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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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HAL Q2 FY26: Revenue ₹6,628 Crore (+11%), PAT ₹1,662 Crore (+11.6%) — Margin Pressure Visible
Equities, Markets, Result Updates - November 19, 2025

HAL Q2 FY26: Revenue ₹6,628 Crore (+11%), PAT ₹1,662 Crore (+11.6%) — Margin Pressure Visible

HAL Q2 FY26: Revenue ₹6,628 Crore (+11%), PAT ₹1,662 Crore (+11.6%) — Margin Pressure Visible

HAL delivered steady revenue growth at ₹6,62,846 lakh (₹6,628 crore, +11% YoY) and a profit of ₹1,66,252 lakh (₹1,662 crore, +11.6% YoY) in Q2 FY26. However, EBITDA margin contracted, indicating early signs of cost pressure.

*Detailed Quarterly Overview*
* Revenue from operations: ₹6,62,846 lakh vs ₹5,97,655 lakh in Q2 FY25
→ YoY growth: +10.9%
* Sequential (QoQ) growth: from ₹4,81,914 lakh in Q1 FY26
→ +37.5% QoQ, reflecting higher execution and deliveries.
* Other Income: Other income rose to ₹88,894 lakh (vs ₹54,400 lakh YoY)
→ Driven by higher treasury income, interest, and miscellaneous credits.
* Total Income: ₹7,51,740 lakh (vs ₹6,52,055 lakh YoY).
→ +15.3% YoY growth.

*Expense Breakdown — Where Margins Got Pressured*
* Cost of materials consumed: ₹4,07,204 lakh
* Employee benefit expenses: ₹1,33,187 lakh
* Other expenses: ₹51,525 lakh
* Provisions: ₹51,731 lakh
* Depreciation & amortisation: ₹22,540 lakh
* Finance cost: ₹34 lakh
* Total gross expenses: ₹5,63,331 lakh
* ⁠Capital-related adjustments: ₹33,636 lakh
* Net expenses: ₹5,29,695 lakh

*Why margins tightened*
* Material cost increased sharply in line with execution.
* Employee cost rose due to pension and wage-related adjustments.
* Provisions jumped to ₹51,731 lakh (vs ₹25,074 lakh YoY), cutting operating margin.
Together, these factors caused EBITDA margin contraction despite higher revenues.

*Profitability Analysis*
* Profit Before Tax (PBT): ₹2,22,045 lakh vs ₹1,99,668 lakh YoY
→ 11.2% YoY growth
* Tax Expense: ₹55,793 lakh (Q2 FY26)
* Profit After Tax (PAT): ₹1,66,252 lakh vs ₹1,49,036 lakh YoY
→ +11.6% YoY
* QoQ growth from ₹1,37,715 lakh
→ +20.7% QoQ
* Basic & diluted EPS: ₹24.86 (vs ₹22.28 YoY)

*Balance Sheet Highlights (as of 30 Sept 2025)*
1. Assets
– Total Assets: ₹1,22,97,854 lakh
– Non-current assets: ₹16,71,693 lakh
– Current assets: ₹1,06,26,161 lakh
– Inventories surged to ₹28,41,990 lakh (vs ₹21,67,570 lakh in Mar 2025). This indicates build-up for future execution.
2. Cash & Bank Balances
– Cash & cash equivalents: ₹3,13,774 lakh
– Bank balances: ₹41,32,219 lakh
3. Liabilities & Net Worth
* Equity
– Share capital: ₹33,439 lakh
– Other equity: ₹36,62,813 lakh
– Total equity: ₹36,96,252 lakh
* Liabilities
– Total liabilities: ₹86,01,602 lakh
– Non-current liabilities: ₹37,57,725 lakh
– Current liabilities: ₹48,43,877 lakh
– Other current liabilities: ₹32,10,651 lakh

*Cash Flow (H1 FY26)*
* Operating Cash Flow (OCF): Positive ₹7,38,156 lakh
→ Strong collections + working capital movements
* Investing Cash Flow: Negative ₹7,78,408 lakh
→ Heavy investment in capex, intangibles (₹35,587 lakh) and large bank deposits (₹7,69,836 lakh)
* Financing Cash Flow: Negative ₹1,00,667 lakh
→ Due to dividend payout

*Key Disclosures from Management and Auditors*
* Pension cost impact: Additional employee cost due to pension contribution revision: ₹2,175 lakh
* Salary refixation case: Recovery adjustments for workmen: ₹1,193 lakh recognized.
* Inventory flood loss revision: Earlier inventory loss reversed partly; final loss retained: ₹3,664 lakh.
* FPQ (pricing) still provisional: FY24 & FY25 prices pending final approval; sales recognized based on provisional indices.

