<text color=”secondary” size=”sm”>OneTrader | Friday, November 13, 2026 | Q2 FY27 Earnings Report</text>
Indian companies delivered another major set of September-quarter earnings on Friday, November 13, with automobile, financial services, power equipment, infrastructure, pharmaceuticals and consumer businesses reporting their Q2 FY27 performance.
Eicher Motors reported double-digit growth in revenue and profit, supported by higher Royal Enfield sales. Manappuram Finance recorded a substantial increase in earnings alongside strong growth in assets under management, while TD Power Systems and UFlex delivered significant improvements in profitability.
Tata Motors Passenger Vehicles reported a consolidated net loss despite higher revenue and improved operating margins. Grasim Industries also moved into a quarterly loss, while IRCTC and Ola Electric faced pressure on their earnings. The results highlighted contrasting business conditions across some of India’s largest listed companies.
In Simple Words
Friday’s earnings were mixed, with Eicher Motors, Manappuram Finance, TD Power Systems and UFlex reporting strong profit growth. Tata Motors Passenger Vehicles and Grasim remained loss-making, while IRCTC and Ola Electric faced earnings pressure. Revenue growth was strong in several businesses, but profitability varied considerably.
Tata Motors Passenger Vehicles Q2 Results: Net Loss Reaches ₹5,531 Crore Despite Revenue Growth
Tata Motors Passenger Vehicles reported consolidated revenue of ₹96,920 crore for Q2 FY27, increasing 33.96% year-on-year. However, the company recorded a consolidated net loss of ₹5,531 crore.
Operating performance showed improvement, with EBITDA margin expanding to 6.2%, an increase of 630 basis points. EBIT margin improved to 1.1%, up 790 basis points.
Jaguar Land Rover generated revenue of £5.9 billion, increasing 20.3%. However, exceptional items of £530 million affected the quarter. JLR also reduced its FY27 EBIT margin guidance to 2% to 3%, citing adverse product mix and commodity costs. Management said the business remained operating-profit positive during both Q2 and the first half of FY27.
| Financial metric | Q2 FY27 |
|---|---|
| Consolidated revenue | ₹96,920 crore |
| Revenue growth | +33.96% |
| Consolidated net loss | ₹5,531 crore |
| EBITDA margin | 6.2% |
| EBIT margin | 1.1% |
| JLR revenue | £5.9 billion |
| JLR revenue growth | +20.3% |
The results show a meaningful improvement in operating margins, but exceptional costs and the revised JLR outlook remain important considerations for the company’s financial performance.
Eicher Motors Q2 Results: Net Profit Rises 14.9%, Royal Enfield Sales Reach 3.77 Lakh Units
Eicher Motors reported consolidated net profit of ₹1,573.37 crore for Q2 FY27, increasing 14.9% from ₹1,369.45 crore in the corresponding quarter last year. Revenue increased 20.3% to ₹7,421.72 crore.
Royal Enfield sold approximately 3.77 lakh motorcycles during the quarter, reflecting continued demand for its motorcycle portfolio. The combination of higher sales and revenue growth supported another profitable quarter for the company.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹7,421.72 crore | ₹6,168 crore |
| Net profit | ₹1,573.37 crore | ₹1,369.45 crore |
Eicher’s results reflected healthy business expansion, supported by motorcycle demand. Investors will continue watching sales volumes, product mix and profitability as the company moves into the next quarter.
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Grasim Industries Q2 Results: Company Reports ₹234 Crore Net Loss
Grasim Industries reported consolidated revenue of ₹50,105 crore for Q2 FY27, increasing 25.58% year-on-year. Despite the strong revenue growth, the company reported a net loss of ₹234.08 crore against a net profit of ₹594.52 crore in Q2 FY26.
The sharp reversal in the bottom line makes this one of the significant earnings announcements of the day. The difference between revenue expansion and reported profitability will be important when assessing the performance of its diversified businesses and the contribution from its subsidiaries.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net profit/loss | Loss ₹234.08 crore | Profit ₹594.52 crore |
Grasim’s results demonstrate that higher consolidated revenue does not necessarily translate into higher net earnings. The composition of income, operating costs and exceptional items deserves particular attention in evaluating the quarter.
