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Titan Company Q2 FY26: Festive Surge Drives Jewellery Sales and Boosts Profit Big Time
Business, Markets, Result Updates - November 27, 2025

Titan Company Q2 FY26: Festive Surge Drives Jewellery Sales and Boosts Profit Big Time

Titan Company Q2 FY26: Festive Surge Drives Jewellery Sales and Boosts Profit Big Time

Titan delivered a very strong quarter, powered by booming consumer demand during the festive season and robust performance across jewellery and lifestyle businesses. Consolidated revenue rose sharply while net profit jumped nearly 60% YoY. The jewellery business remained the standout performer, but watches, eyewear and emerging businesses also contributed well. Margins expanded, indicating healthy operational leverage.

*Key Highlights*
* Consolidated Total Income: ₹18,725 crore in Q2 FY26, +28.8% YoY
* Consolidated Net Profit (PAT): ₹1,120 crore, +59.1% YoY (vs ₹704 crore in Q2 FY25)
* EBITDA: ₹1,987 crore, +46.3% YoY
* EBITDA margin: 12.1%, improved by ~209 basis points (bps) YoY
* PAT margin: 6.8% (improved ~163 bps YoY)
* Jewellery (excluding bullion and DigiGold): Revenue ₹14,092 crore, +21% YoY
* Watches & Wearables: Revenue +13% YoY, segment EBIT margin ~16.1%
* Eyewear/ Eye care/ Emerging Businesses: All reported growth, adding diversification beyond jewellery.

*Revenue & Profit Analysis*
Titan’s revenue growth of +28.8% YoY to ₹18,725 crore reflects strong festive-season demand and recovery across its product lines. This robust top-line jump translated into a substantial bottom-line gain: PAT rose +59.1% YoY to ₹1,120 crore. The gain in profit outpaced the revenue rise primarily because the company managed to expand margins, EBITDA margin rose to 12.1%, up ~209 bps, indicating efficiency improvements or operating leverage kicking in. Profitability gains suggest Titan managed cost pressures (despite possibly higher raw material/ gold costs) and benefited from higher sales volume and premiumisation.

*Segment Performance*
* Jewellery Business: Jewellery division (excluding bullion & DigiGold) delivered ₹14,092 crore, +21% YoY. This strong growth underscores sustained consumer appetite for branded jewellery, likely driven by festive demand, brand strength (e.g. Tanishq, Mia, Zoya, CaratLane) and premiumisation.
* Watches & Wearables: Revenue grew +13% YoY to ₹1,477 crore, segment EBIT margin was ~16.1%, showing healthy profitability in a non-precious-metals business line.
* Eyewear/ Eyecare & Emerging Businesses: These contributed modestly but showed growth, helping diversify Titan’s portfolio beyond jewellery and watches.
Overall, the business mix appears balanced, with jewellery leading growth and other verticals adding stability — which helps in cushioning volatility (e.g. in gold prices).

*Margin & Operating Efficiency*
EBITDA margin at 12.1% and PAT margin 6.8% indicates Titan successfully leveraged operating leverage during the quarter. The rise in profitability despite gold-price volatility suggests cost controls, better working-capital management and favourable product mix (studded jewellery, premium watches, etc.). The ability to hold margins while growing volume reinforces confidence in the company’s operational execution.

*Risk & Macro Considerations*
* Gold-price volatility: Since jewellery is the major revenue source, sharp changes in gold prices can impact demand and margin.
* Inventory & working-capital pressures: To meet festive demand, inventory build-up likely increased.
* Sustainability of demand: Post-festive season demand could normalize, so sustaining the growth trajectory will depend on consumer sentiment and festive cycles.
* Cost inflation: If input costs (like labour, rent, raw materials) rise, maintaining margin expansion will be challenging.
However, Titan’s diversified business mix (watches, eyewear, emerging verticals) offers some cushion and helps manage these risks.

*Management Commentary & Strategic Moves*
The strong quarter was driven by demand uptick due to festive season, new collections and robust traction in both core and emerging businesses. The company remains committed to expanding its retail footprint, broadening product mix (beyond jewellery) and strengthening brand-led premiumisation.
The management also indicated focus on working-capital discipline even while scaling up operations, a positive sign, given the inherent volatility in jewellery retail.

*Conclusion*
Titan Company’s Q2 FY26 results signal a powerful bounce-back, driven by a combination of favourable demand, solid execution and operational leverage. The +59% PAT growth, outpacing revenue growth, highlights margin improvements alongside top-line strength. Jewellery remains the anchor, but growth across watches, eyewear and other lifestyle segments improves revenue diversification and reduces dependence on any single segment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ITC Hotels Q2 FY26: Solid Gains in Hospitality, but Growth Base Still Moderate

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Chalet Hotels Q2 FY26: Revenue Nearly Doubles Year-on-Year and Profit Turns Positive After Last Year’s Loss
Business, Markets, Result Updates - November 25, 2025

ITC Hotels Q2 FY26: Solid Gains in Hospitality, but Growth Base Still Moderate

ITC Hotels Q2 FY26: Solid Gains in Hospitality, but Growth Base Still Moderate

ITC Hotels’ Q2 FY26 numbers show healthy revenue growth, sharp rise in profit after tax and stronger hotel-level earnings. The results are backed by operational improvement across properties and tighter cost control, but the company still operates off a modest base after the demerger last year.

