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Neuland Laboratories

Overall numbers were strong in the quarter. Revenue for the quarter grew 65.4% YoY at Rs 514.3cr. EBITDA margin surged 1020bps YoY at 30.2%. Net profit increased 195% YoY at Rs 96.85cr. It was on the back of shift from low margin Prime to high margin Specialty and CMSsegments. CMSbusiness reported revenue of Rs 310cr vs. Rs 132cr in Q2FY25. Company expects growth momentum to continue in H2FY26. EPS for the quarter stood at Rs 75.5 and it was at Rs 86.3 for H1FY26. At CMP, the stock trades at 41.5x FY28E EPS.

AartiPharmalabs

Overall numbers were weak in the quarter. Revenue for the quarter declined 8.7% YoY at Rs 418.3cr. EBITDA margin was down 270bps YoY at 17.8%. Net profit declined 49% YoY at Rs 27.9cr. Finance cost increased 94% YoY at Rs 10.7cr. Capex for H1FY26 stood at Rs 237cr. EPS for the quarter stood at Rs 3.08 and it was at Rs 8.54 for H1FY26. At CMP, the stock trades at 26x FY27E EPS.

HBL Engineering

Overall numbers were very strong in the quarter. Revenue for the quarter increased 134.7% YoY at Rs 1223cr. EBITDA margin expanded 2370bps YoY at 44.5%. Company reported exceptional loss of Rs 23.85cr in the quarter. Net profit surged 343.6% YoY at Rs 387.3cr. Other Income increased 29.5% YoY at Rs 15.8cr. Q2FY26 has been extraordinarily good and management does not expect such good results in any single quarter in the next few years. FY26 as a whole would be an exceptional year and should not be a basis for future expectations of performance. EPS for the quarter stood at Rs 13.96 and it was at Rs 19.12 for H1FY26. At CMP, the stock trades at 39.5x FY27E EPS.

Va Tech Wabag

VA Tech Wabag reported standalone net profit surged 22.05% to Rs 70.3 crore on a 12.51% rise in revenue from operations to Rs 690 crore in Q2 FY26 over Q2 FY25.

Profit before tax came in at Rs 95.6 crore, registering a 22.09% rise over Rs 78.3 crore a year ago. EBITDA rose 21.9% to Rs 140.8 crore, while the EBITDA margin declined to 12.2%, compared to 12.4% in the previous year.

Poly Medicure

Overall numbers were slightly lower than expectations. Revenue for the quarter grew 5.7% YoY at Rs 444cr as against estimate of Rs 455cr.

EBITDA margin contracted 160bps YoY at 25.8% as against expectation of 26.5%. Company reported exceptional expenses of Rs 3.2cr related to recent acquisitions. Net profit was up 5% YoY at Rs 91.8cr. Other Income increased 30% YoY at Rs 34cr. Domestic sales increased 17% YoY at Rs 141cr. International business grew 1.4% YoY at Rs 300cr.

Capex for H1FY26 stood at Rs 157cr. EPS for the quarter stood at Rs 9.06 and it was at Rs 18.25 for H1FY26. At CMP, the stock trades at 33x FY28E EPS.

Voltamp Transformers

Revenue for the quarter grew 21.3% YoY at Rs 482.6cr. Operating margin improved 55bps YoY at 19.4%. Net profit was up 4.1% YoY at Rs 78.85cr. Other Income declined 54% YoY at Rs 14.8cr.

Construction of the greenfield EHV Power Transformer manufacturing facility is progressing as per schedule, with completion targeted by June-2026. As of date Rs 82.8 crore has been invested towards capital expenditure for the project.

During the current year from April 2025 till date new orders worth Rs 1,377 crore (11,442 MVA) were secured. EPS for the quarter stood at Rs 77.94 and it was at Rs 156.6 for H1FY26. At CMP, the stock trades at 18.8x FY27E EPS.

Bajaj Auto

Revenue was up 13.7% at Rs 14,922 crore vs. Rs 13,127 crore. EBITDA increased 15.1% at Rs 3,052 crore vs. Rs 2,652 crore. Operating margin improved to 20.5% vs. 20.2%. Net Profit increased 23.7% at Rs 2,480 crore on lower taxes.

HAL

Hindustan Aeronautics (HAL) has entered into an agreement with US-based General Electric Company, for 113 units of F404-GE-IN20engines and a support package for the execution of the 97 LCA Mk1A program. It added that the contract for the 97 LCA Mk 1A was signed in September 2025, while the engine deliveries would be from 2027 to 2032.

