November 05, 2026

TOP NEWS

Lenskart's net profit rose to Rs. 227 crore in the second an increase of about 123%. The eyewear retailer's revenue grew 35.7% to ₹2,845 crore from ₹2,096 crore. (EBITDA) climbed 50% to Rs. 621 crore in Q2FY27 from Rs. 414 crore a year ago in the same period. The EBITDA margin widened to 22% in the second quarter from 20%.For the first half of the year (H1FY27), Lenskart's revenue increased 33.0% to Rs. 5,559 crore, while profit after tax reached Rs. 461 crore, equivalent to 87% of the company's full-year FY26 profit. Over the trailing 12 months, Lenskart's revenue crossed Rs. 10,000 crore.

Shipping Corporation of India’s Q2FY27 :Shipping Corporation of India (SCI) reported a strong performance in Q2FY27, with consolidated net profit rising 205% YoY to Rs. 578 crore, compared with Rs. 189 crore in Q2FY26. Revenue from operations increased 71% YoY to Rs. 2,291 crore, while EBITDA nearly doubled to Rs. 982 crore.

Apollo Hospitals : Hospital business revenue grows 23% as occupancy improves to 73%; international patient revenue rises 37%; Apollo plans to add nearly 5,800 beds over five years. The company also announced "the completion of divestment by Apollo Health and Lifestyle Ltd in Apollo Specialty Hospitals Pvt Ltd and Apollo Fertility Centre Pvt Ltd.

Shringar House of Mangalsutra : The company reported a 73% year-on-year increase in standalone net profit for 2QFY27. The company posted a profit after tax of ₹394.72 million, compared to ₹228.49 million in the corresponding period last year. Alongside strong financials, the company announced its strategic entry into the high-value bridal jewellery segment. Revenue from operations surged 55% YoY to ₹8,186.62 million in Q2FY27, up from ₹5,287.99 million in Q2FY26. EBITDA for Q2FY27 stood at ₹549 million, a substantial increase from ₹327 million in Q2FY26. The company maintained its operational momentum in Q2, with strong growth in both revenue and profit. EPS rose about 37% YoY to ₹4.09 in Q2FY27, from ₹2.99 in Q2FY26.

National Aluminium Co. Ltd.: The company announced its quarterly results for the period ended September 2026 and H1 of FY27. The revenue from operations for the quarter jumped 26% YoY to ₹5,419 crore, compared to ₹4,292 crore in the corresponding quarter of last year. The growth was largely driven by robust production volumes during the period.  NALCO has achieved the highest-ever Aluminium Cast Metal Production of 2.35 lakh tonnes for the first half of FY 2026–27. Similarly, on the sales front, NALCO achieved its highest-ever cumulative domestic sales of Alumina and metal in H1 FY 2026–27.

PhysicsWallah | Profit after tax (PAT) nearly doubled year-on-year to ₹145.5 crore from ₹72.3 crore in the corresponding quarter last year. Revenue increased 18.2% year-on-year to ₹1,242 crore from ₹1,051 crore. EBITDA rose 52.5% to ₹276 crore, compared with ₹181 crore in the year-ago period. The EBITDA margin also expanded to 22.2% from 17.2%.

Nykaa | The firm reported a more than threefold year-on-year increase in net profit to ₹101.2 crore in Q2 FY27, compared with ₹33 crore in the year-ago quarter. The company's beauty vertical reported a gross merchandise value (GMV) of ₹4,454 crore during the quarter, covering its e-commerce business, retail stores, eB2B distribution and House of Nykaa Beauty portfolio. Net sales value (NSV) grew 28%, while EBITDA for the beauty vertical increased 51%.

