India Top Earnings Today, November 4, 2026: Lupin, Dabur, NLC India and Other Q2 Results

Wednesday, November 4, 2026 | Q2 FY27 Earnings Report

India’s September-quarter earnings season continued on Wednesday with fresh results across pharmaceuticals, consumer goods, power generation, metals and industrial manufacturing. The announcements revealed a sharp contrast between companies benefiting from stronger demand and those experiencing pressure on operating margins.

Lupin reported higher pharmaceutical sales but lower profit, while NLC India delivered substantial earnings growth. Dabur posted a double-digit increase in net profit, and several smaller industrial businesses recorded strong revenue expansion.

In Simple Words

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Today’s results show that rising sales do not always translate into higher profits. NLC India reported strong earnings growth, while Lupin’s profit declined despite higher sales. The difference highlights why margins and operating costs matter as much as revenue.

All monetary figures are in ₹ crore unless otherwise indicated. YoY refers to the corresponding September quarter of the previous financial year.

1. Lupin: Profit Declines Despite Higher Pharmaceutical Sales

Lupin reported growth in consolidated sales, but a decline in EBITDA and net profit showed that profitability weakened during the quarter. Its EBITDA margin contracted considerably from the previous year, making earnings quality the central feature of the result.

Measure	Q2 FY27	YoY change
Consolidated sales	₹7,785.50 crore	+14.0%
EBITDA	₹2,171.20 crore	-10.7%
Net profit	₹1,155.30 crore	-22.2%
EBITDA margin	27.9%	-7.7 percentage points

Press Release

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2. Dabur India: Consumer Goods Profit Rises

Dabur reported an improvement in quarterly revenue and net profit, reflecting continued growth across its consumer goods operations. Profit growth was particularly important given the competitive pricing and input-cost environment facing packaged consumer products.

Measure	Q2 FY27
Revenue	₹3,563 crore
Net profit YoY	+12%

Business Today

3. NLC India: Profit Surges as Revenue Expands

NLC India delivered a substantial increase in quarterly net profit, comfortably outpacing its revenue growth. The performance indicates a significant improvement in earnings conversion within its energy and mining operations.

Measure	Q2 FY27	YoY change
Revenue	₹4,732 crore	+13.3%
Net profit	₹1,328 crore	+83.2%

ALFA Finder

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4. Indian Metals & Ferro Alloys: Profit Growth Exceeds Sales

Indian Metals & Ferro Alloys reported strong growth in revenue and net profit during the September quarter. The faster expansion in earnings suggests improved profitability in its ferroalloys business.

Measure	Q2 FY27	YoY change
Revenue	₹968.2 crore	+34.7%
Net profit	₹147.8 crore	+51.4%

ALFA Finder

5. Shivalik Bimetal Controls: Industrial Demand Supports Growth

Shivalik Bimetal Controls reported a substantial increase in quarterly revenue, accompanied by strong net profit growth. Earnings expanded slightly more slowly than sales, making the relationship between growth and operating efficiency an important consideration.

Measure	Q2 FY27	YoY change
Revenue	₹197.8 crore	+44.0%
Net profit	₹34.8 crore	+39.8%

ALFA Finder

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6. Thangamayil Jewellery: Revenue Rises Faster Than Profit

Thangamayil Jewellery reported strong revenue growth but only a marginal increase in net profit. The divergence suggests that higher business turnover did not translate into a comparable improvement in bottom-line profitability.

Measure	Q2 FY27	YoY change
Revenue	₹2,381 crore	+39.7%
Net profit	₹59.5 crore	+1.7%

ALFA Finder

7. Carysil: Revenue Grows at a Faster Pace Than Earnings

Carysil reported double-digit revenue growth during the September quarter, supported by expansion in its kitchen products business. Net profit increased more moderately, indicating that the improvement in sales was not fully reflected in earnings.

Measure	Q2 FY27	YoY change
Revenue	₹275.7 crore	+14.5%
Net profit	₹29 crore	+5.8%

ALFA Finder

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8. Unichem Laboratories: Returns to Profitability

Unichem Laboratories returned to positive earnings in the September quarter as revenue increased from the previous year. The improvement marks a change in its bottom-line performance, although sustained profitability will depend on operating costs and business mix.

Measure	Q2 FY27
Revenue	₹640.2 crore
Revenue YoY	+10.6%
Net profit	₹22.2 crore
Earnings position	Returned to profit

ALFA Finder

9. Allcargo Terminals: Profit Growth Outpaces Revenue

Allcargo Terminals reported higher revenue and a considerably stronger increase in quarterly net profit. The result suggests that improved operating performance helped the logistics business convert revenue growth into higher earnings.

Measure	Q2 FY27	YoY change
Revenue	₹251.6 crore	+21.4%
Net profit	₹20.9 crore	+85.0%

ALFA Finder

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10. Vintage Coffee: Strong Expansion in Revenue and Operating Profit

Vintage Coffee reported a sharp increase in revenue, while operating profit grew even faster. The expansion in EBITDA margin indicates that the company generated better operating returns from its increased business activity.

Measure	Q2 FY27	YoY change
Revenue	₹223 crore	+64.4%
EBITDA	₹42.2 crore	+88.7%
Net profit	₹28.1 crore	+57.4%
EBITDA margin	18.9%	+2.4 percentage points

NDTV Profit

What Today’s Earnings Reveal

Wednesday’s results showed a clear divergence in profitability across industries. NLC India, Indian Metals & Ferro Alloys and Allcargo Terminals reported profit growth substantially ahead of revenue expansion, suggesting stronger earnings conversion during the September quarter.

Pharmaceutical earnings presented a different picture. Lupin’s revenue growth was accompanied by a contraction in EBITDA margin and net profit, while Unichem Laboratories returned to positive earnings. The contrast demonstrates why pharmaceutical companies cannot be assessed on sales growth alone, particularly when operating costs and product portfolios vary significantly.

Also Read: Indian Weekly Earnings Review: Reliance, Bajaj Auto, L&T, Sun Pharma and Major Q2 Results (Oct 26–30, 2026)

Consumer-facing businesses also delivered mixed results. Dabur recorded higher profit, but Thangamayil Jewellery experienced only a marginal increase in earnings despite substantial revenue growth. That distinction matters because higher turnover can coincide with pressure on margins and working capital.

Among smaller industrial businesses, Shivalik Bimetal Controls and Carysil reported expanding revenue and profits, although earnings grew more slowly than sales. Vintage Coffee stood out for its improvement in operating profitability.

The overall picture is one of uneven earnings growth rather than a uniform improvement across corporate India. Companies converting higher revenue into stronger margins are producing a different financial outcome from businesses where expenses are absorbing much of the increase in sales.

For the September quarter, the relationship between revenue, operating profit and net earnings remains the clearest way to understand the differences emerging across sectors.

Also Read: Q2 Results 2026: Reliance, Sun Pharma, BEL, Jio and Bank of Baroda Report Earnings

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