Q2 Results Today, October 30, 2026: Indian Companies Report September Quarter Earnings

Onetrader | Friday, October 30, 2026 | Indian Stock Market Earnings

India’s September-quarter earnings season gathered pace on Friday, with more than 200 listed companies scheduled to announce their financial results. Reliance Industries, Sun Pharmaceutical Industries, Bharat Electronics, Indian Oil Corporation, Bank of Baroda and several other major companies featured on one of the busiest reporting days of the quarter.

The results released during the session showed a mixed picture. Some companies reported healthy revenue growth and improving operating profitability, while others struggled to convert higher sales into stronger earnings. The contrast was particularly visible in chemicals, consumer businesses and media.

For investors, the important question was not simply whether profits increased. Revenue growth, operating margins and the sustainability of earnings remained equally important as companies reported their performance for the July to September period.

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In Simple Words

Several Indian companies reported their Q2 FY27 earnings on October 30. Aether Industries delivered higher sales and profits, while Zee Entertainment reported weaker profitability despite revenue growth. The results show why investors need to examine margins alongside headline profit numbers.

Indian Oil Corporation Q2 Results: Profit Rebounds Sharply

Indian Oil Corporation reported a sharp recovery in its September-quarter performance, returning to profitability after recording a loss in the preceding quarter. Net profit reached ₹21,630 crore, compared with a loss of ₹2,661 crore in Q1 FY27. Revenue declined sequentially, but operating earnings improved substantially.

Financial metric	Q2 FY27	Q1 FY27
Net profit	₹21,630 crore	Loss ₹2,661 crore
Revenue	₹2.50 lakh crore	₹2.62 lakh crore
EBITDA	₹30,297 crore	₹1,947 crore
EBITDA margin	12.1%	0.7%

The improvement in operating profitability was particularly striking. Despite lower quarterly revenue, the company recorded a significant increase in EBITDA. The figures indicate a major change in profitability between the two quarters, although the sustainability of that recovery will depend on subsequent performance.

GAIL Q2 Results: Profit Rises but Operating Margin Narrows

GAIL reported an 8.3% sequential increase in net profit to ₹4,650 crore for the September quarter. Revenue rose nearly 18%, but operating profit remained largely unchanged, indicating that higher business volumes or realisations did not translate into comparable EBITDA growth.

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Financial metric	Q2 FY27	Q1 FY27
Net profit	₹4,650 crore	₹4,292 crore
Revenue	₹45,895 crore	₹38,953 crore
EBITDA	₹6,412 crore	₹6,377 crore
EBITDA margin	14.0%	16.4%

The decline in EBITDA margin from 16.4% to 14% was an important feature of the results. While the company delivered stronger revenue and bottom-line earnings, the operating numbers showed pressure on profitability relative to sales.

Navin Fluorine Q2 Results: Profit Jumps 82%

Navin Fluorine International delivered strong September-quarter earnings, with net profit rising 81.8% year-on-year to ₹269 crore. Revenue increased 57.1%, while EBITDA grew at an even faster pace, supporting an improvement in operating margins.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹269 crore	₹148 crore
Revenue	₹1,191 crore	₹758 crore
EBITDA	₹408 crore	₹246 crore
EBITDA margin	34.3%	32.5%

The company also announced an interim dividend of ₹8 per share. Its earnings performance stood out because revenue growth was accompanied by an improvement in operating profitability rather than margin dilution.

Max Healthcare Q2 Results: Revenue Grows, Profit Declines

Max Healthcare Institute reported a 15.5% year-on-year decline in net profit to ₹415 crore, even as revenue increased 20.3% to ₹2,569 crore. Operating earnings presented a stronger picture, with EBITDA rising 23.8% and margins improving.

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Financial metric	Q2 FY27	Q2 FY26
Net profit	₹415 crore	₹491 crore
Revenue	₹2,569 crore	₹2,135 crore
EBITDA	₹712 crore	₹575 crore
EBITDA margin	27.7%	26.9%

The company also approved capital expenditure of ₹190 crore for two hospitals and revised the project cost of its Gurugram facility to ₹1,143 crore. The results highlighted the difference between underlying operating growth and reported net profit.

