OneTrader | Thursday, November 12, 2026 | Q2 FY27 Earnings Report
India’s September-quarter earnings season delivered several important announcements on Thursday, November 12, with defence, oil and gas, power equipment, pharmaceuticals, telecom and apparel companies reporting their Q2 FY27 financial performance.
Hindustan Aeronautics (HAL) reported higher revenue and profit, while Oil India delivered a 61% increase in net earnings. Hitachi Energy India recorded strong revenue growth and a substantial increase in its order book. Page Industries reported higher sales and profit, although its earnings growth remained slower than revenue expansion.
The defence sector presented a mixed picture. Bharat Dynamics recorded higher revenue but lower profit, reflecting a sharp increase in expenses. Alkem Laboratories also reported higher sales alongside a decline in net profit.
Hindustan Aeronautics Q2 Results: Net Profit Rises 16% to ₹1,936 Crore
Hindustan Aeronautics reported consolidated revenue from operations of ₹7,613.25 crore for Q2 FY27, increasing 14.85% from ₹6,628.61 crore in the corresponding quarter last year.
Consolidated net profit rose 16% to ₹1,935.64 crore from ₹1,669.05 crore. EBITDA increased 11.6% to ₹1,738 crore, although the operating margin declined slightly to 22.8% from 23.5%.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹7,613.25 crore | ₹6,628.61 crore |
| Net profit | ₹1,935.64 crore | ₹1,669.05 crore |
| EBITDA | ₹1,738 crore | ₹1,557 crore |
| EBITDA margin | 22.8% | 23.5% |
HAL continued to benefit from its aircraft, helicopter and defence equipment businesses. The company delivered higher earnings, although the modest contraction in margins indicates that expenses increased slightly faster than operating revenue.
Oil India Q2 Results: Profit Jumps 61% to ₹2,309 Crore
Oil India reported consolidated net profit of ₹2,309 crore for the September quarter, representing a 61.6% increase from ₹1,429 crore in Q2 FY26. Revenue from operations rose approximately 30% to ₹11,915 crore from ₹9,175 crore.
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The improvement was supported by stronger realisations from crude oil sales. As an upstream energy producer, Oil India’s earnings are closely connected to crude prices, production volumes and operating costs.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹11,915 crore | ₹9,175 crore |
| Net profit | ₹2,309 crore | ₹1,429 crore |
The company also declared an interim dividend of ₹7 per share. The strong increase in quarterly earnings made Oil India one of the notable profit-growth performers in Thursday’s results.
Hitachi Energy India Q2 Results: Profit Rises 21%, Order Book Reaches Record High
Hitachi Energy India reported revenue from operations of ₹2,996.5 crore, increasing 63.5% year-on-year. Net profit rose approximately 21% to ₹318 crore, supported by stronger execution and improved operating performance.
The company recorded new orders worth ₹4,120.8 crore during the quarter, an increase of 85.9%. Its order backlog reached ₹33,335.4 crore, providing substantial visibility for future business execution.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹2,996.5 crore | ₹1,832.6 crore |
| Net profit | ₹318 crore | Approximately ₹263 crore |
| New orders | ₹4,120.8 crore | ₹2,217.1 crore |
| EBITDA margin | 16.5% | 15.9% |
The expansion in the order book was particularly important. Demand for power transmission equipment, grid modernisation and electrification infrastructure continues to create opportunities for the company.
Page Industries Q2 Results: Revenue Grows 11.5%, Profit Increases 4%
Page Industries, the company behind the Jockey and Speedo brands in India, reported revenue of ₹1,439.6 crore for Q2 FY27, an increase of 11.5% from the year-ago quarter.
Profit after tax increased 4% to ₹202.5 crore, while EBITDA rose 7.4% to ₹300.1 crore. Sales volume grew 5.5% to 59.7 million pieces, indicating that volume expansion and product premiumisation supported revenue growth.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,439.6 crore | ₹1,291 crore |
| Net profit | ₹202.5 crore | ₹194.7 crore |
| EBITDA | ₹300.1 crore | ₹279.4 crore |
| EBITDA margin | 20.8% | 21.7% |
The company’s sales performance remained healthy, although profit growth lagged revenue expansion. The slight reduction in EBITDA margin reflects the importance of cost control as the business pursues further growth.
Bharat Dynamics Q2 Results: Revenue Jumps 45%, Net Profit Falls 15%
Bharat Dynamics reported standalone revenue from operations of ₹1,664 crore for Q2 FY27, up 45% from ₹1,147 crore in the year-ago quarter. However, net profit declined 15% to ₹183 crore from ₹216 crore.
