Bajaj Finance – Q2 Earnings Highlights
| Metric | Actual | Estimate | Miss / Beat | YoY Change | YoY Base | Remarks |
|---|---|---|---|---|---|---|
| Net Profit | ₹4,875 Cr | ₹4,886 Cr | Miss (▼) | ▲ 21.9% | ₹4,000 Cr | Strong YoY growth despite slight miss |
| NII (Net Interest Income) | ₹10,785 Cr | ₹10,786 Cr | Miss (▼) | ▲ 22% | ₹8,838 Cr | Growth supported by healthy lending momentum |
| Gross NPA | 1.24% | 1.03% QoQ | Deterioration (▼) | – | – | Marginal asset quality weakening |
Verdict
Bajaj Finance delivered results largely in line with Street expectations, showing strong double-digit growth in profit and NII. However, a slight rise in Gross NPA indicates mild stress in the lending environment. Overall performance remains robust with stable profitability and sustained demand for loans.
Jindal Stainless – Q2 FY26 Earnings Highlights
CMP: ₹723 | Market Cap: ₹59,491 Cr | PE: 21.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹10,893 Cr | ▲ 11% | ₹9,777 Cr | ▲ 7% | ₹10,207 Cr |
| EBITDA | ₹1,374 Cr | ▲ 16% | ₹1,186 Cr | ▲ 6% | ₹1,296 Cr |
| Net Profit | ₹808 Cr | ▲ 30% | ₹609 Cr | ▲ 13% | ₹715 Cr |
| EPS | ₹9.79 | ▲ 32% | ₹7.42 | ▲ 13% | ₹8.67 |
Verdict
Jindal Stainless delivered a strong quarter with healthy growth across revenue, profitability, and earnings. The YoY growth highlights sustained demand and supportive pricing, while the QoQ gains reflect improved operational efficiency. The company continues to demonstrate robust earnings momentum.
BLS E-Services – Q2 FY26 Earnings Highlights
CMP: ₹198 | Market Cap: ₹1,798 Cr | PE: 31.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹270 Cr | ▲ 250% | ₹77.2 Cr | ▲ 11% | ₹244 Cr |
| EBITDA | ₹20.0 Cr | ▲ 48% | ₹13.5 Cr | ▲ 13% | ₹17.7 Cr |
| Net Profit | ₹18.3 Cr | ▲ 8% | ₹14.8 Cr | ▲ 5% | ₹17.5 Cr |
| EPS | ₹1.70 | ▲ 8% | ₹1.58 | ▲ 5% | ₹1.62 |
Verdict
BLS E-Services delivered strong revenue expansion with Sales up 250% YoY, reflecting continued scale-up in digital and assisted service channels. Profit and EBITDA growth remains healthy, though more moderate than top-line expansion, highlighting consistent operations and stable margins. The quarter-on-quarter improvement in profitability shows sustained momentum moving forward.
Saksoft – Q2 FY26 Earnings Highlights
CMP: ₹194 | Market Cap: ₹2,574 Cr | PE: 20.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹258 Cr | ▲ 20% | ₹215 Cr | ▲ 4% | ₹249 Cr |
| EBITDA | ₹50.6 Cr | ▲ 38% | ₹36.8 Cr | ▲ 10% | ₹45.8 Cr |
| Net Profit | ₹36.0 Cr | ▲ 38% | ₹26.2 Cr | ▲ 11% | ₹32.4 Cr |
| EPS | ₹2.71 | ▲ 38% | ₹1.97 | ▲ 11% | ₹2.44 |
Verdict
Saksoft delivered strong performance in Q2 FY26 with healthy revenue growth and solid profitability expansion. Both YoY and QoQ trends show momentum in digital transformation demand and operational efficiency. The company continues to scale profitably with sustained earnings strength.
