Valuation
Verdict
Tata Chemicals’ Q2 FY26 results show significant year-on-year and sequential declines in profitability due to softer pricing and higher input costs.
While revenue stayed largely stable, sharp compression in margins led to a steep fall in net profit and EPS, suggesting continued headwinds in the near term.
Affle (India) – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹647 Cr |
▲ 19% |
₹543 Cr |
▲ 4% |
₹621 Cr |
| EBITDA |
₹146 Cr |
▲ 29% |
₹113 Cr |
▲ 4% |
₹140 Cr |
| Net Profit |
₹111 Cr |
▲ 20% |
₹92.0 Cr |
▲ 5% |
₹106 Cr |
| EPS |
₹7.86 |
▲ 20% |
₹6.56 |
▲ 5% |
₹7.50 |
Verdict
Affle (India) reported another strong quarter with double-digit year-on-year growth across revenue, EBITDA, and profit, supported by operational efficiency and digital ad demand. Sequentially, steady QoQ gains reflect consistent performance momentum and healthy earnings visibility going into H2 FY26.
Netweb Technologies – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹304 Cr |
▲ 21% |
₹251 Cr |
▲ 1% |
₹301 Cr |
| EBITDA |
₹45.5 Cr |
▲ 25% |
₹36.3 Cr |
▲ 2% |
₹44.8 Cr |
| Net Profit |
₹31.4 Cr |
▲ 20% |
₹26.2 Cr |
▲ 3% |
₹30.5 Cr |
| EPS |
₹5.55 |
▲ 20% |
₹4.64 |
▲ 3% |
₹5.38 |
Verdict
Netweb Technologies delivered consistent double-digit YoY growth across all key metrics in Q2 FY26, supported by strong demand for high-performance computing and enterprise solutions. Sequentially, the company maintained momentum with modest QoQ gains, indicating stable margins and sustained earnings visibility.
Urban Company – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹747 Cr |
▲ 34% |
₹558 Cr |
▲ 103% |
₹367 Cr |
| EBITDA |
₹-92 Cr |
▼ 367% |
₹-19.7 Cr |
▼ 587% |
₹-13.4 Cr |
| Net Profit |
₹-52.4 Cr |
▼ 587% |
₹10.8 Cr |
▼ 855% |
₹6.94 Cr |
| EPS |
₹-0.36 |
▼ 100% |
₹552.36 |
▼ 357% |
₹0.14 |
Verdict
Urban Company reported strong revenue growth YoY and QoQ, driven by continued expansion in home and beauty services. However, profitability deteriorated sharply, with steep losses at the EBITDA and net profit levels due to higher marketing spends and investments in platform growth. Margin recovery remains the key monitorable in coming quarters.
Azad Engineering – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹143 Cr |
▲ 28% |
₹111 Cr |
▲ 6% |
₹135 Cr |
| EBITDA |
₹51.4 Cr |
▲ 29% |
₹39.8 Cr |
▲ 6% |
₹48.5 Cr |
| Net Profit |
₹33.0 Cr |
▲ 57% |
₹21.1 Cr |
▲ 10% |
₹30.0 Cr |
| EPS |
₹5.11 |
▲ 44% |
₹3.56 |
▲ 10% |
₹4.64 |
Verdict
Azad Engineering delivered strong Q2 FY26 performance with robust double-digit year-on-year growth across all metrics. Sequentially, the company maintained steady improvement in sales, EBITDA, and profitability, supported by margin expansion and operational efficiency. High valuation (PE ~97x) indicates strong market optimism but also limits near-term upside without sustained earnings growth.
GHCL – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹721 Cr |
▼ 9% |
₹793 Cr |
▼ 9% |
₹796 Cr |
| EBITDA |
₹157 Cr |
▼ 25% |
₹211 Cr |
▼ 20% |
₹197 Cr |
| Net Profit |
₹107 Cr |
▼ 31% |
₹155 Cr |
▼ 26% |
₹144 Cr |
| EPS |
₹11.11 |
▼ 31% |
₹16.17 |
▼ 26% |
₹15.00 |
Verdict
GHCL reported a weak Q2 FY26 performance with notable declines in sales, margins, and profitability both year-on-year and sequentially. The drop in EBITDA and profit reflects margin compression amid softer soda ash pricing and cost pressures.
