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Q2 FY27 Results Today
✓ Around 58–60 companies reporting today!
✓ Main Focus
1. Atlanta Electricals
2. Quality Power Electrical Equipments
3. Zen Technologies
4. GHCL
5. Advit Jewels
6. CDSL
7. NSDL
8. Muthoot Finance
9. Neogen Chemicals
10. OBSC Perfection
11. Priority Jewels
12. Shyam Metalics & Energy
13. Vishnu Chemicals
14. Studds Accessories
And many more...
The Cloaked Gaze 👀 retweeted
30th Oct 2026 Q2FY27 Results Snapshot:-
#Q2Results #Q2FY27 #Nifty
🚩Decent / Good / Blockbuster👏😃🔥
1) Navin Fluorine International (Solid)(Consistent)
2) Ramkrishna Forgings (Blockbuster)
3) GE Vernova T&D India (Solid)(Consistent) (Order bookings up 52% YoY)
4) Syrma SGS Technology (Decent)(Margin down Slightly)
5) Advait Energy Transitions (Solid)(Margin Expansion)
6) Aether Industries (Good)
7) Sathlokhar Synergys E&C Global (SME) (Blockbuster)
8) Resonance Specialities (Blockbuster)(Solid Margin Expansion)
9) Asian Energy Services (Robust)
10) Smartworks Coworking Spaces (Decent)(FY27 revenue growth guidance revised upward to 33–35% from 28–30%, backed by strong enterprise demand and a growing pipeline of large deals)(Company has maintained its normalised EBITDA margin guidance of 19–20% trending towards upper band and its target of adding 2.5–3 million sq. ft. annually)
11) Bank of Baroda (NII up 9%)(Operating Profit up 50.9%)(PAT up 35.8%)(Advances up 18.3%)(Deposits up 16.4%)
12) Prizor Viztech (SME) (Blockbuster)
13) Welspun Living (Decent)(Margin Expansion)(Home textile exports grew 18.3% YoY)(US pillow business grew 2.4x YoY in Q2 with both manufacturing facilities operational and remains on track to double revenues in FY27)(Looking ahead, we remain focused on sustaining double-digit growth, maintaining margins in the low teens, improving returns on capital and generating strong cash flows)
14) GMDC
15) Jio Platforms (Good)(Monthly ARPU ₹218.8 vs ₹215.6 QoQ)(Per capita data consumption was 44.2 GB/ month with total data traffic growth of 22.1% YoY)Total subscriber base of over 54.2 Cr with trailing twelve months net adds of 3.6 Cr)(JPL delivered double-digit Revenue growth across Connectivity (11%) and Digital Services (16%))
16) Delhivery (Solid)(Express Parcel Shipments up 32.1%)(PTL Freight Tonnage up 14.2%)(Adj. EBITDA up 48.2%)
17) Aditya Vision (Decent)(SSSG rebounded to 18% in H1FY27)(Expanded to 214 stores)
18) Gail (Solid)(Margin Expansion)
19) Max Healthcare Institute (Good)(Track)
20) Ajanta Pharma (Solid)(Margin Expansion)
21) Sportking India (Solid)(Margin Expansion)
22) IOL Chemicals & Pharmaceuticals (Solid)(Margin Expansion)
23) Indian Oil Corporation (Solid)(Margin Expansion)
24) Msafe Equipments (SME) (Solid)(Margin down Slightly)(We continue to target approximately 50% revenue growth in FY27)
25) Dhanuka Agritech (Good)(Margin up)
26) Shree Rama Multi-Tech (Good)(Lower other income dragged PAT down)
27) Emami Paper Mills (Blockbuster)
28) Zodiac Energy (Solid)
29) NTPC Green Energy (Decent)
30) Sharda Cropchem (Good)(We continue to maintain our FY27 revenue growth guidance of 10–15%)(We also expect EBITDA margins to improve through the year and remain between 18% and 20% for FY27)
31) Juniper Green Energy (Blockbuster)
32) Aditya Birla Capital (Decent)(Aggregate PBT up 32%)
33) Reliance Industries (Decent)(Growth Mostly led by O2C segment)(O2C Revenue up 44.2% led by sharp increase in crude and product prices)(Prices for most of the downstream chemical products were up 25-35% YoY, driven by strong feedstock prices)(O2C EBITDA increased by 67.9% YoY with a steep rise in transportation fuel cracks and downstream petrochemical margins)
34) Sugs Lloyd (SME)(Decent)
35) SJVN (Solid)
36) Vadilal Industries (Solid)(Margin Expansion)
37) Nitta Gelatin India (Solid)(Margin Expansion)
38) Nahar Spinning Mills (Decent)(Margin Expansion)
39) Ratnaveer Precision Engineering (Solid)
40) Motherson Sumi Wiring India (Margin down)
41) Bharat Electronics
42) Spandana Sphoorty Financial (Solid)(AUM up 31%)(Disbursement up 59%)(NII up 86%)(PPOP +₹79 Cr vs -₹40 Cr YoY)
43) Lodha Developers (Basis the strong performance in H1, we expect to easily exceed our profit guidance for the year)
44) Affle 3i (Good)(20% growth engine)
45) LCC Projects (Decent)
46) CORONA Remedies (PAT & PAT Margins were lower on account of higher depreciation & amortization charge for our newly commissioned facilities & acquisition of brands, from which revenue contribution are expected to build up over the coming quarters)
47) Narayana Hrudayalaya (Good)(Consolidated Revenue excl. UK up 22.6%)(Consolidated EBITDA excl. UK up 27.8%)(India revenue grew 16.6% YoY, driven by higher patient volumes, complex procedures and a 75.7% rise in international patient revenue; India hospitals EBITDA margin expanded to 26.8% from 23.8% a year ago)
48) Tilaknagar Industries (Volume at 8.9 mn cases up 160%)(EBITDA up 143%)(While primary volumes in Q2 have remained flattish, our secondary volumes have remained robust and shown an impressive 8% growth on QoQ basis with Imperial Blue secondaries growing at 8.5% and existing business secondaries growing at ~7%)
49) Arihant Capital Markets
50) True Colors (SME) (Margin Expansion)
51) Madhusudan Masala (SME) (Margin down)
52) Updater Services (Margin Expansion)
53) Taneja Aerospace & Aviation
54) IRM Energy (Solid)(Volume up 12.02%)(EBITDA up 77.2%)(PAT up 102.5%)
55) Chemkart India (SME)(Blockbuster)
56) Pune e-Stock Broking (SME) (Good)
57) Andhra Cements (Solid)(Margin Expansion)
58) Nahar Polyfilms
59) Fabtech Cleanrooms (SME) (Solid)(Management expects to recover the margin compression through higher volumes in Q3 and Q4 FY27. H2 FY27 PAT is expected to be higher than H1, aided by execution phasing, operating leverage on a larger revenue base and stabilising input costs)(Order book of ~₹470 Crore, more than double the ₹199 Crore reported as on 31st March 2026. The hot pipeline stands at ₹600 Crore out of a total offered pipeline of ₹1,250 Crore)
60) DCM Nouvelle (Solid)(Margin Expansion YoY but down QoQ)
61) India Finsec
62) Andhra Paper (Margin Expansion YoY but down QoQ)
🚩Bad / Poor / Weak 😠😡🤬
1) Go Fashion (Out of Fashion)
2) Borosil Renewables (Margin down)
3) Xchanging Solutions (Flat)
4) TTK Healthcare (Margin down)
5) Vinati Organics (Margin down)
6) Globus Spirits (Margin down)(Prestige & Above Sales Volume up 64% YoY)(Regular & Others Volume up 16% YoY)
7) DMCC Speciality Chemicals (Margin down)
8) Zee Entertainment Enterprises (Margin down)
9) Crizac
10) Sun TV Network
11) Indigo Paints (Margin down)
12) Indraprastha Gas (Margin down)
13) Prataap Snacks (Margin down)(we remain confident of delivering strong double-digit revenue growth in FY27)
14) Ganesh Housing
15) Sagar Cements (Margin down)(As Expected)(Volume up 26%)
16) Responsive Industries
17) Finolex Industries (Margin down)
18) HRS Aluglaze (SME)(Margin down)
19) GMR Power & Urban Infra
🚩Mixed / Neutral / Average🙄🆗😑
