Q2 FY27 Results, 1 to 7 November: 37 of 152 Grew Where It Counts

Every figure here comes from the consolidated result each company filed with NSE, and every change is against July–September 2025. A result can pass this screen and still be a poor investment at today's price; the screen says a quarter was strong, not what to do about it. The rules are on How we calculate, and How to read a quarterly result explains each line.

Honasa's revenue rose 36%, and advertising stayed at a third of it

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	731	756	−3.3%	538	+35.9%
Operating profit (EBIT)	81.95	99.7	−17.8%	35.9	+128.3%
Operating margin	11.2%	13.2%	−198 bps	6.7%	+454 bps
Other income	21.75	22.51	−3.4%	20.14	+8.0%
Profit to shareholders	73.1	90.25	−19.0%	39.23	+86.3%

Source: Honasa Consumer Limited’s filing to NSE, 6 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Honasa Consumer, which owns Mamaearth, The Derma Co. and Aqualogica, grew revenue 35.9%, to ₹731 crore, and EBITDA from ₹48 crore to ₹93 crore. Volumes rose 31.3% on the company's measure, which leaves out Reginald Men, a brand it bought in January 2026. The listed company on its own, without Reginald Men or the BBlunt salons, grew revenue 30.9%. So the acquisition doesn't explain the growth.

The margin didn't come from spending less on advertising. Ads were 33.4% of revenue, against 33.5% a year ago. Other expenses fell from 17.0% of revenue to 13.8%, and staff costs from 11.1% to 10.0%: the same overheads spread over more sales. Honasa still spends ₹245 crore a quarter on advertising. If it spends that and growth slows, the margin falls just as quickly, and nothing in the filing says which way growth goes next.

Asahi India Glass got its float-glass furnace back, and its profit there more than tripled

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	1,586	1,413	+12.2%	1,151	+37.7%
Operating profit (EBIT)	266	244	+9.0%	119	+122.9%
Operating margin	16.8%	17.3%	−49 bps	10.4%	+641 bps
Other income	5.19	5.75	−9.7%	10.93	−52.5%
Profit to shareholders	167	149	+12.2%	56.55	+195.8%

Source: Asahi India Glass Limited’s filing to NSE, 3 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Asahi makes about 80% of the glass in India's passenger cars, and its own float glass for buildings. Revenue rose 37.7%, to ₹1,586 crore, and EBITDA 76%, to ₹351 crore. Float glass did most of the work: revenue up 58%, to ₹608 crore, and profit before interest and tax ₹137 crore against ₹40 crore. A year ago its F2 furnace was shut for a cold repair, a rebuild that takes it out of production. This quarter it ran at full capacity, and the company also credits better prices for a richer mix.

Car glass grew revenue 31%, to ₹1,066 crore, and its profit 69%, to ₹131 crore, on more cars and 12 new models. Profit to shareholders nearly tripled, to ₹167 crore, with interest costs ₹15 crore lower. Two things the filing can't settle. The float-glass comparison flatters this year only once: next July–September compares a full furnace with a full furnace. And the company credits the government's minimum import price on glass, which the government can change.

Vardhman Textiles sold 1.5% more yarn and made twice the operating profit

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	2,866	2,703	+6.0%	2,480	+15.5%
Operating profit (EBIT)	433	347	+24.6%	220	+96.4%
Operating margin	15.1%	12.8%	+225 bps	8.9%	+621 bps
Other income	53.37	78.06	−31.6%	36.78	+45.1%
Profit to shareholders	357	310	+15.2%	187	+90.9%

Source: Vardhman Textiles Limited’s filing to NSE, 6 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Vardhman sold 69,948 tonnes of yarn, 1.5% more than a year ago, and 2.5% less processed fabric. Revenue still rose 15.5%, to ₹2,866 crore, so it was paid about 14% more for roughly the same goods. Operating profit rose 96%, to ₹433 crore. Raw materials, net of stock it built up, took about 50% of revenue against about 55% a year ago: Vardhman's selling prices rose much faster than its costs. On the listed company's own figures, EBITDA rose 66% and the margin went from 15.5% to 22.1%.