*Caveats and catalysts*
* Positives
– Strong revenue and PAT growth
– High operational cash generation
– Big inventory buildup signals strong order execution in coming quarters
– Strong liquidity (huge bank balances)
* Concerns
– Margin contraction due to higher material & provision costs
– Pricing uncertainty due to pending FPQ finalisation
– Employee cost volatility due to pension and wage adjustments
– Large working capital requirement as inventory climbs

*Conclusion*
HAL delivered a solid Q2 FY26 with 11% revenue growth and 11.6% PAT growth, backed by higher execution and better collections. However, operating margins fell as costs and provisions increased sharply. Going forward, margin recovery, FPQ pricing finalisation, and inventory management will be key things to watch.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth

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Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth
Economy, Markets, Result Updates - November 19, 2025

Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth

Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth

Reliance reported a strong quarter with consolidated gross revenue of ₹2,83,548 crore, EBITDA of ₹50,367 crore (+14.6% YoY) and consolidated PAT of ₹22,092 crore (+14.3% YoY) — driven mainly by Jio (digital) and Retail momentum.

*Consolidated headline numbers*
* Gross revenue: ₹2,83,548 crore (up 10.0% YoY).
* EBITDA: ₹50,367 crore (up 14.6% YoY).
* Profit before tax (PBT): ₹29,124 crore (up 16.3% YoY).
* Tax: ₹6,978 crore.
* Profit after tax (PAT): ₹22,092 crore (up 14.3% YoY).
* Finance cost: ₹6,827 crore;
* Depreciation: ₹14,416 crore.
These are the consolidated top-line and profitability numbers for Q2 FY26.

*Digital/ Jio Platforms*
* Gross revenue (JPL consolidated): ₹42,652 crore (15% YoY).
* Operating revenue: ₹36,332 crore (14.6% YoY).
* EBITDA: ₹18,757 crore (up 17–18% YoY) with margin expansion (+140 bps).
* Jio milestones: subscribers ~506.4 million, ARPU rose to ₹211.4.
Jio’s improved ARPU, subscriber additions (net add ~8.3 million) and higher monetization were key profit levers this quarter.

*Retail (Reliance Retail Ventures Limited — RRVL)*
* Gross revenue (Retail): ₹90,018 crore (up 18% YoY).
* Net revenue: ₹79,128 crore; EBITDA from operations: ₹6,624 crore; Total EBITDA: ₹6,816 crore (up ~16.5% YoY).
Retail also reported 369 million registered customers and 19,821 stores (412 new stores opened in the quarter). Festive demand and faster adoption of quick commerce lifted volumes.

*Oil-to-Chemicals (O2C)*
* Revenue: ₹160,558 crore (small YoY uptick ~3.2%).
* EBITDA: ₹15,008 crore (up ~21% YoY); EBITDA margin improved ~130 bps to 9.3% — supported by better fuel cracks, higher domestic fuel placement and commodity delta improvements.

*Exploration & Production (E&P)*
Revenue and EBITDA were steady-to-low single-digit changes; production volumes and price realizations mixed across blocks.

*Balance sheet & cash flow signals*
* Capex during the quarter: ₹40,010 crore (shows heavy investment activity).
* Net debt: moved to ₹118,545 crore (up slightly from ₹117,581 crore).
* Net debt/ LTM EBITDA: ~0.58x — implies the company remains comfortably levered relative to earnings while investing aggressively.

*Risks & catalysts*
* Catalysts: continued Jio ARPU upsides, further traction in quick commerce and festive retail, and improved downstream fuel cracks (helpful for O2C EBITDA). Jio’s scale (500M+ subs) is a structural strength.
* Risks: higher finance costs (Q2 finance cost rose YoY), large recurring capex, and exposure of petrochem margins to global crude/chain dynamics. Also, compare Q2 to Q1 for one-offs — Q1 included proceeds from sale of listed investments that affected sequential comparisons.

