Tata Consumer Products – Q2 FY26 Earnings Highlights (with Estimates)
Tata Consumer Products delivered a robust Q2 FY26 performance, beating CNBC-TV18 estimates across all key parameters, supported by strong growth in both domestic and international segments.
| Metric | Reported | YoY Change | YoY Base | Estimate (CNBC-TV18) | Vs Estimate |
|---|---|---|---|---|---|
| Revenue | ₹4,966 Cr | ▲ 18% | ₹4,214.5 Cr | ₹4,782 Cr | ▲ 3.9% |
| EBITDA | ₹672 Cr | ▲ 7.3% | ₹626.3 Cr | ₹630 Cr | ▲ 6.7% |
| Net Profit | ₹397 Cr | ▲ 10.5% | ₹359 Cr | ₹367 Cr | ▲ 8.2% |
| EBITDA Margin | 13.5% | ▼ 140 bps | 14.9% | 13.2% | ▲ 30 bps |
Segmental Performance vs CNBC-TV18 Poll
- 👉 Foods business revenue growth 19% vs poll estimate of 12–14%
- 👉 International business (CC) growth 9% vs poll estimate of 6–8%
- 👉 Beverages business growth 12% vs poll estimate of 6–8%
Verdict
Tata Consumer Products outperformed expectations with solid topline and bottom-line growth, driven by robust performance in both domestic and international markets. While margins saw slight year-on-year compression due to cost pressures, the beat across all key metrics reflects strong brand resilience, premiumization momentum, and steady execution in Q2 FY26.
Titan Company – Q2 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Deviation vs Estimate | Miss/Beat |
|---|---|---|---|---|---|---|
| Revenue | ₹16,534 Cr | ▲ 25.1% | ₹13,215 Cr | ₹15,060 Cr | ▲ Above Estimate | Beat |
| EBITDA | ₹1,620 Cr | ▲ 43% | ₹1,133 Cr | ₹1,665 Cr | ▼ Below Estimate | Miss |
| Net Profit | ₹1,006 Cr | ▲ 42.7% | ₹705 Cr | ₹1,051 Cr | ▼ Below Estimate | Miss |
| EBITDA Margin | 9.8% | ▲ vs 8.6% YoY | 8.6% | 11% | ▼ Below Estimate | Miss |
Verdict
Titan delivered strong year-on-year growth in revenue, EBITDA, and net profit, driven by robust festive demand and healthy jewelry performance. However, margins came in lower than estimates, reflecting higher input or marketing costs. Overall, a solid topline beat but mild miss on profitability.
Power Grid Corporation – Q2 FY26 Earnings Highlights
| Metric | Reported | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹11,476 Cr | ▲ 1.8% | ₹11,277 Cr | ₹11,431 Cr | Beat |
| EBITDA | ₹9,114 Cr | ▼ 6.1% | ₹9,701 Cr | ₹9,958.6 Cr | Miss |
| Net Profit | ₹3,566 Cr | ▼ 6% | ₹3,793 Cr | ₹3,780 Cr | Miss |
| EBITDA Margin | 79.4% | ▼ from 86% | 86% | 87% | Miss |
| Dividend | Interim Dividend of ₹4.5 per share declared | ||||
Verdict
Power Grid’s Q2 FY26 results showed modest revenue growth but a notable decline in profitability and margins, missing street estimates on EBITDA and net profit. The interim dividend announcement, however, underscores continued shareholder value return despite margin pressures.
Bharti Airtel – Q2 FY26 Earnings Highlights (with Estimates)
Bharti Airtel delivered a solid Q2 FY26 performance, surpassing CNBC-TV18 estimates on both revenue and profit, supported by healthy subscriber additions and stable margins.
| Metric | Value | QoQ Change | QoQ Base | Estimate (CNBC-TV18) | Miss/Beat |
|---|---|---|---|---|---|
| Revenue | ₹52,145 Cr | ▲ 5.4% | ₹49,462 Cr | ₹51,006 Cr | Beat |
| EBITDA | ₹29,561 Cr | ▲ 6.2% | ₹27,839 Cr | ₹29,005 Cr | Beat |
| EBITDA Margin | 56.7% | ▲ 0.4% | 56.3% | 56.9% | In line |
| Net Profit | ₹6,791 Cr | ▲ 14.2% | ₹5,948 Cr | ₹6,600 Cr | Beat |
Verdict
Bharti Airtel reported a strong quarter with revenue and profit beating expectations. Margin performance remained steady despite rising costs, reflecting operational efficiency and sustained growth momentum in its India business.