HPCL

The HPCL Rajasthan Refinery Limited (HRRL) project, a joint venture between Hindustan Petroleum Corporation Limited and the Rajasthan Government, is expected to be completed next month.

Coal India

Coal India is aspiring to achieve its 875 million tonne production goal for the current fiscal year. Recent production targets were missed due to monsoon rains and lower demand from the power sector. The company assures it will meet industry coal needs and expects higher stock levels by year-end.

CIL has entered into a partnership with Damodar Valley Corporation (DVC) to expand a thermal power project in Jharkhand at an estimated cost of Rs 21,000 crore. The project cost includes the development, construction, and commissioning of both units. The plants are targeted to commence commercial operations by 2031 32, aligning with India’s expanding energy demand.

NTPC Green Energy

NTPC Green Energy Limited has decided to issue unsecured non convertible debentures of Rs. 1,500 crore, through private placement at a coupon of 7.01% p.a. for a tenor of 10 years 1 day, maturing on 12.11.2035. Proceeds shall be utilized for financing capital expenditure, as well as for extending such financing for capital expenditure to its subsidiaries and joint ventures through inter-corporate loans, and for other general corporate purposes.

KPI Green Energy

Operational revenue reached Rs 634.6 crore, marking a 76.4%/5.2% growth YoY/QoQ. EBITDA and PAT also saw record highs, with net profit (PAT) rising 67% YoY/ 4.8% QoQ to Rs 116.6 crore. KPI Green Energy declared a second interim dividend of Rs 0.25 per share.

Goodluck India

Net profit of Goodluck India declined 8.3% to Rs 42.37 crore in the quarter ended September 2025 as against Rs 46.2 crore during the previous quarter ended September 2024. Sales rose 1.3% to Rs 978.7 crore in the quarter ended September 2025 as against Rs 966.4 crore during the previous quarter ended September2024.

WPIL

WPIL Limited’s Q2 FY26 financial results showed a 13.2% YoYdecline in overall revenue to Rs 426 crore, with net profit down 26.2% to Rs 51.8 crore. However, international business surged 60% YoY to Rs 259 crore, offsetting domestic challenges.

Kalyan Jewellers

Revenue grew 29.7% YoY to Rs 7,856 crore. EBITDA jumped 55.7% at Rs 497 crore. Operating margin expanded to 6.3% vs. 5.3%. Net Profit soared 99.5% to Rs 261 crore.

National Aluminium Company

Nalco reported revenue of Rs. 4292 cr. (7% year on year & 13% rise compared to previous quarter). EBITDA margin improved from 38% to 45% year on year. Company reported a profit of Rs.1430 cr. compared to profit of Rs.1046 cr. year on year.

Hindalco

Hindalco reported revenue of Rs. 66,058 cr. (14% rise year on year & 21% rise compared to previous quarter). EBITDA margins remained constant year on year. Also, the company reported a profit of Rs.4741 cr. compared to profit of Rs.3909 cr. year on year.

Shyam Metalics & Energy

Shyam Metalics & Energy Ltd’s reported revenue of Rs. 4,457 cr. (23% rise year on year & 21% rise compared to previous quarter). EBITDA margins improved from 11% to 12% year on year. Also, the company reported a profit of Rs.260 cr as compared to profit of Rs.216 cr year on year.

Ratnamani Metals & Tubes

Ratnamani Metals & Tubes Ltd’s reported revenue of Rs. 1,192 cr. (23% rise year on year & 3% rise compared to previous quarter). EBITDA margins improved from 16% to 18% year on year. Also, the company reported a profit of Rs.156 cr. compared to profit of Rs.99 cr. year on year.

JSW Cement

JSW Cement Ltd’s reported revenue of Rs. 1,436 cr. (17% rise year on year & 8% fall compared to previous quarter). EBITDA margins improved from 7% to 19% year on year. Also, the company reported a profit of Rs.75 cr. compared to loss of Rs.76 cr. year on year.

Ashoka Buildcon

Company has received a Letter of Acceptance (LoA) worth Rs 539.35 crore from the North Western Railway, Ajmer, for upgrading electric traction systems across key sections of the division.

KIMS

Overall numbers were weak in the quarter. Revenue for the quarter increased 23.6% YoY at Rs 961cr. EBITDA margin slipped 690bps YoY at 21.2%. Net profit declined 37.7% YoY at Rs 66.9cr. Other expenses were higher by 36% at Rs 387cr. Finance cost increased 125% YoY at Rs 45cr. ARPOB for thequarterincreased 9.8% YoY at Rs 42,016 per day. EPS for the quarter stood at Rs 1.67 and it was at Rs 3.64 for H1FY26. At CMP, the stock trades at 25.5x FY27E EV/EBITDA.

