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Ambuja Cements Q2 FY26: Volume & Margin Drive Deliver a Strong Surge
Equities, Markets, Result Updates - November 25, 2025

Ambuja Cements Q2 FY26: Volume & Margin Drive Deliver a Strong Surge

Ambuja Cements Q2 FY26: Volume & Margin Drive Deliver a Strong Surge

Ambuja Cements delivered a standout quarter, with a ~20% YoY rise in volumes, healthy revenue growth and margin expansion, leading to a sharp jump in profit. Revenue hit ~₹9,174 crore (+21.5% YoY), cement sales volumes reached 16.6 million tonnes (+20% YoY) and EBITDA margin expanded to ~19.2% (+4.5 pp YoY). Consolidated PAT surged to ~₹2,302 crore (+364% YoY), helped partly by non-recurring items (tax provision reversal). The company has raised its FY28 capacity target from 140 MTPA to 155 MTPA, signalling both growth ambition and confidence in demand.

*Key Highlights*
* Volume (cement sales): 16.6 million tonnes in Q2 FY26 (+20% YoY), highest ever in Q2 series.
* Revenue from operations (consolidated): ~₹9,174 crore (+21.5% YoY)
* EBITDA: ~₹1,761 crore (+58% YoY) and EBITDA per tonne: ~₹1,060 (+32% YoY)
* EBITDA margin: ~19.2% (+4.5% points YoY)
* Consolidated PAT: ~₹2,302 crore (+364% YoY)
* EPS: ~₹7.14 (+266% YoY)
* Cost reductions: Kiln fuel cost down ~2% YoY and power cost down ~6% YoY
* Capacity expansion: FY28 target raised to 155 MTPA (from 140 MTPA) via debottlenecking (capex ~USD 48/MT)

*Revenue & Profit Analysis*
Revenue growth of ~21.5% YoY to ~₹9,174 crore reflects strong demand and good pricing. Volume growth (+20% YoY) was a major driver, complemented by improved realisation and premium product mix (premium cement share ~35% of trade sales).
Profit grew disproportionately higher (+364% YoY) to ~₹2,302 crore, but this included a tax‐provision reversal of ~₹1,697 crore which significantly boosted the bottom line.
Thus, while underlying operations are improving (volume, margin), the exceptional item means profit growth is not purely organic. EBITDA margin expansion to ~19.2% (+4.5 pp) indicates cost discipline and premiumisation working. The company has also improved cost of sales via fuel/energy initiatives (fuel & power cost reductions).

*Segment/ Operational Performance*
* Volumes & Mix: Cement sales at 16.6 million tonnes (+20% YoY), the highest ever for Q2 in the company’s history. Premium cement (higher margin product) saw faster growth (28% YoY) and its share improved.
* Cost Efficiency: Kiln fuel cost reduced ~2%, power cost reduced ~6%. Direct dispatch (which lowers logistics cost) increased by 5% points to 59%.
* Expansion & Capacity: The company raised its FY28 target capacity to 155 MTPA (up 15 MTPA) via debottlenecking initiatives which implies growth without heavy new capex.

*Risk & Outlook Considerations*
While the operational momentum is strong, the reliance on tax reversals for profit growth warrants caution. The company’s cost‐target (exit FY26 cost ~₹4,000 per MT) and aim for ~₹3,650 per MT by FY28 suggest margin improvement is part of the journey ahead. Demand risk (monsoon headwinds, housing/ infrastructure slowdowns) remains a factor.

*Conclusion*
Ambuja Cements’ Q2 FY26 results are impressively strong, with volume growth ahead of the industry, margin expansion and a sharply improved earnings line. The premium‐cement push and cost discipline show operational maturity. Key factors to keep an eye on include whether sustained margin improvement continues without relying on tax‐provision benefits, how well the expansion to 155 MTPA unfolds and whether demand remains strong in the second half given macro risks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IndiQube Q2 FY26: Scaling Workspace Portfolio as Core Metrics Improve

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IndiQube Q2 FY26: Scaling Workspace Portfolio as Core Metrics Improve
Markets, Real Estate, Result Updates - November 24, 2025

IndiQube Q2 FY26: Scaling Workspace Portfolio as Core Metrics Improve

IndiQube Q2 FY26: Scaling Workspace Portfolio as Core Metrics Improve

IndiQube delivered a strong Q2 FY26, showing that its workspace business is not just growing in size but also becoming financially stronger. The company added more centres, improved occupancy and reported higher revenue and profit, backed by steady recurring income from long-term clients. This quarter clearly shows IndiQube moving from rapid expansion to a more stable, scalable and cash-generating phase of its business.