The results and the presentation don't say why. The company gives no cotton price, no yarn price and no reason for the margin. K.P.R. Mill, last week, was the same: a jump in textile margin with flat volumes and no explanation. Operating profit has risen on a year ago in only two of Vardhman's last four quarters. A spread between cotton and yarn prices can close as fast as it opened, so ask the company before you count on 22%.

Divi's grew revenue 35% and built ₹1,148 crore of stock in six months

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	3,676	3,080	+19.4%	2,715	+35.4%
Operating profit (EBIT)	1,424	1,122	+26.9%	775	+83.7%
Operating margin	38.7%	36.4%	+231 bps	28.5%	+1019 bps
Other income	94	64	+46.9%	145	−35.2%
Profit to shareholders	1,127	902	+24.9%	689	+63.6%

Source: Divi's Laboratories Limited’s filing to NSE, 7 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Divi's Laboratories makes active ingredients and intermediates, both its own generics and custom work for drug companies. Revenue rose 35.4%, to ₹3,676 crore, and operating profit 84%, to ₹1,424 crore: a margin of 38.7% against 28.5%. Materials, net of the change in stock, fell from 39.5% of revenue to 32.1%. Currency helped less than last year: a ₹24 crore gain against ₹63 crore.

That is nearly all Divi's tells you. It files no investor presentation and reports one segment, so its filing doesn't split custom work from generics, or name a product or a customer. One figure stands out: finished goods and work in progress rose ₹631 crore in the quarter and ₹1,148 crore over April–September, against ₹285 crore in the whole of last year. A company builds stock like that when it expects to sell it. Whose orders those are, and when they ship, isn't in the filing.

Gland Pharma's US sales rose 42% while India and the rest of the world shrank

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	1,834	1,800	+1.9%	1,487	+23.3%
Operating profit (EBIT)	369	378	−2.4%	208	+77.8%
Operating margin	20.1%	21.0%	−88 bps	14.0%	+617 bps
Other income	69.05	61.23	+12.8%	84.16	−18.0%
Profit to shareholders	291	317	−8.3%	184	+58.3%

Source: Gland Pharma Limited’s filing to NSE, 6 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Gland makes injectable drugs, under contract and as generics for other companies to sell. Revenue rose 23.3%, to ₹1,834 crore, and EBITDA 53%, to ₹480 crore, on the company's measure. US sales were ₹1,180 crore, 42% more, helped by four launches including sugammadex, which reverses muscle relaxants after surgery. Europe grew 30%. India fell 42%, to ₹39 crore, and the rest of the world 21%. Contract manufacturing, 45% of revenue, grew 31%.

Our table shows operating profit up 78%, faster than the company's 53%, because depreciation barely changed: most of each extra rupee of EBITDA got through. Contract work comes in lumps. It fell 8% from April–June, while the US regulator's inspection of the Dundigal plant in October ended with four observations. The company calls them procedural; what the regulator makes of them comes later.

Exide's battery margin rose almost three points in the year GST on batteries fell to 18%

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	5,292	5,528	−4.3%	4,365	+21.2%
Operating profit (EBIT)	412	479	−14.0%	239	+72.2%
Operating margin	7.8%	8.7%	−88 bps	5.5%	+231 bps
Other income	42.1	26.87	+56.7%	53.66	−21.5%
Profit to shareholders	286	350	−18.4%	172	+66.4%

Source: Exide Industries Limited’s filing to NSE, 4 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Exide's revenue rose 21.2%, to ₹5,292 crore, and operating profit 72%, to ₹412 crore. The lead-acid business, which is the listed company, grew revenue 20.3%, to ₹5,026 crore, and EBITDA 54%, to ₹606 crore: a 12.1% margin against 9.4%. Exide's own explanation starts with tax. GST on batteries fell from 28% to 18% on 22 September 2025, so almost all of last year's quarter was sold at the old rate, and the company says the cut is moving buyers in smaller towns to branded batteries.

Exide gives no volumes, so how much of the 20% is more batteries and how much is price or mix isn't in the filing. The listed company made ₹386 crore after tax; the group, ₹286 crore. The difference is the subsidiaries, which include the new lithium-ion cell factory in Bengaluru, commissioned in September at 6 GWh. Its cells are still being approved by customers. Until they buy, the plant adds depreciation and interest, and no sales.

