Sunday, November 8, 2026 | Q2 FY27 Earnings Review
India’s September-quarter earnings season carried through the Diwali weekend, with results from steel, pharmaceuticals, chemicals, electrical equipment, engineering and consumer businesses. The latest announcements showed sharp differences in profitability, even among companies reporting higher revenue.
Tata Steel and Hindalco delivered strong earnings growth, and Divi’s Laboratories reported a sharp improvement in profit. Finolex Cables also expanded significantly, while Tata Chemicals moved into a loss and several industrial businesses faced margin pressure.
Figures are in ₹ crore unless stated otherwise, compared with Q2 FY26 (the September 2025 quarter).
Tata Steel: Profit Rises as Revenue Expands
Tata Steel reported stronger consolidated revenue and net profit for the September quarter. Earnings grew faster than sales, a better profit outcome across its operations.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹65,436.24 crore | +11.5% YoY |
| Net profit | ₹3,699.59 crore | +16.2% YoY |
Profit grew faster than sales, which makes profitability the feature of the quarter.
Divi’s Laboratories: Profit Growth Far Outpaces Sales
Divi’s Laboratories delivered a big jump in consolidated revenue and net profit. Profit growth well ahead of sales makes it one of the stronger performers in this round of results.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹3,676 crore | +35.4% YoY |
| Net profit | ₹1,127 crore | +63.6% YoY |
The gap between profit and sales growth points to a meaningful improvement in profitability.
Hindalco Industries: Metals Business Posts Strong Profit Growth
Hindalco reported a substantial rise in consolidated revenue and net profit for the quarter. Profit growth outpaced sales, a stronger earnings outcome for the metals business.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹91,708 crore | +38.8% YoY |
| Net profit | ₹7,533 crore | +58.9% YoY |
It stands out as one of the notable large-cap earnings performers of this reporting period.
Finolex Cables: Revenue and Profit Rise Sharply
Finolex Cables posted strong growth in its electrical cables business, with consolidated revenue up substantially. Net profit expanded slightly faster, so higher turnover translated into better earnings.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹2,269.33 crore | +64.9% YoY |
| Net profit | ₹272.92 crore | +67.8% YoY |
| Earnings per share | ₹17.85 | Q2 FY27 |
Sales and profit improved in step, with earnings growth slightly ahead.
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Tata Chemicals: Revenue Grows but Company Slips Into a Loss
Tata Chemicals reported higher consolidated revenue for the September quarter but moved into a net loss. Higher sales did not carry through to earnings as costs weighed on profitability.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹4,177 crore | +7.7% YoY |
| Net result | ₹50 crore loss | Shifted into loss |
The swing to a loss overshadows the modest revenue growth.
Surya Roshni: Sales Growth Outpaces Profit
Surya Roshni posted a strong increase in consolidated revenue, while net profit grew only modestly. The extra turnover did not bring a comparable improvement in profitability.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹2,448.48 crore | +32.7% YoY |
| Net profit | ₹76.73 crore | +3.4% YoY |
Margins deserve more attention here than the headline revenue gain.
Suprajit Engineering: Higher Revenue, Modest Profit Growth
Suprajit Engineering recorded higher consolidated revenue for the quarter. Net profit rose too, but at a much slower pace than sales.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹1,135.14 crore | +20.6% YoY |
| Net profit | ₹53.37 crore | +4.7% YoY |
Operating costs and business mix explain the gap between the two growth rates.
Goldiam International: Profit Growth Exceeds Revenue
Goldiam International reported strong growth in consolidated revenue and net profit, with earnings expanding faster than sales. The jewellery exporter is one of the stronger smaller-company performers in this round.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹274 crore | +42.1% YoY |
| Net profit | ₹49.40 crore | +57.5% YoY |
Faster profit growth shows better earnings conversion during the quarter.
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Heranba Industries: Returns to Profit Despite Lower Sales
Heranba Industries reported lower consolidated revenue, reflecting weaker turnover in its agrochemical business. It nevertheless returned to profit after a loss in the same quarter last year.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹372.09 crore | -28.7% YoY |
| Net profit | ₹2.64 crore | Turned profitable |
The return to profit is encouraging, but the revenue contraction is still part of the picture.