Aether Industries Q2 Results: Profit Rises 26%

Speciality chemicals manufacturer Aether Industries reported a 25.9% increase in consolidated net profit to ₹68 crore. Revenue climbed 23.9% to ₹347 crore, supported by growth in operating earnings.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹68 crore	₹54 crore
Revenue	₹347 crore	₹280 crore
EBITDA	₹110 crore	₹87.7 crore
EBITDA margin	31.7%	31.3%

The company’s EBITDA margin improved modestly by 40 basis points. Its ability to maintain a margin above 30% while expanding revenue was a notable feature of the quarter.

Zee Entertainment Q2 Results: Profit Falls Despite Revenue Growth

Zee Entertainment Enterprises reported weaker profitability despite an increase in quarterly revenue. Consolidated net profit fell 37.7% to ₹48 crore, while revenue increased 12.9% to ₹2,224 crore.

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Financial metric	Q2 FY27	Q2 FY26
Net profit	₹48 crore	₹77 crore
Revenue	₹2,224 crore	₹1,970 crore
EBITDA	₹85.5 crore	₹160 crore
EBITDA margin	3.8%	8.1%

The decline in operating margin was substantial. EBITDA fell by nearly half despite higher sales, showing that the company’s cost and profitability challenges remained significant during the quarter.

Engineers India Q2 Results: Profit More Than Doubles

Engineers India reported consolidated net profit of ₹197 crore, compared with ₹83 crore in the same quarter last year. Revenue declined 10.5%, but EBITDA increased 44.2%, pointing to a considerable improvement in operating profitability.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹197 crore	₹83 crore
Revenue	₹824 crore	₹921 crore
EBITDA	₹172 crore	₹120 crore
EBITDA margin	20.9%	13.0%

The company also declared an interim dividend of ₹1.50 per share. The combination of lower revenue and stronger earnings suggests a marked change in the profitability of the business executed during the quarter.

SJVN Q2 Results: Revenue and Profit More Than Double

State-owned power company SJVN reported a substantial increase in September-quarter earnings. Consolidated net profit rose to ₹657 crore from ₹308 crore, while revenue increased to ₹2,244 crore from ₹1,032 crore.

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Financial metric	Q2 FY27	Q2 FY26
Net profit	₹657 crore	₹308 crore
Revenue	₹2,244 crore	₹1,032 crore
EBITDA	₹1,585 crore	₹860 crore
EBITDA margin	70.6%	83.3%

Although revenue and profit more than doubled, EBITDA margin declined from 83.3% to 70.6%. The results therefore reflected significant business expansion alongside a lower operating margin.

Vadilal Industries Q2 Results: Strong Sales and Margin Growth

Vadilal Industries reported a 64.1% year-on-year increase in consolidated net profit to ₹54.8 crore. Revenue rose 35.4% to ₹463 crore, while EBITDA increased 59.4%.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹54.8 crore	₹33.4 crore
Revenue	₹463 crore	₹342 crore
EBITDA	₹84.3 crore	₹52.9 crore
EBITDA margin	18.2%	15.5%

The improvement in EBITDA margin to 18.2% from 15.5% indicated that operating earnings grew faster than revenue. The company was among those reporting both strong sales expansion and better profitability during the quarter.

Borosil Renewables Q2 Results: Profit Rises, EBITDA Declines

Borosil Renewables reported consolidated net profit of ₹69 crore, compared with ₹26 crore a year earlier. Revenue increased modestly, while EBITDA declined, producing a mixed set of earnings numbers.

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Financial metric	Q2 FY27	Q2 FY26
Net profit	₹69 crore	₹26 crore
Revenue	₹397 crore	₹379 crore
EBITDA	₹106 crore	₹119 crore
EBITDA margin	26.6%	31.3%

The divergence between net profit and operating earnings was the key feature of the quarter. Despite a strong increase in reported profit, the decline in EBITDA margin indicated weaker operating profitability.

What Today’s Results Reveal About Corporate Earnings

The September-quarter announcements reflected significant differences in business performance across sectors. Indian Oil reported a major sequential recovery, while Navin Fluorine and Aether Industries delivered strong growth in operating earnings. GAIL recorded higher revenue and profit but experienced margin pressure.

Elsewhere, Zee Entertainment struggled with falling operating profitability, while Max Healthcare delivered stronger operating earnings despite lower reported net profit. Engineers India demonstrated that earnings can improve even when revenue declines.

The broader earnings season will continue to be judged on more than headline profit growth. Investors will be examining how much of the improvement comes from regular operations, whether margins are sustainable and how companies position themselves for the second half of FY27.

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