Sarda Energy – Q2 FY26 Earnings Highlights
CMP: ₹543 | Market Cap: ₹19,122 Cr | PE: 18.0
| Metric | Q2 FY26 (Sep 2025) |
YoY Base (Sep 2024) |
YoY Change | QoQ Base (Jun 2025) |
QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹1,528 Cr | ₹1,159 Cr | ▲ 32% | ₹1,633 Cr | ▼ 6% |
| EBITDA | ₹512 Cr | ₹337 Cr | ▲ 52% | ₹617 Cr | ▼ 17% |
| Net Profit | ₹328 Cr | ₹203 Cr | ▲ 65% | ₹437 Cr | ▼ 25% |
| EPS | ₹9.17 | ₹5.55 | ▲ 65% | ₹12.33 | ▼ 26% |
Key Takeaways
- Strong YoY growth supported by better realizations and operational efficiency.
- Sequential moderation due to softer volumes/pricing post a strong previous quarter.
- Margins remain healthy, reflecting disciplined cost management.
Verdict
Sarda Energy posted robust year-on-year performance with significant profit and margin gains, demonstrating structural business strength. While the quarter saw a QoQ slowdown, fundamentals remain strong with sustained earnings visibility.
Suprajit Engineering – Q2 FY26 Earnings Highlights
CMP: ₹434 | Market Cap: ₹6,008 Cr | PE: 37.6
| Metric | Sep 2025 | Jun 2025 | Sep 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹941 Cr | ₹863 Cr | ₹834 Cr | ▲ 13% | ▲ 9% |
| EBITDA | ₹99.6 Cr | ₹81.7 Cr | ₹63.0 Cr | ▲ 58% | ▲ 22% |
| Net Profit | ₹51.0 Cr | ₹48.1 Cr | ₹0.48 Cr | ▲ 10,515% (Low base) | ▲ 6% |
| EPS | ₹3.67 | ₹3.47 | ₹0.03 | ▲ 12,133% | ▲ 6% |
Key Insights
- Strong demand recovery across OEM and aftermarket businesses.
- Operating margins improved, driving strong EBITDA growth.
- YoY profit jump is due to extremely low base last year.
- QoQ performance steady, reflecting consistent execution.
Verdict
Suprajit Engineering delivered a strong quarter with healthy growth and margin expansion. While the YoY profit spike is base-effect driven, the sequential improvement confirms strong operational performance. Outlook remains positive supported by volume recovery and cost efficiencies.
RPSG Ventures – Q2 FY26 Earnings Highlights
CMP: ₹836 | Market Cap: ₹2,775 Cr | PE: 440.5
| Metric | Q2 FY26 (Sep 2025) | Q1 FY26 (Jun 2025) | QoQ Change | Q2 FY25 (Sep 2024) | YoY Change |
|---|---|---|---|---|---|
| Revenue | ₹2,668 Cr | ₹2,971 Cr | ▼ 10% | ₹2,166 Cr | ▲ 23% |
| EBITDA | ₹306 Cr | ₹600 Cr | ▼ 49% | ₹218 Cr | ▲ 40% |
| Net Profit | ₹ -41.1 Cr | ₹251 Cr | ▼ Sharp Decline | ₹ -72.8 Cr | ▲ 43% (Loss Reduced YoY) |
| EPS | ₹ -15.72 | ₹ 25.11 | ▼ Reversal | ₹ -23.53 | ▲ 33% (Loss per Share Reduced YoY) |
Key Takeaways
- Strong YoY growth in revenue and operating profitability.
- QoQ performance weakened sharply in EBITDA and net profit, suggesting margin pressure or one-offs.
- Net loss narrowed YoY, indicating improving long-term trend.
- However, the shift from ₹251 Cr profit to ₹41 Cr loss QoQ is a key negative.
Verdict
RPSG Ventures posted steady YoY momentum with growth in revenue and better annual profitability trajectory. However, the sharp QoQ decline in EBITDA and reversal to net loss raises caution regarding near-term margin stability. The market will watch for cost normalization and margin recovery in the upcoming quarters.
