Concall Intelligence

The investment thesis remains intact as execution recovered sequentially in Q2 FY27 following prior cash flow disruptions. The company maintains strong revenue visibility with a Rs 3,400 Cr total order book (3.7x FY26 EPC revenue), healthy unutilised working capital limits, and lender-led collateral optimization supporting future project execution.

Lenskart reported strong financial and operational growth for Q2 FY27, backed by proforma revenue of ₹2,845 Cr and PAT of ₹232 Cr, reflecting robust expansion across India and international markets, active member additions, and high return on capital employed.

ASK Automotive Limited delivered robust consolidated financial performance for Q2 FY27, achieving highest-ever quarterly revenue, EBITDA, and PAT. Growth was supported by strong volume demand, increasing capacity utilization, and successful commercial production of alloy wheels, despite margin dilution from passthrough alloy prices.

The investment thesis remains intact as top-line momentum accelerates across all regions, led by strong execution in Beauty & Cosmetics and robust sustainable tube adoption (Platina). While PAT growth is currently impacted by ahead-of-the-curve depreciation and foreign exchange movements, structural operating leverage and capital efficiency remain healthy with an ROCE of 18.2%.

FSN E-Commerce Ventures Limited (Nykaa) delivered a robust financial performance for Q2FY27, characterized by accelerating revenue growth of 28% YoY to Rs 3,006 Cr and a sharp surge in PAT by 207% YoY to Rs 101.2 Cr. Both core verticals, Beauty and Fashion, demonstrated strong operating leverage, efficiency gains, and network expansion, supported by strategic brand acquisitions such as Simply Nam and partnerships like L'Oreal BOLD.

JSW Dulux Limited reported Q2 FY27 revenue of 961.9 Cr, reflecting a 15.2% YoY growth, driven by double-digit volume growth (+22%) and festive demand. However, margins were compressed due to raw material inflation and trade disruptions affecting TiO2 prices, leading to a statutory PAT decline of -95.8% YoY (though comparable growth was 2%).

Shivalik Bimetal Controls Limited delivered strong consolidated financial performance for Q2 and H1 FY27, characterized by robust revenue and PAT expansion driven by strong domestic smart-meter demand and Asia market growth, though tempered by softer uptake in the Americas and an expanded working capital cycle.

The growth thesis remains intact backed by strong operational capacity expansion, robust demand from Data & AI customers, repeat business shares above 80%, and conservative leverage parameters.

Management claims portfolio de-risking and asset quality stabilization are underway through a shift toward secured lending and digital collections. However, elevated credit costs and stress in the legacy JLG portfolio weigh on near-term profitability.

Torrent Power Limited reported robust financial results for Q2 FY 2026-27 with consolidated revenue of Rs 9,802 crore, up 24% YoY, and profit after tax of Rs 838 crore, up 13% YoY. Growth is supported by a mix of licensed and franchised distribution assets with low AT&C losses, alongside expanding renewable and pumped storage energy pipelines.

Gaja Alternative Asset Management Limited reported strong financial growth for Q2 FY27, driven by higher performance income and a significant deferred tax reversal, while successfully completing its IPO and strengthening its balance sheet.

Orkla India delivered high teens revenue growth of 19.4% YoY in Q2 FY27, supported by a 25.1% YoY surge in the spices category and pricing actions. However, volume growth remained modest at 2.9%, and EBITDA margin compressed by 100 bps YoY to 15.9% due to rising input costs and Project Bolt investments.

Lupin reported solid net sales of INR 77,855 mn for Q2 FY27 (up 14% YoY), driven by strong performance in India and Emerging Markets, alongside healthy EBITDA margins of 25.1%. However, net income dropped 21.8% YoY due to a high base effect from prior period operating income, and ongoing regulatory remediation at key manufacturing facilities remains a critical operational focus.

GSPL Transmission Limited reported a stable performance for Q2 FY27 with revenue of Rs. 289.6 crore and PAT of Rs. 99.5 crore on a consolidated basis, supported by broad-based volume growth across its high-pressure, low-pressure, and HAPi networks. The company remains debt-free with a robust net worth of Rs. 7,150.4 crore as of September 30, 2026, and is progressing with an expansion-led capex plan of approximately Rs. 3,500 crore, including the recently awarded Anjar Palanpu

Vintage Coffee And Beverages Limited reported a robust performance for Q2 FY27 with significant top-line and bottom-line expansion, driven by sustained 100% capacity utilization of its enhanced 11,000 MTPA plant. While structural growth is supported by ongoing expansion into freeze-dried coffee and strong global order visibility, investors must monitor client concentration risks and execution timelines for the upcoming H1 FY28 commissioning.