3M India – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,266 Cr | ▲ 14% | ₹1,111 Cr | ▲ 6% | ₹1,196 Cr |
| EBITDA | ₹256 Cr | ▲ 40% | ₹183 Cr | ▲ 6% | ₹242 Cr |
| Net Profit | ₹191 Cr | ▲ 43% | ₹134 Cr | ▲ 7% | ₹178 Cr |
| EPS | ₹169.85 | ▲ 43% | ₹118.76 | ▲ 8% | ₹157.73 |
Verdict
3M India delivered a stellar Q2 FY26 performance, reflecting strong demand recovery and margin expansion. Both YoY and QoQ growth trends underscore its pricing strength, operational efficiency, and premium brand positioning in industrial and consumer segments.
Websol Energy – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹168 Cr | ▲ 17% | ₹144 Cr | ▼ 23% | ₹219 Cr |
| EBITDA | ₹72.3 Cr | ▲ 15% | ₹62.7 Cr | ▼ 30% | ₹103 Cr |
| Net Profit | ₹46.3 Cr | ▲ 10% | ₹42.0 Cr | ▼ 31% | ₹67.2 Cr |
| EPS | ₹10.67 | ▲ 10% | ₹9.67 | ▼ 31% | ₹15.47 |
Verdict
Websol Energy delivered healthy year-on-year growth across all key metrics, supported by solid operational performance and resilient margins. However, the quarter saw a notable sequential slowdown after a robust Q1, indicating normalization in volumes or realizations. The company remains fundamentally strong with a reasonable valuation (PE 26.8x) and market cap of ₹5,442 Cr.
Niva Bupa Health – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,574 Cr | ▲ 19% | ₹1,321 Cr | ▲ 15% | ₹1,371 Cr |
| EBITDA | ₹-53.2 Cr | ▲ 19% | ₹-65.6 Cr | ▼ 43% | ₹-93.0 Cr |
| Net Profit | ₹-35.3 Cr | ▼ 371% | ₹13.0 Cr | ▲ 61% | ₹-91.4 Cr |
| EPS | ₹-0.19 | vs ₹None YoY | — | Improved from ₹-0.50 | ₹-0.50 |
Verdict
Despite healthy revenue growth, Niva Bupa continued to post losses, though margins improved sequentially from Q1. The improvement in EBITDA and net loss QoQ suggests cost control measures are taking effect, but profitability remains under pressure.
Godfrey Phillips – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,289 Cr | ▼ 5% | ₹1,360 Cr | ▼ 13% | ₹1,486 Cr |
| EBITDA | ₹314 Cr | ▲ 13% | ₹277 Cr | ▼ 7% | ₹338 Cr |
| Net Profit | ₹305 Cr | ▲ 19% | ₹248 Cr | ▼ 14% | ₹356 Cr |
| EPS | ₹19.56 | ▲ 23% | ₹15.92 | ▼ 14% | ₹22.84 |
Verdict
Godfrey Phillips posted robust year-on-year growth in margins and profits, reflecting operational efficiency. However, revenue and sequential profit contraction indicate moderation in sales momentum post a strong Q1. Overall, the company remains profitable with stable fundamentals.
Marine Electricals – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹222 Cr | ▲ 21% | ₹184 Cr | ▲ 33% | ₹167 Cr |
| EBITDA | ₹25.9 Cr | ▲ 21% | ₹21.4 Cr | ▲ 53% | ₹16.9 Cr |
| Net Profit | ₹16.6 Cr | ▲ 30% | ₹12.8 Cr | ▲ 43% | ₹11.6 Cr |
| EPS | ₹1.20 | ▲ 30% | ₹0.92 | ▲ 43% | ₹0.84 |
Verdict
Marine Electricals delivered a strong performance in Q2 FY26 with robust growth across sales, EBITDA, and profitability both YoY and QoQ. The sequential jump in earnings and margins indicates continued operational strength and healthy demand traction across key verticals.
