RBL Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ / Estimate | QoQ / Poll Base |
|---|---|---|---|---|---|
| Net Interest Income (NII) | ₹1,550.7 Cr | ▼ 4% | ₹1,615 Cr | ▲ vs Poll | ₹1,529 Cr |
| Net Profit | ₹178.5 Cr | ▼ 20% | ₹223 Cr | ▼ vs Poll | ₹209 Cr |
| Gross NPA (%) | 2.32% | ▼ from 2.78% | – | ▼ | QoQ |
| Gross NPA (₹ Cr) | ₹2,377.6 Cr | ▼ from ₹2,685.9 Cr | – | ▼ | QoQ |
| Net NPA (%) | 0.57% | ▲ from 0.45% | – | ▲ | QoQ |
| Net NPA (₹ Cr) | ₹572.4 Cr | ▲ from ₹428.8 Cr | – | ▲ | QoQ |
| Provisions | ₹499.7 Cr | ▼ from ₹618.3 Cr (YoY) | ₹618.3 Cr | ▲ from ₹442.3 Cr (QoQ) | ₹442.3 Cr |
Verdict
RBL Bank’s Q2 FY26 results showed pressure on profitability with a ▼ 20% YoY decline in net profit and a marginal dip in NII. While asset quality improved on the gross NPA front, net NPA saw a slight uptick, reflecting some stress. Higher provisions weighed on the bottom line.
Major Update
- 🔹 News Confirmed: Emirates NBD to acquire a 60% stake in RBL Bank for ₹26,853 Cr at ₹280/share.
- 🔹 Post-transaction, Emirates NBD will gain promoter status, effective April 1, 2026.
IndusInd Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base | Poll / Estimate |
|---|---|---|---|---|---|---|
| Net Interest Income (NII) | ₹4,409.3 Cr | ▼ 17.5% | ₹5,347 Cr | – | – | ₹4,457 Cr (CNBC-TV18 poll) |
| Net Profit (Loss) | ₹(444.8) Cr | ▼ from ₹1,325.5 Cr | ₹1,325.5 Cr | – | – | ₹309 Cr profit (CNBC-TV18 poll) |
| Provisions | ₹2,622.4 Cr | ▲ 44% | ₹1,820.1 Cr | ▲ 51% | ₹1,737.8 Cr | – |
| Gross NPA | ₹12,057.8 Cr | ▼ 3% | ₹12,480.6 Cr | ▼ 3% | ₹12,480.6 Cr | 3.60% vs 3.64% (QoQ) |
| Net NPA | ₹3,399.4 Cr | ▼ 9% | ₹3,721.5 Cr | ▼ 9% | ₹3,721.5 Cr | 1.04% vs 1.12% (QoQ) |
Verdict
IndusInd Bank slipped into the red in Q2 FY26, posting a net loss due to higher-than-expected provisions on its microfinance loan book. Despite stable asset quality ratios, the steep rise in provisioning and a sharp fall in NII weighed heavily on profitability, disappointing Street expectations of a profit.
ICICI Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base | Estimate Comparison |
|---|---|---|---|---|---|---|
| Net Profit | ₹12,359 Cr | ▲ 5.2% | ₹11,746 Cr | – | – | Above ₹11,933 Cr |
| NII (Net Interest Income) | ₹21,527.5 Cr | ▲ 7.4% | ₹20,048 Cr | – | – | Above ₹21,284 Cr |
| Gross NPA | ₹23,849.7 Cr | – | – | ▼ | ₹24,732.7 Cr | – |
| Net NPA | ₹5,827 Cr | – | – | ▼ | ₹5,971 Cr | – |
| Gross NPA Ratio | 1.58% | – | – | ▼ | 1.67% | – |
| Net NPA Ratio | 0.39% | – | – | ▼ | 0.41% | – |
| Provisions | ₹914 Cr | ▼ from ₹1,233 Cr | ₹1,233 Cr | ▼ | ₹1,814.6 Cr | – |
Verdict
ICICI Bank delivered a steady quarter with profits and NII exceeding estimates. Asset quality improved further with both gross and net NPAs declining, while provisions dropped sharply, indicating continued balance sheet strength and healthy credit performance.
