Q2 Results Live Updates: TCS Share Price Rallies 6% After Earnings; Anand Rathi Slips 4% Ahead Of Numbers

• Bharat Dynamics is expected to report sequential revenue growth of around 59.6% in Q2 FY27.
• However, Choice expects revenue to decline on a year-on-year basis due to execution timing.
• The brokerage believes meaningful order conversion and execution could remain concentrated in the second half of FY27.

• Choice expects BEL's Q2 FY27 revenue to rise 14% YoY and 19% QoQ to around Rs 6,603 crore.
• EBITDA is projected to increase 14% YoY to Rs 1,941 crore, while net profit is expected to grow 15% YoY.
• The brokerage highlighted a strong order pipeline and execution momentum as key growth drivers.

• Choice Institutional Equities remains positive on Bharat Electronics (BEL), Bharat Dynamics (BDL) and Garden Reach Shipbuilders & Engineers (GRSE).
• The brokerage expects all three companies to deliver relatively healthy Q2 performances while offering strong medium-term earnings visibility.
• Choice said the next phase of the defence cycle will be driven by the conversion of large order books into revenues and cash flows.

• Choice said defence exports reached Rs 38,424 crore in FY26, rising 62.7% year-on-year, with Indian defence products now exported to more than 80 countries.
• The brokerage highlighted growing export opportunities for BrahMos and Akash missile systems.
• It believes repeat export orders and aftermarket opportunities could significantly expand the sector's long-term addressable market.

• Choice Institutional Equities expects Q2 FY27 to mark the beginning of an execution-led phase for the Indian defence and aerospace sector after a seasonally weaker Q1.
• The brokerage said investor focus is shifting from order inflows to production ramp-up, deliveries and order-book execution.
• Choice remains constructive on the sector, citing a strong domestic pipeline across QRSAM, P-75(I), Next-Generation Corvettes, Scorpene submarines, missile programmes and air-defence projects.

• JPMorgan maintained its Overweight rating with a target price of Rs 2,300.
• The brokerage described the quarter as in-line on both growth and margins.
• JPMorgan said demand visibility remains uncertain but sees signs of cautious optimism.
• It noted management's intent to improve margins in H2 FY27, though actual margin expansion will depend on growth trends and seasonal demand patterns.

• Kotak Securities maintained its Add rating on TCS but reduced its target price to Rs 2,320 from Rs 2,450.
• The brokerage described the quarter as broadly in line on growth and margins, with overseas business showing reasonable traction.
• Kotak said deal wins were slightly weak, while AI-related revenue growth is encouraging but difficult to extrapolate.
• The brokerage warned that growth investments are weighing on margin stability.

• Jefferies maintained its Underperform rating with a target price of Rs 1,800.
• The brokerage said growth remained uninspiring, despite stronger-than-expected performance in the UK.
• Jefferies highlighted weakness across other major regions and expects rising cost pressures to weigh on earnings.
• It cut earnings estimates by 1%-2% and now expects only 4% EPS CAGR over FY27-FY29.

• Citi maintained its Sell rating on TCS and cut its target price to Rs 1,840 from Rs 1,875.
• The brokerage said Q2 was largely in line with expectations but warned that margin pressures remain elevated.
• Citi expects low single-digit revenue growth to persist and believes AI will remain the primary growth driver.
• The brokerage also expects FY27 margins to be lower than previously anticipated.

• TCS reported net headcount addition of 4,258 employees, marking the third consecutive quarter of net additions.
• Quarterly deal wins came in at $9.6 billion, broadly flat versus $9.5 billion in Q1 but below Street expectations of around $10 billion.
• External consultant costs rose 11.6% QoQ and accounted for 7.15% of revenue, compared with 6.48% in Q1.

• Revenue rose 1.26% QoQ to Rs 73,188 crore, above Bloomberg estimates of Rs 73,026 crore.
• EBIT increased 1.36% QoQ to Rs 17,553 crore, missing estimates of Rs 17,805 crore.
• EBIT margin stood at 23.98%, versus expectations of 24.38%.
• Net profit rose 4.38% QoQ to Rs 13,934 crore, ahead of estimates of Rs 13,788 crore.

• TCS shares surged over 5% after the company reported Q2 FY27 earnings.
• Annualised AI revenue rose to $3.1 billion, up from $2.6 billion in Q1 FY27, and now accounts for over 10% of revenue.
• Constant-currency growth came in at 0.5% QoQ, compared with 0.4% in the previous quarter, while international revenue grew 1.2% QoQ in constant currency.

Q2 Results Live Updates, October 9, 2026: Several companies, including Anand Rathi, Can Fin Homes and Poonawalla Fincorp, are scheduled to announce their September-quarter earnings today.

Stay tuned for the latest results, key financial highlights, management commentary and stock-specific reactions.