Concall Intelligence

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%).

The investment thesis remains intact. SBCL continues to deliver robust earnings growth, margin expansion, and high operating leverage, driven by structural demand from domestic smart meters and shunts. While export headwinds persist in the Americas, strong traction in Asia and Europe, along with strategic forward integration into PCBA and busbars via the Pune facility, support long-term secular drivers.

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.

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.

The investment thesis remains intact. GTL benefits from regulated asset-backed returns, a debt-free balance sheet with INR 7,150 crores of total equity, and structural gas consumption tailwinds in Gujarat. Volume growth across all grid segments supports steady top-line expansion, while a ~INR 3,500 crore capex plan provides a clear runway for capacity additions.

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.

Management continues to execute well on capacity expansion, particularly scaling up asset-light injection molding and increasing value-added product shares. Despite headwinds in raw material prices and geopolitical disruptions affecting exports, domestic growth remains resilient, maintaining operating margins around 12.69%.

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.

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.

C.E. Info Systems Limited delivered profitable growth in Q2 FY2027, driven by strong performance in the Automotive and Enterprise segments, which was partially offset by a decline in Government revenue due to a high base effect.

The investment thesis remains intact. Strong revenue growth, margin expansion, and scaling through new store openings and digital channel expansion demonstrate solid execution of the asset-light retail model.

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.

The core hospital business maintains steady operational metrics and bed capacity expansion, but consolidated profitability remains under pressure due to losses in Shalby International (PK Healthcare) and Shalby MedTech. ROCE remains low at 6.6%, failing to capture full operating leverage.

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.

The core investment thesis remains intact. While adverse weather and higher polymer costs pressured domestic margins and volumes, overseas segments and agro-processing delivered strong expansion. Aggressive working capital rationalisation and receivables collection drove strong operating cash flow to service debt and reduce 0.01% NCDs.

The investment thesis remains intact as overseas markets and agro-processing drive top-line growth, and working capital improvements enable debt reduction, despite temporary domestic headwinds from adverse weather and higher input costs.

Bank of Baroda reported its highest-ever quarterly operating profit and net profit for Q2 FY27, driven by strong RAM advances, robust deposit growth, and a significant one-off gain from the NSE stake sale, alongside proactive prudential provisioning for ECL migration.

EPACK Durable reported strong top-line growth of 106.3% YoY in Q2 FY27 with revenue at INR 439.3Cr, supported by healthy secondary sales in room air conditioners and expansion in small/large domestic appliances. However, profitability remained under pressure with a net loss of INR 25.1Cr and an OPM of 1.6%, impacted by a forex loss of INR 10Cr, depreciation and interest costs from new capacities, and the absence of PLI income.

Ganesh Housing Limited reported a sequential recovery in Q2 FY27 margins and PAT after addressing previous-quarter high-cost basis and one-time tax charges, while reaffirming its full-year guidance backed by upcoming project completions and ongoing leasing momentum at its Million Minds IT campus.

Amanta Healthcare reported strong Q2 FY27 performance with revenue of 83.1Cr and PAT of 4.9Cr, driven by capacity expansion such as SteriPort Line 3 and ongoing cost optimization through captive solar integration.

IndiGo reported a net loss of INR 18.79 billion for Q2 FY27 due to exceptionally high jet fuel prices (with Singapore jet fuel index up 60% YoY) and rupee depreciation, despite delivering robust revenue growth and a 31% increase in PRASK. Management has taken decisive actions, including capacity rationalization and the conclusion of widebody damp-lease operations, while maintaining a strong liquidity position and an optimistic outlook on long-term Indian aviation demand.

The thesis remains intact as core operational metrics show healthy volume growth, with Snapdeal fashion NMV up 31% YoY and app-delivered units up 23% YoY, while Unicommerce maintains double-digit revenue growth and enterprise client additions. Margin pressures in H1 are explicitly attributable to front-loaded festive marketing and temporary logistics headwinds that eased sequentially in Q2.

Arisinfra Solutions reported strong financial performance for Q2 FY27, featuring record-high quarterly PAT of Rs 22.8 Cr and an EBITDA margin of 11.6%, alongside improving working capital efficiency and robust growth in its Developer as a Service (DaaS) and contract manufacturing segments.