HDFC Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ / Notes |
|---|---|---|---|---|
| Net Profit | ₹18,641.3 Cr | ▲ 10.8% | ₹16,821 Cr | Above Estimates (Poll: ₹17,252 Cr) |
| Net Interest Income (NII) | ₹31,551.5 Cr | ▲ 4.8% | ₹30,114 Cr | Slight Beat (Poll: ₹31,298 Cr) |
| Gross NPA | ₹34,289.5 Cr | ▼ | ₹37,040.8 Cr | Improved Asset Quality (QoQ) |
| Net NPA | ₹11,447.3 Cr | ▼ | ₹12,276 Cr | QoQ |
| Gross NPA Ratio | 1.24% | ▼ | 1.40% | QoQ |
| Net NPA Ratio | 0.42% | ▼ | 0.47% | QoQ |
| Provisions | ₹3,500.5 Cr | ▲ 30% YoY | ₹2,700.5 Cr | ▼ 76% QoQ (₹14,441.6 Cr) |
Verdict
HDFC Bank delivered a steady Q2 FY26 performance with a strong profit beat and improving asset quality. NII growth remained modest but in line with expectations. The sharp decline in provisions supported profitability, while NPA ratios continued to improve sequentially—indicating robust credit discipline and stable asset health.
Yes Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹655 Cr | ▲ 18.4% | ₹553 Cr | – | – |
| NII | ₹2,300 Cr | ▲ 4.6% | ₹2,200 Cr | – | – |
| Gross NPA | ₹4,055.3 Cr | – | – | ▲ 1% | ₹4,022 Cr |
| Net NPA | ₹770.8 Cr | – | – | ▼ 3% | ₹797.3 Cr |
| Gross NPA Ratio | 1.6% | – | – | – | – |
| Net NPA Ratio | 0.3% | – | – | – | – |
| Provisions | ₹419 Cr | ▲ 41% | ₹297 Cr | ▲ 42% | ₹284 Cr |
Verdict
Yes Bank delivered steady Q2 FY26 results with moderate improvement in profitability and stable asset quality. While NII growth remained modest, higher provisions limited bottom-line expansion. Overall, the bank maintained strong credit quality with flat GNPA and NNPA ratios.
Punjab National Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹4,904 Cr | ▲ 14% | ₹4,304 Cr | – | – |
| Net Interest Income (NII) | ₹10,469 Cr | ▼ 0.5% | ₹10,516.7 Cr | – | – |
| Gross NPA | ₹40,343.3 Cr | – | – | ▼ QoQ | ₹42,673 Cr |
| Gross NPA % | 3.45% | – | – | ▼ QoQ | 3.78% |
| Net NPA | ₹4,025.8 Cr | – | – | ▼ QoQ | ₹4,132.2 Cr |
| Net NPA % | 0.36% | – | – | ▼ QoQ | 0.38% |
Verdict
Punjab National Bank reported a healthy 14% year-on-year growth in net profit, while net interest income was slightly lower. Asset quality improved with both gross and net NPAs declining, reflecting better credit management and operational stability in Q2 FY26.
Federal Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹955.3 Cr | ▼ 9.6% | ₹1,057 Cr | ▲ vs poll ₹895 Cr | – |
| NII (Net Interest Income) | ₹2,495.2 Cr | ▲ 5.4% | ₹2,367.3 Cr | – | – |
| Gross NPA | ₹4,532 Cr | – | – | ▼ QoQ (1.83% vs 1.91%) | 1.91% |
| Net NPA | ₹1,165.2 Cr | – | – | ▲ QoQ (0.48% flat) | 0.48% |
| Provisions | ₹363 Cr | ▲ YoY (₹158 Cr) | ₹158 Cr | ▼ QoQ (₹400 Cr) | ₹400 Cr |
Verdict
Federal Bank delivered a mixed Q2 performance with stable asset quality, moderate growth in NII, and provisions showing prudent management. While net profit declined YoY, it exceeded market expectations, reflecting resilient operations amid cautious lending.
