Strong Q2 Results : 2025-2026

Q2 FY26 Corporate Results – Key Highlights & Insights

Here’s a summary of key Q2 FY26 results from leading Indian companies across manufacturing, automotive, and banking sectors, with updates on management commentary, triggers, and analyst outlook.

Ador Welding

Revenue: ₹281 crore (+4% YoY)
Net Profit: ₹25 crore (+257% YoY)
ROCE: 20%; highest operating margin in three years

Key Factors/Updates: Margin improvement driven by cost control; strong infra/manufacturing order funnel; near debt-free balance sheet.

Key Triggers Ahead: Infra and manufacturing capex uptick, automation orders, and global supply chain reforms.

Management Commentary: “Growth to be supported by new project wins in core sectors; further automation investment and cost optimization on cards.” Focus on margin resilience and product diversification.

Analyst View: Bullish – Broking reports highlight improving margin trajectory and stable balance sheet. Rerating possible if growth sustains.

ASK Automotive

Revenue: ₹1,054 crore (+8.5% YoY)
PAT: ₹80 crore (+18.6% YoY)
EBITDA Margin: 13.4% (+124 bps)

Key Factors/Updates: Growth across braking, plastic, and components; solar plant commissioned; won Deloitte’s Best Managed Award.

Key Triggers Ahead: OEM launches, EV penetration, cost optimization, export revival, and restocking cycle.

Management Commentary: “Expecting volumes and profitability to remain above industry; strong order book from key clients; R&D and capacity expansion to support future growth.”

Analyst View: Positive – ‘Accumulate/Buy’ ratings for superior margins and segment leadership; minor valuation caution remains.

Atul Ltd

Revenue: ₹1,552 crore (+11.4% YoY)
Net Profit: ₹182 crore (+31% YoY)

Key Factors/Updates: Strong Life Science and Performance Chemicals performance; cash-rich and near zero debt.

Key Triggers Ahead: Agri/chemical rebound, specialty launches, and H2 operating leverage.

Management Commentary: “Product mix and cost actions to support margin expansion; new specialty plants to boost FY26–27; dividend payout to remain strong.”

Analyst View: Hold-to-Positive – Long-term compounder with robust specialty pipeline despite subdued global demand.

Bank of India

Net Profit: ₹2,555 crore (+8% YoY)
GNPA: 4.84%
Capital Adequacy: 16.24%

Key Factors/Updates: Improved asset quality, better cost efficiency, and stable deposit base.

Key Triggers Ahead: PSU merger developments, NII growth as interest rates peak, and digital push.

Management Commentary: “Business mix rebalancing to push NIMs; credit cost guidance remains benign; capital strong for future growth.”

Analyst View: Positive – Turnaround seen in asset quality with upside potential from merger-led synergies.

Bank of Maharashtra

Net Profit: ₹1,669 crore (+25% YoY)
NII: +16%
Advances: +17%
GNPA: 1.72% (lowest among PSBs)

Key Factors/Updates: Strong retail/MSME-led growth; highest PSU capital adequacy at 18.13%; solid core ROA.

Key Triggers Ahead: Focus on renewables, infra projects, and leadership in efficiency metrics.

Management Commentary: “Good pipeline in renewables, infra; aiming for top PSU ranking; expect to maintain NIMs and low NPAs.”

Analyst View: Overweight – Analysts see it as a PSU standout on book growth, NIM stability, and superior risk control.

Q2 FY26 Corporate Results – Bharat Group Companies

Summary of key Q2 FY26 results, management comments, and analyst insights for Bharat Bijlee, Bharat Seats, Bhartiya International, Brigade Enterprises, and Butterfly Gandhimathi Appliances.

Bharat Bijlee

Revenue: ₹473 crore (+20% YoY)
Net Profit: ₹28.2 crore (+50% YoY)
Operating Margin: steady at 9%

Key Factors & Updates: Profit growth driven by cost controls and strong demand in transformers and motors; company is almost debt-free with healthy dividend payouts.

Key Triggers: Government infrastructure and grid projects, private capex in power and manufacturing, increased export orders.

Management Comments: "Focused on operational excellence and balanced capex; will leverage electrification and automation trends—expect sustainable growth from infra and industry pipeline."

Broker/Analyst Recommendations: Positive view as a steady electrical play; valuation reasonable compared to sector leaders; recommended as an infrastructure beneficiary.

Bharat Seats

Revenue: ₹459 crore (+58% YoY)
Net Profit: ₹9.9 crore (+39% YoY)
ROCE: 15.6%

Key Factors & Updates: Outperformance in Maruti and auto seat supplies; strong order book for EV and railway verticals; 21% CAGR profit growth over 5 years.