1) Skipper (Export order inflows hit a record ₹1,055 crores in Q2, yet reported export revenue fell 46% YoY as customers deferred shipments waiting for elevated shipping freight to cool)(Full-year 15% revenue growth guidance is maintained, but management flagged that at worst it may see a 1–2% drop (i.e., 13–14%) due to geopolitical uncertainties, elevated shipping freight, and those shipment deferrals. Per an analyst's math, H2 revenue growth needs to be ~21.6% to hit the 15% full-year target)
2) LIC Housing Finance (Below Avg)(Outstanding Loan Portfolio up 5%)(Total disbursements up 11%)(NII up 2%)(PAT up 11%)
3) Kirloskar Ferrous Industries (Margin down)
4) Aarti Industries (Margin down)
5) Gabriel India (Margin down)
6) Vimta Labs (Avg)
7) Quess Corp
8) Phoenix Mills (Avg)
9) Network18 Media & Investments (Margin Expansion)
10) Grover Jewells (SME)(Solid Margin Expansion)
11) Tempsens Instruments (Margin down)(Track)
12) Pranav Constructions (Margin Expansion)
13) SPR Auto Technologies (Margin down)(As expected)
14) Sealmatic India (SME)(Margin Expansion)
15) Sun Pharmaceutical Industries
16) RattanIndia Power (YoY Margin Expansion)
17) Varun Beverages (Margin down)(Consolidated sales volume grew by 28.7% to 354.4 Mn cases)(Gross margin declined by 334 bps to 53.1% in Q3 CY2026, primarily due to higher packaging material costs, including preforms, shrink films, closures, and cans, driven by geopolitical disruptions)
18) Intellect Design Arena (Weak)(Growth rate down)
19) Engineers India (Revenue down but Margin Expansion)
20) Shree Renuka Sugars (Revenue down but Margin Expansion)
21) Best Agrolife (Revenue down but Margin Expansion)
22) Anuh Pharma (Revenue down but Margin Expansion)
23) Nila Spaces (Revenue down but Margin Expansion)
24) Medi Assist Healthcare Services (Margin Expansion)
25) HLV
26) Share India Securities
27) Ujaas Energy (Margin Expansion)
28) Pudumjee Paper Products
29) Dixon Technologies (Margin down)
30) PB Fintech (Numbers are good)(But that regulatory thing is still there which will impact in major ways)
31) Vadilal Enterprises (Margin down)
32) Artemis Medicare Services (Margin down)
33) Akme Fintrade (India)
34) SIL Investments
35) Nahar Capital & Financial Services
36) Almondz Global Securities
37) General Insurance Corporation of India
38) New India Assurance Company (No view)
39) Kuber Udyog (No view)
The Cloaked Gaze 👀 retweeted
Global annual DRAM market size
Global DRAM market size approaching US$600bn in 2026 vs sub-US$100bn p.a. prior to 2025 due to boosting AI demand; US$1.4tn expected in 2030
Dixon, Syrma See Jump in Revenue Even as Chip Costs Rise: Dixon Revenue Up 47% to ₹21,794 Crore but Net Profit Falls 45% to ₹411 Crore; Syrma SGS Profit Jumps 87% to ₹124 Crore on Record Quarter
Core Theme
Dixon and Syrma SGS both beat estimates with sharp revenue growth (47% and 74%) as electronics demand stays strong, but rising component costs squeezed margins at both, with Dixon’s reported profit falling 45% on a high base and Syrma’s diversified mix lifting profit 87% to a record ₹124 crore; management expects cost pressures to ease in about six months and is betting on IT hardware, PCBs and PLI benefits for the next leg of growth.
Dixon Technologies: Q2 Results
Total revenue from operations up 47% YoY to ₹21,794 crore and 40% QoQ
Net profit fell 45% to ₹411 crore, mainly due to accounting: Dixon recorded a fair-value gain of ₹57 crore on its stake in Aditya Infotech, vs ₹465 crore a year earlier
Excluding that gain and a ₹28 crore profit from selling its lighting business last year, adjusted net profit rose 11% to ₹360 crore and 32% from the previous quarter
Operating profit margin (excluding other income) dropped to 2.7% from 3.8% as material costs rose to 94.9% of revenue
Mobile and EMS division, now 92% of sales, grew 50% to ₹20,093 crore, but its segmental profit margin fell to 2.5% from 3.5%
Higher working capital burden also weighed on profit
Shares closed at ₹11,000, down 4.25%
Syrma SGS: Record Quarter
Chennai-headquartered Syrma SGS reported its highest-ever quarterly revenue and profit
Revenue up 74% YoY to ₹1,990 crore and 25% sequentially
Net profit jumped 87% to ₹124 crore and 17% sequentially
Operating profit margin fell to 9.7% from 10.1% a year ago and 10.2% in the June quarter, as material costs rose to 78.9% of revenue from 75.5%
Varied verticals helped: automotive revenue grew 91%, industrials 86% and IT and railways 69% in the July-September quarter
Shares closed at ₹1,625.30, down 2.6%
Both companies announced results after markets closed Friday
Beat on Estimates
A Bloomberg poll of 14 analysts expected Dixon to report ₹19,208 crore revenue and ₹287 crore profit
Analysts polled by Bloomberg estimated Syrma at ₹1,688.3 crore revenue and ₹102.1 crore net profit
Both companies beat expectations on revenue and profit
Management Commentary
Atul Lal, Dixon MD: “There’s nothing weird or unusual here, the two increases are proportionate. There is a pass-through in costs that we are seeing due to high component prices”
That hasn’t diminished demand; overall demand for electronics stays strong and shipments are up significantly, despite cost pressures
Expects about six more months before the cost pressures and supply chain shortages ease up
Jasbir Singh Gujral, Syrma SGS MD: strong demand across all verticals; “Whatever we had guided for, we are firmly on track to achieve”; automotive and IT remain strong
What Syrma earned in the first half of this fiscal is already equal to or more than what it did in all of FY25
Strategy and Outlook
Dixon is focusing on growing its low-profit phone assembly business; Syrma’s varied business mix helps it keep close to 10% profit margin
Dixon’s management said it is increasingly contract manufacturing laptops and tablets as part of diversification
Lal: by next fiscal, expects to generate up to ₹20,000 crore annually from IT hardware, with scope for steady margin addition given production-linked incentives
Gujral: IT hardware is a steady sector with ample revenue opportunities; unlikely to be a pricing war despite rising competition
Syrma remains in talks to qualify for PLI benefits; its PCB project is on track for early next fiscal, and it is identifying the right partner for motherboard manufacturing locally
Starbucks’ Expansion Hinges on Local Menus, Entry-Price Items: Tata Starbucks Plans to Accelerate Store Openings After Recalibration Pays Off; Revenue Up 15%, Net Loss Narrows 63.5% to ₹98.94 Crore in FY26
Core Theme
Tata Starbucks is emerging from its 2024 slowdown with a localised, entry-price strategy (festival-linked menus, spicier food, ube and matcha, smaller cups and formats), delivering 15% revenue growth, double-digit volume growth and a 63.5% narrower loss, and now plans to add 50-100 stores a year; the push comes as India’s café market, projected to reach $2.6-3.2 billion by 2028, grows crowded with Blue Tokai, Third Wave, Tim Hortons and Pret-A-Manger all scaling up.
