower growth as margin pressures came through in the numbers. Revenues rose 11.4% YoY, but PAT growth was limited to 4.8%, even as EBITDA rose 14.8% on controlled operating costs. Sector earnings are likely to remain most sensitive to NIM trajectories, particularly the impact of deposit repricing and CASA mix, alongside credit costs (BS).

FMCG

This quarter was largely uneven for FMCG majors, with staples staying strong while edible oil margins compressed, non-alcoholic beverages faced weather-related headwinds, and alcoholic beverages showed diverging outcomes.

Staples

Staples underpinned sector stability. HUL reported a PAT of ₹2,768 crore, with underlying volume growth of ~4%, signalling an early recovery in demand (HUL PR). ITC grew at scale with cigarettes and agri driving the performance as cigarettes revenues rose ~7–8% YoY (ToI).

Edible Oil

These players faced a margin squeeze. Adani Wilmar saw profits down 24% YoY as oil spreads normalised (AWL Agri Business). Patanjali Foods also showed pressure, with PAT down ~31% YoY on higher costs and compressed margins (BS).

Beverages

Non-alcoholic beverages were dented by an early monsoon. Varun Beverages saw revenue down ~2.5% YoY as peak-season sales were softer, but profits held up on cost control and margin discipline (Varun Beverages Ltd. PR).

Alcoholic beverages diverged. United Spirits delivered revenue growth but a PAT decline (~14% YoY) on higher margin and A&P pressure (BS, ET). United Breweries reported revenue −7.4% YoY, PAT +5.9%, supported by a 46% rise in premium beer volumes and 11% growth in overall volumes (United Breweries). Radico Khaitan outperformed with record volumes and strong P&L, propelled by premiumisation in its Prestige & Above portfolio (Moneycontrol).

Sectorally, FMCG showed steadiness in revenues but softer profitability. Revenues grew 10.0% YoY, PAT improved marginally (1.7%), but EBITDA dipped (–0.4%). Sector demand in FY26 is likely to be underpinned by a gradual volume recovery. FMCG revenue growth may improve to ~6–8% on 4–6% volume gains, with premiumisation and a firmer rural backdrop providing additional support (CRISIL Ratings).

Healthcare

The quarter was steady at the topline for healthcare, with most companies posting sales growth. Profitability, however, diverged sharply across players, driven by exceptional items and US generics pricing pressure (BS).

Large-Cap Pharma

This subsector reflected this divergence. Sun Pharma grew sales ~9–10% but PAT fell ~20% YoY primarily due to exceptional items (SCD-044 discontinuation and a litigation settlement at subsidiaries), even as underlying EBITDA improved (Sun Pharmaceutical Industries). Dr. Reddy’s delivered balanced results as US price erosion, notably in Lenalidomide, offset strength in Europe (NRT) and India (Dr Reddy’s PR).

Lupin stood out with profit up ~52% YoY on strong US and India sales and margin improvement (Lupin PR). Cipla posted stable growth, led by a record Q1 for the India business (>₹3,000 cr). (Cipla PR). Zydus Lifesciences maintained scale with EBITDA margin at 31.8% (Zydus Lifesciences Limited PR). Aurobindo Pharma saw PAT decline on lower API sales and softer US revenues, despite improvements in Europe/growth markets (BS).

Mid-Cap Pharma

Trends were equally mixed here. Mankind Pharma’s strong topline (+24–25% YoY) came with PAT down ~18% on higher input and sharply higher finance costs (partly linked to the BSV acquisition) (BS). Alkem Alkem posted double-digit revenue (+11%) and PAT (+~22%), aided by operating leverage and broad-based demand (Alkem).

Healthcare Services

This subsector remained strong. Apollo Hospitals delivered a revenue growth of ~15% YoY, with occupancy levels at ~65% and continued expansion of its hospital network (Apollo Hospitals PR). Biocon was the notable drag, with PAT falling 89.6% YoY due to a high base and one-off gains last year, even as biosimilars and CRDMO businesses grew (Biocon PR).

In aggregate terms, healthcare posted steady revenues (+9.8% YoY) but profitability diverged, with PAT plunging 23.8% even as EBITDA grew 11.6%. Sector earnings are likely to remain most sensitive to US generics pricing and product mix, with price erosion remaining a visible headwind in Q1 (BS). Potential US trade actions bear watching, though limited credit impact is expected on Indian pharma given the system’s entrenched position as a low-cost generics supplier (BS).

Industrials

FY 2026 Q1 was strong for industrials, with infrastructure/EPC execution and electricals providing the main lift and commercial vehicles (CVs) holding steady.

EPC & Infrastructure

EPC players delivered robust growth. L&T reported revenues of ₹63,679 crore, backed by double-digit topline growth and a record Q1 order inflow. The company’s order book stood at ₹6.13 lakh crore as of June 30, 2025, underlining their medium-term execution visibility (L&T). Kalpataru Projects had EBITDA up 39% YoY and PAT up 154% YoY on stronger project progress and margins (ICICI Direct). KEC International showed a ₹34,409 crore order book (plus >₹6,000 crore L1 pipeline) with growth across T&D and civil construction, evidence of a broad-based infra demand (KEC PR).

Electricals & Industrials

These subsectors stayed buoyant. Polycab noted healthy traction across channels and institutions, with cables outpacing wires (Polycab). Apar Industries reported PAT of ₹263 crore, benefiting from a rising premium product mix (~43.5%) and stronger overseas contribution (Apar PR).

Commercial Vehicles

Commercial vehicles provided additional support. Ashok Leyland rode record Q1 CV volumes and EBITDA margins at ~11.1%, supporting YoY profit growth even on modest revenue gains (ET).

Weak Spots

Some players dragged on the sector. BHEL slipped back into losses as rising expenses and weaker EBITDA offset flat revenue (NDTV Profit). NCC posted declines on lower execution, though the order book remained strong (~₹70,000+ cr) (NCC). APL Apollo expanded profits to ₹237 crore, helped by a better mix and cost control despite modest topline growth (Moneycontrol). HAL grew revenue ~11% YoY with a slight PAT dip (~4% YoY).

Sectorally, industrials turned in steady growth, though off the highs of recent quarters. Revenues rose 6.9% YoY, while PAT grew 6.5% and EBITDA 2.5%. Cost ratios stayed largely unchanged, with material costs at ~52% of revenue and employee costs at ~11%.

Sector momentum is likely to remain supported by public capex and strong infra/T&D pipelines. Diversified EPC revenues may grow 9–11% in FY26 on the back of continued capex tailwinds, with T&D investment also sustaining demand for equipment (Crisil Ratings, Crisil Ratings).

Information Technology

The first quarter was mixed for Indian IT. Discretionary spending stayed muted, but large-deal momentum and margin discipline provided some support. There’s a still-cautious demand backdrop, with TCS flagging subdued client spending even as bookings held, while Infosys highlighted substantial deal wins and raised its FY26 revenue growth band.

Top-Tier IT

Top-tier firms showed a balance of resilience and pressure. TCS stayed steady with operating margins at 24.5% and a total contract value of $9.4 billion in Q1 (TCS PR). Infosys outgrew peers and nudged up its FY26 revenue outlook, helped by BFSI strength and $3.8bn net new bookings (Infosys). HCLTech delivered a stable topline, but lowered its FY26 EBIT-margin guidance to 17–18% following a YoY profit decline (HCLTech PR). Wipro’s reported large-deal bookings of $2.7bn (+131% YoY) and ~80 bps YoY margin expansion, helping lift profits on a flattish topline (Wipro PR).

Mid-Tier & Emerging IT

Several mid-to-large peers delivered standout gains. Tech Mahindra saw profits rebounding on ~260 bps YoY margin expansion and $809 million in new deals (Tech Mahindra PR). LTIMindtree posted order inflow of ~$1.63bn, with continued caution in discretionary spending (Reuters). Mphasis benefited from BFSI/TMT stability, with YoY profit up even as sequential profit softened slightly (ET). Coforge was a standout with ~54–56% YoY revenue growth and $507mn TCV, as profit more than doubled YoY (Coforge PR). Persistent continued to ride cloud/product-engineering demand, clocking $520.8mn TCV in Q1 (Persistent Systems PR).

On a consolidated basis, IT sector growth stayed modest, with revenues up 5.5% YoY, PAT rising 6.8%, and EBITDA up 4.6%. Near-term IT demand is likely to remain cautious in discretionary programs, but sector momentum appears anchored in continued large-deal activity and selective BFSI resilience. This quarter’s bookings highlight that while client caution persists, deal inflows remain strong (Reuters, Reuters).

Services

This quarter was mixed but resilient across services. Ports and distribution posted strong prints, aviation profits softened despite demand, logistics had a split performance, and staffing/security players diverged.

Distribution & IT Services

This zone remained firm. Redington showed broad-based growth across segments. Mobility rose 44% YoY, Cloud 41%, and Technology Solutions 21%. Gross margins, however, were tempered by deal mix and execution factors (Redington Group).

Ports & Transport Infra

Transport infrastructure was a clear positive. Adani Ports grew revenue 21% YoY, backed by cargo volumes of 121 MMT (+11% YoY) and a twofold jump in Logistics and a 2.9x increase in Marine business (Adani Ports PR).

Aviation

Aviation faced profitability headwinds. IndiGo saw traffic remaining firm, though yields fell ~5% YoY and expenses rose ~10% YoY, courtesy higher supplementary rentals, repairs, and airport charges (NSE Archives).

Logistics & Airports

These subsectors showed a split performance. Allcargo Logistics reported near-flat revenues but swung to a net loss of ₹99 crore, with costs outpacing topline growth and a notional FX loss of ~₹83 crore (Allcargo Logistics). GMR Airports rode passenger traffic up 3.3% YoY, with domestic traffic growing 2.9% and international traffic 4.6% YoY (GMR).

Staffing & Security

Companies in these subsectors diverged. SIS posted double-digit revenue growth and PAT +44.7% YoY on steady Security Services momentum (SIS India). Quess Corp printed sharp declines with revenue -27.0% and PAT -54.3% YoY. The comparability was affected by the Apr 2025 corporate demerger, even as Professional Staffing stayed strong (Staffing Industry Analysts). TeamLease reported ~12% revenue growth and ~29% PAT growth.

All in all, services revenues grew 10.7% YoY in Apr–Jun 2025, but profits slipped into the red (PAT –2.8%), owing to the divergence across sub-segments.

Near-term momentum is likely to be shaped by:

1. volume-led port/logistics tailwinds, with APSEZ cargo up 11% YoY

2. a distribution mix shift toward cloud/software and premium devices at Redington

3. aviation profitability trends, where yields and non-fuel costs remain the key swing factors through H1 FY26 (Matrubhumi, Crisil).

Telecommunication

The Q1 FY2026 quarter split cleanly between strong ARPU-driven gains at mobile operators and margin pressure in adjacencies such as towers and CPaaS.

Mobile Operators

Mobile leaders showed stability. Bharti Airtel set the tone (PAT +57.3% YoY) with industry-leading ARPU at ₹250 and an improving mix toward higher-value users (Airtel PR). Vodafone Idea remained the laggard: despite ARPU up ~15% YoY to ₹177, the operator continued to lose subscribers and carry heavy liabilities (Reuters).

Towers

These players faced cost pressures. Indus Towers faced a margin squeeze from higher power & fuel, employee and R&M costs, offsetting revenue growth from tenancy additions, with EBITDA margin narrowing to ~54.5% from 61.6% a year earlier (ET, NDTV Profit).

Enterprise & Data Services

This subsector showed topline growth but weaker profitability. Tata Communications posted data revenue +9–9.4% YoY, even as consolidated PAT fell ~35% YoY, showing margin softness despite growth in data services (Tata Communications PR).

CPaaS & Regional Operators

Regional operators and CPaaS delivered mixed results. Bharti Hexacom showed strong revenue, but PAT compression tied to higher network opex and government levies (ET Telecom). Route Mobile saw weakness in A2P SMS and the exit of low-margin business, though sequential gross/EBITDA margins improved sequentially (Route Mobile PR).

Equipment & Smaller Players

Divergent outcomes were seen here. HFCL reported a sharp fall in EBITDA and margins amid a tougher gear cycle (Outlook Business). RailTel stood out with revenues and PAT up 33% and 36% YoY, respectively, on stronger project execution (ET). Vindhya Telelinks delivered a ~99% YoY PAT jump on improved execution (Kotak Securities). Sterlite Technologies highlighted momentum in optical networking with an order book of ~₹4,900 crore (STL Tech PR).

Overall, telecom revenues rose 17.2% YoY in this quarter, while PAT surged 74.1% and EBITDA 27.2%. Near-term sector earnings are likely to be shaped by:

1. pricing and ARPU discipline at mobile leaders, with Airtel’s ARPU at ₹250 a key marker

2. enterprise connectivity and large-deal/data demand supporting carriers such as Tata Communications

3. energy costs and pass-through dynamics at tower companies, which remain critical to margin trends.

