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Torrent Power Q2 FY26: Profit Surges ~50%, Powered by Strong Generation and Lower Finance Costs
Equities, Markets, Result Updates - December 6, 2025

Torrent Power Q2 FY26: Profit Surges ~50%, Powered by Strong Generation and Lower Finance Costs

Torrent Power Q2 FY26: Profit Surges ~50%, Powered by Strong Generation and Lower Finance Costs

Torrent Power delivered a robust quarter, driven by better generation earnings and lower financial costs. Consolidated revenue rose nearly 10% YoY and net profit jumped about 50%. Generation and merchant power sales from its gas-based and other power plants boosted income, while stable operations in distribution supported underlying stability. Overall, the quarter reflects strong execution and improving financial health.

*Key Highlights*
* Consolidated Revenue from operations: ₹ 7,876 crore in Q2 FY26 (vs ₹ 7,176 crore in Q2 FY25), +9.8% YoY
* Consolidated Net Profit (PAT): ₹ 724 crore in Q2 FY26 (vs ₹ 481 crore in Q2 FY25), +50.5% YoY
* Generation/ Merchant power sales contribution rose, this was a major factor behind profit jump
* Lower finance cost helped improve bottom-line.

*Revenue & Profit Analysis*
Torrent Power’s top line grew by nearly 10% compared to last year, which suggests stable demand for its electricity generation, distribution, and merchant-sales business.
On the profit side, 50% rise in PAT is impressive, significantly outperforming revenue growth. The main reasons: stronger power generation revenues (especially from merchant sales) and lower finance costs. That shows the company is getting more value from its generation assets and managing its debt-servicing costs effectively.

*Business & Operational Performance*
1. Generation & Merchant Power Sales: This quarter, increased generation from gas-based and other plants and higher merchant sales were key. That contributed substantially to growth in total operating income and PAT.
2. Distribution Business (Power Supply & T&D): Torrent Power continues to have a large distribution footprint (serving multiple cities and regions). While generation drove the jump this quarter, the distribution business provides a stable base and recurring revenue, helping stabilise results over cycles.
3. Renewables & Diversification: The company’s renewable generation and other power-generation lines also contributed to income, supporting overall growth beyond conventional business.

*Strengths and Key Risks to Monitor*
1. Strengths:
* Merchant/ generation sales are high, which boosts margins vs distribution.
* Lower finance cost is benefiting profitability.
* Diversified business mix: generation, distribution and renewables helps absorb fluctuations in any single line.
2. Risks:
* Generation-business profits often depend on fuel costs, merchant-tariff environment and regulatory conditions — any adverse change could hurt margins.
* Distribution business has its own risks (demand patterns, payment receivables, regulatory/tariff pressure).
* As the company grows capacity, depreciation and interest costs may rise, these need to be balanced by sustained utilisation and sales.

*Management Moves & Strategic Signals*
According to recent disclosures, the company is investing to expand generation capacity and continues to explore renewable energy and other long-term projects. The improved performance this quarter reinforces the strategy of balancing generation, merchant sales and stable distribution, giving the company flexibility and income diversification.

*Conclusion*
Torrent Power’s Q2 FY26 results are strong and confidence-boosting. The ~50% jump in profit demonstrates that the company is benefiting from generation assets and effective cost control. Torrent Power is not just a distribution-based utility but a diversified power play with generation, merchant sales, and renewables — which can yield good returns when execution holds. If the company continues to manage fuel costs, maintain high plant utilisation and balance debt repayment with growth, future quarters could deliver further upside.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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RVNL Q2 FY26: Revenue Creeps Up, But Profit and Margins Take a Hit

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RVNL Q2 FY26: Revenue Creeps Up, But Profit and Margins Take a Hit
Equities, Markets, Result Updates - December 6, 2025

RVNL Q2 FY26: Revenue Creeps Up, But Profit and Margins Take a Hit

RVNL Q2 FY26: Revenue Creeps Up, But Profit and Margins Take a Hit

RVNL saw a small rise in revenue during Q2 FY26, but profitability dropped notably. The construction and rail-infrastructure company delivered growth in topline, yet rising expenses and weaker operating margin dragged down net profit. The quarter signals steady work flow (orders and execution), but near-term earnings and cash flow remain under pressure, making it a mixed result, with better clarity needed in coming quarters.

