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.

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.

Havells India Limited reported strong revenue growth of 34.6% YoY to Rs 6,417 crores for Q2 FY27, driven by robust performance across segments including a 47.9% jump in Cables and a 147.8% surge in Renewables. However, profitability was tempered by commodity volatility in aluminium impacting cable contribution margins and continued losses in the Lloyd Consumer segment.

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.

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.

CIE Automotive India Limited reported solid consolidated financial performance for Q3 CY2026, driven by robust sales growth in India and significant margin recovery in Europe despite a stagnant regional market. Consolidated revenue reached INR 26,331.8 million with a PAT of INR 2,436.9 million, supported by 11.0% YoY revenue growth and 13.9% YoY PAT growth. However, management highlighted ongoing margin pressures in the Indian business due to raw material, energy, and consuma

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.

DLF Limited reported strong operating momentum in Q2 FY27 driven by robust new sales bookings of INR 3,800 crores, complete sellout of the Aureva luxury retirement housing launch, and a net cash position of INR 15,100 crores despite a large dividend payout. However, reported accounting revenue dropped 23.3% YoY due to the completed contract method of accounting, and construction outflows face temporary seasonal and GRAP-related risks.

KEI Industries reported robust year-on-year revenue growth of 38.52% in Q2 FY27, driven by broad-based domestic Wires & Cables demand and improved operational efficiency, though export sales and operating margins saw mixed trends.

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.

Tejas Networks reported Q2 FY27 revenue of INR405.7 crores with a net loss of INR206.9 crores, reflecting continued scale-up and execution on the BSNL 4G expansion order while grappling with elevated debt and working capital requirements.

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.

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.

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.

Vishal Mega Mart Limited reported Q2FY27 revenue of Rs 3,398.5 crore, up 14.0% YoY, while PAT stood at Rs 157.9 crore, up 3.7% YoY. Results were adversely affected by an 18-day festive calendar shift from Q2 into Q3, creating operating deleverage that compressed margins temporarily.

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.

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.

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.