Medanta added 17% more beds and filled more of them

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	1,469	1,304	+12.7%	1,099	+33.6%
Operating profit (EBIT)	299	218	+37.4%	181	+65.2%
Operating margin	20.4%	16.7%	+367 bps	16.5%	+389 bps
Other income	23.61	22.16	+6.5%	19.73	+19.7%
Profit to shareholders	219	159	+38.1%	158	+38.3%

Source: Global Health Limited’s filing to NSE, 3 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Global Health, which runs the Medanta hospitals, had 3,115 beds against 2,658 a year ago, and 67% of them were occupied, against 64%. Inpatients rose 29.5% and outpatients 37.9%; each inpatient paid 2.7% more and stayed 2.89 days, not 3.06. Revenue rose 33.6%, to ₹1,469 crore, and operating EBITDA 60%, to ₹370 crore, a margin of 25.2% against 21.0%.

The Noida hospital explains much of the jump. A year ago it had just opened: ₹4 crore of revenue and a ₹20 crore EBITDA loss. This quarter it took ₹106 crore and broke even. Gurugram, Indore and Ranchi together grew 17.8%. Profit to shareholders rose a slower 38%, to ₹219 crore, because interest, depreciation and tax all rose with the new hospitals, and a year ago had ₹16 crore of one-off income. Medanta has approved a 500-bed hospital in Ghaziabad at about ₹997 crore. New hospitals lose money before they fill, and none of that shows in this quarter.

Sansera's aerospace, defence and chip-equipment parts tripled

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	1,091	1,021	+6.9%	825	+32.3%
Operating profit (EBIT)	151	134	+12.6%	92.75	+62.9%
Operating margin	13.8%	13.1%	+70 bps	11.2%	+260 bps
Other income	11.65	13.39	−13.0%	11.62	+0.3%
Profit to shareholders	108	86.56	+24.8%	71.39	+51.3%

Source: Sansera Engineering Limited’s filing to NSE, 5 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Sansera Engineering makes forged and machined parts, mostly for engines. Revenue rose 32.3%, to ₹1,091 crore, and EBITDA 48%, to ₹211 crore. Engine parts for cars and motorcycles, 66% of sales, grew 18%. The rest grew far faster: parts for aerospace, defence and semiconductor equipment rose 207%, to about ₹163 crore. That one business is about two-fifths of the quarter's ₹266 crore rise in revenue. Sales to the US rose 78%, and to other foreign countries 129%, which the company credits mainly to semiconductor parts.

The company says it has ₹5,870 crore of unexecuted orders in this business over five years. An order book isn't revenue, and semiconductor equipment is among the most cyclical things a factory can make. What the filing can't tell you is whether 207% is a new level or a few large shipments.

Minda Corp grew 43%, and 38% without the company it took control of

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	2,189	1,846	+18.6%	1,535	+42.6%
Operating profit (EBIT)	189	143	+32.3%	121	+56.3%
Operating margin	8.6%	7.7%	+89 bps	7.9%	+76 bps
Other income	3.03	1.62	+87.0%	2.95	+2.7%
Profit to shareholders	143	206	−30.5%	84.64	+69.1%

Source: Minda Corporation Limited’s filing to NSE, 3 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Minda Corporation makes wiring harnesses, instrument clusters, locks and die castings. Revenue rose 42.6%, to ₹2,189 crore, and EBITDA 45%, to ₹257 crore. Part of that is Minda Vast, a joint venture that became a subsidiary on 1 April 2026, so its revenue is in this quarter and not in last year's. Minda Corp doesn't give Vast's revenue. The listed company's own figures, which leave Vast out, show revenue up 38.1%, to ₹1,725 crore, so the acquisition isn't doing the work. It stays on the list. The industry helped: Minda quotes vehicle production up 18% on a year ago. Its electric-vehicle parts doubled, to a tenth of revenue.

