India’s September-quarter earnings season picked up pace in the last week of October, with big announcements from banks, autos, pharma, energy, consumer and infrastructure companies.
The results showed a sharp split between companies growing on real operations and those whose reported profits were bent by rising costs or one-off items. Bajaj Auto and Larsen & Toubro delivered strong growth, Asian Paints faced margin pressure, and Sun Pharma’s reported profit fell despite higher sales. Friday was the busiest day, with Reliance Industries, Sun Pharma, Indian Oil and Bank of Baroda all reporting.
In Simple Words
Several big Indian companies reported strong sales and profit growth, but the picture was not uniform. Autos, infrastructure and parts of pharma did well, while higher costs and one-time charges hurt others. The key difference was between profits earned through the core business and those lifted or cut by accounting or exceptional items.
All amounts are in ₹ crore unless stated otherwise. YoY means compared with the September 2025 quarter. Consolidated figures are used unless another basis is mentioned.
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1. Reliance Industries: Profit Rises on Strong Revenue Growth
Reliance posted a big jump in consolidated revenue and net profit for the September quarter, and operating profit improved too. It was one of the most closely watched results of the week.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹3,30,601 crore |
| Revenue YoY | +29.84% |
| Net profit | ₹29,550 crore |
| Profit YoY | +33.76% |
| Operating profit | ₹56,616 crore |
2. Bajaj Auto: A Strong Quarter for the Two-Wheeler Maker
Revenue and earnings both grew strongly, with profit rising slightly faster than sales. Operating earnings jumped as well, so the gain went beyond the top line.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹20,003 crore |
| Revenue YoY | +34.1% |
| Net profit | ₹3,354 crore |
| Profit YoY | +35.2% |
| EBITDA | ₹4,171 crore |
| EBITDA margin | 20.9% |
3. Larsen & Toubro: Infrastructure Arm Delivers Higher Profit
L&T had a strong September quarter, with profit growing much faster than revenue. It showed the earnings strength of the engineering and infrastructure business.
| Q2 FY27 metric | Result |
|---|---|
| Revenue YoY | +16% |
| Net profit | ₹5,202 crore |
| Profit YoY | +33% |
4. Mankind Pharma: Domestic Business Drives Growth
Revenue and profitability improved, helped by the domestic business and overseas operations. The EBITDA margin widened, which points to better operating efficiency.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹4,338 crore |
| Revenue YoY | +17% |
| EBITDA | ₹1,175 crore |
| EBITDA YoY | +27% |
| Net profit YoY | +38% |
| EBITDA margin | 27.1% |
5. Asian Paints: Sales Grow, Margins Narrow
Revenue grew in double digits, but higher raw-material costs ate into the benefit. The company absorbed part of the cost pressure instead of passing it all on, so profit growth lagged sales.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹9,976.5 crore |
| Revenue YoY | +16.9% |
| Net profit | ₹1,067.6 crore |
| Profit YoY | +7.5% |
| PBDIT margin | 15.6% |
| Interim dividend per share | ₹5.75 |
6. Bank of Baroda: Strong Profit Growth
The public-sector lender reported a sharp rise in standalone net profit, and net interest income also increased.
| Q2 FY27 metric | Result |
|---|---|
| Standalone net profit | ₹6,532 crore |
| Profit YoY | +35.8% |
| Net interest income YoY | +9% |
7. Bharat Electronics: Defence Electronics Revenue Climbs
BEL showed healthy revenue and profit growth on steady execution in defence electronics. Operating margins, though, were narrower than a year ago, so sales growth did not fully reach operating profit.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹7,328 crore |
| Revenue YoY | +26.5% |
| Net profit | ₹1,540 crore |
| Profit YoY | +19.7% |
| Operating margin | 27.3% |
8. Indian Oil: LPG Compensation Lifts Profit
Standalone profit nearly tripled, helped by government compensation for losses on domestic LPG sales. Revenue rose strongly too, but the compensation was a major part of the profit jump.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | About ₹2,63,000 crore |
| Revenue YoY | About +30% |
| Standalone net profit | ₹21,630 crore |
| Profit YoY | About +184% |
| LPG compensation | ₹7,243 crore |
9. Sun Pharma: Exceptional Charges Hit Reported Earnings
Revenue rose, but reported profit fell sharply after exceptional charges for litigation and acquisition costs. Adjusted profit was far stronger than the statutory number, so the gap between underlying and one-time items matters here.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹16,198.7 crore |
| Revenue YoY | +11.9% |
| Net profit | ₹1,988.5 crore |
| Profit YoY | -36% |
| Adjusted net profit | ₹3,162 crore |
| EBITDA margin | 29.3% |
10. Varun Beverages: Sales Outpace Profit
Revenue grew strongly while net profit rose more slowly. The bottler declared an interim dividend, though its operating margin was lower than a year earlier.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹6,816 crore |
| Revenue YoY | +33.3% |
| Net profit | ₹828 crore |
| Profit YoY | +13.7% |
| EBITDA | ₹1,507 crore |
| Interim dividend per share | ₹0.50 |
11. Coal India: Higher Revenue and Profit
Consolidated revenue and net profit grew substantially from a year ago. Earnings did fall from the previous quarter, so September was stronger than last year but weaker than June.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹44,178.7 crore |
| Revenue YoY | +46.35% |
| Net profit | ₹6,516.1 crore |
| Profit YoY | +49.65% |
| EBITDA | ₹11,152.6 crore |
12. Suzlon Energy: Revenue Rises, Margins Contract
Revenue grew on higher wind turbine deliveries, but EBITDA stayed almost flat and margins narrowed. Reported profit fell sharply against a year-ago quarter that had a large deferred-tax benefit, while adjusted profit was broadly flat.
