India’s September-quarter earnings season continued on Monday with results from consumer goods, automobiles, pharmaceuticals, chemicals, energy, logistics and industrial companies. Marico delivered strong profit growth and wider margins, while UPL and Escorts Kubota reported weaker bottom-line performances despite contrasting trends in their operating businesses.
The day’s results also showed a clear divide between companies converting higher sales into stronger profits and those struggling with rising costs. VRL Logistics, KRBL and PSP Projects recorded substantial earnings growth, while CONCOR and Wockhardt faced pressure on profitability.
In Simple Words
Marico, KRBL and VRL Logistics reported strong improvements in profit and operating margins. UPL, Escorts Kubota and CONCOR had more difficult quarters, with weaker earnings despite some positive operating indicators. The biggest lesson from today’s results is that sales growth does not always translate into higher profits.
All financial amounts are in ₹ crore unless otherwise stated. YoY comparisons refer to the September 2025 quarter. QoQ comparisons are identified separately.
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1. Marico: Profit Jumps as Margins Improve
Marico delivered a strong September quarter, with net profit rising much faster than revenue as operating profitability improved. The maker of Parachute and Saffola products benefited from easing input costs and steady demand across its consumer portfolio.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹3,897 |
| Revenue YoY | +13.0% |
| Net profit | ₹550 |
| Profit YoY | +31.0% |
| EBITDA | ₹709 |
| EBITDA margin | 18.2% |
2. UPL: Profit Falls Despite Better Operating Margin
UPL reported lower revenue and net profit, although its EBITDA increased as operating margins improved. The divergence indicates that stronger operating performance did not fully translate into bottom-line growth.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹11,860 |
| Revenue YoY | -1.3% |
| Net profit | ₹421 |
| Profit YoY | -23.9% |
| EBITDA | ₹2,200 |
| EBITDA margin | 18.5% |
3. Escorts Kubota: Revenue Growth Fails to Protect Profit
Escorts Kubota reported higher revenue, but its net profit declined as operating expenses weighed on margins. EBITDA fell despite the increase in sales, making profitability the central concern in the quarter.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹3,231 |
| Revenue YoY | +16.3% |
| Net profit | ₹255 |
| Profit YoY | -20.6% |
| EBITDA | ₹292 |
| EBITDA margin | 9.1% |
4. Container Corporation of India: Earnings Decline
CONCOR reported almost unchanged revenue growth and a decline in net profit. Operating earnings also weakened, with the EBITDA margin narrowing compared with the previous year.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹2,379 |
| Revenue YoY | +1.0% |
| Net profit | ₹353 |
| Profit YoY | -6.9% |
| EBITDA | ₹550 |
| EBITDA margin | 23.1% |
| Interim dividend/share | ₹1.90 |
5. Petronet LNG: Profit Improves Sequentially
Petronet LNG reported a rise in revenue and profit compared with the June quarter, supported by higher business activity. However, operating margins narrowed, showing that revenue growth came with additional cost pressure.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹7,202 |
| Revenue QoQ | +29.6% |
| Net profit | ₹1,235 |
| Profit QoQ | +11.5% |
| EBITDA | ₹1,662 |
| EBITDA margin | 23.1% |
| Interim dividend/share | ₹7 |
6. Wockhardt: Strong Sales, Weaker Margins
Wockhardt reported healthy revenue growth, but net profit increased only marginally. EBITDA declined and margins contracted sharply, suggesting that higher operating costs absorbed much of the benefit from stronger sales.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹969 |
| Revenue YoY | +23.9% |
| Net profit | ₹79 |
| Profit YoY | +1.3% |
| EBITDA | ₹173 |
| EBITDA margin | 17.9% |
7. Devyani International: Loss Narrows Sharply
Devyani International reported higher revenue and a substantial reduction in its quarterly loss. Operating earnings grew faster than sales, while the EBITDA margin improved from the corresponding period last year.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹1,519 |
| Revenue YoY | +10.4% |
| Net loss | ₹0.24 |
| Year-ago net loss | ₹21.9 |
| EBITDA | ₹233 |
| EBITDA margin | 15.3% |
8. KRBL: Strong Profit Growth and Margin Expansion
KRBL delivered one of the stronger operating performances of the day, with profit growth comfortably exceeding revenue growth. The rice producer recorded a substantial improvement in EBITDA, accompanied by a wider operating margin.
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| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹1,727 |
| Revenue YoY | +14.3% |
| Net profit | ₹259 |
| Profit YoY | +50.6% |
| EBITDA | ₹332 |
| EBITDA margin | 19.2% |
9. VRL Logistics: Profit More Than Doubles
VRL Logistics reported a strong increase in revenue, while net profit more than doubled from the year-earlier quarter. EBITDA growth outpaced sales growth, resulting in a meaningful expansion in operating margins.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹962 |
| Revenue YoY | +20.7% |
| Net profit | ₹103 |
| Year-ago profit | ₹50 |
| EBITDA | ₹221 |
| EBITDA margin | 23.0% |
10. PSP Projects: Revenue and Profit Rise Sharply
PSP Projects delivered strong growth in revenue and net profit during the September quarter. Its operating margin nevertheless narrowed, indicating that the higher business volume did not produce a proportional improvement in operating profitability.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹1,113 |
| Revenue YoY | +58.4% |
| Net profit | ₹30.2 |
| Profit YoY | +87.0% |
| EBITDA | ₹69.2 |
| EBITDA margin | 6.2% |
11. PCBL Chemical: Profit Growth Outpaces Revenue
PCBL Chemical reported higher revenue and profit, with net earnings growing faster than sales. EBITDA increased at a slower pace, however, and the operating margin contracted slightly.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹2,474 |
| Revenue YoY | +14.4% |
| Net profit | ₹74.2 |
| Profit YoY | +20.5% |
| EBITDA | ₹294 |
| EBITDA margin | 11.9% |
12. Eureka Forbes: Consumer Business Maintains Growth
Eureka Forbes reported higher revenue and net profit, supported by its health and hygiene product portfolio. Operating profit also improved, while the EBITDA margin edged higher.
