OneTrader | Tuesday, November 10, 2026 | Q2 FY27 Earnings
In simple words: Today’s earnings were mixed. Kalyan Jewellers and Matrimony.com delivered strong profit growth, while MRF, Cochin Shipyard and Avanti Feeds faced earnings pressure. The difference between revenue growth and actual profit growth remained an important feature of Tuesday’s results.
Indian companies reported another round of September-quarter financial results on Tuesday, November 10, with jewellery, tyres, shipbuilding, aquaculture, digital services and tea businesses among the sectors delivering fresh earnings updates.
Kalyan Jewellers reported strong revenue and profit growth, although a one-time gain contributed to its bottom line. MRF experienced a decline in profitability despite higher sales, while Cochin Shipyard reported lower earnings as operating margins contracted. Avanti Feeds also faced a sharp fall in profit despite revenue growth.
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Matrimony.com delivered a substantial improvement in earnings, while Hirect and Rossell India reported contrasting performances. The latest announcements provide another look at how companies across different industries are managing sales growth, operating costs and profitability during Q2 FY27.
Kalyan Jewellers Q2 Results: Net Profit Jumps 64%, Revenue Crosses ₹10,000 Crore
Kalyan Jewellers India reported consolidated net profit of ₹427 crore for Q2 FY27, increasing 63.9% from ₹261 crore in the corresponding quarter last year. Revenue from operations climbed 31.4% to ₹10,323 crore, compared with ₹7,856 crore a year earlier.
The company recorded EBITDA of ₹644 crore, up 29.7%, while its EBITDA margin stood at 6.2%. An exceptional gain of ₹73.5 crore from the sale of part of an investment property also contributed to the reported earnings.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹10,323 crore | ₹7,856 crore |
| Net profit | ₹427 crore | ₹261 crore |
| Revenue growth | +31.4% | — |
| Profit growth | +63.9% | — |
| EBITDA | ₹644 crore | ₹497 crore |
| EBITDA margin | 6.2% | 6.3% |
Kalyan’s sales growth was considerably stronger than its margin performance. Investors will be watching whether the company can maintain its expansion while improving operating profitability, particularly after accounting for the exceptional gain.
MRF Q2 Results: Profit Falls 28% Despite Strong Revenue Growth
MRF reported consolidated net profit of approximately ₹369 crore for the September quarter, declining 27.8% from ₹512 crore in Q2 FY26. Revenue from operations increased 17.6% to ₹8,524 crore, indicating that demand remained supportive despite pressure on earnings.
The main challenge was the increase in operating expenses, particularly raw material costs. EBITDA declined 16.3% to ₹913 crore, while the EBITDA margin contracted to 10.7% from 15% in the year-ago quarter.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹8,524 crore | ₹7,250 crore |
| Net profit | ₹369 crore | ₹512 crore |
| Revenue growth | +17.6% | — |
| Profit growth | -27.8% | — |
| EBITDA | ₹913 crore | ₹1,091 crore |
| EBITDA margin | 10.7% | 15.0% |
MRF’s performance highlights the impact that higher input costs can have on a manufacturing business. The company also declared an interim dividend of ₹3 per share, with November 17 fixed as the record date.
Cochin Shipyard Q2 Results: Net Profit Drops 50%, Dividend Declared
Cochin Shipyard reported consolidated net profit of ₹53.8 crore for Q2 FY27, down 50% from ₹107.5 crore in the corresponding quarter last year. Revenue increased 11.7% to ₹1,249 crore, but the improvement in sales did not translate into stronger earnings.
EBITDA declined 30.8% to ₹50.95 crore, while the operating margin contracted to 4.1% from 6.6%. The difference between revenue growth and operating profit showed the pressure on the company’s quarterly profitability.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,249 crore | ₹1,119 crore |
| Net profit | ₹53.8 crore | ₹107.5 crore |
| Revenue growth | +11.7% | — |
| Profit growth | -50.0% | — |
| EBITDA | ₹50.95 crore | ₹73.66 crore |
| EBITDA margin | 4.1% | 6.6% |
The board declared an interim dividend of ₹3 per share for FY27 and fixed November 16 as the record date. The earnings performance will make execution efficiency and the conversion of the company’s project pipeline into profitable revenue important areas to monitor.
Avanti Feeds Q2 Results: Profit Falls 56% Despite Higher Revenue
Avanti Feeds reported consolidated revenue from operations of ₹1,752.5 crore for Q2 FY27, increasing 8.9% year-on-year. However, net profit declined sharply by 56.2% to ₹73.9 crore from ₹168.8 crore in the corresponding quarter last year.
EBITDA fell approximately 64.4% to ₹91.4 crore, while the operating margin contracted to 5.3% from 13.7%. The numbers indicate that the increase in revenue was accompanied by substantial pressure on operating profitability.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,752.5 crore | ₹1,608.9 crore |
| Net profit | ₹73.9 crore | ₹168.8 crore |
| Revenue growth | +8.9% | — |
| Profit growth | -56.2% | — |
| EBITDA | Approximately ₹91.4 crore | Approximately ₹256.7 crore |
| EBITDA margin | 5.3% | 13.7% |
Avanti Feeds’ results were among the weaker earnings announcements of the day. The sharp reduction in operating margin makes cost management and profitability recovery particularly important for the company’s next reporting period. 10 Nov 2026
Matrimony.com Q2 Results: Net Profit Rises 165%, Margins Improve
Matrimony.com reported consolidated net profit of ₹20.7 crore for the September quarter, compared with ₹7.8 crore in Q2 FY26. Revenue increased 17.6% to ₹135 crore, while EBITDA more than doubled to ₹30.1 crore.