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| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹4,869 crore |
| Revenue YoY | +26% |
| Net profit | ₹394 crore |
| Reported profit YoY | -69.2% |
| Adjusted profit YoY | +1.3% |
| EBITDA margin | 14.8% |
13. Trent: Retail Expansion Supports Earnings
Trent had another profitable quarter as its store network kept growing. Revenue and profit both increased.
| Q2 FY27 metric | Result |
|---|---|
| Net profit | About ₹490 crore |
| Profit YoY | About +9% |
14. IndiGo: Revenue Grows as Loss Narrows
InterGlobe Aviation posted strong revenue growth and a smaller loss. The airline stayed in the red, but the loss shrank from the same quarter last year.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹23,363.8 crore |
| Revenue YoY | +25.9% |
| Net loss | ₹1,879.1 crore |
| Year-ago net loss | ₹2,582.1 crore |
15. Ambuja Cements: Higher Costs Squeeze Profit
Revenue was almost unchanged, but consolidated net profit fell sharply as fuel, logistics and packaging costs rose. The year-ago quarter also had a big tax provision reversal, which exaggerates the reported fall.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹9,197 crore |
| Revenue YoY | +0.2% |
| Net profit | ₹236 crore |
| Profit YoY | About -90% |
| EBITDA | ₹1,271 crore |
| EBITDA YoY | -27.9% |
16. Dalmia Bharat: Cement Producer Slips Into a Loss
Dalmia Bharat reported a consolidated loss for the quarter, reversing the profit of a year earlier. It was among the weaker cement results of the week.
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| Q2 FY27 metric | Result |
|---|---|
| Net loss | ₹205 crore |
| Year-ago net profit | ₹239 crore |
| Profit movement | Turned to loss |
17. Indian Energy Exchange: Electricity Trading Supports Growth
Revenue and profit rose as electricity trading volumes increased, showing the exchange still earns steady growth from its core marketplace.
| Q2 FY27 metric | Result |
|---|---|
| Revenue | ₹203 crore |
| Revenue YoY | +10.7% |
| Net profit | ₹139.2 crore |
| Profit YoY | +12.9% |
| Trading volume | 39.7 billion units |
Best and Worst Quarter of the Week
Best operating performance: Bajaj Auto. Strong growth in both revenue and profit, with operating earnings rising even faster than sales. It was a more convincing result than the ones helped by one-time payments or accounting adjustments.
Strongest infrastructure performance: Larsen & Toubro. Profit growth comfortably beat revenue growth, which shows the company turning business activity into higher earnings.
Weakest underlying performance: Ambuja Cements. A fall in EBITDA on almost flat revenue points to real pressure on operating profit. Last year’s tax benefit made the reported profit drop look even worse.
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Most misleading headline decline: Suzlon Energy. The big drop in reported profit came mainly from a deferred-tax benefit a year ago. The narrower operating margin deserves more attention than the headline percentage.
Sun Pharma taught a similar lesson. Its statutory profit fell sharply, but exceptional charges explained much of the gap between reported and adjusted earnings.
What the Earnings Season Tells Investors
Revenue growth alone does not tell you how a company did. Asian Paints, Varun Beverages and Suzlon all grew sales, but their margins showed very different levels of cost pressure.
Bajaj Auto, Larsen & Toubro and Mankind Pharma gave stronger proof of earnings growth from operations. Indian Oil’s profit, by contrast, leaned on government compensation, and Sun Pharma’s statutory earnings were hit by exceptional charges.
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When you compare companies, the quality of earnings matters as much as the growth rate. Margins, cash generation, recurring operating profit and the treatment of one-time items say more than the headline profit number.
Disclaimer: This article is published for educational and informational purposes only. It is not investment advice or a recommendation to buy or sell any security. Financial results should be assessed alongside company disclosures, business risks and market conditions. Readers should conduct independent research or 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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