Andhra Petrochem – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹168 Cr |
▲ 61% |
₹104 Cr |
▲ 19% |
₹141 Cr |
| EBITDA |
₹0.92 Cr |
▲ 117% |
₹-5.27 Cr |
▲ 109% |
₹-10.5 Cr |
| Net Profit |
₹2.14 Cr |
▲ 159% |
₹-3.63 Cr |
▲ 126% |
₹-8.42 Cr |
| EPS |
₹0.25 |
▲ 158% |
₹-0.43 |
▲ 125% |
₹-0.99 |
Verdict
Andhra Petrochem returned to profitability in Q2 FY26 after two consecutive loss-making quarters. The company reported strong year-on-year and quarter-on-quarter recovery in revenue and margins, driven by improved operating performance and better realizations.
J K Cements – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹3,353 Cr |
▲ 18% |
₹2,560 Cr |
▼ 10% |
₹3,719 Cr |
| EBITDA |
₹688 Cr |
▲ 57% |
₹437 Cr |
▼ 35% |
₹1,058 Cr |
| Net Profit |
₹324 Cr |
▲ 276% |
₹86 Cr |
▼ 2% |
₹331 Cr |
| EPS |
₹41.99 |
▲ 28% |
₹32.84 |
▼ 29% |
₹20.78 |
Verdict
J K Cements delivered robust year-on-year growth across all key metrics, driven by improved realizations and margin expansion. However, sequential softness in revenue and profitability reflects seasonal impact and cost normalization after a strong Q1. Overall, a solid YoY performance with temporary QoQ moderation.
Zensar Technologies – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹1,421 Cr |
▲ 9% |
₹1,308 Cr |
▲ 3% |
₹1,385 Cr |
| EBITDA |
₹220 Cr |
▲ 9% |
₹201 Cr |
▲ 4% |
₹211 Cr |
| Net Profit |
₹182 Cr |
▲ 17% |
₹156 Cr |
— Flat |
₹182 Cr |
| EPS |
₹8.01 |
▲ 17% |
₹6.86 |
— No Change |
₹8.01 |
Verdict
Zensar delivered consistent growth with solid year-on-year improvements in profitability and margins. While the sequential growth was modest, the sustained EPS and steady earnings reflect operational stability and healthy demand momentum across segments.
Antony Waste – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹258 Cr |
▲ 16% |
₹221 Cr |
▲ 4% |
₹247 Cr |
| EBITDA |
₹49.9 Cr |
▲ 17% |
₹42.6 Cr |
▼ 9% |
₹55.1 Cr |
| Net Profit |
₹17.3 Cr |
▲ 13% |
₹15.3 Cr |
▼ 25% |
₹23.0 Cr |
| EPS |
₹4.81 |
▲ 13% |
₹4.26 |
▼ 23% |
₹6.26 |
Verdict
Antony Waste reported healthy year-on-year growth across key metrics, reflecting steady business momentum. However, sequential moderation in EBITDA and profit indicates near-term margin pressure or seasonality effects.
Patanjali Foods – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹9,799 Cr |
▲ 21% |
₹8,102 Cr |
▲ 12% |
₹8,766 Cr |
| EBITDA |
₹552 Cr |
▲ 19% |
₹463 Cr |
▲ 72% |
₹321 Cr |
| Net Profit |
₹517 Cr |
▲ 67% |
₹309 Cr |
▲ 187% |
₹180 Cr |
| EPS |
₹4.75 |
▲ 67% |
₹2.85 |
▲ 186% |
₹1.66 |
Verdict
Patanjali Foods delivered a robust Q2 FY26 performance with strong year-on-year and sequential growth across all key metrics. The significant improvement in profitability and margins signals a solid operational recovery and improved cost efficiencies.
L G Balakrishnan – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹787 Cr |
▲ 19% |
₹661 Cr |
▲ 20% |
₹657 Cr |
| EBITDA |
₹137 Cr |
▲ 24% |
₹110 Cr |
▲ 41% |
₹97.1 Cr |
| Net Profit |
₹93.6 Cr |
▲ 24% |
₹77.6 Cr |
▲ 40% |
₹67.0 Cr |
| EPS |
₹29.35 |
▲ 21% |
₹24.31 |
▲ 40% |
₹21.00 |
Verdict
L G Balakrishnan delivered a strong performance in Q2 FY26 with double-digit YoY and QoQ growth across all key metrics. The improvement in profitability and margins reflects operational efficiency and healthy demand momentum in its automotive and industrial chain segments.
