November 03, 2026

TOP NEWS

Lupin: The company received approval from the United States Food and Drug Administration for its Abbreviated New Drug Applications for Amifampridine Tablets, 10 mg. Amifampridine Tablets, 10 mg, are bioequivalent to the reference listed drug (RLD), Firdapse® Tablets, 10 mg, of Catalyst Pharmaceuticals, Inc., for the indication in the approved labeling. Lupin is one of the first ANDA applicants and is eligible for 180 days of shared generic exclusivity.

Puravankara : The company reported a strong operating performance in Q2FY27, with presales rising 62% year-on-year to ₹2,136 crore and customer collections up 24% to ₹1,301 crore. Consolidated revenue from operations grew 60% to ₹1,032.5 crore, supported by higher handovers. Reported EBITDA more than doubled to ₹289 crore, with margin at 27.5% against 18.5% a year earlier, but this included a one-time gain of ₹148.83 crore from the sale of Purva Ruby Properties. Excluding the gain, EBITDA rose 14% to ₹140 crore, while margin narrowed to 13.3.

Fusion Finance posted a strong Q2FY27, with PAT of ₹86 cr. That is up 39% QoQ and compares with a ₹22 cr loss in Q2FY26. NII grew 12% QoQ to ₹265 cr, as NIM expanded 167bps YoY to 12.5%. PPOP rose 40% YoY to ₹125 cr. Credit cost fell 65% YoY to ₹39 cr, and asset quality improved sharply, with GNPA at 1.6% (4.6% a year ago) and NNPA at 0.1%. AUM grew 14% YoY to ₹8,007 cr, and with CRAR at 36.75% and RoA at 4.0%, the business looks set for profitable growth.

Akums Drugs and Pharmaceuticals reported a sharp improvement in its September-quarter performance, with net profit nearly tripling year-on-year, supported by strong growth in its contract development and manufacturing organisation (CDMO) business.

Net profit rose to ₹112.8 crore in Q2 FY27, compared with ₹40.7 crore in the corresponding quarter last year. Revenue increased 32% to ₹1,342.3 crore from ₹1,017.5 crore.

KEC International Q2 (Consolidated) : The company posted weak numbers -  Revenue declined 10.3% YoY to Rs. 5,468 crore from Rs. 6,092 crore. EBITDA declined 37% YoY to Rs. 271 crore from Rs. 430 crore. EBITDA margin declined to 5% from 7.1% YoY. Net profit declined 82.5% YoY to Rs. 29.7 crore from Rs. 170 crore.

Q2FY27 PREVIEW

INVESTMENT CALL

First Cut: Navin Fluorine : Juggernaut continues

Reco: BUY       CMP: Rs 8,350      Target: Rs 9750

• NFIL posted an all-round beat as CDMO and HPP segments did well.
• HPP growth should remain robust, supported by rising utilisation at the AHF plant, commissioning of HFC capacity in H2, and strong demand for HFOs. The Solstice contract extension until 2032 further improves long-term volume visibility and underpins earnings growth from the existing asset base.
• CDMO growth will be driven by the continued scale-up of the Fermion contract and a deepening molecule pipeline, with recent regulatory milestones improving visibility on future commercial launches and reducing reliance on a single contract. We retain a Buy with a raised TP of Rs. 9,750. NFIL continues to be our top pick.

Reliance Industries - O2C biz makes Q2 sparkle

• Consolidated EBITDA stood at Rs 56,616 crore (+23% y-o-y, +19% q-o-q) and PAT of Rs 29,550 crore (+34% y-o-y). EBITDA was driven by a sharp improvement in O2C, resulting in margin expansion to 17.1%.
• O2C business’ EBITDA surged 68% y-o-y to Rs 25,203 crore on stronger refining margins, favourable crude sourcing and improving petrochemical spreads. Retail EBITDA declined 11% y-o-y to Rs 5,886 crore as investments in quick commerce and customer acquisition continued, though FMCG remained a key bright spot.
• We expect O2C business’ earnings to remain supported by Reliance's advantaged refining portfolio and feedstock integration, while Retail profitability should gradually improve as recent investments scale up. Continued traction in FMCG, Jio monetisation and execution in new energy provide additional growth levers for 2HFY27.
• We maintain a BUY rating with a TP of 1,620.

First Cut: Amara Raja Energy & Mobility Ltd: High costs dent business

• Revenue grew 19% y-o-y but decline -3% q-o-q to Rs. 4109crores with the lead battery business growing 18% y-o-y and new energy business growing 37% y-o-y. strong double-digit growth in aftermarket and OEM in automotive batteries, and the Home Energy business. The new energy business also witnessed good growth in stationary telecom battery pack demand.
• Cost of goods sold increase by 30% y-o-y which led to EBITDA decline of 3% y-o-y and 11% q-o-q to Rs 362crores. EBITDA margin declined 200bps y-o-y to 8.8%.Raw material cost inflation continues to impact margins and profitability.
• PAT declined 45% y-o-y and 20% q-o-q to Rs 152 crores while margins declined by 426bps y-o-y and bps q-o-q to 8.8%.
• Amara Raja has been making all the right moves in the right direction but high raw material prices across the lead acid battery business is impacting overall growth. Earning call scheduled for 4pm on 03^rd November. The stock is under review.

