Q2 FY27 Results, 19 to 24 October: 14 of 67 Grew Where It Counts
The third week of the September-quarter season, read against the same quarter a year ago. Lenders losing less on bad loans led the list, and the biggest profit jump of the week came mostly from outside the business.
Figures checked · How we calculate
14 of 67Nifty 500 results filed 19 to 24 October that passed the screen
Between 19 and 24 October, 67 Nifty 500 companies filed July–September results, seven of them after 4.30 pm on Saturday the 24th. Fourteen grew revenue at least 10% on a year ago and grew operating profit faster, with no one-off gain, acquisition or new share issue doing the work. Twenty-two more grew revenue at least 10% and were held back, for reasons set out below.
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.
Half of CreditAccess Grameen's profit jump came from losing less on bad loans
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,904 | 1,783 | +6.7% | 1,508 | +26.2% |
| Profit before exceptional items and tax | 671 | 660 | +1.7% | 169 | +296.6% |
| Profit to shareholders | 502 | 493 | +1.7% | 126 | +298.7% |
| Earnings per share (₹) | 31.27 | 30.79 | +1.6% | 7.87 | +297.3% |
Source: CREDITACCESS GRAMEEN LIMITED’s filing to NSE, 22 October 2026. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.
CreditAccess Grameen's profit before tax rose from ₹169 crore to ₹671 crore. The company's press release splits the ₹502 crore rise almost evenly. Profit before provisions grew ₹275 crore, to ₹970 crore, as loans outstanding rose 19.5% to ₹30,946 crore. The other ₹227 crore is what it no longer lost on bad loans: credit cost fell from about ₹526 crore to ₹299 crore. A year ago the company was still writing off loans from the microfinance downturn of 2024–25.
The 297% is a recovery from a bad quarter, not a growth rate you can carry forward. What the filing can't tell you is whether credit cost stays this low. The company guides 3–4% of loans for the year, says it is staying cautious in districts hit by drought, and cut its lending rates by 0.5 percentage points from October. Each of those moves next year's profit, and none is in this one.
JSW Steel handed a plant to a joint venture and still sold 13% more steel
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 54,486 | 47,364 | +15.0% | 45,152 | +20.7% |
| Operating profit (EBIT) | 7,920 | 7,246 | +9.3% | 4,561 | +73.6% |
| Operating margin | 14.5% | 15.3% | −76 bps | 10.1% | +443 bps |
| Other income | 441 | 724 | −39.1% | 284 | +55.3% |
| Share of joint ventures' and associates' profit | 292 | −98 | n.m. | −88 | n.m. |
| Profit to shareholders | 5,279 | 4,651 | +13.5% | 1,623 | +225.3% |
Source: JSW Steel Limited’s filing to NSE, 23 October 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.
JSW Steel's revenue rose 20.7%, to ₹54,486 crore, and operating profit 73.6%, to ₹7,920 crore. The year-ago quarter is harder to beat than it looks. It still included Bhushan Power and Steel, whose steel business moved into JSW's joint venture with JFE on 27 March 2026. On the company's like-for-like figures, which leave Bhushan out of last year, steel sold rose 13% to 7.46 million tonnes and revenue 31%.
Profit to shareholders rose 225%, three times as fast as operating profit, for two reasons outside the mills. Interest fell from ₹2,413 crore to ₹1,602 crore, on lower debt and lower rates. And JSW's share of its joint ventures went from a ₹88 crore loss to a ₹292 crore profit. Steel prices decide the next quarter, and no filing can tell you where they go.
Mahindra Finance's profit rose 61% on lending income up 17%
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 5,936 | 5,718 | +3.8% | 5,026 | +18.1% |
| Profit before exceptional items and tax | 1,202 | 1,220 | −1.5% | 743 | +61.7% |
| Profit to shareholders | 909 | 926 | −1.8% | 564 | +61.1% |
| Earnings per share (₹) | 6.54 | 6.66 | −1.8% | 4.06 | +61.1% |
Source: Mahindra & Mahindra Financial Services Limited’s filing to NSE, 21 October 2026. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.
Mahindra & Mahindra Financial Services lent ₹16,499 crore in the quarter, 22% more than a year earlier, and its loans grew 15% to ₹1,46,512 crore. Its net interest income, including fees, rose 17% to ₹2,834 crore. Profit grew much faster because the two biggest costs didn't keep up. Profit before provisions rose 20%, and credit cost fell from ₹751 crore to ₹630 crore, 1.6% of assets against 2.2%. Loans in default fell from 3.9% of the book to 3.4%.