Panasonic Energy – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹68.6 Cr |
0% |
₹68.6 Cr |
▲ 18% |
₹58.0 Cr |
| EBITDA |
₹2.25 Cr |
▼ 59% |
₹5.47 Cr |
▼ 1% |
₹2.28 Cr |
| Net Profit |
₹1.92 Cr |
▼ 52% |
₹4.04 Cr |
▲ 129% |
₹0.84 Cr |
| EPS |
₹2.56 |
▼ 53% |
₹5.39 |
▲ 129% |
₹1.12 |
Verdict
Panasonic Energy delivered stable revenue performance YoY, but profitability fell sharply due to margin pressure. However, the strong sequential rebound in net profit and EPS indicates improving cost efficiency and early signs of recovery.
Balkrishna Industries – Q2 FY26 Earnings Highlights
| Metric |
Value (Q2 FY26) |
YoY Change |
YoY Base (Q2 FY25) |
QoQ Change |
QoQ Base (Q1 FY26) |
| Sales |
₹2,393 Cr |
▼ 1% |
₹2,420 Cr |
▼ 13% |
₹2,760 Cr |
| EBITDA |
₹511 Cr |
▼ 12% |
₹580 Cr |
▲ 1% |
₹506 Cr |
| Net Profit |
₹273 Cr |
▼ 21% |
₹347 Cr |
▼ 5% |
₹288 Cr |
| EPS |
₹14.13 |
▼ 21% |
₹17.95 |
▼ 5% |
₹14.91 |
Verdict
Balkrishna Industries reported muted Q2 FY26 results with marginal revenue decline and pressure on profitability both YoY and QoQ. While EBITDA remained steady sequentially, weak demand and higher costs affected margins. Overall, the quarter reflects a subdued performance amid challenging global off-highway tire markets.
IFB Agro Industries – Q2 FY26 Earnings Highlights
IFB Agro delivered a stellar Q2 FY26 performance, showcasing strong growth both year-on-year (YoY) and quarter-on-quarter (QoQ).
| Metric |
Value (Q2 FY26) |
YoY Change |
YoY Base (Q2 FY25) |
QoQ Change |
QoQ Base (Q1 FY26) |
| Sales |
₹402 Cr |
▲ 51% |
₹267 Cr |
▲ 37% |
₹293 Cr |
| EBITDA |
₹37.3 Cr |
▲ 648% |
₹4.99 Cr |
▲ 71% |
₹21.8 Cr |
| Net Profit |
₹22.7 Cr |
▲ 986% |
₹2.09 Cr |
▲ 32% |
₹17.2 Cr |
| EPS |
₹24.23 |
▲ 987% |
₹2.23 |
▲ 32% |
₹18.34 |
Verdict
IFB Agro Industries reported outstanding earnings momentum in Q2 FY26, with significant improvements in margins and profitability. The consistent sequential growth and multi-fold YoY surge highlight operational leverage and strong business fundamentals, reinforcing a positive outlook for the coming quarters.
Mahindra Holidays – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹717 Cr |
▲ 7% |
₹671 Cr |
▲ 2% |
₹701 Cr |
| EBITDA |
₹152 Cr |
▲ 24% |
₹123 Cr |
▲ 25% |
₹122 Cr |
| Net Profit |
₹16.9 Cr |
▲ 30% |
₹11.5 Cr |
▲ 136% |
₹7.17 Cr |
| EPS |
₹0.88 |
▲ 29% |
₹0.68 |
▲ 126% |
₹0.39 |
Verdict
Mahindra Holidays delivered a healthy Q2 FY26 performance with broad-based improvement across metrics. Strong EBITDA and profit growth highlight operational strength, while consistent sales growth underlines resilient demand trends.
