Thermax – Q2 Earnings Highlights
| Metric | Reported | YoY Change | YoY Base | Vs Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹2,473.9 Cr | ▼ 5.4% | ₹2,615 Cr | ₹2,841.3 Cr | Miss |
| EBITDA | ₹171.9 Cr | ▼ 38.1% | ₹278 Cr | ₹274.4 Cr | Miss |
| EBITDA Margin | 6.9% | ▼ vs 10.6% | 10.6% | 9.7% | Miss |
| Net Profit | ₹119.4 Cr | ▼ 39.7% | ₹198 Cr | ₹201.6 Cr | Miss |
Verdict
Thermax delivered a weak quarterly performance, falling short of Street expectations across revenue, EBITDA, and profitability. Sharp YoY contraction in margins and earnings reflects lower execution and cost pressures. Future performance hinges on order inflows and improvement in execution efficiency.
PI Industries – Q2 Earnings Highlights
| Metric | Value | Vs Estimate | YoY Change | YoY Base | Beat / Miss |
|---|---|---|---|---|---|
| Revenue | ₹1,872.3 Cr | ₹1,810.5 Cr | ▼ 15.7% | ₹2,221 Cr | Beat |
| EBITDA | ₹541.3 Cr | ₹464.2 Cr | ▼ 13.8% | ₹628.2 Cr | Beat |
| EBITDA Margin | 28.9% | 25.6% | ▲ from 28.3% | 28.3% | Beat |
| Net Profit | ₹409.3 Cr | ₹358 Cr | ▼ 19.4% | ₹508.2 Cr | Beat |
Verdict
Despite a sharp YoY decline due to high base and continued inventory adjustment in global CSM markets, PI Industries delivered a better-than-expected quarter, beating Street estimates across revenue, EBITDA and margins. Operational efficiencies helped maintain profitability. Recovery in CSM demand will be crucial for sustained growth ahead.
Bajaj Finserv – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹37,403 Cr | ▲ 11% | ₹33,704 Cr | ▲ 6% | ₹35,439 Cr |
| EBITDA | ₹14,050 Cr | ▲ 14% | ₹12,283 Cr | ▼ 2% | ₹14,315 Cr |
| Net Profit | ₹4,746 Cr | ▲ 8% | ₹4,180 Cr | ▼ 11% | ₹5,329 Cr |
| EPS | ₹14.04 | ▲ 7% | ₹13.07 | ▼ 20% | ₹17.46 |
Verdict
Bajaj Finserv delivered steady YoY growth across revenue, EBITDA, net profit and EPS, driven by continued expansion in its financial and insurance businesses. However, QoQ moderation was seen due to a high base and higher operating costs. Overall performance remains stable and long-term growth outlook stays positive.
Hindustan Copper – Q2 FY26 (Sep 2025) Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹718 Cr | ▲ 39% | ₹518 Cr | ▲ 39% | ₹516 Cr |
| EBITDA | ₹282 Cr | ▲ 86% | ₹152 Cr | ▲ 33% | ₹212 Cr |
| Net Profit | ₹186 Cr | ▲ 83% | ₹102 Cr | ▲ 39% | ₹134 Cr |
| EPS | ₹1.92 | ▲ 83% | ₹1.05 | ▲ 38% | ₹1.39 |
Verdict
Hindustan Copper delivered strong revenue growth and notable margin expansion this quarter, resulting in a sharp improvement in profitability on both YoY and QoQ basis. Higher copper prices, improved realizations, and operating leverage supported the performance. However, at ~60x PE, valuations remain elevated, suggesting future upside may hinge on sustained production growth and successful execution of expansion plans.
BOSCH – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹4,795 Cr | ▲ 9% | ₹4,394 Cr | — Flat | ₹4,789 Cr |
| EBITDA | ₹617 Cr | ▲ 10% | ₹560 Cr | ▼ 3% | ₹639 Cr |
| Net Profit | ₹554 Cr | ▲ 11% | ₹536 Cr | ▼ 50% | ₹1,115 Cr |
| EPS | ₹187.91 | ▲ 3% | ₹181.70 | ▼ 50% | ₹378.18 |
Verdict
Bosch posted stable YoY performance supported by steady automotive demand and healthy operating efficiencies. However, sequential profitability declined sharply due to an exceptional high base in the previous quarter. Overall, the company maintains a stable underlying earnings trajectory despite short-term QoQ normalization.
