Kotak Mahindra Bank – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | QoQ Change | Vs CNBC-TV18 Poll | Miss/Beat |
|---|---|---|---|---|---|
| Profit | ₹3,253.3 Cr | ▼ 2.7% | ▼ 0.6% | ₹3,272 Cr | Miss |
| Net Interest Income (NII) | ₹7,311 Cr | ▲ 4.2% | ▲ 0.23% | ₹7,294 Cr | Beat |
| Gross NPA (%) | 1.39% | ▲ Improvement | ▲ Improvement | – | – |
| Net NPA (%) | 0.32% | ▲ Improvement | ▲ Improvement | – | – |
| Fresh Slippages | ₹1,629 Cr | ▼ vs ₹1,875 Cr YoY | ▼ vs ₹1,812 Cr QoQ | – | – |
Verdict
Kotak Mahindra Bank reported steady Q2 results with moderate NII growth and stable asset quality improvements. While profits declined marginally year-on-year and missed estimates, lower NPAs and reduced slippages indicate healthy credit discipline and prudent risk management.
Dr. Reddy’s – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | Miss/Beat |
|---|---|---|---|---|
| Revenue | ₹8,828 Cr | ▲ 9.8% | ₹8,038 Cr | Beat |
| EBITDA | ₹2,010 Cr | ▼ 3.2% | ₹2,076.8 Cr | Miss |
| EBITDA Margin | 22.8% | ▼ YoY (25.8%) | 25.8% | Miss |
| Net Profit | ₹1,347 Cr | ▲ 7.3% | ₹1,256 Cr | Slight Miss |
Verdict
Dr. Reddy’s reported healthy revenue and net profit growth for Q2 FY26, driven by steady operational performance. EBITDA and margin declined YoY, reflecting cost pressures, while results were broadly in line with market expectations.
Coforge – Q2 FY26 Earnings Highlights
| Metric | Value | QoQ Change | QoQ Base | CNBC-TV18 Poll | Miss/Beat |
|---|---|---|---|---|---|
| Net Profit | ₹375.8 Cr | ▲ 18.4% | ₹317.4 Cr | ₹357 Cr | Beat |
| Rupee Revenue | ₹3,985.7 Cr | ▲ 8% | ₹3,688.6 Cr | ₹4,075 Cr | Miss |
| EBIT | ₹560 Cr | – | – | ₹556 Cr | Beat |
| EBIT Margin | 14% | ▲ QoQ (11.4%) | 11.4% | 13.6% | Beat |
| $ Revenue | $462 m | ▲ QoQ ($442 m) | $442 m | – | – |
| Dividend | ₹4/Sh (Interim) | – | – | – | Declared |
Verdict
Coforge delivered a strong quarter with healthy net profit and margin expansion. Rupee revenue grew steadily, and the beat on profit and EBIT highlights operational efficiency. The interim dividend underscores board confidence in earnings momentum.
SBI Life – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | Market Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Total APE | ₹5,950 Cr | ▲ 10% | ₹5,390 Cr | ₹5,865 Cr | Beat |
| Value of New Business (VNB) | ₹1,660 Cr | ▲ 14% | ₹1,450 Cr | ₹1,577 Cr | Beat |
| VNB Margin | 27.9% | ▲ 1% | 26.9% | 26.9% | Beat |
| New Business Premium (NBP) | ₹11,080 Cr | ▲ 27.5% | ₹8,690 Cr | ₹11,077 Cr | Beat |
Verdict
SBI Life delivered a strong Q2 FY26 performance with healthy growth across Total APE, VNB, and NBP. Margins improved YoY, reflecting operational efficiency and robust business momentum, comfortably beating market estimates.
