Q2 FY27 Results, 26 to 31 October: 32 of 151 Grew Where It Counts
The busiest week of the September-quarter season, read against the same quarter a year ago. Gas and fuel sellers led the list on margins, drug makers on volume, and the biggest profit jump among the passes came from a bank setting aside less for bad loans.
Figures checked · How we calculate
32 of 151Nifty 500 results filed 26 to 31 October that passed the screen
Between 26 and 31 October, 151 Nifty 500 companies filed July–September results, more than twice as many as the week before. Thirty-two 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. Forty-eight 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.
GAIL's gas-marketing profit tripled while it supplied less gas
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 47,301 | 41,350 | +14.4% | 35,657 | +32.7% |
| Operating profit (EBIT) | 5,979 | 6,111 | −2.2% | 2,283 | +161.8% |
| Operating margin | 12.6% | 14.8% | −214 bps | 6.4% | +624 bps |
| Other income | 173 | 132 | +30.5% | 237 | −26.9% |
| Profit to shareholders | 4,720 | 4,665 | +1.2% | 1,972 | +139.3% |
Source: GAIL (India) Limited’s filing to NSE, 30 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.
GAIL's revenue rose 32.7%, to ₹47,301 crore, and operating profit 162%, to ₹5,979 crore. Its segment results show where the ₹3,729 crore rise in profit came from. Gas marketing, buying gas and selling it on, made ₹3,524 crore against ₹1,112 crore: two-thirds of the rise. Gas transmission added ₹513 crore, LPG and other liquids ₹330 crore, and the petrochemicals business lost ₹31 crore instead of ₹345 crore.
The marketing profit didn't come from volume. In April–September GAIL supplied 95.5 million standard cubic metres of gas a day, 9% less than a year earlier. Its notes say why supply is tight: since March, the situation in West Asia has cut GAIL's contracted LNG through Petronet LNG to zero, and it has been buying on the spot market instead. GAIL made ₹3,608 crore on marketing in April–June too, so this is two quarters running. What the filing can't tell you is how long a margin set by a supply shock lasts.
Indian Oil lost ₹1,631 crore in April–June and made ₹21,408 crore in July–September
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 2,68,039 | 2,81,933 | −4.9% | 2,06,447 | +29.8% |
| Operating profit (EBIT) | 29,368 | −346 | n.m. | 12,018 | +144.4% |
| Operating margin | 11.0% | -0.1% | +1108 bps | 5.8% | +514 bps |
| Other income | 674 | 446 | +51.0% | 644 | +4.5% |
| Profit to shareholders | 21,408 | −1,631 | n.m. | 7,818 | +173.8% |
Source: Indian Oil Corporation Limited’s filing to NSE, 30 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.
Indian Oil's revenue rose 29.8%, to ₹2,68,039 crore, and operating profit 144%, to ₹29,368 crore. Almost all of it is the fuel business: profit from petroleum products went from ₹12,308 crore a year ago to ₹27,627 crore, after a ₹1,705 crore loss in April–June. It wasn't volume. The company sold 25.2 million tonnes of products, less than the 26.2 million in April–June, and its refining margin rose from $15.59 to $18.52 a barrel.
About ₹3,620 crore of the revenue is government compensation for selling cooking gas below cost, paid in twelve monthly instalments from November 2025. The year-ago quarter had none of it. Take it out and operating profit still rose about 114%. The instalments end in October, and operating profit has grown on a year ago in only one of the last four quarters. A refiner's profit follows crude and fuel prices that nobody can forecast; one quarter of them says little about the next.
OneSource's revenue rose 37% as a second cartridge line started up
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 516 | 449 | +15.0% | 376 | +37.4% |
| Operating profit (EBIT) | 88.24 | 51.6 | +71.0% | 36.66 | +140.7% |
| Operating margin | 17.1% | 11.5% | +560 bps | 9.8% | +734 bps |
| Other income | 0.95 | 3.8 | −75.0% | 3.04 | −68.8% |
| Profit to shareholders | 57.48 | 25 | +129.9% | 10.48 | +448.5% |
Source: Onesource Specialty Pharma Limited’s filing to NSE, 27 October 2026. That filing gives only the year to date, so this quarter is it less the year to date in the previous quarter’s filing. Corrected: owners' profit works out at ₹82.48 crore, which with the minority share doesn't add up to the total; used ₹57.48 crore, the total less the minority share. 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.