KPIT Technologies – Q2 FY26 Earnings Highlights
Price: ₹1,193 | Market Cap: ₹32,701 Cr | PE: 42.3
Performance Snapshot (₹ in Cr)
| Metric | Q2 FY26 (Sep 2025) | Q1 FY26 (Jun 2025) | QoQ Change | Q2 FY25 (Sep 2024) | YoY Change |
|---|---|---|---|---|---|
| Sales | 1,588 | 1,539 | ▲ 3% | 1,471 | ▲ 8% |
| EBITDA | 298 | 295 | ▲ 1% | 297 | ~ Flat |
| Net Profit | 169 | 172 | ▼ 2% | 204 | ▼ 17% |
| EPS | ₹6.17 | ₹6.27 | ▼ 2% | ₹7.43 | ▼ 17% |
Key Takeaways
- Revenue grew 8% YoY driven by demand in automotive software & ER&D services.
- EBITDA remained stable, indicating cost control and execution consistency.
- Profitability pressure due to higher employee costs and increased R&D investments.
- QoQ performance steady with slight profit moderation.
Verdict
KPIT delivered steady revenue momentum, but margins and profitability remain under pressure. The company continues to invest heavily in autonomous, EV and mobility software platforms – which may impact near-term earnings but strengthens long-term growth visibility.
The Anup Engineering – Q2 FY26 Earnings Highlights (Sep 2025)
Price: ₹2,398 | Market Cap: ₹4,802 Cr | PE: 40
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹232 Cr | ▲ 20% | ₹193 Cr | ▲ 32% | ₹175 Cr |
| EBITDA | ₹51.5 Cr | ▲ 19% | ₹43.3 Cr | ▲ 27% | ₹40.4 Cr |
| Net Profit | ₹32.0 Cr | ▼ 1% | ₹32.5 Cr | ▲ 22% | ₹26.3 Cr |
| EPS | ₹16.00 | ▼ 2% | ₹16.29 | ▲ 22% | ₹13.11 |
Verdict
The Anup Engineering delivered strong revenue and EBITDA growth, supported by solid execution and operational momentum. However, net profit remained flat YoY due to margin normalization. The QoQ rebound suggests improving traction heading into the second half of FY26.
Elin Electronics – Q2 FY26 Earnings Highlights
Price: ₹206 | Market Cap: ₹1,020 Cr | PE: 26.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹375 Cr | ▲ 23% | ₹305 Cr | ▲ 27% | ₹295 Cr |
| EBITDA | ₹20.4 Cr | ▲ 80% | ₹11.3 Cr | ▲ 16% | ₹17.6 Cr |
| Net Profit | ₹10.3 Cr | ▲ 115% | ₹4.78 Cr | ▲ 10% | ₹9.39 Cr |
| EPS | ₹2.07 | ▲ 116% | ₹0.96 | ▲ 10% | ₹1.89 |
Verdict
Elin Electronics posted strong Q2 FY26 performance with solid YoY growth across revenue, EBITDA, net profit, and EPS. The QoQ trend also indicates continued improvement driven by better margins and operating leverage. The company remains on a stable profitability path supported by sustained demand and efficiency gains.
Syrma SGS Technology Ltd – Q2 FY25 Earnings Highlights
Blockbuster quarter with highest-ever Q2 performance, driven by strong operating leverage and scale-up across key verticals.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹1,145 Cr | ▲ 38% | ₹832 Cr | ▲ 21% | ₹944 Cr |
| PBT | ₹90 Cr | ▲ 76% | ₹51 Cr | ▲ 34% | ₹67 Cr |
| PAT | ₹66 Cr | ▲ 65% | ₹40 Cr | ▲ 32% | ₹50 Cr |
| Operating Margin (OPM) | 10%+ | ▲ Expansion from ~8% | ~8% | — | — |
| Operating Cash Flow (OCF) | -₹114 Cr | ▼ (vs ₹209 Cr) | ₹209 Cr | — | — |
Strategic Update
Syrma has entered into a definitive agreement to acquire 60% stake in Elcome Integrated Systems Pvt. Ltd., a long-established Defence & Maritime electronics player — strengthening presence in Defence electronics and enhancing high-value strategic vertical mix.