Mamata Machinery: Revenue Falls and a Loss Emerges
Mamata Machinery posted lower consolidated revenue and moved into a net loss for the September quarter. It contrasts with several engineering peers that grew sales in the same period.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹41.05 crore | -23.1% YoY |
| Net result | ₹1.05 crore loss | Shifted into loss |
Falling sales and a loss point to a difficult quarter for the machinery maker.
MIC Electronics: Revenue More Than Doubles
MIC Electronics reported a sharp rise in consolidated revenue and net profit, with both more than doubling year on year. The absolute profit remains relatively small.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹91.01 crore | +140.2% YoY |
| Net profit | ₹4.60 crore | +112.3% YoY |
The turnover growth is striking, though the base is small.
TTK Prestige: Profit Growth Outpaces Sales
TTK Prestige reported higher consolidated revenue and a much stronger net profit. Earnings grew far faster than sales, an improvement in overall profit performance.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹1,008.96 crore | +21.0% YoY |
| Net profit | ₹104.44 crore | +65.3% YoY |
The kitchenware maker delivered one of the sharper profit gains among these companies.
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Gland Pharma: Revenue and Earnings Record Strong Growth
Gland Pharma reported a substantial improvement in consolidated revenue and net profit. Earnings rose considerably faster than sales, pointing to better profitability.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹1,833.59 crore | +23.3% YoY |
| Net profit | ₹290.76 crore | +58.3% YoY |
It adds to the run of stronger pharma earnings in this round of announcements.
Coromandel International: Higher Revenue, Lower Profit
Coromandel International reported higher consolidated revenue but a sharp fall in net profit for the quarter. Stronger turnover did not reach the bottom line.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹10,294.13 crore | +6.6% YoY |
| Net profit | ₹523.37 crore | -34.0% YoY |
The steep drop in earnings makes profitability the central issue.
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Jubilant FoodWorks: Revenue Improves but Profit Declines
Jubilant FoodWorks reported higher consolidated revenue while net profit fell sharply. Growing restaurant sales did not convert into bottom-line growth.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹2,607.89 crore | +11.4% YoY |
| Net profit | ₹111.59 crore | -42.7% YoY |
Operating efficiency comes under greater scrutiny after a profit decline like this.
Vardhman Textiles: Profit Rises Sharply
Vardhman Textiles reported higher consolidated revenue and a much bigger rise in net profit. Earnings growth far exceeded sales growth, making the textile maker one of the stronger performers in this group.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹2,865.65 crore | +15.5% YoY |
| Net profit | ₹358.76 crore | +91.1% YoY |
The jump in profit relative to revenue is the standout feature of the result.
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Blue Dart Express: Logistics Earnings Improve
Blue Dart Express reported growth in consolidated revenue and net profit for the September quarter. Profit rose faster than sales, an improved earnings outcome for the logistics company.
| Measure | Reported | Comparison or guidance |
|---|---|---|
| Revenue | ₹1,773.93 crore | +14.5% YoY |
| Net profit | ₹103.89 crore | +27.7% YoY |
Stronger profitability sits alongside continued expansion in logistics revenue.
What the Latest Q2 Results Reveal
The results paint a mixed picture of corporate India. Metals and pharma produced some of the strongest large-company numbers, with Tata Steel, Hindalco and Divi’s Laboratories growing profit ahead of revenue. Finolex Cables grew strongly on both lines, while Vardhman Textiles and TTK Prestige posted particularly sharp profit increases.
On the other side, Tata Chemicals slipped into a loss, Coromandel International earned less despite higher sales and Jubilant FoodWorks saw a steep fall in profit. Surya Roshni and Suprajit Engineering showed how sales growth can run well ahead of profitability.
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The takeaway is that expansion alone does not guarantee stronger earnings; costs, margins, operating efficiency and the durability of demand decide the outcome.
Disclaimer: This article is published by OneTrader 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 official company disclosures, accounting policies, exceptional items, operating risks and broader economic conditions. Readers should conduct independent research and consult qualified financial professionals before making investment decisions. OneTrader is not registered with SEBI as an investment adviser or research analyst.
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