ICRA delivered strong consolidated revenue growth of 29.8% YoY to INR 177.9 crore for Q2 FY2027, driven by robust performance in Ratings and the consolidation of Fintellix within Risk & Analytics. PAT grew 9.3% YoY to INR 52.4 crore, impacted by acquisition-related depreciation and amortisation, though underlying R&A EBITDA increased by 35% YoY.

BSE Limited demonstrated robust financial performance in H1 FY27, driven by strong activity across transaction charges, corporate services, and investment income, leading to a consolidated net profit of Rs. 8,075 million for the quarter ended September 30, 2026.

Karnataka Bank reported robust performance in Q2FY27 with PAT growing 36.6% YoY to Rs 435.9 crore and aggregate business crossing Rs 2,07,132 crore. Management remains focused on RAM growth, cost-of-funds optimization, and asset-quality improvements despite macro and global headwinds.

Mahanagar Gas Limited reported a decline in profitability for Q2 FY27 with PAT dropping 29.1% YoY to Rs 137.04 Crore, driven by higher gas costs and lower EBITDA margins, despite a 23.8% increase in net revenues.

The company's transition to a focused finished dosage formulation manufacturer is progressing, with strong sequential and year-on-year expansion in revenue and profitability. Margins are benefiting from a favorable business mix and operating leverage, while a net-debt-free balance sheet supports ongoing capital expenditure plans.

Aarti Drugs Limited reported a strong financial performance for Q2 FY27, marked by record-high operational revenue of Rs. 829 crore and an EBITDA of Rs. 138 crore, supported by volume growth, better realizations, and operational integration.

Welspun Corp reported robust H1FY27 performance with revenue of Rs. 8,725 cr and EBITDA of Rs. 1,538 cr, alongside a historic all-time high order book of ~Rs. 50,000 cr. However, domestic ductile iron pipe demand faces severe stress due to Jal Jeevan Mission funding constraints.

Datamatics Global Services delivered a strong financial performance for Q2FY27, supported by broad-based revenue growth across segments and margin expansion, underpinned by robust net cash and ongoing AI-driven product adoption.

Sun Pharmaceutical Industries Limited reported a robust performance in Q2 FY27 with consolidated sales of INR16,100 crore, up 11.8% YoY, and an EBITDA margin of 29.3%. Growth was led by a strong India formulations business and favorable product/currency mix, though US specialty growth faced headwinds from an Ilumya sales slowdown and lower lenalidomide sales compared to the base quarter.

Zydus Lifesciences reported strong revenue growth of 29.2% YoY to Rs. 7,909.6 Cr for Q2 FY27, driven by strong performances in India Formulations, North America, and Consumer Wellness. However, profitability contracted with PAT declining 25.1% YoY (reported PAT at Rs. 927.7 Cr) and EBITDA margin compressing to 23.9% due to higher operational expenses, depreciation, and finance costs.

ACME Solar Holdings reported robust financial performance for Q2 FY27 with revenue of INR1,007 crores and PAT of INR269 crores, driven by BESS operations and capacity additions, despite ongoing transmission and GNA delays.

The core India engineering business displays robust growth (24.1% YoY in Q2) and margin expansion driven by raw material pass-through and demand. While international operations in Romania remain challenged, management is executing downsizing and cost actions, and Harsha Advantek is expected to turn PAT positive in H2.

Rajshree Polypack Limited reported a mixed performance for Q2 FY27 with stable standalone revenue of Rs 102.90 Cr (up 19.1% YoY, flat QoQ) and net profit declining 30.7% QoQ to Rs 5.02 Cr due to raw material price pressures and softer export demand. Management remains optimistic, supported by domestic growth, scaling injection moulding, and paper packaging subsidiary Olive Ecopak, which faced flood-related disruptions.

Alembic Pharmaceuticals reported a strong performance for Q2 FY27, characterized by 36% YoY revenue growth to INR 26.03 bn and an 81% YoY jump in PAT to INR 3.35 bn, driven by robust momentum across US formulations, the India branded business, and API segments.

Raymond Lifestyle Limited demonstrated solid operational resilience in Q2 FY27 with its highest-ever quarterly total income and improved working capital efficiency, though margin pressures persisted due to elevated raw material and freight costs.

BLS International Services Limited reported a strong set of results for Q2 & H1 FY27, backed by robust revenue growth of 32.0% YoY to Rs. 972.7 Crores and PAT growth of 8.6% YoY to Rs. 202.7 Crores. Management outlined a clear FY30 vision targeting Rs. 6,300 - 6,500 Crores in revenue while maintaining an asset-light, tech-led model.