The increase in expenses was the main pressure point. Total expenses rose 62% to ₹1,585 crore, while EBITDA declined 46% to ₹101 crore. The operating margin contracted sharply, showing that higher revenue did not translate into stronger operating profitability.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,664 crore | ₹1,147 crore |
| Net profit | ₹183 crore | ₹216 crore |
| EBITDA | ₹101 crore | ₹187 crore |
| EBITDA margin | 6.06% | 16.34% |
The results highlight the importance of project execution costs in defence manufacturing. Despite strong revenue expansion, the sharp fall in operating margins remains a key concern in the quarter.
Alkem Laboratories Q2 Results: Revenue Grows 14%, Net Profit Declines 12%
Alkem Laboratories reported consolidated revenue from operations of ₹4,552 crore, increasing 13.8% year-on-year. Domestic sales grew 9.5%, while international sales expanded 22.3%, reflecting growth across its pharmaceutical markets.
However, net profit declined 11.7% to ₹675.3 crore. EBITDA increased 11.3% to ₹1,025.2 crore, but the operating margin eased to 22.5% from 23% a year earlier.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹4,552 crore | ₹4,001 crore |
| Net profit | ₹675.3 crore | ₹765.1 crore |
| EBITDA | ₹1,025.2 crore | ₹920.8 crore |
| EBITDA margin | 22.5% | 23.0% |
Higher research and development expenditure and the changing business mix were important features of the quarter. Alkem’s international business delivered stronger sales growth, although this did not translate into higher consolidated net profit.
Vodafone Idea Q2 Results: Net Loss Widens to ₹5,975 Crore
Vodafone Idea reported consolidated revenue from operations of ₹11,884 crore for Q2 FY27, up 6.2% year-on-year. Cash EBITDA increased 11.2% to ₹2,498 crore, while average revenue per user rose to ₹198 from ₹180.
However, the company reported a net loss of ₹5,975 crore, compared with ₹5,524 crore in Q2 FY26. The reported loss was affected by mark-to-market losses on treasury assets. Excluding exceptional items, the quarterly loss was ₹5,513 crore.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹11,884 crore | ₹11,195 crore |
| Net loss | ₹5,975 crore | ₹5,524 crore |
| Cash EBITDA | ₹2,498 crore | ₹2,246 crore |
| Cash EBITDA margin | 21.0% | 20.1% |
| ARPU | ₹198 | ₹180 |
The company increased capital expenditure to ₹3,946 crore during the quarter as it continued expanding its network. Subscriber additions and higher ARPU provided some operating improvement, but the continuing losses and funding requirements remain important financial considerations.
Man Industries Q2 Results: Net Profit Jumps 121%, EBITDA Reaches Record High
Man Industries (India) reported consolidated revenue from operations of ₹1,210 crore, increasing 45% from ₹834 crore in Q2 FY26. Net profit climbed 121% to ₹82 crore from ₹37 crore.
The strongest feature was operating performance. Consolidated EBITDA reached a quarterly record of ₹190 crore, rising 86.6% year-on-year. The EBITDA margin expanded to 15.6% from 12.5%, supported partly by the contribution from its acquired business.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,210 crore | ₹834 crore |
| Net profit | ₹82 crore | ₹37 crore |
| EBITDA | ₹190 crore | ₹101.9 crore |
| EBITDA margin | 15.6% | 12.5% |
The company also reported a consolidated order book of approximately ₹3,500 crore. The combination of higher revenue, stronger margins and a record quarterly EBITDA made Man Industries one of the standout industrial earnings announcements of the day.
ADC India Communications Q2 Results: Net Profit Jumps 124%
ADC India Communications reported revenue from operations of ₹72.33 crore for Q2 FY27, compared with ₹45.95 crore a year earlier, representing growth of approximately 57%.
Net profit increased to ₹9.66 crore from ₹4.31 crore, a rise of approximately 124%. Profit before tax also improved substantially, reflecting stronger business activity during the September quarter.
| Financial metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹72.33 crore | ₹45.95 crore |
| Net profit | ₹9.66 crore | ₹4.31 crore |
The company recorded higher expenses alongside its revenue expansion, but the improvement in earnings remained substantial. Its results reflected stronger demand and business activity in its communications infrastructure operations.
What Thursday’s Q2 FY27 Results Tell Investors
Thursday’s earnings announcements showed strong growth in selected businesses, but profitability remained uneven.
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Oil India, Man Industries and Hitachi Energy delivered particularly strong operating performances. HAL and Page Industries recorded higher revenue and profits, while ADC India Communications reported substantial earnings growth.
The contrasting results from Bharat Dynamics and Alkem Laboratories showed that sales growth does not always translate into higher net profit. Vodafone Idea continued to report substantial losses despite improving revenue, ARPU and cash EBITDA.
For investors, the important distinction is between reported profit growth and sustainable operating performance. Revenue, EBITDA margins, exceptional items and order execution remain essential measures when assessing the quality of quarterly earnings.
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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