October 19, 2026

LATEST NEWS

>> 02: 21 PM

First Cut: Ultratech Cement Q2FY27 Consolidated Results – performance above expectations

• Revenue came in at ₹23295 crore, up 18.8% YoY, beating our estimates by 6.1%. Growth was driven by a healthy 12.9% YoY increase in volumes to 38 MnT, coupled with a 5.2% YoY improvement in realisations per tonne. Domestic cement volumes grew 13.8% to 35.9 million tonnes, even in a quarter hit by the monsoon.
• EBITDA per tonne improved 6.5% YoY to ₹974.Profitability remained resilient despite industry-wide cost pressures, supported by higher realisations, strong operating leverage, and continued focus on cost efficiencies.
• Net profit rose 21.8% YoY to ₹1500 crore, driven by robust operational performance and improved profitability across businesses.
• Capacity utilisation jumped toc71% from 66% over the same period last year. Higher volumes and improved profitability strengthened UltraTech’s position in the market.
• During the quarter, UltraTech launched Ultravolt, its wires and cables business, adding a new category to its Building Products portfolio

TOP NEWS

India Cements Q2FY27: India Cements, an UltraTech subsidiary, reported a strong Q2FY27. Consolidated revenue rose 2% YoY to Rs 1,142 cr, while EBITDA excluding jumped 78% to Rs 144 cr. EBITDA per tonne rose by 53% yoy to Rs 510, and net profit came in at Rs 39 cr against Rs 9 cr last year. Volume grew 16% to 2.83 MT, but prices were almost flat, with net realisation up just 1% YoY.The gain came mainly from higher volumes and lower staff, marketing and power costs. Fuel cost rose 14% YoY, and plant upgrade shutdowns pulled EBITDA down 7% QoQ.Overall, a good quarter driven by cost control and volumes rather than prices.

Le Travenues (Ixigo) : The company reported a strong turnaround in Q2 FY27, with net profit at ₹63.4 crore compared with a loss of ₹3.46 crore in the corresponding quarter last year. Revenue grew 13% YoY to ₹321 crore from ₹284 crore, while EBITDA improved to ₹18 crore against a loss of ₹4 crore in Q2 FY26. EBITDA margin expanded to 5.6% from -1.3% in the year-ago quarter.

KROSS: The company reported a strong performance in Q2FY27, with revenue growing 79.6% YoY to ₹235.09 crore, EBITDA increasing 107.4% YoY to ₹30.60 crore, and PAT rising 143.5% YoY to ₹19.69 crore. EBITDA margin expanded by 175 bps YoY to 13.0%, while PAT margin improved by 220 bps to 8.4%. EPS increased 146.4% YoY to ₹3.08. For H1FY27, revenue grew 55.2% YoY to ₹419.43 crore, EBITDA rose 72.4% to ₹53.32 crore, and PAT increased 76.5% to ₹33.16 crore, with EBITDA margin improving by 127 bps to 12.7%. Growth was broad-based across business segments, supported by strong demand in medium and heavy commercial vehicles (M&HCVs) and trailers, alongside a recovery in tractor and agricultural segments. Operational efficiencies and backward integration helped mitigate input cost pressures. On the capacity front, commercial production has commenced at the axle beam extrusion facility, which is operating at 60–65% utilisation, while expansion initiatives across forging, casting, hydraulic tipping jacks and cold-drawn tubes are progressing. Trials at the seamless tube facility are targeted for February–March 2027. Management remains optimistic about FY27 growth, supported by a healthy order book, improving capacity utilisation, new product launches and continued demand across key segments, while maintaining a focus on profitable growth and operational efficiency.

Yes Bank Q2 (Standalone YoY); Profit surges 65% to Rs 1,080 crore Vs Rs 654 crore. Net interest income jumps 22.7% to Rs 2,822 crore Vs Rs 2,301 crore. Provisions & contingencies fall 24.2% to Rs 317 crore Vs Rs 419 crore. Gross NPA declines to 1.2% Vs 1.3% (QoQ). Net NPA remains unchanged at 0.2% (QoQ).  Strong Results

IDBI Bank Q2 (Standalone YoY): Profit sinks 39.2% to Rs 2,205.5 crore Vs Rs 3,627.4 crore. Net interest income surges 28.7% to Rs 4,227.7 crore Vs Rs 3,285 crore. Provisions & contingencies stand at Rs 8.55 crore Vs write-back of Rs 652.61 crore.  