*Conclusion*
Reliance posted a broadly solid Q2 FY26: double-digit YoY growth in revenue, EBITDA and PAT, largely led by Jio’s monetisation and Retail’s festive-led growth, while the group continues heavy capex and maintains a moderate net-debt/EBITDA ratio. Investors will watch margin sustainability across O2C and the cash-flow impact of the ongoing investment program.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption

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HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption
Business, Market News, Result Updates - November 19, 2025

HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption

HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption

Hindustan Unilever posted a modest quarter: revenue rose about 2% while reported PAT grew ~4% helped by a one-off tax benefit — margins were under pressure and management declared an interim dividend of ₹19 per share.

*What happened this quarter*
* Revenue from operations (consolidated) for Q2 FY26: ₹16,034 crore, up from ₹15,703 crore a year ago (≈ +2% YoY).
* Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter: ₹3,729 crore; EBITDA margin: 23.2%, down 90 basis points vs Q2 last year.
* Profit after tax before exceptional items: ₹2,482 crore, down 4% YoY.
* Reported Profit After Tax (PAT, after exceptional items): ₹2,694 crore, up ~4% YoY (consolidated).
* Board declared an interim dividend of ₹19 per share (record date: 7 Nov 2025).

*Detailed numbers (consolidated)*
* Revenue from operations: ₹16,034 crore (Q2 FY26) vs ₹15,703 crore (Q2 FY25).
* Total income (quarter): figures shown in the filing also list components of other income and operating segments (see official table).
* EBITDA: ₹3,729 crore. EBITDA margin: 23.2% (decline of 90 bps YoY).
* Profit before exceptional items (PAT before exceptions): ₹2,482 crore (down 4% YoY).
* Exceptional items (net): one-off +₹273 crore (favourable tax resolution between UK & India), restructuring costs ₹51 crore, and acquisition/ disposal costs ₹38 crore. These swing the pre-exception PAT to the reported PAT.
* Reported PAT (after exceptions): ₹2,694 crore (≈ +4% YoY).
* Basic earnings per share (EPS): ₹11.43 for the quarter (basic).
* Total comprehensive income (quarter): ₹2,698 crore (group level table). Paid up equity: 235 crore shares (face value Re. 1).

*Why revenue was muted and margins fell*
* The filing and the company commentary point to GST-led disruption (rate changes) that affected pricing and demand for a part of the portfolio, which pressured volumes and realizations in the quarter. This is visible in the modest top-line growth despite HUL’s scale.
* Margin contraction (90 bps in EBITDA margin) was because of a mix of higher input/ operational costs, continued investment/marketing spend and the temporary dilution in pricing power related to the GST transition.

*Segment/ cash flow/ other pointers*
* The company’s statement includes segment-level sales and operating data (Home Care, Beauty & Well-being, Personal Care, Foods). The consolidated schedules also show standalone numbers for comparability.
* Cash flows: the cash generated from operations and movement in working capital are shown in the cash flow tables (operating cash flow and taxes paid are disclosed in the filing).

*Segment-wise snapshot*
While the company’s full segment-table for Q2 FY26 is only partially disclosed in the public summary, previous commentary from HUL suggests the following trends (for guidance into Q2):
* The Home Care division has historically grown at low-single to mid-single digit sales growth, with volume growth being stronger than value growth (as the business absorbs input inflation and passes on less pricing).
* The Beauty & Well-being/ Personal Care business has seen better momentum in premiumisation, with moderate unit growth but heavier investment behind brands.
* The Foods & Refreshments segment has been weaker, with demand softness in some categories and cost inflation from commodities like tea and coffee.
* Management commentary (in recent prior quarters) emphasises a shift from margin-first to growth-first: higher brand and trade-spend, more focus on digital & e-commerce channels.

*Outlook and what management has signalled*
HUL has stated it expects consumer demand to gradually improve through FY26, buoyed by lower commodity inflation, improving rural macro trends and continued investment in brand/digital. However, management continues to flag near-term margin pressure due to elevated input costs, trade spend and channel investments. They anticipate volume growth to recover gradually while price growth remains modest.

