Thursday, November 5, 2026 | Q2 FY27 Earnings Review | Evening Edition
India’s September-quarter earnings season delivered another busy round of results on Thursday, with major announcements from telecommunications, consumer goods, automobiles, pharmaceuticals, engineering and power businesses.
Bharti Airtel reported double-digit growth in revenue and profit, while Titan delivered a sharp increase in net earnings. Britannia’s sales expanded faster than its bottom line, and Bharat Forge reported stronger profitability alongside revenue growth. The results also revealed pressure in several businesses, particularly where higher operating costs or weaker international demand affected margins.
In Simple Words
Also Read: US Top Earnings Today, November 4, 2026: AI Growth, Healthcare Recovery and Industrial Strength
Thursday’s earnings showed a mixed picture across corporate India. Airtel and Titan reported strong profit growth, while Britannia’s earnings improved more slowly than sales. In engineering and pharmaceuticals, the difference between revenue growth and profitability remained particularly important.All monetary figures are in ₹ crore unless otherwise stated. YoY means compared with the September 2025 quarter.
1. Bharti Airtel: Profit Rises as Telecom Revenue Expands
Bharti Airtel reported a substantial increase in consolidated revenue and net profit for the September quarter. The telecom operator continued to benefit from higher revenue per user, an important measure of the amount earned from its subscriber base.
Average revenue per user increased during the quarter, reflecting the continuing emphasis on improving monetisation rather than relying entirely on subscriber additions. Nevertheless, reported profit came below market expectations, illustrating the distinction between strong annual growth and the performance investors had anticipated.
| Financial measure | Q2 FY27 |
|---|---|
| Revenue from operations | ₹60,878 crore |
| Revenue growth YoY | 17% |
| Net profit | ₹8,888 crore |
| Net profit growth YoY | 31% |
| India mobile ARPU | ₹271 |
The results reinforce the importance of customer spending, network investment and operating efficiency in the telecom sector. Moneycontrol
Also Read: India Top Earnings Today, November 4, 2026: Lupin, Dabur, NLC India and Other Q2 Results
2. Titan Company: Net Profit More Than Doubles
Titan reported a sharp increase in consolidated net profit, significantly outpacing the growth in total income. The performance reflected broad-based activity across its jewellery, watches and other consumer businesses.
The jewellery segment remained central to the company’s operations, while management also highlighted premiumisation in watches and continued development of emerging businesses. The result was notable because the increase in reported earnings was much stronger than the rise in income.
| Financial measure | Q2 FY27 | YoY change |
|---|---|---|
| Total income | ₹21,430 crore | +14% |
| Net profit | ₹2,393 crore | +114% |
The difference between income and profit growth makes the composition of earnings particularly important when evaluating the quarter. Moneycontrol
3. Britannia Industries: Revenue Growth Outpaces Profit
Britannia Industries reported higher consolidated revenue and net profit, supported by growth in its packaged food business. The increase in sales was stronger than the improvement in earnings, indicating that profitability did not expand at the same pace as turnover.
Also Read: US Top Earnings Today, November 3, 2026: Apple, Palantir, Pfizer and Major Quarterly Reports
For consumer goods companies, this distinction matters because raw-material costs, pricing decisions, advertising expenditure and distribution expenses can influence the amount of revenue retained as profit.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue from operations | ₹5,597.79 crore | ₹4,840.63 crore |
| Consolidated net profit | ₹725.99 crore | ₹655.06 crore |
| Revenue growth YoY | 15.6% | — |
| Profit growth YoY | 11% | — |
Britannia’s figures show continued business expansion, with operating costs remaining an important part of the earnings picture. Moneycontrol
4. Bharat Forge: Revenue and Profit Record Strong Growth
Bharat Forge reported higher consolidated revenue and net profit in the September quarter. The engineering manufacturer benefited from improved business performance, with annual profit growth exceeding the increase in sales.
The company also approved additional investment in its defence subsidiary, reinforcing its efforts to develop advanced manufacturing and defence-related capabilities.
| Financial measure | Q2 FY27 | YoY change |
|---|---|---|
| Revenue | ₹4,869.96 crore | +20.79% |
| Net profit | ₹309.82 crore | +46.44% |
| Investment approved for defence subsidiary | Up to ₹290.50 crore | — |
The result reflects the growing importance of business diversification within India’s engineering sector, where automotive, industrial and defence demand can follow different cycles. The Financial Express
5. LG Electronics India: Revenue and Earnings Improve
LG Electronics India reported strong quarterly growth, with net profit increasing faster than revenue. Operating profit also expanded, while the EBITDA margin improved from the corresponding quarter of the previous year.