Expansion Plans
Tata Starbucks Pvt. Ltd, a 50:50 joint venture between Tata Consumer Products Ltd and Starbucks Corp., plans to accelerate store openings as its store recalibration efforts start paying off, per chief executive Sushant Dash and TCPL CEO Sunil D’Souza
D’Souza: “Essentially, we’ve agreed as a partnership with Tata and Starbucks that now we’re in a good spot to start accelerating”
Having completed the milestone of 500 stores last year (2025), Dash sees the potential to add 50-100 stores annually while thoughtfully expanding the footprint
Confidence stems from early signs of traction in the newer initiatives
Tata Starbucks is the largest cafe chain in the country with 505 stores
Financial Performance
Net loss of ₹98.94 crore in FY26, down 63.5% from ₹135.7 crore in FY25
D’Souza (post-earnings call, 26 October): “Starbucks had probably one of their strongest quarters ever. Revenue growing 15% and with strong same-store sales growth (SSSG)”
Dash: the company has also seen double-digit volume growth, which is “extremely encouraging”
Analysts at Mirae Asset Sharekhan (26 October report on TCPL): improving profitability in the international business, easing coffee cost pressures and a recovery in Tata Starbucks further support the earnings outlook
The Recalibration Strategy
Store openings were slowed in late 2024 amid a broader slowdown in the quick-service restaurant sector and the rise of Indian brands
In response, the company recalibrated by shifting towards localised marketing campaigns and state-specific food and beverage offerings linked to festivals such as Onam and Durga Puja
Pricing: launched products at an entry price point to attract consumers, aligned with the smaller cup size, offering customers a more accessible way to experience Starbucks; the consumer comes in at the entry price point, then looks at the offering and automatically upgrades, with no hit to product quality
Gen Z and younger consumers: introduced trending items such as ube and matcha, with plans for upcoming launches like hojicha
Food menu is also being upgraded: “Indians don’t eat as much bread, and Indians love spice,” so the company is recalibrating its food menu to be appealing to consumers
Looking at smaller stores
Format and Real Estate Strategy
Betting on differentiated formats such as transit and highway stores, drive-throughs, pet-friendly stores and Starbucks Reserve coffeehouses
Competitive Landscape
Competition in India’s café market is intensifying; Redseer Strategy Consultants estimates the out-of-home coffee market will grow at a CAGR of 15-20% through 2028, reaching $2.6-3.2 billion, attracting both Indian and international brands
Café Coffee Day operated 424 stores at the end of FY26 (down from 435 a year ago) and reported a PAT of ₹14 crore; at its peak it operated over 1,750 stores
Blue Tokai operates over 240 stores, reporting ₹333 crore in revenue in FY25 (per Tracxn)
Third Wave Coffee reported ₹285 crore in FY25 revenue, with about 280 stores
Tim Hortons operates more than 40 stores, and Reliance-backed Pret-A-Manger operates more than a dozen; both plan to open hundreds of stores in India
TMB Seeks RBI Nod for Share Transfers, Plans Expansion: Tamilnad Mercantile Bank Posts Highest-Ever Quarterly Net Profit of ₹451.14 Crore, Up 42%; Raises FY27 Advances Growth Guidance to Over 22%
Core Theme
TMB is pairing record profitability (₹451.14 crore, up 42%) and upgraded growth guidance with an aggressive branch expansion of about 60 outlets, while working to put long-running ED matters behind it; the share-transfer issue awaits RBI regularisation after a penalty cut to ₹3.4 crore, and the bonus-share case, despite a ₹1,037-crore proposed penalty, is provisioned at just ₹2 lakh on legal advice, with management saying past board friction is over.
Regulatory Matters: ED Show-Cause Notices
Tamilnad Mercantile Bank (TMB) has sought the Reserve Bank of India’s approval to regularise certain share transfers, while adjudication of a separate matter involving the issuance of bonus shares remains pending, MD and CEO Salee S. Nair told Mint
The Directorate of Enforcement (ED) had issued two show-cause notices to TMB, per the bank’s investor presentation on Monday
First notice (share transfers): relates to alleged contraventions going back to December 2014; the appellate tribunal reduced the penalty to ₹3.4 crore from ₹17 crore in July
The bank is yet to receive the refund of the excess ₹13.6 crore deposited with the ED
The tribunal also dismissed the ED’s claim for confiscation of shares held by foreign investors
TMB has filed an application with the RBI to regularise the share transfers, which is under consideration; Nair said the bank would comply with conditions imposed by the RBI
Second notice (bonus shares): issued on 9 November 2017, relates to alleged contraventions in the issuance of bonus shares, with a proposed penalty of ₹1,037 crore; adjudication remains pending
The bank said that, based on legal advice, it believed that if the offence were established, it would attract a charge of ₹2 lakh, for which it had made a full provision
Management and Board
Nair noted the bank’s expansion and transformation journey had secured the board’s support
“The kind of friction that we saw between the management and the board in the past is actually past,” Nair said
Q2 FY27 Financial Performance
Highest-ever quarterly net profit of ₹451.14 crore in the September quarter, up 42% YoY
Net interest income rose 35% to ₹807.17 crore
Operating profit increased about 42% to ₹641.55 crore
Total business grew 27.25% YoY to ₹1.3 trillion
Deposits rose 25.49% to ₹69,546 crore; gross advances increased 29.3% to ₹60,691 crore
Guidance and Expansion
Raised FY27 advances growth guidance to more than 22%, from 21% earlier
Raised deposit growth guidance to more than 20%, from 18%
TMB plans to open about 60 branches in FY27, including at least 20 outside Tamil Nadu
Growth Uptick, Margins May Help Sustain Gains for Trent: Q2FY27 Revenue Up 22.5% Y-o-Y, Ebitda Up 30% to ₹1,050 Crore as Margins Edge Up to 18.2%; Stock Up Over 14% in a Month
Core Theme
Trent is showing a growth uptick, with revenue up 22.5%, Ebitda up 30% and improving like-for-like trends as store cannibalisation eases and Tier-II stores mature; while fabric inflation and higher rent and employee costs keep near-term margins under pressure, selective price hikes and operating leverage could drive 25%+ earnings growth by FY28, and a smooth chairman transition from Noel Tata to Bahram Vakil points to continuity.
Q2 FY27 Results: Recovery After Moderate Growth
Trent may be seeing a growth recovery in Q2FY27 after several quarters of moderate growth; the Q2 show and outlook led to a 5% gain in the stock, taking its total gains over the past one month to over 14%
Revenue growth accelerated to 22.5% Y-o-Y (vs 18.5% in Q1)
Ebitda up 30% Y-o-Y to ₹1,050 crore; Ebitda margin up 100 bps Y-o-Y to 18.2%
Standalone pre-Ind AS Ebitda up 37% to ₹790 crore, with margin of 13.7% (up 150 bps Y-o-Y)
Depreciation rose 27% and other income dropped 71% (the base quarter, Q2FY26, had a profit on sale of assets worth ₹96 crore)
Standalone revenue up 22.5% to ₹5,790 crore; emerging categories (beauty and personal care, innerwear and footwear) contributed over 21% of revenue
Better like-for-like (LFL) growth attributed to easing store cannibalisation in metros and Tier-I cities and maturing store performance in Tier-II cities
LFL growth was mid-single digit, slightly up sequentially; Westside may have seen high-single-digit LFL growth
Margins and Cost Pressures
Gross margin expanded 121 bps Y-o-Y, but rising employee costs and higher rental expenses kept Ebitda margin expansion to 99 bps (pre-Ind AS)
Standalone gross margin up 121 bps to 44.5%, but down 212 bps sequentially as higher-cost inventory impacted margin
Fabric inflation of 15-20% was offset by selective price hikes, operating efficiencies and a better margin mix at Westside
Near-term margin compression may continue, but earnings growth will accelerate if inflation eases and the lagged impact of price hikes comes through
By FY28, earnings growth could be crossing 25% Y-o-Y, even on flat revenue; signs that competition is easing in fashion may accelerate LFL growth in Zudio and boost margins
Store Network and Segments
Store additions guided at FY26 levels, with around 260 store additions in FY27 and FY28
Added 10 Westside and 17 Zudio stores net in Q2; fashion retail area rose 26.6% to 18.5 million sq. ft.
