Concall Intelligence

CreditAccess Grameen Limited reported strong financial and operating performance for Q2 FY27, driven by robust AUM growth, improving asset quality back to pre-crisis levels, and higher profitability resulting in the highest-ever quarterly PAT crossing INR 500 Cr. Management revised FY27 performance guidance upwards across key return and margin metrics, supported by disciplined operating costs and strong capital positions.

Aurum PropTech reported strong consolidated revenue growth of 57% YoY to Rs 137 Cr in Q2 FY27 along with an improvement in profitability margins, backed by aggressive AI transformation across platforms and upcoming integration of Housing.com.

Rossari Biotech delivered its highest-ever quarterly revenue and EBITDA in Q2 FY27, supported by broad-based divisional growth and an improving export share. However, management remains cautious due to raw material volatility, Middle East geopolitical tensions impacting freight and logistics, and constrained ethylene oxide availability.

Fedbank Financial Services Limited delivered a strong Q2 FY27 with total disbursements up 28% YoY to INR6,676 crores and AUM up 37% YoY to INR22,035 crores. PAT reached INR130.8 crores (up 63% YoY), driven by an expanded ROA of 2.8% and ROE of 17%. Management highlighted that heightened competitive intensity in the gold loan market was managed effectively without compromising yields significantly, while mortgage collections and credit costs improved.

IIFL Finance reported robust performance for Q2 FY27, with consolidated AUM reaching INR1,24,268 crores (up 38% YoY and 8% QoQ) and consolidated PAT crossing INR805 crores, up 13% QoQ and 93% YoY. The return on equity surpassed the 20% target at 20.1%, supported by steady asset quality (consolidated gross NPA improved by 7 bps QoQ to 1.48%), increased liquidity of INR13,805 crores, and stable capital adequacy of 23.5%. However, management faces challenges including capital-ra

Leela Palaces Hotels & Resorts delivered exceptional performance in Q2 FY27 with 33% operating revenue growth and 36% EBITDA growth, supported by robust luxury demand, pricing power, and strong performance during marquee events like the BRICS summit in New Delhi.

Jindal Saw delivered higher year-on-year revenues for Q2 FY27 but faced severe operational margin compression due to geopolitical tensions in West Asia delaying shipments, higher international/domestic logistics costs, soaring coking coal prices, and softness in the domestic water infrastructure segment.

IRFC reported a robust performance for Q2 FY26-27, driven by successful business diversification and double-digit PAT growth across five of the last six quarters. Management remains confident in achieving its near-term and long-term AUM and profitability milestones while maintaining a low weighted average cost of capital.

Ujjivan Small Finance Bank announced the early retirement of its MD & CEO due to health reasons and appointed Ms. Carol Furtado as Interim MD & CEO. Management reassured stakeholders of continuity in strategy, strong governance, and commitment to FY27 guidance, emphasizing that growth plans and capital adequacy remain unaffected by the leadership transition or potential delays in capital raising. The search for a permanent MD & CEO has been expedited.

Aye Finance Limited delivered a strong operational and financial performance in Q2 FY27, driven by robust AUM growth, improving asset quality, and record quarterly profitability supported by enhanced operational efficiency and lower credit costs.

Elecon delivered resilient H1 FY27 performance with 11% consolidated revenue growth and a stable EBITDA margin of 22.2%, supported by robust international momentum in gears and recovering project clearances in the MHE division despite near-term domestic softness and raw material volatility.

SRF Limited reported a consolidated revenue of 4,904.2 Cr and a PAT of 509.1 Cr for Q2 FY27, backed by robust growth in the Chemicals and Performance Films businesses, while navigating elevated input, freight, and fuel costs.

Jio Financial Services reported strong operational scale-up across its core verticals during Q2 FY27, backed by 154% YoY growth in Jio Credit AUM and significant digital user engagement, though consolidated reported PAT declined due to shifting dividend timing effects compared to the previous year.

LTM Limited reported steady Q2 FY2027 performance with 1.1% QoQ constant currency revenue growth and stable EBIT margins of 15.6%, while pivoting strongly toward AI-centric offerings and advancing strategic M&A execution.

Transformers and Rectifiers (India) Limited delivered robust performance in Q2 FY27 with revenue up 60.8% YoY and PAT jumping 120.0% YoY, supported by improved capacity utilization and operating leverage. Unexecuted order book remains strong at INR7,237 crore, providing solid multi-year visibility despite lingering working capital pressures and elevated inventory levels.