The performance indicates that the consumer electronics business converted higher sales into better operating earnings during the period.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹7,380 crore | ₹6,174 crore |
| EBITDA | ₹701 crore | ₹547 crore |
| Net profit | ₹489 crore | ₹389 crore |
| EBITDA margin | 9.5% | 8.9% |
The improvement in operating margin is an important feature of the result, particularly in a consumer durables market where competition and product mix can influence profitability. NDTV Profit
Also Read: US Top Earnings Today, November 2, 2026: Marriott, Estée Lauder, Fox and More
6. Samvardhana Motherson: Automotive Components Profit Rises
Samvardhana Motherson International reported higher consolidated revenue and net profit. Its global automotive components operations delivered earnings growth, although the EBITDA margin remained broadly unchanged.
The result illustrates the scale of the company’s international manufacturing business and its exposure to automotive production across multiple markets.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹38,280 crore | ₹35,244 crore |
| EBITDA | ₹3,357 crore | ₹3,096 crore |
| Net profit | ₹1,175 crore | ₹1,032 crore |
| EBITDA margin | 8.8% | 8.8% |
Profit increased faster than revenue, while the stable operating margin indicates that the improvement was not driven by a major expansion in EBITDA profitability. NDTV Profit
7. Glenmark Pharmaceuticals: Profit Falls Sharply
Glenmark Pharmaceuticals reported a substantial decline in consolidated net profit for the September quarter. Weaker sales in its North American business weighed on performance, demonstrating how changes in international pharmaceutical markets can influence the earnings of Indian drugmakers.
Also Read: India Top Earnings Today, November 2, 2026: Marico, UPL, Escorts Kubota, CONCOR and Other Q2 Results
North America remains an important market for Indian pharmaceutical exporters, but competition, product pricing and the timing of new launches can produce significant differences between reporting periods.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Consolidated net profit | ₹264 crore | ₹610 crore |
| Profit change YoY | -56.8% | — |
The sharp reduction in profit makes Glenmark one of the weaker earnings performances among the larger pharmaceutical businesses reporting on Thursday. Reuters
8. Berger Paints: Higher Profit but Continued Cost Pressure
Berger Paints India reported a modest improvement in quarterly profit, supported by demand across industrial paints, construction chemicals and international operations.
The company faced pressure from higher raw-material costs and foreign-exchange volatility. It also indicated plans to increase product prices during November and introduce additional efficiency measures to protect profitability.
Also Read: US Weekly Earnings Review: Microsoft, Alphabet, Amazon, Intel and Major Q3 Results (Oct 26–30, 2026)
| Financial measure | Q2 FY27 |
|---|---|
| Net profit growth YoY | +5.2% |
| Planned price revision | November 2026 |
The result highlights the challenges facing paint manufacturers when input costs rise faster than selling prices. Even with stronger volumes, maintaining operating margins can become difficult if raw-material inflation persists. Reuters
9. Cummins India: Operating Margin Contracts
Cummins India reported higher revenue but lower net profit during the September quarter. The divergence was accompanied by a substantial contraction in operating margin, making profitability the principal concern in the result.
The company’s performance illustrates how industrial manufacturers can experience rising sales without a corresponding improvement in earnings when production costs or business mix change.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹3,301 crore | ₹3,170 crore |
| EBITDA | ₹506 crore | ₹695 crore |
| Net profit | ₹507 crore | ₹622 crore |
| EBITDA margin | 15.3% | 21.9% |
Revenue increased modestly, but EBITDA and profit declined considerably. The margin contraction is therefore more significant than the headline sales growth. NDTV Profit
10. CESC: Revenue Improves While Profit Slips
CESC reported higher consolidated revenue in the September quarter, but net profit and operating earnings declined slightly.
