Hero MotoCorp – Q2 FY26 Earnings Highlights
| Metric | Actual | Estimate | Beat/Miss | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Revenue | ₹12,126 Cr | ₹11,955 Cr | ▲ 1.4% Beat | ▲ 16% | ₹10,463 Cr |
| EBITDA | ₹1,824 Cr | ₹1,778 Cr | ▲ 2.6% Beat | ▲ 20.3% | ₹1,516 Cr |
| EBITDA Margin | 15% | 14.9% | Inline | ▲ (15% vs 14.5%) | 14.5% |
| Net Profit (PAT) | ₹1,393 Cr | ₹1,391 Cr | Inline | ▲ 15.7% | ₹1,204 Cr |
Verdict
Hero MotoCorp delivered a strong Q2 FY26 performance with healthy double-digit growth across revenue, EBITDA, and PAT. Margins improved slightly year-on-year and were broadly in line with street expectations. The results reflect effective cost controls and continued demand recovery in the two-wheeler segment, positioning the company well ahead of the festive season.
PG Electroplast – Q2 FY26 Earnings Highlights
| Metric | Actual | Vs Estimate | YoY Change | Estimate | YoY Base | Miss/Beat |
|---|---|---|---|---|---|---|
| Revenue | ₹655.3 Cr | ▲ 4.8% | ▼ 2.3% | ₹625 Cr | ₹671 Cr | Beat |
| EBITDA | ₹30.3 Cr | ▼ 34% | ▼ 46% | ₹46 Cr | ₹56 Cr | Miss |
| EBITDA Margin | 4.6% | ▼ 280 bps | ▼ 370 bps | 7.4% | 8.3% | Miss |
| Net Profit | ₹3 Cr | ▼ 54% | ▼ 86% | ₹6.5 Cr | ₹19.3 Cr | Miss |
Verdict
PG Electroplast posted a revenue beat, but profitability sharply disappointed. Steep declines in EBITDA, margins, and net profit—both year-on-year and versus estimates—highlight continued cost pressures and operational weakness during the quarter.
Bharat Dynamics – Q2 FY26 Earnings Highlights
| Metric | Actual | Vs Estimate | YoY Change | YoY Base | Beat / Miss |
|---|---|---|---|---|---|
| Revenue | ₹1,147 Cr | ₹690 Cr | ▲ 110.6% | ₹545 Cr | Beat |
| EBITDA | ₹188 Cr | ₹131 Cr | ▲ 89.4% | ₹98.8 Cr | Beat |
| Net Profit | ₹216 Cr | ₹150 Cr | ▲ 75.5% | ₹123 Cr | Beat |
| EBITDA Margin | 16.4% | 19% | ▼ from 18.1% | 18.1% | Miss |
Verdict
Bharat Dynamics delivered a standout Q2 with strong beats across revenue, EBITDA, and net profit versus estimates. Despite a margin miss, the company showcased robust order execution, powerful year-on-year growth, and strong operational momentum.
Muthoot Finance – Q2 FY26 Earnings Highlights
| Metric | Actual | Estimate | Miss/Beat | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Net Profit | ₹2,345 Cr | ₹1,929 Cr | Beat | ▲ 87.4% | ₹1,251 Cr |
| NII | ₹3,992 Cr | ₹3,539 Cr | Beat | ▲ 58.5% | ₹2,518 Cr |
Verdict
Muthoot Finance delivered a strong Q2 FY26 with solid beats on both net profit and NII estimates. The robust YoY expansion reflects healthy traction in its gold loan portfolio and improved margin performance.
