Concall Intelligence

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.

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.

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.

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.

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.

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.

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.

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.

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

Monolithisch India Limited reported strategic progress centered on backward integration through the Nawada quartzite mine acquisition, which is expected to reduce raw material procurement costs by INR1,200 to INR1,400 per metric ton and lower inventory levels. Additionally, the company announced two new greenfield facilities in Western India (Udaipur) and Southern India (Hospet) with a combined capacity of 300,000 metric tons per annum and a total capex of INR45 crores, targe

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

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.

DLF Limited reported a mixed financial performance for Q2FY27 with revenue contracting YoY while PAT and operating cash flows remained robust, supported by strong collections and high occupancies across its annuity portfolio.

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.

Bajaj Housing Finance Limited reported strong financial and operational performance for Q2 FY27, marked by a 25% YoY increase in Assets Under Management to ₹ 1,58,205 crore, a 18% YoY growth in Profit After Tax to ₹ 757 crore, and stable asset quality with GNPA at 0.29%.

L&T Finance Limited (LTF) delivered strong financial performance for Q2FY27, characterized by 28% YoY book growth to Rs. 1,36,635 Cr, a 33% YoY increase in PAT to Rs. 975 Cr, and an expanding RoE of 13.56%. The company continues to advance its Lakshya 2031 strategy, anchored heavily by proprietary AI and deep tech platforms like Cyclops and Nostradamus, while maintaining robust asset quality and stable liability costs.

HCLTech delivered solid top‑line growth and margin expansion, driven by strong Advanced AI services and record bookings, while software revenue declined and margin guidance remains cautious.

Asset Reconstruction Company (India) Limited (Arcil) reported strong performance for Q1 FY27, driven by a 151% YoY surge in total recoveries and a 107% YoY increase in standalone PAT to INR143 crores, despite light seasonal acquisitions. Management highlighted that performance should be evaluated over longer periods due to the chunky nature of corporate recoveries and seasonal acquisitions.

Solar Industries India Limited announced a transformational definitive agreement to acquire South Africa-based Omnia Holdings Limited through its wholly-owned step-down subsidiary, Solar Overseas Investments Proprietary Limited. Management outlined strong strategic rationale focusing on value-chain integration, expansion in the SADC region, and synergies across mining and agriculture segments, while emphasizing comfort with leverage limits below 2x EBITDA by FY28.

Cochin Shipyard reported stable performance for Q1 FY27 with a turnover of INR 1,094.21 crores, PBT of INR 202.49 crores, and PAT of INR 151.45 crores. Management maintains a positive long-term growth outlook supported by a robust order book of INR 22,000 crores, expansion into ship repair and hybrid shipbuilding facilities, and strategic international partnerships despite execution dependencies and working capital pressures.