Key Triggers: Auto sector up-cycle, new OEM model launches, margin expansion via cost reductions.

Management Comments: "New client wins and steady demand from Maruti/partners; investing in R&D for comfort and safety; confident of volume and margin gains in FY26."

Broker/Analyst Recommendations: Accumulate/Hold: Margin expansion and EV focus pose upside; caution on input costs and Maruti dependence.

Bhartiya International

Revenue: ₹280 crore (+22% YoY)
Net Profit: ₹5.6 crore (+203% YoY)
Operating Profit Margin: 8%

Key Factors & Updates: Improved leather and textile exports; growing international fashion client base; increased promoter shareholding.

Key Triggers: Global retail recovery, currency INR movements, improving leather margins.

Management Comments: "Building mix towards higher-margin segments and branded exports; targeting expanded EU and US presence; promote cost discipline."

Broker/Analyst Recommendations: Neutral: Brokers note global exposure and better outlook; concerns on low historical ROE and earnings volatility.

Brigade Enterprises

Revenue: ₹1,206 crore (+26% YoY)
Net Profit: ₹162 crore (+48% YoY)
Record Pre-Sales

Key Factors & Updates: Strong bookings led by housing and office segments; hotels and leasing recovery; large property launch pipeline.

Key Triggers: Festive season demand, hotel recovery, new launches, rising office rents.

Management Comments: "Entering H2 with robust launches and optimistic about festive season; pipeline is largest ever—momentum across all verticals."

Broker/Analyst Recommendations: Positive: Consensus overweight on Brigade as a growth play in South and Central India; valuations attractive on growth pipeline.

Butterfly Gandhimathi Appliances

Revenue: ₹289 crore (+18% YoY)
Net Profit: ₹10.3 crore (+36% YoY)
ROCE: 16%

Key Factors & Updates: Strong festival and off-season sales; low channel inventory; benefits of cost rationalisation.

Key Triggers: Expansion into rural markets, new product launches, festive season upselling.

Management Comments: "Expanding product categories and rural presence; focus on distribution channels—expect growth and improved profitability in coming quarters."

Broker/Analyst Recommendations: Hold-to-Positive: Volume recovery and margin tailwinds expected; potential for further re-rating on margin gains.

Q2 FY26 Result Highlights – Key Companies

Detailed update on Q2 FY26 financial results, operational highlights, management outlook, and analyst recommendations for Chennai Petroleum, Can Fin Homes, Canara Bank, CEAT, and CESC.

Chennai Petroleum (CPCL)

Revenue: ₹16,327 crore (+35% YoY)
PAT: ₹719 crore (from loss YoY)
Gross Refining Margin (GRM): $9.04 per barrel

Key Factors & Updates: Margin improvement due to lower crude costs and higher throughput; company nearly debt-free.

Key Triggers: Government capex policy, crude price volatility, refinery expansion plans.

Management Comments: "Operational excellence led profit turnaround. Capitalizing on favorable market, focus on high-value specialty products."

Broker/Analyst Recommendations: Accumulate – Brokers note cyclical upturn, improving market share, and expect stable earnings if margins hold.

Can Fin Homes

Net Profit: ₹251 crore (+19% YoY)
Return on Equity (ROE): 18.2%
Net Interest Margin (NIM): 3.7%
Loan growth maintained in double digits

Key Factors & Updates: Robust retail and MSME demand, low cost-to-income ratio, and best-ever asset quality.

Key Triggers: Housing and infrastructure reforms, peer competition, cost of funds trends.

Management Comments: "Driving profitability by expanding retail, digital lending, and branch network. NIM stable with asset quality a top priority."

Broker/Analyst Recommendations: Buy – Analysts highlight low NPAs, scalable retail book, best-in-class cost ratios, and attractive valuation multiples.

Canara Bank

Net Profit: ₹4,896 crore (+16% YoY)
Gross Non-Performing Assets (GNPA): 4.23%
Return on Equity (ROE): 18%
Net Interest Income (NII): ₹10,529 crore

Key Factors & Updates: Healthy deposit and loan growth, improved margins, and prudent credit costs.

Key Triggers: PSU bank merger and sector reforms, digital initiatives, and asset quality cycles.

Management Comments: "Strong emphasis on digital transformation, cost efficiency, and deposit franchise; expect sustained double-digit growth and low credit costs."

Broker/Analyst Recommendations: Overweight – Positive outlook due to strong earnings, management focus on profitability, and sector tailwinds.

