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Bharat Dynamics Ltd (BDL) Q2FY26 result update

BDL’s numbers were above expectations in Q2FY26. Its consolidated revenue grew 111% YoY to Rs 1147 crore in Q2FY26. The company’s net profit stood at Rs 215 crore vs. Rs 122 crore in Q2FY25, supported by higher other income. EBITDA was up 90% YoY at Rs 188 crore. Other income increased to Rs 120.6 crore in Q2FY26 vs. Rs 86 crore in Q2FY25.

BDL has signed a contract worth Rs 2,095.7 crore with Ministry of Defence for supply of Invar Anti-tank missiles for the Indian Army. It is to be executed over the next 36 months.

LG Electronics India

The company reported a 27.3% YoY drop in Q2FY26 net profit to Rs 389 crore, even as revenue inched up 1% to Rs 6,174 crore. EBITDA fell 27.7% to Rs 547.5 crore, with margins narrowing to 8.9% from 12.4% last year. It witnessed margin pressures due to the combined impact of rising commodity prices and incremental investments in festive go-to-market initiatives to support the company’s distributors during tough market conditions. It also said that going forward, supported by the recent GST rate cut and seasonal demand from the festive and wedding period, it remains confident about future growth across all product categories.

Concord Biotech

Overall performance was weak in the quarter. Revenue for the quarter declined 20.4% YoY at Rs 247cr as against estimate of Rs 282cr. Operating margin slipped 830bps YoY at 35.8%. Gross margin improved 480bps YoY at 80.2%.

EBITDA margin was lower, primarily impacted by expenses associated with the commercialization of new injectable facility commissioned in March 2025.

API sales declined 17% YoY at Rs 192cr. Formulations revenue declined 31% YoY at Rs 55.3cr.

Net profit was down 33.6% YoY at Rs 63.6cr. Other Income increased 33.5% YoY at Rs 13.35cr.

EPS for the quarter stood at Rs 6.03 and it stood at Rs 10.25 for H1FY26. At CMP, the stock trades at 25x FY28E EPS.

Voltas

The company reported a steep 74.4% YoY drop in net profit to Rs 34.3 crore for Q2 FY26, as compared with Rs 134 crore last year. Other Income was down 38% YoY at Rs 64.6 crore. Revenue fell 10.4% to Rs 2,347 crore, while EBITDA slumped 56.6% to Rs 70.4 crore and margin narrowed to 3% vs. 6.2% in Q2FY25.

Vishal Mega Mart

The company reported a strong Q2, with net profit up 46.4% YoY to Rs 152.3 crore and revenue rising 22.4% to Rs 2,981 crore. EBITDA grew 30.7% to Rs 394 crore, as margin improved to 13.2%

Jubilant FoodWorks

The company posted a 19.7% YoY rise in revenue to Rs 2,340 crore in Q2FY26, led by strong Domino’s performance. Group sales hit Rs 2,746.5 crore, with 93 new stores, taking the total network to 3,480 outlets.

PG Electroplast Ltd

The company’s Q2 profit slumped 86% YoY to Rs 3 crore, while revenue dipped 2.3% to Rs 655.3 crore. EBITDA fell 46% to Rs 30.3 crore, with margins shrinking to 4.6%.

Orkla India

Orkla India reported a 7.3% YoY drop in Q2 net profit to Rs 77 crore, while revenue rose 4.9% to Rs 650.2 crore. EBITDA fell 6.2% to Rs 106.7 crore, with a margin of 16.4%.

Eureka Forbes

Eureka Forbes reported an increase of 31.8% in its consolidated net profit to Rs 62.92 crore in the September quarter of FY26 as against Rs 47.74 crore in the July-September quarter a year ago. Revenue from operations was up 14.7% to Rs 772.1 crore during the September quarter of FY26. It stood at Rs 673.1 crore in the corresponding quarter a year ago.

Rishabh Instruments

Revenue for the quarter grew 7.6% YoY at Rs 196.3cr. Operating profit was up 221% YoY at Rs 33.4cr. Net profit increased 477% YoY at Rs 22.1cr. Other Income was up 62% YoY at Rs 4.9cr.

EPS for the quarter stood at Rs 5.75 and it stood at Rs 10.83 for H1FY26. At CMP, the stock trades at 18x FY27E EPS.