Westside store count: 311; Zudio: 999
Zudio’s market presence in Tier-II cities is growing, and 85% of new Zudio stores are there
Own brands contribute 74% of Westside sales; Westside revenues contributed 6% of sales and grew 20% Y-o-Y
Star revenues grew 20% Y-o-Y with 1 new store; Star store count is 87 stores in 13 cities, with its own-brand mix delivering a viable store-level product
Trent prefers company-operated stores, along with selective franchising; newer secondary-market stores have a longer maturity profile
Leadership and Strategy
Noel Tata retires as chairman on November 11, with Bahram Vakil succeeding him; continuity in strategy is likely
Trent is deploying AI and digital initiatives across revenue, cost and capital optimisation and plans to accelerate induction
Using sourcing actions and supplier engagement to control costs and maintain the value proposition; competitive intensity is high but unchanged
Focused on stable price architecture, cost optimisation and seeking stable margins; premiumisation is expanding addressable markets
Management sees consumer sentiment as broadly positive and the outlook for fashion retail supported by formalisation, aspirations and consumption; concerns include inflation, geopolitical volatility, rising interest rates and supply-chain disruptions
Binance Hit by Record $6.3 Billion Crypto Heist: North Korean Hackers Suspected, Withdrawals Halted; About Half of Stolen Assets Frozen by Stablecoin Issuers and Losses to Be Covered by Exchange’s SAFU Fund
Core Theme
Binance suffered the largest crypto theft ever, with $6.3 billion drained in about 20 minutes through a compromised engineer’s laptop and a hijacked transaction-authorisation system, an operation analysts link to North Korea’s TraderTraitor unit; while stablecoin issuers froze roughly $3 billion and Binance pledges to cover all losses and resume withdrawals within 45 hours, about $2.4 billion in Bitcoin and Ether is likely unrecoverable, raising fresh doubts about security across the industry.
The Attack
Hackers stole $6.3 billion from Binance, the world’s biggest cryptocurrency exchange, in a record theft that analysts pinned on North Korea
Cryptocurrency prices fell on the news, while Binance halted withdrawals and said it would cover the losses
The bulk of the heist unfolded in around 20 minutes, beginning late on Thursday
Co-CEO Teng said customer funds were safe and that “we and company funds” would cover losses; the exchange expects to resume withdrawals within 45 hours
Binance runs a secure asset fund for users, a $1 billion bitcoin reserve designed to protect customers in the event of security breaches
How the Heist Unfolded
The breach began with a compromised DevOps engineer’s laptop that granted access to a service container
The attacker did not use one engineer’s permission; multiple points of breach were found, and it was a complex process rather than a single “one-click” action
Hackers didn’t steal the vault key; they hijacked the transaction-authorisation system, draining billions from crypto wallets
They ordered wallets Binance uses to empty into hacker-controlled wallets, mirroring a 2025 heist at Bybit, which the US FBI attributed to North Korea
Hackers tried to transfer assets before stablecoin issuers could blacklist them
Where the Money Is
About half of the stolen assets were stablecoins; issuers such as Tether, Circle and World Liberty Financial froze about $3 billion within hours
The freeze does not guarantee funds return to Binance but makes cashing them out much harder
Around $2.4 billion in Bitcoin and Ether is estimated to be beyond reach, per TRM Labs, as unlike stablecoins they cannot be frozen
The status of the remaining $3.3 billion was not mentioned
Hackers may use obscure crypto platforms to launder funds; blacklisting makes it harder
Who Is Behind It?
TRM Labs and Chainalysis attributed the attack to TraderTraitor, an elite, state-sponsored North Korean hacking unit; both said they were highly confident
Binance’s own investigation has not attributed responsibility to any individual
North Korea denies involvement; it has for years used state-linked cyber units for espionage, financial theft and revenue, per US and South Korean authorities
Last year, attackers stole $2.9 billion worth of crypto across nearly 150 attacks, per TRM Labs; Mt Gox (2014) lost over $500 million in bitcoin
Market Impact and Expert Views
Bitcoin hit a six-week low of $709,70-range levels (as printed), down more than 3% to a two-month low; BNB fell 5% over 24 hours
Aravind Srinivasan, market maker GSR: “It’s the biggest hack in history”
Cristiano Venticelli, vice president, digital assets, Moody’s Ratings: broader credit and industry implications depend on ultimate losses, affected counterparties, asset recovery and disruption across the digital-asset ecosystem
Binance asked other platform users to be cautious against potential hacking attempts
Mazagon Dock Scouts Partners for Proposed Shipbuilding Hubs: ₹20,000-Crore Clusters at Dighi and Dugarajapatnam Backed by MoUs Worth ₹30,000 Crore; MIF to Fund Equity, IPO Considered Later
Core Theme
Mazagon Dock is moving from defence shipbuilding into large-scale commercial yards, using MoUs worth ₹30,000 crore, a 50:50 joint venture with the SBI Ventures-managed MIF and a 70:30 debt-equity structure to build two ₹20,000-crore clusters while holding at least 26%; with foreign investors and equipment makers being courted and a future IPO on the table, the effort supports India’s goal of becoming a top-five shipbuilding nation by 2047.
The Plan: Two Shipbuilding Clusters
State-run defence PSU Mazagon Dock Shipbuilders (MDL), which has charted an ambitious foray into commercial shipbuilding, is scouting for equity partners for proposed ₹20,000-crore clusters at Dighi (Maharashtra) and Dugarajapatnam (Andhra Pradesh)
Signed MoUs worth ₹30,000 crore with the Maharashtra and Andhra Pradesh governments over three days
Expects to secure the requisite approvals by December, said CMD Captain (retd) Jagmohan to Business Standard
Each cluster is capable of supporting an annual output of 1.2 million gross tonnage (GT)
Execution in phases: the first phase will have a capacity of 500,000 GT, with an investment of ₹20,000 crore over the next five to seven years
Funding Structure
The Maritime Investment Fund (MIF) will fund the equity component; MDL will first form a joint venture with the MIF, managed by SBI Ventures, with each holding 50%
The MIF is a ₹20,000-crore equity fund under the ₹25,000-crore Maritime Development Fund (MDF), part of the government’s ₹69,725-crore package to revitalise shipbuilding and maritime sectors
The MDF also includes a ₹5,000-crore Interest Incentivisation Fund to reduce borrowing costs for shipyards and other eligible maritime businesses
Two dedicated project companies would be set up under the main holding company, with operations and finances ring-fenced
Investment financed through a mix of 70% debt and 30% equity; across the two clusters, about ₹6,500 crore in equity required
If the equity is split 50:50, MDL needs to spend around ₹3,000 crore, which its cash in hand can easily accommodate
MDL commercial structure similar to Petronet LNG, whose shareholders include public-sector oil companies and GAIL (India)
Partners and Capital Raising
MDL emerged as the sole suitor to become the anchor investor in both proposed clusters
The next challenge is raising the remaining 70% of project funding; investors from the US and Germany have already expressed interest
Also in talks with international maritime equipment manufacturers to bring them on board as co-investors, and with large corporates that regularly use vessels for business and trade requirements, seeking to bring them on board as equity partners
MDL will not dilute its stake below 26% at any point
In the long term, MDL is also considering an IPO of the shipbuilding venture to raise additional capital, but would consider the proposal only after the shipyard becomes operational
Capacity to Execute
Responding to concerns that MDL may have taken on too much by committing to two large shipbuilding projects, Jagmohan said the company has the financial strength and experience to execute them
On equity: “there is absolutely no problem”
National Ambition
India aims to become one of the world’s top five shipbuilding nations by 2047, with a targeted annual output of around 4.5 million GT
Under the Maritime Amrit Kaal Vision 2047, investments of close to ₹80 trillion are envisaged over the next 21 years, including ₹54 trillion in shipbuilding
Smartworks Raises FY27 Revenue Growth Guidance to 33-35%: Net Profit Swings to ₹25.6 Crore from Loss, Normalised Ebitda Up 68% to ₹117 Crore as Margins Improve to 19.8%
Core Theme
Smartworks has lifted its FY27 revenue growth guidance to 33-35% on strong enterprise demand, backed by over ₹540 crore of new multi-year contracts (40% from existing clients), while turning profitable at ₹25.6 crore and expanding normalised Ebitda margins to 19.8%.