*Headline numbers*
* Revenue (Q2 FY26): ₹354 Cr, +38% YoY
* EBITDA (Q2 FY26): ₹75 Cr, EBITDA margin 21%
* PAT (Q2 FY26): ₹28 Cr, PAT margin 8%
* H1 FY26 Revenue: ₹668 Cr (highest-ever half-year)
* H1 EBITDA: ₹139 Cr, H1 PAT: ₹47 Cr
* Operating cash flow (H1 FY26): ₹151 Cr, +138% YoY

*Key operational metrics*
* Area under management (AUM): 9.14 Mn sq.ft., increase of ~1.3 Mn sq.ft. YoY
* Seat capacity: ~203k seats (added ~30k seats YoY)
* Portfolio: 125 properties across 16 cities, 22 new centres added YoY
* New cities added this quarter: Indore, Kolkata, Mohali
* Portfolio occupancy: 87% (portfolio-level)

*Understanding the quarter at a glance*
1. Top-line growth is real and recurring: Revenue jumped 38% year-on-year to ₹354 Cr, and management stresses that ~96% of H1 revenue is recurring. It isn’t just one-off leasing but it’s regular cash flow from customers.
2. Margins Strengthen as the Business Scales: EBITDA rose sharply to ₹75 Cr, delivering a 21% margin in Q2, a meaningful step-up from prior periods. Improved utilization (87% occupancy) and larger enterprise deals are feeding both topline and margin expansion.
3. Profits becoming consistent: PAT is ₹28 Cr (8% margin) for the quarter. The company reports PAT growth of more than 3x vs prior year quarter in its presentation, reflecting the benefits of scaling up and managing costs more efficiently.
4. Cash flow is catching up: Operating cash flow for H1 FY26 rose to ₹151 Cr (+138% YoY). For a capital-light, recurring-revenue business, improving cash generation reduces financing risk and supports measured expansion.

*Key wins this quarter*
* Large enterprise leases closed this quarter include a 1.4 lakh sq.ft. lease in Bengaluru to a global asset manager and a 68,000 sq.ft. Design & Build project in Hyderabad for a large automaker, both mark IndiQube’s product fit with big, stable corporate customers.
* Company now has a CRISIL ‘A+’ (Stable) credit rating, useful signal for institutional counterparties and lenders.

*Future Outlook*
* Lower execution risk, higher predictability: With nearly all revenues recurring and strong occupancy, growth becomes more visible. Management’s emphasis on large enterprise customers improves stickiness and reduces churn risk.
* Room to scale profitability: The combination of rising occupancy, higher ticket enterprise deals and leverage in fixed costs suggests margins can improve further as the portfolio grows.
* Capital & credit profile improving: Operating cash generation and an A+ rating reduce the need for dilutive capital and make balance-sheet financing easier. It is also helpful if IndiQube wants to expand to more Tier-II/ III cities.

*Risk factors*
* Execution in new cities: Entering Indore, Kolkata and Mohali expands reach, but new-city economics (leasing speed, local demand) must be scrutinised.
* Customer concentration: While securing large enterprise clients is beneficial, dependence on a concentrated customer base introduces risk if any major client exits.

*Conclusion*
Q2 FY26 looks like a milestone quarter for IndiQube: strong double-digit top-line growth (₹354 Cr, +38% YoY), healthier margins (21% EBITDA) and positive PAT (₹28 Cr), supported by rising occupancy (87%), large enterprise wins and materially better operating cashflow (H1 CFO ₹151 Cr). The company is shifting from rapid expansion to focusing on scaling and earning more from its existing portfolio. If this sustains, it should lead steadier earnings and healthier balance sheet.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Groww Q2 FY26: Profit Growth Amid Revenue Pressure

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Groww Q2 FY26: Profit Growth Amid Revenue Pressure
Banking, Business, Result Updates - November 24, 2025

Groww Q2 FY26: Profit Growth Amid Revenue Pressure

Groww Q2 FY26: Profit Growth Amid Revenue Pressure

Groww reported a softer top line but a stronger bottom line in Q2 FY26. Revenue from operations fell year-on-year, yet PAT rose materially due to operating leverage, lower one-offs compared with the prior year and a healthier revenue mix. The quarter highlights how Groww’s business model is maturing, even when top-line growth slows, profitability remains resilient.

*Headline numbers (consolidated)*
* Revenue from operations (Q2 FY26): ₹10,187.42 mn
* Other income: ₹520.55 mn
* Total income: ₹10,707.97 mn
* Total expenses: ₹4,325.99 mn (includes employee benefits, finance costs, depreciation, other expenses)
* Profit before tax: ₹6,376.77 mn
* Profit after tax (PAT): ₹4,713.39 mn
* EPS (basic): ₹0.79
Revenue for the same quarter last year (30 Sep 2024) was ₹11,253.87 mn — so revenue declined ~9.5% YoY, while PAT rose ~12% YoY (from ₹4,201.60 mn to ₹4,713.39 mn).

*Why revenue fell but profit rose*
Groww highlights that the revenue decline was driven by changes in derivatives and “true-to-label” regulations which reduced derivatives revenue. However, higher contribution from Stocks, MTF, LAS and interest income helped offset some of that fall. The company also notes pricing changes and higher average order values (stock order AOV up 66% YoY to ₹59,079) improved yield per order.
Groww’s model attributes a large share of incremental revenue to bottom line because many costs are fixed. The company explains that since over 90% of its costs do not increase directly with revenue, any improvement in certain high-margin revenue streams leads to a larger rise in profits, resulting in higher PAT margins. For Q2 FY26, Groww reports a PAT margin of ~44%.
Management states that Q2 last year had an impact from a one-time long-term incentive provision (~₹1,593 mn) which distorts simple YoY PAT comparisons. Adjusting for that, the company says PAT would have moved more in line with revenue.