Verdict
Strong YoY and QoQ performance across revenue, profitability, and margins. However, OCF weakness needs monitoring, though likely tied to growth-driven working capital cycle. The Elcome acquisition positions Syrma well in high-tech Defence electronics with strong long-term tailwinds.
Denta Water – Q2 FY26 Earnings Highlights
CMP: ₹420 | Market Cap: ₹1,121 Cr | PE: 17.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹74.3 Cr | ▲ 54% | ₹48.3 Cr | ▲ 10% | ₹67.3 Cr |
| EBITDA | ₹23.7 Cr | ▲ 56% | ₹15.1 Cr | ▲ 5% | ₹22.5 Cr |
| Net Profit | ₹18.9 Cr | ▲ 71% | ₹11.1 Cr | ▲ 2% | ₹18.6 Cr |
| EPS | ₹7.09 | ▲ 23% | ₹5.76 | ▲ 2% | ₹6.95 |
Verdict
Denta Water delivered strong year-on-year growth across revenue, profitability, and earnings, supported by improved operational efficiency. Quarter-on-quarter growth was modest, indicating stable performance with steady margin strength and consistent demand momentum.
Ather Energy – Q2 FY26 Earnings Highlights
CMP: ₹626 | Market Cap: ₹23,815 Cr
| Metric | Q2 FY26 (Sep 2025) | QoQ (vs Q1 FY26 – Jun 2025) | YoY (vs Q2 FY25 – Sep 2024) |
|---|---|---|---|
| Sales | ₹899 Cr | ▲ 39% (vs ₹645 Cr) | ▲ 54% (vs ₹584 Cr) |
| EBITDA | ₹-132 Cr | ▲ Improvement (vs ₹-134 Cr) | ▲ 5% (vs ₹-139 Cr) |
| Net Profit | ₹-154 Cr | ▲ Improvement (vs ₹-178 Cr) | ▲ 22% (vs ₹-197 Cr) |
| EPS | ₹ -4.05 | ▲ Improvement (vs ₹ -4.78) | ▲ 94% (vs ₹ -64.01) |
Verdict
Ather Energy posted strong revenue growth driven by continued electric scooter demand and improved operating leverage. Losses have narrowed both YoY and QoQ, reflecting better cost efficiency and scaling benefits. While the company is still loss-making, consistent improvement in EBITDA and EPS indicates progress toward breakeven.
Overall: Positive operational momentum with improving financial efficiency, though profitability remains a work in progress.
Bajaj Consumer – Q2 FY26 Earnings Highlights
CMP: ₹296 | Market Cap: ₹4,232 Cr | PE: 31
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹265 Cr | ▲ 13% | ₹234 Cr | ▼ 1% | ₹267 Cr |
| EBITDA | ₹47.8 Cr | ▲ 47% | ₹32.6 Cr | ▲ 18% | ₹40.5 Cr |
| Net Profit | ₹42.3 Cr | ▲ 33% | ₹31.8 Cr | ▲ 12% | ₹37.9 Cr |
| EPS | ₹2.96 | ▲ 33% | ₹2.23 | ▲ 11% | ₹2.66 |
Verdict
Bajaj Consumer reported strong year-on-year growth across profitability metrics, supported by improved margins and efficient cost controls. While revenue was slightly lower sequentially, EBITDA and net profit continued to improve QoQ, indicating operational strength and stable demand trends.