INVESTMENT CALLS

ICICI Bank – Q2FY27 first cut: FCNR fuels growth, margin dip seen as temporary

• NII of Rs. 25,339 crore grew 17.7% y-o-y / 3.9% q-o-q, 2.8% ahead of our estimate, driven by strong loan growth; however, NIM fell 18 bps q-o-q to 4.18%, below our expectation of 4.23%.
• Operating profit of Rs. 20,575 crore grew 18.9% y-o-y and was in line with our estimate, as healthy fee income made up for a small treasury loss and lower dividend from subsidiaries.
• PAT of Rs. 14,843 crore grew 20.1% y-o-y, 3.6% above our estimate, helped by low provisions; GNPA improved 18 bps q-o-q to 1.20% and NNPA eased 5 bps to 0.30%.
• Growth is strong, asset quality is clean and the margin dip looks temporary, with management guiding for a recovery from Q4FY27.
• We have a BUY rating on the stock and will come out with detailed note shorty

HDFC Bank – Q2FY27 first cut: Steady quarter, margins have bottomed out

• NII grew 9.7% y-o-y to Rs 34,619 crore, 1.8% above our estimate; NIM eased to 3.16% from 3.26% in Q1FY27 as loan yields repriced lower while costly FCNR deposits kept cost of funds flat.
• PAT grew 4.7% y-o-y to Rs 19,510 crore, 2.0% above our estimate; excluding trading gains, PAT grew 12.6%.
• GNPA and NNPA fell 6 bps and 4 bps q-o-q to 1.11% and 0.37%, credit cost steady at 44 bps.
• Advances grew 16.4% y-o-y and deposits 18.8% y-o-y, helped by ~Rs 1.1 lakh crore of FCNR-B deposits; CD ratio at 96.0%.
• We have a BUY rating on the stock and will come out with detailed note shorty

Axis Bank – Q2FY27 first cut: Asset quality shines, business traction garners momentum

• NII grew 11.8% y-o-y and 5.0% q-o-q, 3.2% above our estimate, helped by strong loan growth. Reported NIM fell 10 bps q-o-q to 3.36%, slightly below our 3.39% estimate, due to FCNR (B) deposits.
• Asset quality improved, with GNPA and NNPA down 12 bps and 4 bps q-o-q, and net credit cost falling to 0.45%.
• Higher opex led to a 4.3% miss on operating profit, but lower provisions lifted PAT 37.6% y-o-y to Rs. 7,003 crore, in line with our estimate.
• We have a BUY rating on the stock and will come out with detailed note shorty

First Cut: Oberoi Realty Q2FY27 Consolidated Results – Record pre-sales led by 360 North; revenue below estimates, profit in line

• Oberoi Realty reported consolidated revenue of Rs. 1,671 crore in Q2FY27. This was down 6.1% YoY and 7.7% below our estimate. EBITDA margin was 61.0%, up 364 bps YoY and 563 bps above our estimate of 55.4%. Better margins came from a higher share of premium and luxury projects., PAT of Rs. 761.7 crore was flat YoY and 1.6% above our estimate.
• Pre-sales for the quarter were Rs. 9,149.7 crore, the highest ever for the company. This was driven by the launch of 360 North in Gurugram, a luxury project. 360 North alone contributed 86% of pre-sales (about Rs. 7,870 crore). Collections rose 40% YoY to Rs. 1,899.6 crore.
• Revenue fell despite record sales because revenue is booked as construction progresses, not at the time of sale. The strong pre-sales of this quarter will add to revenue in the coming years.
• The rental business stayed stable, with occupancy above 90% in both office and retail. Rental revenue was Rs. 369.9 crore, up 1.6% YoY.
• We will release a detailed report after the management concall.