Voltas – Q2 FY26 Earnings Highlights
| Metric | Reported | Estimate | Miss / Beat | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Revenue | ₹2,347 Cr | ₹2,387 Cr | ▼ 1.68% Miss | ▼ 10% | ₹2,619 Cr |
| EBITDA | ₹70.4 Cr | ₹113 Cr | ▼ 38% Miss | ▼ 57% | ₹162 Cr |
| EBITDA Margin | 3% | 4.7% | ▼ 170 bps Miss | ▼ 320 bps | 6.2% |
| Net Profit | ₹34.3 Cr | ₹95 Cr | ▼ 64% Miss | ▼ 74% | ₹134 Cr |
Verdict
Voltas posted a weak Q2 FY26, missing estimates across all key metrics—revenue, EBITDA, margins, and net profit. YoY performance also remained under pressure, with steep declines in profitability and margin compression, highlighting challenges in demand and operational efficiency.
Eicher Motors – Q2 FY26 Earnings Highlights
| Metric | Actual | Estimate | Miss/Beat | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Profit | ₹1,369 Cr | ₹1,451 Cr | ▼ Miss (5.65%) | ▲ 24.5% | ₹1,100 Cr |
| Revenue | ₹6,176 Cr | ₹6,132 Cr | ▲ Beat (0.72%) | ▲ 44.8% | ₹4,263 Cr |
| EBITDA | ₹1,513 Cr | ₹1,516 Cr | ▼ Miss (0.20%) | ▲ 39% | ₹1,088 Cr |
| EBITDA Margin | 24.5% | 24.7% | ▼ Miss (20 bps) | ▼ 100 bps | 25.5% (Q2 FY25) |
Verdict
Eicher Motors delivered strong year-on-year performance across revenue, profit, and EBITDA, supported by healthy demand momentum. However, the company marginally missed profit, EBITDA, and margin estimates due to cost pressures, although revenue slightly beat expectations. Overall, the quarterly print reflects solid underlying growth with minor estimate deviations.
Samvardhana Motherson – Q2 FY26 Earnings Highlights
| Metric | Actual | Estimate | Miss / Beat | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Profit | ₹827 Cr | ₹750 Cr | Beat 10.3% | ▼ 6% | ₹880 Cr |
| Revenue | ₹30,173 Cr | ₹29,800 Cr | Beat 1.3% | ▲ 8.5% | ₹27,812 Cr |
| EBITDA | ₹2,611 Cr | ₹2,536 Cr | Beat 3% | ▲ 6.7% | ₹2,448 Cr |
| EBITDA Margin | 8.7% | 8.5% | Beat 20 bps | ▼ 10 bps | 8.8% |
Verdict
Samvardhana Motherson delivered an overall strong Q2 FY26 performance, beating estimates across profit, revenue, EBITDA, and margins. While YoY profit dipped slightly, operational growth remained solid with healthy revenue and EBITDA expansion, reflecting stable demand momentum and operational efficiency.
Frontier Springs – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹82.7 Cr | ▲ 58% | ₹52.2 Cr | ▲ 10% | ₹75.3 Cr |
| EBITDA | ₹22.1 Cr | ▲ 106% | ₹10.7 Cr | ▲ 8% | ₹20.4 Cr |
| Net Profit | ₹15.7 Cr | ▲ 116% | ₹7.29 Cr | ▲ 7% | ₹14.7 Cr |
| EPS | ₹39.89 | ▲ 116% | ₹18.51 | ▲ 7% | ₹37.43 |
Verdict
Frontier Springs delivered an exceptionally strong year-on-year performance in Q2 FY26, with EBITDA, net profit, and EPS more than doubling. Quarter-on-quarter growth also remained positive, reflecting consistent operational efficiency and resilient demand momentum across its key product segments.
Jai Corp – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹146 Cr | ▲ 8% | ₹135 Cr | ▲ 11% | ₹131 Cr |
| EBITDA | ₹17.0 Cr | ▲ 4% | ₹16.4 Cr | ▲ 107% | ₹8.20 Cr |
| Net Profit | ₹26.7 Cr | ▲ 56% | ₹17.1 Cr | ▼ 74% | ₹104 Cr |
| EPS | ₹1.50 | ▲ 56% | ₹0.96 | ▼ 74% | ₹5.84 |
Verdict
Jai Corp posted solid YoY growth across revenue, EBITDA, net profit, and EPS. The sharp QoQ decline in profit and EPS was due to an exceptionally high Q1 base, while core operating strength is visible in the strong QoQ rebound in EBITDA, reflecting healthy underlying momentum.
