Q2 Results Live: Equitas Small Finance Bank Profit Jumps Multifold; Asian Paints Q2 Volume Growth At 6.8%

Equitas Small Finance Bank (Q2 FY27, YoY)

• Net profit at Rs 218 crore versus Rs 24 crore YoY.
• Net interest income (NII) up 32.7% to Rs 1,026 crore from Rs 773 crore.
• Operating profit at Rs 402 crore versus Rs 241 crore YoY.
• Gross NPA at 2.29% versus 2.42% QoQ.
• Net NPA at 0.70% versus 0.71% QoQ.
• Provisions at Rs 115 crore versus Rs 207 crore YoY and Rs 161 crore QoQ.
• Tax expense at Rs 69.3 crore versus Rs 9.4 crore YoY.
• Reappoints Anil Sharma as part-time chairman for three years.

Laurus Labs (Q2 FY27, YoY)

• Net profit at Rs 442 crore versus Rs 195 crore YoY.
• Revenue up 33.5% to Rs 2,206 crore from Rs 1,653 crore.
• EBITDA up 86.3% to Rs 749 crore from Rs 402 crore.
• EBITDA margin at 34% versus 24.3% YoY.
• Other income at Rs 13 crore versus Rs 27 crore YoY.
• Tax expense at Rs 155 crore versus Rs 76 crore YoY.

eClerx Services' net profit increased 10% quarter-on-quarter to Rs 180.5 crore from Rs 164.2 crore, according to consensus estimates. Revenue rose 3.2% to Rs 1,189 crore from Rs 1,152 crore, while EBIT increased 5.8% to Rs 228 crore from Rs 215.5 crore. EBIT margin expanded to 19.2% from 18.7%.

Pidilite Industries' net profit increased 6.2% year-on-year to Rs 615 crore from Rs 579 crore, according to consensus estimates. Revenue rose 20.9% to Rs 4,298 crore from Rs 3,554 crore, while EBITDA increased 3.2% to Rs 878 crore from Rs 850 crore. EBITDA margin contracted to 20.4% from 23.9%.

Greaves Cotton reported an 81.5% year-on-year decline in net profit to Rs 4.8 crore in Q2, compared with Rs 26 crore a year ago. The company reported a one-time loss of Rs 32.8 crore during the quarter. Revenue rose 44.3% to Rs 1,176 crore from Rs 815 crore, while EBITDA increased 43.1% to Rs 73 crore from Rs 51 crore. EBITDA margin was largely stable at 6.2% against 6.25% a year ago.

Wheels India reported a 92.3% year-on-year increase in net profit to Rs 59.4 crore in Q2, compared with Rs 30.9 crore a year ago. Revenue rose 35.4% to Rs 1,711 crore from Rs 1,264 crore, while EBITDA increased 38.5% to Rs 128 crore from Rs 92.6 crore. EBITDA margin improved to 7.5% from 7.3% a year ago.

Raymond Lifestyle's net profit declined 10.2% year-on-year to Rs 67.5 crore from Rs 75.2 crore, according to consensus estimates. Revenue increased 13.2% to Rs 2,075 crore from Rs 1,832 crore, while EBITDA fell 2.6% to Rs 220 crore from Rs 226 crore. EBITDA margin contracted to 10.6% from 12.3%.

Welspun Corp reported a 13.4% year-on-year increase in net profit to Rs 499 crore in Q2, compared with Rs 440 crore a year ago. Revenue rose 6.2% to Rs 4,644 crore from Rs 4,374 crore, while EBITDA increased 22.8% to Rs 726 crore from Rs 591 crore. EBITDA margin expanded to 15.6% from 13.5% a year ago.

BlackBuck reported a 42.8% year-on-year increase in net profit to Rs 41.4 crore from Rs 29 crore. Revenue rose 55.6% to Rs 235 crore from Rs 151 crore, while EBITDA increased 41.7% to Rs 51 crore from Rs 36 crore. EBITDA margin contracted to 21.7% from 23.8% a year ago.

HeidelbergCement India reported a 32.5% year-on-year decline in net profit to Rs 16.8 crore from Rs 24.9 crore. Revenue increased 11% to Rs 568 crore from Rs 512 crore, while EBITDA fell 16.3% to Rs 48.2 crore from Rs 57.6 crore. EBITDA margin contracted to 8.5% from 11.3% a year ago.

