Q2 Results Live: Kalyan Jewellers Profit Surges 64% On One-Time Gain, Cochin Shipyard Profit Tumbles 50%, MRF Profit Slips 28%

Dredging Corporation (Q2 FY27, YoY)

• Net profit at Rs 7.3 crore versus a loss of Rs 34.2 crore YoY.
• Revenue down 0.3% to Rs 211 crore from Rs 212 crore.
• EBITDA up 64.9% to Rs 41.15 crore from Rs 24.95 crore.
• EBITDA margin at 19.5% versus 11.8% YoY.

cc(Q2 FY27, Consolidated, YoY)

• Net profit down 85.3% to Rs 25 crore from Rs 171 crore.
• Revenue up 15.5% to Rs 1.27 crore from Rs 1.1 crore.
• Other income down 1.9% to Rs 36.7 crore from Rs 37.4 crore.

Balmer Lawrie (Q2 FY27, Consolidated, YoY)

• Net profit up 41.5% to Rs 52.2 crore from Rs 36.9 crore.
• Revenue up 25.8% to Rs 803 crore from Rs 638 crore.
• EBITDA up 54.1% to Rs 108 crore from Rs 70.2 crore.
• EBITDA margin at 13.46% versus 10.99% YoY.

Kalyan Jewellers (Q2 FY27, Consolidated, YoY)

• Net profit up 63.9% to Rs 427 crore from Rs 261 crore.
• Revenue up 31.4% to Rs 10,323 crore from Rs 7,856 crore.
• EBITDA up 29.7% to Rs 644 crore from Rs 497 crore.
• EBITDA margin at 6.2% versus 6.3% YoY.
• One-time gain of Rs 73.5 crore in Q2.

Matrimony.com (Q2 FY27, Consolidated, YoY)

• Net profit at Rs 20.7 crore versus Rs 7.8 crore YoY.
• Revenue up 17.6% to Rs 135 crore from Rs 115 crore.
• EBITDA at Rs 30.1 crore versus Rs 12.1 crore YoY.
• EBITDA margin at 22.4% versus 10.6% YoY.
• To acquire an additional 50% stake in Astro-Vision Futuretech for Rs 8 crore.

Cochin Shipyard (Q2 FY27, Consolidated, YoY)

• Net profit down 50% to Rs 53.8 crore from Rs 107.5 crore.
• Revenue up 11.7% to Rs 1,249 crore from Rs 1,119 crore.
• EBITDA down 30.8% to Rs 50.95 crore from Rs 73.66 crore.
• EBITDA margin at 4.1% versus 6.6% YoY.
• To pay an interim dividend of Rs 3 per share for FY27.
• Fixes November 16 as the record date for the interim dividend.

Sonata Software's management expects growth momentum and margin improvement in its international IT services business, despite near-term headwinds in the banking, financial services and insurance (BFSI) and technology, media and telecom (TMT) segments. 

The company is aspiring to achieve an EBIT margin of 18-20%. Emkay said the domestic business is also expected to recover steadily, supported by its three-pillar growth strategy and partnerships with AWS and Google.

Sonata Software's international IT services revenue rose 1% sequentially to $82.8 million in Q2FY27, translating into constant-currency growth of 1.2% and beating Emkay's estimates. However, the segment's EBIT margin increased just 10 basis points sequentially to 15.5%, below the brokerage's expectation of 16.5%.
 

Sonata Software recorded order bookings worth $98.5 million in the September quarter, with around 25% of the bookings being AI-led. Its book-to-bill ratio stood at 1.18 times, while 13 large deals were in the pipeline at the end of Q2. Emkay said the order pipeline and management commentary point to improving growth momentum in the international IT services business.
 

Emkay Global Financial Services has upgraded Sonata Software to Buy from Add, citing improving growth prospects in its international IT services (IITS) business and easing headwinds in the domestic business. However, the brokerage has cut its target price by 3% to Rs 330 from Rs 340 and lowered its FY27-29 EPS estimates by up to 5%, factoring in the second-quarter performance and margin outlook.
 

ONGC expects production to recover with additional Daman wells coming on stream after the monsoon and commissioning of DSF-2 by the end of FY27. The company has guided for output of 39 million tonnes of oil equivalent (mmtoe) in FY27 and 39.5-40 mmtoe in FY28. Emkay also noted that gas constraints at KG-98/2 should ease by Q4, potentially increasing output by 1.5 million standard cubic metres per day from the current 2 mmscmd.

ONGC's crude oil and natural gas production declined 5.2% and 2.1% year-on-year, respectively, to 4.9 million tonnes and 4.9 billion cubic metres in Q2FY27. Production was affected by offshore supply-chain constraints and onshore customer offtake issues. Emkay said the KG-98/2 project continues to face subsurface surprises, with oil output at 19,000 barrels per day and operational disruptions delaying the gas ramp-up.
 

ONGC's second-quarter EBITDA came in at Rs 24,860 crore, missing Emkay's estimates by 5%, as higher operating costs weighed on profitability.