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| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹888.5 |
| Revenue YoY | +15.1% |
| Net profit | ₹74.1 |
| Profit YoY | +17.8% |
| EBITDA | ₹115 |
| EBITDA margin | 12.9% |
13. Procter & Gamble Health: Profit and Margins Rise
Procter & Gamble Health delivered strong profit growth alongside higher revenue. Its operating margin expanded, indicating better earnings conversion during the quarter.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹382 |
| Revenue YoY | +17.7% |
| Net profit | ₹112 |
| Profit YoY | +25.9% |
| EBITDA | ₹152 |
| EBITDA margin | 39.8% |
14. Krsnaa Diagnostics: Revenue Rises but Margins Narrow
Krsnaa Diagnostics reported strong revenue growth, but net profit increased only slightly. EBITDA rose at a slower pace than sales, resulting in a decline in the operating margin.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹271 |
| Revenue YoY | +31.6% |
| Net profit | ₹24.6 |
| Profit YoY | +2.9% |
| EBITDA | ₹71 |
| EBITDA margin | 26.2% |
15. Capillary Technologies: Revenue and Profit Expand
Capillary Technologies recorded strong revenue growth and a sharp increase in quarterly net profit from a small year-earlier base. EBITDA more than doubled, while the operating margin improved substantially.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹271 |
| Revenue YoY | +51.3% |
| Net profit | ₹21.9 |
| Year-ago profit | ₹0.28 |
| EBITDA | ₹39.5 |
| EBITDA margin | 14.5% |
16. Epigral: EBITDA More Than Doubles
Epigral reported higher revenue and profit, supported by a sharp improvement in operating earnings. EBITDA more than doubled, lifting the company’s operating margin substantially from the previous year.
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| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹746 |
| Revenue YoY | +27.0% |
| Net profit | ₹65.1 |
| Profit YoY | +27.1% |
| EBITDA | ₹136.1 |
| EBITDA margin | 18.2% |
17. Sanghvi Movers: Revenue Growth Outpaces Earnings
Sanghvi Movers reported strong revenue growth, but its profit increased at a much slower rate. The company’s operating margin declined sharply, reflecting pressure on earnings conversion despite higher business activity.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹277 |
| Revenue YoY | +31.9% |
| Net profit | ₹40.3 |
| Profit YoY | +11.2% |
| EBITDA | ₹86.8 |
| EBITDA margin | 31.3% |
18. MobiKwik: Fintech Company Returns to Profit
One MobiKwik Systems reported a quarterly net profit after recording a loss in the corresponding period last year. Revenue increased and reported EBITDA turned positive, marking an improvement in the company’s financial performance.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹296 |
| Revenue YoY | +9.4% |
| Net profit | ₹11.8 |
| Year-ago net loss | ₹28.6 |
| EBITDA | ₹22.7 |
| Year-ago EBITDA loss | ₹6.4 |
19. Mold-Tek Packaging: Profit Growth Remains Strong
Mold-Tek Packaging reported healthy revenue and profit growth, with net earnings increasing faster than sales. EBITDA also improved, although the operating margin was slightly lower than last year.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹274.2 |
| Revenue YoY | +30.7% |
| Net profit | ₹21.1 |
| Profit YoY | +36.1% |
| EBITDA | ₹50.5 |
| EBITDA margin | 18.4% |
20. Nirlon: Profit Falls Despite Stable Operations
Nirlon reported a sharp decline in net profit even though revenue and EBITDA increased modestly. The contrast between relatively stable operating performance and weaker bottom-line earnings was the defining feature of its quarter.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹169.1 |
| Revenue YoY | +2.3% |
| Net profit | ₹71.9 |
| Profit YoY | -51.3% |
| EBITDA | ₹131.6 |
| EBITDA margin | 77.8% |
What Today’s Earnings Reveal
The strongest operating performances came from companies that combined revenue growth with expanding margins. KRBL, VRL Logistics, Marico and Epigral stood out on this measure, while Capillary Technologies recorded substantial earnings growth from a much smaller profit base.
Escorts Kubota and CONCOR presented a different picture. Both reported higher revenue, but operating profitability weakened. Wockhardt and Krsnaa Diagnostics also demonstrated how strong sales growth can produce disappointing earnings when costs rise faster.
UPL’s performance was more complicated. Its EBITDA and margin improved, but net profit declined. That distinction matters because operating recovery and bottom-line recovery do not always occur together.
Among consumer-facing businesses, Marico and Procter & Gamble Health delivered convincing margin improvements. Devyani International also narrowed its loss significantly, although it had not yet moved into a meaningful net profit.
The September-quarter results underline a familiar but important distinction: revenue measures business activity, while margins and recurring profits show how effectively that activity translates into earnings.
Disclaimer: This article is published for educational and informational purposes only. It does not constitute investment advice, financial advice or a recommendation to buy or sell any security. Quarterly financial results should be evaluated alongside company disclosures, accounting policies, business risks and prevailing market conditions. Investors should conduct independent research and consult a qualified financial adviser before making investment decisions. OneTrader is not registered with SEBI as an investment adviser or research analyst.
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