Utilities

The Q1 quarter was steady for utilities overall. Large incumbents maintained profit stability with renewables and transmission businesses delivering strong growth.

Large Incumbents

They stayed steady. NTPC reported revenues dipping slightly, but profits rose, supported by steady operations and a sharp rise in other income (~₹756 crore vs ~₹453 crore YoY) (BS). Tata Power extended its profit streak on renewables and T&D strength (Tata Power).

Renewables & Transmission

Growth standouts came from clean energy and networks. JSW Energy delivered one of the sharpest YoY jumps. EBITDA nearly doubled (+~93% YoY), driven by renewable capacity additions and new output from recently commissioned assets, including Mahanadi and O2 Power (JSW Energy). Adani Energy Solutions had a double-digit revenue growth supported by three new transmission lines commissioned and an industry-leading smart-meter rollout (Adani PR).

Merchant & Gas-Linked

Merchant and gas-linked exposures softened. Adani Power flagged lower merchant tariffs and demand amid an early monsoon. IEX data showed day-ahead prices down ~16% YoY to ₹4.41/kWh in Q1, weighing on earnings (ET). Torrent Power saw thermal PLF fall to 39% from 60% YoY on weaker long-term and merchant sales, compressing profitability despite improved distribution performance (Torrent Power).

Networks & Distribution

They remained stable. Power Grid posted stable revenue with profit down ~2.5% YoY on higher expenses; its board cleared a large fundraising/capex plan to support the pipeline (BS). PTC India delivered PAT up ~61% YoY on lower expenses, even as revenue contracted, reflecting margin-led gains in trading (PTC India PR).

Taken together, the Utilities sector showed stable growth. Revenues rose 1.6% YoY, with PAT growing 6.2% and EBITDA declining 1.3%. Cost and leverage data confirm the stability narrative. Material costs stayed steady at ~35% of revenues, with limited volatility across quarters. Employee costs held at ~5% of revenues, while depreciation hovered near 10%, underscoring the sector’s capex intensity. On leverage, the interest coverage ratio softened modestly to ~3.4x in Q1 FY26, but interest-to-revenue remained high at ~9.7%.

Near-term sector earnings are likely to hinge on transmission capex and smart-meter rollouts, renewable capacity additions that lift EBITDA for diversified generators, and the merchant–demand–fuel triangle, where monsoon timing and coal/gas prices remain key swing factors for generation margins.

Diversified

The Q1 FY2026 quarter for diversified companies was shaped more by firm-level factors than a unified sector trend. Chemicals, agri, and logistics supported results for some, while a few sharp drags weighed on the aggregate.

Group Conglomerates

Group-led performance remained steady. Godrej Industries reported revenues of ₹4,460 crore and PAT of ₹725 crore, supported by strong prints across its listed subsidiaries (BS).

Chemicals & Agri

Players here posted mixed but constructive results. DCM Shriram highlighted higher domestic sugar prices, flat ethanol volumes with margin pressure, strong contributions from its Chemicals/Vinyl divisions, and a steady Fenesta section (DCM Shriram).

MNCs & Logistics

Firms here added further support. 3M India had a strong profit print. Balmer Lawrie highlighted Logistics topline +36% / bottom line +83% YoY and record import volumes at CFS-Chennai, offsetting softer bits elsewhere (Balmer Lawrie PR).

Weak Links

A handful of names dragged results. Swan Energy saw a steep decline in profitability, TTK Healthcare had PAT down 58.8% YoY and operating margin narrowing to ~1.2% from ~3.3% YoY (CNBCTV18).

In aggregate terms, diversified companies posted softer results in this quarter. Revenues grew 5.4% YoY, but PAT fell 12.3% and EBITDA contracted 17.7%. Cost ratios showed pressure. Material costs held steady at ~60% of revenue, but employee costs rose to 9.3% (the highest in five quarters). Leverage also looked stretched, with interest-to-revenue at 5.9% and coverage at just 1.7×.

Near-term performance in this basket is likely to remain company-driven: chemicals and agri spreads, plus ethanol pricing, for DCM Shriram; consumer, realty, and agri segments for the Godrej group; and logistics/packaging for Balmer Lawrie.

That’s it for this week. Next week we will look at how ownership trends for India Inc (or at least the listed universe) changed through the June quarter. And then we will hibernate for some weeks and remerge in the first week of October when the 2Q reporting season starts. We hope to refine this newsletter both in terms of content and especially presentation at that point of time.

This newsletter is structured in two sections. The first section covers the trends in aggregate, across sectors. And the second section reviews the key company results declared during the week grouped by sectors.  

• Section 1: Aggregate Trends

• Section 2: Key Results during the week

  • Consumer Discretionary

  • Financial Services

  • Industrials

  • Commodities

  • Services Sector

  • Information Technology

  • Healthcare

  • FMCG

  • Utilities

  • Energy

  • Telecom

  • Diversified Cos

Aggregate Trends

At the aggregate level, revenue growth has softened slightly to ~6%, while PAT is tracking higher at ~7%, with the gap largely explained by cost discipline and a few sharp company-level shifts.

Sectorally, the divergences are widening. Industrials lost momentum this week, with profit growth cooling to 6% from 16% last week as a few large players weighed on the aggregate. Commodities held steady on revenues but turned in another strong profit surge (+21%), lifted by large-cap metal majors and a steel turnaround. Energy profits jumped nearly 39% on flat toplines, almost entirely on the back of IOC’s outsized quarter. Telecom delivered the biggest headline swing this week, though not for the right reasons. The sector, in profit until last week, has now slipped into aggregate losses despite double-digit revenue growth. The numbers were distorted by legacy players still bleeding heavily.

Elsewhere, Financial Services improved modestly, with Muthoot Finance’s bumper quarter offsetting steep losses at its microfinance arm. Consumer Discretionary stayed in mild decline, dragged disproportionately by Bata’s earnings collapse despite healthy performances across autos, retail, and real estate. FMCG looked similar: steady mid-cap growth was pulled down by misses at the very top, with Patanjali and United Spirits both posting weaker quarters.

Healthcare remained the heaviest drag: revenues grew close to 10%, but profits fell 24% as Glenmark’s collapse offset strong showings by most other large pharma names. Services slipped further into the red, driven by weakness in logistics and infrastructure despite some bright spots in co-working. Utilities remained steady, with NHPC anchoring profits even as peers faltered.

In short, while revenues remain sluggish across the board, profit momentum is being defined by a handful of sector-heavyweights. In some cases, like Energy and Telecom, single-company swings reshaped the entire story; in others, like Consumer Discretionary and Healthcare, one drag erased the gains of many. The headline remains the same: margins matter more than growth right now, and the earnings season is being carried (or capsized) by a few decisive balance sheets.

1. Consumer Discretionary: [#1015] [Rev: +5.89%] [PAT: -0.75%]

• Landmark Cars Limited: Revenue jumped nearly 28% this quarter, well above the broader auto market, helped by stronger traction from newer brands like BYD and MG. Profit nearly doubled as higher volumes flowed through a leaner cost base.

• Devyani International Limited: Revenue grew 11% but soaring costs and heavy expansion dragged down margins, with EBITDA slipping to 15.1% from 18.3%. Profit fell sharply despite a small sequential recovery.

• Samvardhana Motherson International Limited: Revenue held up better than global auto production, but profits slumped nearly 40% as margins narrowed to 8.2%. Structural pressures in Europe, start-up costs from expansions, and currency swings all weighed on performance.

• M.R.F. Ltd.: Revenue rose 6.7%, but higher rubber prices and rising expenses squeezed margins, with EBITDA slipping to 13.7%. Profitability took a hit as input cost inflation outpaced the company’s ability to adjust pricing.

• Vishal Mega Mart Limited: Revenue jumped 20% with profit up 37%, fueled by new store openings and strong same-store sales growth. Own brands now make up over three-fourths of sales, boosting margins and reinforcing Vishal’s value-retail positioning.

• Brainbees Solutions Limited: Revenue rose about 12% with losses narrowing to ₹66.5 crore, helped by stronger international business and tighter cost controls. Domestic growth slowed due to delivery disruptions and weak discretionary demand, but cash flow turned positive this quarter.

• Aditya Birla Lifestyle Brands Limited (ABLBL): Revenue inched up 3% and profit rose 5%, supported by stronger retail sales and growth in youth brands and innerwear. Gains were tempered by a 19% drop in e-commerce and the strategic exit from Forever 21.

• Aditya Birla Fashion and Retail Limited (ABFRL): Loss widened to ₹238 crore despite higher revenue, as post-demerger transition costs, sluggish Pantaloons sales, and heavy marketing spends weighed on margins. Ethnic and digital-first brands grew, but upfront investments kept profitability under strain.

• P N Gadgil Jewellers Limited: Revenue rose just 3%, but profit nearly doubled as studded jewellery sales surged over 40%, online revenue more than doubled, and retail expansion lifted margins. Strong festive demand and sharper product mix drove the standout quarter.

• Indian Railway Catering & Tourism Corporation Ltd: Revenue grew just 4%, its slowest pace in many quarters, but profit still rose 7% as margins improved. Ticketing and tourism held firm, offsetting softer catering and flat Rail Neer sales, keeping IRCTC’s model resilient.

• TVS Srichakra Ltd: Revenue rose just 3.6%, but profit nearly doubled as cost controls, better mix, and higher other income lifted the bottom line. Margins at the operating level stayed under strain, yet tax and efficiency gains drove the strong PAT jump.

• Bata India Ltd: Profit dropped 70%, largely because last year’s numbers were flattered by a one-time land sale. Revenue slipped slightly as weather and weak urban demand hit store traffic.

• Coffee Day Enterprises Ltd: CDEL swung to a ₹23 crore profit from last year’s loss, aided by tighter cost controls and modest 3.6% revenue growth. Café Coffee Day trimmed losses as unprofitable outlets shut, while vending machines kept expanding at lower cost. The company has long struggled with debt since 2019. Unlike peers that rely heavily on café expansion, CDEL has doubled down on vending machines, which now exceed 55,000 units and provide steadier, lower-cost revenue. Café closures, while reducing scale, improved per-store efficiency and narrowed losses. Together, these moves highlight a recovery strategy distinct from most QSR or café operators.

• S.P. Apparels Ltd: Revenue jumped 64% to a five-quarter high, with profit up 23% as new capacity and stronger order execution kicked in. Rising debt and higher interest costs weighed on cash flow, reflecting the strain of rapid expansion.

• Ethos Ltd: Revenue surged nearly 27% on strong luxury watch demand and network expansion, but profit slipped 17% as costs rose faster than sales. Margins narrowed with heavier marketing and boutique rollout expenses weighing on short-term profitability.

• Indo Rama Synthetics Ltd: Revenue jumped 38% to ₹1,306 crore, driving a swing to ₹52.8 crore profit from last year’s loss. Margins turned positive at 7.7% as cost controls, steadier input prices, and stronger polyester demand lifted operating performance. A near ₹72 crore swing in profit within a year signals more than just price stability. Indo Rama seems to have coupled demand recovery with disciplined cost management and sharper working capital control, evidenced by the dramatic cash flow turnaround. This is an industry where margins often evaporate with crude-linked volatility, and so such a strong bounce underscores how operational discipline can magnify the benefits of even modest tailwinds.

• Valor Estate Ltd: Revenue rocketed to ₹840 crore from just ₹7 crore last year, almost entirely from the Ten BKC project, hitting revenue recognition. Profit swung into the black, aided by advances for new Mumbai redevelopments and a cleaner post-demerger structure.

• Bhartiya International Ltd: Revenue climbed 22% to ₹280 crore, while profit swung to ₹5.6 crore from last year’s loss, helped by stronger export demand and tighter cost control. Margins widened notably, showing improved leverage in its leather-focused operations.

• Arihant Superstructures Ltd: Revenue jumped 45% to ₹121 crore, while profit surged nearly sevenfold to ₹16 crore, driven by sharper margins above 30%. Strong project execution and a favourable mix in Mumbai’s housing market underpinned one of the sector’s standout quarters.

• Jubilant Foodworks Ltd: Profit soared nearly 60% to ₹94 crore as revenue rose 17% to ₹2,261 crore, led by Domino’s strong order growth and resilient margins. Delivery sales surged, store expansion hit a record pace, and new brands added further scale.

• Endurance Technologies Ltd: Revenue rose 17% to ₹3,355 crore, outpacing weak two-wheeler volumes through stronger product mix and pricing. Profit climbed 11% to ₹226 crore, with stable margins and Europe operations delivering standout growth despite broader industry headwinds.