Sanofi Consumer Healthcare India's net profit increased 22.2% year-on-year to Rs 77 crore from Rs 63 crore. Revenue rose 12.4% to Rs 263 crore from Rs 234 crore, while EBITDA increased 19.7% to Rs 101 crore from Rs 84.6 crore. EBITDA margin expanded to 38.5% from 36.2%.

TVS Holdings' net profit increased 43.3% year-on-year to Rs 635 crore from Rs 443 crore, according to consensus estimates. Total income rose 39.1% to Rs 20,257 crore from Rs 14,562 crore.

Grindwell Norton reported a 24.5% year-on-year increase in net profit to Rs 133 crore from Rs 107 crore. Revenue rose 14.1% to Rs 884 crore from Rs 775 crore, while EBITDA increased 18.4% to Rs 166.5 crore from Rs 140.6 crore. EBITDA margin expanded to 18.8% from 18.1% a year ago.

IIFL Capital Services' net profit increased 51.2% year-on-year to Rs 127 crore from Rs 84 crore, according to consensus estimates. Revenue rose 26.1% to Rs 690 crore from Rs 547 crore.

Asian Paints reported a 7.4% year-on-year increase in net profit to Rs 1,068 crore from Rs 994 crore. Revenue rose 16.94% to Rs 9,977 crore from Rs 8,531 crore, while EBITDA increased 3.6% to Rs 1,557 crore from Rs 1,503 crore. EBITDA margin contracted to 15.6% from 17.6% a year ago.

AGI Greenpac's net profit declined 11.8% year-on-year to Rs 67 crore from Rs 76 crore, according to consensus estimates. Revenue rose 8.8% to Rs 655 crore from Rs 602 crore, while EBITDA fell 6% to Rs 142 crore from Rs 151 crore. EBITDA margin contracted to 21.7% from 25.1%.

Asian Paints reported 6.8% overall volume growth in Q2, with its India decorative business recording 6.4% year-on-year volume growth and 14.5% value growth. The domestic coatings business delivered value growth of 16.4%, while strength in industrial coatings supported the decorative business growth trajectory.

Segment performance: International business net sales increased 29.5% during the quarter. Bath fittings sales rose 18.5%, while kitchen business sales increased 13%. White Teak net sales declined 11.8% year-on-year.

Asian Paints reported net profit of Rs 1,068 crore in Q2, below the consensus estimate of Rs 1,141 crore. Revenue came in at Rs 9,977 crore, beating the estimate of Rs 9,782 crore. EBITDA stood at Rs 1,557 crore, below the Rs 1,668 crore estimate, while EBITDA margin was 15.6%, against the estimated 17.1%.

The India decorative business reported volume growth of 6.4% and value growth of 14.5%. The domestic coatings business delivered value growth of 16.4%, while strength in industrial coatings supported the decorative business growth trajectory.

United Spirits' net profit declined 2.1% year-on-year to Rs 462 crore from Rs 472 crore. Revenue increased 2.8% to Rs 3,258 crore from Rs 3,170 crore, while EBITDA fell 4.3% to Rs 643 crore from Rs 672 crore. EBITDA margin contracted to 19.7% from 21.2%.

Aeroflex Industries reported net profit of Rs 36.6 crore in Q2, compared with Rs 14.2 crore a year ago. Revenue increased 86.5% year-on-year to Rs 207 crore from Rs 111 crore, while EBITDA rose 90.1% to Rs 50 crore from Rs 26.3 crore. EBITDA margin expanded to 24.2% from 23.7%.

The company will redesignate Drashti Bhil as chief financial officer (CFO) from November 28.

Senores Pharmaceuticals reported a 22% year-on-year increase in net profit to Rs 39.5 crore from Rs 32.4 crore. Revenue rose 24.9% to Rs 192 crore from Rs 154 crore, while EBITDA increased 38.3% to Rs 57.7 crore from Rs 41.7 crore. EBITDA margin expanded to 30% from 27.1% a year ago.

Shadowfax Technologies reported net profit of Rs 68 crore in Q2, compared with Rs 13 crore a year ago. Revenue increased 56.6% year-on-year to Rs 1,538 crore from Rs 982 crore, while EBITDA rose to Rs 103.8 crore from Rs 39.1 crore. EBITDA margin expanded to 6.8% from 4% a year ago.