The margin barely moved: 11.8% EBITDA against 11.6%. A fire at one plant on 30 May destroyed ₹105 crore of buildings, machinery and stock. Minda has booked the whole amount as an insurance claim, so it doesn't touch profit, and has received ₹60 crore so far. Until the claim settles, the rest is an estimate.

Hindalco sold about as much metal as a year ago, at much higher prices

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	91,708	84,825	+8.1%	66,058	+38.8%
Operating profit (EBIT)	10,290	11,595	−11.3%	6,811	+51.1%
Operating margin	11.2%	13.7%	−245 bps	10.3%	+91 bps
Other income	943	1,057	−10.8%	713	+32.3%
Profit to shareholders	7,532	7,013	+7.4%	4,741	+58.9%

Source: Hindalco Industries Limited’s filing to NSE, 6 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Hindalco's revenue rose 38.8%, to ₹91,708 crore, and profit to shareholders 59%, to ₹7,532 crore. Volumes didn't do it. Novelis, its rolled-aluminium business in the US and Europe, shipped 919,000 tonnes against 941,000. Indian aluminium sold 345,000 tonnes against 341,000 and earned $2,125 a tonne in EBITDA, up from $1,521: EBITDA up 55%, to ₹7,009 crore. Copper sold 2% more and its EBITDA rose from ₹634 crore to ₹1,673 crore, which the company puts down to by-products such as sulphuric acid and one-time gains it doesn't size.

Novelis' Oswego plant in New York, damaged by fire in September 2025, is back to normal output. Most of the rest is the price of aluminium and copper, which nobody can forecast. Debt rose too: net debt is 1.8 times a year's EBITDA, against 1.2 a year ago, as Novelis spends on its new Bay Minette plant in Alabama, due to ship from April–June 2027.

All 37 that passed

Company	Revenue	Operating profit	Margin	Profit to shareholders	Quarters of growth	Note
Honasa Consumer	+35.9%	+128.3%	+454 bps	+86.3%	4 of 4
Asahi India Glass	+37.7%	+122.9%	+641 bps	+195.8%	4 of 4
Vardhman Textiles	+15.5%	+96.4%	+621 bps	+90.9%	2 of 4
Divi's Laboratories	+35.4%	+83.7%	+1019 bps	+63.6%	4 of 4
Gland Pharma	+23.3%	+77.8%	+617 bps	+58.3%	4 of 4
Exide Industries	+21.2%	+72.2%	+231 bps	+66.4%	4 of 4
Global Health	+33.6%	+65.2%	+389 bps	+38.3%	3 of 4
Sansera Engineering	+32.3%	+62.9%	+260 bps	+51.3%	4 of 4
Minda Corporation	+42.6%	+56.3%	+76 bps	+69.1%	4 of 4
Hindalco Industries	+38.8%	+51.1%	+91 bps	+58.9%	4 of 4
Premier Energies	+43.3%	+49.1%	+92 bps	+29.6%	4 of 4
Oil & Natural Gas Corporation	+25.6%	+47.3%	+189 bps	+55.3%	1 of 4
UNO Minda	+38.3%	+46.8%	+48 bps	+38.1%	4 of 4
Tube Investments of India	+32.7%	+44.8%	+63 bps	+33.4%	1 of 4
Vijaya Diagnostic Centre	+26.7%	+44.1%	+407 bps	+37.4%	4 of 4
BSE	+34.1%	+43.1%	+407 bps	+44.9%	4 of 4
NHPC	+33.2%	+42.9%	+343 bps	+51.7%	2 of 4
Cemindia Projects	+26.3%	+40.8%	+84 bps	+21.3%	4 of 4
Choice International	+35.9%	+38.6%	+63 bps	+23.0%	4 of 4
NCC	+32.4%	+34.8%	+13 bps	+19.1%	2 of 4	shares split 5-for-1 in the year
Elgi Equipments	+17.2%	+33.6%	+172 bps	+5.7%	4 of 4
Apollo Hospitals Enterprise	+20.8%	+32.8%	+114 bps	+32.0%	4 of 4	shares split 2-for-1 in the year
Sai Life Sciences	+22.5%	+30.3%	+126 bps	+17.3%	4 of 4
Aurobindo Pharma	+23.9%	+30.1%	+76 bps	+32.7%	2 of 4
Emcure Pharmaceuticals	+24.3%	+28.9%	+62 bps	+33.7%	4 of 4
National Aluminium Company	+26.3%	+27.4%	+38 bps	+28.3%	2 of 4
LG Electronics India	+19.5%	+27.3%	+48 bps	+25.7%	1 of 1
Dr. Lal Path Labs	+19.6%	+27.1%	+157 bps	+27.6%	4 of 4	shares split 2-for-1 in the year
Bajaj Finserv NBFC format	+16.1%	+26.1%	+158 bps	+22.9%	4 of 4
Anupam Rasayan India	+10.2%	+25.7%	+200 bps	+12.7%	2 of 4
Marico	+11.9%	+25.7%	+182 bps	+31.0%	4 of 4
Cholamandalam Financial Holdings NBFC format	+18.9%	+24.5%	+81 bps	+16.8%	4 of 4
Bharti Airtel	+16.7%	+24.1%	+198 bps	+30.9%	4 of 4
Nuvama Wealth Management NBFC format	+20.4%	+22.3%	+46 bps	+19.4%	4 of 4	shares split 5-for-1 in the year
GlaxoSmithKline Pharmaceuticals	+20.8%	+21.6%	+22 bps	+30.4%	4 of 4
Bharti Hexacom	+11.4%	+18.8%	+187 bps	+34.4%	4 of 4
Aptus Value Housing Finance India NBFC format	+14.6%	+15.6%	+48 bps	+18.0%	4 of 4