*Management actions & shareholder returns*
Management approved an interim dividend of ₹19 per share (record date 7 Nov 2025; payment 20 Nov 2025). This signals continued focus on returning cash to shareholders despite the quarter’s headwinds.

*Takeaways*
* Topline: steady but muted — revenue +2% YoY.
* Profit: reported PAT +~4%, helped by a one-off tax benefit; underlying PAT before exceptions down ~4%.
* Margins: under pressure — EBITDA margin down 90 bps to 23.2%.
* Shareholder friendly: interim dividend ₹19/sh.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

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Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%
Business, Market News, Result Updates - November 18, 2025

Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

Gujarat Gas reported a largely stable quarter on top-line with revenue of ~₹3,979 crore, but profitability slipped — EBITDA at ₹520 crore (vs ₹553 crore) and PAT at ₹281 crore (vs ₹307 crore) for Q2 FY26.

*Headline numbers (company reported — Q2 FY26 vs Q2 FY25)*
* Revenue from operations: ~₹3,979 crore (Q2 FY26) vs ~₹3,949 crore (Q2 FY25).
* EBITDA: ₹520 crore (Q2 FY26) vs ₹553 crore (Q2 FY25).
* PAT (Profit after tax): ₹281 crore (Q2 FY26) vs ₹307 crore (Q2 FY25).

*Operational highlights — volumes & network*
* CNG volume: 3.32 mmscmd in Q2 FY26, up 13% YoY (vs 2.93 mmscmd in Q2 FY25).
* PNG (Domestic): 0.83 mmscmd in Q2 FY26 — +10% YoY.
* PNG (Commercial): 0.16 mmscmd — +7% YoY.
* Total distributed gas: ~8.65 mmscmd in Q2 FY26

*Network & customer metrics*
* CNG stations: 834 operational stations (company added 4 stations in the quarter).
* New domestic customers added in Q2: 42,400+.
* Households served: More than 23.44 lakh households.
* Pipeline network: 43,900+ km of steel pipeline (cumulative).

*Business initiatives mentioned by the company*
* FDODO (Franchise/ dealer) push: Gujarat Gas has signed 74 FDODO agreements to accelerate growth; one FDODO station became operational in Jamnagar during the quarter.
* Corporate action: Shareholders approved the Composite Scheme of Amalgamation and Arrangement at the meeting held on 17th October 2025; the company has filed the Chairman’s Report and confirmation petition with the Ministry of Corporate Affairs.

*What the numbers tell us*
1. Volume growth is healthy, especially CNG: CNG volumes grew 13% YoY to 3.32 mmscmd, showing strong consumer and transport demand — this is the positive operational story.
2. Top line is steady, but margins compressed: Revenue was almost flat (≈₹3,979 crore), yet EBITDA and PAT declined (EBITDA ₹520 crore, PAT ₹281 crore), indicating margin pressure or higher costs relative to last year.
3. Retail expansion continues: Network additions (4 new CNG stations) and 42,400+ new domestic connections in a quarter show steady on-ground growth and customer acquisition.
4. FDODO rollout is a focus: Signing 74 FDODO agreements and commissioning a station signals management’s push to scale via franchise models.

*Risks and near-term things to watch*
* Margin drivers: If fuel/ gas costs, spot LNG prices, or allocations change, EBITDA and PAT can move sharply — the quarter already showed profit decline despite volume growth.
* Execution of FDODO roll-out: Success of the franchise model will affect future station additions and cost structure.
* Regulatory/ allocation changes: Any government allocation changes for domestic/ priority segments could affect supply mix and economics.

*Conclusion*
Gujarat Gas delivered stable revenue (~₹3,979 crore) and good volume growth (CNG +13%), but profitability came under pressure with EBITDA at ₹520 crore and PAT at ₹281 crore. The company is expanding its network and pushing an FDODO strategy, but margin sustainability remains the key monitorable for the next quarters.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

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Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure
Autos, Business, Result Updates - November 18, 2025

Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

Tata Motors’ Commercial Vehicles (CV) business showed healthy volume momentum — 94,681 units, up 12% year-on-year — while revenue growth was modest and overall profitability at group/PV levels remained under pressure due to one-off items and underlying losses in passenger vehicles.