Apar Industries reported a 77.6% year-on-year increase in net profit to Rs 447 crore from Rs 252 crore. Revenue rose 21.3% to Rs 6,931 crore from Rs 5,715 crore, while EBITDA increased 54.8% to Rs 720 crore from Rs 465 crore. EBITDA margin expanded to 10.4% from 8.1% a year ago. Other income rose to Rs 61.3 crore from Rs 23.3 crore.

Pine Labs reported net profit of Rs 38.6 crore in Q2, compared with Rs 6 crore a year ago. Revenue increased 24% year-on-year to Rs 806 crore from Rs 650 crore, while EBITDA rose 68% to Rs 126 crore from Rs 75 crore. EBITDA margin expanded to 15.6% from 11.5% a year ago.

Gulf Oil Lubricants India's net profit increased 33.7% year-on-year to Rs 115 crore from Rs 86 crore. Revenue rose 45.7% to Rs 1,409 crore from Rs 967 crore, while EBITDA increased 39% to Rs 164 crore from Rs 118 crore. EBITDA margin declined to 11.6% from 12.2%.

Nilkamal reported net profit of Rs 67.8 crore in Q2, compared with Rs 33.7 crore a year ago. Revenue increased 16.3% year-on-year to Rs 1,126 crore from Rs 968 crore, while EBITDA rose 59% to Rs 136 crore from Rs 85.4 crore. EBITDA margin expanded to 12.1% from 8.8% a year ago.

Arkade Developers' net profit declined 45.7% year-on-year to Rs 25 crore from Rs 46 crore, according to consensus estimates. Revenue fell 45.1% to Rs 145 crore from Rs 264 crore, while EBITDA declined 45.9% to Rs 34.5 crore from Rs 63.8 crore. EBITDA margin eased to 23.8% from 24.2%.

Symphony reported a 41.2% year-on-year increase in net profit to Rs 24 crore from Rs 17 crore. Revenue rose 31% to Rs 275 crore from Rs 210 crore, while EBITDA increased to Rs 36 crore from Rs 14 crore. EBITDA margin expanded to 13.1% from 6.7% a year ago.

Sambhv Steel reported a 7.8% quarter-on-quarter increase in net profit to Rs 60.9 crore from Rs 56.5 crore. Revenue rose 14.2% to Rs 836 crore from Rs 732 crore, while EBITDA increased 6.7% to Rs 102 crore from Rs 95.1 crore. EBITDA margin contracted to 12.1% from 13% in the previous quarter.

Meesho's net loss narrowed to Rs 132 crore in Q2 from Rs 411 crore a year ago, according to consensus estimates. Revenue increased 34.4% year-on-year to Rs 4,132 crore from Rs 3,074 crore. EBITDA loss narrowed to Rs 229 crore from Rs 456 crore.

Birlasoft's net profit declined 0.6% quarter-on-quarter to Rs 160 crore from Rs 161 crore. Revenue increased 2.7% to Rs 1,416 crore from Rs 1,379 crore, while earnings before interest and tax (EBIT) fell 6.7% to Rs 190 crore from Rs 203 crore. EBIT margin contracted to 13.4% from 14.7%.

The company will pay an interim dividend of Rs 3 per share.

Paras Defence and Space Technologies reported a 47% year-on-year increase in net profit to Rs 30.3 crore from Rs 20.6 crore. Revenue rose 42.5% to Rs 151 crore from Rs 106 crore, while EBITDA increased 47.3% to Rs 43.9 crore from Rs 29.8 crore. EBITDA margin expanded to 29.1% from 28.1% a year ago.

Embassy Office Parks REIT's net profit increased to Rs 831 crore in Q2 from Rs 232 crore a year ago, according to consensus estimates. Revenue rose 15.9% year-on-year to Rs 1,303 crore from Rs 1,124 crore.

Voltamp Transformers reported a 7.9% year-on-year increase in net profit to Rs 85.1 crore from Rs 78.9 crore. Revenue rose 41.8% to Rs 684 crore from Rs 483 crore, while EBITDA increased 13.1% to Rs 106 crore from Rs 93.6 crore. EBITDA margin contracted to 15.5% from 19.4% a year ago.

PNB Housing Finance's net profit increased 6% year-on-year to Rs 617 crore from Rs 582 crore, according to consensus estimates. Total income rose 13.7% to Rs 2,424 crore from Rs 2,131 crore.