CEAT

Revenue: ₹3,244 crore (+5% YoY)
Net Profit: ₹136 crore (+33% YoY)
Margin improvement by 200 basis points

Key Factors & Updates: Strong replacement and OEM demand, moderation in rubber and input costs, export volume growth.

Key Triggers: Auto sector up-cycle, rural demand, global tyre demand.

Management Comments: "Expect margin upside due to input cost correction, premiumisation of product mix, and ramp-up of global exports."

Broker/Analyst Recommendations: Buy – Most brokers highlight ongoing margin expansion, strong export pipeline, and potential for re-rating with sustained growth.

CESC

Revenue: ₹4,468 crore (+10% YoY)
Net Profit: ₹469 crore (+13% YoY)
Return on Equity (ROE): 14%

Key Factors & Updates: Revenue growth led by regulated utility operations, cost control, and healthy cash flows.

Key Triggers: Regulatory reforms, tariff hikes, capital expansion in generation capacity.

Management Comments: "Continued focus on efficiency, digital operations, and regulatory engagement. Expansion projects will support forward growth."

Broker/Analyst Recommendations: Hold-to-Positive – Analyst preference for utility stability and above-median yields; upside tied to regulatory clarity on tariffs.

Q2 FY26 Result Highlights – Select Indian Companies

Comprehensive update on Q2 FY26 financials, sector drivers, management outlook, and broker recommendations for CIE Automotive India, City Union Bank, D B Corp, Datamatics Global, and DCM Shriram.

CIE Automotive India

Revenue: ₹2,372 crore (+11% YoY)
Net Profit: ₹213.9 crore (+9% YoY)
EBITDA Margin: 15%

Key Factors & Updates: Margin expansion due to premium product mix and cost controls; company is debt-free with global customers.

Key Triggers: Automotive sector upcycle, new launches, global EV forging contracts, and export demand.

Management Comments: “Focus on light-weighting, value-added content and export growth; confident of double-digit margin retention.”

Broker/Analyst Recommendations: Accumulate – Analysts positive on cyclical tailwinds, EV readiness, and operational leverage; slight caution due to promoter selling trends.

City Union Bank

Net Profit: ₹329 crore (+15% YoY)
Return on Equity (ROE): 13%
Gross Non-Performing Assets (GNPA): 2.42%
Net Interest Margin (NIM): 3.8%

Key Factors & Updates: Loan growth fueled by MSME segment, steady CASA deposits; asset quality improving significantly; historically low cost-to-income ratio.

Key Triggers: Strong MSME and retail credit demand, core base in South India, regulatory and monetary policy developments.

Management Comments: “Adopting conservative growth but expect double-digit loan book increase in H2; asset quality metrics best in a decade.”

Broker/Analyst Recommendations: Buy-to-Accumulate – Favored for conservative loan portfolio, digital initiatives, and superior asset quality compared to midcap peers.

D B Corp

Revenue: ₹614 crore (+10% YoY)
Net Profit: ₹93 crore (+13% YoY)
Dividend Yield: Highest in sector at 4.7%

Key Factors & Updates: Print advertising recovery bolsters growth despite slow digital segment; best-in-class cost structure and strong cash flows.

Key Triggers: Print ad cycle, election-year media ad surge, planned digital expansion.

Management Comments: “Ad recovery steady, Q3 and Q4 seasonal upside expected; aiming for controlled investment to scale digital.”

Broker/Analyst Recommendations: Hold – Strong dividend yield and cash position noted; analysts await faster digital scale-up for rerating.

Datamatics Global

Revenue: ₹381 crore (+16% YoY)
Net Profit: ₹42 crore (+15% YoY)
Order Pipeline: At high levels

Key Factors & Updates: Growth driven by automation, BPM, SaaS/IP sales; robust BPO and AI project bookings.

Key Triggers: US and Europe deal wins, SaaS platform launches, rising AI-led projects.

Management Comments: “Focused on high-margin SaaS/IP deals; expect over 15% growth, double-digit EBIT margins, and global expansion.”

Broker/Analyst Recommendations: Positive – Technology brokers favor growth and AI margin mix; advise monitoring attrition and delivery cost inflation.

DCM Shriram

Revenue: ₹2,806 crore (+8% YoY)
Net Profit: ₹187 crore (+10% YoY)

Key Factors & Updates: Strong performance in chlor-vinyl and sugar segments; easing cost pressures; CAPEX in chemicals and renewables; diversified agri-input mix supports cash flow.

Key Triggers: Policy reforms in sugar and ethanol sectors, chemical price cycles, rural demand, commissioning of new plants.

Management Comments: “Expanding chemical and renewable capacities, aiming for margin stability and launching new agricultural products.”

