Concall Intelligence

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.

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.

Redington reported strong financial performance for Q2 FY27 with record revenue and PAT, driven by robust growth in the SISA region and technology verticals such as TSG, though challenged by impairments in the Turkish subsidiary Arena.

Dr. Lal PathLabs delivered a robust performance in Q2 FY27 with revenue growing 19.6% year-on-year to Rs. 874 Cr and PAT increasing 27.5% year-on-year to Rs. 194 Cr, supported by solid volume growth, operating leverage, and cost efficiencies.

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.

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.

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.

R R Kabel reported strong H1 FY27 consolidated revenue growth of 53% YoY and PAT growth of 87% YoY, driven by strong performance in wires and cables, though Q2 saw some moderation with QoQ PAT decline and a marginal downward revision in full-year volume guidance to 14-15%.

Greaves Cotton Limited reported robust top-line growth across consolidated and core operations for Q2 FY27, driven by strong momentum in Energy Solutions, Mobility Solutions, and Greaves Electric Mobility. However, consolidated profitability remained constrained by rising input costs and commodity inflation, alongside accelerated amortization and one-off exceptional items.

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.

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.

Best Agrolife reported a significant improvement in profitability metrics (EBITDA and PAT) for Q2 and H1 FY2027 despite a year-on-year decline in revenue, driven by strategic portfolio shifts toward patented molecules, better gross margin discipline, and lower operating expenses amidst a challenging Kharif season affected by uneven monsoon patterns.

TVS Motor Company delivered its highest-ever quarterly sales volume, revenue, and profits for Q2 FY27, backed by robust growth across domestic and international markets, strong EV adoption, and improved operating margins. Management announced the demerger of its consumer-finance and related business undertaking into a separate listed entity to unlock shareholder value. The outlook remains positive with expectations of single-digit industry growth and continued outperformance

Go Fashion reported a weak Q2 FY27 with a 2.9% YoY revenue decline and a 58.9% YoY PAT decline, impacted by a late festive calendar shift from September to October and raw material inflation. However, management remains focused on transitioning to larger format stores, refreshing the product portfolio, and driving positive same-store sales growth for the full year.

Allied Blenders and Distillers Limited delivered a stable Q2 FY27 performance with revenue growth of 110.7% YoY and quarterly volumes crossing 10 million cases for the first time. However, profitability continues to be impacted by global supply chain disruptions and input inflation, though structural margin improvements are expected via extensive backward integration capex.

REC Limited reported stable performance for Q2 and H1 FY27 with a loan book reaching an all-time high of INR 6.17 lakh crores and net credit-impaired assets improving to 0.11%. Management guided for a double-digit loan book growth of 10% to 12% for the full year, backed by strong undisbursed sanctioned commitments and robust power sector demand, despite facing ongoing margin compression due to competitive pressures.

Waaree Energies reported robust H1 FY27 performance with a 47.3% YoY revenue increase, strong cash generation, and an expanding retail and US manufacturing footprint, though consolidated PAT was relatively flat YoY. Management reaffirmed its full-year EBITDA guidance.

Varun Beverages Limited reported solid Q3 CY2026 performance driven by robust volume growth across India and international markets, despite headwinds from geopolitical disruptions pushing up packaging material costs.

Vimta Labs reported moderate YoY revenue growth of approximately 10% and stable sequential revenue performance in Q2 FY27, impacted by external headwinds such as longer customer decision cycles in pharma R&D and lower export-import sample flows in food testing, while maintaining strong EBITDA margins above 35% and remaining net debt-free.

ESAF Small Finance Bank reported strong Q2 FY27 performance with PAT doubling sequentially to Rs. 160.2 crores, supported by lower credit costs, a clean legacy NPA book following substantial write-offs, and improved operating efficiency. The bank successfully went live with its StratoNeXt digital transformation program and is steering growth toward secured loans (MARG) and Emerging Household portfolios while scaling down unsecured microfinance.

Monte Carlo Fashions Limited reported a moderate revenue growth of 5.5% YoY to INR 2,624.0 Mn in Q2 FY27, while operating profitability was severely impacted with EBITDA declining 31.7% YoY to INR 283.5 Mn and PAT dropping 92.8% YoY to INR 11.7 Mn. The performance was weighed down by a later festive season that shifted consumer demand and winter sell-through into Q3, alongside higher material and employee costs. Management maintains a focused outlook on execution, sell-throug

Deepak Nitrite delivered its best-ever operational and financial performance in its 5-decade history during Q2 FY27, driven primarily by strong domestic demand, high manufacturing throughput, and favorable product spreads in the Phenolics segment, while Advanced Intermediates faced temporary import pressures that are expected to normalize.