Manappuram Finance Q2 Results: Net Profit Jumps to ₹701 Crore, AUM Grows 60%
Manappuram Finance reported net profit of ₹701 crore for Q2 FY27, compared with ₹220 crore in the corresponding quarter last year.
Net interest income increased 39% to ₹1,976 crore, while assets under management expanded 60% to ₹73,303 crore. Total income also recorded 48.2% growth, reflecting substantial expansion in the company’s lending operations.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net profit | ₹701 crore | ₹220 crore |
The company delivered strong growth across its major financial measures. The expansion in AUM and net interest income will be important indicators to monitor alongside asset quality and borrowing costs in subsequent quarters.
TD Power Systems Q2 Results: Net Profit More Than Doubles, Revenue Jumps 86%
TD Power Systems reported net profit of ₹123.7 crore for Q2 FY27, compared with ₹60.2 crore in the corresponding quarter last year. Revenue increased 86.1% to ₹841 crore.
EBITDA more than doubled to ₹173.1 crore from ₹81.9 crore, reflecting a substantial improvement in operating earnings alongside higher business activity.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹841 crore | ₹452 crore |
| Net profit | ₹123.7 crore | ₹60.2 crore |
| EBITDA | ₹173.1 crore | ₹81.9 crore |
TD Power Systems delivered one of the strongest growth performances among Friday’s announcements. Higher revenue and a significant increase in EBITDA indicate a stronger operating quarter.
Godrej Industries Q2 Results: Net Profit Jumps 131% to ₹560 Crore
Godrej Industries reported consolidated net profit of ₹560 crore for Q2 FY27, increasing 131.2% from ₹242 crore in the year-ago quarter.
The company delivered substantial bottom-line growth across its diversified business portfolio. Its performance will be assessed in the context of contributions from its various businesses, including chemicals, consumer-related operations, real estate and financial services.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net profit | ₹560 crore | ₹242 crore |
The sharp increase in consolidated profit makes Godrej Industries one of the notable earnings performers of the day.
Gillette India Q2 Results: Net Profit Rises 10.8%, Revenue Grows 4.4%
Gillette India reported net profit of ₹159 crore for Q2 FY27, increasing 10.76% year-on-year. Revenue increased 4.35% to ₹846 crore.
The company delivered steady earnings growth, although revenue expansion remained relatively modest. Profit increased at a faster pace than sales, indicating an improvement in the relationship between revenue and the bottom line.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹846 crore | ₹810.8 crore |
| Net profit | ₹159 crore | ₹143.6 crore |
Gillette India’s performance reflected relatively stable business conditions, with profit growth exceeding revenue growth during the quarter.
IRCTC Q2 Results: Net Profit Falls 22.9% Despite Revenue Growth
Indian Railway Catering and Tourism Corporation reported revenue of ₹1,333 crore for Q2 FY27, increasing 16.3% year-on-year. However, net profit declined 22.9% to ₹264 crore.
EBITDA remained broadly flat at approximately ₹408 crore, while the operating margin contracted to 30.6% from 35.3% in the corresponding quarter last year.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,333 crore | ₹1,147 crore |
| EBITDA | Approximately ₹408 crore | Broadly flat |
| EBITDA margin | 30.6% | 35.3% |
The results highlight the pressure on profitability despite higher revenue. The contraction in operating margin is particularly important because it shows that additional business activity did not translate into stronger operating earnings.
UFlex Q2 Results: Net Profit Jumps to ₹215 Crore
UFlex reported net profit of ₹214.96 crore for Q2 FY27, compared with ₹30.29 crore in the corresponding quarter last year. Revenue increased 25.8% year-on-year.
The packaging and flexible packaging company recorded a substantial improvement in its bottom line, making it one of the stronger profit-growth announcements among Friday’s results.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net profit | ₹214.96 crore | ₹30.29 crore |
The significant increase in net profit deserves attention, although investors should also examine operating cash flow, margins and the contribution of exceptional items when assessing the sustainability of the improvement.
Fiem Industries Q2 Results: Net Profit Rises 31.9%, Revenue Crosses ₹937 Crore
Fiem Industries reported revenue of ₹937.3 crore for Q2 FY27, increasing 31% year-on-year. Net profit rose 31.9% to ₹84 crore.