• Brigade Enterprises Ltd: Revenue rose 19% to ₹1,281 crore, while profit nearly doubled to ₹158 crore on strong residential, leasing, and hospitality momentum. Pre-sales touched ₹1,118 crore with higher realizations, though margins tightened slightly on rising construction costs.

• Nitco Ltd: Revenue more than doubled to ₹150 crore, with profit swinging to ₹47 crore from last year’s loss, largely aided by the Alibaug land monetization deal. Core tile sales also grew 31%, while tighter costs amplified the turnaround.

• Minda Corporation Ltd: Revenue hit a record ₹1,386 crore, up 16% YoY, with margins steady at 11.3%. Growth came from premium products, a wider customer base, and resilient vehicle demand, while a new JV with Toyodenso signals longer-term tech expansion.

• Ashiana Housing Ltd: Revenue more than doubled to ₹293 crore on project handovers in Gurugram and Chennai, but profit slipped 27% QoQ to ₹13 crore. Higher expenses and a tilt toward lower-margin projects tempered the otherwise sharp top-line surge.

• FSN E-Commerce Ventures (Nykaa): GMV climbed 26% to ₹4,182 crore, with profit up 79% to ₹24.5 crore as Nykaa leaned into premium products and its fast-growing House of Brands, now 18% of beauty GMV. Fashion rebounded 25%, while offline expansion hit 250 stores.

• Renaissance Global Ltd: Revenue surged 43% to ₹530 crore, led by strong customer brand demand and 37% growth in D2C. Profitability, however, was hit by US tariffs and a ₹12 crore facility closure cost, masking otherwise solid operational efficiency gains.

• Hubtown Ltd: Revenue nearly doubled to ₹235 crore, while profit jumped over twelvefold to ₹82 crore, aided by sharper project execution, lower costs, and a boost from other income. Margins swelled to 34%, though sustainability rests on recurring operations.

• Senco Gold Ltd: Revenue grew 30% to ₹1,826 crore, while profit more than doubled to ₹105 crore, powered by festive demand, strong same-store sales, and an improved product mix tilted toward diamonds. Margins expanded to 10% as expansion and premiumization paid off.

• Nazara Technologies Ltd: Revenues nearly doubled this quarter, with profits more than doubling as well, fueled by breakout hits like Fusebox and Animal Jam. Slight margin compression aside, the scale of growth underlines a gaming portfolio firing on all cylinders. What makes this quarter feel like an inflection point is that growth isn’t coming from a single lucky hit, but from a portfolio firing across geographies and genres. Acquired studios are no longer mere add-ons but are delivering scale that rivals Nazara’s legacy businesses. Add in the stock split and bonus issue—signals of confidence in liquidity and investor appetite—and this looks like the foundation of Nazara’s next growth phase.

• Indo Count Industries Ltd: Revenue held steady at ₹967 crore, but profit halved to ₹38 crore as US tariff headwinds, weaker volumes, and losses in new pillow and quilt categories squeezed margins. EBITDA margin slipped to 12.3% from 16.2% a year earlier.

• Faze Three Ltd: Revenue hit a record ₹216 crore, up 42% YoY, with profit jumping 76% to ₹12.8 crore. Stronger order flows, category expansion, and operational leverage lifted margins to 13.2%, setting the stage for continued growth through FY26.

• Rajapalayam Mills Ltd: Sales slipped 13% to ₹189 crore, the weakest in five quarters, but profit swung to ₹8.1 crore from last year’s loss on sharper cost control. Margins climbed above 12%, though liquidity fell to its lowest in recent periods.

• Goldiam International Ltd: Revenue climbed 39% to ₹236 crore, while profit jumped 53% to ₹34 crore, powered by surging US demand for lab-grown diamonds. Margins held steady at 20% as cost controls and tariff pass-throughs supported strong operational efficiency.

• Sirca Paints India Ltd: Revenue surged 45% YoY to ₹114 crore, marking the strongest sales in five quarters, while PAT grew 39% to ₹14.2 crore. Margins held steady near 20% despite raw material cost pressures, supported by network expansion, portfolio pricing gains, and contributions from acquired brands.

2. Financial Services: [#589] [Rev: +9.24%] [PAT: +5.05%]

• Kama Holdings Ltd: This was a standout quarter with profit soaring 76% YoY to ₹221 crore on the back of 10% revenue growth to ₹3,857 crore. Margins expanded sharply by 437 bps to 22.2%, driven by efficiency gains at SRF Ltd, its key subsidiary. Debt reduction strengthened the balance sheet, while recovery in chemicals and packaging segments, alongside disciplined cost control, powered profitability.

• Muthoot Finance Ltd: Revenue went up 54% YoY to ₹6,450 crore, its highest ever, and net profit nearly doubled to ₹2,046 crore. Loan AUM surged 42% to ₹1.20 lakh crore, crossing the ₹1 lakh crore milestone in gold loans, cementing its dominance in the segment. The sharp profit growth outpaced revenue on the back of margin expansion, lower provisioning, and operational efficiency gains. Rising gold prices boosted borrowing capacity, while strong rural demand and festival-driven borrowing further supported growth.

• Karnataka Bank Ltd: Deposits grew just 3.2% and advances contracted 1.6%, while net interest income slipped 20% to a five-quarter low of ₹755 crore. PAT dropped 27% to ₹292 crore, underscoring margin pressure from higher funding costs and weak credit demand. Despite profitability stress, asset quality improved, with gross NPA easing to 3.46% and net NPA to 1.44%, reflecting disciplined credit practices.

• Muthoot Microfin Ltd: Muthoot Microfin delivered a weak Q1 FY26, with sales plunging 15.8% to ₹559 crore and profit collapsing 94.5% to just ₹6.2 crore. Operating margins compressed sharply to 40.5% from nearly 59% last year, weighed by elevated provisioning and asset quality stress. GNPA rose to 4.84% and NNPA to 1.34%.

• Nuvama Wealth Management Ltd: Revenue and profit both climbed nearly 20% year-on-year, making it the company’s best quarter in five. Capital markets activity provided a major boost, while rising client assets and fee income underpinned steady momentum.

• CSB Bank Ltd: Revenue jumped over 25% to a five-quarter high, yet profit barely moved as provisions climbed and operating income slipped. Rising NPAs and weaker margins dulled the impact of loan growth, leaving overall performance mixed.

• Rane Holdings Ltd: Revenue shot up over 60% while profit nearly quadrupled, helped by the full consolidation of its steering arm and one-off settlement gains. Beyond these boosts, margins also touched multi-quarter highs, signaling improved operational control.

• AAVAS Financiers Ltd: Revenue rose nearly 16% and profit climbed 10%, supported by expanding margins and steady AUM growth. A broader branch network and a new promoter strengthened positioning, while asset quality held firm in the affordable housing space.

• Last Mile Enterprises Ltd: Revenue leapt over 16,000% YoY, with both gadgets and real estate arms firing. A textbook turnaround after restructuring and diversification. A year ago, it was a near-invisible player with just ₹7.5 crore in revenue; this quarter, it clocked over ₹1,240 crore. Profit turned positive too, reversing a loss with both mobile accessories and real estate arms delivering. The swing suggests reinvention instead of mere recovery, with diversification and tighter operations transforming the business into one of the sharpest turnaround stories this earnings season.

• UGRO Capital Ltd: Revenue jumped 40% while AUM grew 31%, but profit inched up just 12% as management leaned on caution over speed. Asset quality held steady, capital buffers thickened, and a big-ticket MSME acquisition is now underway.

3. Industrials: [#681] [Rev: +6.86%] [PAT: +6.37%]

• Jindal Poly Films Ltd: Revenue slid over 12% while profit collapsed nearly 80%, reflecting a brutal quarter for polyester films. Margin pressure from pricier inputs and weak global demand weighed heavily, leaving earnings a fraction of last year’s levels.

• Engineers India Ltd: Revenue climbed nearly 40% with a healthy order book in tow, yet profit slipped 29% as higher taxes bit into earnings. Quarter-on-quarter volatility was stark, with profit down over 75% from March highs.

• Bharat Dynamics Ltd: Profit more than doubled year-on-year while revenue grew nearly 30%, reflecting stronger defense orders and efficiency gains. Still, the sharp sequential drop in both sales and profit underscored the lumpy, seasonal nature of defense project execution.

• Bharat Wire Ropes Ltd: Revenue inched up 6% year-on-year, but profit slipped 14% as margins tightened under raw material and energy cost pressure. Sequentially, both sales and earnings fell sharply, pointing to seasonal weakness and financing strain.

• Suzlon Energy Ltd: This was Suzlon’s best-ever first quarter. Deliveries jumped to 444 MW, driving a 55% revenue surge and 62% EBITDA growth. Profit rose modestly, but the bigger story lies in the 1 GW of fresh orders, taking the order book to 5.7 GW. With 75% of these from C&I and PSU clients, demand looks structurally strong. An A+/Stable credit rating upgrade and ₹1,620 crore net cash add to the sense of a company that is now scaling with confidence in India’s renewable energy push.

• Hindustan Aeronautics Ltd: Revenue rose 11% with margins expanding sharply, but higher taxes dragged profit down 4%. Still, a ₹1.89 lakh crore order book and stronger repair-and-overhaul revenues underline HAL’s scale and long-term visibility in India’s defense buildout.

• Ashoka Buildcon Ltd: Profit jumped 45% even as revenue slipped 24%, thanks to higher-margin toll income and leaner debt levels. Execution delays hurt topline, but the pivot toward BOT assets is clearly reshaping Ashoka’s earnings profile.

• PNC Infratech Ltd: Revenue plunged 34% and profit slipped 25% as project execution slowed and leverage rose. Asset sales continued, with 11 of 12 divestments done, pointing to a balance-sheet cleanup even as near-term performance stays pressured.

• Cochin Shipyard Ltd: Revenue jumped nearly 39% on the back of a one-off naval refit, lifting profit modestly year-on-year. But with margins easing and order inflows muted, the reliance on lumpy ship-repair contracts raises questions about sustainability ahead.

• Inox Wind Ltd: Profit more than doubled to a record high, backed by 29% revenue growth, stronger margins, and debt reduction after its merger. A 3.1 GW order book and new manufacturing capacity position it well to ride India’s wind energy surge.

• Jyoti Structures Ltd: Revenue surged 81% year-on-year while profit more than doubled, delivering the best quarter in the company’s history. Jyoti Structures has grown sales from just ₹16 crore in FY20 to nearly ₹500 crore in FY25, a stunning turnaround. Momentum is carrying through, with project execution in transmission and distribution networks benefiting directly from India’s infrastructure and power spending push. With profits now scaling alongside revenue, the company’s revival looks increasingly structural rather than cyclical.

• Paramount Communications Ltd: Revenue jumped more than 40%, but profit slid 27% as expenses and taxes spiked, slicing margins in half. Strong demand in cables and wires is clear, yet scaling costs and raw material pressures weighed heavily on the bottom line.

• Swelect Energy Systems Ltd: Revenue soared 56% while profit more than tripled, marking Swelect’s best quarter in years. Margins climbed to a five-quarter high and operating cash flow touched its strongest level in three years, fueling a 17% post-results share price rally. The gains were underpinned by India’s solar expansion push and successful project execution, with new capacity investments signaling growth ahead. Yet, sustainability questions are there as over 40% of PBT came from non-operating income, and sequential sales momentum dipped. It’s a performance that highlights both the promise and volatility of scaling in the renewable energy space.

• V.S.T. Tillers Tractors Ltd: Revenue jumped 48% to a record high, while profit nearly doubled with margins expanding sharply. Power tiller sales surged 92% on the back of a favorable monsoon, underscoring how rural demand and farm mechanization are driving this standout quarter.

• Shaily Engineering Plastics Ltd: Revenue climbed 38% while profit more than doubled, with EBITDA margins soaring by over 800 bps on stronger utilization and exports. Healthcare demand and global diversification gave Shaily its sharpest margin-led growth in years.

• Indo Tech Transformers Ltd: Revenue nearly doubled and profit jumped over 220%, with margins expanding sharply as transformer demand surged. Shares locked at the upper circuit after results, underscoring how power grid upgrades and renewable integration are fueling Indo Tech’s breakout momentum.

• DEE Development Engineers Ltd: Revenue grew 21% while profit jumped over 300%, powered by stronger margins and a swelling order book above ₹1,200 crore. With new capacity coming online ahead of schedule and backward integration on track, DEE looks set for sustained momentum.

• Websol Energy System Ltd: Revenue nearly doubled and profit surged almost 200%, with EBITDA margins climbing above 47%, a rare level in the sector. Over 90% capacity utilization and fully self-funded expansion to 1.2 GW underline Websol’s position as one of the clearest DCR-policy beneficiaries in India’s solar push.