Broker/Analyst Recommendations: Accumulate – Brokerages recognize structural growth potential, strong free cash flow, and margin support from diversification.

Q2 FY26 Result Highlights – Select Indian Companies

Overview of Q2 FY26 financial results, operational highlights, management insights, and broker opinions for Deep Industries, Filatex India, Firstsource Solutions, G M Breweries, and Ganesh Benzoplast.

Deep Industries

Revenue: ₹200 crore (+62% YoY)
Net Profit: ₹61.7 crore (+59% YoY)
Margin: 40%
Return on Equity (ROE): ~13%

Key Factors & Updates: Strong O&G services performance with new project wins; maintains dominant market share in post-exploration.

Key Triggers: Domestic gas infrastructure policies, new government O&G orders, expansion in gas dehydration and compression.

Management Comments: “Pipeline healthy in both drilling and services. Expect strong H2 as capex, O&G projects ramp up.”

Broker/Analyst Recommendations: Positive – Favored for niche oilfield segment and execution track record; risk noted on high receivables.

Filatex India

Revenue: ₹1,076 crore (+2.6% YoY)
Profit After Tax (PAT): ₹47.6 crore (+253% YoY)
Operating Margin: 7%

Key Factors & Updates: Margin improvement driven by input cost corrections and better product mix; ongoing debt reduction.

Key Triggers: Textile demand revival, further cost improvements, and capacity expansion plans.

Management Comments: "On track for margin improvement as raw material costs normalize. Capacity and automation to drive volumes; textile demand expected to rebound."

Broker/Analyst Recommendations: Accumulate – Viewed as a cyclical recovery play, strong if cost tailwinds continue and demand strengthens.

Firstsource Solutions

Revenue: ₹2,312 crore (+20% YoY)
Net Profit: ₹180 crore (+29% YoY)
Margin: 16%

Key Factors & Updates: BPM and BFSI vertical growth; digital and AI business expanded; healthy dividend payout.

Key Triggers: AI and automation deals, global BFSI outsourcing, healthcare cross-selling.

Management Comments: “Strong deal pipeline with digital-first focus will maintain double-digit growth. Margins stable; AI investments to drive next growth phase.”

Broker/Analyst Recommendations: Positive – Analysts favor tech and AI-led growth; ongoing execution cited as key strength.

G M Breweries

Revenue: ₹207 crore (+25% YoY)
Net Profit: ₹45 crore (+67% YoY)
Margin: 21%

Key Factors & Updates: Strong spirits sales, expansion in new regions, and effective cost controls.

Key Triggers: Regulatory changes in excise and licensing, festival season demand, new product launches.

Management Comments: "Growth driven by demand resilience and wider distribution; targeting new states for volume growth."

Broker/Analyst Recommendations: Hold – Low debt and solid dividend; sector exposure and regulatory risks present but valued for stability.

Ganesh Benzoplast (Ganesh Consumer)

Revenue: ₹185 crore (+22% YoY)
Net Profit: ₹26 crore (+19% YoY)

Key Factors & Updates: Strong storage and chemicals business; high utilization of storage infrastructure; new chemical contracts; port terminal expansion.

Key Triggers: New tank terminal capacity, specialty chemical orders, policy tailwinds in logistics and infrastructure.

Management Comments: “Capacity utilization at record highs, further debottlenecking planned for 2026. Strong demand and margin gains expected in specialty storage.”

Broker/Analyst Recommendations: Positive – Infrastructure and logistics play with margin tailwinds; analysts await capacity delivery and contract pipeline updates.

Q2 FY26 Result Highlights – Leading Indian Companies

An overview of Q2 FY26 financial performance, sector catalysts, management insights, and analyst evaluations for Gateway Distriparks, Grindwell Norton, Gujarat Pipavav Port, Hindalco Industries, and IFB Agro Industries.

Gateway Distriparks

Revenue: ₹550 crore (+56% YoY)
Net Profit: ₹62 crore (+24% YoY)
Operating Profit Margin (OPM): 22%
Dividend Yield: 3.2%

Key Factors & Updates: Gains from freight and Dedicated Freight Corridor (DFC), record container volumes, expansion at Inland Container Depots (ICDs).

Key Triggers: Rail network expansion, DFC Phase-II progress, new value-added service launches.

Management Comments: “Large project pipeline, focus on export-import volumes. Confident on margin sustainability and stronger H2 volumes.”

Broker/Analyst Recommendations: Positive – Favored for logistics cycle, high yield, and container rail play; watching working capital days carefully.