OneSource Specialty Pharma makes drugs for other companies under contract. Its revenue rose 37%, to ₹516 crore, and EBITDA 53%, to ₹163 crore. The company credits new capacity for drug-device combinations, such as injector pens, whose second cartridge line began commercial production, and twelve launches. Operating profit after depreciation rose 141%, faster than EBITDA, because depreciation includes ₹34 crore a quarter of amortisation of intangibles from a past scheme of arrangement. That charge doesn't grow, so more of each new rupee of profit gets through it.
Two checks on the figures. OneSource's filing to NSE gives only the April–September half year, so the quarter in our table is that half year less April–June. Its revenue matches the company's press release. The filing's owners' profit, ₹82 crore, doesn't add up with the minority share; the press release puts reported profit at ₹57.5 crore, the figure in our table. The company doesn't split revenue by product, so how much of the 37% is any one launch, semaglutide included, isn't in the filing.
Laurus Labs' contract manufacturing grew 75%. Its HIV drugs didn't grow at all.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 2,206 | 2,026 | +8.9% | 1,653 | +33.4% |
| Operating profit (EBIT) | 623 | 514 | +21.1% | 283 | +120.3% |
| Operating margin | 28.2% | 25.4% | +285 bps | 17.1% | +1113 bps |
| Other income | 13.01 | 9.18 | +41.7% | 26.96 | −51.7% |
| Profit to shareholders | 441 | 368 | +20.1% | 195 | +126.4% |
Source: Laurus Labs Limited’s filing to NSE, 29 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.
Laurus Labs' revenue rose 33%, to ₹2,206 crore, and EBITDA 78%, to ₹762 crore, for a margin of 34.5% against 26.0%. The growth is one business. Contract manufacturing for drug companies brought in ₹904 crore against ₹518 crore; its small-molecule part grew 86%. Laurus's own medicines grew 15%, to ₹1,302 crore, and antiretrovirals, its HIV drugs, brought in ₹735 crore, the same as a year ago. Profit to shareholders rose 126%, to ₹441 crore.
Contract revenue comes in lumps. Laurus's biologics contracts brought in 38% less, ₹29 crore, which the company puts down to the timing of campaigns. The deal to buy a majority of Galenvs Sciences, in Canada, was signed after the quarter and isn't in these figures.
Shyam Metalics sold 26% more metal. A change in depreciation did much of the rest.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 5,960 | 5,455 | +9.3% | 4,457 | +33.7% |
| Operating profit (EBIT) | 713 | 500 | +42.5% | 328 | +117.2% |
| Operating margin | 12.0% | 9.2% | +279 bps | 7.4% | +460 bps |
| Other income | 34.15 | 47.09 | −27.5% | 69.13 | −50.6% |
| Profit to shareholders | 511 | 345 | +48.1% | 262 | +95.2% |
Source: Shyam Metalics And Energy Limited’s filing to NSE, 31 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.
Shyam Metalics sold 15.5 lakh tonnes of iron, steel, alloys and aluminium foil, 26% more than a year ago, and revenue rose 33.7%, to ₹5,960 crore. On the company's own measure, operating EBITDA rose 52.6%, to ₹823 crore. Flat steel volumes doubled, and stainless steel fetched 35% more a tonne.
The 117% in our table is inflated. This quarter the company switched from writing its plant down faster in early years to writing it down evenly. Depreciation fell to ₹110 crore, from ₹265 crore in April–June. At April–June's charge, operating profit would have grown about 70%, and profit to shareholders, up 95% to ₹511 crore, about half as fast, assuming a 25% tax rate. The plant is the same; only the accounting changed. Shyam Metalics stays on the list because its EBITDA, which depreciation doesn't touch, still grew faster than revenue. Last year's filing to NSE swapped the owners' and minority shares of profit; the ₹262 crore in our table is the figure that fits earnings per share.