NBCC – Q2 FY26 Earnings Highlights
Price: ₹109 | Market Cap: ₹29,440 Cr | PE: 44.1x| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,910 Cr | ▲ 19% | ₹2,446 Cr | ▲ 22% | ₹2,391 Cr |
| EBITDA | ₹101 Cr | ▲ 1% | ₹99.9 Cr | ▼ 8% | ₹110 Cr |
| Net Profit | ₹157 Cr | ▲ 26% | ₹125 Cr | ▲ 16% | ₹135 Cr |
| EPS | ₹0.57 | ▲ 27% | ₹0.45 | ▲ 16% | ₹0.49 |
Verdict
NBCC posted strong year-on-year growth across revenue, profit, and EPS, supported by continued execution momentum. While EBITDA dipped sequentially due to higher costs, overall profitability improved QoQ with a healthy rise in net profit and EPS. The company maintains a solid growth trajectory with consistent earnings delivery.
Paras Defence – Q2 FY26 Earnings Highlights
Price: ₹719 | Market Cap: ₹5,790 Cr | PE: 82.4x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹106 Cr | ▲ 21% | ₹87.1 Cr | ▲ 14% | ₹93.2 Cr |
| EBITDA | ₹29.7 Cr | ▲ 31% | ₹22.7 Cr | ▲ 36% | ₹21.9 Cr |
| Net Profit | ₹19.5 Cr | ▲ 49% | ₹12.7 Cr | ▲ 36% | ₹14.3 Cr |
| EPS | ₹2.56 | ▲ 44% | ₹1.78 | ▲ 39% | ₹1.84 |
Verdict
Paras Defence delivered a strong quarterly performance, with consistent year-on-year and quarter-on-quarter growth across revenue, EBITDA, profitability, and EPS. Margin expansion and operational efficiency are evident as EBITDA and profit have grown faster than sales. Strong defence-sector demand and steady execution momentum position the company for sustained growth in upcoming quarters.
Tega Industries – Q2 FY26 Earnings Highlights (Sep 2025)
Stock Snapshot:
Price: ₹1,965 | Market Cap: ₹13,074 Cr | PE: 55.3x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹405 Cr | ▲ 15% | ₹353 Cr | ▲ 14% | ₹356 Cr |
| EBITDA | ₹69.2 Cr | ▲ 102% | ₹34.3 Cr | ▲ 24% | ₹55.6 Cr |
| Net Profit | ₹44.9 Cr | ▲ 522% | ₹7.22 Cr | ▲ 27% | ₹35.3 Cr |
| EPS | ₹6.75 | ▲ 519% | ₹1.09 | ▲ 27% | ₹5.31 |
Verdict
Tega Industries delivered a strong, high-quality quarter with exceptional year-on-year profit growth driven by improved margins and operational efficiency. Sequential growth remained healthy across all key metrics, highlighting sustained demand momentum. The sharp jump in profitability and EPS underscores robust business traction and effective cost control, keeping the overall outlook firmly positive.
Vishal Mega Mart – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,981 Cr | ▲ 22% | ₹2,436 Cr | ▼ 5% | ₹3,140 Cr |
| EBITDA | ₹395 Cr | ▲ 30% | ₹302 Cr | ▼ 14% | ₹459 Cr |
| Net Profit | ₹152 Cr | ▲ 46% | ₹104 Cr | ▼ 26% | ₹206 Cr |
| EPS | ₹0.33 | ▲ 43% | ₹0.23 | ▼ 25% | ₹0.44 |
Verdict
Vishal Mega Mart posted strong year-on-year growth across sales, EBITDA, net profit, and EPS, supported by steady store expansion and improving operating leverage. However, quarter-on-quarter softness reflects seasonal moderation and higher operating expenses during the quarter. Overall, the company maintains a robust growth trajectory, though short-term profitability pressures remain visible.