*Platform and product KPIs*
* Active users: Grew 3.2% QoQ, with new acquisitions contributing ~4.5% of the incremental revenue growth in the quarter.
* Revenue mix shift: Stocks, Margin Trading Facility (MTF) and LAS (loan against securities) saw rising shares. Derivatives’ share fell ~10% points YoY. Management expects the Fisdom acquisition to contribute approximately 3–4% to Revenue from Operations based on the current run-rate.
* MTF scale: Active MTF users rose to 78k and the net funded MTF book reached ₹16,683 mn (market share ~1.7% in that segment).

*Cash, balance sheet and M&A*
Groww generated ₹4,713 mn in earnings in Q2 (which management describes as cash generated), but the closing cash balance fell to ₹35,990 mn from an opening ₹38,197 mn — largely due to ₹9,610 mn paid for the acquisition of Fisdom, and deployments into MTF/ LAS and working capital. Total assets stood at ~₹136,768.85 mn as of 30 Sep 2025 (showing significant financial assets and customer-linked balances).

*Strategic implications*
As the derivatives channel stabilises under new rules, QoQ revenue could improve. Meanwhile, Stocks, MTF and LAS are scalable revenue engines and appear to be gaining traction.
Groww’s PAT margin is high because of operating leverage and a favourable mix. However, discrete investments (branding, higher CAC periods) and one-offs can fluctuate quarterly margins. Management suggests looking at annualised PAT margin rather than quarter-to-quarter moves.
The Fisdom purchase is modest in size relative to the balance sheet but strategic for wealth offerings. Successful integration and cross-selling into the growing and affluent user segment will be key to sustaining revenue growth.

*Conclusion *
Groww’s Q2 FY26 shows a platform navigating revenue pressure from regulation and product mix changes, yet delivering stronger profitability through scale and higher-yield offerings. If the company continues to build its Stocks, MTF and LAS segments and integrates Fisdom efficiently, it can convert this momentum into steadier long-term revenue growth. Otherwise, results may stay profitable but uneven.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Dr Reddy’s Q2 FY26: Revenue Up 9.8% but Margin Under Pressure

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Dr Reddy’s Q2 FY26: Revenue Up 9.8% but Margin Under Pressure
Business, Markets, Result Updates - November 24, 2025

Dr Reddy’s Q2 FY26: Revenue Up 9.8% but Margin Under Pressure

Dr Reddy’s Q2 FY26: Revenue Up 9.8% but Margin Under Pressure

Dr Reddy’s delivered healthy top-line growth in Q2 FY26, consolidated revenue of ₹88,051 Mn (+9.8% YoY, +3% QoQ), but profitability shows strain: gross margin fell to 54.7% and PBT margin slipped, reflecting product mix shifts, one-offs and pricing pressure in key markets.

*Key numbers*
* Revenue (consolidated): ₹88,051 Mn (Q2 FY26), +9.8% YoY and +3% QoQ
* EBITDA: ₹23,511 Mn, 26.7% of revenues
* Profit before tax (PBT): ₹18,350 Mn, PBT margin 20.8% (down ~310 bps YoY)
* Profit after tax (PAT) attributable to equity holders: ₹14,372 Mn, +14% YoY and +1% QoQ
* Gross margin: 54.7% (Q2 FY25: 59.6%), down ~492 bps YoY and 223 bps QoQ.
* SG&A: ₹26,436 Mn, 30% of revenues, +15% YoY (company notes one-offs and NRT investments)
* R&D: ₹6,202 Mn, 7% of revenues (down YoY)
* Impairment (non-current assets, net): ₹662 Mn (noted as related to discontinued pipeline/ product issues)
* Global Generics: ₹78,498 Mn (+10% YoY): broken down as North America ₹32,408 Mn (–13% YoY), Europe ₹13,762 Mn (+138% YoY, driven by NRT acquisition/ excluding NRT growth is 17% YoY), India ₹15,780 Mn (+13% YoY), Emerging Markets ₹16,548 Mn (+14% YoY)

*What accelerated the revenue*
Growth came from a broad mix: branded markets (India, Emerging Markets) and the recently acquired Nicotine Replacement Therapy (NRT) business (a strong contributor to Europe growth) offsetting weakness in certain U.S. generics like Lenalidomide. In short, new product launches and M&A (NRT) and volume growth in emerging markets powered top-line expansion.

*Rationale behind margin compression*
1. Product mix/ pricing headwinds in North America: Lower Lenalidomide sales and price erosion in U.S. generics reduced gross margin contribution.
2. One-offs and provisions: The company recorded inventory provisions and an impairment related to discontinued pipeline products (₹662 Mn) and mentioned a potential VAT liability (~₹700 Mn) that lifted SG&A. These items dented margins this quarter.
3. PSAI operating leverage: PSAI (Pharmaceutical Services & Active Ingredients: APIs & services) margins are lower than Global Generics and a larger share or weaker performance in PSAI pulls consolidated gross margin down.
Net result: gross margin fell to 54.7%, and while EBITDA remains at 26.7%, PBT and effective margins are lower than last year. The firm emphasises these are partly transient and linked to mix and one-offs.