Aether Industries

Overall performance was in-line with expectations. Revenue for the quarter grew 38.4% YoY at Rs 275cr as compared to estimate of Rs 268cr. Operating margin expanded 500bps YoY at 32% as against estimate of 31%.

Net profit was up 55% YoY at Rs 54cr. Other Income declined 21% YoY at Rs 8.7cr. EPS for the quarter stood at Rs 4.07 and it was at Rs 7.62 for H1FY26. At CMP, the stock trades at 36x FY27E EPS.

Capacite Infra

Revenue grew 24.7% YoY to Rs.646.2 crore, while EBITDA increased 13.6% to Rs 108.3 crore. Operating margin stood at 16.8%, compared to 18.4% a year ago. Company posted a 10% year-on-year rise in net profit to Rs 49.09 crore.

Technocraft

Consolidated revenue increased 19.6% to Rs.752 crore, while net profit grew 11.2% to Rs. 79.2 crore. EBITDA was up 29% YoY at Rs 124 crore.

Jash Engineering

Consolidated revenue increased by 12.8% to Rs.157.5 crore, while net profit declined 32% to Rs. 10.9 crore. EBITDA decreased 17% to Rs 20.2 crore. EBITDA margin stood at 12.8% as against 17.6% in Q2FY25.

Tega Industries

Revenue grew 15% YoY to Rs.421.1 crore, while EBITDA increased 98% to Rs 69 crore. EBITDA margin stood at 20%, as compared to 13% a year ago. Company reported a 523% year-on-year rise in net profit to Rs 44.9 crore.

Oswal Pumps

Revenue for the quarter increased 74% YoY at Rs 539.6cr. Operating margin slipped 890bps YoY at 23.7%. Net profit was up 48.2% YoY at Rs 97.5cr.

EPS for the quarter stood at Rs 8.43 and it stood at Rs 16.7 for H1FY26. At CMP, the stock trades at 20.5x FY26E EPS.

JNK India

Revenue for the quarter increased 71.7% YoY at Rs 178.4cr. Operating profit was up 38% YoY at Rs 16.5cr. Net profit increased 67.7% YoY at Rs 13cr. Other Income was up69% YoY at Rs 5.84cr.

Zydus Lifesciences

US FDA conducted a Pre-Approval Inspection at SEZ Oncology Injectable manufacturing site in SEZ1, Ahmedabad, in relation to the new isolator injectable line. The inspection was conducted from 4th to 13th November, 2025 and concluded with two observations. There were no data integrity related observations.

Granules India

Overall results were in-line with expectations. Revenue for the quarter grew 34% YoY at Rs 1297cr as against estimate of Rs 1222cr. Formulation sales increased 29% YoY at Rs 966cr.

EBITDA margin improved 40bps YoY at 21.45% as against expectation of 21.2%. Gross margin expanded 370bps YoY and 80bps QoQ at 65.7%. Net profit 34.4% YoY at Rs 130.6cr. R&D expenses increased 35% YoY at Rs 70.5cr as compared to Rs 52.4cr in Q2FY25. Net debt stood at Rs 1024cr as of Sep-2025. EPS for the quarter stood at Rs 5.38 and it was at Rs 10 for H1FY26. At CMP, the stock trades at 22x FY27E EPS.

TCS

Tata Consultancy Services (TCS), Sybyl, and IXAfrica Data Centre Limited (iXAfrica) have announced a strategic partnership to establish and scale sovereign cloud infrastructure in Kenya and other East African countries. Through a Memorandum of Understanding with both Sybyl and iXAfrica, TCS aims to empower governments, enterprises, and innovators with secure, locally hosted cloud offerings that comply with national data residency and sovereignty requirements, marking a major milestone in Africa’s journey towards digital independence.

IGL

Indraprastha Gas Ltd (IGL) has partnered with Saudi Arabia’s MASAH Construction Company to jointly explore opportunities for natural gas distribution in key industrial cities across the Kingdom marking the first overseas foray by IGL or any Indian city gas distributor.

KCP

K C P reported revenue of Rs. 602 cr (flat year on year & 11% fall compared to previous quarter). EBITDA margin fell from 19% to 14% year on year. Company reported a profit of Rs.49 cr as compared to profit of Rs.100 cr year on year.