Results Highlights   (Rs. Cr)

First cut: MOIL Q2FY2027 results:

-          Revenue from Operations in Q2FY27 increased by 10.9% YoY to Rs 369.13 crore, up from Rs 332.74 crore (down 0.5% QoQ from Rs 370.88 crore.  Total Income rose by 6.1% to Rs 385.02 crore compared to ₹363.02 crore, as other income fell 47.5% YoY to Rs 15.89 crore. Profit Before Tax (PBT) declined 14.1% to Rs 77.13 crore from Rs 89.76 crore. Profit After Tax (PAT) declined 12.3% to Rs 61.78 crore compared to Rs 70.44 crore.

-          EBITDA rose 10.2% YoY to Rs 109.61 crore. Margin was largely flat at 29.7% (down 21 bps YoY) but fell 691 bps QoQ from 36.6%. The main mining segment produced strong results: revenue grew 15.5% YoY to Rs 363.30 crore and EBIT grew 26.4% to Rs 65.13 crore.

-          The board declared an interim dividend of Rs 2.20 per share, with a record date of 06.11.2026 and payment on 30.11.2026. Manganese ore prices for all grades, and EMD prices (Rs 1,80,000/t), have been kept unchanged for November 2026 at October levels.

-          View: MOIL reported a mixed Q2FY27. Revenue and EBITDA grew ~10% YoY, driven entirely by the core mining segment. PAT fell 12% YoY due to a sharp drop in other income, higher depreciation and losses in the manufactured products segment, and was down ~30% QoQ. Currently, we have a buy rating on the stock. We will review our estimates and send a detailed note.

First cut: Petronet LNG Q2FY2027 results:

Revenue from Operations in Q2FY27 declined by 34.6% YoY to ₹7,200.35 crore, down from ₹11,009.13 crore (up 29.6% QoQ from ₹5,554.14 crore). Total Income fell 33.9% to ₹7,432.44 crore compared to ₹11,246.25 crore. Despite the lower topline, Profit Before Tax (PBT) rose 53.2% to ₹1,659.10 crore from ₹1,082.66 crore. Profit After Tax (PAT) increased 53.3% to ₹1,235.40 crore compared to ₹805.75 crore (up 9.1% QoQ).

-          EBITDA rose 48.9% YoY to ₹1,663.28 crore. Margin expanded 1,295 bps YoY to 23.1%, partly because the revenue base shrank on pass-through LNG, but fell 448 bps QoQ from 27.6%.

-          The board declared an interim dividend of ₹7 per share; the record date and payment date will be intimated later.

-          View: Petronet LNG reported a strong Q2FY27 at the operating level. PAT grew 53% YoY, and EBITDA grew 49% YoY, even though revenue fell 35% because Qatar volumes were disrupted by force majeure. Currently, we have a buy rating on the stock. We will review our estimates and send a detailed note.

OTHER NEWS

National Aluminium Company Ltd (NALCO) reported a 28% increase in standalone profit to Rs 1,835.09 crore for Q2 FY27, driven by strong aluminium earnings despite a decline in chemicals. The board approved an interim dividend of Rs 4.50 per share. Stronger aluminium earnings offset a decline in the chemicals business.

NBCC (India): Signed MoUs with the Bihar government for four redevelopment projects in Patna, including 3,331 residential flats, an IT Tech Park and hotel/commercial spaces. The projects have estimated sale/lease proceeds of Rs. 5,152 crore against a project cost of Rs. 2,000 crore, to be executed on a self-financing basis.

Trident Limited approved a Rs. 4,650 crore capacity expansion plan across yarn, sheeting, paper and renewable energy businesses, with projects targeted for completion by September 2029.

RITES: Emerged as the lowest bidder (L1) for a Rs. 400 crore tender from Sri Lanka Railways for the supply of broad-gauge Diesel Multiple Unit (DMU) train sets. The contract is subject to evaluation and approval by Sri Lanka Railways, with execution scheduled over 12 months from the opening of the Letter of Credit.

JK Paper: Reported Q2FY27 consolidated revenue growth of 11.9% YoY to Rs. 1,939 crore, while net profit increased 34.7% to Rs. 103 crore. Paper and Packaging Products segment PBIT rose 36.6% to Rs. 176 crore, supported by an improved product mix. However, PAT declined sequentially from Rs. 136 crore in Q1FY27. The company generated operating cash flow of Rs. 751 crore during H1FY27.