*Mixed outlook for the U.S. and Europe*
* United States: the U.S. generics franchise is still material (North America ~₹32,408 Mn this quarter) but faces pricing erosion and product-specific declines (Lenalidomide). Management flagged that NA pressures continue to be the primary margin headwind.
* Europe: Headline growth in Europe looks strong (₹13,762 Mn, +138% YoY) but a large part is acquisition-driven (NRT). Forex and product launches helped QoQ gains. Europe is a growth story for Dr Reddy’s, but sustainability depends on integration of the NRT asset and continued new product wins.

*Conclusion*
Dr Reddy’s posted solid revenue growth but faced a clear margin dip due to U.S. pricing pressure, product mix, and one-offs. The core business remains strong and diversified, but near-term profitability will depend on stabilising the U.S. portfolio and successfully scaling the Europe NRT business. Medium-term margin recovery is possible if execution stays on track.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Apollo Hospitals Q2 FY26: Double-Digit Growth Across Healthcare, Digital & Diagnostics as Core Businesses Expand

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Apollo Hospitals Q2 FY26: Double-Digit Growth Across Healthcare, Digital & Diagnostics as Core Businesses Expand
Equities, Markets, Result Updates - November 22, 2025

Apollo Hospitals Q2 FY26: Double-Digit Growth Across Healthcare, Digital & Diagnostics as Core Businesses Expand

Apollo Hospitals Q2 FY26: Double-Digit Growth Across Healthcare, Digital & Diagnostics as Core Businesses Expand

Apollo Hospitals delivered a strong performance in Q2 FY26, with growth visible across core healthcare services, digital health initiatives and its distribution businesses. The quarter reflects not just operational stability, but also the benefits of scale, cost discipline and more predictable performance across business lines.

*Headline Performance*
* Revenue from operations: ₹63,035 million (vs ₹58,421 million in Q1 FY26)
* Other income: ₹547 million
* Total income: ₹63,582 million
* Profit before tax: ₹7,787 million
* Profit after tax: ₹5,508 million
* PAT attributable to owners: ₹5,424 million
* PAT attributable to non-controlling interest: ₹84 million

*Revenue Momentum Driven by Hospitals & Adjacent Businesses*
Apollo recorded ₹63,035 million in revenue from operations during Q2 FY26, up from ₹58,421 million in Q1 FY26 and significantly higher than ₹55,893 million in Q2 of the previous year. Two factors stood out:
* Consistent footfall and occupancy recovery in its hospitals.
* Growing contribution from pharmacy distribution and digital businesses, which continue to scale as part of the larger healthcare ecosystem.

*Cost Structure: Showing Operating Leverage at Scale*
Apollo’s total expenses for the quarter stood at ₹56,898 million, driven by the following major components:
* Cost of materials consumed: ₹7,787 million
* Purchases of stock-in-trade: ₹24,647 million
* Employee benefits expense: ₹13,521 million
* Finance costs: ₹1,096 million
* Depreciation and amortisation: ₹2,178 million
* Other expenses: ₹13,521 million
These figures show a disciplined cost structure. The key takeaway is that revenue grew faster than costs.

*Profitability: Strong Expansion Across Metrics*
1. Profit Before Tax: Apollo posted a PBT of ₹7,787 million in Q2 FY26, above ₹7,443 million recorded in Q1 FY26 and ₹7,401 million in Q2 FY25. Despite rising scale and ongoing expansion, the company continues delivering healthy profitability.
2. Profit After Tax: PAT for the quarter stood at ₹5,508 million, of which ₹5,424 million was attributable to owners, with ₹84 million accruing to non-controlling interests. This is a notable improvement over ₹4,469 million in the previous quarter and ₹3,902 million in the same quarter last year.

*Balance Sheet Strength*
On the consolidated balance sheet (as of 30 September 2025):
* Total assets: ₹219,500 million
* Total equity: ₹95,534 million
* Equity attributable to owners: ₹90,933 million
* Total liabilities: ₹123,967 million
* Long-term borrowings remain stable at ₹44,832 million, with lease liabilities at ₹25,035 million.
* Trade receivables increased to ₹34,648 million and inventory levels grew moderately to ₹5,054 million, indicating activity expansion across service lines.
* Cash and cash equivalents stood at ₹4,884 million.

*Segment & Operational Insights*
Although Apollo reports a single segment (Healthcare Services), the numbers and cost structure suggest:
* Hospitals remain the primary profit engine, mainly benefiting from occupancy recovery.
* Pharmaceutical distribution continues to scale, evident in stock-in-trade purchases (₹24,647 million).
* Digital and analytics investments support long-term growth and future integration plan.
* Depreciation at ₹2,178 million hints at consistent capex into infrastructure and technology.

*Future Outlook: A Constructive Trajectory*
Based on Q2 FY26 performance, Apollo’s outlook appears strong:
1. Continuous Scale-Up Across Verticals: The company is expanding hospitals, strengthening digital operations and deepening its omni-channel health offerings.
2. Stable Profitability Even Through Expansion: Apollo’s ability to maintain strong margins while expanding capex demonstrates operational discipline.
3. Demerger & Strategic Restructuring: The new restructuring plan with Apollo Healthco, Keimed and Apollo Healthtech will help the company bring out more value from its pharmacy and digital businesses.
4. Strong Cash Flows Expected: With revenues rising and costs stabilising, Apollo is well-positioned to generate stronger operating cash flows in the coming quarters.