Jupiter Wagons – Q2 FY26 (Sep 2025) Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹707 Cr | ▼ 27% | ₹974 Cr | ▲ 72% | ₹411 Cr |
| EBITDA | ₹88.0 Cr | ▼ 34% | ₹133 Cr | ▲ 73% | ₹50.8 Cr |
| Net Profit | ₹52.7 Cr | ▼ 41% | ₹88.6 Cr | ▲ 60% | ₹32.9 Cr |
| EPS | ₹1.24 | ▼ 41% | ₹2.09 | ▲ 61% | ₹0.77 |
Verdict
Jupiter Wagons reported a sharp YoY decline due to a high base and softer execution in the railways order cycle. However, the strong QoQ bounce across revenue, EBITDA and profit shows recovery momentum after a weak Q1. Going forward, sustained margin stability and faster order execution will be key triggers to monitor in upcoming quarters.
Stock: ₹311 | Market Cap: ₹13,206 Cr | PE: ~47x
Lloyds Enterprises – Q2 FY26 (Sep 2025) Earnings Highlights
Stock Price: ₹64.3 | Market Cap: ₹9,287 Cr | PE: 32.9x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹407 Cr | ▲ 5% | ₹385 Cr | ▲ 23% | ₹331 Cr |
| EBITDA | ₹23.7 Cr | ▼ 19% | ₹29.2 Cr | ▲ 6% | ₹22.4 Cr |
| Net Profit | ₹61.8 Cr | ▲ 52% | ₹40.5 Cr | ▼ 75%* | ₹249 Cr |
| EPS | ₹0.15 | ▲ 7% | ₹0.14 | ▼ 90%* | ₹1.50 |
*QoQ decline due to a one-off high base in Q1.
Verdict
Lloyds Enterprises posted steady year-on-year revenue growth and stable operations. Profitability on a QoQ basis appears weaker due to exceptional one-time gains in the previous quarter. Core margins remain a key area to watch for sustained earnings momentum going forward.
Surya Roshni – Q2 FY26 Earnings Highlights
Stock Price: ₹300 | Market Cap: ₹6,530 Cr | PE: 19.9x
Surya Roshni reported a strong performance in Q2 FY26 with notable YoY and QoQ growth across revenue and profitability, supported by improved operating efficiencies and a better product mix.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹1,845 Cr | ▲ 21% | ₹1,529 Cr | ▲ 15% | ₹1,604 Cr |
| EBITDA | ₹118 Cr | ▲ 55% | ₹76.2 Cr | ▲ 69% | ₹69.8 Cr |
| Net Profit | ₹74.1 Cr | ▲ 106% | ₹36.1 Cr | ▲ 120% | ₹33.6 Cr |
| EPS | ₹3.41 | ▲ 105% | ₹1.66 | ▲ 121% | ₹1.54 |
Verdict
Surya Roshni delivered a strong quarter demonstrating broad-based improvement in margins and profitability. The significant surge in EBITDA and net profit reflects operating leverage and improving demand trends. If current margin levels sustain, the stock could see further re-rating potential.
Texmaco Rail – Q2 FY26 Earnings Highlights
Price: ₹135 | Market Cap: ₹5,482 Cr | PE: 26x
Texmaco Rail posted a mixed quarter. While YoY performance declined due to a strong base last year, the company delivered a strong QoQ recovery driven by better execution and improving volumes.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹1,258 Cr | ▼ 7% | ₹1,346 Cr | ▲ 38% | ₹911 Cr |
| EBITDA | ₹124 Cr | ▼ 6% | ₹132 Cr | ▲ 75% | ₹70.9 Cr |
| Net Profit | ₹63.9 Cr | ▼ 11% | ₹74.1 Cr | ▲ 118% | ₹29.3 Cr |
| EPS | ₹1.62 | ▼ 11% | ₹1.82 | ▲ 116% | ₹0.75 |
Verdict
Despite YoY softness, the sharp QoQ rebound across revenue and profitability signals improving demand visibility and operational momentum. Sustained execution and order conversion will be key to margin stability ahead.