Grindwell Norton

Revenue: ₹775 crore (+12% YoY)
Net Profit: ₹107 crore (+11% YoY)
Operating Margin: 18%
Return on Capital Employed (ROCE): 21%

Key Factors & Updates: Growth in abrasives and ceramics; new product launches in engineered materials; almost debt-free.

Key Triggers: Manufacturing recovery, export order book growth, margin stability due to cost control measures.

Management Comments: “Capacity ramp-up and product innovation to drive next growth phase. Emphasis on efficiency, global sourcing, and niche specialties.”

Broker/Analyst Recommendations: Accumulate – High execution ratings, stable margins, strong global parentage support premium valuations.

Gujarat Pipavav Port

Revenue: ₹299 crore (+32% YoY)
Net Profit: ₹158 crore (+38% YoY)
Margin: 58%
Dividend Payout: 100%

Key Factors & Updates: High utilization at container and bulk terminals, infrastructure expansion, record interim dividend payout.

Key Triggers: Policy clarity on maritime sector, concession extension, cargo volume growth.

Management Comments: “Operating efficiency at best-ever levels; capex plans linked with long-term concession agreements. Growth expected with trade, phased capacity additions.”

Broker/Analyst Recommendations: Buy – Strong yield, cash flow, and low debt; positive outlook on policy clarity and global maritime trade pick-up.

Hindalco Industries

Revenue: ₹66,058 crore (+13% YoY)
Net Profit: ₹4,741 crore (+21% YoY)

Key Factors & Updates: Robust India EBITDA; outperformance in domestic aluminium and strong downstream demand; mixed global outlook.

Key Triggers: Capex at Novelis and India green aluminium projects; price strength in aluminium.

Management Comments: “Capex ramp-up supportive; Indian growth outlook is robust. Novelis margins steady despite global volatility. Expansion and recycling projects ongoing.”

Broker/Analyst Recommendations: Overweight – Positive views on India's capex and green growth strategy; watching global cycle; seen as sector rerating play.

IFB Agro Industries

Revenue: ₹159 crore (+6% YoY)
Net Profit: ₹5.8 crore (+19% YoY)

Key Factors & Updates: Growth in alcohol and IMFL segments; cost controls contributing to margin gains.

Key Triggers: State excise regulatory changes, festive season demand, new product launches.

Management Comments: “Volume stability in IMFL; new launches planned; targeting premiumization and distribution expansion.”

Broker/Analyst Recommendations: Hold – Positive on balance sheet and premiumization; monitoring rural demand and regulatory risks.

Q2 FY26 Result Highlights – Prominent Indian Companies

Summary of Q2 FY26 financial results, key drivers, management strategies, and analyst recommendations for Infosys, JK Tyre, Jupiter Life Line Hospitals, Kajaria Ceramics, Kovai Medical Center, Krishana Phoschem, L&T Technology Services, La Opala RG, Mphasis, and National Aluminium (NALCO).

Infosys

Revenue: ₹44,490 crore (+8.6% YoY)
Net Profit: ₹7,375 crore (+13% YoY)
Operating Profit Margin (OPM): 24%

Key Factors & Updates: Strong deal wins in digital, AI, cloud; capital return via buyback and margin discipline upheld.

Key Triggers: Global tech demand growth, US/EU market expansion, scale-up of products and platforms.

Management Comments: “Confident of double-digit FY26 growth, focus on scaling digital/AI and improving margin profile.”

Broker/Analyst Recommendations: Positive – Systemic buy; analysts note resilient growth, capital returns, and robust deal pipeline.

JK Tyre & Industries

Revenue: ₹4,011 crore (+11% YoY)
Net Profit: ₹227 crore (+59% YoY)
Margin: 14%

Key Factors & Updates: Premium product segment growth, OEM and export ramp, input cost tailwinds.

Key Triggers: Auto sector up-cycle, rural demand rise, premium product launches.

Management Comments: “Strong domestic and export momentum; premiumization drive ongoing; focus on margin and brand.”

Broker/Analyst Recommendations: Accumulate – Potential peer rerating if volumes and margins sustain; input costs remain a risk.

Jupiter Life Line Hospitals

Revenue: ₹348 crore (+20% YoY)
Net Profit: ₹44 crore (-1% YoY)
Operating Profit Margin (OPM): 23%

Key Factors & Updates: Demand in tertiary and quaternary care; steady capacity utilization; expansions in Indore and Pune.

Key Triggers: New hospitals, premium segment growth, bed additions.

Management Comments: “Expanding in Western India; adding premium and super-specialty services for scale.”

Broker/Analyst Recommendations: Buy – Rated as structural healthcare growth play; upside tied to expansion and mix shifts.