The power business also recorded a narrower EBITDA margin, indicating that the increase in revenue did not translate into stronger operating profitability.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹5,607 crore | ₹5,267 crore |
| EBITDA | ₹1,039 crore | ₹1,061 crore |
| Net profit | ₹423 crore | ₹428 crore |
| EBITDA margin | 18.5% | 20.1% |
The figures underline the importance of operating expenses and the composition of revenue in evaluating power-sector earnings. NDTV Profit
11. Juniper Hotels: Profit More Than Doubles
Juniper Hotels reported a substantial improvement in net profit despite relatively modest revenue growth. Operating earnings remained nearly unchanged, while the EBITDA margin contracted from the previous year.
Also Read: Q2 Results 2026: Reliance, Sun Pharma, BEL, Jio and Bank of Baroda Report Earnings
The result demonstrates that a sharp increase in net profit does not necessarily indicate an equivalent improvement in operating performance.
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹250 crore | ₹230 crore |
| EBITDA | ₹82.5 crore | ₹82.8 crore |
| Net profit | ₹37.2 crore | ₹16.8 crore |
| EBITDA margin | 33.1% | 36.0% |
Although reported profit more than doubled, the decline in operating margin provides an important qualification to the earnings improvement. NDTV Profit
12. Tenneco Clean Air India: Strong Revenue Growth, Lower Margin
Tenneco Clean Air India reported higher quarterly revenue and net profit, supported by expansion in its automotive components business.
However, EBITDA grew more slowly than revenue, resulting in a lower operating margin. This indicates that the additional sales carried a different profitability profile from the corresponding period last year.
Also Read: Q2 Results Today, October 30, 2026: Indian Companies Report September Quarter Earnings
| Financial measure | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Revenue | ₹1,718 crore | ₹1,281 crore |
| EBITDA | ₹262 crore | ₹217 crore |
| Net profit | ₹173 crore | ₹150 crore |
| EBITDA margin | 15.2% | 16.9% |
The results demonstrate that business expansion and margin improvement are separate measures of financial performance. NDTV Profit
Best and Weakest Earnings Performances
Among the companies covered, Titan delivered one of the strongest increases in reported net profit, while Bharat Forge also recorded earnings growth considerably ahead of revenue expansion. LG Electronics India demonstrated improvement in both sales and operating margins.
The weaker results were concentrated in companies facing pressure on profitability. Glenmark Pharmaceuticals reported a substantial fall in profit, Cummins India experienced a sharp contraction in operating margin, and CESC recorded lower earnings despite higher revenue.
Britannia and Berger Paints presented a more moderate picture, with higher sales or profit but continuing sensitivity to costs. In automotive components, Samvardhana Motherson maintained a broadly stable operating margin, while Tenneco Clean Air India’s margin narrowed.
Also Read: Top US Earnings Today, October 29, 2026: Lilly, Mastercard, Caterpillar, Merck, Quanta and More
What Today’s Q2 Earnings Reveal About Corporate India
Thursday’s results underline the uneven nature of India’s corporate earnings recovery. Some businesses are benefiting from stronger demand and improved earnings conversion, while others are struggling to protect margins despite reporting higher revenue.
Telecommunications and branded consumer businesses produced several important results. Airtel’s growth in average revenue per user remained a significant operating indicator, while Titan’s sharp profit increase distinguished it from consumer companies experiencing more moderate earnings growth.
The engineering and automotive sectors showed a particularly varied picture. Bharat Forge reported strong profit growth, but Cummins India experienced lower profitability. Samvardhana Motherson and Tenneco Clean Air India increased revenue and earnings, although their operating-margin trends differed.
Pharmaceuticals also demonstrated the risks associated with international market exposure. Glenmark’s weaker North American business affected its consolidated profit, showing how regional performance can influence the financial results of Indian drugmakers.
Also Read: Top Earnings Today India: Q2 Results for October 29, 2026
The central lesson from the September-quarter announcements is that revenue growth alone provides an incomplete picture. Operating margins, business mix, financing costs and the sustainability of earnings remain essential to understanding corporate performance.
OneTrader Disclaimer
This article is published 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 assessed alongside official company disclosures, accounting policies, exceptional items, operating risks and broader economic conditions. Readers should conduct independent research and consult a qualified financial adviser before making investment decisions. OneTrader is not registered with SEBI as an investment adviser or research analyst.
Also Read: Top US Earnings Today, October 28, 2026: GE Vernova, Vertiv, Biogen, Labcorp and More
Keep learning with OneTrader
Explore structured lessons and practical guides to build your market knowledge.
Need a laugh after all that money talk?
Paisa LOL: India's funniest finance page, with memes, comics, jokes and long funny stories.