Welspun Enterprises – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹784 Cr | ▼ 4% | ₹815 Cr | ▼ 7% | ₹845 Cr |
| EBITDA | ₹172 Cr | ▲ 35% | ₹127 Cr | ▼ 5% | ₹181 Cr |
| Net Profit | ₹98.1 Cr | ▲ 27% | ₹61.6 Cr | ▼ 3% | ₹101 Cr |
| EPS | ₹6.53 | ▲ 54% | ₹4.23 | — Flat | ₹6.56 |
Verdict
Despite the decline in revenue and sequential softness in profitability, Welspun Enterprises delivered strong year-on-year growth driven by improved margins. The company remains backed by a solid order book, but maintaining execution momentum will be critical to sustaining financial performance in the coming quarters.
Zaggle Prepaid – Q2 FY26 Earnings Highlights
Price: ₹375 | Market Cap: ₹5,033 Cr | PE: 45.2x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹431 Cr | ▲ 42% | ₹303 Cr | ▲ 30% | ₹331 Cr |
| EBITDA | ₹44.0 Cr | ▲ 65% | ₹26.7 Cr | ▲ 42% | ₹30.9 Cr |
| Net Profit | ₹33.2 Cr | ▲ 79% | ₹18.6 Cr | ▲ 28% | ₹25.9 Cr |
| EPS | ₹2.48 | ▲ 64% | ₹1.51 | ▲ 28% | ₹1.93 |
Verdict
Zaggle reported strong operational momentum with significant improvement in margins and profitability. Both YoY and QoQ growth trends remain healthy, indicating sustained execution, operating leverage, and expanding customer adoption. The performance reinforces confidence in the scalability of its spend & rewards platform business model.
Borosil Renewables – Q2 FY26 Earnings Highlights
Current Price: ₹699 | Market Cap: ₹9,798 Cr
| Metric | Q2 FY26 (Sep) | Q1 FY26 (Jun) | Q2 FY25 (Sep) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Sales | ₹379 Cr | ₹347 Cr | ₹373 Cr | ▲ 2% | ▲ 9% |
| EBITDA | ₹118 Cr | ₹63 Cr | ₹29.4 Cr | ▲ 303% | ▲ 87% |
| Net Profit (Adjusted) | ₹61.6 Cr | -₹203 Cr | -₹13.1 Cr | ▲ 395% | Turned Positive |
| EPS (Adjusted) | ₹1.98 | -₹12.52 | -₹0.75 | ▲ 364% | Turned Positive |
Key Takeaways
- Revenue growth remained modest, but profitability saw a sharp rebound.
- EBITDA margins improved significantly on better cost absorption & pricing recovery.
- Company returned to positive profitability after heavy losses in the previous quarter.
- Exceptional items of ₹7.75 Cr excluded to reflect underlying performance.
Verdict
Borosil Renewables delivered a strong operational turnaround in Q2 FY26. Margin recovery, stable input costs, and improved utilization have supported profitability. Sustaining this momentum will depend on continued demand visibility and cost efficiency improvements going ahead.
IOL Chemicals – Q2 FY26 Earnings Highlights
Price: ₹88.8 | Market Cap: ₹2,604 Cr | PE: 22.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹568 Cr | ▲ 8% | ₹526 Cr | ▲ 3% | ₹552 Cr |
| EBITDA | ₹57.1 Cr | ▲ 37% | ₹41.6 Cr | ▼ 8% | ₹62.2 Cr |
| Net Profit | ₹30.0 Cr | ▲ 57% | ₹19.2 Cr | ▼ 12% | ₹34.0 Cr |
| EPS | ₹1.02 | ▲ 57% | ₹0.65 | ▼ 12% | ₹1.16 |
Verdict
IOL Chemicals delivered robust year-on-year growth across revenue, EBITDA, and profitability, indicating improved operational efficiency and margin stability. However, the quarter-on-quarter decline in EBITDA and bottom-line suggests moderation from the previous strong quarter. Monitoring margin stability, product mix, and volume growth will be key in upcoming quarters.