*Key Highlights*
* Revenue from operations: ₹ 5,333.36 crore in Q2 FY26, up +3.8% YoY compared with ₹ 5,136.07 crore in Q2 FY25.
* Quarter-on-Quarter (QoQ) growth in revenue: +28.9% (vs Q1 FY26) reflects some recovery from a soft first quarter.
* Total Expenses: ₹ 5,015.00 crore (↑6.0% YoY, ↑26.2% QoQ), showing that cost pressures increased.
* Profit Before Tax (PBT): ₹ 318.36 crore, down ~21% YoY (from ₹ 404.55 crore last year), but up ~94% QoQ (from ₹ 164.04 crore in Q1 FY26).
* Profit After Tax (PAT): ₹ 230.52 crore in Q2 FY26, down ~19.7% YoY (vs ₹ 286.90 crore in Q2 FY25).
* Earnings Per Share (EPS): ₹ 1.10 in Q2 FY26 vs ₹ 1.38 in Q2 FY25 (YoY decline) but up vs Q1 FY26.
* EBITDA: ₹ 216.9 crore (or ~₹ 217 crore), down ~20.3% YoY; margin fell to ~4.2% (from ~5.6% in Q2 FY25).
* Order-book: The company reportedly has an order book worth around ₹ 90,000 crore, which provides 3–4 years of revenue visibility.

*Revenue & Profit Analysis*
RVNL’s topline grew modestly: +3.8% on a year-on-year basis. On a quarterly basis, revenue saw a healthy rebound, mainly due to pick-up in order execution after a muted Q1. But expenses rose faster than revenue, which squeezed operating margin significantly, EBITDA dropped ~20% YoY, and margin compressed to 4.2%. As a result, although PBT increased from Q1, PAT fell nearly 20% compared with the same quarter last year. This suggests cost dynamics and contract mix (more lower-margin EPC work) weighed on profitability, offsetting stable execution and revenue growth.

*Business & Order-Book Position*
RVNL is the infrastructure-arm of Indian railways: building new lines, doubling/tripling tracks, electrification, railway bridges, metro/ urban-rail projects, etc. As of Q2 FY26, RVNL’s order book is around ₹ 90,000 crore, giving it visibility for the next 3–4 years. About half of these are newer, competitively bid contracts, the rest are legacy railway projects. This backlog is a strong positive: it means even if this quarter was weak, RVNL has enough work lined up that can help revenue over the medium term, provided execution remains on track and cost control improves.

*Areas of Concern*
* Operating margin shrinking: falling to ~4.2% from ~5.6% last year. This indicates cost pressures (raw material, labour, project delays, higher overheads) or a shift towards lower-margin contracts.
* Profit drop despite revenue growth: a nearly 20% fall in PAT shows that topline growth alone isn’t enough, profitability depends heavily on project mix and execution efficiency.
* Negative cash flow trend: some reports suggest cash flow from operations turned negative this quarter, which can raise concerns about working capital and liquidity if it persists.
* Market reaction: following the results, RVNL shares dropped around 3%, indicating investor disappointment with margins and profit drop.

*What Could Help Going Forward*
* Better order execution with focus on higher-margin contracts (metro projects, electrification, rolling stock, O&M, etc.) rather than low-margin EPC. RVNL is expanding into such higher-value segments (rolling stock manufacturing, O&M, non-rail infrastructure) which may improve margin profile in future.
* Working capital and cost management: faster project completion, timely billing and collections and lean overhead can help margin recovery.
* Utilising strong order backlog: with ₹90,000 crore orders waiting, consistent execution and disciplined cost control could turn the long-term outlook positive again.

*Conclusion*
RVNL’s Q2 FY26 results are mixed. On one hand, the company continues to secure and hold a solid order backlog, and revenue showed growth, implying that demand and project pipeline remain intact. On the other hand, profitability and cash flow are under pressure, signalling that cost control, contract mix and execution efficiency need urgent attention. RVNL remains a long-term play on India’s rail and infrastructure push, but near-term performance may remain volatile. The stock could bounce back if management delivers on backlog efficiently and restores margins. Until then, the company presents a case of underlying strength with short-term execution risk.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Bosch Ltd Q2 FY26: Auto Demand Boosts Sales, Profit Inches Up Despite Higher Costs

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AI M&A Heatmap: What Meta’s Manus deal means for Big Tech investors
Equities, Markets, Result Updates - December 2, 2025