Results (consolidated)                                                                     Rs crore

Punjab National Bank: Q2FY27 first cut - Steady quarter; margins on the mend

• NII grew 10.8% y-o-y and 7.4% q-o-q, about 2% ahead of our estimate, as global NIM recovered 8 bps q-o-q to 2.58% on lower cost of deposits and better loan yields.
• Other income fell 17.1% y-o-y as treasury gains dropped sharply, though fee income was healthy and grew 16% y-o-y.
• Opex was largely flat (up 1.1% y-o-y), but weak treasury income kept PPoP growth at 4.2% y-o-y, about 5% below our estimate. Provisions were very low owing to a large write back, so PAT rose 12.8% y-o-y to Rs. 5,532 crore, 8.5% above our estimate.
• Advances grew 14.7% y-o-y and deposits 9.9% y-o-y, while asset quality improved further.
• We have a BUY rating on the stock and will come out with detailed note shorty

Federal Bank: Q2FY27 first cut: Record profit, but valuations cap the upside

• NII grew 26% y-o-y on the back of strong 22% loan growth, while NIM was broadly stable q-o-q at 3.32%
• Fee income rose a healthy 32% y-o-y and treasury income bounced back. Cost-to-income improved 196 bps y-o-y to 52.1%, and credit cost fell to 0.31%, which drove PAT up 45% y-o-y.
• Advances grew 21.9% y-o-y, while deposits grew 18.6% y-o-y. GNPA and NNPA fell to decade lows of 1.32% and 0.17%, respectively.
• We have a HOLD rating on the stock and will come out with detailed note shorty

Other News

G R Infraprojects: The Madhya Pradesh High Court has quashed the GST show-cause notice issued by the State Tax Department on August 25, 2026, along with the proceedings initiated based on it, providing relief to the company.

GPT Infraprojects: Its wholly owned subsidiary, Alcon Builders and Engineers, secured a Rs. 134.11 crore order (including GST) from Western Railway for railway signalling works, including automatic block signalling and electronic interlocking across multiple sections in the Ratlam Division. The project is to be completed within 548 days from the appointed date.

LCC Projects: Received an Rs. 151.57 crore EPC contract (excluding GST) from the Government of Gujarat for supplying water from Machhu-I Dam to Triveni Thanga Reservoir and villages in Wankaner and Chotila talukas. The project includes a 24-month construction period and 10 years of operation and maintenance (O&M).

RailTel Corporation: Received an Rs. 18.99 crore order (including taxes) from Health Insurance TPA of India Ltd. to provide IT infrastructure and cybersecurity solutions for three years, with execution scheduled until October 16, 2029.

Jindal Saw reported a 69% year-on-year decline in second-quarter net profit to ₹47 crore, as expenses outpaced revenue growth and EBITDA fell 42% to ₹261 crore. Iron and steel pipe manufacturer Jindal Saw reported a 69.03% year-on-year decline in consolidated net profit attributable to owners of the company to ₹47.04 crore in the September quarter of the financial year 2026-27, compared with ₹151.89 crore in the corresponding quarter last year. Consolidated revenue from operations rose 5.63% year on year to ₹4,471.79 crore from ₹4,233.60 crore. However, total expenses increased 10.13% to ₹4,505.22 crore from ₹4,090.90 crore, according to the company's unaudited financial results released on Friday, October 16.

JSW Steel: The company has announced that the Orissa High Court has cancelled a ₹696 crore penalty and set aside a ₹1,473 crore penalty related to mineral dispatch shortfalls at its Jajang Iron Ore Block, remitting the second matter back to the authorities for re-evaluation. JSW Steel said on September 6, 2021, it had received a demand letter and corrigendum from the Joda authorities raising a demand of ₹696.32 crore about assessment of shortfall in dispatch of minerals from the firm's Jajang Iron Ore Block, for the first year in terms of the Mine Development and Production Agreement

Vedanta Limited: The company has doubled its annual zinc production capacity in South Africa to 5 lakh tonnes with an investment of nearly $600 million at its Gamsberg mine, the company said on Sunday. South African President Cyril Ramaphosa and Vedanta director Priya Agarwal-Hebbar inaugurated the expanded capacity at Gamsberg Phase II in the Northern Cape province.