Acutaas' pharma intermediates grew 53%. Its specialty chemicals shrank 20%.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 437 | 330 | +32.5% | 306 | +42.7% |
| Operating profit (EBIT) | 163 | 103 | +58.2% | 86.93 | +87.8% |
| Operating margin | 37.4% | 31.3% | +606 bps | 28.4% | +898 bps |
| Other income | 5.1 | 1.8 | +183.3% | 9.84 | −48.2% |
| Profit to shareholders | 125 | 74.26 | +68.6% | 72.24 | +73.3% |
Source: Acutaas Chemicals Limited’s filing to NSE, 27 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.
Acutaas Chemicals, formerly Ami Organics, makes the chemical building blocks drug companies turn into active ingredients. Revenue rose 42.7%, to ₹437 crore, and EBITDA 84.6%, to ₹176 crore, a margin of 40.3% against 31.1%. Intermediates for drug makers brought in ₹402 crore, 53% more. Specialty chemicals fell 20%, to ₹35 crore, as the company phases out commodity products and a business supplying a US customer slowed after that customer changed hands.
Acutaas raised its forecast for the year to about 30% revenue growth and a 38–40% EBITDA margin. A forecast isn't a result. What the filing can't tell you is how much of the jump from ₹330 crore of revenue in April–June comes from a few large orders.
Ajanta Pharma's US and Africa sales grew 41% each, India 16%
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,794 | 1,626 | +10.3% | 1,354 | +32.5% |
| Operating profit (EBIT) | 500 | 379 | +31.9% | 285 | +75.5% |
| Operating margin | 27.9% | 23.3% | +455 bps | 21.0% | +683 bps |
| Other income | 37.39 | 70.9 | −47.3% | 59.34 | −37.0% |
| Profit to shareholders | 388 | 330 | +17.6% | 260 | +49.2% |
Source: Ajanta Pharma Limited’s filing to NSE, 30 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.
Ajanta Pharma's revenue rose 33%, to ₹1,794 crore. Branded generics in India grew 16%, to ₹504 crore, in Asia 18% and in Africa 41%. US generics grew 41%, to ₹484 crore. Sales to institutions in Africa went from ₹32 crore to ₹116 crore. Profit to shareholders rose 49%, to ₹388 crore.
Our table shows operating profit up 75.5%. The company's own measure, which leaves out losses on currency, shows EBITDA up 47%, to ₹543 crore. Our table counts currency gains and losses and the company's measure doesn't; when the two disagree this much, 47% is the safer guide to the business. The institutional sales nearly quadrupled in a quarter; nothing in the filing says whether they repeat.
Jubilant Ingrevia sold about as much and charged more for it
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,394 | 1,300 | +7.2% | 1,121 | +24.4% |
| Operating profit (EBIT) | 161 | 148 | +9.0% | 94.29 | +71.3% |
| Operating margin | 11.6% | 11.4% | +19 bps | 8.4% | +317 bps |
| Other income | 9.03 | 10.22 | −11.6% | 10.81 | −16.5% |
| Profit to shareholders | 111 | 106 | +5.3% | 69.47 | +60.4% |
Source: Jubilant Ingrevia Limited’s filing to NSE, 27 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.
Jubilant Ingrevia's revenue rose 24%, to ₹1,394 crore, and EBITDA 51%, to ₹221 crore. The company says volumes were stable and that higher crude prices lifted what it charged. The clearest case is chemical intermediates, such as acetic anhydride and ethyl acetate: revenue up 24% to ₹563 crore, EBITDA up 226% to ₹64 crore. Nutrition, which includes vitamin B3, choline and premixes, grew revenue 50%, to ₹270 crore, helped by Remidex, a premix business it is integrating. Specialty chemicals grew 16%, to ₹560 crore, at a 25% margin.
Profit to shareholders rose 61%, to ₹111 crore. Prices that rise with crude can fall with it. The company expects plant closures in Europe to help acetic anhydride this year; what the filing can't tell you is where crude goes.
