APOLLOApollo Micro Systems LtdQ2 FY27 · 26 Oct 2026
Revenue jumped 72.3% YoY to ₹388 crore; order book hits all-time high of ₹1,765 crore
Defense electronics growth is accelerating on higher execution across procurement programs. Consolidated EBITDA margin expanded to 28.6% from prior performance, with profit climbing 53.7% YoY to ₹46.15 crore. Order book tripled in visibility—the ₹1,765 crore book translates to 17 quarters of revenue at current run rate, indicating sustained demand from defense modernization.
The number that matters
₹1,765 crore order book at 4.5x current quarterly revenue—this inflection point shifts APOLLO from cyclical beneficiary to visibility-driven compounder, assuming 35%+ EBITDA margins hold on production mix.
HZLINDHindustan Zinc LimitedQ2 FY27 · 21 Oct 2026
Net profit surges 142% to ₹6,412 cr as zinc prices soar; revenue up 76% to ₹15,093 cr
Operating leverage fully at play: metals-linked earnings grew nearly 2x faster than revenue, capturing the benefit of higher commodity prices. Margin expansion story intact. Asset-light model driving capital-efficient growth.
The number that matters
Revenue grew 76% but profit grew 142% — this 1.9x operating leverage in a metals cycle is the thesis changer. Commodity price exposure becomes the key variable.
HINDZINCHindustan ZincQ2 FY27 · 21 Oct 2026
Net profit surges 142% YoY to ₹6,412 crore; revenue up 76.5%
Hindustan Zinc posted exceptional earnings driven entirely by metal price tailwinds—revenue jumped 76.5% to ₹15,093 crore with EBITDA margins expanding to 62%. However, profit growth of 142% outpaced revenue growth, a warning sign on volume leverage. The company cut FY27 zinc production cost guidance to USD 825-850/tonne from USD 975-1,000/tonne, but this is hedged pricing, not operational improvement.
The number that matters
Operating leverage ratio of 1.86x (profit +142% vs revenue +76.5%) is cyclical, not structural—this quarter is a price cycle peak, not a new run-rate. Guidance beat obscures volume/cost trajectory risk.
BAJAJFINSVBajaj FinanceQ2 FY27 · 21 Oct 2026
Net profit up 29% YoY to ₹6,367 crore; AUM growth at 26%
Bajaj Finance delivered clean profitability with pre-provision operating profit up 23% to ₹10,699 crore, backed by 26% AUM growth to ₹5.85 lakh crore. Gross NPA improved to 1.06% from 1.24% YoY despite sequential uptick to 1.33%, showing underlying resilience. The company provisioned an additional ₹337 crore prudently, signalling controlled risk appetite.
The number that matters
NPA-adjusted PPOP of ₹10,699 crore (+23% YoY) vs profit +29%—margin expansion is driven by scale, not multiple re-rating. Watch AUM mix (consumer/mortgages) for credit cycle traction.
AXISBANKAxis BankQ2 FY27 · 17 Oct 2026
PAT +38-39% YoY to ₹7,003-7,705 crore; NII +11.8-12%, provisions sharp drop
Axis delivered the highest profit growth rate, but margin expansion (net profit margin to 16.9% from 13.9%) driven by aggressive provision cuts (₹1,694 crore vs ₹3,547 crore YoY). NII +12% lags ICICI's 15.9%, suggesting slower loan growth. Asset quality improved but watch provision normalization risk.
The number that matters
Provisions ₹1,694 crore (vs ₹3,547 cr YoY): 52% cut inflates PAT growth; unsustainable release masks slowing credit growth and NII momentum
ICICIBANKICICI BankQ2 FY27 · 17 Oct 2026
Consolidated PAT +22.3% YoY to ₹16,333 crore; NII growth +15.9%
ICICI's NII growth (15.9%) significantly outpaces HDFC (implied lower), signaling better deposit growth and pricing power. Advances jumped to ₹19.35 lakh crore from ₹17.29 lakh crore, up 11.8% QoQ, showing strong credit momentum. Operating profit +20.2% underscores operational leverage.