TCS Q2 FY26: Broad-based Gains, Margin Edge and Bold AI Bets Amid Soft Growth

TCS Q2 FY26: Broad-based Gains, Margin Edge and Bold AI Bets Amid Soft Growth

TCS posted a steady but not standout quarter: revenue inched up, profit improved slightly and margins strengthened, even as the company began pressing ahead with a long-term AI-focused investment plan. Revenue from operations came in at ₹65,799 crore, while consolidated net profit stood at ₹12,075 crore (+1.4% YoY). Operating margin improved to 25.2%, showing disciplined cost management despite only moderate volume growth. The company also announced an interim dividend of ₹11 per share and unveiled plans for a 1-GW AI data centre, signalling its ambition to lead enterprise AI services over the coming years.

*Key Highlights*
* Revenue from operations: ₹65,799 crore, up +2.4% YoY (vs ₹64,259 crore in Q2 FY25)
* QoQ revenue growth: +3.7%; constant-currency growth: +0.8%
* Operating margin: 25.2%, up +70 bps QoQ
* Net profit (PAT): ₹12,075 crore, up +1.4% YoY
* Net margin: ~19.6%
* Cash flow from operations: ~110% of net income
* Dividend declared: ₹11 per share (interim)
* Total Contract Value (TCV): US$10 billion added in the quarter.

*Revenue & Profit Analysis*
TCS delivered modest but steady revenue growth: +2.4% YoY and +3.7% QoQ indicate the company is holding its ground in a rough global IT environment. Constant-currency growth of 0.8% also points to a gradual return of momentum after earlier currency-related pressures.
The standout metric this quarter is margin performance. Operating margin at 25.2% (up 70 bps QoQ) and a net margin close to 19.6% show tight cost control and better utilisation. Profit growth remains mild but positive.
Cash generation stayed strong too, with operating cash flow higher than net income, reinforcing the company’s balance-sheet strength.

*Segment & Business Mix Performance*
Growth in Q2 came from multiple verticals and geographies:
1. Vertical trends (CC QoQ):
* BFSI: +1.1%
* Life Sciences & Healthcare: +3.4%
* Manufacturing: +1.6%
* Technology & Services Solutions (TSS): +1.8%
2. Geography mix:
North America remains the largest market (nearly 48.8% of revenue) though growth continues to be soft. Europe, Asia-Pacific and MEA added to the overall momentum. The diversified performance helps cushion volatility in any one segment. The US$10 billion TCV also points to a healthy deal pipeline for the coming quarters.

*Cost, Restructuring & Risks to Monitor*
This quarter included a one-time restructuring charge of ₹1,135 crore related to organisational changes and employee optimisation. Adjusted for this charge, underlying profitability would have been stronger. However, global macro uncertainty, muted spending in certain verticals and pressure on large discretionary IT deals continue to act as potential headwinds for faster revenue growth.

*Strategic Moves & Management Commentary*
TCS is clearly positioning itself for long-term, AI-led transformation. It announced plans to build a 1-GW AI data centre in India, signalling intent to scale AI-driven enterprise solutions. The acquisition of Salesforce specialist ListEngage strengthens its cloud, CRM and digital transformation capabilities.
Management highlighted continued investments in people, technology infrastructure and partnerships as demand for cloud, data and AI solutions continues to rise.

*Conclusion*
Q2 FY26 reflects a stable, well-run TCS: growth is moderate, margins have edged up and cash flows remain strong. Net profit rose +1.4%, supported by disciplined cost controls. The long-term bet on AI infrastructure and digital capabilities could become a major growth engine, though near-term acceleration may still depend on a revival in global tech spending and quicker deal conversions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Adani Power Q2 FY26: Revenue Edges Up, EBITDA Steady and Profit Down ~11% on Higher Costs & Taxes

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Adani Power Q2 FY26: Revenue Edges Up, EBITDA Steady and Profit Down ~11% on Higher Costs & Taxes
Equities, Markets, Result Updates - December 2, 2025

Adani Power Q2 FY26: Revenue Edges Up, EBITDA Steady and Profit Down ~11% on Higher Costs & Taxes

Adani Power Q2 FY26: Revenue Edges Up, EBITDA Steady and Profit Down ~11% on Higher Costs & Taxes

Adani Power delivered a modestly better quarter in terms of topline and stable operations, but bottom-line profit declined owing to higher expenses and tax burden. Electric-power sales volume increased, revenue rose slightly, and EBITDA remained steady, showing core business resilience. However, net profit at ₹ 2,906-2,953 crore declined by about 11% YoY, underlining pressure from cost inflation and depreciation on recent capacity additions.