PVR Inox sold 4% more tickets, at 14% more each
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 2,105 | 1,622 | +29.8% | 1,823 | +15.5% |
| Operating profit (EBIT) | 473 | 214 | +121.2% | 295 | +60.5% |
| Operating margin | 22.5% | 13.2% | +930 bps | 16.2% | +631 bps |
| Other income | 34.2 | 26.1 | +31.0% | 35.9 | −4.7% |
| Profit to shareholders | 263 | 56.5 | +365.7% | 106 | +148.9% |
Source: PVR INOX Limited’s filing to NSE, 28 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.
PVR Inox's cinemas had 46.3 million visitors, 4% more than a year ago, and filled 30.4% of their seats against 28.7%. Each paid an average ₹298 a ticket, 14% more, and spent ₹153 on food and drink, also 14% more. Revenue rose 15.5%, to ₹2,105 crore, and operating profit 60.5%, to ₹473 crore. On the company's own measure, before lease accounting, EBITDA rose 44% and the margin went from 18.1% to 22.3%: more of each extra rupee of tickets and popcorn reached profit.
The quarter had Spider-Man: Brand New Day, India's biggest English film ever at ₹608 crore, and industry box office rose 23%. Profit to shareholders rose 149%, to ₹263 crore, and PVR Inox spent ₹300 crore buying back shares in September. Next quarter depends on films that haven't opened yet, and nobody can tell you which of them will be hits.
KPR Mill's textile margin rose six points in a quarter, and it doesn't say why
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,940 | 1,936 | +0.2% | 1,632 | +18.9% |
| Operating profit (EBIT) | 442 | 318 | +38.9% | 260 | +69.7% |
| Operating margin | 22.8% | 16.4% | +634 bps | 16.0% | +683 bps |
| Other income | 49.13 | 34.74 | +41.4% | 23.93 | +105.3% |
| Profit to shareholders | 345 | 259 | +33.4% | 218 | +58.2% |
Source: K.P.R. Mill Limited’s filing to NSE, 28 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.
K.P.R. Mill's revenue rose 18.9%, to ₹1,940 crore, and operating profit 69.7%, to ₹442 crore. Textiles, yarn, fabric and garments, are three-quarters of it. Textile revenue rose 16.6%, to ₹1,479 crore, and textile profit 54%, to ₹368 crore: 24.9% of sales against 18.8% a year ago and 18.5% in April–June. Sugar and ethanol made ₹73 crore against ₹20 crore.
Neither the results nor the investor presentation explains the textile margin, and the presentation gives volumes only for the half year: yarn and fabric tonnage was flat, garments about the same. A six-point jump in one quarter, with no reason given, is something to ask the company about before you count on it.
All 32 that passed
| Company | Revenue | Operating profit | Margin | Profit to shareholders | Quarters of growth | Note |
|---|---|---|---|---|---|---|
| GAIL (India) | +32.7% | +161.8% | +624 bps | +139.3% | 2 of 4 | |
| Indian Oil Corporation | +29.8% | +144.4% | +514 bps | +173.8% | 1 of 4 | |
| Onesource Specialty Pharma | +37.4% | +140.7% | +734 bps | +448.5% | 2 of 4 | quarter worked out from the half-year figures, which is all the filing gives; profit to shareholders corrected: the filed figure didn't add up |