HEG – Q2 FY26 Earnings Highlights
CMP: ₹519 | Market Cap: ₹10,026 Cr | PE: 38.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹699 Cr | ▲ 23% | ₹568 Cr | ▲ 13% | ₹617 Cr |
| EBITDA | ₹118 Cr | ▲ 23% | ₹96.6 Cr | ▲ 12% | ₹105 Cr |
| Net Profit | ₹143 Cr | ▲ 74% | ₹82.3 Cr | ▲ 36% | ₹105 Cr |
| EPS | ₹7.43 | ▲ 74% | ₹4.26 | ▲ 37% | ₹5.43 |
Verdict
HEG posted a strong performance in Q2 FY26 with robust growth in sales, profitability, and EPS. Stable margins and improved realizations drove a sharp expansion in net profit and earnings. Overall, the quarter indicates healthy demand momentum and solid operational leverage.
Texmaco Infrastructure – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5.22 Cr | ▲ 9% | ₹4.78 Cr | ▲ 29% | ₹4.05 Cr |
| EBITDA | -₹0.27 Cr | ▲ Loss Reduced | -₹2.72 Cr | ▲ Loss Reduced | -₹0.45 Cr |
| Net Profit | ₹6.01 Cr | ▲ 126% | ₹2.64 Cr | ▲ 77% | ₹3.40 Cr |
| EPS | ₹0.47 | ▲ 124% | ₹0.21 | ▲ 81% | ₹0.26 |
Verdict
Texmaco Infrastructure posted strong improvement in profitability with a sharp reduction in operating losses and solid profit growth. While topline growth remains moderate, the move toward operational break-even and sustained profit momentum are key positives. Continued execution and margin stability will be crucial for further valuation re-rating.
Gujarat Gas – Q2 FY26 Earnings Highlights
CMP: ₹403 | Market Cap: ₹27,742 Cr | PE: 24.9×
| Metric | Value (Q2 FY26) | YoY Change | YoY Base (Q2 FY25) | QoQ Change | QoQ Base (Q1 FY26) |
|---|---|---|---|---|---|
| Sales | ₹3,780 Cr | ▼ 0% | ₹3,782 Cr | ▼ 2% | ₹3,871 Cr |
| EBITDA | ₹447 Cr | ▼ 13% | ₹514 Cr | ▼ 14% | ₹520 Cr |
| Net Profit | ₹280 Cr | ▼ 9% | ₹309 Cr | ▼ 15% | ₹328 Cr |
| EPS | ₹4.06 | ▼ 9% | ₹4.48 | ▼ 15% | ₹4.76 |
Verdict
Gujarat Gas posted a muted quarter with stable revenues but declining profitability both YoY and QoQ, driven mainly by margin pressure. The short-term outlook hinges on demand recovery and improvement in gas sourcing cost spreads.
HUDCO – Q2 FY26 Earnings Highlights
CMP: ₹234 | Market Cap: ₹46,851 Cr | PE: 16.7x
| Metric | Q2 FY26 (Sep’25) |
Q1 FY26 (Jun’25) |
Q2 FY25 (Sep’24) |
YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹3,219 Cr | ₹2,937 Cr | ₹2,518 Cr | ▲ 28% | ▲ 10% |
| EBITDA | ₹3,072 Cr | ₹2,828 Cr | ₹2,656 Cr | ▲ 16% | ▲ 9% |
| Net Profit | ₹710 Cr | ₹630 Cr | ₹689 Cr | ▲ 3% | ▲ 13% |
| EPS | ₹3.55 | ₹3.15 | ₹3.44 | ▲ 3% | ▲ 13% |
Key Takeaways
- Strong YoY and QoQ sales growth indicates healthy loan disbursement momentum and stable interest income.
- EBITDA improvement supported by better cost controls and operating leverage.
- Net profit growth remains modest YoY due to higher provisioning/interest expense base, but QoQ trend is improving.
- EPS growth tracks net profit movement, showing consistency and earnings stability.
Verdict
HUDCO delivered a solid quarter with strong growth in revenue and operating performance. While YoY profit growth is moderate, the improving QoQ profitability trend highlights better operational execution and financial stability.