Change on the same quarter a year earlier, from each company’s consolidated filing to NSE (the name links to it). Quarters of growth counts back from this quarter: how many in a row, of the last four, had operating profit above the same quarter a year earlier. For banks, revenue is net interest income and operating profit is profit before provisions; for companies filing in the NBFC format, operating profit is profit before exceptional items and tax. Banks have no margin figure here. The rules are on How we calculate.

Ten of the thirty-seven are in healthcare: six drug makers (Divi's, Gland, SAI Life Sciences, Aurobindo, Emcure and GSK Pharma), two hospital chains (Medanta and Apollo) and two diagnostic labs (Vijaya and Dr Lal PathLabs). Six make car parts, which fits a quarter of record vehicle production. Six are in finance, among them BSE, whose revenue rose 34.1%. NCC, Nuvama, Apollo and Dr Lal PathLabs have split or issued bonus shares since last year, so their earnings per share aren't comparable with a year ago.

ONGC passed thirteenth, with revenue up 25.6% and operating profit 47.3%. Last week's roundup said to set it beside GAIL, and the two differ. GAIL made its money reselling scarce gas. ONGC made its money on crude: it produced 4% less oil than a year ago and was paid $92.33 a barrel against $67.34. Gas from its older fields fetched $7.00 per million British thermal units, against $6.75, so the shortage that lifted GAIL barely reached ONGC's gas. ONGC's consolidated figures also carry HPCL's refineries, which sell fuel as Indian Oil does; ONGC's profit on its own rose 57%.