While Onida is executing well on its Onida Rewired transformation—evidenced by robust 65% brand revenue growth, a 239% surge in air conditioner sales, and e-commerce channel expansion—profitability remains under intense stress. Gross margin pressures from geopolitical component cost inflation and surging operating expenses drove a net loss of Rs. 39.8 crores in Q2 FY27, highlighting execution risk in scaling margins alongside top-line growth.

The investment thesis remains intact. MPS is delivering strong operating leverage, scaling research margins via AI adoption, integrating Unbound Medicine successfully, and maintaining zero debt with healthy cash flows.

Quess Corp delivered a resilient performance in Q2 FY27, marked by 15% YoY revenue growth and a 44% surge in PAT, supported by robust associate additions and disciplined cash collections crossing INR 5,000 crores.

The investment thesis remains intact. Capacity utilisation is robust at over 80%, margin profile is expanding despite cost headwinds, and ongoing expansion projects in Dahej and Naidupeta are progressing on schedule to drive future growth and higher non-rubber revenue contributions.

Zensar Technologies delivered a solid Q2FY27 with a 4.1% sequential constant currency revenue growth and an EBITDA margin expansion of 120 bps to 15.8%, driven by strong execution and robust volume momentum across key regions and verticals like BFSI.

The investment thesis remains intact as the company achieved 41% of its full-year FY27 pre-sales guidance in H1, supported by robust luxury segment traction and scaling cluster redevelopments. Balance sheet leverage remains conservative with a net D/E of 0.04:1.

The investment thesis is intact as revenue growth acceleration, strong annuity revenue proportion, positive EBITDA margins, and robust cash generation continue to play out per management targets.

Snowman Logistics Limited reported a stable financial performance for Q2 FY27 with revenue of Rs 163.6Cr, PAT of Rs 1.0Cr, and OPM of 14.7%. Management remains focused on long-term operating cash flows and disciplined capacity expansion while navigating cost pressures.

Cholamandalam Investment and Finance Company Limited reported a strong Q2 FY27 with broad-based growth across vehicle finance, SME, and consumer loans, achieving robust asset growth, improved return profiles, and stable credit quality.

The investment thesis remains intact, supported by strong revenue growth, healthy operating margins, improving working capital discipline, and capacity expansions across towers and conductors aligning with India's transmission super-cycle.

Gokul Agro Resources Limited reported a strong set of results for Q2FY27 with revenue of Rs. 7,481 crore and PAT of Rs. 146.2 crore, backed by improved realizations, sourcing discipline, and a expanding value-added and B2C product portfolio.

Fractal Analytics reported a milestone first-ever $100m+ revenue quarter in Q2 FY27 with 19.9% YoY revenue growth and a 140.0% increase in Net Income, driven by operating leverage, despite a 225 bps contraction in gross margins due to talent investments.

The investment thesis remains intact as capacity utilization rates improve across core segments, particularly MDF at 87% and Jumbo Laminates reaching 41%. Strong domestic demand offset temporary export caution, while improving realization mix supported margin recovery.

The growth thesis remains intact as high-margin Automotive and Enterprise segments show robust demand momentum, offsetting a temporary YoY contraction in Government revenue. Operating leverage and higher hardware-cum-software sales expanded EBITDA margins to 34.1% in Q2 FY27 from 24.7% last year.

PNGS Reva Diamond Jewellery Limited reported strong Q2 FY27 and H1 FY27 results with significant top-line and bottom-line expansion, driven by robust consumer demand for natural diamond studded jewellery and retail footprint expansion, although management highlighted headwinds like Maharashtra drought conditions and global geopolitical risks.

Apar Industries reported robust revenue and PAT growth in Q2 FY27, driven by strong domestic transmission demand and operational efficiency, although near-term volume growth was constrained by raw material inflation and shipping delays.

Shalby Limited reported Q2 FY27 consolidated revenue of INR 3,182 mn (up 9.8% YoY, down 6.0% QoQ) and PAT of INR 79 mn (up 8.3% YoY, down 24.9% QoQ), reflecting solid top-line growth offset by sequential contraction in profitability and high inventory levels in the implant business.

Varroc Engineering delivered strong consolidated revenue growth of 33.6% YoY to Rs. 2,947.9 crore in Q2 FY27, supported by robust performance in both India (up 29.5%) and overseas operations (up 104.1%). However, profitability was pressured by unrecovered war-related inflation (impacting margins by ~80 bps) and restructuring costs in the Italy 2W lighting business, resulting in a 46.9% YoY drop in PAT to Rs. 33.5 crore.

Signpost India Limited reported flat revenue and a contraction in gross and operating margins for Q2 FY27 due to festive calendar shifts, offset by improved operating cash flows and strong medium-term growth drivers.