SMS Lifesciences – Q2 FY26 Earnings Highlights (Sep 2025)
CMP: ₹1,198 | Market Cap: ₹359 Cr | PE: 19.2x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹81.4 Cr | ▲ 4% | ₹78.5 Cr | ▼ 1% | ₹82.5 Cr |
| EBITDA | ₹13.6 Cr | ▲ 58% | ₹8.57 Cr | ▲ 16% | ₹11.7 Cr |
| Net Profit | ₹6.42 Cr | ▲ 31% | ₹3.30 Cr | ▲ 46% | ₹4.39 Cr |
| EPS | ₹20.18 | ▲ 31% | ₹15.45 | ▲ 47% | ₹13.76 |
Verdict
SMS Lifesciences delivered strong operational improvement on a YoY basis, driven by margin expansion and better cost efficiencies. Despite flat revenue QoQ, profitability saw a meaningful jump, indicating an improved product mix and continued cost control efforts.
Doms Industries – Q2 FY26 Earnings Highlights
CMP: ₹2,519 | Market Cap: ₹15,291 Cr | PE: 71.2x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹568 Cr | ▲ 24% | ₹458 Cr | ▲ 1% | ₹562 Cr |
| EBITDA | ₹99.5 Cr | ▲ 16% | ₹85.9 Cr | ▲ 1% | ₹98.7 Cr |
| Net Profit | ₹60.9 Cr | ▲ 14% | ₹53.7 Cr | ▲ 3% | ₹59.1 Cr |
| EPS | ₹9.60 | ▲ 13% | ₹8.46 | ▲ 2% | ₹9.44 |
Verdict
Doms delivered consistent and steady growth in Q2 FY26, with healthy year-on-year improvement in revenue, EBITDA, and profit. Quarter-on-quarter momentum remains stable, indicating strong brand strength, sustained domestic & export demand, and disciplined margin management. Overall earnings visibility remains solid.
Alembic – Q2 FY26 Earnings Highlights (Sep 2025)
CMP: ₹98 | Market Cap: ₹2,515 Cr | PE: 7.8x
| Metric | Q2 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹55.9 Cr | ▲ 6% | ₹52.9 Cr | ▲ 12% | ₹49.8 Cr |
| EBITDA | ₹23.2 Cr | ▲ 19% | ₹19.6 Cr | ▲ 18% | ₹19.6 Cr |
| Net Profit | ₹128 Cr | ▲ 6% | ₹121 Cr | ▲ 108% | ₹61.6 Cr |
| EPS | ₹5.00 | ▲ 6% | ₹4.71 | ▲ 108% | ₹2.40 |
Verdict
Alembic delivered steady year-on-year growth across sales, EBITDA, and net profit. The quarter-on-quarter performance highlights a strong rebound driven by improved margins and operational leverage. The sharp jump in net profit and EPS reflects a significant earnings recovery during the quarter.
Camlin Fine Sciences – Q2 FY26 Earnings Highlights (Sep 2025)
Price: ₹188 | Market Cap: ₹3,543 Cr | PE: 220.4x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹460 Cr | ▲ 10% | ₹417 Cr | ▲ 8% | ₹424 Cr |
| EBITDA | ₹33.1 Cr | ▼ 36% | ₹51.5 Cr | ▲ 74% | ₹19.0 Cr |
| Net Profit | -₹15.0 Cr | ▲ Loss narrowed | -₹116 Cr | ▼ Loss widened | -₹10.7 Cr |
| EPS | -₹0.76 | ▲ vs -₹5.33 | -₹5.33 | ▼ vs -₹0.53 | -₹0.53 |
Verdict
Camlin Fine posted steady revenue growth, but profitability remains weak. While EBITDA sharply improved QoQ, indicating cost and operational recovery, the company continues to report losses, with net loss widening sequentially. Year-on-year improvement is mainly due to a high loss base last year. Sustained profitability remains the key monitorable.
