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

India’s September-quarter earnings season ended another busy week with a string of important announcements from banking, pharmaceuticals, telecom, defence and consumer businesses. Reliance Industries, Sun Pharmaceutical Industries, Bharat Electronics, Bank of Baroda and Jio Platforms were among the companies that reported their financial performance on Friday.

The numbers revealed quite different conditions across industries. Reliance benefited from stronger group earnings, Jio continued to expand its telecom business, and Bank of Baroda reported healthy profit growth. Sun Pharma, meanwhile, saw its bottom line weaken despite higher sales, illustrating how exceptional expenses can change the picture presented by operating revenue.

For investors following the Q2 FY27 results, the latest announcements offer a closer look at how India’s largest businesses are managing costs, expanding operations and protecting profitability.

Reliance Industries Q2 Results: Profit Rises 41%

Reliance Industries reported a 41% year-on-year increase in quarterly profit to ₹25,548 crore, while revenue climbed approximately 29%. The improvement came as the conglomerate benefited from its diversified operations across energy, telecommunications and retail.

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The results were significant because Reliance’s earnings depend on several businesses operating under very different market conditions. Refining and petrochemicals remain sensitive to global energy markets, while digital services depend more heavily on subscriber growth, customer spending and network utilisation.

Financial metric	Q2 FY27
Reported profit	₹25,548 crore
Profit growth	41% YoY
Revenue growth	Approximately 29% YoY

The performance reinforced the importance of examining Reliance’s individual businesses rather than relying solely on consolidated profit. Its telecom operations continued to expand, although the retail division experienced pressure on profitability.

Jio Platforms Q2 Results: Profit Grows Nearly 14%

Jio Platforms reported a 13.7% year-on-year increase in net profit to ₹8,389 crore, supported by higher operating revenue and continued subscriber additions. The September quarter was particularly important for the telecom company because it marked its first earnings announcement following its stock market debut.

Operating revenue increased 11.4% to ₹40,475 crore. Jio added approximately 9.1 million subscribers during the quarter, taking its customer base beyond 530 million. Average revenue per user increased to ₹218.80, indicating improved monetisation of its telecom services.

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Financial metric	Q2 FY27
Net profit	₹8,389 crore
Operating revenue	₹40,475 crore
Profit growth	13.7% YoY
Revenue growth	11.4% YoY
Average revenue per user	₹218.80

Jio’s core earnings increased 16.6%, helped by revenue growth and improved operating efficiency. Beyond mobile connectivity, the company continues to invest in broadband, satellite communications and artificial intelligence services. These businesses could become increasingly important as Jio looks for growth beyond its traditional telecom subscriber base.

Sun Pharma Q2 Results: Profit Falls 36% Despite Higher Revenue

Sun Pharmaceutical Industries reported a 36% decline in September-quarter net profit, with earnings falling to approximately ₹1,989 crore. Revenue increased 11.8%, but litigation and acquisition-related expenses weighed heavily on the bottom line.

The company’s domestic pharmaceutical business and emerging markets contributed to sales growth. Its US formulations business, however, remained under pressure, creating a noticeable difference between performance across geographies.

Financial metric	Q2 FY27
Net profit	₹1,989 crore
Profit change	Down 36% YoY
Revenue growth	11.8% YoY

The results show why Sun Pharma’s earnings need to be assessed beyond reported net profit. Exceptional costs affected the quarter, while the performance of its underlying pharmaceutical operations varied across markets. The company’s ability to strengthen its US business while maintaining growth in India will remain important for future earnings.

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Bharat Electronics Q2 Results: Revenue Rises 26%

Bharat Electronics reported a 26% increase in consolidated revenue to approximately ₹7,328 crore for the September quarter. Net profit rose 19% to ₹1,531 crore, supported by the execution of defence electronics orders.

The company’s performance reflects continuing demand for domestic defence equipment, particularly electronics and systems used in communication, surveillance and military platforms. Bharat Electronics operates in a sector where order execution and project delivery schedules have a direct influence on quarterly financial performance.

Financial metric	Q2 FY27	Q2 FY26
Revenue	₹7,328 crore	₹5,792 crore
Net profit	₹1,531 crore	₹1,278 crore
Gross profit, as classified by results tracker	₹1,870 crore	₹1,576 crore

Revenue grew faster than net profit, making profitability and the timing of project execution important areas to examine. The company’s existing order book provides visibility into future work, but the conversion of orders into revenue remains central to its financial performance.

Bank of Baroda Q2 Results: Net Profit Jumps 36%

Bank of Baroda reported standalone net profit of ₹6,532 crore for the quarter ended September 2026, an increase of nearly 36% from ₹4,809 crore in the corresponding period last year.

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Net interest income increased 9% to ₹13,026 crore, while non-interest income rose sharply to ₹6,881 crore. The growth in other income made an important contribution to the bank’s quarterly earnings.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹6,532 crore	₹4,809 crore
Net interest income	₹13,026 crore	Approximately ₹11,950 crore
Non-interest income	₹6,881 crore	Approximately ₹3,514 crore

For banks, profit growth alone does not provide a complete picture of financial performance. Net interest margins, loan growth, deposit costs and asset quality remain important measures. Bank of Baroda’s September-quarter numbers showed stronger earnings, with the sharp increase in non-interest income standing out.

