Concall Intelligence

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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%

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.

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.

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.

Shankesh Jewellers Limited reported its maiden Q1 FY27 earnings post listing, highlighting strong top-line and margin expansion driven by product mix and festive demand, though the steep margin trajectory and heavy reliance on short-term working capital require close monitoring.

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.

ESDS Software Solution reported steady Q1 FY27 results with revenue of INR 133.66 crores up 7.28% YoY and PAT of INR 29.28 crores up 14% YoY, while experiencing a sequential revenue dip due to prior quarter design services. Management highlighted strategic progress in AI cloud infrastructure and significant international GPU demand backed by substantial customer advances, though execution and delivery schedules remain sensitive to global hardware supply constraints.

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.

Vodafone Idea delivered a positive Q1 FY27 with revenue up 6.0% YoY to Rs. 11,689 Crore and Cash EBITDA up 13.5% YoY to Rs. 2,475 Crore, alongside the company's first quarter of positive net subscriber additions since its merger. Management maintains its 3-year Rs. 45,000 Crore capex plan and 3x cash EBITDA ambitions, backed by Rs. 6,400 Crore of initial funding mobilization, though supply chain headwinds slightly dented quarterly capex deployment.

SRG Housing Finance held an emergency business update call to refute a damaging newspaper report regarding alleged promoter siphoning and fictitious accounts, confirming that an ongoing annual NHB supervisory audit triggered a Red Flag Account (RFA) classification which management expects to be removed shortly.

RACL Geartech reported robust Q1 FY27 financial performance with consolidated revenue growing 22% YoY to Rs. 132.6 crores and EBITDA expanding 18% YoY to Rs. 32.2 crores, backed by strong execution in domestic markets and resilience in European exports, particularly KTM.

Prasol Chemicals reported an exceptional Q1 FY27 driven by strong underlying demand, higher realizations from lower-cost inventory in a rising price environment due to geopolitical supply-chain disruptions, and improved plant utilization, particularly at the Mahad facility which has turned EBITDA and PBT positive.

UCO Bank posted robust growth in advances and deposits, improved asset quality and stayed within most guidance, but faces margin pressure from hardened yields and a slight dip in CASA ratio.

Canara Robeco Asset Management Company (CRAMC) reported strong Q2 and H1 FY27 financial performance with double-digit YoY growth in revenue and PAT, despite significant market volatility and foreign portfolio outflows. Management highlighted the resilience of domestic investor participation and steady SIP flows as key industry drivers. The company plans to expand its product offerings with new NFOs and evaluate new business lines like passives, SIF, AIF, and GIFT City, while

TCS sustained growth momentum in Q2FY27, reporting 1.3% sequential revenue growth (0.5% in constant currency) and 11.2% YoY revenue growth (2.8% in constant currency). Operating margins remained stable at 24%. The company's order book was healthy at US$9.6 billion, and annualized AI revenue crossed US$3.1 billion, representing over 10% of total revenue. While management expressed confidence in medium-term growth driven by a strong pipeline and increasing AI adoption, they ack

Canara Bank delivered a strong Q2 FY27, significantly surpassing most of its annual guidance targets across business growth, advances, deposits, asset quality, and profitability. While treasury operations faced headwinds, robust Net Interest Income growth compensated for the losses. Management remains optimistic about sustaining performance and managing the anticipated one-time ECL provisioning impact over the next few years.

ICICI Prudential AMC reported a mixed quarter with strong AUM growth and operating profit, but PAT saw a QoQ degrowth primarily due to mark-to-market adjustments in other income. While the company maintained its market position and saw good traction in alternates and SIFs, systematic transaction flows moderated, and redemptions were slightly higher, particularly in hybrid schemes. Management remains focused on long-term growth, product diversification, and scaling existing al

The Federal Bank Limited reported strong financial performance for Q1 FY27, driven by a 36.6% YoY growth in net profit to INR 1,177 Cr, improving NIM at 3.33%, and decadal-best asset quality metrics including a Net NPA of 0.18%. Management continues to execute Project Breakthrough 4.0 with robust granular deposit mobilisation (85% granular funding share) and strong institutional backing from IFC and Blackstone.

Axis Bank delivered robust Q2FY27 performance with advances up 23% YoY and deposits up 21% YoY, while net profit grew 38% YoY to ₹7,003 crores supported by healthy net interest income growth and improving asset quality metrics.

ICICI Bank delivered robust performance in Q2-2027 with a 20.1% y-o-y increase in profit after tax to ₹ 148.43 bn, supported by strong loan growth across business banking and domestic corporate portfolios, further improvements in asset quality ratios, and healthy capital adequacy.

Urban Company reported strong growth across its core businesses, with consolidated NTV up 39.1% YoY and revenue up 41.4% YoY. The core businesses (India Consumer Services, International, Native) are showing significant operating leverage and margin expansion, leading to a positive adjusted EBITDA of ₹30 crores excluding InstaHelp. However, consolidated results reflect a substantial ₹174 crore investment in InstaHelp, which remains a strategic focus for long-term market leader

Onward Technologies reported a strong performance for Q2 FY27 with revenue reaching 170.2Cr (up 22.4% YoY) and PAT at 16.8Cr (up 39.8% YoY), supported by operating leverage, improved utilization, and higher-value digital engineering contracts.

Can Fin Homes experienced a significant impact on Q2 FY27 disbursements due to its IT transformation project, Project Tejas, which is now fully live. Despite this, management maintains its full-year disbursement and AUM growth guidance, confident in a strong H2 recovery driven by increased sales team strength, new branches, and robust underlying demand. The company also aims to protect its NIM and spread by strategically passing on interest rate hikes.

Crompton delivered a strong Q2 FY27 performance with consolidated revenue growing 18.2% YoY to Rs 2,263.3 Cr and PAT surging 64.9% YoY to Rs 124.4 Cr. Growth was broad-based across all segments, supported by double-digit growth in ECD, robust performance in Lighting, and continued momentum in Butterfly. However, management highlighted ongoing input cost pressures from commodity inflation and an increase in net working capital due to inventory buildup.

Punjab National Bank reported solid performance for Q2 FY27 with global business expanding 11.9% YoY to 31,18,434 Crore and net profit reaching 5,532 Crore, up 12.8% YoY. Asset quality metrics improved further with Gross NPA dropping to 2.55% and provision coverage ratio rising to 97.32%. While credit growth exceeded the upper bound of annual guidance, CASA share and operating profit growth lagged initial targets.