*Conclusion*
Apollo Hospitals’ Q2 FY26 results is maturing in efficiency, scale and financial discipline. Revenue momentum, strong PAT growth, cost control and balance sheet stability signal to a business operating with confidence. The quarter underscores Apollo’s transition from a hospital chain into a comprehensive healthcare platform, one that is expanding steadily across clinical services, digital health and distribution.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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BHEL Posts Strong Q2 FY26 Comeback as Profit Rebounds

 

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BHEL Posts Strong Q2 FY26 Comeback as Profit Rebounds
Business, Equities, Markets, Result Updates - November 22, 2025

BHEL Posts Strong Q2 FY26 Comeback as Profit Rebounds

BHEL Posts Strong Q2 FY26 Comeback as Profit Rebounds

BHEL staged a clear comeback in Q2 FY26, reporting a return to profitability after a loss in the prior quarter. Revenue, margins and segment performance all improved quarter-on-quarter, driven largely by better execution in the Power segment, lower “other expenses”, and positive working-capital movement in a few areas.

*Headline numbers (quarter ended 30 Sep 2025)*
* Revenue from operations: ₹7,511.80 crore (Q2 FY26) vs ₹5,486.91 crore (Q1 FY26) and ₹6,584.10 crore (Q2 FY25)
* Other income: ₹181.75 crore; Total income: ₹7,693.55 crore
* Total expenses: ₹7,201.54 crore
* Profit before tax (PBT): ₹492.01 crore (positive), after a loss of ₹607.43 crore in Q1 FY26 and vs PBT of ₹131.94 crore in Q2 FY25
* Net profit (PAT): ₹367.67 crore vs loss of ₹454.89 crore in Q1 FY26 and ₹96.67 crore in Q2 FY25
* Basic & diluted EPS (not annualised): ₹1.06 vs (₹1.31) in Q1 FY26 and ₹0.28 in Q2 FY25
* Total assets (30 Sep 2025): ₹72,361.98 crore
* Total liabilities: ₹47,577.63 crore

*What Sparked the Q2 Turnaround*
* Revenue recovered strongly QoQ: Revenue rose ~37% sequentially (₹5,487 crore to ₹7,512 crore). That alone gives headroom for profit recovery, provided costs are controlled.
* Expenses were contained: Total expenses in Q2 were ₹7,201.54 crore, only modestly higher than Q1 in absolute terms, but the combination of higher sales and relatively controlled overheads pushed operating profitability to positive levels.
* Big swing in segment profits, especially Power: The Power segment reported a turnaround in segment profit (profit before tax & finance cost) to ₹593.76 crore in Q2 from a loss of ₹510.00 crore in Q1, that swing is the main operational story behind the group PBT recovery. Industry segment also contributed ₹280.04 crore.
* Finance costs stayed elevated but manageable: Finance cost was ₹195.21 crore in the quarter, material but well covered given the operating profit.

*Breakdown of Key Numbers*
* Cost of materials & services: ₹5,741.38 crore (Q2)
* Change in inventories: Negative ₹527.87 crore (this negative number indicates inventory drawdown that supported revenue recognition)
* Employee benefit expense: ₹1,479.97 crore
* Depreciation & amortisation: ₹75.46 crore
* Other expenses: ₹237.39 crore in Q2, notably much lower than Q1’s ₹675.05 crore (this fall materially helped the profit recovery)

*Balance sheet & cash-flow highlights*
* Total assets: ₹72,361.98 crore
* Total liabilities: ₹47,577.63 crore
* Net assets remain healthy with other equity ~₹24,087.94 crore
* Working capital: For the six months ended 30 Sep 2025, OCF was under pressure, inventories and trade receivables movements created headwinds (inventories movement ~₹2,594.79 crore used, trade receivables ~₹655.30 crore increase)
* Net cash from operating activities for H1 was negative ~₹1,181.95 crore

*Key Concerns to Monitor*
* Receivables & project execution: BHEL’s business is project heavy, slower collections or project delays can bite cash flow even when the P&L shows profit.
* Foreign receivables: Auditor’s emphasis notes reference some overdue overseas amounts (e.g., amounts stuck due to geopolitical issues). It doesn’t change Q2 profit but is a contingent concern.

*Conclusion*
BHEL’s Q2 FY26 shows a real and measurable rebound: strong sequential revenue growth, a large swing in Power segment profitability and a return to positive PAT (₹367.7 crore). That’s the operational comeback. The caveat is cash conversion: the company’s cash flow and working-capital lines need attention (inventory and receivables movements), and certain debtor issues flagged in auditor notes need attention.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Larsen & Toubro Q2 FY26: Robust Order Inflows Drive Double-Digit Revenue Growth

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Larsen & Toubro Q2 FY26: Robust Order Inflows Drive Double-Digit Revenue Growth
Business, Equities, Markets, Result Updates - November 21, 2025

Larsen & Toubro Q2 FY26: Robust Order Inflows Drive Double-Digit Revenue Growth

Larsen & Toubro Q2 FY26: Robust Order Inflows Drive Double-Digit Revenue Growth

Larsen & Toubro (L&T) reported a solid Q2 FY26 where strong order wins and healthy execution drove double-digit revenue growth and higher profits. The quarter was marked by very large order inflows, a growing international share, and steady improvement in key segments like Energy and IT & Technology Services. The company also retains a strong order book that supports medium-term revenue visibility.