Zen Technologies – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹174 Cr | ▼ 28% | ₹242 Cr | ▲ 10% | ₹158 Cr |
| EBIDT | ₹64.6 Cr | ▼ 19% | ₹80.0 Cr | ▲ 1% | ₹64.2 Cr |
| Net Profit | ₹61.9 Cr | ▼ 6% | ₹63.4 Cr | ▲ 17% | ₹53.1 Cr |
| EPS | ₹6.58 | ▼ 5% | ₹6.94 | ▲ 24% | ₹5.29 |
Verdict
Zen Technologies saw a sharp year-on-year decline in sales and EBITDA, while net profit and EPS were relatively resilient. Sequential growth indicates operational stability, though high PE suggests market expectations remain elevated.
eClerx Services – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹691 Cr | ▲ 13% | ₹612 Cr | ▲ 4% | ₹665 Cr |
| EBIDT | ₹153 Cr | ▼ 4% | ₹148 Cr | ▲ 7% | ₹143 Cr |
| Net Profit | ₹110 Cr | ▲ 13% | ₹97.6 Cr | ▲ 18% | ₹92.9 Cr |
| EPS | ₹22.46 | ▲ 13% | ₹19.91 | ▲ 19% | ₹18.95 |
Verdict
eClerx Services reported solid Q2 FY26 results with healthy year-on-year growth in sales, net profit, and EPS. The quarter-on-quarter improvement in profitability reflects steady operational performance, while EBIDT showed minor moderation YoY but improved sequentially.
MosChip Technologies – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹147 Cr | ▲ 17% | ₹126 Cr | ▲ 8% | ₹136 Cr |
| EBIDT | ₹16.8 Cr | ▲ 6% | ₹15.8 Cr | ▲ 1% | ₹16.6 Cr |
| Net Profit | ₹12.2 Cr | ▲ 25% | ₹9.73 Cr | ▲ 12% | ₹10.9 Cr |
| EPS | ₹0.63 | ▲ 24% | ₹0.51 | ▲ 11% | ₹0.57 |
Verdict
MosChip Technologies posted strong year-on-year growth across sales, net profit, and EPS, reflecting healthy operational performance. Quarter-on-quarter numbers also show steady improvement, underlining consistent momentum.
Latent View – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹258 Cr | ▲ 23% | ₹209 Cr | ▲ 9% | ₹236 Cr |
| EBIDT | ₹56.1 Cr | ▲ 24% | ₹45.3 Cr | ▲ 11% | ₹50.4 Cr |
| Net Profit | ₹45.7 Cr | ▲ 12% | ₹40.7 Cr | ▼ 10% | ₹50.6 Cr |
| EPS | ₹2.15 | ▲ 11% | ₹1.94 | ▼ 13% | ₹2.46 |
Verdict
Latent View delivered solid year-on-year growth in sales and profitability, reflecting healthy operational momentum. While QoQ sales and EBIDT grew, net profit and EPS dipped slightly, indicating higher costs or one-time adjustments in the quarter. Overall, the company shows steady performance and potential for margin improvement.
Cigniti Technologies – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹567 Cr | ▲ 14% | ₹499 Cr | ▲ 6% | ₹534 Cr |
| EBIDT | ₹96.2 Cr | ▲ 48% | ₹64.9 Cr | ▲ 8% | ₹88.9 Cr |
| Net Profit | ₹82.6 Cr | ▲ 56% | ₹52.9 Cr | ▲ 25% | ₹65.9 Cr |
| EPS | ₹30.08 | ▲ 55% | ₹19.38 | ▲ 25% | ₹24.05 |
Verdict
Cigniti Technologies delivered robust Q2 FY26 results with strong year-on-year growth across sales, EBITDA, net profit, and EPS. Healthy quarter-on-quarter gains indicate consistent operational momentum and positive earnings trajectory.
Sigachi Industries – Q2 FY26 Earnings Highlights
Price: ₹39.0 | M.Cap: ₹1,490 Cr | PE: 24.5
| Metric | Sep 2025 | Sep 2024 | YoY Change | Jun 2025 | QoQ Change |
|---|---|---|---|---|---|
| Sales | ₹110 Cr | ₹125 Cr | ▼ 12% | ₹128 Cr | ▼ 14% |
| EBIDT | ₹7.52 Cr | ₹17.2 Cr | ▼ 56% | ₹24.1 Cr | ▼ 69% |
| Net Profit | ₹10.5 Cr | ₹21.0 Cr | ▼ 50% | ₹-101 Cr | ▲ 111% |
| EPS | ₹0.28 | ₹0.65 | ▼ 57% | ₹-2.63 | ▲ 111% |
Commentary / Outlook
- Operations impacted by fire at Pashamylaram unit; production being reallocated.