Standalone revenue also missed the brokerage's estimate by 1%. Lower crude sales, weaker realisations and reduced joint venture production were partly offset by stronger value-added product sales.
 

Emkay Global Financial Services has maintained its Add rating on Oil and Natural Gas Corporation (ONGC), while cutting its target price by around 5% to Rs 300 from Rs 315. The brokerage rolled forward its valuation to September 2027 estimates and lowered the implied target price-to-earnings multiple to 6.4 times from 6.8 times, citing volatility in the crude oil outlook.
 

HIRECT's board has approved the issuance of a corporate guarantee of up to 2 million euros to its subsidiary, Elventive France.

Hind Rectifiers reported a 53.7% year-on-year decline in consolidated net profit to Rs 6.8 crore in Q2, compared with Rs 14.7 crore in the year-ago period. Revenue rose 39% to Rs 316 crore from Rs 227 crore. However, EBITDA declined 47.5% to Rs 13.6 crore, while EBITDA margin contracted sharply to 4.3% from 11.4% a year ago.

Bikaji Foods now expects revenue growth of over 17% in FY27, compared with its earlier expectation of over 15%, implying growth of around 20% in the second half. The company also plans to take price hikes of around 3% from mid-November. Emkay expects Q3 margins to remain under pressure before recovering in Q4.

Bikaji Foods' gross margin, excluding production-linked incentive (PLI) income, declined 50 basis points year-on-year in Q2FY27. EBITDA margin contracted 260 basis points due to higher advertising and promotion spends and operating costs. Emkay said the company maintained prices through the festive season despite commodity inflation. It expects margins to remain under pressure in Q3 before normalising in Q4, with EBITDA margin projected at 13-13.5%.
 

Bikaji Foods International reported 13% year-on-year revenue growth in the September quarter, with volumes rising 5%. The snacking business grew around 22%, led by 20% growth in ethnic snacks and 44% growth in western snacks. However, the shift of Diwali to the December quarter weighed on packaged sweets and gifting. Emkay said revenue was broadly in line with consensus estimates.
 

Emkay Global Financial Services has maintained its Buy rating on Bikaji Foods International but cut its target price by around 19% to Rs 650 from Rs 800.

The brokerage has lowered its FY27-29 earnings estimates by 4-7% due to weaker margin assumptions and cut its valuation multiple by around 15%, citing rising uncertainty from macroeconomic headwinds, including El Niño and inflation.

It expects sales and earnings CAGR of 14% and 24%, respectively, over FY26-29.
 

Emkay Global flagged risks to Bharti Airtel's average revenue per user (ARPU) outlook as expected tariff hikes get pushed out. Street estimates for FY28 ARPU have declined to Rs 305 from Rs 318 in August 2025, with scope for further cuts, according to the brokerage. Emkay said higher-than-expected ARPU increases and market-share gains from peers remain key risks to its bearish view.

Bharti Airtel reported consolidated revenue and EBITDA growth of 16.7% and 18.2% year-on-year in Q2, beating consensus estimates by 1.2% and 1.6%, respectively, according to Emkay Global. Airtel Africa led the outperformance, with revenue and EBITDA beating estimates by 4.3% and 4.6%, respectively. India Mobile Services also reported beats of 0.8% and 1.1%.
 

MRF's board has declared an interim dividend of Rs 3 per share for FY27. The company has fixed November 17 as the record date to determine shareholders eligible to receive the dividend.

MRF reported a 27.8% year-on-year decline in consolidated net profit to Rs 369 crore for the September quarter, compared with Rs 512 crore in the year-ago period. Revenue from operations rose 17.6% to Rs 8,524 crore from Rs 7,250 crore. EBITDA declined 16.3% to Rs 913 crore, while EBITDA margin contracted to 10.7% from 15% a year ago.
 

Emkay Global has maintained its Reduce rating on Bharti Airtel with a sum-of-the-parts (SOTP)-based target price of Rs 2,000.

The brokerage said the stock's valuation remains expensive, excluding Airtel Africa and Indus Towers, at 14.7 times and 13.2 times FY27 and FY28 estimated EV/EBITDA, respectively.
 

Nomura has maintained its Neutral rating on Voltas but lowered its SOTP-based target price to Rs 1,199. The brokerage said the stock's valuation at around 32 times FY28 estimated earnings is fair, while risks to margin recovery remain. It prefers LG Electronics India in the sector, retaining a Buy rating on the stock.

Voltas' room air conditioner (RAC) volumes grew 32% year-on-year in the September quarter, while its market share remained flat sequentially at 17.4%. However, the unitary cooling products (UCP) segment reported an adjusted EBIT margin of zero, against Nomura's estimate of 2%. The brokerage said Voltas' focus on expanding market leadership, localisation and sourcing efficiencies could weigh on the pace of margin recovery.
 