*Headline figures (consolidated)*
* Revenue (Q2 FY26): ₹67,984 crore, up 10% YoY.
* Profit after tax (Q2 FY26): ₹3,926 crore, up 16% YoY.
* Order inflow (Q2 FY26): ₹115,784 crore, up 45% YoY; half-year order inflow ₹210,237 crore (+39% YoY).
* Order book as on Sept 30, 2025: ₹667,047 crore, +15% vs Mar 2025.
* International revenue (Q2 FY26): ₹38,223 crore (56% of revenue); international order inflow was ₹75,561 crore (65% of orders).

*Key drivers of performance*
* L&T won very large orders across several businesses (Public Spaces, Data Centres, Metro, Hydro, Renewables and Transmission & Distribution). This big ticket wins list is the main reason why order inflow jumped sharply in Q2 and H1. A higher order intake improves the company’s revenue visibility for the next few years.
* Execution picked up in the Energy/Hydrocarbon businesses — that segment recorded strong growth in customer revenues (execution-led) and contributed importantly to quarterly revenue growth. Outside India, execution in international projects helped the company overcome some domestic seasonality.

*Segment highlights*
* Infrastructure Projects: Order inflow ₹52,686 crore in Q2; order book for the segment ₹394,706 crore. Customer revenues were ₹31,759 crore for the quarter, down 1% YoY due to slower water project progress and extended monsoons, but margins improved slightly to 6.3%.
* Energy Projects: Exceptional quarter — orders ₹38,156 crore (more than 100% YoY growth). Customer revenues surged 48% YoY to ₹13,082 crore as international hydrocarbon projects ramped up, though segment EBITDA margin moderated to 7.3% because of some project-level variations.
* Hi-Tech Manufacturing: Orders lower this quarter (₹2,582 crore), but revenues were up 33% YoY (₹2,754 crore) thanks to better execution; segment margin improved to 14.7%.
* IT & Technology Services (IT&TS): Customer revenues ₹13,274 crore, +13% YoY; international billing remains dominant (92%). Segment margin was 20.2% for the quarter.

*Investors takeaways*
* Order book depth: A ₹6.67 lakh crore order book gives multi-year revenue visibility and reduces near-term demand cyclicity risk.
* International diversification: Over half the quarterly revenue and a large share of orders are international, which cushions domestic seasonality and opens higher-margin project opportunities.
* Execution versus margins: Execution helped grow revenue and PAT, but some segment margins (notably Energy) showed pressure due to project close-outs and contract variations — this is something to watch in coming quarters.

*Risks & watch items*
* Fixed-price international projects can compress margins if cost or schedule risks appear.
* Domestic infrastructure can be seasonally impacted (monsoons) and by local regulatory/ legal developments.
* Integration and working capital management remain important because large orders need capital and timely execution.

*Company outlook*
L&T expects a constructive demand environment driven by capex in India and steady investment in key overseas markets (Middle East, Africa, U.S., Europe). Management’s commentary and the published outlook emphasize continued focus on execution efficiency, scaling technology-led businesses, and prudent portfolio actions under their Lakshya 2026 priorities. Given the strong order inflow and execution pickup, the company appears well placed for revenue growth and margin recovery in H2, provided commodity and forex headwinds remain manageable.

*Conclusion*
Q2 FY26 shows L&T doing what it is known for: winning big orders and executing complex projects across geographies. The quarter delivered double-digit revenue growth and a healthy PAT increase, backed by a robust order book. For investors, the story is execution + orders; the near-term focus should be on margin trends as large international projects move from award to execution.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Suzlon Energy Ltd: PAT rose 538% YoY to ₹1,279 crore, revenue jumped 85%

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Suzlon Energy Ltd: PAT rose 538% YoY to ₹1,279 crore, revenue jumped 85%
Equities, Markets, Result Updates - November 21, 2025

Suzlon Energy Ltd: PAT rose 538% YoY to ₹1,279 crore, revenue jumped 85%

Suzlon Energy Ltd: PAT rose 538% YoY to ₹1,279 crore, revenue jumped 85%

Suzlon had a very strong Q2 FY26. Revenue grew sharply and operating profit (EBITDA) rose a lot, which together with a deferred tax benefit resulted in a very large jump in PAT to ₹1,279 crore. The company also reported higher deliveries, a much bigger orderbook and a healthy net cash position. All figures below are from Suzlon’s Q2 FY26 press release on the company’s website.

*Headline numbers (Q2 FY26 vs Q2 FY25)*
* Revenue from operations: ₹3,866 crore (up 85% YoY)
* EBITDA: ₹721 crore (up 145% YoY)
* EBITDA margin: 18.6% (vs 14.1% in Q2 FY25)
* Net finance cost: ₹83 crore (vs ₹38 crore in Q2 FY25)
* Profit before tax (PBT): ₹562 crore (up 179% YoY)
* Profit after tax (PAT): ₹1,279 crore (up 538% YoY). The PAT includes recognition of incremental Deferred Tax Assets (DTA) of ₹717 crore recognised in Q2
* Net volumes (deliveries): 565 MW in Q2 FY26 (vs 256 MW in Q2 FY25 and 444 MW in Q1 FY26)
* Orderbook: Crossed 6.2 GW (2+ GW additions in H1 FY26)
* Net cash position: ₹1,480 crore as of 30th September 2025
* Manufacturing capacity: India’s largest domestic wind manufacturing capacity at 4.5 GW.