Force Motors' revenue increased 40.6% year-on-year to Rs 2,925 crore from Rs 2,081 crore, according to consensus estimates. EBITDA rose 19.8% to Rs 434 crore from Rs 362 crore, while EBITDA margin contracted to 14.8% from 17.4%. Net profit declined 16.2% to Rs 294 crore from Rs 351 crore.

Privi Speciality Chemicals reported a 24.6% year-on-year increase in net profit to Rs 117 crore from Rs 93.9 crore. Revenue rose 11.9% to Rs 760 crore from Rs 679 crore, while EBITDA increased 9% to Rs 199 crore from Rs 183 crore. EBITDA margin contracted to 26.2% from 26.9%. Other income rose to Rs 12.7 crore from Rs 0.1 crore a year ago.

Bandhan Bank reported net profit of Rs 622 crore in Q2, compared with Rs 112 crore a year ago. Net interest income (NII) increased 14% year-on-year to Rs 2,961 crore from Rs 2,589 crore.

Provisions stood at Rs 718 crore, down from Rs 1,153 crore a year ago but higher than Rs 683 crore in the previous quarter. Gross non-performing assets (NPA) eased to 3.11% from 3.15% quarter-on-quarter, while net NPA declined to 0.92% from 0.93%.

V-Guard Industries reported a 71.5% year-on-year increase in net profit to Rs 112 crore from Rs 65.3 crore. Revenue rose 38.2% to Rs 1,853 crore from Rs 1,341 crore, while EBITDA increased 54% to Rs 168 crore from Rs 109 crore. EBITDA margin expanded to 9.1% from 8.1%. Tax expense rose to Rs 38 crore from Rs 20 crore a year ago.

Satin Creditcare Network's net profit rose to Rs 176 crore in Q2 from Rs 53 crore a year ago, according to consensus estimates. Total income increased 18.3% year-on-year to Rs 929 crore from Rs 785 crore.

PNC Infratech's consolidated net profit declined 46.8% year-on-year to Rs 115 crore from Rs 216 crore. Revenue increased 17.2% to Rs 1,322 crore from Rs 1,128 crore, while EBITDA rose 9.9% to Rs 278 crore from Rs 253 crore. EBITDA margin declined to 21% from 22.4%.

VST Industries reported a 30.5% year-on-year decline in net profit to Rs 41 crore from Rs 59 crore. Revenue fell 28.3% to Rs 241 crore from Rs 336 crore, while EBITDA declined 44.9% to Rs 43 crore from Rs 78 crore. EBITDA margin contracted to 17.8% from 23.2%.

Goodluck India's consolidated net profit declined 23.4% year-on-year to Rs 49 crore from Rs 64 crore. Revenue rose 5.9% to Rs 1,363 crore from Rs 1,287 crore, while EBITDA fell 13.4% to Rs 116 crore from Rs 134 crore. EBITDA margin contracted to 8.5% from 10.4%.

The company has approved aerospace components as a new line of business.

Lincoln Pharmaceuticals reported a 2% year-on-year increase in net profit to Rs 20.4 crore from Rs 20 crore. Revenue rose 17% to Rs 191.3 crore from Rs 163.4 crore, while EBITDA declined 7% to Rs 23.6 crore from Rs 25.4 crore. EBITDA margin contracted to 12.3% from 15.5% a year ago.

Hero MotoCorp Concall: Hero MotoCorp expects mid-to-high single-digit sales growth in the second half of FY27, supported by demand across urban and rural markets and strong interest in premium two-wheelers. The company plans to launch three to four premium two-wheelers in H2 FY27 and expects wholesale exports to recover in Q3. Dealer inventory remains low.

Key highlights: Hero MotoCorp plans to expand its Vida manufacturing capacity to 45,000 units per month by Q4 and increase capacity for Xoom scooters. Vida operations reported a positive gross margin in Q2, with around 70% of operations receiving the production-linked incentive (PLI) benefit during the quarter. The company has PLI certification for almost its entire Vida portfolio.

Hero MotoCorp remains on track to incur capital expenditure of Rs 1,500 crore in FY27 and reiterated its commitment to an EBITDA margin range of 14-16% over the next few quarters.

JSW Holdings' net profit is estimated to rise 94.9% year-on-year to Rs 131 crore from Rs 67.2 crore, according to consensus estimates. Revenue is expected to increase 99.8% to Rs 167 crore from Rs 83.6 crore.