Hitachi Energy – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,833 Cr | ▲ 18% | ₹1,554 Cr | ▲ 24% | ₹1,479 Cr |
| EBITDA | ₹299 Cr | ▲ 172% | ₹110 Cr | ▲ 93% | ₹155 Cr |
| Net Profit | ₹264 Cr | ▲ 406% | ₹52.3 Cr | ▲ 100% | ₹132 Cr |
| EPS | ₹59.31 | ▲ 381% | ₹12.34 | ▲ 101% | ₹29.52 |
Verdict
Hitachi Energy posted exceptional results in Q2 FY26, with sharp improvements in profitability and margins. The company’s strong execution, margin expansion, and operational leverage drove both year-on-year and quarter-on-quarter growth, underscoring its leadership in the energy solutions segment.
Bharti Hexacom – Q2 FY26 Earnings Highlights
Bharti Hexacom reported a strong Q2 FY26 performance with double-digit year-on-year and steady quarter-on-quarter growth, driven by higher data usage and improved ARPU trends across its mobility business.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,317 Cr | ▲ 10% | ₹2,098 Cr | ▲ 2% | ₹2,263 Cr |
| EBITDA | ₹1,208 Cr | ▲ 21% | ₹1,002 Cr | ▲ 4% | ₹1,161 Cr |
| Net Profit | ₹421 Cr | ▲ 66% | ₹253 Cr | ▲ 7% | ₹392 Cr |
| EPS | ₹8.42 | ▲ 66% | ₹5.06 | ▲ 8% | ₹7.83 |
Verdict
Bharti Hexacom delivered robust year-on-year growth in profitability and operating margins, supported by strong subscriber additions and cost efficiencies. The consistent quarter-on-quarter improvement highlights sustained business momentum and a healthy earnings trajectory.
Kirloskar Brothers – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,028 Cr | ▼ 1% | ₹1,036 Cr | ▲ 5% | ₹979 Cr |
| EBITDA | ₹108 Cr | ▼ 24% | ₹142 Cr | ▼ 4% | ₹112 Cr |
| Net Profit | ₹72.2 Cr | ▼ 28% | ₹96.7 Cr | ▲ 7% | ₹67.5 Cr |
| EPS | ₹8.94 | ▼ 26% | ₹12.05 | ▲ 6% | ₹8.40 |
Verdict
Kirloskar Brothers’ Q2 FY26 results showed continued pressure on margins and profitability year-on-year, though sequential recovery in net profit and revenue suggests early signs of stabilization. The company may need to focus on improving cost efficiency to regain earnings momentum in upcoming quarters.
Arvind SmartSpaces – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹141 Cr | ▼ 47% | ₹266 Cr | ▲ 38% | ₹102 Cr |
| EBITDA | ₹29.5 Cr | ▼ 55% | ₹66.0 Cr | ▲ 37% | ₹21.5 Cr |
| Net Profit | ₹18.1 Cr | ▼ 65% | ₹42.6 Cr | ▲ 51% | ₹12.0 Cr |
| EPS | ₹3.09 | ▼ 65% | ₹8.93 | ▲ 27% | ₹2.44 |
Verdict
Despite steep year-on-year declines, Arvind SmartSpaces showed sequential recovery in revenue and profit, indicating a rebound in project delivery and profitability momentum. However, margins remain under pressure compared to the high base of last year.
Gland Pharma – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,487 Cr | ▲ 6% | ₹1,406 Cr | ▼ 1% | ₹1,506 Cr |
| EBITDA | ₹314 Cr | ▲ 6% | ₹297 Cr | ▼ 15% | ₹368 Cr |
| Net Profit | ₹184 Cr | ▲ 12% | ₹164 Cr | ▼ 14% | ₹215 Cr |
| EPS | ₹11.15 | ▲ 12% | ₹9.93 | ▼ 15% | ₹13.08 |
Verdict
Gland Pharma reported a steady performance in Q2 FY26 with moderate year-on-year and sequential growth across all key metrics, supported by stable export demand and improving product mix. While the company delivered stable YoY growth with healthy profitability, margins softened sequentially due to a high Q1 base and cost pressures. The company’s strong balance sheet and improving product pipeline continue to support its long-term outlook.