| Laurus Labs | +33.4% | +120.3% | +1113 bps | +126.4% | 4 of 4 | |
| Shyam Metalics And Energy | +33.7% | +117.2% | +460 bps | +95.2% | 4 of 4 | year-ago profit corrected for a typing error in that filing |
| Acutaas Chemicals | +42.7% | +87.8% | +898 bps | +73.3% | 4 of 4 | |
| Ajanta Pharma | +32.5% | +75.5% | +683 bps | +49.2% | 4 of 4 | |
| Jubilant Ingrevia | +24.4% | +71.3% | +317 bps | +60.4% | 3 of 4 | |
| K.P.R. Mill | +18.9% | +69.7% | +683 bps | +58.2% | 3 of 4 | |
| PVR INOX | +15.5% | +60.5% | +631 bps | +148.9% | 4 of 4 | |
| Apar Industries | +21.3% | +60.0% | +235 bps | +77.7% | 4 of 4 | |
| Supreme Industries | +40.4% | +59.9% | +112 bps | +59.3% | 3 of 4 | |
| ITC Hotels | +25.6% | +58.8% | +447 bps | +51.4% | 3 of 3 | |
| Tata Capital NBFC format | +20.7% | +58.3% | +605 bps | +51.3% | 1 of 1 | |
| Aditya Birla Capital NBFC format | +32.2% | +52.0% | +161 bps | +50.6% | 4 of 4 | |
| Cholamandalam Investment and Finance Company NBFC format | +25.4% | +39.8% | +239 bps | +40.6% | 4 of 4 | profit to shareholders corrected: the filed figure didn't add up |
| GE Vernova T&D India | +31.8% | +39.7% | +150 bps | +44.0% | 4 of 4 | |
| Lodha Developers | +17.6% | +35.5% | +415 bps | +28.4% | 4 of 4 | |
| Mankind Pharma | +17.3% | +33.7% | +265 bps | +39.1% | 4 of 4 | |
| Firstsource Solutions | +22.2% | +32.1% | +94 bps | +29.7% | 4 of 4 | |
| Reliance Industries | +28.6% | +31.2% | +25 bps | +40.6% | 2 of 4 | |
| Bank of Maharashtra bank | +21.8% | +30.9% | – | +28.0% | 4 of 4 | |
| JBM Auto | +21.1% | +30.5% | +64 bps | +11.4% | 4 of 4 | |
| Central Depository Services (India) | +23.7% | +28.8% | +207 bps | +24.0% | 3 of 4 | |
| NTPC | +21.2% | +28.7% | +111 bps | +38.7% | 4 of 4 | |
| Home First Finance Company India NBFC format | +18.8% | +28.3% | +290 bps | +29.1% | 4 of 4 | |
| Max Healthcare Institute | +20.3% | +22.9% | +46 bps | −15.5% | 4 of 4 | |
| Affle 3i | +21.2% | +22.8% | +23 bps | +17.4% | 4 of 4 | rupee growth includes currency gains |
| TATA CONSUMER PRODUCTS | +14.0% | +19.5% | +50 bps | +16.0% | 4 of 4 | |
| Bandhan Bank bank | +14.4% | +18.8% | – | +455.8% | 1 of 4 | |
| Computer Age Management Services | +10.0% | +13.4% | +117 bps | +14.4% | 4 of 4 | shares split 5-for-1 in the year |
| Aavas Financiers NBFC format | +10.4% | +11.5% | +33 bps | +10.7% | 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.
Nine of the thirty-two are lenders or market infrastructure: Tata Capital, Aditya Birla Capital, Cholamandalam, Bank of Maharashtra, Bandhan Bank, Home First, Aavas, CDSL and CAMS. Banks are screened on profit before provisions, so read their provisions before reading anything into their place; Bandhan is the case below. Five are drug makers or their suppliers. Four sell energy: GAIL, Indian Oil, Reliance and NTPC. Reliance passed by a quarter of a percentage point of margin, with revenue up 28.6% and operating profit 31.2%. CAMS' earnings per share aren't comparable with a year ago: it has five times as many shares, after a split or bonus.