Page Industries – Q2 FY26 Earnings Highlights
Stock Snapshot:
Price: ₹39,585 | Market Cap: ₹44,147 Cr | PE: 57.8x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,291 Cr | ▲ 4% | ₹1,246 Cr | ▼ 2% | ₹1,317 Cr |
| EBITDA | ₹280 Cr | ▼ 1% | ₹281 Cr | ▼ 5% | ₹295 Cr |
| Net Profit | ₹195 Cr | ▼ 0% | ₹195 Cr | ▼ 3% | ₹201 Cr |
| EPS | ₹174.61 | ▼ 0% | ₹175.06 | ▼ 3% | ₹180.03 |
Verdict
Page Industries posted a stable YoY performance with steady sales and profitability. However, QoQ weakness is visible across revenue, EBITDA, and net earnings, indicating demand moderation and margin pressure. The business remains fundamentally sound but lacks strong growth momentum this quarter.
Tata Motors – PV Business (Q2 FY26) – Earnings Highlights
Price: ₹398 | Market Cap: ₹1,46,484 Cr | PE: 8.8x
| Metric | Value (Q2 FY26) | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹18,585 Cr | ▲ 6% | ₹17,535 Cr | ▲ 7% | ₹17,324 Cr |
| EBITDA | ₹2,032 Cr | ▲ 19% | ₹1,707 Cr | ▼ 2% | ₹2,076 Cr |
| Net Profit | ₹ -867 Cr | ▲ 68% | ₹498 Cr | ▼ Sharp decline | ₹1,397 Cr |
| EPS | ₹ -2.35 | ▼ 274% | ₹1.35 | ▼ Significant fall | ₹3.79 |
What Drove the Results?
- The net loss was non-operational — caused by a one-time MTM fair value loss of ~₹2,027 Cr on equity investments.
- Core PV operations stayed healthy with:
- Strong YoY & QoQ Sales growth
- Stable EBITDA despite slight QoQ moderation
Verdict
Tata Motors’ PV segment posted solid operating performance with revenue rising both YoY and QoQ. However, a large one-time non-operating MTM loss pulled the quarter into a net loss. Excluding this exceptional item, the underlying business continues to show healthy momentum.
Apollo Tyres – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹6,831 Cr | ▲ 6% | ₹6,437 Cr | ▲ 4% | ₹6,561 Cr |
| EBITDA | ₹1,021 Cr | ▲ 16% | ₹878 Cr | ▲ 18% | ₹868 Cr |
| Net Profit | ₹258 Cr | ▲ 26%* | ₹297 Cr | ▲ 1,900% | ₹12.9 Cr |
| EPS | ₹4.06 | ▼ 13% | ₹4.68 | Massive Jump | ₹0.20 |
Verdict
Apollo Tyres posted a strong Q2 FY26 performance with healthy growth in sales and EBITDA both YoY and QoQ. Sequentially, profitability surged sharply due to margin improvement and recovery from an unusually weak previous quarter. While YoY EPS dipped, operational performance remained solid, showcasing improving momentum and strong margin execution.
Shilpa Medicare – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹370 Cr | ▲ 8% | ₹344 Cr | ▲ 15% | ₹321 Cr |
| EBITDA | ₹108 Cr | ▲ 26% | ₹85.6 Cr | ▲ 19% | ₹90.9 Cr |
| Net Profit | ₹44.1 Cr | ▲ 146% | ₹18.0 Cr | ▼ 6% | ₹46.9 Cr |
| EPS | ₹2.25 | ▲ 145% | ₹0.92 | ▼ 6% | ₹2.40 |
Verdict
Shilpa Medicare reported a strong YoY performance with robust expansion in profitability and margins. Sequentially, the results show steady momentum, though net profit and EPS moderated slightly due to a high base. Overall, the company maintains solid financial strength with improving fundamentals.