Kajaria Ceramics

Revenue: ₹1,278 crore (+7% YoY)
Net Profit: ₹104 crore (+14% YoY)
Margin: 16%

Key Factors & Updates: Healthy demand from housing, easing input costs, product launches; capacity utilization >90%.

Key Triggers: New real estate projects, rural housing growth, brownfield expansions.

Management Comments: "Tiles and ceramics demand robust; targeting market share and premium segments; cost controls aiding margin recovery."

Broker/Analyst Recommendations: Positive – Bullish on leadership, rural/realty demand, and margin expansion tailwinds.

Kovai Medical Center

Revenue: ₹402 crore (+17% YoY)
Net Profit: ₹49 crore (+15% YoY)
Margin: 19%

Key Factors & Updates: Rising patient footfalls, high-value procedures, specialty expansion.

Key Triggers: New hospital beds, tie-ups, diagnostic sector growth.

Management Comments: “Focused on high-end treatment growth, new city expansions; aiming for sustained double-digit topline growth.”

Broker/Analyst Recommendations: Buy – Regional leader, strong expansion tailwinds, financial discipline, and clinical excellence noted.

Krishana Phoschem

Revenue: ₹608 crore (+102% YoY)
Net Profit: ₹33 crore (+98% YoY)
Margin: 13%
ROE: 25%

Key Factors & Updates: Momentum in fertilizer/chemical expansion; Rs 142 crore capex commissioning by March 2026; green ammonia project success.

Key Triggers: Agricultural and infrastructure policy tailwinds, greenfield capacity addition, product launches.

Management Comments: “Healthy growth maintained; new capacities and ammonia wins to accelerate topline.”

Broker/Analyst Recommendations: Positive – Bullish on robust profit compounding and phosphate integration; cautious on inventory and receivable levels.

L&T Technology Services

Revenue: ₹2,980 crore (+15.8% YoY)
Net Profit: ₹329 crore (+2.8% YoY)
Operating Profit Margin (OPM): 17%

Key Factors & Updates: Strong ER&D orders; digital traction in MedTech and Hi-Tech; major Fortune global client additions.

Key Triggers: Digital engineering expansion, large deal conversions, M&A activity, automation.

Management Comments: “Scaling digital/AI engineering; cross-industry partnerships; margin improvements expected as new verticals scale.”

Broker/Analyst Recommendations: Accumulate-Buy – Favored for tech and ER&D hybrid positioning; medtech and hi-tech tailwinds; margin sustainability monitored.

La Opala RG

Revenue: ₹65 crore (-10% YoY)
Net Profit: ₹25.4 crore (+7% YoY)
Margin: 33%
ROCE: 15%

Key Factors & Updates: Festive demand-led recovery; price stability; strong cash flow and dividend payout.

Key Triggers: Consumer recovery, premium product launches, festive season enhancement expected in second half.

Management Comments: “Demand momentum expected to revive; focus on cash flow and ROE; expansion of premium segment.”

Broker/Analyst Recommendations: Hold – Strong balance sheet and cash returns; watch for top-line revival after weak Q2.

Mphasis

Revenue: ₹3,205 crore (+6% YoY)
Net Profit: ₹416 crore (+8% YoY)
ROE: 17%

Key Factors & Updates: Growth driven by BFSI/digital shift; steady margins at 15.5%; new deal wins.

Key Triggers: US/Europe enterprise demand; next-gen digital deals; automation and BFSI sector upcycle.

Management Comments: “Large deal pipeline strong; AI and digital services will drive sustained margin and volume growth.”

Broker/Analyst Recommendations: Positive – Re-rating potential due to strong BFSI base and digital strategy execution.

National Aluminium Company Limited (NALCO)

Revenue: ₹3,626 crore (+10% YoY)
Net Profit: ₹565 crore (+5.5% YoY)
Margin: 19%
Dividend Payout: Strong

Key Factors & Updates: Strong alumina prices; high capacity utilization; ongoing capex.

Key Triggers: Aluminium price cycle, capacity expansion plans, policy reforms.

Management Comments: “Cost control sustained; alumina expansion on track; dividend payout to remain robust.”

Broker/Analyst Recommendations: Buy – Brokers highlight competitive cost position, steady dividends; upside with global commodity tailwinds and expansion.

Q2 FY26 Result Highlights – Selected Indian Companies

Overview of Q2 FY26 financial performance, strategic updates, management commentary, and analyst recommendations for Nilkamal Ltd, Pricol Ltd, Quess Corp, Rossari Biotech, Sagility, Sai Silks (Kalamandir), Samhi Hotels, Siyaram Silk Mills, SKM Egg Products, and Sun Pharma Industries.

