Q2 FY27 Results, 8–18 October: 16 of 54 Grew Where It Counts
The first two weeks of the September-quarter season, read against the same quarter a year ago. Which businesses grew, which only looked like it, and why each one is where it is.
Figures checked · How we calculate
16 of 54Nifty 500 results filed by 18 October that passed the screen
Between 8 and 18 October, 54 Nifty 500 companies filed July–September results with figures we could read. Sixteen 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. Eleven 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.
IIFL Finance nearly doubled its profit by lending against gold
IIFL Finance's profit before tax rose 93% to ₹1,074 crore on revenue up 28.5%. The company says its gold loan book grew 90% in a year, to ₹65,729 crore, and its total loans 38%. Gold loans are now more than half of what IIFL has lent, and the fastest-growing part of it.
What nobody can tell you from the filing is how this book behaves if gold prices fall. The loans are only as safe as the gold behind them.
BHEL's margin went from 6.7% to 10.1%
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 9,300 | 7,698 | +20.8% | 7,512 | +23.8% |
| Operating profit (EBIT) | 943 | 422 | +123.4% | 505 | +86.5% |
| Operating margin | 10.1% | 5.5% | +465 bps | 6.7% | +341 bps |
| Other income | 253 | 214 | +18.0% | 175 | +44.7% |
| Profit to shareholders | 821 | 377 | +117.9% | 375 | +119.0% |
Source: Bharat Heavy Electricals Limited’s filing to NSE, 14 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.
Bharat Heavy Electricals billed ₹9,300 crore, 24% more than a year earlier, and kept far more of it: operating profit rose 86.5%, to ₹943 crore. There were no exceptional items in either quarter, and other income rose by only ₹78 crore. This is the business itself.
April–June is usually BHEL's weakest quarter, so the jump from 5.5% to 10.1% on the previous quarter overstates the trend. The year-on-year comparison is the fair one.
Groww grew 47% on the year and nothing on the quarter
Billionbrains Garage Ventures, which runs Groww, earned revenue of ₹1,502 crore, up 47% on a year ago, and an operating margin of 63%. Profit to shareholders rose 54%, to ₹726 crore.
Against April–June, revenue was flat and profit slightly lower. A broker earns from trading activity, which rises and falls with the market. The year-on-year growth is real; whether it continues depends on how much its 2.4 crore transacting users trade, which no filing can tell you in advance.
Angel One's earnings per share fell 84%. Its profit rose 58%.
Angel One's revenue rose 18.7%, to ₹1,427 crore, and profit before tax 56%. Its earnings per share went from ₹23.39 to ₹3.67, which looks like a collapse until you know that each share was split into ten on 26 February 2026. Adjusted for the split, earnings per share rose from ₹23.39 to ₹36.70: 57%, in line with profit.
Tech Mahindra's revenue grew 15.6% in rupees and 7.2% in what customers paid
Tech Mahindra's operating profit rose 40.5%, to ₹2,387 crore, and its margin widened from 12.1% to 14.8%. That margin gain is the real story: it kept more of every rupee billed. The revenue growth is half currency. The company reports 7.2% growth in constant currency; the other 8 points came from the rupee, which averaged ₹95.5 to the dollar against ₹88.2 a year earlier.
All 16 that passed
| Company | Revenue | Operating profit | Margin | Profit to shareholders | Quarters of growth | Note |
|---|---|---|---|---|---|---|
| IIFL Finance NBFC format | +28.5% | +92.9% | +844 bps | +103.7% | 4 of 4 | |
| Bharat Heavy Electricals | +23.8% | +86.5% | +341 bps | +119.0% | 4 of 4 | |
| Billionbrains Garage Ventures | +47.4% | +59.1% | +467 bps | +54.0% | 1 of 1 | |
| Angel One NBFC format | +18.7% | +56.0% | +767 bps | +58.2% | 3 of 4 | shares split 10-for-1 in the year |
| Tech Mahindra | +15.6% | +40.5% | +261 bps | +32.7% | 4 of 4 | rupee growth includes currency gains |
| The Federal Bank bank | +29.2% | +39.8% | – | +51.1% | 4 of 4 | |
| HDB Financial Services NBFC format | +10.1% | +33.4% | +364 bps | +34.2% | 2 of 2 | |
| L&T Finance NBFC format | +26.5% | +33.4% | +124 bps | +32.7% | 4 of 4 | |
| Nestle India | +20.3% | +32.6% | +195 bps | +35.9% | 4 of 4 | |
| Yes Bank bank | +22.8% | +28.5% | – | +63.2% | 4 of 4 | |
| Central Bank of India bank | +26.3% | +27.0% | – | +20.6% | 1 of 4 | |
| Tata Elxsi | +15.0% | +22.3% | +118 bps | +10.0% | 3 of 4 | rupee growth includes currency gains |
| ICICI Bank bank | +15.9% | +20.2% | – | +22.3% | 4 of 4 | |
| HCL Technologies | +11.5% | +17.5% | +92 bps | +21.2% | 4 of 4 | rupee growth includes currency gains |
| UCO Bank bank | +14.0% | +16.1% | – | +26.8% | 2 of 4 | |
| Elecon Engineering Company | +10.5% | +14.9% | +69 bps | +9.8% | 1 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.