SJS Enterprises – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹242 Cr | ▲ 25% | ₹193 Cr | ▲ 15% | ₹210 Cr |
| EBITDA | ₹68.4 Cr | ▲ 37% | ₹50.0 Cr | ▲ 22% | ₹55.9 Cr |
| Net Profit | ₹43.3 Cr | ▲ 48% | ₹29.1 Cr | ▲ 25% | ₹34.6 Cr |
| EPS | ₹13.71 | ▲ 47% | ₹9.34 | ▲ 24% | ₹11.03 |
Verdict
SJS Enterprises delivered another solid quarter with double-digit growth in revenue and profitability, reflecting strong execution and margin improvement. The consistent QoQ momentum and rising EPS indicate sustained earnings visibility and operational leverage heading into the next quarters.
GE Vernova T&D – Q2 FY26 Earnings Highlights
GE Vernova T&D delivered an exceptional Q2 FY26 performance with strong year-on-year and steady quarter-on-quarter growth, backed by robust demand and operational efficiency in the transmission & distribution segment.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,538 Cr | ▲ 39% | ₹1,108 Cr | ▲ 16% | ₹1,330 Cr |
| EBITDA | ₹396 Cr | ▲ 94% | ₹205 Cr | ▲ 2% | ₹388 Cr |
| Net Profit | ₹299 Cr | ▲ 107% | ₹145 Cr | ▲ 3% | ₹291 Cr |
| EPS | ₹11.70 | ▲ 107% | ₹5.65 | ▲ 3% | ₹11.37 |
Verdict
GE Vernova T&D posted a stellar set of results for Q2 FY26, driven by strong execution, margin expansion, and higher efficiency. The company continues to maintain consistent quarterly momentum, with robust earnings growth and improving profitability outlook.
Ajanta Pharma – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,354 Cr | ▲ 14% | ₹1,187 Cr | ▲ 4% | ₹1,303 Cr |
| EBITDA | ₹328 Cr | ▲ 5% | ₹311 Cr | ▼ 7% | ₹351 Cr |
| Net Profit | ₹260 Cr | ▲ 20% | ₹216 Cr | ▲ 2% | ₹255 Cr |
| EPS | ₹20.83 | ▲ 20% | ₹17.33 | ▲ 2% | ₹20.44 |
Verdict
Ajanta Pharma posted strong year-on-year growth led by improved profitability and robust sales momentum. While EBITDA dipped sequentially, margins remain resilient, reflecting operational stability and consistent performance across geographies.
Punjab Chemicals – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹255 Cr | ▲ 5% | ₹242 Cr | ▼ 20% | ₹320 Cr |
| EBITDA | ₹26.2 Cr | ▲ 2% | ₹25.6 Cr | ▼ 24% | ₹34.4 Cr |
| Net Profit | ₹18.5 Cr | ▲ 50% | ₹12.4 Cr | ▼ 10% | ₹20.6 Cr |
| EPS | ₹15.12 | ▲ 50% | ₹10.09 | ▼ 10% | ₹16.82 |
Verdict
Punjab Chemicals delivered solid year-on-year growth, driven by a sharp rise in net profit and EPS, reflecting improved margins. However, sequential moderation in revenue and operating profit suggests some softness in demand or pricing during the quarter. Overall, the company remains on a steady earnings trajectory with profitability holding strong.
Wockhardt – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹782 Cr | ▼ 3% | ₹809 Cr | ▲ 6% | ₹738 Cr |
| EBITDA | ₹178 Cr | ▲ 62% | ₹110 Cr | ▲ 147% | ₹72 Cr |
| Net Profit | ₹82 Cr | ▲ 455% | ₹-16 Cr | ▲ 176% | ₹-108 Cr |
| EPS | ₹4.80 | ▲ 436% | ₹-1.43 | ▲ 187% | ₹-5.54 |
Verdict
Wockhardt posted a remarkable turnaround in Q2 FY26, returning to profitability with strong operating performance. The company’s sharp improvement in margins and earnings highlights its recovery momentum, though top-line growth remains moderate.