International Gemmological Institute (India) Limited reported robust financial performance for Q2 FY27, with consolidated revenue up 31% YoY to INR 3,980 Mn and PAT up 43% YoY to INR 1,858 Mn, driven by strong growth in certification volumes and increased mix of lab-grown diamonds (LGD).

Quarterly results showed modest revenue growth and a decline in profit, while management highlighted strong AUM growth, improved ARR retention, and long‑term profitability targets, but flagged margin pressure from higher costs and reliance on UBS flow execution.

Waaree Renewable Technologies Limited reported strong top-line growth with Q2 FY27 revenue up 36.5% YoY to Rs 1,057.84 Cr, alongside a healthy unexecuted order book exceeding Rs 5,500 Cr. However, PAT contracted by 29.98% YoY to Rs 81.48 Cr due to higher input costs, employee expenses, and financing costs, leading to margin compression.

CCL delivered strong Q2 results with double‑digit volume growth and profit expansion, and management reaffirmed its FY27 guidance of ~15% volume and EBITDA growth, while noting coffee price volatility and capacity considerations.

Emmvee delivered strong Q2 FY27 results with double‑digit revenue and profit growth, maintained high margins, and indicated that its expansion projects are on schedule, but future finance costs will rise post‑commissioning.

Shoppers Stop delivered modest top‑line growth and a turnaround to profitability, driven by strong festive demand, premiumisation initiatives and new store openings, while highlighting ongoing work on inventory and working‑capital optimisation.

D.B. Corp reported a decline in Q2 FY27 revenue and PAT due to the festive season (Navaratra) shifting into Q3 and temporary headwinds such as panchayat election codes of conduct, though underlying advertising and EBITDA registered positive single-digit growth on a like-to-like basis.

E2E Networks delivered robust financial performance in Q2 FY27 with triple-digit YoY revenue growth and margin expansion, supported by Blackwell GPU deployment and improved utilization. Management maintains a disciplined approach to capex and avoids speculative guidance.

ICICI Life delivered solid revenue and profit growth despite macro volatility, with strong VNB expansion and margin stability, while emphasizing continued investment in agency distribution and upcoming regulatory reforms.

SG Finserve delivered strong Q2 FY27 results with record PAT and loan book growth, but management plans to increase leverage to 4x and targets 30‑35% AUM growth YoY, introducing execution and capital‑raising considerations.

Angel One delivered resilient Q2 FY27 results with consolidated revenue of 14.3 billion rupees and PAT of 3.35 billion rupees despite subdued capital market volumes. Operating margins expanded significantly year-over-year, supported by operating leverage and a diversified revenue mix.

HDFC Asset Management delivered solid revenue growth and maintained high profitability, while highlighting continued expansion of SIP inflows, alternative platform launches, and disciplined cost management; however, guidance on future revenue mix and margins remains limited.

Tips Music delivered strong top‑line and profit growth in Q2 FY27, driven by new releases and catalog performance across digital and non‑digital platforms. Management upgraded FY27 growth guidance but highlighted a front‑loaded content spend, ongoing YouTube Shorts negotiations and a smaller‑film focus for H2.

HDB Financial Services delivered strong top‑line and profit growth in Q2 FY27, driven by robust disbursements across enterprise and consumer segments, improved asset quality and margins, and continued capital strength. Management is optimistic about H2, citing festive demand and capacity to scale, but flags monsoon‑related inflation, seasonal asset‑quality pressures and regulatory fee uncertainties as risks.

Piramal Finance Limited reported strong financial results for Q1 FY27, driven by robust growth in retail lending and a granular Wholesale 2.0 portfolio, while successfully continuing the rundown of legacy wholesale assets. The company maintains solid capitalization, high liquidity coverage, and a steadily improving operating leverage.

Le Travenues Technology Limited (IXIGO) reported resilient Q2 FY27 performance with GTV up 22% YoY and revenue from operations up 13% YoY to Rs 321 Crores, supported by strong growth in Flight and Bus segments and the new Hotel line. PAT reached an all-time high aided by a partial stake sale in Freshbus, while management continues to invest in hotels and AI capabilities.

UltraTech Cement reported solid year-on-year volume and earnings growth for Q2 FY27 driven by strong structural macro demand, although fuel and raw material cost inflation impacted sequential margins.

Sejal Glass reported strong year-on-year revenue and profit growth for Q2 FY27, driven by higher capacity utilisation, integration of acquired Glasstech plants, and robust performance from its UAE subsidiary. Management remains optimistic about achieving 25% to 40% revenue growth in FY27, supported by scaling operations and new specialty product launches.