LT Foods reported solid H1 FY27 performance with revenue growing 22% YoY to INR 6,414 crores and PAT rising 9% YoY to INR 364 crores, driven by strong performance in the core basmati and specialty rice segment. However, margins faced pressure due to higher freight costs and elevated brand investments, while the Middle East region experienced supply chain disruptions.

The investment thesis remains intact as the company delivered strong top-line recovery and profitability turnaround in Q2 FY27, backed by robust order book execution and advanced technology development in combat and hybrid UAVs. However, persistent global supply chain constraints and customer delivery approval delays remain monitorable.

The diversified financial services model continues to deliver strong growth across segments. AUM, loan books, and order flows are scaling nicely alongside strategic capital infusions like the Rs 9,000 Mn investment from NH Investment & Securities into Choice Equity Broking.

Indegene reported steady growth in Q2 FY27 with revenue at INR 11,223 million (up 39.6% YoY, 5.6% QoQ) and PAT at INR 1,123 million (up 10.1% YoY, down 3.4% QoQ). Management remains confident in H2 acceleration, driven by strong deal wins and margin expansion towards the 19%+ exit rate in Q4, despite short-term headwinds from annual wage hikes and mutual fund yield compression.

Sasken Technologies reported robust revenue and margin improvements in Q2 FY27 alongside strong order bookings of USD 47 million, though the product solutions segment faced volume pressures from component constraints.

Capri Global Capital Limited reported a strong financial quarter for Q2 FY27, marked by a 77% year-on-year surge in PAT to Rs. 418 crores and consolidated AUM growth of 62% year-on-year to Rs. 43,878 crores. While profitability and operating leverage improved significantly, the quarter witnessed a spike in gold loan Stage-2 and Stage-3 assets driven by technical delinquencies from newly introduced shorter-tenure repayment structures, which management has since discontinued.

HLE Glascoat Limited reported mixed financial results for Q2 FY27 with a consolidated revenue of Rs. 346.7 crores (-1.2% YoY, +15.3% QoQ) and PAT of Rs. 16.0 crores (+14.8% YoY, +680% QoQ). While operational results showed sequential improvement and the consolidated order book reached an all-time high of Rs. 1,087.3 crores, profitability remains constrained by working-capital pressures and execution priorities.

DCM Shriram Limited reported a mixed Q2 FY27 performance characterized by solid revenue growth of 26.9% YoY to Rs 4,150.8 crores, but a 33.5% YoY decline in PAT to Rs 105.7 crores due to higher input costs in chemicals and severe weather impacts on agri-inputs.

Route Mobile reported Q2 FY27 revenue of Rs. 1,179.7 Cr and PAT of Rs. 82.5 Cr with an OPM of 9.8%. Gross margin recovered sequentially to 22.4% from 20.9% in Q1 driven by higher-margin traffic and new products, while the Heltar acquisition successfully added AI-native customer engagement capabilities.

PVR INOX delivered a record-breaking second quarter in FY27, driven by robust box office collections across Hollywood, Hindi, and regional cinema, resulting in strong operating leverage, a return to net cash, and a newly minted capital allocation policy.

Prataap Snacks Limited reported record quarterly revenues exceeding INR 500 Cr for the first time, driven by strong growth in Namkeen and Potato Chips and channel diversification. However, severe input cost inflation in palm oil and potatoes severely impacted margins, resulting in a net loss for the quarter.

Restaurant Brands Asia reported a strong Q2 FY27 with consolidated revenue growth of 20.2% YoY to 844.9Cr and restaurant EBITDA up 73% to 91.8Cr, driven by strong traffic momentum in India and early signs of turnaround in Indonesia.

Sambhv Steel Tubes Limited reported robust Q2 FY27 performance with revenue of INR836 crores and PAT of INR61 crores, driven by value-added volume growth, despite some sequential normalization in stainless steel EBITDA margins due to QCO relaxation and Chinese dumping.