Mahindra Finance lends mostly for tractors and vehicles in rural India, so its bad loans follow the harvest. A weak one shows up in a later quarter's credit cost, not in this one.
CG Power kept 25 paise of every rupee of transformers and switchgear it sold
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 3,802 | 3,281 | +15.9% | 2,923 | +30.1% |
| Operating profit (EBIT) | 482 | 343 | +40.6% | 325 | +48.4% |
| Operating margin | 12.7% | 10.4% | +223 bps | 11.1% | +157 bps |
| Other income | 81.71 | 83.58 | −2.2% | 66.1 | +23.6% |
| Profit to shareholders | 412 | 304 | +35.4% | 284 | +44.9% |
Source: CG Power and Industrial Solutions Limited’s filing to NSE, 23 October 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.
CG Power's revenue rose 30%, to ₹3,802 crore, and operating profit 48%, to ₹482 crore. The difference is one business. Power Systems, which makes transformers and switchgear for the grid, grew sales 41%, and its profit before interest and tax went from 20.7% of sales to 25.0%. The industrial business, mostly motors, grew sales 25% at about the same margin. CG Power's new semiconductor businesses cost the group ₹35 crore in the quarter, still a loss.
Unexecuted orders stand at ₹23,646 crore, 58% more than a year ago and about a year and a half of revenue. That makes next year's revenue unusually visible. It says nothing about margin: the 25% depends on prices agreed when the orders were taken. If you've seen CG Power's profit quoted as up more than 2,000% from the exchange data, that comes from a typing error in last year's filing, which put profit to shareholders at ₹18 crore instead of ₹284 crore. It rose 45%.
Kajaria sold 10% more tiles and got about 11% more for each square metre
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,468 | 1,328 | +10.6% | 1,186 | +23.8% |
| Operating profit (EBIT) | 244 | 218 | +11.6% | 172 | +41.9% |
| Operating margin | 16.6% | 16.4% | +16 bps | 14.5% | +212 bps |
| Other income | 15.76 | 17.14 | −8.1% | 15.47 | +1.9% |
| Profit to shareholders | 190 | 169 | +11.8% | 133 | +42.5% |
Source: Kajaria Ceramics Limited’s filing to NSE, 24 October 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.
Kajaria Ceramics' revenue rose 23.8%, to ₹1,468 crore, and operating profit 41.9%, to ₹244 crore. Tiles are seven-eighths of the business. Kajaria sold 31.8 million square metres of them, 10% more than a year ago, and tile revenue rose 22%, so each square metre brought in about 11% more. The company credits price increases and a larger share of the market. Profit from tiles went from 15.4% of tile sales to 17.5%, even though the bill for power and fuel rose 38%. Sanitaryware, faucets and adhesives, the rest of the business, grew sales 36%.
Profit to shareholders rose 42.5% and earnings per share 44%, because Kajaria spent about ₹297 crore in the quarter buying back 1.4% of its shares. The year-ago figures leave out its plywood business, now reported as discontinued, so the comparison is like for like. On 21 October Kajaria denied media reports that it was about to buy Asian Granito. What the filing can't tell you is whether the price increases hold. The company says exports from Morbi, where most Indian tile makers are, are still held back by freight costs and a shortage of containers.
KEI's revenue rose 38.5%, and its margin didn't move
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 3,776 | 3,185 | +18.6% | 2,726 | +38.5% |
| Operating profit (EBIT) | 346 | 367 | −5.8% | 249 | +38.9% |
| Operating margin | 9.2% | 11.5% | −237 bps | 9.1% | +2 bps |
| Other income | 24.52 | 19.57 | +25.3% | 42.29 | −42.0% |
| Profit to shareholders | 262 | 274 | −4.3% | 204 | +29.0% |
Source: KEI Industries Limited’s filing to NSE, 21 October 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.
KEI Industries sold ₹3,776 crore of wires and cables and related products, 38.5% more than a year ago. Operating profit rose 38.9%, so the margin went from 9.14% to 9.16%. That clears the screen by two hundredths of a percentage point. Sales in India grew 46%; exports grew 7%. Sales through dealers grew 50% and are now 59% of the total.
Against April–June the picture is weaker: revenue up 19%, operating profit down 6%, margin from 11.5% to 9.2%. Profit to shareholders rose 29%, slower than the business, because other income fell 42%. What the filing can't tell you is how much of the growth is copper. Cable is priced on its metal, so a higher copper price lifts revenue without more cable being sold, and KEI's results give no volumes.