48 grew as fast and were held back
| Company | Revenue | Operating profit | Profit to shareholders | Why it was held back |
|---|---|---|---|---|
| One 97 Communications | +28.5% | +3000.0% | +976.2% | year-ago operating profit too small to grow from; one-off items a year ago; other income over a quarter of profit |
| Max Financial Services NBFC format | +18.5% | +1626.5% | +1839.8% | year-ago operating profit too small to grow from |
| Mtar Technologies | +200.0% | +972.1% | +1301.2% | revenue up over 50%: acquisition not yet ruled out; consolidated one year, standalone the other |
| Pine Labs | +24.0% | +427.2% | +546.1% | year-ago operating profit too small to grow from; other income over a quarter of profit; 158% more shares: growth funded partly by new capital |
| Welspun Living | +16.3% | +348.8% | +1202.8% | year-ago operating profit too small to grow from |
| PG Electroplast | +42.5% | +274.3% | +395.3% | year-ago operating profit too small to grow from; other income over a quarter of profit |
| Deepak Nitrite | +61.8% | +267.9% | +235.0% | revenue up over 50%: acquisition not yet ruled out |
| Ramkrishna Forgings | +54.9% | +264.1% | n.m. | year-ago operating profit too small to grow from; one-off items a year ago; revenue up over 50%: acquisition not yet ruled out |
| Gujarat Mineral Development Corporation | +71.2% | +230.2% | −63.3% | one-off items a year ago; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out |
| Motilal Oswal Financial Services NBFC format | +64.5% | +163.6% | +198.2% | revenue up over 50%: acquisition not yet ruled out |
| United Breweries | +23.7% | +158.7% | +190.9% | year-ago operating profit too small to grow from |
| Steel Authority of India | +19.8% | +142.6% | +318.1% | year-ago operating profit too small to grow from; one-off items a year ago |
| Zen Technologies | +98.8% | +108.8% | +51.2% | revenue up over 50%: acquisition not yet ruled out |
| Acme Solar Holdings | +89.6% | +105.5% | +133.2% | lender filing as a company: read manually; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out; 17% more shares: growth funded partly by new capital |
| SJVN | +117.4% | +91.9% | +113.5% | revenue up over 50%: acquisition not yet ruled out |
| PB Fintech | +35.0% | +90.3% | +42.7% | year-ago operating profit too small to grow from; other income over a quarter of profit |
| Syrma Sgs Technology | +73.6% | +82.7% | +87.2% | revenue up over 50%: acquisition not yet ruled out |
| Adani Enterprises | +75.1% | +80.9% | −53.4% | one-off items a year ago; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out; 17% more shares: growth funded partly by new capital |
| Capri Global Capital NBFC format | +59.2% | +77.3% | +77.3% | revenue up over 50%: acquisition not yet ruled out |
| Aegis Vopak Terminals | +44.3% | +75.4% | +60.5% | the year-ago quarter in last year's filing leaves out two terminal companies bought since from its own group; on the restated figures in this filing, revenue rose 16.6% and profit before tax 1.9% |
| Navin Fluorine International | +57.0% | +74.0% | +81.5% | revenue up over 50%: acquisition not yet ruled out |
| Aarti Industries | +74.7% | +66.7% | +58.6% | one-off items a year ago; revenue up over 50%: acquisition not yet ruled out |
| R R Kabel | +51.8% | +64.3% | +55.3% | revenue up over 50%: acquisition not yet ruled out |
| NTPC Green Energy | +53.2% | +64.1% | +57.0% | lender filing as a company: read manually; other income over a quarter of profit; revenue up over 50%: acquisition not yet ruled out |
| Radico Khaitan | +10.4% | +56.8% | +66.5% | year-ago operating profit too small to grow from |
| Coal India | +46.4% | +51.0% | +49.6% | other income over a quarter of profit |
| City Union Bank bank | +30.9% | +40.4% | +26.6% | 34% more shares: growth funded partly by new capital |
| Timken India | +27.6% | +38.9% | +35.1% | consolidated one year, standalone the other |
| Bajaj Auto | +59.7% | +34.2% | +61.9% | revenue up over 50%: acquisition not yet ruled out |
| Trent | +21.9% | +33.8% | +23.1% | 50% more shares: growth funded partly by new capital |
| Info Edge (India) | +12.2% | +29.0% | +51.6% | other income over a quarter of profit |
| SPR Auto Technologies | +62.1% | +25.0% | +13.3% | revenue up over 50%: acquisition not yet ruled out |
| Narayana Hrudayalaya | +73.0% | +24.1% | +16.5% | revenue up over 50%: acquisition not yet ruled out |
| Gabriel India | +36.2% | +23.0% | +78.3% | 33% more shares: growth funded partly by new capital |
| Cartrade Tech | +10.2% | +20.5% | −0.3% | other income over a quarter of profit |
| JSW Infrastructure | +17.0% | +8.3% | −12.0% | other income over a quarter of profit; 12% more shares: growth funded partly by new capital |
| Sun Pharmaceutical Industries | +11.9% | +5.0% | −36.2% | one-off items this quarter |
| Dixon Technologies (India) | +46.7% | +4.7% | −48.7% | year-ago operating profit too small to grow from |
| GMR AIRPORTS | +11.6% | −3.3% | n.m. | one-off items a year ago; other income over a quarter of profit |
| Blue Star | +21.0% | −3.9% | +25.2% | one-off items this quarter |
| Hexaware Technologies | +12.9% | −6.5% | +16.4% | one-off items this quarter; other income over a quarter of profit |
| AWL Agri Business | +26.1% | −13.2% | −2.3% | year-ago operating profit too small to grow from |
| Zee Entertainment Enterprises | +13.0% | −57.8% | −37.5% | other income over a quarter of profit |
| Aditya Birla Real Estate | +743.2% | n.m. | n.m. | year-ago operating profit too small to grow from; revenue up over 50%: acquisition not yet ruled out |
| Ather Energy | +62.9% | 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; consolidated one year, standalone the other |
| Delhivery | +19.8% | n.m. | n.m. | year-ago operating profit too small to grow from; other income over a quarter of profit |
| InterGlobe Aviation | +25.9% | n.m. | n.m. | year-ago operating profit too small to grow from |
| Piramal Pharma | +28.1% | n.m. | n.m. | year-ago operating profit too small to grow from; other income over a quarter of profit |
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.