Major decisions : Major decisions taken by Union Cabinet

• BESS: The Cabinet has approved a massive Rs 14,500 crore push to develop 92 GWh of energy storage capacity, supporting an estimate of almost 1 lakh crore investment! Unique features are: 60 GWh of pumped hydro storage. 30 GWh of battery energy storage. 2 GWh through emerging technologies. 40% minimum domestic content for battery storage projects. This would trigger a total investment of Rs 1Lakh crore. Positive for Battery companies like Exide, Amara raja, Waaree energies, Premier Energies and BESS players.
• Critical Mineral: Capex Support Scheme to promote Critical Mineral Processing with a financial outlay of Rs 2,814 crore for Lithium and Nickel processing approved. Will support critical sectors of electric mobility, Battery Energy Storage System, electronics, defence and speciality steel. Positive for HEG, MOIL and NMDC.

MACRO UPDATE

• Macro update: Loosing of Trump in the elections has came as Diwali bonus for the markets. Indian equities markets are undergoing a rare mix of tailwinds with US elections results favoring Indian markets, Fall of crude prices, Yields cooling off, strong earnings season and Anti AI trade etc. In the US elections, Democrats secured control of both chambers of Congress, a major setback for Trump. This weakens his policy agenda and lowers the odds of more tariff and geopolitical shocks. Global money is also rotating out of crowded AI trades. Korea and Taiwan, the AI heavyweights, fell 3.72% each on November 3 while the Sensex gained 1.62%. The lesser exposure towards AI and semicon is now acting as boon to the Indian markets
• Macro’s are also favoring the Indian markets US Treasury yields are falling, Brent dropped about 6.5% to roughly $94/barrel, and the rupee firmed to around 94.80. Foreign buying has returned, with FIIs buying for a third straight session, after prolonged selling. Over last 1 week FII’s have invested an total amount of Rs 21,000 crores. Nifty at around 24,000 has de-rated from its all time highs significantly and Q2 earnings have been resilient, so FII flows have room to build. We prefer domestic demand plays (financials, consumption, autos) and sectors that gain from lower crude. All the other major Asian markets are trading deep negative with correction of 2-3% where as Gift Nifty indicates a very strong gap up with 335 points on the bourses. Focus on stocks which were thrashed due to high crude prices like Paints, Avaition, Chemicals and fertilizers etc and on the other side will be slightly negative for Data center stocks as there is a global sell off in the AI investments.

INVESTMENT CALL

BSE Ltd: Q2FY27 first cut - Volumes cool sequentially, margins hold firm

•    Revenue grew 34.1% y-o-y to Rs 1,433 crore but fell 8.5% q-o-q, as index-options ADPTV slipped 23.9% q-o-q to Rs 22,531 crore/day (still up 50.2% y-o-y).

•    Core EBITDA rose 42.4% y-o-y to Rs 984 crore; margin improved to 68.7% from 64.7% y-o-y and 68.4% q-o-q, as volume-linked costs fell along with revenue.

•    PAT grew 45% y-o-y to Rs 808 crore but was down 7.5% q-o-q on lower volumes and investment income.

•    Volumes have bounced back after the quarter, with October 2026 ADPTV hitting a record Rs 35,481 crore/day; cash ADTV also hit a quarterly high of Rs 10,494 crore.

•    We have BUY rating on the stock and will come out with detailed note shortly

HUDCO Q2 FY27 Results: Net Profit Rises 28.3% to Rs. 911 Crore, Declares ₹1.35 Interim Dividend.  has reported a 28.3% year-on-year (YoY) increase in consolidated net profit to Rs. 911 crore for Q2 FY27),  in line with estimates.  NII below estimates by 5% to Rs. 1166 crore , NII saw a sharp fall. Though, Sharp improvement in asset quality: Improved to 0.71% at the end of September 2026, down from 0.96% in the previous June quarter on resolution of around 8-10 accounts in the last 6 months. The Board of Directors declared a 2nd interim dividend of ₹1.35 per equity share for FY27. Overall, a mix quarter.

First cut: Kirloskar Oil Engines (Standalone) results – Meets Estimates

·         Revenues for Q2FY27 was up by 19% yoy meeting our estimates of 19% growth. B2B segment grew 20% YoY and B2C sales were higher by 13%. Domestic Powergen saw strong performance across LHP, MHP, and HHP segment, registering market growth rates higher than competitors. MHP market share surged to record numbers and there was significant uptick in HHP market share.