All 14 that passed
| Company | Revenue | Operating profit | Margin | Profit to shareholders | Quarters of growth | Note |
|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN NBFC format | +26.2% | +296.6% | +2403 bps | +298.7% | 4 of 4 | |
| JSW Steel | +20.7% | +73.6% | +443 bps | +225.3% | 4 of 4 | |
| Mahindra & Mahindra Financial Services NBFC format | +18.1% | +61.7% | +545 bps | +61.1% | 4 of 4 | |
| CG Power and Industrial Solutions | +30.1% | +48.4% | +157 bps | +44.9% | 4 of 4 | year-ago profit corrected for a typing error in that filing |
| Kajaria Ceramics | +23.8% | +41.9% | +212 bps | +42.5% | 4 of 4 | |
| KEI Industries | +38.5% | +38.9% | +2 bps | +29.0% | 4 of 4 | |
| International Gemological Institute | +31.0% | +38.6% | +313 bps | +43.2% | 4 of 4 | |
| Bank Of India bank | +18.6% | +33.2% | – | +28.4% | 4 of 4 | |
| SAGILITY | +22.5% | +29.4% | +99 bps | +13.3% | 4 of 4 | rupee growth includes currency gains |
| Bajaj Finance NBFC format | +21.6% | +29.2% | +203 bps | +28.5% | 3 of 4 | |
| UltraTech Cement | +18.8% | +28.8% | +84 bps | +21.3% | 4 of 4 | |
| The Indian Hotels Company | +21.7% | +25.0% | +56 bps | +22.7% | 4 of 4 | |
| Kotak Mahindra Bank bank | +13.3% | +19.0% | – | +26.3% | 4 of 4 | shares split 5-for-1 in the year |
| Nuvoco Vistas Corporation | +13.5% | +18.9% | +29 bps | +79.2% | 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.
Five of the fourteen are lenders: CreditAccess Grameen, Mahindra Finance, Bajaj Finance, Bank of India and Kotak Mahindra Bank. CreditAccess and Mahindra Finance owe much of their growth to lower bad-loan costs, which can turn back faster than lending can. Bank of India and Kotak are screened on profit before provisions, so read their provisions before reading anything into their place. Kotak's profit to shareholders rose 26.3%, faster than the 19.0% before provisions; its earnings per share aren't comparable with a year ago because it split each ₹5 share into five ₹1 shares in January. Two are cement makers, UltraTech and Nuvoco, and two sell into the power grid, CG Power and KEI. Infosys missed by a hair: revenue up 10.7%, operating profit up 10.4%.
22 grew as fast and were held back
| Company | Revenue | Operating profit | Profit to shareholders | Why it was held back |
|---|---|---|---|---|
| Sterlite Technologies | +144.6% | +1334.7% | +12825.0% | year-ago operating profit too small to grow from; revenue up over 50%: acquisition not yet ruled out |
| Netweb Technologies India | +335.7% | +360.6% | +334.8% | revenue up over 50%: acquisition not yet ruled out |
| HFCL | +143.6% | +273.6% | +434.8% | revenue up over 50%: acquisition not yet ruled out |
| Chennai Petroleum Corporation | +10.1% | +206.2% | +212.4% | year-ago operating profit too small to grow from |
| Hindustan Zinc | +76.5% | +132.6% | +142.1% | revenue up over 50%: acquisition not yet ruled out |
| Adani Power | +44.5% | +77.9% | +134.3% | ₹2,425 crore of revenue for earlier years, awarded by regulators, and a ₹536 crore gain on selling a subsidiary, both counted as revenue |
| Coforge | +54.8% | +67.4% | +55.9% | revenue up over 50%: acquisition not yet ruled out; 32% more shares: growth funded partly by new capital |
| Shriram Finance NBFC format | +15.8% | +58.4% | +59.2% | 25% more shares: growth funded partly by new capital |
| Cyient | +25.5% | +55.8% | −4.8% | one-off items a year ago |
| Adani Green Energy | +41.6% | +53.4% | +15.4% | lender filing as a company: read manually; one-off items a year ago; other income over a quarter of profit |
| Adani Energy Solutions | +52.8% | +40.5% | +147.7% | revenue up over 50%: acquisition not yet ruled out |
| Crompton Greaves Consumer Electricals | +18.2% | +39.1% | +67.7% | one-off items a year ago |
| Hindustan Petroleum Corporation | +26.0% | +36.4% | −6.1% | year-ago operating profit too small to grow from |
| IDFC First Bank bank | +21.0% | +36.0% | +201.7% | 17% more shares: growth funded partly by new capital |
| Torrent Pharmaceuticals | +50.8% | +20.3% | −9.6% | revenue up over 50%: acquisition not yet ruled out; 12% more shares: growth funded partly by new capital |
| Nippon Life India Asset Management NBFC format | +20.9% | +20.0% | −5.9% | one-off items this quarter |
| SHREE CEMENT | +23.8% | +2.4% | −15.1% | other income over a quarter of profit |
| JK Tyre & Industries | +20.7% | −49.2% | −70.6% | one-off items this quarter |
| ETERNAL | +77.6% | n.m. | +92.3% | 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 |
| Godrej Properties | +161.4% | n.m. | −61.9% | 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 |
| Swiggy | +36.1% | n.m. | n.m. | year-ago operating profit too small to grow from; 13% more shares: growth funded partly by new capital |
| Tata Motors | +36.3% | n.m. | n.m. | year-ago operating profit too small to grow from; one-off items this quarter |
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.
