October 16, 2026

LATEST NEWS

>>3:00 PM

First cut: Federal Bank Q2FY27 result - beat on all fronts

• Net interest income rose 26% YoY to Rs3,153 crore (4.4% above estimates), driven by strong loan growth and better NIMs on a YoY basis. Net interest margin was broadly stable QoQ (down 1 bp), while on a YoY basis it rose 26 bps to 3.32%.
• Non-interest income rose 38% YoY to a record Rs1,490 crore on strong fee income growth of 32% YoY and higher treasury income.
• Operating expenses grew more slowly than the overall top line, so the cost/income ratio fell to 52.1% from 54.0% a year ago, and operating profit grew 35% YoY (8.6% above estimates).
• Provisions fell 6% YoY. With asset quality improving (GNPA/NNPA at 1.32%/0.17%), a strong operating performance and a benign credit cost of 31 bps, PAT rose 45% YoY to Rs1,386 crore (9.3% above estimates).
• Advances grew 21.9% YoY and 7.5% QoQ, while deposits rose 18.6% YoY and 7.1% QoQ.
• We have a HOLD rating on the stock and will come out with a detailed note after the management concall.

TOP NEWS

Kabra Extrusion: Revenue Rs 221 Cr (+64.2% YoY & +77.5% QoQ) . Geon Revenue Rs 165.9 Cr (+150% YoY), contributing 75% of consolidated revenue • Extrusion Machinery Revenue Rs  55 Cr. EBITDA Rs 19.4 Cr (+116.0% YoY & +212.4% QoQ), surpassing the entire FY26 EBITDA of Rs 10.4 Cr in a single quarter. EBITDA Margin 8.8% (+210 bps YoY & +378 bps QoQ). Received a Letter of Intent from one of India's top three two-wheeler manufacturers for the development and supply of two battery programmes, alongside plans for a dedicated plant in South India. Secured a Letter of Nomination from a leading Vietnamese passenger vehicle manufacturer for battery pack development and supply

IIFL Finance Q2 results: Net profit more than doubles to Rs. 766 crore, gold loans drive growth: The company reported a more than twofold year-on-year increase in net profit to Rs. 766.4 crore in the September quarter of FY27, compared with Rs. 376.3 crore a year earlier. NII rose 50.2% to Rs. 2,161 crore from Rs. 1,439 crore. GNPA stood at 1.5%, down 0.07 percentage point from the previous quarter. Net NPA rose 0.05 percentage point to 0.9%. ROA came in at 3.1% and RoE of 20.1% for the first half of FY27. Gold loans remained the biggest growth driver, with AUM rising 90% y-o-y and 13% q-o-q to Rs. 65,729 crore. Lending rates in the segment improved slightly from the previous quarter, while gross bad loans stood at 0.90%. Home loan AUM grew 4% sequentially to Rs. 43,070 crore, with gross bad loans declining to 1.38%. Secured loans to micro, small and medium enterprises (MSMEs) also gained momentum, with AUM rising 11% from the previous quarter to ₹11,948 crore. Microfinance AUM stood at Rs. 9,489 crore, broadly unchanged from the previous quarter, while asset quality improved. Strong Quarter, reported better than expected performance. Positive for the day.

L&T Finance Q2 results: Net profit jumps 33% to Rs. 975 crore as retail loans grow: The company reported a 32.7% year-on-year increase in consolidated net profit to ₹975 crore for the second quarter of FY27, compared with Rs. 735 crore in the year-ago period, as growth in its retail lending business boosted earnings. Net interest income (NII), the difference between interest earned and interest paid, rose 43.7% to Rs. 3,187 crore in Q2 FY27 from Rs. 2,403 crore a year earlier.Retail loan disbursements increased 27% year-on-year to Rs. 24,027 crore during the quarter, while the retail loan book expanded 29% to Rs. 1,34,600 crore from ₹1,04,607 crore in the corresponding quarter last year. The company attributed growth to business segments across rural and urban markets, with a focus on higher-yielding loan products. Gold loan book grew 242% year-on-year to Rs. 5,043 crore in Q2 FY27 from ₹1,475 crore in Q2 FY26. Disbursements in the segment rose 229% to ₹3,237 crore from ₹983 crore. The company ended the quarter with 502 gold finance branches, having added 372 since acquiring the business in June 2025.