Voltas reported adjusted EBITDA of Rs 40 crore for the September quarter, down 36% year-on-year. Its adjusted EBITDA margin came in at 1.7%, sharply below Nomura's estimate of 3.6%. Adjusted revenue, however, rose 12% to Rs 2,620 crore and was largely in line with expectations. Nomura noted that reported financials benefited from Rs 20 crore in PLI income for a prior period and a Rs 63 crore provision write-back in projects.
 

Nomura has cut its earnings per share (EPS) estimates for Voltas by 12% for FY27, 7% for FY28 and 7% for FY29, citing risks to the expected margin recovery. The brokerage said the company's focus on market share over profitability in room air conditioners (RAC), along with rising competition, could delay the recovery. It has maintained its Neutral rating and lowered the SOTP-based target price to Rs 1,199.
 

Asian Paints, Coal India and Maruti Suzuki have emerged among the key underperformers in the September quarter earnings season. Asian Paints faced a steep margin correction due to higher raw material costs. At Coal India, lower e-auction realisations and higher costs weighed on earnings, while weak margins and lower other income dragged down Maruti Suzuki's profits.

Reliance Industries reported a record second-quarter performance, with its oil-to-chemicals business standing out. Tech Mahindra extended its margin expansion streak to 12 consecutive quarters, while JSW Steel benefited from higher sales volumes, price recovery and better cost management. IndiGo recorded its highest revenue growth in 11 quarters, supported by higher airfares.
 

Adani Enterprises and Adani Ports have emerged among the key outperformers in the Nifty 50's September quarter earnings season. At Adani Enterprises, copper production ramp-up, higher prices and healthy airport yields drove profitability, offsetting weakness in integrated resource management and mining. Adani Ports benefited from international ports, marine operations and higher realisations at domestic ports. The company also raised its FY27 revenue and EBITDA guidance by Rs 1,000 crore each.
 

The September quarter earnings season has seen a strong showing from Nifty 50 companies, with 27 of the 47 companies reporting results so far beating estimates. Another 17 reported numbers in line with expectations, while only three missed estimates. Strong demand has supported earnings, with revenue growth surprising on the upside across sectors.
 

• Nomura has retained its Buy rating on Gland Pharma and marginally raised its price target to Rs 3,790 from its earlier estimate.
• The brokerage values the company at 27.5 times its FY29 estimated earnings, citing its shift towards a CDMO-focused business model.
• It said successful expansion in biologics CDMO capabilities and traction with innovator clients could support a more durable growth trajectory.

• Gland Pharma has increased its planned brownfield capital expenditure to Rs 3,000 crore from Rs 2,000 crore earlier and added spending on a greenfield project as it scales up its CDMO ambitions, according to Nomura.
• The company spent Rs 250 crore on capex in the first half of FY27. Management has also indicated plans to expand its business development efforts and pursue M&A opportunities.
   

Gland Pharma's EBITDA margin expanded 529 basis points year-on-year in Q2 FY27, with sequential contraction remaining limited, according to Nomura. Excluding Cenexi, which reported a seasonally weak quarter, the brokerage estimates EBITDA margin stood at 39.1%, up 227 basis points sequentially.
 

Gland Pharma's US revenue increased 21.6% quarter-on-quarter in Q2 FY27, supported by traction in new product launches, according to Nomura. However, revenue from other geographies declined materially sequentially due to the annual shutdown at Cenexi and continued delays in tender supplies.
 

• Gland Pharma reported a 23% year-on-year increase in revenue, while EBITDA and net profit rose 54% and 58%, respectively, in the second quarter of FY27.
• Nomura attributed the performance to strong US business momentum, supported by traction from new product launches.
• The brokerage retained its Buy rating on the stock.
   

• Olectra Greentech reported a 6% year-on-year increase in consolidated net profit to Rs 53 crore for the September quarter, compared with Rs 50 crore a year ago. 
• Revenue rose 4.6% to Rs 687 crore from Rs 657 crore, while EBITDA increased 2.2% to Rs 92 crore. 
• EBITDA margin contracted to 13.4% from 13.7% in the year-ago quarter.

• Whirlpool of India's consolidated revenue rose 13.7% year-on-year to Rs 1,873 crore in the September quarter, compared with Rs 1,647 crore a year ago.
•  
• Net profit declined 39% to Rs 25 crore from Rs 41 crore, while EBITDA fell 32.1% to Rs 39.5 crore.
• EBITDA margin contracted to 2.1% from 3.5% a year ago. The year-ago quarter also included a one-time gain of Rs 10 crore.

Kalyan Jewellers India, MRF, Cochin Shipyard, Avanti Feeds, Titagarh Rail Systems, Rentomojo, Suraksha Diagnostic, Dredging Corporation India, Simplex Infrastructures, Matrimony.com, Raksan Transformers, Quadrant Future Tek, Midwest, Nile, Rossell India and ROX Hi-Tech are among the key earnings announcements to watch as 44 companies report their Q2 FY27 results on Tuesday, November 10.

Follow this live blog for quarterly earnings updates, key financial numbers, management commentary and stock-specific developments.