• Astra Microwave Products Ltd: Revenue grew 29% while profit more than doubled, with margins climbing to 20.5%, a clear sign of operating leverage at play. A ₹2,236 crore order book, including fresh DRDO wins, underscores Astra’s positioning in India’s defense electronics buildout.

4, Commodities: [#458] [Rev: +6.08%] [PAT: +21.03%]

• Hindalco Industries: Profits climbed 30% as aluminum prices firmed and efficiencies kicked in, with India upstream margins touching an industry-best 44%. Record downstream gains from value-added products and resilient copper operations rounded out a strong quarter.

• Jindal Steel & Power (JSPL): Revenue fell nearly 10% on softer volumes, but profit rose 12% and EBITDA jumped 32% as margins swelled to 24%. Lower coal costs, richer product mix, and higher exports cushioned monsoon-led weakness, while Angul’s expansion promises momentum ahead.

• NMDC: Revenue rose 25% on record iron ore production, but profit stayed flat as margins slipped under rising costs. Higher volumes and better realizations supported the top line, though expense growth and price cuts ahead may weigh on Q2.

• NMDC Steel: A landmark quarter saw the company swing to profit. Stronger steel prices, higher volumes, and tighter cost control turned years of commissioning losses into its first profitable run. The turnaround hinged on the Nagarnar plant finally running at scale, with fixed costs spread over record volumes. Access to captive iron ore from NMDC gave a clear cost edge, while stronger steel prices amplified margins.

• Hindustan Copper: Margins expanded even as revenue growth stayed modest, with profits up nearly a fifth on the back of disciplined cost control. Flat expenses and tax relief helped turn steady sales into a sharp earnings climb.

• Vinati Organics: Revenue growth was modest, but profits jumped nearly 24% as tighter cost control and richer product mix boosted margins. Strong demand for high-value specialty chemicals helped the company turn steady sales into significantly higher earnings.

• Deepak Nitrite: Profits were cut nearly in half as revenue slipped 13%, with margins squeezed by Chinese oversupply and weak global demand. Both intermediates and phenolics dragged earnings, leaving management to lean on its “Destination Bharat” pivot for stability.

• Ashapura Minechem: Revenue and profits nearly doubled, powered by record bauxite exports from Guinea and solid gains across Indian operations. With volumes at an all-time high and EBITDA almost doubling, this was a landmark quarter.

• Galaxy Surfactants: Sales jumped more than 30% with volume gains across both core and specialty products, but rising costs kept profits flat. India showed a sequential lift, while Latin America and Asia-Pacific drove much of the growth abroad.

• Sree Rayalaseema Hi-Strength Hypo Ltd: Revenue rose steadily while profits leapt over 30%, backed by stronger margins and a healthier balance sheet. With cash reserves climbing and EBITDA improving sharply, operations looked far more efficient this quarter.

• Lloyds Enterprises Ltd: Profits soared more than thirteenfold despite flat revenue, lifted by a massive jump in other income. With a rights issue and dividend on the table, management signaled confidence in sustaining this sharp financial turnaround.

• Maithan Alloys Ltd: Revenue jumped nearly 70% to a five-quarter high, while profits climbed 17% on the back of robust ferroalloy demand. Strong margins and higher operating leverage underlined efficiency gains, though rising debt costs may need watching.

• Anupam Rasayan Ltd: Revenue nearly doubled while profits quadrupled, powered by export strength and a swelling order book with marquee clients in the US and Japan. Margins improved too, pointing to volume-led growth in high-value pharma and polymer chemicals.

• N.R. Agarwal Industries Ltd: Revenue climbed 30% while profits leapt nearly fourfold, marking a sharp turnaround from last quarter’s loss. Better cost control, higher other income, and firmer paper demand helped restore momentum in this recovery phase.

• Bodal Chemicals Ltd: Revenue edged up 8%, but the real story was the swing back to profit after last year’s loss. Stronger EBITDA, tighter costs, and new specialty chemicals revenue helped the company regain footing in a tough market.

• Premier Explosives Ltd: Revenue jumped more than 70% and profits more than doubled, powered by defence and space contracts that now make up most of the business. A swelling order book and fresh wins signal strong momentum despite near-term margin strain.

• RCF (Rashtriya Chemicals & Fertilizers Ltd.): Profits shot up more than fourfold even as revenue slipped, thanks to tighter costs and a sharper focus on the fertilizer core. Margin gains and subsidy support helped offset weakness in trading and industrial chemicals.

• Deccan Cements Ltd: Profits jumped more than fourfold despite a double-digit revenue drop, with margins hitting a five-quarter high. Aggressive cost cuts and efficiency gains turned weaker volumes into one of the cement sector’s sharper profitability rebounds.

• Tamilnadu Petroproducts Ltd: Profits more than doubled even as revenue held steady, helped by lower raw material costs and leaner operations. Margins reached a five-quarter high, underscoring how efficiency gains turned flat sales into sharply improved earnings.

• Indo Amines Ltd: Profits rose nearly 50% as revenue hit a five-quarter high, with margins widening on stronger specialty chemical demand. Sequential recovery was sharp too, showing how better mix and cost control boosted operating leverage.

• Shree Pushkar Chemicals & Fertilisers Ltd: Profits were lifted by a standout fertilizer quarter, with volumes up 9% and revenue surging 33% on better realizations. Margins strengthened too, while the chemical segment managed revenue gains despite softer volumes. That balance highlights Shree Pushkar’s strength: when agriculture cycles lift demand, fertilizers drive topline, and when markets tighten, chemicals can still deliver through realizations. Together, the mix acts as a natural hedge, cushioning volatility and reinforcing steady profitability.

• Lloyds Metals & Energy Ltd: Margins widened sharply to 27% even though revenue stayed flat, as new pellet and slurry infrastructure boosted efficiency. With steady iron ore and DRI output plus fresh clearances for mine expansion, the company strengthened its growth runway.

• K.C.P. Ltd: Profits nearly doubled on the back of lower costs and tax savings, even as revenue softened slightly. EPS hit a five-quarter high, with strong cash reserves giving the company a solid footing amid buoyant cement demand.

• Sunflag Iron & Steel Ltd: Profits more than doubled on just 13% revenue growth, as margins widened sharply to 6.2%. Supportive steel prices, lower import pressure, and stronger operating leverage helped turn steady sales into a standout earnings surge. The safeguard duty created breathing room for domestic producers. For Sunflag, this meant more pricing power and better spreads, amplified by soft coking coal costs. Add in higher capacity utilization, and fixed costs were spread across stronger volumes, letting profits soar far faster than revenue.

• Ddev Plastiks Industries Ltd: Revenue grew 23% on the back of strong wire and cable demand, with both volumes and realizations contributing. Margins held steady at 10%, while niche positioning in specialized polymers kept pricing power intact amid India’s infrastructure boom.

• Heubach Colorants India Ltd: Profits more than tripled with margins doubling to 8%, helped by strong volume growth and leaner costs. Revenue rose 21%, while improved pricing power and efficiency gains turned a steady top line into a standout earnings surge.

5. Services: [#406] [Rev: +10.59%] [PAT: -4.75%]

• Parle Industries Ltd: A tiny profit marked a swing back into the black after last quarter’s loss, helped by razor-thin costs and a debt-free balance sheet. Revenue stayed flat, reflecting the project-based, stop-start nature of its business.

• TCI Express Ltd: Revenue dipped 3% and profits slipped 13% as election disruptions, SME strain, and higher freight costs weighed on volumes. Lower truck utilization and capex-linked expenses dragged margins, though management expects recovery once demand normalizes.

• Lancer Container Lines Ltd: Revenue collapsed more than 80%, pushing margins deep into the red and leading to a quarterly loss. The Red Sea crisis has forced vessels to reroute around Africa, adding both cost and time, while freight rates have slipped sharply from their post-pandemic highs. For a mid-sized operator like Lancer, this double blow was punishing: lower volumes from disrupted trade routes collided with weaker pricing power. The business struggled to absorb the downturn as disrupted trade routes and weak pricing power hit margins.

• Riddhi Siddhi Gluco Biols Ltd: Revenue exploded nearly tenfold, but profits sank 66% as margins collapsed from triple digits to barely 5%. Rising costs, higher interest outgo, and negative operating leverage turned eye-catching growth into a profitability squeeze.

• Dredging Corporation of India Ltd: Revenue jumped 61% and EBITDA nearly quadrupled as better fleet utilization drove margins higher, cutting losses by a quarter. Without a ₹20 crore forex hit, the company said it would have broken even this quarter.

• Amrapali Industries Ltd: Revenue shot up 61% and profit nearly quadrupled, with EPS at a multi-quarter high. While operating profit is just shy of breakeven, stronger trading volumes and tighter working capital control are clearly boosting momentum.

• Awfis Space Solutions Ltd: Revenue climbed 30%. Enterprise clients are now the growth engine, with deeper penetration giving Awfis a more stable, recurring revenue base compared to the startup-heavy early years. The deliberate tilt toward Grade A assets has also sharpened pricing power and brand positioning, letting the company command higher yields while maintaining healthy occupancy.

• Aviva Industries Ltd: Operations were virtually at a standstill with no revenue and a small quarterly loss, as fixed costs outweighed negligible activity. The results underline an ongoing struggle to sustain business momentum or generate meaningful income.

6. Information Technology: [#217] [Rev: +5.38%] [PAT: +6.63%]

• Black Box Ltd: Revenue slipped 3% on delayed client spending, but profits still climbed 28% to ₹47 crore. A leaner cost structure and stronger order book suggest its turnaround is holding steady despite softer topline momentum.

• Sasken Technologies Ltd: Revenue more than doubled, and the order book swelled with high-profile contract wins, yet net profit slipped 43% as scaling costs weighed on margins. The company’s aggressive push into automotive, IoT, and 5G shows clear long-term promise, though near-term profitability remains under pressure.

• Zaggle Prepaid Ocean Services Ltd: Posted its best-ever Q1 with profits soaring 56% and revenue up 31%. A mix of marquee client additions, expanding fintech reach, and AI-driven efficiency likely fueled the surge. Acquisitions and fund-raising appear to be laying the groundwork for a broader financial services play, while its leadership in prepaid cards continues to anchor momentum.

• Silverline Technologies Ltd: Revenue shot up over 200% from the previous quarter, with profits swinging sharply into the black. After reporting zero revenue just two quarters ago, the company delivered ₹1,000+ crore this quarter with profits soaring past ₹11 crore. A surge in contracts and sharper cost discipline likely fueled the swing.

7. Healthcare: [#240] [Rev: +9.8%] [PAT: -23.76%]

• Zydus Lifesciences Ltd: Revenue grew 6% with steady gains in India and modest US momentum, though margins slipped under cost pressure. Continued R&D investment and a stronger chronic portfolio suggest the company is building resilience for medium-term growth.

• Apollo Hospitals Enterprises Ltd: Profits rose 42% to ₹433 crore on 15% revenue growth, with digital health and pharmacy arms adding momentum. Margin gains from tighter costs and a stronger patient mix suggest its integrated model is clicking into place.

• Alkem Laboratories Ltd: Net profit climbed 22% on steady margin gains, while domestic sales outpaced the broader pharma market with strength across key therapies. A sharper portfolio focus and steady international growth suggest the company is tightening its grip in core segments.

• Glenmark Pharmaceuticals Ltd: Profits plunged 86% on a hefty US settlement, masking a steadier underlying business where revenue inched up 1% and margins held broadly stable. Regional shifts and pricing pressures kept growth muted, but new launches hint at recovery ahead.

• Ipca Laboratories Ltd: Revenue rose 10% with strong gains in exports to Europe and LATAM, while profits grew 21%. Domestic strength in chronic therapies and operational efficiencies helped offset margin pressures from its Unichem subsidiary.

• Abbott India Ltd: Revenue rose 12% and profits climbed 11%, marking its best quarter in over a year. Strong pharmaceutical demand, tighter cost control, and a favorable product mix suggest the company is quietly strengthening its market position.

• Pfizer Ltd: Profits surged 27% to a five-quarter high, with revenue up 7% and cash flows hitting a three-year peak. A sharper portfolio focus and leaner costs seem to have amplified gains well beyond topline growth.

• Max Healthcare Institute Ltd: Chalking up its 19th straight quarter of growth, the company delivered 27% higher revenue and 17% profit gains on the back of rising occupancy and network expansion. Brownfield additions in Mohali and upcoming projects like Dehradun point to an ambitious scale-up strategy, even as margins softened slightly. The steady run underscores its growing grip on premium urban healthcare.

• Dishman Carbogen Amcis Ltd: Revenue jumped 40% and profits swung back into the black after last year’s heavy loss, helped by stronger CRAMS demand and tighter costs. While part of the recovery came from non-operating gains, the turnaround marks a striking reset.