The improvement in operating profitability was particularly notable. EBITDA margin expanded to 22.4% from 10.6% a year earlier, indicating that the company converted its higher revenue into substantially stronger operating earnings.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹135 crore | ₹115 crore |
| Net profit | ₹20.7 crore | ₹7.8 crore |
| Revenue growth | +17.6% | — |
| Profit growth | +165.4% | — |
| EBITDA | ₹30.1 crore | ₹12.1 crore |
| EBITDA margin | 22.4% | 10.6% |
Matrimony.com also announced plans to acquire an additional 50% stake in Astro-Vision Futuretech for ₹8 crore. The earnings performance showed a significant improvement in both revenue and operating efficiency.
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Hirect Q2 Results: Revenue Jumps 39%, Profit Falls 80%
Hirect reported consolidated revenue from operations of ₹315.7 crore for Q2 FY27, increasing 39% from ₹227.1 crore in the year-ago quarter. However, net profit declined sharply to ₹2.9 crore from ₹14.7 crore.
The company recorded EBITDA of approximately ₹7.6 crore, compared with ₹19.6 crore a year earlier. Operating margin contracted to approximately 2.4% from 8.6%.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹315.7 crore | ₹227.1 crore |
| Net profit | ₹2.9 crore | ₹14.7 crore |
| Revenue growth | +39.0% | — |
| Profit growth | -80.3% | — |
| Operating margin | 2.4% | 8.6% |
The results demonstrate a significant gap between business expansion and earnings growth. Despite stronger revenue, higher expenses and exceptional items weighed on the company’s bottom line.
Rossell India Q2 Results: Revenue Increases 13%, Profit Remains Flat
Rossell India reported standalone revenue from operations of ₹91.6 crore for Q2 FY27, up 13.3% from ₹80.9 crore in the corresponding quarter last year.
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Net profit stood at ₹27.3 crore, marginally lower than ₹27.4 crore a year earlier. Operating profit increased 16.8%, while the operating margin remained broadly stable at approximately 37.8%.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹91.6 crore | ₹80.9 crore |
| Net profit | ₹27.3 crore | ₹27.4 crore |
| Revenue growth | +13.3% | — |
| Profit growth | -0.4% | — |
| Operating margin | 37.8% | 37.0% |
The company’s quarterly performance showed that revenue growth was not accompanied by a comparable increase in net profit. The business maintained strong operating margins, although the bottom line remained almost unchanged year-on-year.
United Nilgiri Tea Estates Q2 Results: Revenue Grows 8%, Profit Declines 27%
The United Nilgiri Tea Estates Company reported standalone revenue from operations of ₹22.76 crore for Q2 FY27, an increase of 7.7% from ₹21.13 crore in the same quarter last year.
Net profit declined 27.4% to ₹3.58 crore from ₹4.94 crore. Operating profit also weakened, reflecting pressure on profitability despite higher revenue.
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| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹22.76 crore | ₹21.13 crore |
| Net profit | ₹3.58 crore | ₹4.94 crore |
| Revenue growth | +7.7% | — |
| Profit growth | -27.4% | — |
| Operating profit | ₹3.52 crore | ₹4.51 crore |
| Operating margin | 15.5% | 21.3% |
Tea production and sales are seasonal businesses, making the performance of individual quarters sensitive to production cycles and operating conditions. The company will need to improve operating profitability to support stronger earnings in subsequent quarters.
Vardhman Holdings Q2 Results: Net Profit Jumps 142%
Vardhman Holdings reported consolidated net profit of ₹111.4 crore for Q2 FY27, increasing 141.6% from ₹46.1 crore in the corresponding quarter last year. Revenue from operations increased to ₹22.5 crore from ₹2.8 crore.
The company is an investment holding business, so its profitability is influenced by investment-related income and financial returns. Its revenue from operations should therefore be considered alongside total income and profit rather than interpreted like the sales figures of a conventional manufacturing company.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue from operations | ₹22.5 crore | ₹2.8 crore |
| Net profit | ₹111.4 crore | ₹46.1 crore |
| Revenue growth | +703.6% | — |
| Profit growth | +141.6% | — |
The company delivered substantial profit growth, although the nature of its investment business makes the composition and sustainability of earnings especially important. 10 Nov 2026
What Today’s Q2 FY27 Results Tell Investors
Tuesday’s earnings announcements revealed three distinct trends across Indian businesses.
Kalyan Jewellers and Matrimony.com delivered strong growth in both revenue and net profit, although Kalyan’s exceptional gain needs to be considered when assessing its underlying performance.
MRF, Cochin Shipyard and Avanti Feeds experienced significant pressure on operating profitability. Higher revenue alone was not enough to protect their margins and bottom-line earnings.
Hirect also reported a substantial decline in profit despite strong revenue growth, while Rossell India maintained stable profitability. United Nilgiri Tea Estates faced weaker margins, whereas Vardhman Holdings reported a sharp increase in net profit.
The September-quarter earnings season continues to demonstrate why investors should examine revenue, operating profit, margins and exceptional items together. A company reporting higher sales does not automatically mean its business has become more profitable.
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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