The number that matters
Advances growth +11.8% QoQ to ₹19.35 lakh crore: fastest credit expansion trajectory signals competitive gain and lower future NPA risk
HDFCHDFC BankQ2 FY27 · 17 Oct 2026
PAT +4.7% YoY to ₹19,510 crore; treasury gains down 67%
Modest PAT growth masks underlying margin pressure. NII growth solid, but steep 67% decline in treasury trading gains (from ₹2,390 crore to ₹780 crore) indicates heavy reliance on non-core income. The growth rate is the slowest among the Big 3 banks this quarter.
The number that matters
Treasury trading gains ₹780 crore (vs ₹2,390 cr YoY): core banking profit quality deteriorating as one-time gains mask operational performance
WIPROWipro LimitedQ2 FY27 · 15 Oct 2026
Revenue ₹24,753 crore (+9.1% YoY), PAT ₹3,200 crore (-1.9% YoY), down 4.7% QoQ
Wipro's growth story is stalling. Revenue grew only 9.1% YoY (vs peers) while PAT declined 1.9% YoY and fell 4.7% sequentially. Margin compression is evident. The company reported AI revenue exceeding $100 million (3% of top line), but this is insufficient to offset core headwinds. Sequential revenue growth of just 1.12% signals momentum loss.
The number that matters
PAT decline of 4.7% QoQ despite YoY revenue growth — margin deterioration is the thesis killer. Sequential flat revenue growth in an recovery cycle suggests market share loss or pricing pressure. Profitability deceleration requires reversal.
POLYCABPolycab India LimitedQ2 FY27 · 15 Oct 2026
Record revenue ₹9,899 crore (+53% YoY), PAT ₹990 crore (+43% YoY)
Polycab delivered its strongest quarter ever on broad-based execution. Revenue surged 53% to ₹9,899 crore, while PAT grew 43% to ₹990 crore, maintaining a 10% margin. Both Wires & Cables and FMEG segments performed strongly. Net cash position improved sharply to ₹4,520 crore as of Sept 30, signaling healthy capital generation amid growth.
The number that matters
PAT margin at 10.0% — margins held despite 53% revenue growth, indicating pricing power and operational leverage. EBITDA margin improved 53 bps QoQ to 14.4%. This margin stickiness is the real story, not just top-line growth.
HCLTECHHCL TechnologiesQ2 FY27 · 12 Oct 2026
Net profit ₹5,132 cr, up 10.9% QoQ; revenue +11.5% YoY to ₹35,790 cr
Sequential margin expansion & resilience on discretionary tech spending. Revenue growth of 11.5% YoY signals steady traction despite AI pricing pressure. QoQ profit jump of 10.9% (₹5,132 cr vs ₹4,626 cr Q1 FY27) shows operational leverage. Deal wins (TCV) surged 15.8% to $2,569 mn, validating pipeline strength.
The number that matters
Revenue base of ₹35,790 cr with 11.5% YoY growth—validates tech capex momentum is holding. This matters because it contradicts sector worries about discretionary spending pullback from US clients.
POONAWALLAPoonawalla FincorpQ2 FY27 · 9 Oct 2026
Net profit ₹374.85 cr, up 405% YoY; revenue +70.17% YoY to ₹2,624.50 cr
Exceptional growth momentum driven by scale and disciplined underwriting. Loan assets grew to ₹43,539 cr; net profit surge of 405% YoY significantly beat market estimates of ₹350 cr. Revenue jump of 70% reflects combination of growing AUM and pricing power in unsecured lending.
The number that matters
405% YoY PAT jump to ₹374.85 cr—this is lender thesis validation. Profitability inflection at this pace suggests cost absorption and credit quality holding despite rapid origination growth. Scale is finally translating to bottom-line.
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