• AstraZeneca Pharma India Ltd: Revenue jumped 36% and profits swung from loss to ₹56 crore, with oncology therapies leading the charge. Strong new launches and margin expansion point to one of the quarter’s sharpest recoveries in the pharma space.

• Fermenta Biotech Ltd: Revenue surged 79% and profits swung to ₹22 crore from a loss last year, with margins expanding sharply. Recovery in Vitamin D3 and stronger API demand appear to have powered one of the sector’s more dramatic turnarounds.

8. FMCG: [#290] [Rev: +10.09%] [PAT: +2%]

• United Spirits Ltd: Revenue was flat, but profits slipped 14% as higher marketing spend and a one-off tax hit weighed on margins. Strong premium brand momentum and the Nao Spirits acquisition suggest the company is investing to defend long-term positioning.

• Patanjali Foods Ltd: Revenue jumped 24% to nearly ₹8,900 crore, yet profits fell 31% as margins slipped to a five-quarter low under soaring input costs. Edible oils drove the topline, while FMCG and HPC segments added depth. Global palm oil dynamics and domestic pricing pressures weighed on profitability, underscoring the challenge of balancing growth ambitions with margin stability.

• Integrated Industries Ltd: Revenue soared 78% and profits nearly doubled, marking its strongest quarter in years. Gains in scale and efficiency likely supported the surge, with margins holding steady even as rapid expansion pushed sales to record highs.

• Natural Products Ltd: Revenue rose 27% and profits more than doubled, though sequential growth softened on seasonal swings. Stronger demand for spice oils and marigold extracts boosted margins, while higher dividends signaled confidence despite some emerging cash flow pressures.

• Uttam Sugar Mills Ltd: Revenue jumped 38% and profits surged nearly 150%, powered by better sugar realizations and seasonal demand tailwinds. Margins improved despite rising interest costs, underscoring how favorable market conditions are helping the company offset its debt burden.

• BCL Industries Ltd: Revenue rose 25% and profits climbed 37%, marking its best quarter in five. Gains in edible oils and distillery operations, along with better cost control, helped margins hold steady as cash reserves and liquidity strengthened.

• CIAN Agro Industries & Infra Ltd: From revenues of just ₹17 crore a year ago to ₹511 crore now, the company delivered a 2,820% surge with profits jumping over 52,000%. Margins expanded into double digits as operational scale kicked in, signaling a rarely seen growth. The turnaround suggests bold restructuring or market consolidation has vaulted CIAN Agro into an entirely new league.

• Dhunseri Tea & Industries Ltd: Margins turned a corner this quarter with revenue climbing 18% and profits swinging sharply into the black. Strong cost discipline and tighter cash-cycle management seem to have helped convert improved sales into a rare full-scale turnaround. What makes this quarter remarkable is the sheer speed of the reversal. A year ago, losses weighed heavily, but now the business is running with its best debtor efficiency in years and margins touching 21%. For a tea company (where seasonal swings often distort results), such a broad-based turnaround in revenue, profitability, and working capital signals more than just a good crop cycle. It hints at structural shifts in efficiency and market positioning that could carry forward.

• Tilaknagar Industries Ltd: Revenue leapt more than 30% with volumes up strongly across markets, while profits more than doubled. Margin expansion and brand-led demand helped deliver record operating performance, making this one of the company’s strongest quarters yet.

9. Utilities: [#49] [Rev: +1.54%] [PAT: +6.25%]

• NHPC Ltd: Revenue climbed 19% on fresh capacity from Parbati-II and new solar additions, though profits grew just 3% as commissioning costs weighed. The expansion underscores its push to balance hydropower strength with a growing renewable footprint.

• VA Tech Wabag Ltd: Revenue grew 17% on stronger project execution, with fresh wins in Saudi Arabia and Bengaluru bolstering a record ₹15,800 crore order book. Margins improved as O&M income gained share, highlighting its shift toward steadier recurring revenues.

• SJVN Ltd: Revenue ticked up modestly, but profits slid sharply as higher finance costs weighed on the bottom line. Strong operating margins and a doubling in renewables contribution, however, signal efficiency gains and steady progress on green diversification.

• Gujarat Industries Power Co. Ltd: Sales hit a five-quarter high with double-digit growth, but profits slipped as rising fuel costs and heavier expenses ate into margins. Strong demand supported the topline, yet cost pressures kept overall performance under strain.

10. Energy: [#50] [Rev: +0.29%] [PAT: +38.58%]

• Oil And Natural Gas Corporation Ltd: Consolidated profit rose 18% despite weaker crude realizations dragging revenue down 9%. Premium-priced gas from new wells and tighter costs provided the cushion, highlighting how ONGC is leaning on gas to offset oil price headwinds.

• Indian Oil Corporation Ltd. (IOC): Profits surged 83% to nearly ₹6,800 crore even as revenue stayed flat, with lower crude costs and stronger refining spreads driving the beat. High utilization and discounted Russian crude reinforced its edge in a volatile market.

• Bharat Petroleum Corpn. Ltd: Net profit jumped 141% as marketing margins widened and costs eased, even though revenue stayed nearly flat. Record sales and 118% refinery utilization underscored its strong execution, turning modest topline growth into a profitability windfall.

• Oil India Ltd: Topline slipped nearly 10% as crude realizations weakened, but profits still jumped on stronger refining margins and investment gains. Stable production and steady subsidiary performance helped cushion the hit from global oil price volatility.

11. Telecommunications: [#33] [Rev: +14.98%] [PAT: +64.26%]

• Vodafone Idea Ltd: Revenue edged up nearly 5% and ARPU jumped to ₹177, but losses stayed steep at over ₹6,600 crores, weighed down by massive finance costs. Subscriber base showed signs of stabilising as data demand kept climbing.

• OnMobile Global Ltd: Profits swung back into the black after years of red, with gaming subscriptions surging and cash reserves hitting multi-quarter highs. This quarter is different because of the scale of the shift relative to topline movement. Revenue barely grew, yet profits jumped from losses to healthy margins, showing the business has broken past its breakeven trap. The gaming arm is delivering both volume growth and higher monetization, while disciplined cost control has brought in leverage. Add in the sharp boost to cash reserves, and this may be the early signs of a structural reset in how the company operates.

• Reliance Communications Ltd: Revenue plunged 61% QoQ as the company, still stuck in insolvency proceedings since 2019, faces ₹40,413 crore in debt and mounting unpaid interest. Losses widened to ₹943 crore, with SBI labeling its loan account “fraud” in June. With no viable telecom operations, RCom’s results largely reflect liquidation efforts and creditor-driven resolution rather than business performance.

• Mahanagar Telephone Nigam Ltd: Revenue collapsed to its lowest in five quarters, while losses deepened past ₹940 crores. With defaults piling up and expenses dwarfing income, the company’s position now looks more like a bailout case than a business turnaround. Unlike past quarters, where government backing kept the ship afloat, this one signals structural insolvency without urgent intervention.

12. Diversified: [#15] [Rev: +5.4%] [PAT: -12.3%]

• Godrej Industries Ltd: Consolidated PAT growth was 8.3% to ₹349 crore, driven by strong contributions from its FMCG, real estate, and agri-business subsidiaries. Consolidated revenue rose 5% YoY to ₹4,460 crore. However, standalone operations slipped into a ₹30 crore loss versus a ₹105 crore profit last year, as rising raw material costs and inflationary pressures squeezed margins in the core oleochemicals business.

• Dhunseri Ventures Ltd: Posted ₹70.8 crore PAT, up 195% QoQ, despite a 31.5% revenue drop to ₹193 crore. The turnaround was powered by a 53% cut in expenses, with cost optimization in petrochemicals and disciplined operations cushioning revenue volatility. This “margin-first” approach shows Dhunseri’s ability to expand profits through operational agility, even in cyclical segments like tea and petrochemicals.

That’s a wrap on this week’s numbers. See you next week!

You are receiving this newsletter because you are an existing subscriber to our other newsletter - This Week In Data (TWID). That newsletter continues and you can choose to opt out of this newsletter by clicking on the unsubscribe link at the bottom if you wish and continue to just receive the TWID newsletter.

This newsletter is structured in two sections. The first section covers the trends in aggregate, across sectors. And the second section reviews the key company results declared during the week grouped by sectors. 

• Section 1: Aggregate Trends

• Section 2: Key Results during the week

  • Consumer Discretionary

  • Financial Services

  • Industrials

  • Commodities

  • Services Sector

  • Information Technology

  • Healthcare

  • FMCG

  • Utilities

  • Energy

  • Telecom

  • Diversified Cos

Aggregate Trends

As of August 9, 1,953 companies have declared their 1Q FY26 results, and the results are getting sharper by the day. Revenue growth across the board has cooled a touch to 6.8% from 7.8% last week, but profits are looking healthier, ticking up to 7.5% from 5% as of last week. In other words, while toplines aren’t racing ahead, companies are squeezing more out of every rupee they earn. In sync with this, while revenue growth is tracking in single digits for the 9th consecutive quarter, EBITDA growth has so far been ~10% YoY, the highest in the last six quarters.

Industrials, Commodities, Energy, and Telecom are still carrying much of the profit momentum. Industrials kept their foot on the pedal with 16% PAT growth, all thanks to stronger execution and fatter margins. Commodities surprised again with a modest 6% revenue growth, translated into a 28% profit surge as cost discipline and pricing power did the heavy lifting. Energy is in its own lane. Revenue has barely moved (+0.7%), but PAT has jumped 36%, proving how far operational leverage can take you.

Not every sector is doing well, though. Healthcare is still in the red, with profits down over 30% despite almost 10% revenue growth. Consumer Discretionary and Services have also slipped into mild profit declines due to misses by a few large companies tilting the numbers. Financial Services has gotten back into positive territory on the profit front, but the gains are still patchy.

Consumer Discretionary: [#491] [Rev: +8.1%] [PAT: -1.8%]

• Mafatlal Industries Ltd.: PAT rose 51% YoY to ₹45.71 Cr as revenue jumped 174.5%, led by large institutional orders. Textile margins improved on value-added uniform solutions and operational efficiencies.

• TVS Motor Company Ltd.: PAT rose 32% YoY, powered by record quarterly sales of 12.77 lakh units and all-round growth in motorcycles, scooters, and three-wheelers. Exports surged 40% to an all-time high, while EV sales grew 35%. Gains were further supported by margin expansion from a premium product mix and higher-margin export models, likely aided by industry recovery and rising demand for electric mobility.

• Dixon Technologies (India) Limited: Revenue jumped 95% YoY to ₹12,836 Cr, with PAT doubling to ₹280 Cr, led by a 125% surge in mobile manufacturing. Growth likely also reflects new brand partnerships, capacity expansion, and deeper component integration.

• Bosch Ltd: PAT jumped 139.4% YoY to ₹1,116 Cr, boosted by a ₹556 Cr gain from a business sale and strong automotive demand. Underlying profit growth likely also reflects localisation-driven cost savings and operational efficiency gains.

• Hindustan Media Ventures Limited: PAT surged 1,869% YoY to ₹10.24 Cr from a low base, aided by 13% revenue growth, higher ad sales in Hindi print, and tighter cost control. Gains may also reflect a cyclical recovery in print media demand.

• EIH Ltd: PAT fell 61.9% YoY to ₹33.9 Cr, hit by exceptional losses from Mashobra Resort and property impairments. Core operations stayed strong, with revenue up 8.9% and Oberoi brand RevPAR rising 21%, hinting at resilient luxury demand.

• Veranda Learning Solutions Limited: Revenue rose 17% YoY to ₹139 Cr, led by 46% growth in commerce test prep and a PAT swing to ₹6 Cr. Improved margins and reduced finance costs may reflect operating leverage and debt reduction benefits.

• Hero MotoCorp Limited: PAT jumped 65.2% YoY to ₹1,706 Cr, largely from a ₹722 Cr gain on Ather Energy’s IPO stake dilution. Core business stayed flat, but record exports and disciplined cost control helped maintain margins despite lower volumes.

• V.I.P. Industries Ltd.: Revenue fell 12.1% YoY to ₹561 Cr, with volumes down 8% and e-commerce sales sliding 17%. Margin pressure from higher material costs and weaker travel-related demand suggests a post-pandemic reset in luggage buying patterns.

• PVR Inox Limited: The business posted a Q1 loss of ₹54.5 Cr, narrowing 69.6% YoY as revenue grew 23.4% to ₹1,469 Cr and margins improved. Losses may persist due to high depreciation and interest, though merger synergies and strong film slates are boosting recovery.

• Bharat Forge Ltd: PAT rose 62.6% YoY to ₹284 Cr, aided by lower finance costs, stronger overseas operations, and defence order wins worth ₹847 Cr. Margin gains despite a 4.8% revenue drop suggest effective cost control and operational restructuring.