GMR Airports Q2 Concall: GMR Airports said lower passenger traffic led to a sequential decline in aeronautical revenue in Q2. The company reported good momentum in international traffic, while duty-free operations remained a key contributor to growth in non-aeronautical revenue. European airlines are also seeking additional slots at Delhi Airport.

Key highlights: Commercial space development at Delhi Airport is expected to be completed by March. GMR Airports expects the tariff order for Visakhapatnam Airport by January, which reported a loss of Rs 82 crore in Q2. The company noted that fare hikes could affect air traffic in major cities and international markets. Separately, GMR Power has repaid Rs 200 crore of debt and plans to repay the remaining amount by March.

Trent's standalone net profit is estimated to rise 11% year-on-year to Rs 499 crore from Rs 451 crore in Q2FY27, according to estimates. EBITDA is expected to increase 27% to Rs 1,032 crore from Rs 813 crore, while EBITDA margin may expand to 18% from 17.2%.

The company reported standalone revenue growth of 23% year-on-year to Rs 5,788 crore, accelerating from the 16-20% growth range seen over the past five quarters. Revenue growth was better than expected despite a shift in the festive season. Trent added 10 Westside and 11 Zudio stores during the quarter, taking its total store count to 1,342 as of September 30.

Key things to watch: Margin expansion, acceleration in same-store sales growth, store expansion, and management commentary on competition and cannibalisation.

Godrej Consumer Products' Q2FY27 net profit is estimated to rise around 20% year-on-year to Rs 551 crore from Rs 459 crore, according to consensus estimates. Revenue is expected to grow around 16% to Rs 4,422 crore from Rs 3,825 crore, while EBITDA may increase around 14% to Rs 835 crore from Rs 733 crore. EBITDA margin is projected at 18.9%, compared with 19.2% a year ago.

Key things to watch: The company expects broad-based growth across categories and says it will continue to prioritise volume growth despite inflationary pressures.

Godrej Consumer is confident of exceeding its full-year guidance, with consolidated revenue growth projected in the high teens, high single-digit volume growth and double-digit EBITDA growth.

The standalone business is expected to report revenue growth in the teens, high single-digit volume growth and double-digit EBITDA growth.

Internationally, Indonesia's recovery is expected to continue, with high-teen revenue growth and high single-digit volume growth, while GUAM is expected to deliver double-digit revenue and volume growth. Inventory correction will remain a key monitorable.

InterGlobe Aviation, the operator of IndiGo, is expected to report a 24% year-on-year rise in revenue to Rs 22,988 crore from Rs 18,555 crore in Q2FY27, according to estimates. EBITDA is projected to rise nearly 2.9 times to Rs 1,663 crore from Rs 580 crore, while the net loss is seen narrowing to Rs 2,063 crore from Rs 2,582 crore. Yields are expected to increase 23% to Rs 5.76 per kilometre from Rs 4.69 per kilometre.

Key things to watch: Revenue growth driven by higher fares and fuel surcharges, muted air traffic, and largely flat capacity growth. Higher fuel costs and rupee depreciation are expected to weigh on operations, with forex losses estimated at Rs 1,000-1,300 crore. Investors will track the pick-up in air traffic, the net impact of fuel prices and surcharges, the impact of the government's fuel price cap, FY27 capacity expansion guidance and updates on long-haul international operations.

Asian Paints' Q2FY27 net profit is estimated to rise 14.7% year-on-year to Rs 1,141 crore from Rs 994 crore, according to consensus estimates. Revenue is expected to grow 12.7% to Rs 9,782 crore from Rs 8,531 crore, while EBITDA may increase 11% to Rs 1,668 crore from Rs 1,503 crore. EBITDA margin is projected to decline to 17.1% from 18%.

Key things to watch: Crude oil-linked inflation and its impact on margins, price hikes and their contribution to revenue growth, demand recovery following the delayed monsoon, volume growth, competitive pressure and dealer discounts. Investors will also track the demand outlook and the sustainability of double-digit value growth.

Asian Paints, Trent, Coal India, Godrej Consumer Products, InterGlobe Aviation, Ambuja Cements, Apar Industries, Blue Star, Laurus Labs, Suzlon Energy, Welspun Corp and Motilal Oswal Financial Services are among the key earnings announcements to watch as 140 companies report their Q2 FY27 results on Thursday, October 29.

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