Union Bank of India delivered solid financial performance for Q2 FY2027 with strong growth in Net Interest Income, improved asset quality metrics including lower GNPA and NNPA ratios, and robust capital adequacy, alongside ongoing investments in digital initiatives and centralized surveillance systems.

Heritage Foods posted solid top-line growth but margin pressure from higher milk procurement costs led to a 39.5% YoY decline in PAT, while EBITDA margin improved sequentially.

Polycab delivered record revenue and profit growth in Q2 FY27, driven by strong demand across wires & cables and FMEG segments, while management reiterated an unchanged outlook despite macro‑headwinds and noted exposure to commodity and logistics risks.

Punjab & Sind Bank reported steady financial growth for the quarter ended June 30, 2026, supported by an expanding RAM portfolio, improved asset quality metrics, and higher profitability ratios, although the source document is an investor presentation with earnings transcripts pending.

Yes Bank reported a Q2FY27 net profit of INR 1,080 crores, up 65% year-on-year, driven by healthy core operating income and steady asset quality, though the Supreme Court judgment on AT-1 bonds remains unrecognised pending assessment.

Tata Elxsi reported Q2 FY27 operating revenue of INR 1055.7 crores (up 2.3% QoQ in constant currency) and an EBITDA margin of 21.9%, absorbing annual wage hikes through operational leverage and realization of one-offs. While US and India markets performed well, Europe remains soft and sluggish, particularly in automotive. Management expects an upward margin trajectory and better second-half performance compared to the first half.

ICICI Lombard General Insurance Company Limited reported robust H1 FY2027 performance, outpacing industry growth in segments like Retail Health and Commercial lines while maintaining strict underwriting discipline, though overall PBT and PAT dipped slightly and industry-wide Motor combined ratios remained heavily stressed.

Tata Technologies delivered solid revenue growth and maintained operating margin despite salary headwinds, but sequential PAT declined and technology solutions revenue fell due to accounting changes.

Karur Vysya Bank delivered strong revenue and profit growth in Q2 FY26-27, with business expansion and robust CASA inflows, while maintaining NIM above guidance; management signals cautious but optimistic outlook for FY26-27 growth of 18-20% and highlights competitive pressure on margins.

IOL Chemicals and Pharmaceuticals Limited reported its business update call focusing on three strategic growth initiatives totalling approximately INR500 crores, including Ibuprofen capacity expansion, entry into the CDMO formulations segment, and a specialty chemical tolling arrangement. Management highlighted disciplined internal accrual funding and long-term customer relationships, while noting that input prices have stabilized and some product prices have softened from pe

Tempsens Instruments (India) Limited reported a strong Q1 FY27 with revenue growing 33% YoY to INR118 crores and export revenues rising 78.3%, while EBITDA margins moderated by 330 bps to 22% due to employee cost investments for future growth and timing of execution.

Metropolis Healthcare reported robust strategic positioning during its Investor and Analyst Meet, highlighting strong volume-led growth across B2C and B2B channels, expansion in tier-2/tier-3 towns, and margin expansion levers driven by specialty testing, genomics, and network productivity.

Euro Pratik Sales Limited announced the acquisition of a 56% stake in Fabwood Solutions LLP for up to INR42.7 crore to expand into timber and value-added wood products, while management guided for a 35% to 40% top-line growth rate for FY27.

PB Fintech held an analyst and investor call addressing the draft regulatory proposals by the insurance regulator concerning commissions and distribution economics. Management stated that while life insurance NPV remains largely unaffected, general insurance (particularly retail health) faces a serious top-line compression of one-third to 40%. The company plans to absorb details, evaluate cost rationalization levers, and explore manufacturing and service monetization options.

Novartis India Limited is undergoing a complete commercial reset following its acquisition by ChrysCapital. The management aims to transition the company from a flattish revenue trajectory to a high-growth platform by building an internal field force of ~900 representatives, expanding distribution to 25 C&Fs and 4,000-5,000 distributors, executing strategic M&As (such as Minipress XL and ophthalmology in-licensing), and focusing on six core therapy areas.

Indo Borax reported strong Q1 FY27 results with 31% operating revenue growth and a 59% jump in net profit, supported by robust execution and improved realizations. Management remains focused on operational efficiency, capacity utilization, and executing the acquisition of a majority stake in Kronox Lab Sciences.

Indigo Paints delivered a strong Q1 FY27 with 18.7% standalone revenue growth and a 42% jump in EBITDA, outperforming the broader paint sector despite initial raw material supply disruptions triggered by the Iran conflict.