*Key numbers at a glance*
* CV volumes: 94,681 units, +12% YoY.
* CV revenue: ₹18.4K crore, +6.6% YoY (reported as ₹18.4K Cr).
* CV EBITDA margin: 12.2%, +150 bps YoY.
* CV EBIT margin: 9.8%, +200 bps YoY.
* CV PBT (bei): ₹1.7K crore for the quarter.
Note: Group/Passenger Vehicles (PV) reported significant one-time notional gains which distort headline profitability for the quarter.

*What influenced the results this quarter*
* Volume strength in CVs: The CV business delivered nearly 95k units, a healthy 12% jump. This shows underlying demand strength in commercial transport and logistics. Higher volumes helped spread fixed costs and improved margins.
* Modest revenue growth: CV revenue grew by ~6.6% to about ₹18.4K crore. Volume gains were partly offset by product mix and realization changes, so top-line expansion was smaller than volume growth.
* Margin improvement in CVs: EBITDA margin rose to 12.2% (+150 bps) and EBIT margin to 9.8% (+200 bps). Management attributes this to higher volumes, favourable realizations and cost efficiencies. These margin gains are meaningful for a volume-driven business.

*Profitability — a mixed story*
* CV profitability improved: PBT (bei) for the CV segment was ₹1.7K crore, reflecting better operating leverage on higher volumes.
* Group/ PV distortions: At the group and passenger vehicle levels the reported profit picture is distorted by exceptional items and notional gains on disposal in PV. Some company releases show very large one-time notional gains that swing reported net profit figures — but these are not cash operating profits. Investors should separate ‘underlying operating profit’ (what the business actually earned from making and selling vehicles) from one-offs.

*Detailed highlights*
* CV volume: 94,681 units (+12% YoY).
* CV revenue: ₹18.4K Cr (+6.6% YoY).
* CV EBITDA margin: 12.2% (+150 bps YoY).
* CV EBIT margin: 9.8% (+200 bps YoY).
* CV PBT (bei): ₹1.7K Cr.
* Passenger Vehicles (PV) — reported extremely large notional gain on disposal in Q2 that led to a jump in reported net profit at the PV group level; excluding that gain PV posted operating losses for the quarter. (Company press release shows the one-time notional gain magnitude; treat it as non-recurring.)

*Overall Interpretation*
* CV business is the bright spot: Strong volumes and better margins mean the CV division is moving in the right direction — more trucks on the road and slightly better profitability per vehicle.
* Group headline profit is confusing: Reported group or PV profits are affected by non-cash, one-off accounting items. So, while headlines may show big profits or swings, the core operating picture (especially for PV) is weaker if you strip out the one-offs.
* Watch next quarters for sustainability: If CV volumes and realizations hold, margins could stay higher; but PV needs structural fixes and the one-off gains will not repeat, so investors should focus on underlying EBIT/EBITDA trends.

*Conclusion*
Tata Motors’ CV business had a good quarter — 94,681 units (+12%), modest revenue growth to ₹18.4K Cr, and improving margins (EBITDA 12.2%, EBIT 9.8%). But the overall company headline profit is hard to read because passenger vehicles reported large non-recurring accounting gains; excluding those, PV operating performance remains weak. So, CV momentum is real and encouraging, but watch the next few quarters to see if the improvement is sustainable at the group level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Why gold funds saw a record weekly inflow — and what it signals for Indian investors

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Essar India Delivers Impressive Recovery in First Quarter FY26 Results
Equities, Markets, Result Updates - August 23, 2025

Essar India Delivers Impressive Recovery in First Quarter FY26 Results

Essar India Delivers Impressive Recovery in First Quarter FY26 Results

Record Revenue Growth and Cost Controls Propel Shipping and Technology Divisions

Introduction
Essar India, one of the country’s most influential conglomerates, recently published its financial results for the first quarter of fiscal year 2026. Covering April to June 2025, the Q1 report from various Essar group companies—most notably Essar Shipping Ltd and Black Box Ltd—demonstrates a powerful comeback marked by robust revenue growth, a sharp reversal to profitability, and operational resilience. Shareholders and industry experts are now pouring over the numbers to better understand the drivers of this impressive performance.

