Q2 Results Live: Tata Elxsi Rises 3% Ahead Of Earnings; ICICI Prudential Life Insurance, Anand Rathi Among Stocks In Focus

• Steel Exchange India achieved its highest-ever quarterly re-bar production during Q2 FY27.

• Re-bar production stood at 69,617.42 metric tonnes, marking a record quarterly output for the company.

• Steel Exchange India reported 45% year-on-year (YoY) growth in consolidated revenue during Q2 FY27.

• The company also recorded 25% quarter-on-quarter (QoQ) revenue growth in the September quarter.

• Both Kotak Securities and Citi highlighted margins as a key area to watch going forward.
   
• Citi said the sustainability of current margin levels will be critical as growth remains moderate.
   
• Kotak warned that despite the margin beat, valuations remain full, while Citi noted that HCLTech trades at a 20%-25% premium to peers TCS and Infosys.
   
• Investors are likely to focus on execution, deal conversion and margin sustainability in the coming quarters.

• Citi maintained its Sell rating on HCLTech and increased its target price to Rs 1,050 from Rs 1,030.
   
• The brokerage said Q2 was a decent quarter, with EBIT margins exceeding expectations, while the software business remained a disappointment.
   
• Citi noted that the updated services revenue guidance implies a slower second half of FY27.
   
• The brokerage said management remains confident of delivering growth slightly above the midpoint of the revised services guidance range.
   

• Kotak Securities maintained its Reduce rating on HCLTech and raised its target price to Rs 1,220 from Rs 1,200.
   
• The brokerage said margin performance surprised positively, but weakness in the products business remained a concern.
   
• Kotak noted that healthy growth in the services business was offset by softness in products revenue.
   
• The brokerage said mega deals helped drive a recovery in bookings during the quarter.
   
• Kotak highlighted that FY27 organic revenue growth guidance has effectively been revised to 1.6%-3.1%, compared with the earlier 1%-4% range.

• Margin expansion was partially offset by 22 basis points of restructuring costs.
• The HPE Telco Solutions acquisition had a negative impact of 25 basis points on margins.
• Despite these headwinds, the company delivered stronger-than-expected profitability in Q2.

• HCLTech said operating leverage contributed 50 basis points to margins during the quarter.
• Better profitability from advanced AI offerings added 32 basis points.
• Foreign exchange movements contributed 23 basis points to margins.

• Management said it does not expect any material business impact from the recent US PERM filing developments.
• The company indicated that customer demand remained healthy despite macroeconomic uncertainty.
• HCLTech added that it continues to remain cautious given the volatile environment.

• Management said advanced AI revenue is generating better margins than the company average.
• The company plans to reinvest gains from AI-led growth to strengthen its competitive position.
• HCLTech indicated that AI remains one of its strongest growth drivers.

• Management said the software segment declined sequentially, which weighed on overall company growth.
• Despite the weakness in software, overall constant-currency revenue growth came in at 2.3% QoQ, compared with a decline of 0.5% in Q1 FY27.
• International demand trends remained supportive during the quarter.

• HCLTech reported a net headcount addition of 6,450 employees during Q2 FY27.
• This compares with a net reduction of 3,292 employees in Q1 FY27.
• Attrition remained largely stable at 12.8%, versus 12.7% in the previous quarter.

• New bookings stood at $3.25 billion in Q2 FY27, up 35.5% QoQ from $2.4 billion in Q1.
• Management said Q2 bookings represented the second-highest quarterly bookings in HCLTech's history.
• The company also described H1 FY27 as its strongest first half ever in terms of bookings.

• HCLTech revised its FY27 company revenue growth guidance to 2.5%-4%, narrowing the earlier band of 1%-4%.
• Services revenue guidance was revised to 3%-4%, versus the earlier 1.5%-4.5% range.
• The company maintained its EBIT margin guidance of 17.5%-18.5%.

HCLTech shares were in demand on Tuesday, with the scrip rising up to 5.90% to hit an intraday high of Rs 1,292 a peice.

The uptick came on the back of Q2 results, which beat Street estimates.

• Advanced AI revenue rose to $219 million in Q2 FY27 from $171 million in Q1.
• AI revenue grew 28.4% QoQ in constant currency terms.
• AI now contributes 5.88% of quarterly revenue, up from 4.7% in Q1 and 2.7% a year ago.

• HCLTech reported Q2 FY27 revenue of Rs 35,620 crore, up 3.01% QoQ from Rs 34,579 crore.
• EBIT rose 10.9% QoQ to Rs 6,465 crore, while net profit increased 11% QoQ to Rs 5,132 crore.
• EBIT margin expanded 128 basis points to 18.14%, outperforming expectations.

ICICI Prudential Life Insurance Company Ltd shares were in demand ahead of Q2 earnings.

The stock was trading 1.44% higher at last check.

Tata Elxsi shares were in demand on Tuesday, with the scrip rising up to 2.61% to hit an intraday high of Rs 3,340.10 per share on BSE.

Welcome to the live coverage of September-quarter earnings. Track all the latest updates on Q2 FY27 results, including earnings previews and reviews, brokerage recommendations, share price movements, dividend announcements, management commentary and key developments from corporate India.