- Maximum impact limited to ~5%, expected recovery within a week.
- Strong H2 expected with Dahej expansion to 30,000 MTPA capacity.
- Focus on safety, ESG (74% waste managed), high-margin products, and export-led growth.
- Launch of API R&D hub to drive innovation and resilience in manufacturing.
Verdict
Despite a sharp YoY and QoQ decline in profitability due to the Hyderabad fire, Sigachi is on a strong recovery path with capacity expansion, high-margin product focus, and operational resilience. H2 FY26 is expected to see a significant rebound in performance.
Vakrangee – Q2 FY26 Earnings Highlights
Price: ₹8.77 | M.Cap: ₹950 Cr | PE: 98.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹69.1 Cr | ▲ 6% | ₹65.2 Cr | ▲ 0.4% | ₹68.8 Cr |
| EBIDT | ₹7.27 Cr | ▲ 39% | ₹5.24 Cr | ▼ 7% | ₹7.82 Cr |
| Net Profit | ₹3.03 Cr | ▲ 412% | ₹0.59 Cr | ▼ 9% | ₹3.32 Cr |
| EPS | ₹0.03 | ▲ 200% | ₹0.01 | — | ₹0.03 |
Verdict
Vakrangee delivered strong year-on-year growth in profitability, driven by a sharp jump in net profit and EPS, despite a slight sequential decline in EBITDA and net profit. Sales remained steady quarter-on-quarter, reflecting stable operational performance.
Aditya AMC – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹461 Cr | ▲ 9% | ₹424 Cr | ▲ 3% | ₹447 Cr |
| EBIDT | ₹283 Cr | ▲ 13% | ₹250 Cr | ▲ 6% | ₹266 Cr |
| Net Profit | ₹241 Cr | ▼ 0% | ₹242 Cr | ▼ 13% | ₹277 Cr |
| EPS | ₹8.36 | ▼ 1% | ₹8.41 | ▼ 13% | ₹9.60 |
Verdict
Aditya AMC posted steady year-on-year growth in sales and EBIDT, while net profit and EPS were slightly lower compared to both last year and the previous quarter, reflecting moderate pressure on margins despite higher operational income.
ITC Hotels – Q2 FY26 Earnings Highlights
Price: ₹222 | M.Cap: ₹46,224 Cr | PE: 62.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹839 Cr | ▲ 8% | ₹778 Cr | ▲ 3% | ₹816 Cr |
| EBIDT | ₹246 Cr | ▲ 16% | ₹212 Cr | ▲ 0% | ₹245 Cr |
| Net Profit | ₹133 Cr | ▲ 74% | ₹76.6 Cr | ▼ 1% | ₹134 Cr |
| EPS | ₹0.64 | Stable | – | Stable | – |
Verdict
ITC Hotels reported strong year-on-year growth in profitability, driven by operational efficiency and higher margins. While sales and EBIDT showed steady quarter-on-quarter improvement, net profit remained flat sequentially, reflecting consistent earnings performance in Q2 FY26.
PTC India Fin – Q2 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹132 Cr | ▼ 19% | ₹163 Cr | ▼ 7% | ₹142 Cr |
| EBIDT | ₹177 Cr | ▲ 20% | ₹148 Cr | ▼ 17% | ₹213 Cr |
| Net Profit | ₹88.1 Cr | ▲ 86% | ₹47.3 Cr | ▼ 36% | ₹137 Cr |
| EPS | ₹1.37 | ▲ 85% | ₹0.74 | ▼ 36% | ₹2.13 |
Verdict
PTC India Fin delivered strong YoY growth in profitability with net profit and EBIDT rising sharply despite a decline in sales. The QoQ drop reflects seasonal or operational fluctuations, but overall performance indicates solid earnings momentum and value at a reasonable valuation.