Phoenix Mills – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹1,115 Cr |
▲ 22% |
₹918 Cr |
▲ 17% |
₹953 Cr |
| EBITDA |
₹667 Cr |
▲ 29% |
₹518 Cr |
▲ 18% |
₹564 Cr |
| Net Profit |
₹384 Cr |
▲ 39% |
₹292 Cr |
▲ 20% |
₹321 Cr |
| EPS |
₹8.50 |
▲ 39% |
₹6.10 |
▲ 26% |
₹6.73 |
Verdict
Phoenix Mills reported another strong quarter with double-digit growth across revenue, EBITDA, and net profit. The YoY and QoQ uptick underscores continued momentum in retail consumption, resilient rental income, and improved operating leverage, solidifying its leadership in premium retail and commercial real estate.
R R Kabel – Q2 FY26 Earnings Highlights
R R Kabel delivered a strong Q2 FY26 performance, marked by robust growth in both revenue and profitability, driven by improved product mix and margin expansion.
| Metric |
Value (Q2 FY26) |
YoY Change |
YoY Base (Q2 FY25) |
QoQ Change |
QoQ Base (Q1 FY26) |
| Sales |
₹2,164 Cr |
▲ 20% |
₹1,810 Cr |
▲ 5% |
₹2,059 Cr |
| EBITDA |
₹176 Cr |
▲ 105% |
₹85.6 Cr |
▲ 24% |
₹142 Cr |
| Net Profit |
₹116 Cr |
▲ 135% |
₹49.5 Cr |
▲ 29% |
₹89.8 Cr |
| EPS |
₹10.28 |
▲ 135% |
₹4.38 |
▲ 29% |
₹7.94 |
Verdict
R R Kabel posted stellar results in Q2 FY26, with sharp year-on-year profit growth and sequential improvement across all key metrics. The company continues to benefit from demand recovery in cables and wires, stronger margins, and improved efficiency — sustaining its growth momentum.
Steelcast – Q2 FY26 Earnings Highlights
| Metric |
Q2 FY26 |
YoY Change |
Q2 FY25 (YoY Base) |
QoQ Change |
Q1 FY26 (QoQ Base) |
| Sales |
₹107 Cr |
▲ 42% |
₹75.4 Cr |
– |
₹107 Cr |
| EBITDA |
₹30.2 Cr |
▲ 59% |
₹19.0 Cr |
▲ 11% |
₹27.3 Cr |
| Net Profit |
₹23.2 Cr |
▲ 75% |
₹13.3 Cr |
▲ 17% |
₹19.9 Cr |
| EPS |
₹2.29 |
▲ 75% |
₹1.31 |
▲ 17% |
₹1.96 |
Verdict
Steelcast posted another impressive quarter with strong earnings momentum, margin expansion, and sustained order visibility. The results underline efficient execution and robust sector demand, keeping the growth outlook positive for the coming quarters.
Schaeffler India – Q2 FY26 Earnings Highlights
Schaeffler India delivered another solid quarter with steady revenue growth and strong profitability, supported by improved operational efficiency and robust demand from the auto and industrial segments.
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹2,360 Cr |
▲ 14% |
₹2,073 Cr |
▲ 3% |
₹2,282 Cr |
| EBITDA |
₹467 Cr |
▲ 24% |
₹375 Cr |
▲ 8% |
₹431 Cr |
| Net Profit |
₹307 Cr |
▲ 24% |
₹247 Cr |
▲ 4% |
₹296 Cr |
| EPS |
₹19.62 |
▲ 24% |
₹15.81 |
▲ 4% |
₹18.95 |
Verdict
Schaeffler India posted a strong Q2 FY26 performance with healthy growth across all key metrics on both YoY and QoQ bases. The consistent rise in margins and earnings highlights operational excellence and sustained demand momentum across its end markets.
Spandana Sphoorty – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹230 Cr |
▼ 66% |
₹682 Cr |
▼ 23% |
₹300 Cr |
| EBITDA |
₹-213 Cr |
▼ 375% |
₹-44.8 Cr |
▲ 35% |
₹-327 Cr |
| Net Profit |
₹-249 Cr |
▼ 15% |
₹-216 Cr |
▲ 31% |
₹-360 Cr |
| EPS |
₹-28.09 |
▼ 15% |
₹-24.39 |
▲ 31% |
₹-40.61 |
Verdict
Spandana Sphoorty delivered another challenging quarter with steep year-on-year revenue contraction and continued losses. However, the quarter-on-quarter improvement in EBITDA and net loss indicates marginal operational recovery. Sustained profitability turnaround will depend on loan book stabilization and improved collection efficiency in the coming quarters.