*Financial takeaways*
* Topline jump: Revenue increasing 85% YoY to ₹3,866 crore shows much higher deliveries and stronger WTG (wind turbine generator) sales. This is the main driver of the quarter.
* Operating leverage: EBITDA rose 145% to ₹721 crore and margin improved to 18.6% (from 14.1%). That means Suzlon earned more from each rupee of sales.
* Tax benefit amplified PAT: The PAT surge to ₹1,279 crore is materially helped by a ₹717 crore deferred tax asset recognition in the quarter — this is a one-time accounting benefit that boosted reported PAT. Underlying PBT was ₹562 crore (up 179%), which is strong but smaller than the PAT jump implies.
* Delivery momentum and demand: Highest-ever Q2 India deliveries (565 MW) and an orderbook crossing 6.2 GW indicate robust near-term revenue visibility.
* Balance sheet: Net cash of ₹1,480 crore is a positive — it suggests Suzlon is in a net liquidity position going into the rest of FY26.

*Deeper financial insight (Q2 FY26 vs Q2 FY25 vs Q1 FY26)*
* Net volumes: 565 / 256 / 444 MW
* Revenue: ₹3,866 / ₹2,093 / ₹3,117 crore
* EBITDA: ₹721 / ₹294 / ₹599 crore
* EBITDA margin: 18.6% / 14.1% / 19.2%
* Net finance cost: ₹83 / ₹38 / ₹70 crore
* PBT: ₹562 / ₹202 / ₹459 crore
* PAT: ₹1,279 / ₹201 / ₹324 crore

*Management commentary*
Management highlighted record Q2 deliveries in India and a 6.2 GW orderbook, and said the strategy of separating project development and execution would help scale.

*Conclusion*
The company delivered a strong operational performance this quarter, more turbines delivered, higher revenue and much better EBITDA. That’s clear from the volume and margin numbers. The huge PAT number is partly because of accounting recognition of deferred tax assets (₹717 crore). So, when you look at underlying earnings, PBT growth (179%) and EBITDA improvement are the cleaner signals of business momentum. The orderbook (6.2 GW) and net cash (₹1,480 crore) are reassuring for future quarters — plenty of work in the pipeline and liquidity to execute.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Bajaj Finserv Q2 FY26: 11% Income Growth, 24% Stake Dividend Boost

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Bajaj Finserv Q2 FY26: 11% Income Growth, 24% Stake Dividend Boost
Equities, Markets, Result Updates - November 20, 2025

Bajaj Finserv Q2 FY26: 11% Income Growth, 24% Stake Dividend Boost

Bajaj Finserv Q2 FY26: 11% Income Growth, 24% Stake Dividend Boost

* Consolidated revenue/ total income: ₹37,402.93 crore — +11.0% YoY.
* Profit after tax (PAT): ₹2,244.10 crore — +7.5% YoY.
* Profit before tax (PBT): ₹6,825.13 crore — +14.4% YoY.
* Interest/ finance income (group level driver): ₹19,599 crore — +18% YoY (driven by loan growth and consumer finance traction).
* AUM (where reported for group lending businesses): advanced strongly — media notes AUM growth of ~24% YoY (Bajaj Finance consolidation effect).

*What moved the top line and P&L*
* The group’s revenue rose ~11% because its lending and insurance subsidiaries continued to grow volumes (more loans, more fees and interest). The sharp growth in interest income (+18%) shows lending businesses were the key engine this quarter.
* PBT grew faster (+14.4%) than PAT (+7.5%), indicating items below PBT (tax, minority interest, and some non-operating items) moderated the PAT growth. The investor note/disclosure also highlights mark-to-market swings in insurance investments that affected PAT comparatives.

*Important segment/ subsidiary moves*
* Bajaj Life Insurance (Bajaj Life): Value of New Business (VNB) jumped to ₹367 crore — a ~50% increase YoY. New Business Margin (NBM) expanded sharply to 17.1% (19.3% excluding GST). However, Bajaj Life’s reported quarterly PAT fell (GST impact of ~₹112 crore was cited) — results here are mixed: strong sales economics but short-term PAT hit from tax/GST timing.
* Bajaj General/ Life MTM: The filings/investor note mention unrealised MTM losses (for the quarter) — around ₹70 crore (Bajaj General) and ₹91 crore (Bajaj Life) — this is a part of the lower-level volatility in PAT this quarter.

*Key ratios & efficiency*
* PBT growth (14.4%) > Revenue growth (11%) — suggests margin expansion at operating profit level (or one-off gains in PBT).
* AUM growth ~24% (for lending businesses) implies strong balance sheet expansion — this supports future interest income but requires watching asset quality and funding costs.

*Positive points*
* Healthy growth in underlying finance business (interest income up and AUM growth) — shows demand and distribution strength.
* Bajaj Life’s VNB/ NBM improvement — good for long-term value creation even if near-term PAT was hit by GST timing.