NTPC Green Energy Q2 Results: Profit Increases 56%

NTPC Green Energy reported a 56.2% year-on-year increase in quarterly net profit to approximately ₹137.5 crore. Revenue rose 53.2%, supported by the expansion of its operational renewable energy portfolio.

The company’s performance reflects the financial contribution from additional renewable power capacity. Unlike businesses dependent on short-term consumer demand, renewable electricity producers typically earn revenue through power generation and contractual arrangements, making installed capacity and plant utilisation important drivers of earnings.

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Financial metric	Q2 FY27
Net profit	₹137.5 crore
Profit growth	56.2% YoY
Revenue growth	53.2% YoY

The increase in operating scale is encouraging, although renewable energy projects require substantial upfront investment. Financing costs, commissioning schedules and generation efficiency will continue to influence the company’s reported profitability.

LIC Housing Finance Q2 Results: Profit Rises 12%

LIC Housing Finance reported an 11.7% year-on-year increase in consolidated net profit to ₹1,506 crore for the September quarter. Total income increased only 1.5% to ₹7,194 crore, indicating that profit growth considerably outpaced income growth.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹1,506 crore	₹1,349 crore
Total income	₹7,194 crore	₹7,090 crore
Profit growth	11.7%	—

The relatively modest increase in income makes the company’s funding costs, credit provisions and lending margins important areas for further examination. Housing finance companies remain sensitive to borrowing costs because the difference between lending yields and funding expenses directly affects profitability.

Quess Corp Q2 Results: Profit Grows 45%

Business services company Quess Corp reported a 44.8% year-on-year increase in consolidated net profit to ₹74.7 crore. Revenue rose 14.7% to ₹4,396 crore, reflecting growth across its operations.

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EBITDA increased 11.6% to ₹85.7 crore, although the operating margin slipped slightly from 2% to 1.9%.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹74.7 crore	₹51.6 crore
Revenue	₹4,396 crore	₹3,832 crore
EBITDA	₹85.7 crore	₹76.8 crore
EBITDA margin	1.9%	2.0%

Quess operates in businesses where employee costs and contract economics can significantly influence profitability. The quarter delivered stronger revenue and earnings, but the small decline in EBITDA margin suggests that maintaining operating efficiency remains important as the business expands.

Gabriel India Q2 Results: Revenue Grows Faster Than Profit

Automotive components manufacturer Gabriel India reported a 15% increase in consolidated net profit to ₹123 crore. Revenue rose 22.9% to ₹1,608 crore, while EBITDA increased 12.5% to ₹141 crore.

Financial metric	Q2 FY27	Q2 FY26
Net profit	₹123 crore	₹107 crore
Revenue	₹1,608 crore	₹1,308 crore
EBITDA	₹141 crore	₹125 crore
EBITDA margin	8.8%	9.6%

The company also announced an interim dividend of ₹2.15 per share. Although revenue growth was healthy, the decline in operating margin from 9.6% to 8.8% showed that higher sales did not produce a proportionate improvement in operating earnings.

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Prataap Snacks Q2 Results: Company Slips Into Loss

Prataap Snacks reported a consolidated net loss of ₹2.8 crore for the September quarter, compared with a profit of ₹4.6 crore a year earlier. The company recorded a 26% increase in revenue to ₹544 crore, but operating profitability weakened considerably.

Financial metric	Q2 FY27	Q2 FY26
Net profit/loss	Loss ₹2.8 crore	Profit ₹4.6 crore
Revenue	₹544 crore	₹432 crore
EBITDA	₹12.8 crore	₹22.8 crore
EBITDA margin	2.4%	5.3%

The results demonstrated the challenges facing businesses that operate with relatively narrow margins. Even with stronger sales, profitability can deteriorate when expenses increase faster than revenue. For Prataap Snacks, recovering operating margins will be an important measure of future financial improvement.

What the Latest Q2 Earnings Say About Indian Companies

The latest earnings announcements presented a varied picture of corporate performance. Reliance Industries and Jio Platforms reported higher profits, while Bharat Electronics benefited from growing revenue in defence electronics. Bank of Baroda’s results showed the contribution of stronger non-interest income, and NTPC Green Energy reported substantial growth as its renewable power operations expanded.

Other results were less straightforward. Sun Pharma’s reported profit was affected by exceptional expenses, while Gabriel India and Quess Corp experienced modest operating margin pressure despite revenue growth. Prataap Snacks recorded higher sales but moved into a loss.

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These differences matter because a strong headline profit number does not always indicate an equally strong improvement in the underlying business. Some companies are benefiting from expanding operations, while others are relying on cost management, non-operating income or changes in business conditions.

As the earnings season progresses, the quality of profit growth, consistency of operating margins and management commentary on future demand will help investors assess whether the September-quarter performance can be sustained.

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. Financial markets involve risk, and 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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