Coforge's revenue rose 55%, mostly from a company it bought. Coforge bought Encora at the end of April, and there are 32% more Coforge shares than a year ago, almost all of them issued in the quarter the deal closed. The company puts organic growth in constant currency at 3.8% on the previous quarter. It doesn't give a like-for-like figure against a year ago, so nobody outside the company can say how much of the 55% is the old Coforge. Coforge's filing to NSE also gives only the April–September half year, so the quarter in our table is that half year less April–June. It matches the company's press release: revenue of ₹6,171 crore.
Adani Energy Solutions' profit rose 145%. Before an accounting line for regulated tariffs, its profit rose 37%. Profit before tax and that line went from ₹1,079 crore to ₹1,484 crore. The line records what the company expects to recover from customers, or return to them, through regulated tariffs. It added ₹284 crore this year and took away ₹334 crore a year ago: a ₹617 crore swing in one accounting line. Profit rose from ₹557 crore to ₹1,364 crore.
The rest were held back for revenue growing more than 50%, a year-ago base too small to grow from, new shares issued, or one-off items. Some will turn out to be clean. They stay off the list until the filing has been read.
The headline that misleads: Adani Power's profit rose 134%. Its operating profit grew about 13%.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 19,439 | 18,902 | +2.8% | 13,457 | +44.5% |
| Operating profit (EBIT) | 7,040 | 6,781 | +3.8% | 3,957 | +77.9% |
| Operating margin | 36.2% | 35.9% | +34 bps | 29.4% | +681 bps |
| Other income | 512 | 420 | +21.8% | 851 | −39.8% |
| Profit to shareholders | 6,919 | 4,806 | +44.0% | 2,953 | +134.3% |
Source: Adani Power Limited’s filing to NSE, 23 October 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.
Adani Power reported profit to shareholders of ₹6,919 crore, up from ₹2,953 crore. Three items in the notes to the results account for most of it.
- ₹2,425 crore of revenue that belongs to earlier years. Regulators and courts allowed claims for changes in law, carrying cost and late payment, and the company booked them this quarter. The year-ago quarter had ₹351 crore of the same.
- A ₹536 crore gain on selling a subsidiary, counted as revenue.
- Tax of minus ₹231 crore. A year ago the company paid ₹1,060 crore. After merging subsidiaries into itself, it recomputed past tax and reversed ₹1,211 crore of tax it had already provided for.
Take out the first two, which go almost straight to profit, and revenue grew about 26%, to ₹16,478 crore, and operating profit about 13%, to ₹4,080 crore. That's a business selling more power at a thinner margin, and it fails the screen. Those claims were real money, awarded after years of disputes, and the tax reversal is real too. But they arrive once. If you value Adani Power on this quarter's profit, you're counting them every year.
Next week
147 Nifty 500 companies have scheduled results between 26 and 31 October, among them Larsen & Toubro, Maruti Suzuki and Tata Steel on the 27th, Hindustan Unilever on the 28th, Asian Paints and Coal India on the 29th, Sun Pharma and Bank of Baroda on the 30th, and NTPC on the 31st. For Tata Steel, set it beside JSW's 13% more steel sold. The next roundup covers results filed from 26 to 31 October and is published on Saturday 31 October.