Lumax Industries Limited delivered a strong operational performance in Q2 FY27 with revenue reaching INR 1,342 crore, up 33% year-on-year, driven by new launches, increasing LED penetration, and volume growth. However, margins remain pressured due to geopolitical conflicts in West Asia, high crude-linked polymer prices, and elevated electronic component costs. Management revised the full-year revenue growth guidance upward to 25%+ while maintaining its target of double-digit

Ambuja Cements reported a resilient Q2 FY27 performance with revenue of INR9,197 crore and operating EBITDA of INR1,271 crore despite challenging operating conditions, elevated energy costs, and monsoon-related headwinds. Management highlighted steady progress on strategic priorities including product mix enrichment, premiumisation, cost reduction through higher green power share and domestic coal usage, and a major 30 million ton capacity expansion plan.

S H Kelkar and Company reported a 14.8% YoY revenue increase and a 61.8% YoY PAT increase for Q2 FY27, backed by strong momentum in the Flavours segment and international markets, though working capital pressure increased due to higher inventory holding.

Equitas Small Finance Bank reported strong financial performance for Q2FY27, driven by robust advance and deposit growth crossing the Rs. 50,000 crore milestone each, and significant profitability expansion aided by lower credit costs, leading to an upward revision in the FY27 ROA guidance.

ACC reported a challenging second quarter for FY27 with revenue of 5,689 Crore and PAT of 93 Crore, impacted by elevated energy, logistics, and geopolitical headwinds. Management remains optimistic about volume recovery and structural cost efficiencies in the second half, backed by ongoing capacity expansions and the proposed corporate mergers.

Ambuja Cements delivered a resilient Q2 FY27 with revenue of Rs. 9,197 crores, PAT of Rs. 236 crores, and an OPM of 13.8%, amidst elevated fuel and logistics costs, geopolitical headwinds, and a leaner monsoon quarter. Management remains focused on value-led growth, premiumization, structural cost optimization, and a robust multi-cluster expansion program to drive future profitability.

Digitide Solutions Limited reported a mixed Q2FY27 performance characterized by a slight revenue contraction of 0.6% YoY and 2.0% QoQ to Rs 759.6 Cr due to deliberate repricing and exit of low-margin contracts. However, profitability showed marked sequential improvement with EBITDA expanding 45 bps QoQ to 10.4% and PAT surging more than 2x QoQ to Rs 8.9 Cr. Management remains focused on high-margin Tech & Digital segments, AI adoption, and international expansion.

Kuantum Papers delivered muted financial performance in Q2 FY27 due to planned shutdown of paper machine 3 and a seasonally lean demand period, but management remains optimistic about a demand recovery, better realizations, and margin expansion in H2 FY27.

Yasho Industries reported robust year-on-year revenue and PAT growth for Q2 and H1 FY27, driven by higher volume offtake and industrial chemical demand, though quarterly margins contracted due to sharp logistics and energy cost spikes.

Quick Heal Technologies reported a consolidated revenue of INR 64.9 crore for Q2 FY27, declining 22.3% YoY but growing 44.3% QoQ, driven by recovery across both enterprise and consumer segments. PAT stood at INR 5.8 crore, showing improvement from a loss in Q1, backed by strict cost and credit controls, though long-term growth and historical financials remain under pressure due to headwinds in consumer antivirus.

Control Print Limited reported solid consolidated operating revenue of Rs 144.2 crores and PAT of Rs 13.1 crores for Q2 FY27. While the core coding and marking business remains steady and profitable, international subsidiaries and technology investments such as V-Shapes continue to incur losses, though management highlights that losses are trending downward via structural and cost-optimization measures.

NIIT Limited reported Q2 FY27 revenue of INR98.2 crore, down 6.4% YoY due to a severe, unexpected consumption compression from Global System Integrators (GSIs). However, strong cost optimization drove an improved EBITDA of INR2.7 crore (1.3% margin) compared to negative INR1.4 crore in Q1 FY27, though net loss widened to INR2.2 crore. Management expects muted GSI volumes for the next two quarters but remains optimistic about structural AI adoption and the BFSI/Enterprise BIPS

Shadowfax Technologies Limited reported strong Q2 FY27 results with revenue crossing INR1,500 crores for the first time, reaching INR1,538 crores (up 56.6% YoY and 13.2% QoQ) along with an all-time high adjusted EBITDA margin of 5.0% (6.8% OPM as per prompt metadata) and PAT of INR68.0 crores. Growth was driven by robust expansion in Express Parcel and Hyperlocal segments, significant capacity additions ahead of the festive season, and scaling of value-added services like Pri

Steamhouse India reported a strong year-on-year growth in volumes, EBITDA, and PAT for Q2 and H1 FY27, despite seasonal monsoon challenges and a temporary plant shutdown. Management remains confident of meeting its full-year volume growth target of 25% and scaling up high-margin waste-to-steam facilities.