Subros – Q2 FY26 Earnings Highlights (Sep 2025)
CMP: ₹1,010 | Market Cap: ₹6,581 Cr | P/E: 41.0x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹880 Cr | ▲ 6% | ₹828 Cr | ▲ 0% (Stable) | ₹878 Cr |
| EBITDA | ₹68.5 Cr | ▼ 10% | ₹76.5 Cr | ▼ 16% | ₹82 Cr |
| Net Profit | ₹40.7 Cr | ▲ 12% | ₹36.4 Cr | Flat | ₹40.8 Cr |
| EPS | ₹6.25 | ▲ 12% | ₹5.58 | Flat | ₹6.26 |
Verdict
Subros delivered steady revenue performance with healthy YoY profit growth, though EBITDA margins came under pressure likely due to higher input costs and product mix. While net profit improved YoY, QoQ performance remained flat. Going ahead, margin recovery and sustained demand in automotive AC systems will be key triggers to track.
Exicom Tele-Systems – Q2 FY26 (Sep 2025) Earnings Highlights
CMP: ₹140 | Market Cap: ₹1,943 Cr
| Metric | Sep 2025 | Jun 2025 | QoQ Change | Sep 2024 | YoY Change |
|---|---|---|---|---|---|
| Sales | ₹282 Cr | ₹205 Cr | ▲ 38% | ₹153 Cr | ▲ 84% |
| EBITDA | -₹32.7 Cr | -₹38.6 Cr | Loss narrowed (▲ 15%) | -₹14.6 Cr | Loss increased (▼ 124%) |
| Net Profit | -₹68.8 Cr | -₹83.1 Cr | Loss narrowed (▲ 17%) | -₹17.0 Cr | Loss increased (▼ 291%) |
| EPS | -₹4.95 | -₹5.98 | Improved QoQ (▲ 17%) | -₹1.23 | Worsened YoY (▼ 302%) |
Key Takeaways
- Revenue growth remained strong YoY, driven by continued scale-up in EV charging and telecom power systems.
- However, profitability remains weak due to higher operating and expansion-related costs.
- Sequentially, losses narrowed, showing improving cost control and operational efficiency.
- The company continues to remain in investment and expansion mode, impacting near-term profitability.
Verdict
Exicom posted robust revenue growth, but profitability pressures remain a concern. While QoQ loss reduction is encouraging, consistent margin improvement and sharper cost discipline will be key for sustainable value creation going forward.
V-Mart – Q2 (Sep 2025) Earnings Highlights
Price: ₹778 | Market Cap: ₹6,174 Cr | P/E: 61.3x
| Metric | Sep 2025 | YoY Change vs Sep 2024 | QoQ Change vs Jun 2025 |
|---|---|---|---|
| Sales | ₹807 Cr | ▲ 22% (₹661 Cr) | ▼ 9% (₹885 Cr) |
| EBITDA | ₹71.5 Cr | ▲ 85% (₹38.6 Cr) | ▼ 43% (₹126 Cr) |
| Net Profit | -₹8.87 Cr | Loss narrowed (vs -₹56.5 Cr) | Turned to loss (vs ₹33.6 Cr) |
| EPS | -₹1.12 | Improved (vs -₹7.14) | Declined (vs ₹4.23) |
Key Takeaways
- Strong YoY recovery across sales and operating profit.
- QoQ weakness reflects seasonality and normalization post festive-driven Q1.
- Loss reduction YoY is encouraging, but QoQ profitability slip needs monitoring.
Verdict
V-Mart continues to show structural recovery on a yearly basis with better cost efficiency and improving store-level performance. However, the return to losses QoQ highlights margin sensitivity to demand cycles. Sustained profitability in the next few quarters remains the key monitorable for confidence in full turnaround.