45 grew as fast and were held back

Company	Revenue	Operating profit	Profit to shareholders	Why it was held back
Tega Industries	+949.5%	+591.4%	n.m.	other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out; 13% more shares: growth funded partly by new capital
Shipping Corporation Of India	+71.1%	+312.9%	+205.4%	revenue up over 50%: acquisition not yet ruled out
Graphite India	+13.3%	+210.5%	+24.7%	year-ago operating profit too small to grow from; one-off items this quarter; other income over a quarter of profit
Aditya Infotech	+89.9%	+194.5%	+165.1%	one-off items this quarter; revenue up over 50%: acquisition not yet ruled out
Aster DM Quality Care	+136.3%	+179.6%	+138.2%	revenue up over 50%: acquisition not yet ruled out; 68% more shares: growth funded partly by new capital
NBCC (India)	+16.7%	+126.9%	+34.5%	year-ago operating profit too small to grow from
Voltas	+15.3%	+126.8%	+53.5%	year-ago operating profit too small to grow from; other income over a quarter of profit
Finolex Cables	+64.9%	+120.2%	+67.8%	one-off items a year ago; revenue up over 50%: acquisition not yet ruled out
Physicswallah	+18.2%	+113.0%	+101.3%	other income over a quarter of profit; 33% more shares: growth funded partly by new capital
FSN E Commerce Ventures	+28.1%	+112.3%	+192.8%	year-ago operating profit too small to grow from
Ircon International	+14.9%	+90.6%	−25.8%	other income over a quarter of profit
Lenskart Solutions	+35.7%	+87.2%	+122.1%	125% more shares: growth funded partly by new capital
Solar Industries India	+69.0%	+86.5%	+78.9%	revenue up over 50%: acquisition not yet ruled out
Lloyds Metals And Energy	+55.4%	+80.0%	+82.7%	revenue up over 50%: acquisition not yet ruled out
The Great Eastern Shipping Company	+46.9%	+79.4%	+118.3%	other income over a quarter of profit
Bosch	+59.7%	+72.1%	+51.6%	one-off items this quarter; revenue up over 50%: acquisition not yet ruled out
Coforge	+54.8%	+67.4%	+56.5%	revenue up over 50%: acquisition not yet ruled out; 32% more shares: growth funded partly by new capital
Aarti Industries	+74.7%	+66.8%	+58.8%	one-off items a year ago; revenue up over 50%: acquisition not yet ruled out
Balrampur Chini Mills	+12.3%	+66.2%	+89.8%	year-ago operating profit too small to grow from
Titan Company	+10.1%	+61.4%	+113.7%	other income over a quarter of profit
Devyani International	+10.4%	+59.7%	n.m.	year-ago operating profit too small to grow from; other income over a quarter of profit
Rubicon Research	+39.9%	+52.9%	+68.0%	85% of Arinna Lifesciences bought on 30 April 2026, which the company says makes this quarter not directly comparable with a year ago; revenue of the listed company alone rose 14%
Redington	+47.7%	+45.8%	+39.6%	year-ago operating profit too small to grow from; one-off items this quarter
Inventurus Knowledge Solutions	+103.9%	+45.6%	+20.4%	revenue up over 50%: acquisition not yet ruled out
TBO Tek	+52.5%	+41.7%	+12.5%	revenue up over 50%: acquisition not yet ruled out
Samvardhana Motherson International	+26.9%	+40.6%	+42.1%	year-ago operating profit too small to grow from
Lemon Tree Hotels	+18.0%	+27.7%	+63.7%	one-off items this quarter
Carborundum Universal	+13.2%	+27.2%	−83.3%	one-off items this quarter; other income over a quarter of profit
IPCA Laboratories	+13.8%	+26.6%	+32.8%	one-off items a year ago
Granules India	+20.3%	+23.0%	+39.2%	12% more shares: growth funded partly by new capital
Tata Steel	+11.5%	+12.5%	+18.2%	one-off items a year ago
Dabur India	+11.6%	+8.6%	+11.7%	other income over a quarter of profit
Endurance Technologies	+33.6%	+8.0%	+20.7%	one-off items this quarter
Thermax	+11.4%	+2.8%	−4.3%	year-ago operating profit too small to grow from; other income over a quarter of profit
Krishna Institute of Medical Sciences	+39.9%	+1.2%	+11.8%	one-off items this quarter
State Bank Of India bank	+13.5%	−1.6%	+20.0%	one-off items this quarter; one-off items a year ago
Amara Raja Energy & Mobility	+18.5%	−10.4%	−44.9%	one-off items a year ago
Jain Resource Recycling	+43.1%	−19.3%	−6.2%	consolidated one year, standalone the other
DOMS Industries	+17.6%	−24.4%	−36.2%	one-off items this quarter
NLC India	+13.3%	−25.0%	+107.6%	other income over a quarter of profit
Apollo Tyres	+16.6%	−25.5%	+13.3%	one-off items a year ago
Escorts Kubota	+16.2%	−26.1%	−21.4%	other income over a quarter of profit
Godfrey Phillips India	+157.2%	−38.8%	−37.7%	revenue up over 50%: acquisition not yet ruled out
Signatureglobal (India)	+141.5%	n.m.	n.m.	year-ago operating profit too small to grow from; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out
Zydus Wellness	+73.2%	n.m.	n.m.	year-ago operating profit too small to grow from; one-off items a year ago; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out