Guidance Upgrade
Gurugram-based managed office space provider Smartworks Coworking raised its full-year revenue growth guidance to 33-35% from 28-30%
Cited strong enterprise demand and a growing pipeline of large deals, per its statement announcing quarterly results on Friday
Cofounder Harsh Binani told Business Standard the upward revision would translate into nearly ₹90-100 crore in incremental revenue
Deal Wins
Secured more than ₹540 crore in new multi-year rental contracts over the past three months
Over 40% of the contracts came from existing clients
Q2 FY27 Results
Net profit of ₹25.6 crore, compared with a loss of ₹3.1 crore in Q2FY26
Normalised Ebitda up 68% YoY to ₹117 crore
Margins improved to 19.8% from 16.4% a year earlier
RIL’s O2C Ebitda Jumps 68% on High Fuel Cracks: Reliance Industries Q2FY27 PAT Up 32% to ₹29,250 Crore on Oil-to-Chemicals Strength Amid West Asia War; Gross Revenue Rises 27.8% to ₹3.62 Trillion
Core Theme
Reliance Industries posted a 32% jump in Q2 profit to ₹29,250 crore, driven by a 68% surge in O2C Ebitda to ₹25,203 crore as historic fuel cracks, firm petrochemical margins and agile crude sourcing and export redirection offset Hormuz disruptions, soaring freight rates and Jio-bp under-recoveries.
Q2 FY27 Results: Group Snapshot
Profit after tax (PAT) up 32% YoY to ₹29,250 crore (vs ₹22,146 crore a year ago)
Gross revenue up 27.8% to ₹3.62 trillion from ₹2.84 trillion
Growth led by a jump in the oil-to-chemicals (O2C) portfolio amid a spike in crude and product prices against the backdrop of the West Asia war
O2C Segment: The Growth Engine
O2C, RIL’s largest business by revenue, reported a 44% jump in Q2 revenue to ₹2.32 trillion from ₹1.61 trillion
O2C Ebitda rose 68% to ₹25,203 crore, from ₹15,008 crore a year ago, on a surge in transportation fuel cracks and improved downstream chemical margins
Crude prices in Q2 increased 40% on the back of the West Asia crisis, while transportation fuel prices were up 50-78% YoY
Prices of most downstream chemical products were up 25-35% YoY on strong feedstock prices
Fuel cracks were up 3-3.7 times YoY and reached historic highs during the quarter
Polyester chain margins also recovered sharply, reaching a three-year high, led by paraxylene and purified terephthalic acid deltas
Earnings growth was constrained by continued Special Additional Excise Duty-related costs and under-recoveries in the Jio-bp business
Management Commentary: Mukesh Ambani
“Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand”
The ability to optimise feedstock sourcing and product placement, along with operations across the value chain, enabled RIL to improve margin capture
Navigating the Strait of Hormuz Disruption
Despite disruptions in the Strait of Hormuz, RIL achieved high crude runs by sourcing from the strait and other regions, including Latin America, North America and the Mediterranean
This mitigated the impact of a wider Arab Gulf crude differential and a 15-20 times surge in freight rates
Exports were redirected to the highest-netback markets: light distillates to East and South Africa, and middle distillates to Europe, Latin America and West Africa
Amazon Burns Cash, Intel Flags Weak PC Demand: Tech Giants Pile on Debt as Data-Centre Spending Surges; Intel Shares Down 18%, BP Posts Best Profit in 18 Years, Exxon and Chevron Top Estimates
Core Theme
The AI infrastructure race is turning cash-rich tech giants into heavy borrowers (Amazon burning cash, Alphabet and Meta in the red on cash flow, Microsoft’s $25 billion bond sale) while rising prices and a memory chip shortage hit consumer demand, sending Intel down 18% and Amazon’s holiday outlook below estimates; meanwhile, war-driven disruptions to energy supply have handed BP, Exxon and Chevron windfall refining profits, with BP’s $8.46 billion adjusted income the highest in 18 years.
Wall Street’s AI Cost Worries
Concerns over the cost of the AI boom deepened after markets closed on Thursday, with Amazon and Intel results highlighting how the infrastructure race is straining both the tech industry and consumers
Surging data-centre spending, highlighted by Amazon’s massive cash burn, has turned once debt-light tech giants into major borrowers
Price hikes are squeezing global demand for devices like smartphones and PCs
Alphabet and Meta both burned cash in the September quarter, while Microsoft, the only exception, joined their borrowing binge with a $25 billion debt sale on Thursday
The AI spending spree is also eating into Big Tech’s once-enviable cash flows
Amazon: Weak Holiday Forecast
Amazon forecast holiday-quarter sales below Wall Street expectations, a potential sign of growing pressure on consumers as inflation picks up
The consumer pressure also hit Intel’s PC business, as a memory chip shortage has driven up costs
Intel: Shares Down 18%, Factory Shutdown
Intel shares were down 18%
Said a factory explosion in Israel caused a two-week shutdown that would cost roughly $600 million in lost revenue over two quarters
Some analysts said Intel’s problems in the PC sector, an area of technology that does not garner the same scrutiny on Wall Street as the AI buildout, do not necessarily mean big problems for other chipmakers that operate more prominently in AI
Among the biggest losers in the volatile session was the Direxion Daily Semiconductor Bull ETF, which offers investors three times the daily performance of the SOX and was off 9%
BP’s Best Profit in 18 Years
BP’s profit surged to the highest in 18 years as soaring refining margins boosted earnings, speeding up the energy giant’s efforts to fix its balance sheet and pay down debt
Adjusted net income of $8.46 billion, up from $2.21 billion a year earlier, the London-based major said on Friday
More than half the profit came from the unit that includes oil refining and trading
Results are CEO Meg O’Neill’s second full quarter at the helm, offering a first look at the operational performance that she’s identified as a priority
Exxon and Chevron Top Estimates
US oil majors ExxonMobil and Chevron both beat analyst expectations for quarterly profit, as soaring refining margins increased earnings from their fuel-making businesses, which have smaller profits than the upstream segments
The US-Israeli war with Iran and the conflict between Russia and Ukraine have disrupted global energy markets and sent gasoline and diesel prices higher
The closure of Hormuz and recent attacks on refineries in Saudi Arabia and Russia have knocked out fuel-making capacity, lifting margins for Exxon and Chevron as they ran their refineries near full rates
Exxon is now earning more money from refining than from upstream
Chevron’s Q3 downstream earnings also reached their highest point over the same time frame
Policybazaar Plans to Grow Non-Insurance Revenue: PB Fintech Chairman Yashish Dahiya Says Expansion Will Depend on Regulator Permits as Irdai’s Proposed Commission Reforms Could Impact More Than a Third of Revenue; Q2 Net Profit Up 42.5% to ₹192 Crore
Core Theme
PB Fintech is positioning non-insurance products, including credit and investments via Paisabazaar, as a hedge against Irdai’s proposed commission reforms that threaten over a third of its revenue; while the rollout awaits regulatory clarity, the company reported a strong Q2 with net profit up 42.5% to ₹192.4 crore and revenue up 35% to ₹2,177.7 crore.