*Risks*
* MTM swings in insurance investments (₹70–₹91 crore style items) can cause quarter-to-quarter volatility in consolidated PAT — keep an eye on investment mark-to-market and any one-offs.
* Funding & asset quality: higher AUM is positive, but monitor loan-losses/ provisions and cost of funds in coming quarters (pressures there can compress margins). Company commentary and investor presentations will clarify management’s view.

*Conclusion*
Bajaj Finserv delivered a steady quarter — double-digit income growth (~11%) and stronger PBT (+14.4%), while PAT rose ~7.5%. The numbers show healthy franchise growth (AUM +24%, interest income +18%) and improving insurance economics (VNB up 50%), but near-term PAT was affected by MTM and GST items. Overall, operational momentum is visible but watch volatility in insurance investments and near-term tax/ GST impacts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Delhivery Q2 FY26 — Revenue Up 17% Yet Back in the Red

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Delhivery Q2 FY26 — Revenue Up 17% Yet Back in the Red
Equities, Markets, Result Updates - November 20, 2025

Delhivery Q2 FY26 — Revenue Up 17% Yet Back in the Red

Delhivery Q2 FY26 — Revenue Up 17% Yet Back in the Red

Delhivery reported a mixed Q2 FY26: strong top-line momentum and record parcel volumes, but the quarter moved back into a reported consolidated loss after one-time integration costs from the Ecom Express acquisition. Management says the underlying business is healthy and that most integration costs are one-off and within prior guidance.

*Key numbers (consolidated, Q2 FY26)*
* Revenue from services: ₹2,559 crore (reported) — +11.6% QoQ / +11.6–16% YoY depending on presentation; management’s adjusted “excluding Ecom Express impact” figure is ₹2,546 crore (+16.3% YoY).
* Total income: ₹2,652 crore (reported).
* Reported EBITDA: ₹68 crore (this includes integration costs). Management’s adjusted EBITDA (excluding Ecom integration costs) was ₹150 crore with a 5.9% EBITDA margin.
* Reported Profit after Tax (PAT): loss of ₹50 crore (Q2 FY26). Adjusted PAT (excluding integration costs) was ₹59 crore (2.2% margin).
* Integration costs in Q2 related to Ecom Express: ₹90 crore; total integration costs expected to be within ₹300 crore as previously guided.
* Express parcel shipments: 246 million in Q2 FY26 — +32% YoY and +18% QoQ.
* PTL tonnage: 477k MT in Q2 FY26, +12% YoY; PTL revenue ₹546 crore (+15% YoY). Express parcel revenue was ₹1,611 crore (+24% YoY).

*Why revenue rose but the company is “back in the red”*
* Top-line growth: Volumes and revenue expanded, driven by a strong festive season and the integration of Ecom Express customers. Express parcel volumes were the standout: Delhivery handled its highest monthly volumes in September, and October started strong as well. This volume growth translated into higher service revenue.
* One-offs pushed the result into red: The company booked ₹90 crore of integration costs in Q2 (facility shutdowns, equipment moves, employee exits, etc.). When these are included, reported EBITDA and PAT fell sharply and Delhivery reported a ₹50 crore consolidated loss. Excluding those costs, the business produced positive EBITDA (₹150 crore) and PAT (₹59 crore). Management emphasised these costs are within the pre-announced ₹300 crore envelope.
* Margin dynamics: Service EBITDA margin for the Transportation vertical (Express + PTL) was 13.5% in Q2 on management-adjusted basis, and Express service margins are expected to normalize to 16–18% by end of FY26 as volumes scale and network utilization improves. PTL steady improvement is expected to continue.

*Operations & business mix*
* Express remains the biggest growth engine: higher share-of-wallet with clients after the Ecom deal plus festive demand lifted shipments to 246 million in the quarter. Management highlighted D2C/SME volumes growing ~40% YoY — an important sign of organic demand.
* Some non-express lines (supply chain, truckload, cross-border) had mixed performance: supply chain revenue was down YoY but profitability improved; truckload and cross-border had lower revenue sequentially. These are part of the company’s broader portfolio and are being tuned operationally.

*Management commentary*
Integration of Ecom Express is largely complete from a revenue transition standpoint and the network rationalization is done (retention of 7 facilities for long-term use). Management expects the remaining integration costs to be within the earlier ₹300 crore guidance. They also flagged that peak-period profitability targets are likely to be met across Q2–Q3 as festive volumes sustain.

*Risks & what to watch*
* Integration execution risk: remaining integration costs and any operational surprises could keep reported numbers volatile.
* Yield mix: acquisition changed shipment mix (lower average weight due to Ecom Express mix), which reduced yield QoQ even though volumes rose — this affects revenue per shipment and needs monitoring.
* Seasonality and temporary peak costs: management acknowledged temporary capacity build-ups for the festive season that affected margins. The pace of margin recovery will matter for investor confidence.

*Conclusion*
Delhivery delivered strong volume and revenue growth and showed operational scale during the festive season, but headline profitability was hit by expected integration costs from the Ecom Express deal. The adjusted numbers look healthy and management expects margins to recover as integration completes and volumes stay high — however, investors will rightly focus on how actual reported results evolve once the remaining one-offs are absorbed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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From Mumbai to the World: Equity Right’s Climb to the Global Top 3

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