Nilkamal Ltd

Revenue: ₹883 crore (+19% YoY)
Net Profit: ₹15.3 crore (-17% YoY)
Operating Profit Margin (OPM): 8%

Key Factors & Updates: Robust sales in home and office furniture; cost pressures affected profits; ongoing expansion in consumer-ready furniture.

Key Triggers: Recovery in discretionary demand, festive season impact, input cost inflation and easing.

Management Comments: “Focus on expanding product range and material innovation; expect margin normalization as raw material costs ease.”

Broker/Analyst Recommendations: Hold – Stable dividends and brand presence; re-rating potential tied to ROE improvement and top-line growth.

Pricol Ltd

Revenue: ₹1,007 crore (+51% YoY)
Net Profit: ₹64 crore (+42% YoY)
OPM: 11%

Key Factors & Updates: Strong OEM demand; dominance in instrument clusters; diversification into aftermarket and exports.

Key Triggers: Up-cycle in India auto sector; new EV and commercial vehicle launches.

Management Comments: “Robust capacity and product pipeline; targeting market share growth in digital/EV clusters and exports.”

Broker/Analyst Recommendations: Accumulate – Positive on profit compounding, industry leadership, and new product momentum.

Quess Corp

Revenue: ₹3,832 crore (+3.4% YoY)
Net Profit: ₹52 crore (+1.5% YoY)
Operating Profit Margin (OPM): 2%

Key Factors & Updates: Leading workforce management solutions; increasing digital services share; improved debtor days.

Key Triggers: Flexi-staffing demand, transition to digital platforms, automation, and managed service growth.

Management Comments: “Consolidated market leadership; digital platforms driving efficiency; aiming for margin recovery.”

Broker/Analyst Recommendations: Buy/Hold – Strong client base and yield; key rerating dependent on margin scale-up.

Rossari Biotech

Revenue: ₹458 crore (+7% YoY)
Net Profit: ₹36 crore (+14% YoY)
OPM: 11%

Key Factors & Updates: Growth in specialty chemicals; recovery in textile and personal care segments; raw material cost optimization.

Key Triggers: New product launches, FMCG and export push, China procurement trends.

Management Comments: “Expect margin expansion in Q3; scaling high-value chemistries and diverse end markets.”

Broker/Analyst Recommendations: Positive – Niche specialty chemicals play; watching personal care scale-up and margin stability.

Sagility

Revenue: ₹1,659 crore (+25% YoY)
Net Profit: ₹251 crore (+114% YoY)
OPM: 15%

Key Factors & Updates: Healthcare BPM vertical outperformed; strong US deal wins; digital workflow scaling.

Key Triggers: US payer/healthcare outsourcing growth; automation; delivery expansion in India and Philippines.

Management Comments: “Robust healthcare pipeline; AI and automation to drive next phase; focus on efficiency and global wins.”

Broker/Analyst Recommendations: Positive – Preferred healthcare BPM player; strong US client retention; focus on sustained margin growth.

Sai Silks (Kalamandir)

Revenue: ₹444 crore (+28% YoY)
Net Profit: ₹40 crore (+69% YoY)
Margin: 16%

Key Factors & Updates: Strong festive and wedding demand; low debt; working capital stretched; launched premium categories.

Key Triggers: Festive and fashion cycle, store expansion, premiumization focus.

Management Comments: “Focusing on regional growth; expanding value and premium formats; operational efficiencies to improve margins.”

Broker/Analyst Recommendations: Accumulate – Positive on festive/wedding growth and profitability; monitoring working capital closely.

Samhi Hotels

Revenue: ₹293 crore (+12% YoY)
Net Profit: ₹100 crore (+110% YoY)
Operating Profit Margin (OPM): 36%

Key Factors & Updates: Branded business hotel assets; profit turnaround post-acquisition; cost control improvements.

Key Triggers: Occupancy growth, business travel revival, new revenue streams.

Management Comments: “Post-acquisition turnaround; focusing on premiumization and scaling via partnerships with Marriott, Hyatt, and IHG.”

Broker/Analyst Recommendations: Positive – Asset-light expansion and margin recovery seen; monitoring debt and equity returns.

Siyaram Silk Mills

Revenue: ₹706 crore (+16% YoY)
Net Profit: ₹87 crore (+27% YoY)
Margin: 13%

Key Factors & Updates: Recovery in textiles and garments; margin expansion; stable dividend payouts.

Key Triggers: Festive demand, B2C expansion, increase in brand marketing spend.