• Signature Global (India) Limited: PAT surged 406.7% YoY to ₹34.43 Cr as revenue more than doubled on project completions and better realisations. The sharp jump may also reflect a shift toward premium housing and stronger margins from higher-value launches.

• Titan Company Limited: PAT rose 52.4% YoY to ₹1,091 Cr, driven by broad-based revenue growth and margin expansion. Jewellery demand held strong despite high gold prices, watches delivered a standout quarter via premium launches, and international jewellery turned profitable for the first time.

• Apollo Tyres Ltd: 95.7% PAT drop to ₹12.88 Cr in Q1 FY26 was entirely due to a ₹370.2 Cr exceptional loss—mainly a restructuring provision for closing its Netherlands plant—while core profit rose 26% YoY to ₹381 Cr on steady revenue growth.

• Varroc Engineering Limited: PAT jumped 215.3% YoY to ₹105.06 Cr on modest 6.8% revenue growth, as margins improved and debt fell sharply. Gains may also be tied to high-margin order wins and benefits from the China JV stake sale.

• Apeejay Surrendra Park Hotels Limited: Revenue grew 14.2% YoY to ₹154.25 Cr, with a swing to ₹13.41 Cr profit from a loss last year. This improvement may stem from sustained 90%+ occupancy, premium pricing, and post-pandemic luxury hospitality recovery.

• Voltas Ltd.: PAT fell 58% YoY to ₹141 Cr as revenue dropped 20% amid an unusually short and mild summer, hitting AC demand. Margin pressure may have worsened from high fixed costs, inventory buildup, and heavy promotional activity.

• Tata Motors Ltd.: PAT fell 62.7% YoY to ₹3,924 Cr, largely due to a prior-year one-off gain and weaker JLR margins from US tariffs. Group results may also have been hit by softer domestic demand and adverse working capital.

• Navneet Education Limited: PAT grew 227% YoY to ₹157 Cr on 83.5% revenue growth, though it fell 77.7% sequentially due to seasonality. The jump may also reflect benefits from its edtech demerger and curriculum change–driven demand.

• Bajaj Auto Limited: PAT rose 13.8% YoY to ₹2,210.44 Cr on strong exports (+16% YoY) and EV/premium segment gains, despite domestic sales weakness (-8% YoY) and a 50 bps EBITDA margin dip from currency headwinds.

• UNO Minda Limited: PAT rose ~46–47% YoY to ₹291–309 Cr, supported by 17–18% revenue growth to ₹4,489 Cr, broad-based segment gains, and margin expansion from higher-value products like sensors, controllers, and EV systems.

• Trent Ltd [Lakme Ltd]: PAT rose 8.6% YoY to ₹424.7 Cr on 19% revenue growth to ₹4,883 Cr, with EBITDA margin expanding to 17.3%. Gains came from strong Zudio/Westside momentum and emerging category traction.

Financial Services: [#308] [Rev: +9.1%] [PAT: +3.4%]

• Power Finance Corporation Ltd: PAT climbed 25% YoY to ₹8,981 Cr, powered by record disbursements of ₹95,660 Cr, 13% loan book growth, and sharply improved asset quality, with GNPA down to 1.47% and NNPA hitting an all-time low of 0.31%.

• Federal Bank Ltd.: PAT fell 14.6% YoY to ₹861.75 Cr as provisions surged 41% to ₹695 Cr, with most slippages from MFI and agriculture. Still, deposits rose 8% YoY and other income hit a record ₹1,113 Cr.

• Aditya Birla Capital Limited (ABCL): Posted ~9–10% YoY PAT growth to ₹835–851 Cr in Q1 FY26, with 30% lending portfolio growth, 70% surge in housing finance, and record mutual fund AUM of ₹4.03 lakh Cr. Asset quality improved 75 bps YoY.

• Bajaj Holdings & Investment Limited: PAT jumped 117% YoY to ₹3,487 Cr, boosted by a ₹1,983 Cr gain from selling Bajaj Finserv shares. Even excluding this, PAT grew 31% on strong dividends, investment gains, and group company performance.

• Abans Financial Services Limited: A 34.7% YoY jump in profit to ₹29.95 cr, on the back of a staggering 540% revenue surge. Sequential growth was also strong, but profit gains trailed, hinting at expansion-phase costs.

• India Shelter Finance Corporation Limited: Profit jumped 43% YoY to ₹119 cr, backed by 34% AUM growth and steady asset quality. Expanding to 290 branches, it’s widening reach in affordable housing while maintaining strong returns and margins.

• Fusion Finance Limited: Revenue plunged 37% YoY to ₹434.4 cr, with AUM shrinking sharply and losses widening to ₹92.3 cr. Five straight loss-making quarters and breached debt covenants signal deep strain in its microfinance portfolio.

• State Bank Of India: Profit rose ~10–12% YoY in Q1, helped by a 55% jump in non-interest income and record treasury gains. Loan growth was broad-based, and asset quality hit historic lows, though margins remained under pressure.

• Cholamandalam Investment and Finance Company Ltd: Profit rose 20% YoY to ₹1,136 cr, with AUM up 23% despite flat disbursements. The lender’s shift away from low-margin products boosted profitability, though asset quality saw mild deterioration.

• IFCI Ltd.: Profit jumped 66% YoY to ₹260.4 cr, aided by sharp margin expansion and improved recoveries. A turnaround from past losses, it also holds a valuable 5% NSE stake that could unlock gains post-IPO.

• Manappuram Finance Limited: Profit plunged 76% YoY to ₹138 cr, hit by a ₹1,212 cr swing in its microfinance arm from profit to loss. Gold loans stayed resilient, with AUM up 22%, partly cushioning the impact.

Industrials: [#332] [Rev: +9.1%] [PAT: +16.1%]

• Avalon Technologies Limited: Revenue soared 62.1% YoY to ₹323.3 Cr, fueled by strong mobility and industrial growth and balanced India–US performance. The jump likely reflects entry into semiconductor equipment manufacturing and order book strength.

• Centum Electronics Ltd: Revenue rose 11.2% YoY to ₹273.4 Cr, led by a 35% surge in standalone sales from defence and space BTS orders. EMS order book expansion suggests ongoing demand despite softer subsidiary performance.

• Bharat Heavy Electricals Ltd.: Revenue stayed flat at ₹5,487 Cr as execution delays on legacy power contracts offset industrial segment gains. Rising material costs and inefficiencies hurt margins, despite a ₹2 lakh Cr-plus order book.

• Hindustan Construction Co. Ltd.: Revenue fell 39.9% YoY to ₹1,091.3 Cr, mainly due to the Steiner AG divestment and slower core construction execution. A strong order book remains, but milestone timing and project transitions hit quarterly sales.

• Harrisons Malayalam Ltd.: Revenue rose 17.9% YoY to ₹119.25 Cr, marking a sharp turnaround from last year’s slump. Better rubber and tea prices, cost discipline, and productivity gains helped lift both margins and profitability.

• Siemens Ltd.: PAT fell 26.8% YoY despite 15.5% revenue growth, hit by lower other income and margin pressures. The Digital Industries segment showed recovery signs but still faced headwinds from prior destocking.

• Cummins India Ltd.: PAT rose 30.5% YoY to ₹603.9 Cr on 26% sales growth, with both domestic and exports delivering strongly. Volume leverage and a 34% export surge boosted margins and profitability.

Commodities: [#235] [Rev: +6.4%] [PAT: +28.4%]

• Grasim Industries Ltd: Profit rose 32% YoY to ₹1,419 cr as revenue grew 16% and EBITDA jumped 36%, led by strong cement and chemicals performance. Paints and B2B e-commerce continued scaling, though fibre margins stayed under pressure.

• Pidilite Industries Ltd.: Profit rose 18.7% YoY to ₹678 cr as revenue grew 10.6% and volumes climbed 9.9%, with both consumer and B2B segments strong. Softer input costs and efficiency gains lifted EBITDA margins, while a bonus issue and special dividend signalled confidence.

• Solar Industries India Limited: Posted its highest-ever quarterly revenue at ₹2,154 cr, up 28% YoY, with PAT up 17% to ₹353 cr. Defence sales more than doubled, and international revenue hit a record ₹826 cr, though margins tightened.

• National Aluminium Co. Ltd.: PAT jumped 78% YoY to ₹1,049.48 cr on the back of 33% revenue growth and a sharp EBITDA margin expansion to 39.2%. Alumina exports more than tripled, chemicals revenue nearly doubled, and capacity utilisation rose across the board.

• Linde India Limited: PAT slipped 5.7% YoY to ₹107 cr as revenue fell nearly 5% amid softer demand from steel and manufacturing. Margins held up better than volumes, but fixed costs still squeezed profitability.

• Gujarat State Fertilizers & Chem.Ltd: PAT surged 59% YoY to ₹140 cr, even though revenue was flat. Margins jumped as complex fertilizer sales rose and industrial products turned profitable after losses, helped by softer gas costs.

• Bayer CropScience Limited.: PAT rose 9.6% YoY to ₹279 cr on 17% revenue growth, led by higher corn seed and Roundup sales after an early monsoon, though margins eased slightly on higher operating costs.

• Jindal Stainless Limited: PAT rose 10.6% YoY to ₹715 cr as volumes grew 8.3% and margins held steady, aided by operational efficiency. However, shares fell 7% despite reaffirmed growth and expansion plans.

• S H Kelkar and Company Limited: Revenue jumped 23.5% YoY to a record ₹580.63 cr, aided by strong flavour growth, a profitable turnaround in Global Ingredients, and better margins from a stable raw material environment and higher-value product mix.

• The Ramco Cements Limited: Profit more than doubled to ₹86 cr even as volumes fell 7%, helped by stronger prices and leaner costs. Margin gains offset softer sales, hinting at effective pricing discipline in a tough quarter.

• E.I.D. Parry (India) Ltd.: Profit more than doubled to ₹464.5 cr as revenue rose 29% and margins improved. Strong farm input demand helped offset continued sugar weakness, underscoring the benefits of its diversified operations.

• Rain Industries Limited: Revenue grew 7.5% YoY to ₹4,401 cr, but the real story was the swing to an ₹83 cr profit from a loss last year, reflecting sharper margins and operational recovery despite cyclical headwinds.

• Gujarat Fluorochemicals Limited: Profit rose 70% YoY to ₹184 cr as margins widened to 26.9% on stronger fluoropolymer demand. Expansion plans, especially in EV-related chemicals, suggest positioning for sustained growth in high-value segments.

• Shree Cements Ltd.: Profit more than doubled to ₹643.7 cr as margins widened to 25.2% on leaner costs and a richer product mix. Other income also gave a notable boost to the bottom line.

Services: [#155] [Rev: +10.6%] [PAT: -1.6%]

• Shipping Corporation of India Ltd: Profit rose 21.5% YoY to ₹354.2 cr even as revenue fell 13%. Margin gains and higher other income, including a vessel sale, helped offset softer topline performance.

• TVS Supply Chain Solutions Limited: Profit soared 853% YoY to ₹71.2 cr, largely boosted by a one-time ₹177 cr gain from its TVS ILP InVIT listing. Underlying operations improved modestly, with revenue up 2.1% and margins firmer.

• VRL Logistics Limited: Profit jumped 272% YoY to ₹50 cr as margins widened to 20.4% on lower freight and handling costs. Modest revenue growth combined with sharp cost cuts delivered a standout quarter for the transporter.

Information Technology: [#110] [Rev: +5.2%] [PAT: +6.7%]

• Birlasoft Limited: Revenue fell 3.2% YoY, its second straight drop, and profit slid 29%. Manufacturing weakness outweighed growth elsewhere, while pricing cuts to win deals squeezed margins to 12.4%.

• BLS E-Services Limited: PAT rose 38.7% YoY to ₹17.5 Cr, with revenue more than tripling after acquiring Aadifidelis and expanding its BC network. Growth likely also reflects fintech partnerships and rural banking digitisation.

• RateGain Travel Technologies Limited: PAT inched up 3.4% YoY as revenue grew 5%, powered by record new contract wins and APAC–Middle East expansion. Margins dipped as the company invested heavily in scaling and AI-driven travel tech solutions.

• Protean eGov Technologies Limited: PAT rose 13.1% YoY, aided by margin expansion to 18.8%, steady revenue growth, and a ₹100 Cr IRDAI mandate. Strong market share gains in tax services and zero debt further reinforced the performance.

Healthcare: [#125] [Rev: +9.8%] [PAT: -30.3%]

• Biocon Ltd.: Profit fell 90% YoY to ₹31 cr, but this was due to last year’s one-time gain. Operationally, revenue grew 15% with strong biosimilars momentum and margin expansion, reflecting a healthier underlying performance.

• Divi's Laboratories Ltd.: Profit rose 27% YoY to ₹545 cr on 14% revenue growth, led by strong custom synthesis and nutraceutical demand. Generics stayed soft, and sequential earnings dipped on logistics costs and seasonal factors.