Record Revenue and Profitability: The Shipping Division’s Transformation
Essar Shipping Ltd, a core division specializing in logistics and maritime services, led the charge among Essar entities. The company posted a remarkable ₹49.51 crore in total income for Q1 FY26, representing a 268.7% increase quarter-over-quarter and 327.9% surge year-over-year. This dramatic jump in revenue is attributed to improved fleet efficiency, expanded cargo capacity, and market conditions favoring the shipping industry.
A closer look reveals radical transformation in profitability. With a PBT of ₹27.36 crore, Essar Shipping swung back to profit from losses of ₹53.19 crore in the previous quarter and ₹34.53 crore in the same period last year. Profit after tax mirrored this at ₹27.36 crore, and earnings per share rebounded from a negative -₹3.20 in Q4 FY25 to ₹1.30 in Q1 FY26— signaling a significant turnaround in the company’s earnings profile.

Cost Optimization: Driving Financial Health
Beyond revenue gains, Essar Shipping’s turnaround owes much to aggressive cost optimization. At ₹22.15 crore, total expenses were lower by 71.9% versus Q4 FY25 and by 45.4% compared to the same quarter last year. Such operational discipline suggests enhanced fleet utilization, improved vendor negotiations, and careful resource management. Analysts believe these steps have set a foundation for sustainable future profitability, though continued vigilance is needed as market dynamics shift.

Black Box: Technology Arm Sprints Ahead
Black Box Ltd, part of Essar’s digital infrastructure business, recorded a strong Q1. Although revenue of ₹1,387 crore slightly declined by 3% year-over-year due to global tariff uncertainties, key metrics like EBITDA and profit after tax (PAT) improved. EBITDA rose 1% to ₹116 crore, with margins climbing to 8.4%. PAT surged 28% year-over-year to ₹47 crore, and PAT margins rose to 3.4%, driven by streamlined operations and lower exceptional items.
Black Box’s growth trajectory stayed intact, with the order book expanding to ₹4,433 crore by the end of the quarter. This reflects the success of Black Box’s strategic pivot toward high-value assignments and global marquee clients, especially in the Americas. Notable wins included deals with top-tier financial institutions and leading OTT platforms, helping to buffer the slight dip in overall revenue.

Strategic Moves and Industry Impact
Essar India’s latest quarterly performance highlights a purposeful recalibration of strategy. Both shipping and technology businesses are leveraging scale, global reach, and operational efficiency to stay ahead. Essar Shipping’s relentless cost discipline is complemented by market-driven revenue growth, while Black Box is pivoting towards complex, global projects that bring in higher margins and recurring business.
The group’s focus on optimizing fleet efficiency, client portfolio, and order book quality is reflected in reduced losses from low-value accounts and a commitment to capturing market leadership in digital transformation and logistics.

Investor Reception and Forward-Looking Statements
The sharp rebound in Essar India’s profitability and margin performance has invigorated investor sentiment. Market watchers view the pronounced earnings turnaround and order growth as signs of sustainable recovery. Essar’s management, meanwhile, remains focused on scaling revenues, accelerating growth, and maintaining operational resilience amid challenges such as global supply chain disruptions and competitive pressure.
Company executives point to strong cash reserves, improved cost structures, and robust order books as confidence boosters for the remainder of FY26. The outlook is one of cautious optimism, leaning on differentiation, strategic investments, and continued innovation to secure future gains.

Conclusion
Essar India’s Q1 2026 results mark a significant inflection point for the conglomerate and its major subsidiaries. Shipping has rebounded from losses to profitability on the back of soaring revenues and disciplined costs, while digital infrastructure continues to grow margins and capture new business. As economic and industry conditions evolve, Essar’s operational turnaround and strategic pivots provide a roadmap for other large conglomerates seeking growth amidst uncertainty. Investors and stakeholders will be watching closely as the group aims for sustained momentum in the rest of FY26 and beyond.

 

 

 

 

 

 

 

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Picturehouse Media’s Q1 2026 Results Signal Mixed Fortunes

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