Non-Insurance Expansion Plans
Policybazaar is looking to expand its non-insurance revenue streams as the online insurance aggregator navigates regulatory headwinds from the Irdai’s proposed commission reforms, which could impact more than a third of its revenue
Yashish Dahiya, Chairman & Group CEO of PB Fintech (owner of Policybazaar and credit aggregator platform Paisabazaar), said on the second-quarter earnings call: “We will expand our non-insurance revenue as the regulator permits”
As with any long-term business, the company is evaluating other options to strengthen its business over time
Dahiya called it “a positive opportunity” to be able to do non-insurance activities, recalling that such activities were permitted in the early 2010s before being discontinued and could potentially be allowed again
Paisabazaar is already ready with lots of products, not just credit but also the investment products, which Dahiya sees as a “massive opportunity”
Regulatory Backdrop
Dahiya declined to specify the non-insurance products the company may introduce, saying PB Fintech was engaged in discussions with the regulator and the industry was awaiting the draft and final regulations following feedback from stakeholders
Q2 FY27 Results
Consolidated net profit rose 42.5% YoY to ₹192.4 crore in the September quarter, compared with ₹135 crore a year earlier
Sequentially, net profit increased 18% from ₹163 crore
Operating revenue grew nearly 35% YoY to ₹2,177.7 crore during the quarter
Bank of Baroda MD & CEO Debadatta Chand: “Will Go Slow in Gold Loan Segment”; Expects Marginal Rise in Cost of Deposits, Confident of 13-15% Growth Guidance and Better Q3 Margins
Core Theme
Bank of Baroda is confident of meeting its 13-15% growth guidance on 18-20% RAM growth and a recovering corporate pipeline, with Q3 margins set to improve after repo-linked loans repriced up 25 bps and ample FCNR(B) liquidity ($8 billion raised) to deploy by March; while asset quality is improving and deposit costs may edge up marginally, the bank is staying watchful on agriculture risks and deliberately going slow on gold loans amid subdued growth and system-wide debate.
Growth Outlook and Guidance
Strong growth seen in both deposits and advances this quarter; June and September are typically slower quarters, while December and March are stronger
RAM segment (retail, agriculture, MSME) demand remains robust, growing at about 18-20%
Corporate loan growth was slower in Q2 as the bank avoided assets with unattractive pricing amid changing interest rates, but has a strong corporate pipeline
Expects corporate growth of around 10% and RAM at 18-20%, giving confidence of achieving the 13-15% overall growth guidance
Funds that previously flowed into capital markets are now gradually returning to the banking system
CASA growth exceeded 10% in both June and September, while term-deposit growth has historically been stronger
FCNR(B) Funds and Surplus Liquidity
The bank garnered $8 billion under the FCNR(B) scheme, so its position differs from other banks
Timing of FCNR(B) inflows is favourable because yields in government securities and corporate bonds are higher than these deposit rates, allowing the bank to invest at a spread, with liquidity available any time through the repo window
Reduced bulk deposits by about ₹9,000-10,000 crore; the balance of the ₹77,000 crore FCNR deposits is available in various forms
Has enough liquidity and expects deployment by March
Margins and Deposit Repricing
Guided for a margin of 2.75-2.95%
With 38% of the loan book repo-linked, it was repriced 25 bps higher following the October 5 repo hike; non-MCLR corporate loans under T-Bill and G-sec were also repriced upward
Given that rising rates generally support margins, the Q3 outlook is much better
Significant liquidity has been absorbed from the system and with the busy season approaching, deposit repricing for the system may happen at a higher level
Bank has not repriced deposits as of now; if market rates remain elevated, it will gradually align deposit rates depending on liquidity needs, which could lead to a marginal increase in the cost of deposits from the current quarter
Asset Quality and Risks
Asset quality has improved with better collection efficiency, lower fresh slippages and stronger recoveries
No immediate stress in the loan book, but the bank remains watchful of potential risks to the real economy, particularly the agriculture sector, amid monsoon deficit and drought situations in some states
Cautious Stance on Gold Loans
Retail gold loan growth remains subdued, with year-to-date growth in negative territory
The bank is looking at how to structure the portfolio
Not seeing the retail gold loan stress that continues to be pristine; as there is a lot of discussion happening in the system, the bank is growing slower on that segment
Tata Electronics Raises ₹1,100 Crore from Tata Sons: Parent Subscribes to 177.4 Million Shares at ₹62 Apiece in Rights Issue; Post-Issue Paid-up Capital Stands at ₹7,622.29 Crore
Core Theme
Tata Sons has injected nearly ₹1,100 crore into its wholly owned subsidiary Tata Electronics through a rights issue of 177.4 million shares at ₹62 each, lifting paid-up equity capital to ₹7,622.29 crore; the capital boost comes as the semiconductor and electronics manufacturing arm scales up, though the filings do not disclose what the money will be used for.
The Rights Issue
Tata Electronics raised nearly ₹1,100 crore from its parent, Tata Sons, through a rights issue, per filings submitted to the Ministry of Corporate Affairs
Allotted 177.4 million equity shares to Tata Sons on September 18, at ₹62 a piece, comprising a face value of ₹10 and a premium of ₹52
Tata Sons was the sole allottee in the issue, per the company’s list of allottees filed alongside its return of allotment
Total consideration for the shares stood at ₹10,999.99 crore (as printed in the article), with the filing recording no outstanding payment against the allotment
Capital Structure
Following the issue, Tata Electronics’ issued and paid-up equity capital stands at ₹7,622.29 crore, comprising 7,622.3 million equity shares with a face value of ₹10 each
Authorised equity capital stands at ₹20,000 crore
The newly allotted shares rank on equal terms with the company’s existing equity shares, carrying the same rights
Tata Electronics is the semiconductor and contract manufacturing arm of the Tata group and a wholly owned subsidiary of the group’s holding company, Tata Sons
Filing Details
The return of allotment, filed on October 8, records the board’s approval for the issuance on September 18
The filing was certified by the company’s secretary and subsequently processed by the Ministry of Corporate Affairs
Tata Electronics had constituted an Issue and Allotment of Securities Committee in May 2024, comprising Randhir Thakur, Banmali Agrawala and Ankur Verma
The committee was authorised to determine the price and terms of securities, approve allotments and undertake related formalities
Use of Proceeds: Undisclosed
The filings do not specify how the proceeds from the rights issue will be deployed
Reliance Retail Sept Quarter Net Declines 24.5% to ₹2,619 Crore, Revenue Up 5.8% to ₹80,220 Crore: Quick Commerce Investments and Festive Timing Shift Hit Profit; RCPL Posts ₹8,266-Crore Gross Revenue in Q2
Core Theme
Reliance Retail’s September quarter saw profit fall 24.5% to ₹2,619 crore and Ebitda margin slip to 7.3% as quick commerce and B2B investments, input-cost inflation and festive timing weighed, even as revenue grew 5.8%, stores crossed 19,900 and JioMart surged 42%; meanwhile, RCPL’s ₹8,266-crore gross revenue, powered by Campa and daily essentials, shows its consumer brands arm scaling rapidly.