Stove Kraft – Q2 FY26 Earnings Highlights
Stove Kraft delivered a healthy performance in Q2 FY26, supported by steady sales growth, margin expansion, and improved profitability both year-on-year and quarter-on-quarter.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹474 Cr | ▲ 13% | ₹418 Cr | ▲ 39% | ₹340 Cr |
| EBITDA | ₹56.8 Cr | ▲ 16% | ₹49.0 Cr | ▲ 60% | ₹35.6 Cr |
| Net Profit | ₹21.4 Cr | ▲ 28% | ₹16.7 Cr | ▲ 106% | ₹10.4 Cr |
| EPS | ₹6.45 | ▲ 27% | ₹5.06 | ▲ 104% | ₹3.16 |
Verdict
Stove Kraft reported a robust Q2 FY26 with double-digit growth across all metrics. Strong sequential improvement in profitability reflects operating leverage benefits and sustained demand recovery in the consumer durables segment.
Ambuja Cements – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹9,174 Cr | ▲ 21% | ₹7,552 Cr | ▼ 11% | ₹10,289 Cr |
| EBITDA | ₹1,761 Cr | ▲ 58% | ₹1,111 Cr | ▼ 10% | ₹1,961 Cr |
| Net Profit | ₹2,302 Cr | ▲ 234% | ₹496 Cr | ▲ 126% | ₹1,017 Cr |
| EPS | ₹7.14 | ▲ 266% | ₹1.95 | ▲ 111% | ₹3.39 |
Verdict
Ambuja Cements delivered an exceptional year-on-year performance with a massive jump in profitability and earnings, supported by improved efficiency and cost control. Despite sequential moderation in revenue and EBITDA due to monsoon impact, the company’s bottom line surged sharply, indicating strong operational leverage and margin gains.
Sundaram Finance – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,386 Cr | ▲ 14% | ₹2,085 Cr | ▲ 2% | ₹2,349 Cr |
| EBITDA | ₹1,871 Cr | ▲ 13% | ₹1,649 Cr | ▲ 5% | ₹1,790 Cr |
| Net Profit | ₹488 Cr | ▲ 12% | ₹436 Cr | ▲ 3% | ₹475 Cr |
| EPS | ₹43.94 | ▲ 12% | ₹39.26 | ▲ 3% | ₹42.77 |
Verdict
Sundaram Finance posted yet another quarter of stable and profitable growth. Both YoY and QoQ metrics reflect healthy expansion in earnings, backed by prudent lending, cost efficiency, and sustained profitability momentum in Q2 FY26.
Naperol Investments – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2.94 Cr | ▲ 70% | ₹1.73 Cr | ▼ 9% | ₹3.23 Cr |
| EBITDA | ₹0.04 Cr | ▼ 97% | ₹1.32 Cr | ▲ 33% | ₹0.03 Cr |
| Net Profit | ₹-0.01 Cr | ▼ 101% | ₹1.33 Cr | ▼ 113% | ₹0.08 Cr |
| EPS | ₹-0.02 | ▼ 101% | ₹2.33 | ▼ 114% | ₹0.14 |
Verdict
Naperol Investments reported a weak Q2 FY26 performance with a sharp decline in profitability year-on-year, despite robust revenue growth. On a sequential basis, sales and margins remained under pressure. Although EBITDA improved marginally, the company slipped into a net loss, reflecting subdued operational momentum during the quarter.
Thangamayil Jewellery – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,711 Cr | ▲ 45% | ₹1,181 Cr | ▲ 10% | ₹1,558 Cr |
| EBITDA | ₹106 Cr | ▲ 1518% | ₹-7.45 Cr | ▲ 22% | ₹87 Cr |
| Net Profit | ₹58.5 Cr | ▲ 435% | ₹-17.4 Cr | ▲ 28% | ₹45.7 Cr |
| EPS | ₹18.82 | ▲ 435% | ₹-5.61 | ▲ 28% | ₹14.71 |
Verdict
Thangamayil Jewellery posted stellar results in Q2 FY26 with record profitability and robust revenue growth. The company showed a remarkable turnaround from losses last year and sustained strong quarter-on-quarter momentum, reflecting resilient demand, efficient cost management, and improved margins.