Change on the same quarter a year earlier, from each company’s consolidated filing to NSE (the name links to it). Quarters of growth counts back from this quarter: how many in a row, of the last four, had operating profit above the same quarter a year earlier. For banks, revenue is net interest income and operating profit is profit before provisions; for companies filing in the NBFC format, operating profit is profit before exceptional items and tax. Banks have no margin figure here. The rules are on How we calculate.

Two of these are worth the detail.

Rubicon Research's revenue rose 40%, and the company says not to compare it. Rubicon, a drug maker that listed last financial year, bought 85% of Arinna Lifesciences on 30 April 2026. Its notes say the quarter is "not directly comparable" with a year ago for that reason. The listed company alone grew revenue 14%. The screen's figures can't separate the two, so it is held back.

NLC India's profit rose 108%. Its profit before tax halved. NLC mines lignite and generates power. Revenue rose 13.3%, to ₹4,732 crore, but profit before tax fell from ₹921 crore to ₹465 crore, as interest rose 51% and depreciation 33%. Then came tax: instead of paying it, NLC booked a ₹863 crore credit, because it moved to the new company tax regime and remeasured its deferred tax, a change it puts at ₹714 crore. Profit to shareholders went from ₹665 crore to ₹1,381 crore. The remeasurement happens once. The halving of pre-tax profit is the figure to compare next year.

The rest were held back for revenue growing more than 50% (Shipping Corporation, Bosch, Solar Industries, Lloyds Metals), a year-ago base too small to grow from (Nykaa, Voltas, NBCC), new shares (Lenskart, Aster DM, Coforge) or one-off items. They stay off the list until their notes have been read.

The headline that misleads: Titan's profit rose 114%. On its own adjusted figure, 18%.

	Q2 FY27	Q1 FY27	vs previous quarter	Q2 FY26	vs a year ago
Revenue	20,614	21,356	−3.5%	18,725	+10.1%
Operating profit (EBIT)	2,721	2,634	+3.3%	1,686	+61.4%
Other income	816	146	+458.9%	112	+628.6%
Profit before exceptional items and tax	3,001	2,427	+23.7%	1,521	+97.3%
Profit to shareholders	2,393	1,777	+34.7%	1,120	+113.7%

Source: Titan Company Limited’s filing to NSE, 5 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.

Titan's profit to shareholders rose from ₹1,120 crore to ₹2,393 crore, and profit before tax from ₹1,521 crore to ₹3,001 crore. Two items explain most of the ₹1,480 crore rise. The first, ₹671 crore, is in other income. Titan owns 67% of Damas, a Gulf jeweller, and the other shareholders can sell it the rest in 2029. Titan revalued what it expects to pay them, the estimate fell, and the fall is booked as a gain. No jewellery was sold to earn it. Titan's own release leaves it out.

The second, ₹536 crore, is in operating profit: gains from an increase in customs duty on gold, which made the gold Titan already held worth more. Without both, profit before tax was ₹1,793 crore, the company's own adjusted figure, up 18%. The business did grow. Jewellery sales in India rose 21%, and Titan's revenue, leaving out bullion, 25%. (Our table shows 10% because it includes bullion sales.) But on the adjusted figure the margin fell, from 9.3% to 8.7%. Duty gains came to ₹943 crore over April–September, and a gain from a duty change doesn't recur unless the duty changes again. The 18% is the number to compare with next year.

Next week

61 Nifty 500 companies scheduled results between 8 and 14 November, among them MRF and Kalyan Jewellers on the 10th, Tata Power on the 11th, Hindustan Aeronautics, NMDC, Alkem and Vodafone Idea on the 12th, Eicher Motors, Grasim and ABB on the 13th, and Ashok Leyland on the 14th. For Kalyan, set it beside Titan's 18%, not its 114%. The next roundup covers results filed from 8 to 14 November.

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