• Fortis Healthcare Ltd: Profit jumped 53% YoY to ₹266.8 cr as both hospitals and diagnostics delivered strong growth. Margins widened sharply on higher occupancy, rising ARPOB, and expansion in high-value specialities like oncology and robotic surgery.

• Metropolis Healthcare Limited: Profit rose 19% YoY to ₹45.1 cr as revenue grew 23%, boosted by organic expansion and recent acquisitions. Patient and test volumes climbed double digits, though margins eased on integration costs and competitive pressures.

• Global Health Limited: PAT jumped 50% YoY to ₹1,590 cr, with revenue up nearly 20% on higher patient volumes, better ARPOB, and strong international business. Developing hospitals grew sharply, reinforcing the Medanta model’s expansion momentum.

• Sanofi Consumer Healthcare India Limited: Profit more than doubled YoY to ₹61 cr as sales rose 28%, aided by new launches like Allegra D. Margin gains and a recovery from past disruptions bolstered this strong quarter.

• Lupin Ltd: Profit jumped 52% YoY to ₹1,221.5 cr as revenue grew 12% and EBITDA margin expanded sharply to 29.3%. Strong US generics growth and steady India performance drove the gains, alongside a strengthened net cash position.

• Gland Pharma Limited: Profit rose 50% YoY to ₹215.5 cr as EBITDA margin widened to 24.4%, aided by a turnaround at its European arm, Cenexi. Growth in Europe and other regulated markets offset mild US revenue softness.

• Sequent Scientific Limited: Profit rose 94% YoY to ₹176 cr as revenue grew 13% and EBITDA margin improved to 13.6%. Growth was broad-based across geographies and segments, aided by a richer product mix and operational efficiency gains.

FMCG: [#121] [Rev: +9.7%] [PAT: +4.2%]

• Godrej Consumer Products Ltd.: Posted a marginal 0.4% YoY profit growth in Q1 FY26 as higher palm oil costs, Indonesia market headwinds, and soaps segment volume-price rebalancing squeezed margins. India revenue grew 8%, led by 16% growth in home care, partly offsetting international weakness. Management expects palm oil cost relief and Indonesia recovery to support performance from H2 FY26.

• KRBL Ltd.: Profit jumped 74% YoY, powered by a 98% surge in exports, lower basmati procurement costs, and sharper operational efficiency. Strong domestic growth and private-label export momentum further boosted the quarter’s performance.

• Britannia Industries Ltd.: Profit inched up 3% YoY as revenue grew 9.8%, but margins narrowed on wheat, palm oil, and cocoa inflation. Modest 2% volume growth and higher costs kept EBITDA flat despite strong bakery category gains.

• Marico Limited: Profit rose 9% YoY on 23% revenue growth, but EBITDA margin fell 360 bps to 20.1% as copra and other commodity costs surged. Strong India volume gains and steady international growth helped offset inflationary pressures.

• Godrej Agrovet Limited: Profit rose 13% YoY, led by a sharp turnaround in Vegetable Oils on stronger CPO/PKO prices and solid animal feed volume growth. Efficiency gains and Astec LifeSciences' recovery further boosted the quarter.

• Godfrey Phillips India Ltd.: Profit jumped 55.9% YoY to ₹206 cr on 26% sales growth, led by strong cigarette demand and export gains. Margin pressure from higher input costs and taxes was offset by scale benefits and brand strength.

• Magadh Sugar & Energy Limited: Profit collapsed 98% YoY to ₹0.22 cr as revenue fell 7% and margins halved. Climatic disruptions, high cane costs, and interest expenses eroded gains, leaving only a marginal bottom line.

• Bannari Amman Sugars Ltd.: Profit surged 137% YoY to ₹15.25 cr, aided by monetising high-value sugar stocks, better realisations, and operational efficiency. Diversified by-product revenues and strong debt management further supported the gains.

• Venky's (India) ltd.: Profit plunged 78.9% YoY to ₹30.2 cr as its core poultry segment swung to a loss on weak broiler prices, higher feed costs, and April’s heatwave-triggered panic selling. Oilseed and animal health units offered partial relief.

Utilities: [#29] [Rev: +1.1%] [PAT: +7.8%]

• NLC India Limited: Profit jumped ~48% YoY to ₹839 cr, led by 25% mining revenue growth, higher thermal power output, and fresh capacity additions—plus record capex execution at over 113% of target.

• KPI Green Energy Limited: Posted its fifth straight record quarter, with Q1 FY26 profit up 68% YoY to ₹111 cr on 75% revenue growth. Gains came from strong CPP and IPP execution, hybrid project momentum, and Gujarat-driven renewable demand.

• PTC India Ltd: PAT rose 28% YoY to ₹242.9 cr, powered by a 207% surge in subsidiary PFS’s profit from major asset recoveries, alongside 13% higher trading volumes despite lower overall revenue.

Energy: [#24] [Rev: +0.7%] [PAT: +36%]

• Hindustan Petroleum Corporation Ltd: Profit soared 548% YoY to ₹4,111 cr, driven by stronger refining margins, record throughput at 109% capacity, and efficiency gains. Revenue stayed flat, underscoring how operational leverage powered this dramatic earnings jump.

• Aegis Logistics Ltd.: Profit rose 11% YoY to ₹175 cr as record LPG volumes drove revenue up 7%. Liquid terminal growth stayed flat, and margins softened, but strong energy demand kept overall momentum intact.

• Deep Industries Limited: Profit jumped 59% YoY to ₹61.7 cr on a 62% revenue surge, backed by record orders of ₹3,051 cr. Broad-based service growth and strong contract wins signal sustained momentum in oil and gas field services.

• Savita Oil Technologies Limited: PAT rose 40% YoY to ₹55.95 cr, with margins widening on strong domestic demand in transformer oil and lubricants. EBITDA jumped 31%, aided by product mix gains and expansion into EV-focused speciality fluids.

Telecommunications: [#19] [Rev: +17.4%] [PAT: +28.5%]

• Vindhya Telelinks Ltd.: Profit nearly doubled YoY to ₹58.6 cr on 9% revenue growth, powered by strong cable segment gains and a ₹6,593 cr order book spanning telecom, power, and water infrastructure projects.

• Bharti Airtel Ltd.: Profit rose 57% YoY to ₹7,422 cr on 29% India revenue growth, record ARPU of ₹250, and margin gains from cost control, premium customer additions, and strong 5G rollout momentum.

Diversified: [#5] [Rev: +13.8%] [PAT: +10%]

• 3M India Ltd.: Profit climbed 23% YoY to ₹192.8 cr on 14% revenue growth, with all segments expanding and margins hitting a five-quarter high thanks to stronger sales execution and material cost efficiencies.

That’s it for this one. See you next week!

We hope you find this useful. And do share your feedback on how we can make this newsletter better. With this preamble, lets dive right in.

This newsletter is structured in two sections. The first section covers the trends in aggregate, across sectors. And the second section reviews the key company results declared during the week.

As of August 2, 1,069 companies have declared their 1Q FY26 results. The season is now past its halfway mark, offering clearer signals across sectors. Aggregate revenue is up 7.8% YoY, broadly the same pace as in the last few quarters. However, there is divergence across sectors. Most domestic sectors – Consumer Discretionary, FMCG, Industrials, Services – are seeing double digit revenue growth. But aggregate profit growth has slowed to 5%, down from double digit growth in the preceding couple of quarters. If this trend continues, this suggests that while topline growth remains reasonable, margin pressure in aggregate, is dragging down profitability.

Sectorally, Industrial, Commodity and Energy sector is seeing the strongest profit momentum with profits growing over 20% YoY so far. Most of this is coming from margin expansion as revenue growth is lagging profit growth by a wide margin. On the flipside, Healthcare and Financial services are seeing profits decline, in aggregate. While revenue growth is weak in aggregate, it is being dragged largely by the global sectors.

Sectoral Result Trends

Let us track the key results this week across the different sectors:

1. Consumer Discretionary: [#238] [Rev:+12.8] [PAT+8.1%]

● Timex Group India: PAT rose sixfold, powered by operating leverage and a 55% revenue surge. Premiumisation and strong e-commerce traction likely lifted both topline quality and margins. Structural tailwinds in mid-premium watches may be sustaining this momentum.

● Jay Bharat Maruti: PAT surged 333% YoY, driven by margin gains and stronger plant utilisation. A shift toward higher-margin components and tighter cost discipline lifted per-unit profitability. As volumes rebound, earlier capex and OEM ties are likely yielding steady operating leverage.

● Chalet Hotels: PAT surged 235% YoY, boosted by strong core performance and a one-time ₹439 Cr gain from its Bengaluru residential project. Pricing power and RevPar growth held firm despite softer occupancy, while annuity income doubled. The mixed-use model and premium brand focus might be amplifying post-pandemic hospitality tailwinds.

● Taj GVK Hotels: PAT jumped 142% YoY, marking its best-ever Q1 revenue. Margin gains and stronger yields reflect robust demand in premium hospitality, though part of the surge may stem from non-operating income. Its positioning in key metros and high fixed-cost leverage are presumably amplifying profit recovery.

● Nahar Spinning: PAT rose 140% YoY despite flat revenue, driven by tighter cost control and stronger pre-tax efficiency. Margin gains and improved interest coverage signal better cash flow and debt servicing. Stabilised input costs and productivity upgrades likely underpinned the operational rebound.

● CarTrade Tech: PAT jumped 106% YoY, with record revenue and strong margin gains across all segments. Remarketing and OLX India drove sharp profit growth, aided by integration synergies and scaling efficiencies. Rising digital adoption and a diversified auto commerce model can underpin this momentum.

● Shankara Building Products: PAT doubled YoY to ₹32.4 Cr, marking its most profitable quarter to date. Record steel volumes and improved realizations drove margin gains, despite muted non-steel performance. Its marketplace-led model and infra tailwinds are presumably reinforcing operating leverage and network efficiency.

● Mahindra & Mahindra: Revenue rose 22.3% YoY, led by record SUV and tractor market share gains. Strong demand across the XUV and Thar lines, along with robust rural traction in farm equipment, drove broad-based growth. Structural tailwinds in SUVs and rural recovery likely reinforced segment leadership.

● Maruti Suzuki: Revenue rose 7.9% YoY, with record exports offsetting weak domestic sales, especially in entry-level segments. A richer product mix and SUV shift supported topline resilience, though margins came under pressure from input costs and forex headwinds. Structural softness in small car demand continues to weigh on volume growth.

2. Financial Services: [#189] [Rev:+11.3%] [PAT:-1.1%]

● PTC India Financial Services: PAT surged 208% YoY, driven by sharp asset quality recovery and tight cost control. Stage 3 NPAs improved markedly, while expenses dropped over 20%. The beat probably reflects resolution-driven gains and tailwinds from India’s infra and energy financing cycle.

● Capri Global Capital: PAT rose 131% YoY, led by retail loan growth, margin expansion, and tech-enabled operating leverage. AUM surged 42%, with gold and housing loans driving disbursement momentum. Co-lending gains and strong capital buffers may position the firm for sustained scale-up.

● MCX: PAT rose 83% YoY to ₹203.2 Cr, fueled by record trading volumes and margin-rich growth in bullion options. With ADT up 80% YoY and strong institutional participation, operational leverage kicked in sharply. Structural tailwinds in hedging demand and product innovation seemingly reinforced the surge.

● Piramal Enterprises: PAT rose 52% YoY, powered by 37% retail AUM growth and steady margin expansion. The shift to a high-quality loan book and improved asset quality reflects its post-repair strategic pivot.

● TVS Holdings: PAT rose 40% YoY, reflecting strong operational leverage across its diversified businesses. Robust growth in automotive components and a recent foray into financial services likely drove margin gains. Capacity utilisation and cost efficiency appear to be amplifying bottom-line momentum.

● Punjab National Bank: PNB’s PAT dropped 51% YoY, largely due to a one-time tax hit from switching to the new regime. Core operations remained strong, with a record operating profit and improved asset quality. The decline masks an underlying shift toward long-term profitability and retail-focused growth.

3. Industrials: [#155] [Rev:+12.3%] [PAT:+15.4%]

● Hitachi Energy India: PAT soared over 11x YoY, propelled by high-margin project execution and a 365% spike in order wins. Record backlog and surging demand for grid infrastructure are reinforcing operating leverage. India’s energy transition and export tailwinds can underpin this breakout quarter.

● GE Vernova T&D India: PAT more than doubled YoY, driven by strong grid equipment demand and disciplined focus on high-margin orders. Revenue rose 39%, while EBITDA margins expanded to 29.1% on tight cost control. India’s transmission push and export diversification may have fueled this standout quarter.