*Headline numbers*
* Revenue from operations (consolidated): ₹839.48 crore in Q2 FY26 versus ₹777.95 crore in Q2 FY25: +7.9% YoY
* Total income: ₹884.89 crore in Q2 FY26
* Profit before tax: ₹188.69 crore in Q2 FY26 versus ₹113.60 crore a year ago
* Profit after tax (consolidated): ₹132.77 crore in Q2 FY26 versus ₹76.17 crore in Q2 FY25: +~74% YoY.
* Earnings per share (basic, consolidated, not annualised): ₹0.64 in Q2 FY26 versus ₹0.37 in Q2 FY25.

*Hospitality continues its steady climb*
* Hotels segment remains the core engine: Hotels revenue was ₹822.80 crore in the quarter versus ₹763.48 crore a year ago, up ~7.8% YoY. This accounts for the vast majority of company revenue, confirming that room, F&B and meetings/ events recovery is continuing.
* Other smaller lines: “Others” contributed ~₹10.68 crore, real estate remained nil for the quarter as projects are still at development stage. Total consolidated gross revenue from sale of products and services stood at ₹832.04 crore.

*Profitability: margins, segment profits and cost control*
* Hotels segment result (segment-level profit): ₹140.64 crore in Q2 FY26 versus ₹105.14 crore in Q2 FY25: an increase of roughly 34% YoY. Hotel operations are not just seeing higher revenue but also better operating leverage.
* Consolidated profit before tax of ₹188.69 crore reflects positive contributions from segment results and a favourable unallocated income line. The company reported an “other un-allocable income” credit that improved PBT.
* Expense structure: For the quarter, notable line items included consumption of food, beverage etc.: ₹86.49 crore, employee benefits: ₹186.61 crore, depreciation and amortisation: ₹104.08 crore and other expenses: ₹320.63 crore. Total consolidated expenses were ₹699.72 crore for the period.

*Balance sheet position: large asset base with low debt stress*
* Hotels segment assets: ₹8,646.46 crore as of 30 September 2025. Real estate assets stood at ₹1,414.45 crore reflecting ongoing development. Total consolidated assets were ₹12,821.90 crore. These numbers show sizeable capital employed in the business.
* Total consolidated liabilities were ₹1,745.43 crore. Finance costs in the quarter were modest at ₹1.91 crore, indicating low interest burden relative to the asset base.

*Half-year performance*
* H1 FY26 revenue and profit trends are consistent with the quarter: 6-month revenue from operations was ₹1,655.02 crore and PAT for six months was higher YoY, reflecting sustained momentum. The company’s operations are benefiting from improving demand and operational discipline.
* The strong YoY percentage jump in PAT (≈74%) is partly due to the structural changes after the demerger.

*Key insights for investors*
1. Margin recovery is real but fragile: Hotels segment profit has grown faster than revenue, showing operating leverage. The company must keep a lid on employee and “other” operating expenses to sustain margin gains.
2. Asset intensity remains high: With hotels assets ~₹8,646 crore and total assets ~₹12,822 crore, capital efficiency and ROIC will be key to monitor in coming quarters. Real estate assets will be important to monitor as they convert to revenue in future periods.
3. Low finance cost gives optionality: Interest costs are low relative to EBITDA potential, so management has room to invest selectively in product enhancement or debt-funded growth without immediate strain.

*Conclusion*
ITC Hotels’ Q2 FY26 results show a clearly strong performance: steady revenue growth, a sharp increase in PAT and improved profitability in the core hotels segment. The encouraging sign is that demand is growing not only in room bookings but also in higher-margin areas such as food and beverage and events, supported by better cost control. However, the company still operates with a large asset base, and its margins can be affected by changes in labour and input costs. If the company continues to manage costs well and maintains a better mix of high-margin revenues, it can convert this momentum into consistently stronger returns and long-term value for shareholders.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Aditya Birla Capital Q2 FY26: Lending Momentum Accelerates, but Profit Expansion Stays Mild

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Aditya Birla Capital Q2 FY26: Lending Momentum Accelerates, but Profit Expansion Stays Mild
Banking, Markets, Result Updates - November 25, 2025

Aditya Birla Capital Q2 FY26: Lending Momentum Accelerates, but Profit Expansion Stays Mild

Aditya Birla Capital Q2 FY26: Lending Momentum Accelerates, but Profit Expansion Stays Mild

Aditya Birla Capital delivered a quarter of steady growth, led by strong momentum in lending and asset-growth businesses, while consolidated profit expansion remained modest. Revenue rose 4 % YoY to ₹12,481 crore, and PAT increased 3 % YoY to ₹855 crore. The NBFC and housing-finance portfolios grew materially (AUM up ~22-29 % YoY), while fee-income businesses (AMC, insurance) also posted healthy traction. Asset-quality remains under control (Gross Stage 2+3 at 3.03 % in lending). The business is scaling, but margin and profit lever remain mild.