*Key Highlights*
* Total Revenue: ₹ 14,308 crore in Q2 FY26, up +1.7% YoY (vs ₹ 14,063 crore in Q2 FY25)
* Electric-power sales volume (consumption by customers): 23.7 BU (billion units), up +7.4% YoY (vs 22 BU in Q2 FY25)
* EBITDA: ₹ 6,001 crore in Q2 FY26 (vs ₹ 6,000 crore in Q2 FY25)
* Net Profit (PAT): ₹ 2,906 – 2,953 crore for Q2 FY26, down ~11% YoY (from ~₹ 3,332–3,331.8 crore in Q2 FY25)
* Earnings Per Share (EPS): ₹ 1.53 in Q2 FY26 (from ₹ 1.66 in Q2 FY25)
* New Power Purchase Agreements (PPA) added: 4.5 GW of long-term PPAs under SHAKTI scheme (2,400 MW, Bihar; 1,600 MW, Madhya Pradesh; 570 MW, Karnataka) by Oct 2025
* Total capacity (post-acquisition of Vidarbha Industries Power Ltd under Corporate Insolvency Resolution): 18,150 MW as on Q2 FY26

*Revenue & Profit Analysis*
Revenue grew only marginally (+1.7% YoY), reflecting slightly improved power sales volume. The increase in volume (electricity sold) helped counter the impact of softened merchant tariffs and softer demand under seasonal and weather pressures. EBITDA remained stable at ~₹ 6,001 crore, indicating that operational costs and efficiencies held up despite volatility in fuel and input costs.
However, the bottom line took a hit: net profit fell by ~11%, primarily because of higher depreciation (on new plants and capacity additions) and increased tax expense. This suggests that while operations are stable, the returns on newer capacity are yet to fully overcome cost and depreciation drag.

*Business & Operational Performance*
* Power Sales & Volume: The company reported 23.7 BU of power sales in Q2, a healthy +7.4% YoY growth despite monsoon-related demand softness and a high base quarter. This underscores steady demand from DISCOMs and industrial customers under long-term PPAs.
* PPA Book & Capacity Expansion: Securing 4.5 GW of fresh long-term PPAs under the SHAKTI scheme is a key positive. It improves visibility on future demand and revenue flows. Post the resolution-process acquisition, total generation capacity stands at ~18,150 MW, giving Adani Power a sizeable base for long-term generation and supply.
* Cost & Tariff Environment: Despite lower merchant-tariff realisation and import-coal cost volatility, the company maintained stable EBITDA, implying moderate fuel and input cost control.
* Balance-sheet moves & Consolidation: The quarter saw consolidation: several wholly-owned subsidiaries (e.g. power generation/ fuel management entities) were merged under Adani Power (appointed date April 1, 2025), which may improve administrative efficiency and reduce inter-company overhead.

*Risk Factors to Monitor*
* Tariff and Demand Volatility: Merchant-tariff volatility and demand fluctuations (especially due to monsoon, fuel cost or DISCOM payment delays) can affect realisation.
* High Depreciation & Interest Costs: Recent capacity additions increase depreciation and interest burden, so sustained utilisation and long-term PPAs are key for return on capital.
* Fuel & Coal Price Risk: As a thermal-power generator dependent on coal/imported fuel, global coal price swings or supply disruptions could impact margins.
* Capex & Debt Risk: Further expansions to reach 42 GW target by 2031–32 means more capex and possible debt.

*Management Commentary & Strategic Outlook*
According to the company, the quarter demonstrates Adani Power’s “robust and stable performance” even amid weather-driven demand fluctuations and lower merchant tariffs. The management highlights the securing of fresh long-term PPAs (4.5 GW) under the SHAKTI scheme as a strong signal of future demand stability.
The company is also working on its long-term growth goal: expanding capacity toward ~42 GW by FY 2031–32, backed by acquisition of stressed assets and future project pipelines. The consolidation of subsidiaries under the parent company is meant to simplify operations and reduce overhead.