● HEG Ltd: PAT surged 355% YoY, driven by strong operating leverage and a sharp swing to mark-to-market gains on US investments. EBITDA margins more than doubled as cost controls and stable demand lifted profitability.

● Transformers & Rectifiers: PAT tripled YoY, powered by 64% revenue growth and a 556 bps margin expansion. Strong execution and cost control unlocked sharp operating leverage, making this the company’s best quarter yet. Grid modernization and robust order inflows likely anchor its next growth phase.

● MSP Steel & Power: PAT rose 163% YoY despite an 8% revenue drop, driven by tighter cost control and improved plant efficiency. Operating profit hit a five-quarter high, aided by margin gains and better leverage. The sharp turnaround probably reflects disciplined execution and sector tailwinds in infrastructure-led demand.

● Nahar Polyfilms: PAT rose 119% YoY, with margins expanding to 12.8% despite muted revenue growth. Strong cost control and a shift toward value-added packaging likely drove the profit surge. Operational leverage and stable input costs appear to be sustaining margin gains.

● Apollo Micro Systems: PAT more than doubled YoY, driven by record revenue and a 600 bps jump in EBITDA margins. Strong execution in defense electronics and cost efficiency unlocked sharp operating leverage. India's defense indigenization push and high-tech systems work seem to have underpinned the growth.

● Larsen & Toubro (L&T): PAT rose 30% YoY to ₹3,617 Cr, supported by record Q1 order inflows and robust international execution. Revenue beat estimates, with Energy and Hi-Tech segments leading growth despite slight margin compression. Strong overseas traction and a ₹6.1 lakh Cr order book can anchor long-term momentum.

● Apar Industries: PAT rose 30% YoY, led by strong domestic demand and a 44% surge in high-margin conductor sales. Stable margins amid rising volumes reflect operational discipline and product mix optimisation. US growth and a ₹7,779 Cr order book may position the firm for continued momentum.

● KEC International: PAT rose 42% YoY, fueled by strong T&D execution and 50 bps margin expansion. Transmission revenue surged 26%, now forming 63% of the topline, while order inflows topped ₹5,500 Cr. Operational discipline and debt reduction likely strengthened its financial position amid infra tailwinds.

4. Commodities: [#123] [Rev:+4.0%] [PAT:+25.1%]

● TATA Steel: PAT more than doubled YoY to ₹2,007 Cr, despite a 3% dip in revenue, as cost takeouts and higher realizations boosted margins. India operations stood out with 24% EBITDA margins and ₹2,510/ton gains. Strategic cost control and value-added product focus likely drove the profitability surge.

● Navin Fluorine: PAT surged 129% YoY, driven by 935 bps margin expansion and broad-based growth across all verticals. Strong capacity utilization, especially at the R32 plant, and premium product mix boosted profitability. Structural tailwinds from the China+1 shift and specialty demand may underpin this momentum.

● Paradeep Phosphates: PAT soared 4,656% YoY to ₹256 Cr, led by record fertilizer sales, margin-rich NPK blends, and strong volume growth. Operational leverage and higher capacity utilization drove a dramatic profit swing.

● Vedanta Ltd.: PAT fell 12.5% YoY due to a sharp rise in tax expenses, despite record Q1 EBITDA and margin gains to 35%. Strong zinc and alumina output and cost efficiencies lifted operational performance. Adjusted PAT grew 13%, pointing to underlying strength masked by one-offs.

● Orient Cement: PAT surged 459% YoY, driven by margin expansion and strong volume growth, as it integrates into the Adani Group. EBITDA margins rose to 21% on cost discipline and pricing gains. Synergies from the Ambuja acquisition and infra-led demand may have fueled this sharp turnaround.

● Zuari Agro Chemicals: PAT soared 334% YoY to ₹127.4 Cr, powered by strong demand, cost control, and operational leverage. Revenue rose 14% while margins expanded sharply, reflecting improved capacity use and input cost stability. India’s agri push and favorable monsoon trends seem to have bolstered this turnaround.

● Manaksia Steels: PAT surged 298% YoY, driven by 30% revenue growth and sharp operating leverage from better capacity utilization. Margins expanded as expenses rose slower than topline, reflecting tight cost control. Strong infrastructure demand and focus on value-added steel probably sustained the rebound.

● Birla Corporation: PAT surged 298% YoY, driven by 30% revenue growth and sharp operating leverage from better capacity utilization. Margins expanded as expenses rose slower than topline, reflecting tight cost control. Strong infrastructure demand and focus on value-added steel likely maintained the rebound.

● JK Lakshmi Cement: PAT rose 122% YoY, aided by a 10% volume uptick, improved mix, and lower fuel costs. Despite modest revenue growth, margins expanded meaningfully on energy savings. Sector-wide input softness and infra-led demand may have sustained this sharp profitability gain.

5. Services: [#82] [Rev:+11.2%] [PAT:-8.5%]

● InterGlobe Aviation (IndiGo): PAT fell 20% YoY amid geopolitical disruptions, subdued travel demand, and rising non-fuel costs. Yield dropped 5% while RASK slid 10%, reflecting fare pressure and weak load factors. Sector-wide overcapacity and Q1 seasonality may have compounded margin strain.

● Redington Ltd.: PAT rose 7.3% YoY on record Q1 revenue of ₹26,002 Cr, driven by 20–40% growth across cloud, mobility, and tech solutions. Strong execution in India, UAE, and Saudi Arabia boosted topline, while margin gains reflect improved mix and operational efficiency.

● Quess Corp: PAT rose 4% YoY to ₹51 Cr, with adjusted PAT up 8%, aided by cost controls and stable margins despite soft revenue growth. Staffing demand remains muted, but operational efficiency supported a 10% EBITDA rise. Post-demerger focus on core operations seems to have sharpened profitability.

6. Information Technology: [#73] [Rev:+5.8%] [PAT:+6.7%]

● Moschip Technologies: PAT up 174% (₹10.9 Cr)! The semiconductor and design services firm reported its best PAT in recent quarters, likely due to project-based execution and margin tailwinds. However, prior earnings show volatility; therefore, this spike will need further confirmation before signaling trend reversal.

● Ceinsys Tech: PAT up 166% (₹31.6 Cr)! The GIS and infra-tech firm continues to gain from infra-linked execution cycles. With both revenue and PAT more than doubling YoY, this may reflect improved delivery on past order backlogs. Margins appear more stable than FY24.

● Netweb Technologies: PAT up 97% (₹30.5 Cr)! A standout in the AI/HPC infrastructure space. With growing institutional and public sector demand, this PAT surge seems structural rather than episodic. Revenue has also steadily climbed across recent quarters, validating scale momentum.

7. Healthcare: [# 61] [Rev: +9.6%] [PAT: -40.3%]

● Venus Remedies: PAT surged 687% YoY to ₹9.6 Cr, driven by strong topline growth and margin expansion on contained costs. A lower tax outgo also amplified bottom-line gains. Demand for specialty antibiotics and post-COVID normalization appears to have supported the improved product mix and pricing power.

● Strides Pharma: PAT rose 55% YoY, thanks to margin expansion and cost discipline, with operational PAT up 81%. Gross margins rose 300 bps as the company sharpened its focus on high-margin regulated markets. US growth and portfolio mix shift probably reinforced profitability gains.

● Sun Pharma: PAT fell 20% YoY due to one-time charges worth ₹818 Cr, though adjusted PAT rose 5.7% on strong operational performance. Revenue grew 9.5%, led by India and global innovative medicines..

● Mankind Pharma: PAT declined 18% YoY to ₹445 Cr, hit by a sharp rise in finance costs post-BSV acquisition. Despite 24% revenue growth, profit margins compressed 630 bps due to input cost inflation and integration-related expenses.

● Torrent Pharma: PAT rose 20% YoY to ₹548 Cr, driven by strong growth in India and international markets, particularly chronic therapies and recent US launches. Margins expanded to 32.5% on better mix and scale efficiencies. Chronic care demand and focus on complex generics seem to have underpinned the performance.

8. FMCG: [# 52] [Rev: +10.1%] [PAT +3.9%]

● Allied Blenders and Distillers Ltd.: PAT up 398.5% (₹55.8 Cr)! The alco-bev company reported its best PAT in the last six quarters. As per quarterly data, PAT has grown consistently from a loss in Dec ’23 to over ₹700 Cr annualised by Apr ’25. This quarter marks a slight pullback from the previous peak, but overall earnings remain strong.

● Radico Khaitan Ltd.: PAT jumped 73% YoY to ₹130.5 Cr, driven by record IMFL volumes and a premium-heavy product mix. Revenue grew 32.5%, while EBITDA surged 56% on stable input costs and expanding margins. Premiumisation and recovery in social consumption appear to have sustained the growth momentum.

● ITC Ltd.: ITC’s PAT rose 3.2% YoY to ₹5,343 Cr, as strong revenue growth in cigarettes, agri, and FMCG offset margin pressures from elevated input costs. EBITDA margins dipped to 30% due to high-cost inventory and inflationary headwinds.

● Hindustan Unilever Ltd. (HUL): PAT rose 6% YoY, aided by a sharp drop in tax expenses, including a one-off re-estimation benefit. Revenue grew 5% with 4% volume-led growth across all key categories, despite 130 bps EBITDA margin compression. Rural demand recovery and strong execution seem to have supported topline momentum.

● Varun Beverages: HUL’s PAT rose 6% YoY to ₹2,768 Cr, aided by a sharp drop in tax expenses, including a one-off re-estimation benefit. Revenue grew 5% with 4% volume-led growth across all key categories, despite 130 bps EBITDA margin compression.

9. Utilities: [# 18] [Rev: +2.0%] [PAT +7.8%]

● JSW Energy: PAT jumped 56.5% YoY to ₹835.9 Cr, led by a 93% surge in EBITDA to ₹3,057 Cr, fueled by Mahanadi and O2 Power acquisitions and 71% growth in power generation. Revenue rose 78% to ₹5,143 Cr, while capacity additions of 1,893 MW boosted scale and margin. Gains reflect renewable tailwinds, strong PPAs, and operational leverage from disciplined capex.

● GMR Power and Urban Infra: GMR Power swung from a one-time gain of ₹1,362 Cr last year to a ₹7.2 Cr loss in Q1 FY26, as rising project costs outpaced sluggish 2.3% revenue growth. Operating profit to interest ratio fell to a five-quarter low of 0.91x, while debt-equity surged to 17.5x. Margin and cash flow stress possibly stem from long-cycle infra project overruns and capital cost pressures.

● NTPC Ltd.: PAT rose 10.9% YoY to ₹6,108 Cr, despite a 3% revenue dip, driven by a 10.3% cut in fuel costs and a 67% jump in other income. High plant load factor (75.2%) and regulated tariff-linked fixed charge recovery helped protect margins.

● Tata Power: PAT rose 6.2% YoY to ₹1,262 Cr, led by a 95% jump in renewable energy profits and strong gains in T&D and manufacturing. Rooftop solar revenue more than doubled, with record 270 MWp installations boosting clean energy momentum. The solar manufacturing unit’s ₹100 Cr PAT signals rising domestic demand and policy-driven growth.

● Adani Power: PAT declined 15.5% YoY to ₹3,305 Cr due to lower merchant tariffs, underutilized capacity (PLF fell to 67%), and rising post-acquisition costs. Revenue dropped 5.9% amid erratic demand from heatwaves and early monsoons. Recent plant acquisitions pushed capacity up 15%, but volumes fell 1.6%, pointing to a demand–supply mismatch.

10. Energy: [# 13] [Rev: +1.1%] [PAT +27.2%]

● GAIL (India) Ltd.: PAT declined 25.2% YoY to ₹2,382 Cr, hurt by a 22.7% spike in raw material costs and reduced allocation of low-cost domestic gas. Gas marketing volumes fell 5.3%, while EBITDA margin dropped to 10.4% from 15.2%. Profitability was squeezed across segments as the company relied on pricier alternatives to maintain supply.

11. Telecommunication: [# 10] [Rev: 3.5%] [PAT: L->P]

● RailTel Corporation of India Ltd.: PAT surged 35.8% YoY to ₹66.1 Cr on the back of a 33.3% rise in revenue to ₹744 Cr, led by a 78% jump in project services. Order inflows quadrupled YoY to ₹721 Cr, including a ₹166 Cr BSNL order. Despite a 36% rise in expenses, margin gains came from operational leverage and higher realizations.

● Indus Towers Ltd.: PAT declined 9.8% YoY to ₹1,737 Cr despite a 9.1% revenue rise, as total expenses surged 29% and EBITDA margins compressed 710 bps to 54.5%. Power and fuel costs—84% of opex—rose 5.8% YoY, squeezing profitability. A partial offset came from an ₹88 Cr provision write-back on Vodafone Idea dues.

That’s it for this week. See you next week!