Reliance Retail Q2 FY27: Financial Scorecard
Net profit down 24.5% YoY to ₹2,619 crore in the September quarter, due to higher investments in quick commerce and a shift in festive-season timing to the December quarter
Net revenue up 5.8% to ₹80,220 crore (vs ₹75,836 crore), adjusted for the demerger of the consumer brands business
Gross revenue at ₹91,716 crore, up 6.4% YoY, also adjusted for the demerger
Ebitda down 11.1% YoY to ₹5,886 crore (vs ₹6,624 crore); Ebitda margin at 7.3% vs 8.7% a year ago (down 140 bps)
Net profit margin at 3.3% vs 4.6%
Sequentially, revenue from operations was almost flat and net profit was down 6.9%
Why Margins Moderated
Sharp moderation in margins reflects festive-season timing, absorption of input-cost inflation and continued investments in scaling its B2B and digital commerce businesses, per sector analysts
Revenue growth was muted as discretionary spends were squeezed amid inflationary pressures
Analysts said the topline was driven by largely single-digit growth across grocery, electronics, and fashion and lifestyle segments amid a challenging operating environment
Ebitda, before a one-time impairment charge, stood at ₹6,228 crore with an Ebitda margin of 7.8%
Store Network and Segment Performance
Opened 303 new stores in the quarter, taking total store count to 19,947, with operational area of 77.5 million sq. ft.
Customer transactions grew 7% YoY despite the shift of major festivals to the December quarter
JioMart delivered 42% YoY revenue growth, driven by higher average order values and a 24% increase in units per order
Isha Ambani, executive director of Reliance Retail Ventures: the new model with fast-growing digital commerce and B2B channels is working and funded by the profits of offline business
Consumer electronics: like-for-like growth at 8%, led by mobiles, laptops and IT peripherals, as well as appliances, supported by brand partnerships
RCPL (Reliance Consumer Products): Q2 Gross Revenue
Posted gross revenue of ₹8,266 crore in the July-September quarter, growing 1.6 times versus last year
Daily essentials category sales, led by Independence, reached ₹7,000 crore in the first half of FY27
Beverages, led by Campa, crossed ₹5,250 crore in sales in H1FY27, achieving over 90% of FY26 sales in six months, with a double-digit market share in key markets, per its investor presentation
30th Oct 2026 Q2FY27 Results Snapshot:-
#Q2Results #Q2FY27 #Nifty
🚩Decent / Good / Blockbuster👏😃🔥
1) Navin Fluorine International (Solid)(Consistent)
2) Ramkrishna Forgings (Blockbuster)
3) GE Vernova T&D India (Solid)(Consistent) (Order bookings up 52% YoY)
4) Syrma SGS Technology (Decent)(Margin down Slightly)
5) Advait Energy Transitions (Solid)(Margin Expansion)
6) Aether Industries (Good)
7) Sathlokhar Synergys E&C Global (SME) (Blockbuster)
8) Resonance Specialities (Blockbuster)(Solid Margin Expansion)
9) Asian Energy Services (Robust)
10) Smartworks Coworking Spaces (Decent)(FY27 revenue growth guidance revised upward to 33–35% from 28–30%, backed by strong enterprise demand and a growing pipeline of large deals)(Company has maintained its normalised EBITDA margin guidance of 19–20% trending towards upper band and its target of adding 2.5–3 million sq. ft. annually)
11) Bank of Baroda (NII up 9%)(Operating Profit up 50.9%)(PAT up 35.8%)(Advances up 18.3%)(Deposits up 16.4%)
12) Prizor Viztech (SME) (Blockbuster)
13) Welspun Living (Decent)(Margin Expansion)(Home textile exports grew 18.3% YoY)(US pillow business grew 2.4x YoY in Q2 with both manufacturing facilities operational and remains on track to double revenues in FY27)(Looking ahead, we remain focused on sustaining double-digit growth, maintaining margins in the low teens, improving returns on capital and generating strong cash flows)
14) GMDC
15) Jio Platforms (Good)(Monthly ARPU ₹218.8 vs ₹215.6 QoQ)(Per capita data consumption was 44.2 GB/ month with total data traffic growth of 22.1% YoY)Total subscriber base of over 54.2 Cr with trailing twelve months net adds of 3.6 Cr)(JPL delivered double-digit Revenue growth across Connectivity (11%) and Digital Services (16%))
16) Delhivery (Solid)(Express Parcel Shipments up 32.1%)(PTL Freight Tonnage up 14.2%)(Adj. EBITDA up 48.2%)
17) Aditya Vision (Decent)(SSSG rebounded to 18% in H1FY27)(Expanded to 214 stores)
18) Gail (Solid)(Margin Expansion)
19) Max Healthcare Institute (Good)(Track)
20) Ajanta Pharma (Solid)(Margin Expansion)
21) Sportking India (Solid)(Margin Expansion)
22) IOL Chemicals & Pharmaceuticals (Solid)(Margin Expansion)
23) Indian Oil Corporation (Solid)(Margin Expansion)
24) Msafe Equipments (SME) (Solid)(Margin down Slightly)(We continue to target approximately 50% revenue growth in FY27)
25) Dhanuka Agritech (Good)(Margin up)
26) Shree Rama Multi-Tech (Good)(Lower other income dragged PAT down)
27) Emami Paper Mills (Blockbuster)
28) Zodiac Energy (Solid)
29) NTPC Green Energy (Decent)
30) Sharda Cropchem (Good)(We continue to maintain our FY27 revenue growth guidance of 10–15%)(We also expect EBITDA margins to improve through the year and remain between 18% and 20% for FY27)
31) Juniper Green Energy (Blockbuster)
32) Aditya Birla Capital (Decent)(Aggregate PBT up 32%)
33) Reliance Industries (Decent)(Growth Mostly led by O2C segment)(O2C Revenue up 44.2% led by sharp increase in crude and product prices)(Prices for most of the downstream chemical products were up 25-35% YoY, driven by strong feedstock prices)(O2C EBITDA increased by 67.9% YoY with a steep rise in transportation fuel cracks and downstream petrochemical margins)
34) Sugs Lloyd (SME)(Decent)
35) SJVN (Solid)
36) Vadilal Industries (Solid)(Margin Expansion)
37) Nitta Gelatin India (Solid)(Margin Expansion)
38) Nahar Spinning Mills (Decent)(Margin Expansion)
39) Ratnaveer Precision Engineering (Solid)
40) Motherson Sumi Wiring India (Margin down)
41) Bharat Electronics
42) Spandana Sphoorty Financial (Solid)(AUM up 31%)(Disbursement up 59%)(NII up 86%)(PPOP +₹79 Cr vs -₹40 Cr YoY)
43) Lodha Developers (Basis the strong performance in H1, we expect to easily exceed our profit guidance for the year)
44) Affle 3i (Good)(20% growth engine)
45) LCC Projects (Decent)