*Key highlights*
* Consolidated Revenue: ₹12,481 crore (+4 % YoY)
* Consolidated Profit After Tax: ₹855 crore (+3 % YoY)
* Total Lending Portfolio (NBFC + HFC): ₹1,77,855 crore as on 30 Sept 2025 (+29 % YoY, +7 % QoQ)
* NBFC Disbursements: ₹21,990 crore (+14 % YoY, +39 % QoQ)
* NBFC AUM: ₹1,39,585 crore (+22 % YoY, +6 % QoQ)
* NBFC PBT: ₹956 crore (+13 % YoY, +3 % QoQ) & RoA 2.20%
* Gross Stage 2 + Stage 3 Ratio (lending): 3.03% (improved 121 bps YoY, 67 bps QoQ)
* Mutual Fund Quarterly Average AUM (QAAUM): ₹4,25,171 crore (+11 % YoY)
* Life Insurance Individual First Year Premium (H1 FY26): ₹1,880 crore (+19 % YoY)
* Health Insurance Gross Written Premium (H1 FY26): ₹2,839 crore (+31 % YoY)

*Revenue & profit analysis*
Revenue grew 4 % year-on-year to ₹12,481 crore, signalling steady scale. However, profit growth was only 3 % to ₹855 crore, meaning margin and cost pressures are limiting sharper bottom-line expansion.
On the lending front, while AUM and disbursements expanded strongly, profit gains are modest: the NBFC business delivered PBT ₹956 crore (up 13 % YoY) and RoA of 2.20%. That suggests the book growth is positive, but returns are still moderate given the scale.
Profit expansion is constrained likely by a mix of factors: rising cost of funds, investments in growth/ distribution and margin compression in newer segments. The modest 3% PAT growth despite healthy topline growth signals the need to monitor operating leverage and margins carefully.

*Segment performance*
* Lending/ NBFC & HFC: Disbursements ₹21,990 crore (14% YoY, 39% QoQ) and AUM ₹1,39,585 crore (22% YoY) highlight strong momentum. The housing-finance business did even better. Disbursements ₹5,786 crore (+44% YoY), AUM ₹38,270 crore (+65% YoY). Asset quality metrics improved (Stage 2+3 ratio 1.10% for HFC) indicating credit strength.
* Asset Management: The mutual fund business delivered an 11% YoY QAAUM growth to ₹4,25,171 crore. Folios serviced exceeded 1 crore (+5% YoY). Operating profit grew 13% YoY to ₹270 crore.
* Life Insurance: Individual first-year premium (FYP) in H1 rose 19% YoY to ₹1,880 crore. Market share in individual FYP rose 50 bps to 4.9%. Renewal premium grew 18% YoY to ₹4,664 crore, 13th-month persistency held at 86%.
* Health Insurance: Gross written premium up 31% YoY to ₹2,839 crore, stand-alone health insurer market share improved to 13.6% and combined ratio improved to 112%.

*Asset quality/ risk metrics*
For the lending business, the gross Stage 2+3 ratio improved to 3.03% (down 121 bps YoY, 67 bps QoQ). A RoA of 2.2% in the NBFC segment is respectable for scale-up businesses. In the HFC segment, the Stage 2+3 ratio was 1.1% (down 112 bps YoY) with RoA at 1.82% and RoE 13.95% in Q2. These figures suggest management is maintaining discipline in underwriting even while growing aggressively.

*Balance sheet & capital position*
On a standalone basis, ABCL posted PAT of ₹916 crore in Q2 FY26 (up ~12% YoY). Tier 1 ratio of 15.39% and total CRAR 17.98%. Return on equity was 14.2%. The lending portfolio across NBFC and HFC stands at ₹1,77,855 crore (+29% YoY). Total AUM (AMC + life + health) stood at ₹5,50,240 crore (+10% YoY) as on September 30, 2025. The company added 22 new branches, increasing its network to 1,712. Capital adequacy appears healthy and the company is investing in growth, which may moderate near-term margins but sustains long-term scalability.

*Management Commentary & Outlook*
Management emphasised that the quarter reflects “strong growth momentum and market share gains” in lending, insurance and funds businesses. The D2C and B2B platforms (76 lakh+ customers for ABCD, Udyog Plus AUM ₹4,397 crore) continue to expand the ecosystem. They believe that operating leverage will kick-in as investments made in distribution, data and digital mature. However, they cautioned that margin enhancement and cost discipline will be key to translating scale into stronger profits (credit cost is expected in the range ~1.2-1.3% for FY26). The company remains focused on deepening penetration into Tier 3/4 markets, continuing branch expansion.

*Conclusion*
Aditya Birla Capital has delivered a mixed but promising quarter. On one side, the business is firing on most cylinders: strong lending growth, expanding AUM, improved asset-quality and solid traction in fee-income verticals. On the other, the modest 3% PAT growth shows that scaling up is still absorbing costs and margin gains are yet to fully play out.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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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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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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