Concall Intelligence

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.

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).

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.

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.

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.

Sejal Glass reported strong year-on-year revenue and profit growth for Q2 FY27, driven by higher capacity utilisation, integration of acquired Glasstech plants, and robust performance from its UAE subsidiary. Management remains optimistic about achieving 25% to 40% revenue growth in FY27, supported by scaling operations and new specialty product launches.

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.

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%

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.

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.

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

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.

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.

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.

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

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.

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%.

The South Indian Bank Limited delivered a robust financial performance for Q2 FY27, characterized by healthy year-on-year growth in gross advances and net interest income, alongside continued asset quality improvements and strong capital adequacy.

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.

Anand Rathi Wealth delivered a strong Q2 and H1 FY27, reporting consistent year-on-year growth in PAT and revenue, despite a challenging market environment. The company achieved record net flows and client acquisitions, maintaining low attrition rates. Management expressed optimism about future growth, reaffirming full-year guidance for revenue and PAT, and outlined strategic initiatives including the upcoming mutual fund license application and operationalization of GIFT Cit

HDFC Life delivered a resilient performance for H1 FY27, reporting steady growth in APE, Value of New Business (VNB), and Profit After Tax, supported by strong retail protection growth and a well-diversified distribution and product mix.

Kanohar Electricals reported a strong operational and financial performance for Q1 FY27, driven by robust volume growth in 400 kV power transformers and specialized railway transformers, backed by healthy order inflows and stable margin profiles supported by price variation clauses.

Ganesh Benzoplast Limited has agreed to divest its liquid tank farm (LST) businesses at JNPA, Goa, and Cochin along with the JNPA-linked rail business for an aggregate valuation of INR 1,154 crores to KKR. The management plans to pivot into a chemical and EPC-focused pure play, returning approximately INR 200 crores from the first tranche to public shareholders via a special dividend and buyback while reinvesting the balance into expanding the chemical segment and scaling the

Bansal Wire Industries Limited reported a strong financial year for FY2025-26 with consolidated revenue growing 19% to Rs 4,160 crore, EBITDA up 17% to Rs 324 crore, and PAT rising 10% to Rs 161 crore, backed by record volumes of 4,58,000 tonnes. Management remains optimistic about sustainable growth driven by capacity expansion at Dadri, scaling of high-margin specialty and B2C segments, and improved cash generation.

VA Tech Wabag reported record FY 2025-26 performance with revenue of INR 3,944 Crores, EBITDA of INR 524 Crores, and PAT of INR 371 Crores, supported by a robust order book exceeding INR 17,200 Crores and a net cash positive position for the sixth consecutive year.

Steamhouse India Limited delivered robust operational performance for Q1 FY27, driven by strong growth in steam volumes and operating leverage, while completing its strategic exit from low-margin coal trading effective April 1, 2026.

Schaeffler India Limited's management highlighted robust domestic demand supported by GST 2.0 and government infrastructure spend, while maintaining a cautious approach to pure export strategies and emerging EV profitability due to low initial adoption rates.

LIC Housing Finance Limited reported record performance in FY 2025-26 with a loan book of Rs 320,707 crore and PAT of Rs 5,595 crore, driven by synergy across operations, cost management, and declining cost of funds. Management guided towards sustainable double-digit growth and margin protection via product diversification into LAP and LRD, while acknowledging legacy asset quality challenges and intense competition from banks.