46) CORONA Remedies (PAT & PAT Margins were lower on account of higher depreciation & amortization charge for our newly commissioned facilities & acquisition of brands, from which revenue contribution are expected to build up over the coming quarters)
47) Narayana Hrudayalaya (Good)(Consolidated Revenue excl. UK up 22.6%)(Consolidated EBITDA excl. UK up 27.8%)(India revenue grew 16.6% YoY, driven by higher patient volumes, complex procedures and a 75.7% rise in international patient revenue; India hospitals EBITDA margin expanded to 26.8% from 23.8% a year ago)
48) Tilaknagar Industries (Volume at 8.9 mn cases up 160%)(EBITDA up 143%)(While primary volumes in Q2 have remained flattish, our secondary volumes have remained robust and shown an impressive 8% growth on QoQ basis with Imperial Blue secondaries growing at 8.5% and existing business secondaries growing at ~7%)
49) Arihant Capital Markets
50) True Colors (SME) (Margin Expansion)
51) Madhusudan Masala (SME) (Margin down)
52) Updater Services (Margin Expansion)
53) Taneja Aerospace & Aviation
54) IRM Energy (Solid)(Volume up 12.02%)(EBITDA up 77.2%)(PAT up 102.5%)
55) Chemkart India (SME)(Blockbuster)
56) Pune e-Stock Broking (SME) (Good)
57) Andhra Cements (Solid)(Margin Expansion)
58) Nahar Polyfilms
59) Fabtech Cleanrooms (SME) (Solid)(Management expects to recover the margin compression through higher volumes in Q3 and Q4 FY27. H2 FY27 PAT is expected to be higher than H1, aided by execution phasing, operating leverage on a larger revenue base and stabilising input costs)(Order book of ~₹470 Crore, more than double the ₹199 Crore reported as on 31st March 2026. The hot pipeline stands at ₹600 Crore out of a total offered pipeline of ₹1,250 Crore)
60) DCM Nouvelle (Solid)(Margin Expansion YoY but down QoQ)
61) India Finsec
62) Andhra Paper (Margin Expansion YoY but down QoQ)
🚩Bad / Poor / Weak 😠😡🤬
1) Go Fashion (Out of Fashion)
2) Borosil Renewables (Margin down)
3) Xchanging Solutions (Flat)
4) TTK Healthcare (Margin down)
5) Vinati Organics (Margin down)
6) Globus Spirits (Margin down)(Prestige & Above Sales Volume up 64% YoY)(Regular & Others Volume up 16% YoY)
7) DMCC Speciality Chemicals (Margin down)
8) Zee Entertainment Enterprises (Margin down)
9) Crizac
10) Sun TV Network
11) Indigo Paints (Margin down)
12) Indraprastha Gas (Margin down)
13) Prataap Snacks (Margin down)(we remain confident of delivering strong double-digit revenue growth in FY27)
14) Ganesh Housing
15) Sagar Cements (Margin down)(As Expected)(Volume up 26%)
16) Responsive Industries
17) Finolex Industries (Margin down)
18) HRS Aluglaze (SME)(Margin down)
19) GMR Power & Urban Infra
🚩Mixed / Neutral / Average🙄🆗😑
1) Skipper (Export order inflows hit a record ₹1,055 crores in Q2, yet reported export revenue fell 46% YoY as customers deferred shipments waiting for elevated shipping freight to cool)(Full-year 15% revenue growth guidance is maintained, but management flagged that at worst it may see a 1–2% drop (i.e., 13–14%) due to geopolitical uncertainties, elevated shipping freight, and those shipment deferrals. Per an analyst's math, H2 revenue growth needs to be ~21.6% to hit the 15% full-year target)
2) LIC Housing Finance (Below Avg)(Outstanding Loan Portfolio up 5%)(Total disbursements up 11%)(NII up 2%)(PAT up 11%)
3) Kirloskar Ferrous Industries (Margin down)
4) Aarti Industries (Margin down)
5) Gabriel India (Margin down)
6) Vimta Labs (Avg)
7) Quess Corp
8) Phoenix Mills (Avg)
9) Network18 Media & Investments (Margin Expansion)
10) Grover Jewells (SME)(Solid Margin Expansion)
11) Tempsens Instruments (Margin down)(Track)
12) Pranav Constructions (Margin Expansion)
13) SPR Auto Technologies (Margin down)(As expected)
14) Sealmatic India (SME)(Margin Expansion)
15) Sun Pharmaceutical Industries
16) RattanIndia Power (YoY Margin Expansion)
17) Varun Beverages (Margin down)(Consolidated sales volume grew by 28.7% to 354.4 Mn cases)(Gross margin declined by 334 bps to 53.1% in Q3 CY2026, primarily due to higher packaging material costs, including preforms, shrink films, closures, and cans, driven by geopolitical disruptions)
18) Intellect Design Arena (Weak)(Growth rate down)
19) Engineers India (Revenue down but Margin Expansion)
20) Shree Renuka Sugars (Revenue down but Margin Expansion)
21) Best Agrolife (Revenue down but Margin Expansion)
22) Anuh Pharma (Revenue down but Margin Expansion)
23) Nila Spaces (Revenue down but Margin Expansion)
24) Medi Assist Healthcare Services (Margin Expansion)
25) HLV
26) Share India Securities
27) Ujaas Energy (Margin Expansion)
28) Pudumjee Paper Products
29) Dixon Technologies (Margin down)
30) PB Fintech (Numbers are good)(But that regulatory thing is still there which will impact in major ways)
31) Vadilal Enterprises (Margin down)
32) Artemis Medicare Services (Margin down)
33) Akme Fintrade (India)
34) SIL Investments
35) Nahar Capital & Financial Services
36) Almondz Global Securities
37) General Insurance Corporation of India
38) New India Assurance Company (No view)
39) Kuber Udyog (No view)
GMR Power & Urban Infra — Q2FY27 Results 🔔
#Q2Results #Q2FY27 #GMRpower
Revenue ₹1527.48 Cr vs ₹1810.36 Cr
(-15.63% YoY┃-10.42% QoQ)
EBITDA ₹352.56 Cr vs ₹363.43 Cr
(-2.99% YoY┃-22.26% QoQ)
EBITDA Margin 23.08% vs 20.08% YoY & 26.59% QoQ
PBT (Excl. Exceptional) -₹49.87 Cr vs -₹157.60 Cr YoY & +₹8.87 Cr QoQ
PAT from continuing operations
+₹153.99 Cr vs +₹895.04 Cr YoY & -₹35.37 Cr QoQ
(-82.80% YoY)
PAT +₹153.97 Cr vs +₹894.70 Cr YoY & -₹35.38 Cr QoQ
(-82.79% YoY)
PAT After Minority interest
+₹154.10 Cr vs +₹888.39 Cr YoY & -₹41.48 Cr QoQ
(-82.65% YoY)
Other Income ₹63.25 Cr vs ₹111.68 Cr YoY & ₹44.02 Cr QoQ
This Q2 Exceptional Gain of ₹225.91 Cr
In Q2FY26 Exceptional Gain of ₹1022.97 Cr
Almondz Global Securities — Q2FY27 Results 🔔
#Q2Results #Q2FY27 #Almondz
Revenue ₹39.40 Cr vs ₹33.73 Cr
(+16.81% YoY┃-11.46% QoQ)
EBITDA ₹6.87 Cr vs ₹5.14 Cr
(+33.66% YoY┃-31.09% QoQ)
EBITDA Margin 17.44% vs 15.24% YoY & 22.40% QoQ
PBT Before Share of JV/Associates ₹4.86 Cr vs ₹2.90 Cr
(+67.59% YoY┃-39.25% QoQ)
PBT ₹10.01 Cr vs ₹4.42 Cr
(+126.47% YoY┃-21.18% QoQ)
PAT ₹9.10 Cr vs ₹3.87 Cr
(+135.14% YoY┃-27.37% QoQ)
PAT After Minority interest ₹8.28 Cr vs ₹3.64 Cr
(+127.47% YoY┃-28.99% QoQ)
Other Income ₹0.69 Cr vs ₹0.27 Cr YoY & ₹0.46 Cr QoQ