Epigral – Q2 FY26 Earnings Highlights
CMP: ₹1,528 | Market Cap: ₹6,576 Cr | PE: 16.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹587 Cr | ▼ 6% | ₹626 Cr | ▼ 3% | ₹607 Cr |
| EBITDA | ₹132 Cr | ▼ 26% | ₹178 Cr | ▼ 19% | ₹163 Cr |
| Net Profit | ₹51.5 Cr | ▼ 36% | ₹80.5 Cr | ▼ 68% | ₹160 Cr |
| EPS | ₹11.94 | ▼ 38% | ₹19.38 | ▼ 68% | ₹37.18 |
Verdict
Epigral posted a weak quarter, with notable margin pressure and a steep decline in profitability. While the revenue dip is moderate, the sharp contraction in EBITDA and net profit highlights stress from lower realizations and reduced product spreads. A recovery will depend on margin stabilization and improved demand/pricing environment in chemicals.
Carysil – Q2 FY26 Earnings Highlights (Sep 2025)
CMP: ₹980 | Market Cap: ₹2,792 Cr | PE: 34.4
Carysil delivered a strong performance in Q2 FY26, supported by demand recovery and improved operational efficiency. While margins improved YoY, management commentary indicates focus on sustaining margin trajectory amid global cost fluctuations.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹241 Cr | ▲ 16% | ₹207 Cr | ▲ 6% | ₹227 Cr |
| EBITDA | ₹46.1 Cr | ▲ 24% | ₹37.2 Cr | ▲ 5% | ₹43.8 Cr |
| Net Profit | ₹27.4 Cr | ▲ 62% | ₹17.1 Cr | ▲ 20% | ₹22.9 Cr |
| EPS | ₹9.56 | ▲ 62% | ₹5.91 | ▲ 19% | ₹8.02 |
Verdict
Carysil posted a strong quarter with consistent revenue growth and improving profitability. The sharp rise in net profit and EPS reflects better operating leverage. However, margin sustainability remains a key monitorable going forward given global demand sensitivity and input cost volatility.
Tone of the quarter: Weak / Margin Stress (despite operational improvement, management highlighted caution on sustaining margins)
Electrost.Cast – Q2 FY26 (Sep 2025) Earnings Highlights
CMP: ₹85.6 | Market Cap: ₹5,292 Cr | PE: 10.7
Electrost.Cast reported a weak quarter, with sharp declines YoY across revenue and profitability, and sequential QoQ moderation as well.
| Metric | Sep 2025 | Jun 2025 | Sep 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹1,396 Cr | ₹1,558 Cr | ₹1,828 Cr | ▼ 24% | ▼ 10% |
| EBITDA | ₹92.8 Cr | ₹170 Cr | ₹268 Cr | ▼ 65% | ▼ 45% |
| Net Profit | ₹78.3 Cr | ₹89.1 Cr | ₹155 Cr | ▼ 50% | ▼ 12% |
| EPS | ₹1.27 | ₹1.44 | ₹2.51 | ▼ 49% | ▼ 12% |
Verdict
The quarter was weak, with notable declines across all major metrics. Revenue softness coupled with sharp margin compression led to a significant drop in EBITDA and net profit. A recovery will depend on demand improvement and better operating efficiency in upcoming quarters.
Graphite India – Q2 FY26 Earnings Highlights
CMP: ₹539 | Market Cap: ₹10,506 Cr | PE: 43.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹729 Cr | ▲ 13% | ₹643 Cr | ▲ 10% | ₹665 Cr |
| EBITDA | ₹43 Cr | ▼ 61% | ₹110 Cr | ▬ No change | ₹43 Cr |
| Net Profit | ₹76 Cr | ▼ 61% | ₹194 Cr | ▼ 43% | ₹133 Cr |
| EPS | ₹3.94 | ▼ 61% | ₹9.98 | ▼ 43% | ₹6.86 |
Verdict
Graphite India delivered revenue improvement driven by better demand and realizations, but profitability remained weak. Margins compressed sharply YoY and QoQ due to lower operating leverage and pricing pressure. Earnings continue to remain cyclical and sensitive to graphite electrode price trends.