IDFC First Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹352 Cr | ▲ 75.4% | ₹201 Cr | – | – |
| NII | ₹5,112.7 Cr | ▲ 6.8% | ₹4,788 Cr | – | – |
| Gross NPA | 1.86% | – | – | ▼ 0.11% | 1.97% |
| Net NPA | 0.52% | – | – | ▼ 0.03% | 0.55% |
Verdict
IDFC First Bank posted strong Q2 results with a significant year-on-year jump in net profit and healthy growth in NII. Asset quality improved slightly, reflected in lower gross and net NPA, indicating stable credit performance.
UltraTech Cement – Q2 FY26 Earnings Highlights
Price: ₹12,370 | Market Cap: ₹3,64,518 Cr | P/E: 49.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹19,607 Cr | ▲ 20% | ₹16,294 Cr | ▼ 8% | ₹21,275 Cr |
| EBIDT | ₹3,089 Cr | ▲ 52% | ₹2,026 Cr | ▼ 30% | ₹4,406 Cr |
| Net Profit | ₹1,238 Cr | ▲ 75% | ₹708 Cr | ▼ 44% | ₹2,221 Cr |
| EPS | ₹41.79 | ▲ 72% | ₹24.34 | ▼ 45% | ₹75.54 |
Verdict
UltraTech Cement posted strong year-on-year growth in Q2 FY26, with sales, EBITDA, net profit, and EPS rising significantly. While quarter-on-quarter numbers show a decline due to seasonal or operational factors, the overall performance reflects robust growth and profitability compared to the same period last year.
Avantel – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹55.4 Cr | ▼ 28% | ₹77.4 Cr | ▲ 7% | ₹51.9 Cr |
| EBITDA | ₹11.3 Cr | ▼ 67% | ₹34.7 Cr | ▲ 9% | ₹10.4 Cr |
| Net Profit | ₹4.27 Cr | ▼ 81% | ₹22.9 Cr | ▲ 32% | ₹3.23 Cr |
| EPS | ₹0.16 | ▼ 82% | ₹0.87 | ▲ 33% | ₹0.12 |
Verdict
Avantel reported a sharp year-on-year decline across sales, EBITDA, and net profit, reflecting challenging business conditions. However, quarter-on-quarter improvement indicates early signs of operational recovery in Q2 FY26.
SML Isuzu – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹555 Cr | ▲ 1% | ₹550 Cr | ▼ 34% | ₹846 Cr |
| EBIDT | ₹41.9 Cr | ▼ 6% | ₹44.8 Cr | ▼ 60% | ₹105 Cr |
| Net Profit | ₹21.0 Cr | ▼ 3% | ₹21.8 Cr | ▼ 69% | ₹67.0 Cr |
| EPS | ₹14.55 | ▼ 3% | ₹15.06 | ▼ 69% | ₹46.27 |
Verdict
SML Isuzu reported marginal year-on-year growth in sales but declines in EBITDA, net profit, and EPS. Quarter-on-quarter performance shows significant contraction, reflecting pressure on operational efficiency and profitability during the period.
Anand Rathi Share – Q2 FY26 Earnings Highlights
Price: ₹520 | Market Cap: ₹3,265 Cr | PE: 32.9
| Metric | Value | QoQ Change | QoQ Base | YoY Change | YoY Base |
|---|---|---|---|---|---|
| Sales | ₹227 Cr | ▲ 13% | ₹201 Cr | ▼ 1% | ₹230 Cr |
| EBIDT | ₹93.2 Cr | ▲ 24% | ₹75.2 Cr | ▲ 9% | ₹85.6 Cr |
| Net Profit | ₹28.6 Cr | ▲ 22% | ₹23.4 Cr | ▼ 14% | ₹33.1 Cr |
| EPS | ₹4.56 | ▼ 14% | ₹5.27 | ▼ 39% | ₹7.47 |
Verdict
Anand Rathi reported mixed Q2 FY26 results. While EBIDT showed healthy growth both YoY and QoQ, net profit and EPS declined YoY, reflecting margin pressure. Quarter-on-quarter performance indicates operational improvement despite softer profitability compared to last year.
