Concall Intelligence

Nippon Life India Asset Management Limited reported healthy year-on-year growth in operating metrics and AUM for Q2 FY27, though profitability faced sequential and annual pressure.

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.

Himadri Speciality Chemical Limited delivered robust consolidated revenue growth of 57.93% YoY to Rs. 1691.43 Cr and PAT growth of 31.33% YoY to Rs. 231.32 Cr for Q2 FY27, driven by scaling operations and value-added product expansion. However, significant working capital pressures resulted in negative net operating cash flows for H1 FY27.

Orient Electric delivered strong top-line and operating profit growth in Q2 FY27, driven by robust performance across fans, lighting, and emerging categories like wires and switchgear, though gross margins remained pressured due to persistent commodity inflation.

Sapphire Foods reported strong top-line growth in Q2 FY27 with consolidated revenue up 20% YoY to ₹8,853 Mn, driven by robust performance in KFC India (SSSG 14%) and Pizza Hut India (SSSG 5%). However, profitability remains under pressure from raw material and energy cost inflation, resulting in a net loss of ₹15.1 Mn for the quarter and negative Restaurant EBITDA for Pizza Hut India.

The South Indian Bank reported its highest-ever quarterly net profit of INR426.3 crores for Q2 FY27, driven by strong advances and deposit growth, along with significant asset quality improvements and a lower credit cost.

Welspun Specialty Solutions Limited reported a mixed Q2 FY27 performance characterized by flat YoY total income of INR 2,420 Mn and a sharp contraction in profitability metrics due to soaring raw material costs, freight disruptions, and EU import tariff pressures, though domestic bar sales volume showed resilience.

Rajratan Global Wire Limited delivered a strong Q2 FY27 performance with 26% YoY revenue growth and 17% YoY PAT growth, driven by higher volumes and a significant operational turnaround at the Chennai facility. However, macro headwinds including Middle East shipping disruptions, freight volatility, and intensifying competition exerted near-term pressure on operating margins, which contracted by 125 bps YoY to 12.35%.

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.

Mahindra Lifespace Developers Limited reported mixed financial performance for Q2 FY27 with consolidated revenue of Rs 32.4 Cr and PAT of Rs 16.3 Cr, alongside strong operational pre-sales of Rs 1,063 Cr and healthy business development momentum with Rs 7,100 Cr in H1 GDV additions.

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.

Tata Communications Limited delivered a strong financial performance in Q2FY27 with robust YoY growth in revenue and PAT, supported by improving digital margins, though digital portfolio remains on the path to breakeven.

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.

Kross Limited delivered strong Q2 FY '27 financial results driven by robust M&HCV and trailer segment demand, capacity expansion, and improving wallet share, though margins faced pressure from rising commodity and consumable costs.

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.

The investment thesis of low-cost, integrated rebar production in Uttar Pradesh faces near-term margin pressure. While revenue grew 13% YoY, sequential compression in EBITDA per tonne and net profit highlights vulnerability to commodity spreads and cost inflation, despite captive power and distribution strengths.

Tech Mahindra delivered strong revenue and profit growth, highlighted AI and vertical wins, and expressed confidence in sustaining momentum into the December quarter.

The Indian Hotels Company Limited reported strong financial results for Q2 FY27 with 21.7% YoY revenue growth and 19.4% YoY PAT growth, driven by robust domestic hospitality demand, scaling selective service brands, and asset management initiatives.

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.

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.

The investment thesis remains intact as operating performance is strong with stable EBITDA margins near 35%, significant operating cash flow growth, and low net debt to equity of 0.12x. The 6 GW expansion remains on track for commissioning by December 2026 for modules and March 2027 for cells.

Anand Rathi Share and Stock Brokers Limited delivered a robust financial performance in Q2 FY27, reporting strong year-on-year growth in revenue and PAT supported by expansion in the Margin Trading Facility (MTF) and distribution businesses, despite a turbulent secondary market.

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.

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.

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.

Bajaj Consumer Care delivered a resilient performance in Q2 FY27 amid raw material volatility, reporting double-digit unit volume growth in its core Almond Drops franchise and maintaining strong EBITDA and PAT margins through fixed cost efficiencies.

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.

Sobha Limited reported a robust performance in real estate sales for H1 FY27, reaching a new high of Rs. 58.62 Bn, supported by strong luxury demand and positive net debt position, though profitability contracted slightly due to higher operational, sales and marketing, and land investments.

The operating thesis remains intact driven by solid sequential constant currency growth, large deal TCV wins exceeding USD 200 million (with AI-led deals over 50%), and expansion in EBIT margins to 16.3%, achieving mid-16% aspirations ahead of schedule.

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.

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.

GTPL delivered strong top‑line growth driven by subscriber additions and the ACT acquisition, but profitability remained weak with a negative PAT and a decline in operating EBITDA margin, highlighting the need for integration synergies and margin recovery.

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.

Central Bank of India delivered strong financial performance in Q2 FY2026-27, highlighted by a 21.10% YoY increase in net profit to Rs 1469 Cr and robust advances growth of 29.83%. Asset quality metrics improved further with Gross NPA declining to 2.39% and Net NPA dropping to 0.31%, supported by a high Provision Coverage Ratio of 97.16%. However, CASA ratio contracted to 44.65% and the cost-to-income ratio remained elevated at 58.95% against the full-year target of under 56%

CEAT Limited reported a revenue of Rs. 4,762.0 Cr for Q2 FY27, up 26.2% YoY and 10.3% QoQ, driven by healthy volume and realization growth supported by price hikes. However, PAT declined 39.7% YoY to Rs. 112.0 Cr due to a contraction in gross margins from raw material basket cost pressures, though net profit recovered sequentially by 2700.0% from a low base in Q1 FY27.

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.