Consolidated credit costs stood at 2.46% in Q2 FY27, down from 2.54% in the previous quarter. Return on equity (RoE), a measure of profitability relative to shareholders’ funds, rose to 13.56% from 11.33% in Q2 FY26. Return on assets (RoA) increased to 2.60% from 2.41% a year earlier. The company reported strong performance. NII and PAT was above estimates. Positive for the day, we will come out with detail note post conference call (today).

Sri Lotus Developers & Realty: The Mumbai-based developer reported a 77.9% YoY increase in Q2FY27 net profit to Rs. 78.2 crore, while revenue rose 52.5% to Rs. 268.5 crore and EBITDA margin expanded to 39.9%. Quarterly pre-sales grew 83% to Rs. 470 crore. The company also added three new projects in Juhu, Dadar West and Versova, expected to contribute an estimated Rs. 2,700–2,800 crore to GDV.

Glass Wall Systems: The company Received two regular LOIs from an Indian customer for façade design, engineering, manufacturing, procurement and installation works, with execution scheduled over 24 months. Each order is valued at up to Rs. 50 crore, excluding taxes

Mankind Pharma: The company will invest EUR 48 million for a 70% stake in Belgium-based Armed Cell Therapeutics, marking its entry into next-generation CAR-T cancer therapies. The acquired company’s pipeline includes treatments targeting non-Hodgkin lymphoma and small-cell lung cancer, with research focused on enhancing cancer-cell targeting and treatment durability. The acquisition strengthens Mankind Pharma’s focus on innovation-led drug development and advanced cancer treatments

BSE Ltd: SEBI, India's stock market regulator, has decided to keep the old, familiar way of setting the final price of futures and options contracts at the end of the day. That price will be the average price at which shares traded in the last 30 minutes, from 3:00 pm to 3:30 pm. In August, Sebi started a new 'closing auction' system, but traders complained that it caused sudden price jumps because very few people were trading during it. After getting more than 20,000 suggestions, Sebi chose to stay with the older method, which people find simple and fair. From December 7, the closing auction will move to a short window from 3:30 pm to 3:40 pm, and futures and options trading will continue until 3:45 pm. Contracts ending that day will stop at 3:30 pm. The decision is good news for traders and brokers, who keep a method they know and trust, so end-of-day prices should be steadier. It also helps stock exchanges such as BSE, because longer trading hours could bring more trading and more income.

SW Solar: Reported a consolidated net profit of Rs 16.82 crore for Q2FY27, a significant turnaround from a loss of Rs 477.62 crore in the same quarter last year.  Net Profit: Rs 16.82 crore Consolidated revenue from operations for Q2FY27 was Rs 1,527.50 crore, down from Rs 1,748.60 crore in Q2FY26; half-year profit after tax stands at Rs 70 crore.

INVESTMENT CALLS

HDFC Life Insurance Q2FY27 first cut: - Growth is back, regulatory overhang lingers

• Total APE grew 12.9% y-o-y to Rs. 4,730 crore, about 2% ahead of our estimate, as the HDFC Bank channel got back on track.
• VNB margin improved 40 bps y-o-y to 24.5%. For H1, margin stood at 24.7% (24.5% in H1FY26), helped by a better product mix. The GST hit is now fully absorbed; excluding it, H1 margin would have been 25.2%.
• PAT grew 13.6% y-o-y to Rs. 508 crore. It was lower q-o-q as stronger sales meant higher new business strain.
• Bancassurance contributed 58% of individual APE. HDFC Bank grew 12% in Q2, slightly faster than the company, and other banks grew 13%. Agency grew 13% in H1 and held its 18% share.
• EV rose 11.6% y-o-y to Rs. 66,461 crore and operating RoEV eased to 14.9% from 15.8%. Weak equity returns and higher yields led to a negative investment variance.
• We currently have a BUY rating on the stock and will come out with detailed note shortly.

Result table