Aegis Vopak's revenue rose 44% against last year's filing, and 17% against its own. Since that filing, Aegis Vopak Terminals has bought two terminal companies from its own group, Aegis Terminal (Pipavav) and Hindustan Aegis LPG. Purchases inside a group are accounted for as if they had always been owned, so this filing restates last year's quarter to include them. On those restated figures, revenue rose 16.6%, to ₹271 crore, and profit before tax 1.9%, because interest costs doubled. The screen compares with the figures the company filed a year ago, which leave the two companies out, so it is held back.
Paytm's operating profit rose 3,000%, from about ₹4 crore to ₹124 crore. That is a percentage of almost nothing. One 97 Communications had a one-off item a year ago, and other income was more than a quarter of this quarter's profit. Revenue rose 28.5%, and that is the number to watch.
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. Bajaj Auto's revenue rose 59.7% and Trent has 50% more shares in issue on our count; both need their notes read before they can pass. They stay off the list until they have been.
The headline that misleads: Bandhan Bank's profit rose 456%. Before provisions, it rose 19%.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Net interest income | 2,960 | 2,921 | +1.4% | 2,589 | +14.4% |
| Profit before provisions | 1,556 | 1,358 | +14.6% | 1,310 | +18.8% |
| Provisions | 718 | 683 | +5.1% | 1,153 | −37.7% |
| Profit to shareholders | 622 | 502 | +23.9% | 112 | +455.8% |
| Gross NPA | 3.1% | 3.1% | −4 bps | 5.0% | −191 bps |
Source: Bandhan Bank Limited’s filing to NSE, 28 October 2026. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.
Bandhan Bank's profit rose from ₹112 crore to ₹622 crore, and its press release calls it five-fold growth. Its profit before tax went from ₹157 crore to ₹838 crore. Of that ₹681 crore rise, ₹435 crore is what it no longer set aside for bad loans: provisions fell from ₹1,153 crore to ₹718 crore. The other ₹246 crore is the business. Net interest income rose 14%, to ₹2,960 crore, and profit before provisions 19%, to ₹1,556 crore.
Bad loans did fall, from 5.0% of the book a year ago to 3.1%, so the lower provisions are real. But provisions can only fall from ₹1,153 crore once, and the microfinance book, Bandhan's oldest business, grew 2% in a year. Over April–September as a whole, profit before provisions fell 2%. The 456% is a bad quarter a year ago coming out of the numbers, and it happens once. A 19% growth rate is the one you can compare with next year's.
Next week
145 Nifty 500 companies have scheduled results between 2 and 7 November, among them ITC on the 2nd, State Bank of India and Lupin on the 3rd, Apollo Hospitals and Power Finance on the 4th, Bharti Airtel, Mahindra & Mahindra, ONGC and Titan on the 5th, Hindalco on the 6th, and Tata Steel and Divi's on the 7th. For ONGC, set it beside GAIL's gas marketing. The next roundup covers results filed from 2 to 7 November and is published on Saturday 7 November.
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