October 21, 2026

TOP NEWS

War update: US Secretary of State Marco Rubio said reaching a peace agreement with Iran remained extremely difficult, and Washington would maintain economic pressure on Tehran. Houthi-affiliated media reported additional air strikes targeting the al-Nashma area in Yemen’s Taiz province. Asian markets trade in a positive range gift nifty also indicates a positive start with 83 points upside on the bourses.

Tatva Chintan Pharma Chem: Q2FY27 consolidated revenue rose 75.93% YoY (+30.07% QoQ) to ₹217.30 crore from ₹123.52 crore, while EBITDA grew 81.82% YoY (+25% QoQ) to ₹40.00 crore, with margin at 18.41% vs 17.81% a year ago and 19.16% in the previous quarter. PAT more than doubled, up 116.73% YoY (+34.54% QoQ) to ₹21.50 crore from ₹9.92 crore, and EPS stood at ₹9.20 vs ₹4.24 in Q2FY26 and ₹6.83 in Q1FY27. The momentum builds on a strong Q1FY27, when profit rose 140% YoY to ₹15.98 crore on revenue of ₹167.06 crore, supported by recovery in specialty chemicals, structure-directing agents (SDAs) and green pharma intermediates. The company has also announced a ₹200 crore expansion plan, with commercialisation of new agro and pharma intermediates expected to provide further growth runway. Positive

ABB India: Company’s parent entity has highlighted a very strong trend of orders for ABB India and a positive outlook for Indian geography. Positive

Waaree Renewable: Q2 revenues came in 36% higher to Rs 1058 crore. EBITDA was flattish with 1.3% growth at Rs 160 crore. PAT was lower by 30% to Rs 81.5 crore. Margins at 15.12% vs 20.39% YoY. Management attributes near-term pressure to acquisition-related financing costs and the integration of a business with a different margin profile following the APSPL acquisition. Negative

Bhansali Engineering: Revenue was higher by 24% to Rs 403 crore, EBIDTA was up by 61% to Rs 79 crore, Margins came in at Rs 19.56% vs 15.1. PAT was up by 54% to Rs 62 crore.

Hindustan Zinc Limited reported its strongest EBITDA at ₹9,285 crore (+108% YoY in Q2FY27, +15% QoQ) with a ~62% margin, while PAT increased 142% YoY to ₹6,412 crore on revenue of ₹15,093 crore (+77% YoY). Record Q2 was driven by decreased production costs ($703/tonne), higher refined volumes (+7% YoY), and high mined metal production (+5% YoY).The results show outstanding operational efficiency combined with a substantial commodities tailwind. A 29% YoY decline in Cost of Production to $703/tonne was likely driven by higher mined grades, higher sulfuric acid (by-product) pricing, and a rising renewable energy share, allowing the company to defend margins against pressured cycles. Crucially, rising silver realizations acted as a large profitability multiplier, driving high-margin volume expansion beyond core zinc operations.

Sobha Ltd: Q2FY27 consolidated revenue declined 31.3% YoY to Rs. 967 crore, while net profit fell 54.5% to Rs. 33 crore and EBITDA declined 32.4% to Rs. 69 crore. Sequentially, revenue and PAT fell 24.3% and 35.2%, respectively. However, H1FY27 sales grew 47.2% YoY, while collections increased 4.8%. The company launched projects covering 7.92 msf in H1FY27, with estimated sales potential of Rs. 11,200 crore. Average price realisation stood at Rs. 15,522 per sq. ft. in Q2FY27.

Piramal Finance: Q2FY27 net profit rose 67% YoY to Rs. 545 crore, while net interest income increased 35% to Rs. 1,530 crore, supported by 24% AUM growth and NIM expansion to 6.5%. The cost-to-income ratio improved to 52.1% from 61.2%, while gross NPA remained stable at 2.4%. Management expects NIM to expand by up to 20 bps over the next year, supported by lower borrowing costs following a recent credit rating upgrade. Realty-sector AUM growth was constrained by elevated early repayments. The company also appointed former SBI chairman Dinesh Kumar Khara as an independent director for five years.

Varmora Granito: Q2FY27 revenue grew 9% YoY and 27% QoQ to Rs. 399 crore. EBITDA rose 19% YoY to Rs. 68 crore, with EBITDA margin expanding 226 bps to 17% from 14.7% last year. PAT surged 206% YoY to Rs. 44 crore, with PAT margin improving to 10.9% from 3.7%. The strong recovery followed Q1 gas supply disruptions, while price hikes fully offset higher fuel costs. For H1FY27, revenue grew 3.3% to Rs. 714 crore and PAT increased 498% to Rs. 54 crore.

INVESTMENT CALLS

Viewpoint: DLF– Strong premium demand; new launches to drive pre-sales

View: Positive                CMP: Rs. 671             Target: 800

·         Q2 pre-sales stood at Rs. 3,800 crore, (down 12% y-o-y) supported by the complete sellout of the Aureva luxury retirement housing project and continued demand for The Dahlias.

·         Dahlias’ ultra-luxury continues to see strong demand, with prices increasing 10% during the quarter.

·         Revenue was down 23% y-o-y to Rs. 1,261 crore while EBITDA fell 92% to Rs. 23 crore with margin contracting 1,543 bps to 1.8%.

·         We stay Positive with a price target of Rs. 800, backed by steady residential demand and continued scale-up of the rental portfolio.

First Cut: Bajaj Finance – Q2FY2027 Results

Strong Quarter, headwinds are expected to be manageable

• PAT, beat estimates 2.8%, came in at Rs. 6,366 crore (up 28.7% y-o-y and 4.7% q-o-q), driven by strong PPOP growth and slow run rate in the provisions.
• AUM saw a strong growth of 26.5% y-o-y and 6.9% q-o-q. However, NIM fell by 21 bps y-o-y and 7 bps q-o-q to 9.12%.
• Provisions fell by 4.5% y-o-y and 8.7% q-o-q to Rs. 2,166 crore, adding for the profitability. It also created macro prudential provisions of Rs. 337 crore.
• We project a 26.6% PAT CAGR over FY26–FY28 on strong  AUM growth, and stable credit costs and Opex. We have buy rating on stock and will update the report today.

Results Table

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OTHER NEWS

Delta Corp: Revenue declined 13.1% to Rs 159 crore from Rs 183 crore. EBITDA fell 28.8% to Rs 28.4 crore from ₹39.9 crore. EBITDA margin declined to 17.9% from 21.8%. The company reported a net loss of ₹106 crore, compared with a profit of ₹25 crore.

Ceigall India: Arm Jam Khambhaliya Jamnagar Power Transmission signs transmission service agreement with Central Transmission Utility of India.

Quality Power Electrical Equipments: Commences manufacturing operations at its new Global Coil Factory at Kupwad MIDC, Sangli, Maharashtra.

Venus Pipes & Tubes: Commenced pipe spooling operations ahead of schedule and received an LOI worth Rs. 185 crore from a data centre customer. Conversion into firm orders is expected to begin shortly, with remaining capacity to be operationalised in phases.

Aartech Solonics: Its wholly owned subsidiary, Faradigm Ultracapacitors, signed an MoU with China-based Shenzhen Titan Smart Energy to explore LFP-based battery energy storage solutions and local manufacturing in India. The collaboration will initially target 100 kWh–5 MWh systems, including commercial and industrial applications. Faradigm's planned manufacturing facility in Madhya Pradesh is expected to commence operations in FY28.

Just Dial: Reported a decline of 9.73 per cent in consolidated net profit to ₹107.8 crore in Q2FY27. Revenue from operations was up 13.11 per cent at ₹342.82 crore.