*Conclusion*
Adani Power’s Q2 FY26 is a steady yet muted quarter. On one hand, power sales volume increased, revenue rose modestly and core operations held up, reflecting resilience in demand and execution. On the other hand, profitability dipped by ~11% because of higher depreciation, taxes and cost pressures, highlighting that scaling up capacity brings fixed-cost burden. In short, Adani Power remains a high-potential but cyclical power play, suitable if you’re comfortable with sectoral & commodity fluctuations, but needs careful monitoring of demand, costs and regulatory/ fuel risks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Fortis Healthcare Q2 FY26: Strong Hospital & Diagnostics Growth Push Revenue and Profit Up Sharply

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Vedanta Ltd Q2 FY26: Record Revenue & EBITDA, but Exceptional Loss Weighs on Net Profit
Equities, Markets, Result Updates - November 28, 2025

Vedanta Ltd Q2 FY26: Record Revenue & EBITDA, but Exceptional Loss Weighs on Net Profit

Vedanta Ltd Q2 FY26: Record Revenue & EBITDA, but Exceptional Loss Weighs on Net Profit

Vedanta reported a strong operational quarter, delivering its highest-ever Q2 revenue and EBITDA, supported by healthy volumes across aluminium, zinc, and other metal businesses. However, a sizeable exceptional loss linked to the power segment pulled down consolidated net profit sharply. The core business remains solid, but one-off items overshadowed the earnings picture this quarter.

*Key Highlights*
* Consolidated Revenue: ₹39,218 crore (+6% YoY)
* EBITDA: ₹11,612 crore (+12% YoY), the best-ever for Q2
* EBITDA Margin: ~34%, up ~69 bps YoY
* Profit Before Exceptional Items: ₹5,026 crore (+13% YoY)
* Reported PAT: ₹3,479 crore, down ~38–59% YoY due to exceptional losses of ₹2,067 crore
* Net Debt/ EBITDA: Improved to ~1.37x (from 1.49x)

*Revenue & Profit Analysis*
Revenue increased about +6% to roughly ₹39,200 to ₹39,800 crore, marking the strongest Q2 topline in Vedanta’s history. EBITDA grew 12% YoY to ₹11,612 crore, reflecting solid operating leverage and cost discipline despite price volatility in global commodities.
The key drag came from the power business. A one-time exceptional loss of ₹2,067 crore pushed consolidated PAT down to ₹3,479 crore, masking the strength of the underlying operations. In short, the core engine is performing well, but the quarter’s reported earnings were distorted by non-recurring issues.

*Segment/ Operational Performance Highlights*
* Aluminium & Alumina: Cast metal output at 617,000 tonnes and alumina at 653,000 tonnes, both record highs. Segment EBITDA rose to ₹5,532 crore, up ~33% YoY.
* Zinc (India & International): Zinc-India achieved its highest-ever Q2 mined metal production at 258,000 tonnes (+1% YoY). Cost of production remained low at US$ 994/tonne, driving EBITDA up ~8% YoY to ₹4,434 crore.
* Power & Others: Operational volatility in the power business contributed to the exceptional loss, impacting overall profitability.

*Balance Sheet, Debt & Capital Metrics*
Net debt stood at ₹62,063 crore as of 30 Sept 2025, with leverage improving to ~1.37x. The company’s AA credit rating was reaffirmed, underscoring financial stability. Capex for H1 FY26 totalled USD 0.9 bn, signalling ongoing investment in growth and capacity expansion. Even after the exceptional loss, the improvement in leverage shows that underlying cash generation remains strong.

*Management Commentary*
Management highlighted that despite commodity price swings and operational challenges, Vedanta delivered record production across major segments. The exceptional loss from the power subsidiary was acknowledged, but the company believes its diversified portfolio and disciplined balance-sheet approach will help absorb such shocks.

*Conclusion*
Q2 FY26 was a quarter where the core business shone but headline numbers suffered. Strong production, better margins and robust EBITDA growth demonstrate the health of the metals-mining operations, while the one-off power-related loss temporarily depressed net profit. Key things to monitor include movement in aluminium and zinc prices, stability of power and non-metal subsidiaries, and debt levels and capex pace, given ongoing investments. Overall, Vedanta continues to be a strong, diversified business with healthy cash flows. The PAT decline this quarter appears to be a temporary, non-structural issue.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Cipla Ltd Q2 FY26: Revenue Hits Record Level, but Profit Growth Remains Modest

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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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Alkem Labs Q2 FY26: Strong 17% Revenue Growth and Healthy Profit Gains Across India & Global Markets
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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