Tatva Chintan – Q2 FY26 Earnings Highlights
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹124 Cr |
▲ 48% |
₹83.5 Cr |
▲ 6% |
₹117 Cr |
| EBITDA |
₹22.2 Cr |
▲ 298% |
₹5.58 Cr |
▲ 28% |
₹17.3 Cr |
| Net Profit |
₹9.92 Cr |
▲ 1603% |
₹-0.66 Cr |
▲ 49% |
₹6.65 Cr |
| EPS |
₹4.24 |
▲ 1614% |
₹-0.28 |
▲ 49% |
₹2.84 |
Verdict
Tatva Chintan delivered a strong turnaround performance in Q2 FY26 with robust YoY and QoQ growth across all key metrics, reflecting improved demand and operational efficiency. The company posted exceptional YoY recovery and solid sequential growth, driven by a sharp rebound in profitability and margin expansion. The results indicate strong operational traction and continued business recovery momentum.
Sammaan Capital – Q2 FY26 Earnings Highlights
Sammaan Capital delivered a strong turnaround in Q2 FY26, reporting robust profitability on both year-on-year and quarter-on-quarter bases, driven by improved operational efficiency and sustained business recovery.
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹2,251 Cr |
▼ 7% |
₹2,422 Cr |
▼ 6% |
₹2,400 Cr |
| EBITDA |
₹1,722 Cr |
▲ 171% |
₹-2,429 Cr |
▲ 3% |
₹1,676 Cr |
| Net Profit |
₹308 Cr |
▲ 111% |
₹-2,761 Cr |
▼ 8% |
₹334 Cr |
| EPS |
₹3.72 |
▲ 110% |
₹-38.12 |
▼ 8% |
₹4.04 |
Verdict
Despite a mild sequential dip in sales and profit, Sammaan Capital showcased a remarkable year-on-year recovery from losses, reflecting strong operational performance and margin resilience in Q2 FY26.
Kalpataru Projects – Q2 FY26 Earnings Highlights
| Metric |
Q2 FY26 |
YoY Change |
YoY Base (Q2 FY25) |
QoQ Change |
QoQ Base (Q1 FY26) |
| Sales |
₹6,529 Cr |
▲ 32% |
₹4,930 Cr |
▲ 6% |
₹6,171 Cr |
| EBITDA |
₹561 Cr |
▲ 28% |
₹438 Cr |
▲ 7% |
₹525 Cr |
| Net Profit |
₹237 Cr |
▲ 91% |
₹126 Cr |
▲ 11% |
₹214 Cr |
| EPS |
₹14.06 |
▲ 82% |
₹7.73 |
▲ 12% |
₹12.51 |
Verdict
Kalpataru Projects delivered stellar year-on-year growth, with profits nearly doubling and strong sequential gains across revenue and earnings. The steady margin expansion and consistent EPS improvement underline operational efficiency and a positive growth trajectory for FY26.
Wheels India – Q2 FY26 Earnings Highlights
Wheels India delivered a steady performance in Q2 FY26, posting moderate revenue growth and healthy profitability improvement year-on-year, supported by cost control and stable operating margins.
| Metric |
Value |
YoY Change |
YoY Base |
QoQ Change |
QoQ Base |
| Sales |
₹1,173 Cr |
▲ 8% |
₹1,084 Cr |
▼ 1% |
₹1,183 Cr |
| EBITDA |
₹84.2 Cr |
▲ 11% |
₹76.1 Cr |
▼ 1% |
₹85.0 Cr |
| Net Profit |
₹27.8 Cr |
▲ 27% |
₹21.9 Cr |
▲ 5% |
₹26.4 Cr |
| EPS |
₹11.37 |
▲ 27% |
₹8.97 |
▲ 5% |
₹10.82 |
Verdict
Wheels India reported consistent improvement in profitability with double-digit YoY growth across EBITDA and net profit. While sales were largely stable sequentially, margin expansion and earnings growth reflect improving operational efficiency in Q2 FY26.