Management Comments: “Healthy growth across segments; higher garment share; focus on working capital and operating leverage.”

Broker/Analyst Recommendations: Accumulate – Strong brand; margin trends favorable; premium and ready-to-wear focus key for rerating.

SKM Egg Products

Revenue: ₹286 crore (+26% YoY)
Net Profit: ₹46 crore (+58% YoY)
Operating Profit Margin: 21%

Key Factors & Updates: Robust export and processed food demand; volume growth in new geographies.

Key Triggers: Demand from EU/Asia, value-added and processed egg product launches.

Management Comments: “Stable supply chain; targeting new global clients; pipeline strong for product and process innovation.”

Broker/Analyst Recommendations: Buy – Unique export niche; strong recurring cash flow; expanding distribution network.

Sun Pharma Industries

Revenue: ₹12,314 crore (+12% YoY)
Net Profit: ₹2,278 crore (+7% YoY)
ROE: 20%
EBITDA Margin: 28%

Key Factors & Updates: Outperformance in branded generics and specialty drugs; R&D ramp-up; growth in US and India markets.

Key Triggers: FDA approvals, specialty launches, global market expansions.

Management Comments: “Focused on specialty portfolio; robust US/India drug pipeline; new launches will sustain double-digit growth.”

Broker/Analyst Recommendations: Overweight – Largest Indian pharma; pipeline and domestic market versatility key strengths.

Q2 FY26 Result Highlights – Key Indian Companies

Financial and operational highlights, management insights, and analyst recommendations for Sunteck Realty, TTK Prestige, UPL Ltd, Vaibhav Global, and Windlas Biotech for Q2 FY26.

Sunteck Realty

Revenue: ₹252 crore (+49% YoY)
Net Profit: ₹49 crore (+41% YoY)
Operating Profit Margin (OPM): 30%

Key Factors & Updates: Premium residential and commercial projects; Mumbai Metropolitan Region pipeline expansion; improved working capital management.

Key Triggers: New launches in MMR; premiumization focus; Joint Venture and Joint Development deals.

Management Comments: “Balanced launch pipeline, focus on upscale segment, targeting higher margins with cost discipline.”

Broker/Analyst Recommendations: Accumulate – Emphasis on execution in MMR and margin expansion; positive view on differentiated development model.

TTK Prestige

Revenue: ₹834 crore (+11% YoY)
Net Profit: ₹63 crore (+22% YoY)
Margin: 9%

Key Factors & Updates: Leading kitchen appliance brand; demand picking up in premium cookware; broad retail footprint.

Key Triggers: Consumer upgrades; rural demand; festive season uplift.

Management Comments: “Retail expansion on track; innovation in product line expected to drive H2 volumes and margin improvement.”

Broker/Analyst Recommendations: Hold – Brand strength acknowledged; awaiting sales/profit revival; expected improvement with festive and urban demand surge.

UPL Ltd

Revenue: ₹12,019 crore (+8% YoY)
Net Profit: ₹612 crore (+126% YoY)
Operating Profit Margin (OPM): 27%

Key Factors & Updates: Strong global agrochemical performance; cost management; growth in Latin America and India.

Key Triggers: Crop cycles; new product pipeline and bio-solutions; M&A and expansion.

Management Comments: “Strategic rebalancing in key geographies; cost discipline and new launches to support double-digit long-term growth.”

Broker/Analyst Recommendations: Buy – Strong recovery and new biochem product prospects; key focus on global cycles and cash flows.

Vaibhav Global

Revenue: ₹816 crore (+12% YoY)
Net Profit: ₹72 crore (+15% YoY)
Margin: 11%

Key Factors & Updates: Omni-channel retail growth in jewelry and fashion; international sales rebound; low debt.

Key Triggers: Digital expansion; entry into new markets; festive season demand.

Management Comments: “International and geographic diversification yielding results; focus on increasing retail and Omni-channel share.”

Broker/Analyst Recommendations: Accumulate – Asset-light, high-margin retail play; watching for resilience in global consumer spending.

Windlas Biotech

Revenue: ₹215 crore (+19% YoY)
Net Profit: ₹22 crore (+17% YoY)
Operating Profit Margin (OPM): 12%

Key Factors & Updates: Strength in Pharma CDMO segment; robust orderbook; high capacity utilization.

Key Triggers: Increasing CDMO and contract manufacturing orders; ramp-up of export and US market presence.

Management Comments: “Robust pipeline; key focus on export market ramp-up; capacity expansions planned for next period.”

Broker/Analyst Recommendations: Positive – Viewed as a CDMO growth play with significant runway as exports and order flows scale up; execution in key markets critical.