Banks are on the list on their lending: net interest income and profit before provisions. Five of the sixteen are banks, and four more are lenders or brokers that file in the lenders' format. A bank can pass here and still have a weak quarter below that line if bad loans rose, so read its provisions before reading anything into the ranking.
Eleven grew as fast and were held back
| Company | Revenue | Operating profit | Profit to shareholders | Why it was held back |
|---|---|---|---|---|
| Poonawalla Fincorp NBFC format | +70.2% | +406.9% | +405.2% | revenue up over 50%: acquisition not yet ruled out; 12% more shares: growth funded partly by new capital |
| Transformers And Rectifiers (India) | +60.7% | +174.7% | +117.9% | revenue up over 50%: acquisition not yet ruled out |
| Mangalore Refinery and Petrochemicals | +37.1% | +157.0% | +204.8% | year-ago operating profit too small to grow from |
| RBL Bank bank | +37.4% | +90.2% | +158.9% | 153% more shares: growth funded partly by new capital |
| Indian Bank bank | +17.8% | +45.6% | +13.9% | other income up over 50%, likely investment gains |
| Emmvee Photovoltaic Power | +39.4% | +43.7% | +60.6% | 17% more shares: growth funded partly by new capital |
| Polycab India | +52.8% | +41.9% | +42.6% | revenue up over 50%: acquisition not yet ruled out |
| Himadri Speciality Chemical | +57.9% | +36.2% | +31.5% | revenue up over 50%: acquisition not yet ruled out |
| Jio Financial Services NBFC format | +73.2% | −5.8% | −51.0% | revenue up over 50%: acquisition not yet ruled out |
| Tejas Networks | +54.9% | n.m. | n.m. | year-ago operating profit too small to grow from; revenue up over 50%: acquisition not yet ruled out |
| Urban Company | +41.4% | n.m. | n.m. | year-ago operating profit too small to grow from |
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.
RBL Bank's profit rose 159%. Per share, it rose 2%. Emirates NBD completed its investment in RBL Bank on 18 June 2026, buying new shares at ₹280 each. The number of shares went from 61.94 crore to 154.86 crore. Profit to shareholders went from ₹192 crore to ₹498 crore, and earnings per share from ₹3.15 to ₹3.22. New capital earns interest without costing any, which also lifted net interest income 37%. If you owned an RBL share a year ago, your slice of the profit barely moved.
Indian Bank's operating profit rose 46%. Its other income rose 58%, and reports put about ₹1,400 crore of it down to a gain on its shares in NSE. That is real money, once. Without it, operating profit grew about 17%, no faster than net interest income, and the result would have failed the screen.
The rest were held back for revenue growing more than 50%, which needs the filing read for an acquisition before it can be called growth. Some will turn out to be organic. They stay off the list until that's checked.
The headline that misleads: DLF's profit rose 10% while its business made a loss
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 1,261 | 1,280 | −1.5% | 1,643 | −23.3% |
| Operating profit (EBIT) | −15.18 | 115 | n.m. | 254 | n.m. |
| Other income | 1,037 | 325 | +218.8% | 619 | +67.5% |
| Exceptional items | 0 | 0 | – | 235 | – |
| Share of joint ventures' and associates' profit | 499 | 486 | +2.8% | 412 | +21.3% |
| Profit to shareholders | 1,301 | 794 | +63.9% | 1,180 | +10.3% |
Source: DLF Limited’s filing to NSE, 16 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.
DLF reported profit of ₹1,301 crore, up 10%. In the same quarter its revenue fell 23% and its operating profit went from ₹254 crore to a loss of ₹15 crore.
The profit came from two places that aren't selling homes. Other income was ₹1,037 crore, almost as much as revenue. And DLF's share of its joint ventures' profit was ₹499 crore, mostly from the offices it owns with GIC in DLF Cyber City Developers. That line is added after tax, which is why DLF's profit is higher than its profit before tax: ₹1,003 crore before tax, less ₹201 crore of tax, plus ₹499 crore from the joint ventures, is ₹1,301 crore. A year ago the profit also included a ₹235 crore one-off gain.
None of this means DLF is in trouble. A developer books revenue when it hands over a finished home, so a quarter with few handovers shows low revenue whatever it sold. DLF reports its sales bookings separately, and those, not this filing, are how you judge the housing business. The point is narrower: "profit up 10%" tells you nothing about how DLF's homes are selling.
Next week
Infosys reports on 23 October. For an exporter, read its constant-currency growth first. The next roundup covers results filed from 19 to 24 October and is published on Saturday 25 October.