The automotive lighting and components manufacturer recorded growth in both sales and earnings, reflecting stronger business activity during the September quarter.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹937.3 crore | ₹715.6 crore |
| Net profit | ₹84 crore | ₹63.7 crore |
The company’s earnings growth remained broadly aligned with revenue expansion. This balanced performance indicates that higher sales translated into stronger bottom-line results.
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RVNL Q2 Results: Net Profit Grows 8.3%, Revenue Declines
Rail Vikas Nigam Limited reported net profit of ₹249.5 crore for Q2 FY27, increasing 8.3% year-on-year. However, revenue declined 8.2% compared with the corresponding quarter last year.
The difference between revenue and profit performance indicates that the company managed to improve its bottom line despite lower reported sales.
| Financial metric | Q2 FY27 |
|---|---|
| Net profit | ₹249.5 crore |
| Net profit growth | +8.3% |
| Revenue growth | -8.2% |
For an infrastructure project execution company, project billing, execution schedules and operating costs can influence quarterly revenue and profitability. The coming quarters will show whether the improvement in profit can be sustained alongside a recovery in revenue.
FACT Q2 Results: Net Profit Jumps 85.7% Despite Lower Revenue
Fertilizers and Chemicals Travancore (FACT) reported net profit of ₹39 crore for Q2 FY27, increasing 85.7% from ₹21 crore in the corresponding quarter last year.
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Revenue declined 10.1%, but EBITDA increased 149.5%, demonstrating a significant improvement in operating profitability despite lower sales.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net profit | ₹39 crore | ₹21 crore |
FACT’s performance stood out because earnings improved considerably despite declining revenue. The strong increase in EBITDA suggests a meaningful improvement in operating efficiency during the quarter.
Ola Electric Q2 Results: Net Loss Narrows, Revenue Falls 39%
Ola Electric reported a consolidated net loss of ₹362 crore for Q2 FY27, compared with a loss of ₹418 crore in the corresponding quarter last year. Revenue declined 39% to ₹421 crore.
Although the net loss narrowed, operating performance remained under pressure. EBITDA loss widened to ₹218 crore, indicating continued challenges in the company’s operating business.
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| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Net loss | ₹362 crore | ₹418 crore |
The results show that the reduction in net loss has not yet been accompanied by a recovery in revenue or operating profitability. Sales momentum and cost management remain important challenges.
Reliance Power Q2 Results: Net Profit Falls 65.5%
Reliance Power reported net profit of ₹30 crore for Q2 FY27, declining 65.5% year-on-year. Revenue also contracted 7.3% compared with the corresponding quarter last year.
The company remained profitable, but the decline in both earnings and revenue reflected a weaker quarterly performance.
| Financial metric | Q2 FY27 |
|---|---|
| Net profit | ₹30 crore |
| Net profit growth | -65.5% |
| Revenue growth | -7.3% |
The results point to continued pressure on earnings. Revenue performance and the company’s ability to sustain profitability will remain important in the coming quarters.
What Friday’s Q2 FY27 Results Tell Investors
Friday’s earnings announcements delivered a broad mix of results across India’s listed companies.
Eicher Motors, Manappuram Finance, TD Power Systems, Godrej Industries and UFlex recorded substantial profit growth. Fiem Industries also delivered healthy expansion in both revenue and net profit.
The weaker performances came from Tata Motors Passenger Vehicles and Grasim, both of which reported consolidated losses. IRCTC experienced lower profitability despite revenue growth, while Ola Electric continued to face pressure on sales and operating earnings.
FACT and RVNL offered contrasting examples of improving profit despite lower revenue. Gillette India maintained steady growth, while Reliance Power reported a decline in both revenue and net profit.
Also Read: US Top Earnings Today, November 2, 2026: Marriott, Estée Lauder, Fox and More
The key takeaway from this earnings round is that investors need to look beyond headline revenue growth. Operating margins, exceptional expenses, business volumes and the sustainability of earnings provide a more useful picture of a company’s financial position.
Disclaimer: This article is published by OneTrader for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy, sell or hold any security. Readers should conduct independent research or consult a qualified financial adviser before making investment decisions. OneTrader is not a SEBI-registered investment adviser.
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