Concall Intelligence

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.

Indian Bank reported a strong set of results for Q2 FY27 with net profit growing 14.71% YoY to Rs.3,462 crore (aided by NSE listing gains), healthy advances growth of 16.39%, and improving asset quality metrics with GNPA at 1.61%. Management has revised its deposit and advances growth guidance upwards for the full year while acknowledging potential headwinds from regulatory changes, potential HTM valuation shocks, and credit cost normalisation under ECL models.

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.

The core mutual fund QAAUM grew 4% YoY and equity QAAUM expanded 9% YoY, supported by steady SIP additions. However, PAT declined YoY due to lower other income and higher employee expenses, while alternate assets scaled via mandates.

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.

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.

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.

Bajaj Finance Limited reported a strong performance for Q2 FY27 with a 26% YoY growth in AUM to ₹584,624 crore, supported by healthy profitability, improved asset quality metrics, and aggressive FINAI transformation initiatives, alongside a board-approved capital raising plan.

The operational momentum remains resilient, driven by record real estate sales and strong cash flow inflows totaling ₹40.09 Bn in H1 FY27. Despite a slight dip in reported P&L revenues, execution pace is supported by net-cash positioning and robust inventory visibility, validating the backward-integrated execution model.

Sri Lotus delivered strong revenue and profit growth in Q2 FY27, with robust pre‑sales and expanding margins, while management signals confidence in H2 launches and FY27 targets, albeit with execution and pricing risks.

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.

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.

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.

Kross Limited delivered strong financial performance in Q2 and H1 FY27, backed by robust M&HCV and trailer segment demand, capacity expansions, and successful commercial production of its extruded axle beams.

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.

The provided document is only an advance intimation notice and schedule for the Q2 FY 2026-27 earnings conference call, rather than the actual earnings call transcript containing financial results or management commentary.

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.

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.

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.

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.

Apeejay Surrendra Park Hotels Limited reported solid Q1 FY2027 performance with consolidated revenue up 10% YoY to Rs. 172 crores and EBITDA up 8% YoY to Rs. 52 crores, despite macroeconomic headwinds, West Asia disruptions, and subdued air traffic. Leadership in occupancy (92%) and upper upscale RevPAR was retained, while Flurys expanded to 111 outlets. Profit after tax declined 14% YoY to Rs. 12 crores due to higher finance costs for expansion and a deferred tax provision a

Xtglobal Infotech reported steady operating performance for Q1 FY27 with modest revenue growth offset by a shift from onsite to offshore delivery, leading to margin expansion.

Management addressed investor queries following the Delhi High Court order directing a forensic audit related to historical promoter share dissipation and IHH's acquisition, maintaining that operations remain insulated and strategic growth plans are unaffected.

Horizon Industrial Parks Limited reported a strong Q1 FY27 operating performance with 23% YoY revenue growth to INR200 crores and an EBITDA margin of 80%, supported by successful IPO primary capital raising of INR4,250 crores used for deleveraging.

Gaja Alternative Asset Management Limited reported a steady performance for Q1 FY27 with total income growing 26% YoY to INR51.8 crores and PAT growing 35% YoY to INR27.2 crores, supported by strong institutional interest following its successful IPO.

Skyways Air Services Limited reported a strong first earnings call for Q1 FY27, showcasing stellar revenue and operating EBITDA growth driven by robust air and ocean cargo volumes, alongside successful navigation of geopolitical crises like the West Asia conflict. However, yield improvements are largely tied to dynamic fuel index increases which act as a complete pass-through, and certain legal overhangs remain sub judice.