MOIL – Q2 FY26 Earnings Highlights
Price: ₹373 | Market Cap: ₹7,590 Cr | PE: 25.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹348 Cr | ▲ 19% | ₹292 Cr | — | ₹348 Cr |
| EBITDA | ₹99.5 Cr | ▲ 26% | ₹79.2 Cr | ▲ 26% | ₹78.8 Cr |
| Net Profit | ₹70.4 Cr | ▲ 41% | ₹50.0 Cr | ▲ 37% | ₹51.5 Cr |
| EPS | ₹3.46 | ▲ 41% | ₹2.46 | ▲ 37% | ₹2.53 |
Verdict
MOIL delivered a strong Q2 FY26 performance with significant profitability improvement both YoY and QoQ. While revenue remained stable on a sequential basis, the sharp rise in EBITDA and net profit reflects improved cost controls and operating leverage. The momentum in manganese ore demand and margin strength positions the company positively going forward.
Atul Auto – Q2 FY26 Earnings Highlights
Price: ₹488 | Market Cap: ₹1,350 Cr | PE: 50.0
| Metric | Q2 FY26 | YoY Change | YoY Base (Q2 FY25) | QoQ Change | QoQ Base (Q1 FY26) |
|---|---|---|---|---|---|
| Revenue | ₹200 Cr | ▲ 10% | ₹182 Cr | ▲ 31% | ₹153 Cr |
| EBITDA | ₹18.5 Cr | ▲ 43% | ₹13.0 Cr | ▲ 85% | ₹10.0 Cr |
| Net Profit | ₹8.27 Cr | ▲ 70% | ₹4.57 Cr | ▲ 301% | ₹2.06 Cr |
| EPS | ₹3.30 | ▲ 69% | ₹1.95 | ▲ 211% | ₹1.06 |
Verdict
Atul Auto posted a strong quarter with both revenue and profitability improving significantly YoY and QoQ. The sharp sequential rebound highlights margin recovery and operational efficiency. However, the elevated PE of 50 suggests that the current market price already captures a substantial amount of future growth optimism.
Tata Power – Q2 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹1,245 Cr | ▲ 14% | ₹1,091 Cr | ▼ 1% | ₹1,257 Cr |
| Revenue | ₹15,544 Cr | ▼ 1% | ₹15,643 Cr | ▼ 14% | ₹18,646 Cr |
| EBITDA | ₹3,301 Cr | ▼ 12% | ₹3,750 Cr | ▼ 20% | ₹4,128 Cr |
| EBITDA Margin | 21.24% | ▼ | 23.83% | ▼ | 22.94% |
Verdict
Tata Power maintained year-on-year profit growth despite pressure on revenue and margins. The quarter-on-quarter decline reflects seasonal demand normalization and higher operating costs. Margin stabilization and progress in renewable capacity expansion will be key catalysts in upcoming quarters.
Torrent Power – Q2 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹7,876 Cr | ▲ 9.8% | ₹7,175 Cr | ▼ 0.4% | ₹7,906 Cr |
| EBITDA | ₹1,506 Cr | ▲ 24.8% | ₹1,207 Cr | ▲ Margins Improved | (QoQ Slightly Higher) |
| EBITDA Margin | 19.1% | ▲ from 16.8% | 16.8% | – | – |
| PBT | ₹979 Cr | ▲ 42.3% | ₹688 Cr | ▼ 0.6% | ₹985 Cr |
| PAT | ₹741 Cr | ▲ 55.7% | ₹476 Cr | Flat | ₹741 Cr |
Verdict
Torrent Power delivered a strong YoY performance with solid profitability and margin expansion. QoQ results remained stable, indicating consolidation after prior strong quarters. The company continues to benefit from improved operational efficiencies and dependable distribution business performance.