Marksans Pharma

Overall performance was in-line with expectations in the quarter. Revenue for the quarter grew 12.2% YoY at Rs 720.4cr as against estimate of Rs 693cr. Operating margin slipped 280bps YoY at 20% as compared to expectation of 20.5%. Gross margin was down 260bps YoY at 57.2%. Net profit was up 1.6% YoY at Rs 98.2cr. Other Income stood at Rs 21.6cr as against Rs 0.7cr in Q2FY25.US sales increased 27.3% YoY at Rs 387 crore. UK & Europe revenue remained flat YoY at Rs 245.3 crore. EPS for the quarter stood at Rs 2.17 and it stood at Rs 3.45 for H1FY26. At CMP, the stock trades at 19.5x FY27E EPS.

Rubicon Research

Revenue for the quarter increased 39.2% YoY at Rs 412cr. Operating margin improved 200bps YoY at 22.9%. Net profit was up 56% YoY at Rs 53.85cr. EPS for the quarter stood at Rs 3.47 and it stood at Rs 6.25 for H1FY26. At CMP, the stock trades at 39x FY27E EPS.

Akums Drugs

Revenue down 1.5% at Rs 1,018 crore vs Rs 1,033 crore. EBITDA was down 22.1% at Rs 94.4 crore vs Rs 121 crore. Operating margin at 9.3% vs 11.7%. Net profit declined 37.6% at Rs 40.7 crore vs Rs 65.2 crore

Alkem Laboratories

Overall performance was better than expectations. Revenue for the quarter grew 17.2% YoY at Rs 4001cr as compared to estimate of Rs 3871cr. Operating margin improved 100bps YoY at 23% as against estimate of 22.1%. Gross margin was up 30bps at 65%. Net profit was up 11.1% YoY at Rs 765cr. Other Income declined 23% YoYat Rs 103.6cr. R&D expenses for the quarter was at Rs 130.2cr, or 3.3% of revenue as against Rs 146.5cr or 4.3% of sales in Q2FY25. India formulation sales increased 12.4% YoY at Rs 2766cr. US sales grew 28% YoY at Rs 765cr. RoW markets sales increased 32% YoY at Rs 424cr. Company has net cash & equivalents of Rs 4900cr as on Sep-2025. EPS for the quarter stood at Rs 64 and it was at Rs 119.5 for H1FY26. At CMP, thestock trades at 25.3x FY27E EPS.

Ipca Laboratories

Operational performance was better than expectations in the quarter. Revenue for the quarter grew 8.6% YoY at Rs 2557cr as against estimate of Rs 2595cr. Operating margin improved 210bps YoY at 20.9% as against expectationof 20%.Net profit was up 23% YoY at Rs 282.6cr. PBT before exceptional items increased 30.5% YoY at Rs 449.8cr. Company reported exceptional loss of Rs 58.3cr in the quarter. India formulation sales grew ~8% YoY at Rs 1019cr. API sales grew 28% YoY at Rs 408cr. International formulations business reported a decline of 9% YoY at Rs 493cr. Revenue from subsidiaries stood at Rs 626cr as against Rs 544cr, a year ago. EPS for the quarter stood at Rs 11.14 and it stood at Rs 20.33 for H1FY26. At CMP, the stock trades at 25x FY27E EPS.

Mishra Dhatu Nigam

Revenue down 20% at Rs 210 crore vs Rs 262 crore. EBITDA was down 33% at Rs 32.8 crore vs Rs 48.9 crore. Operating margin at 15.6% vs 18.7%. Net Profit declined 45.8% at Rs 12.9 crore vs Rs 23.8 crore.

Hero Moto

Revenue grew 15.9% at Rs 12,126 crore vs Rs 10,463 crore. EBITDA was up 20.3% at Rs 1,823 crore. Operating margin stood at 15% vs 14.5%. Net profit was up 15.7% at Rs 1,393 crore.

Titagarh Rail

Revenue down 24.4% at Rs 799 crore vs Rs 1,057 crore. EBITDA was down 35.3% at Rs 83.7 crore vs Rs 129 crore. Operating margin stood at 10.5% vs 12.2%. Net Profit was down 54.3% at Rs 36.9 crore vs Rs 80.7 crore.

Source – HDFC Securities, Prime Daily, 14 Nov 2025