Lupin Ltd.

Lupin Limited announced that the United States Food and Drug Administration (US FDA) has completed an onsite clinical inspection from November 3 to November 6, 2025, at its Bioresearch Centre in Pune that concluded with zero 483 observations. A bio-analytical Remote Regulatory Assessment was also conducted from October 30 to November7, 2025, andconcluded with no observations.

Torrent Pharma

Overall numbers were in-line with expectations in the quarter. Total revenue grew 14.3% YoY at Rs 3302cr as against estimate of Rs 3371cr. EBITDA margin improved 30bps YoY at 32.8% as compared to expectation of 32.7%. Net profit was up 30.5% YoY at Rs 591cr.

India business increased 11.5% YoY at Rs 1820cr. US sales grew 25.7% YoY and 9.4% QoQ at Rs 337cr. Brazil revenue grew 21% YoY at Rs 318cr. Germany revenueincreased 5% YoY at Rs 303cr. Company plans to enter new domestic therapy, and would add a total 600 MRs in FY26E, which should support further domestic growth. EPS for the quarter stood at Rs 17.45 and it stood at Rs 33.6 for H1FY26. At CMP, the stock trades at 32x FY28E EPS.

Divi’s Laboratories

Overall numbers were strong in the quarter. Revenue for the quarter grew 16% YoY at Rs 2715cr as against estimate of Rs 2615cr. EBITDA margin improved 210bps YoY at 32.7% as compared to expectation of 31.8%. Net profit increased 35% YoY at Rs 689cr. PBT for the quarter was up 26.3% YoY at Rs 912cr. Other Income was up 37% YoY at Rs 145cr. EPS for the quarter stood at Rs 25.95 and it was at Rs 46.5 for H1FY26. At CMP, the stock trades at 45x FY28E EPS.

Neogen Chemicals

Overall numbers were weak in the quarter. Revenue for the quarter grew 8% YoY at Rs 208.7cr. EBITDA margin contracted 350bps YoY at 14.4%. Net profit was down 69% YoY at Rs 3.4cr. Finance cost increased 53% YoY at Rs 19.5cr. Net debt stood at Rs 899cr as of Sep-2025

S H Kelkar

Overall numbers were weak in the quarter. Revenue for the quarter grew 2.1% YoY at Rs 554cr. EBITDA margin contracted 540bps YoY at 9.5%. Net profit declined 77% YoYat Rs 9.2cr. Other Income was down 98.5% YoY at Rs 0.3cr. Gross debt stood at Rs 810cr vs. Rs 750cr as of March-2025. EPS for the quarter stood at Rs 0.66 and it was at Rs 2.51 for H1FY26. At CMP, thestock trades at 25x FY27E EPS.

Jupiter Life Line Hospitals

Overall numbers were in-line with expectations in the quarter. Revenue for the quarter grew 17.5% YoY at Rs 393.6cr. EBITDA margin remained flat YoY at 23.4%. Net profit increased 11% YoY at Rs 57.35cr. Other Income was up 53% YoY at Rs 11.7cr. EPS for the quarter stood at Rs 8.75 and it was at Rs 15.44 for H1FY26. At CMP, the stock trades at 22.5x FY27E EV/EBITDA.

Gujarat Alkalies

Overall numbers were weak in the quarter. Revenue for the quarter grew 9.3% YoY at Rs 1083.2cr. EBITDA margin contracted 75bps YoY at 6.8%. Net profit stood at Rs 16.35cr as compared to net loss of Rs 18.2cr in Q2FY25. Other Income increased 20% YoY at Rs 59.3cr. EPS for the quarter stood at Rs 2.23 and it was at Rs 0.35 for H1FY26. At CMP, the stock trades at 18.5x FY27E EPS.

Anthem Biosciences

Overall numbers were slightly below expectations in the quarter. Revenue for the quarter grew 4.8% YoY at Rs 550cr. EBITDA margin improved 240bps YoY at 39.6%. Net profit was up 7% YoY at Rs 173.4cr. Other Income increased 73% YoY at Rs 48.2cr. Capex for H1FY26 stood at Rs 128cr. EPS for the quarter stood at Rs 3.06 and it was at Rs 5.45 for H1FY26. At CMP, the stock trades at 40x FY28E EPS.

Global Health (Medanta)

Revenue grew 14.9% YoY to Rs 1,099 crore. EBITDA was up 1.2% at Rs 231 crore. Net Profit increased 21.1% YoY to Rs 158 crore on lower tax expenses.

Source – HDFC Securities, Prime Weekly, 10 Nov 2025

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