·         Operating profit was lower by 6% as an impact of flat revenue growth. OPM declined by 300 bps. Reported PAT degrew by 14%.

·         Facility at Sanand has been constructed.

·         View: KOEL Q2FY25 performance had a strong performance on the margins side. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore

First Cut: JK Lakshmi Cement Q1 FY2027 (Standalone) Results – Weak Operating Performance; Profit Declines Sharply

• Standalone revenue rose 5.6% YoY to ₹1,617 crore, driven by volume growth and coming 2% ahead of our estimates.
• Operating profit (EBITDA) declined 25.9% YoY to ₹154 crore, 9% below our forecast, reflecting pressure on margins.
• Cement sales volume increased 4.9% YoY; however, realisations remained flat YoY, while cost per tonne increased 5.3% YoY, weighing on profitability. As a result, EBITDA per tonne fell 29.7% YoY to ₹516.
• Net profit declined 75% YoY to ₹21 crore, impacted by lower operating profitability and margin pressure.

Standalone

First cut Q2FY27: PI Industries - Disappointment Continues

• PI Industries posted a massive miss with GPM down 779 bps YoY owing primarily to higher input cost and unfavorable product mix.
• EBITDA % were again a miss and were down 1,524 bps YoY . higher employee cost and other overheads added to the margin squeeze.
• Global pricing pressure and inventory destocking in agchem exports is primarily keeping PI under pressure. Pyroxa is facing pressure from generic Chinese exports.
• We have a HOLD on PI Industries. We have a concall on 5^th Nov. We will come out with a detailed note post that.

Gujarat Fluorochemicals : Q2 inline quarter; batteries to power next growth run

Reco: HOLD       CMP: Rs 4,450     Target: Rs 5,000

• Q2 numbers were on-line, driven by strong growth in fluoropolymers and fluorochemicals.
• Fluoropolymers continue to benefit from increasing penetration of specialty grades and demand from semiconductors, data centers and EVs, while R32-led refrigerants growth remains strong with capacity utilisation is expected to peak by Q3FY27.
• Near-term contribution is expected to remain LiPF6-led, with electrolyte revenues likely from H2FY28 and meaningful LFP contribution only from late FY28/FY29,
• Valuations already reflect a significant portion of the medium-term opportunity. We maintain our HOLD with a TP of Rs 5,000

UPL - Mixed bag Q2; all eyes on H2

Reco: HOLD       CMP: Rs 517     Target: Rs 580

• Revenue remained broadly flat as the fall in volumes was offset by favourable forex conditions, while EBITDA outperformed on cost optimization and better platform mix.
• An adverse weather and softer demand weighed on volumes, while Advanta and SUPERFORM continued to deliver strong growth and support earnings resilience.
• Management maintained its FY27 guidance of 7-11% revenue growth and 10-14% EBITDA growth, implying a stronger H2FY27 supported by seasonality, new launches and continued momentum in growth platforms
• Despite improving profitability, visibility on a sustained recovery in core crop protection volumes remains limited. We maintain our HOLD rating with a target price of Rs 580.

OTHER NEWS

Krishna Institute of Medical Sciences (KIMS): The company reported 11.9% year-on-year increase in consolidated net profit to Rs.75 crore for the second quarter, compared with Rs.67 crore in the corresponding period last year. Revenue from operations rose 39.9% to Rs.1,344 crore from Rs.961 crore a year ago. EBITDA increased 27.5% to Rs.260 crore, compared with Rs.204 crore in the year-ago quarter. However, EBITDA margin declined to 19.4% from 21.2%.

Aurobindo Pharma reported a 32.8% year-on-year increase in consolidated net profit to ₹1,126 crore for the second quarter of FY27, compared with ₹848 crore in the corresponding quarter last year. The pharmaceutical company also reported its highest-ever quarterly revenue from operations, supported by growth across its key business segments.