Canfin Homes – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,049 Cr | ▲ 9% | ₹962 Cr | ▲ 3% | ₹1,020 Cr |
| EBITDA | ₹974 Cr | ▲ 9% | ₹892 Cr | ▲ 5% | ₹929 Cr |
| Net Profit | ₹251 Cr | ▲ 19% | ₹211 Cr | ▲ 12% | ₹224 Cr |
| EPS | ₹18.88 | ▲ 19% | ₹15.88 | ▲ 12% | ₹16.81 |
Verdict
CanFin Homes delivered a solid Q2 FY26 with healthy year-on-year growth across all key metrics, particularly net profit and EPS. Quarter-on-quarter improvements indicate steady operational momentum and consistent profitability.
UTI AMC – Q2 FY26 Earnings Highlights
Price: ₹1,402 | Market Cap: ₹17,976 Cr | PE: 30.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹419 Cr | ▼ 22% | ₹538 Cr | ▼ 23% | ₹547 Cr |
| EBITDA | ₹177 Cr | ▼ 49% | ₹348 Cr | ▼ 48% | ₹340 Cr |
| Net Profit | ₹132 Cr | ▼ 53% | ₹263 Cr | ▼ 48% | ₹254 Cr |
| EPS | ₹8.81 | ▼ 53% | ₹18.76 | ▼ 52% | ₹18.50 |
Verdict
UTI AMC reported a sharp decline in Q2 FY26 performance, with significant year-on-year and quarter-on-quarter drops across sales, EBITDA, net profit, and EPS. The results reflect challenging market conditions and subdued fund performance during the quarter.
Oracle Financial Services – Q2 FY26 Earnings Highlights
| Metric | Sep 2025 | Jun 2025 | Sep 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹1,789 Cr | ₹1,852 Cr | ₹1,674 Cr | ▲ 7% | ▼ 3% |
| EBIDT | ₹755 Cr | ₹846 Cr | ₹751 Cr | ▲ 1% | ▼ 11% |
| Net Profit | ₹546 Cr | ₹642 Cr | ₹578 Cr | ▼ 5% | ▼ 15% |
| EPS | ₹62.82 | ₹73.87 | ₹66.60 | ▼ 6% | ▼ 15% |
Verdict
Oracle Financial Services posted modest year-on-year growth in sales and EBIDT, but net profit and EPS declined both YoY and QoQ. The quarter reflects margin pressure and lower profitability despite higher top-line growth, suggesting cautious operational performance in Q2 FY26.
REC Ltd – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹15,153 Cr | ▲ 11% | ₹13,682 Cr | ▲ 3% | ₹14,737 Cr |
| EBIDT | ₹14,677 Cr | ▲ 8% | ₹13,585 Cr | ▲ 1% | ₹14,521 Cr |
| Net Profit | ₹4,415 Cr | ▲ 9% | ₹4,038 Cr | ▼ 1% | ₹4,466 Cr |
| EPS | ₹16.77 | ▲ 9% | ₹15.33 | ▼ 1% | ₹16.96 |
Verdict
REC Ltd reported healthy year-on-year growth across all key metrics, driven by higher sales and steady profitability. Quarter-on-quarter performance was largely stable, with a slight dip in net profit and EPS, indicating consistent operational performance in Q2 FY26.
CESC – Q2 FY26 Earnings Highlights
Price: ₹170 | Market Cap: ₹22,589 Cr | PE: 15.6
| Metric | Sep 2025 | Jun 2025 | Sep 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹5,267 Cr | ₹5,202 Cr | ₹4,700 Cr | ▲ 12% | ▲ 1% |
| EBIDT | ₹1,061 Cr | ₹864 Cr | ₹896 Cr | ▲ 18% | ▲ 23% |
| Net Profit | ₹445 Cr | ₹404 Cr | ₹373 Cr | ▲ 20% | ▲ 10% |
| EPS | ₹3.21 | ₹2.92 | ₹2.66 | ▲ 21% | ▲ 10% |
Verdict
CESC posted a strong Q2 FY26 performance with healthy year-on-year growth across sales, EBITDA, net profit, and EPS. Quarter-on-quarter, all key metrics also improved, indicating steady operational performance and consiste
