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Ajax Engineering Ltd. 17 Nov 2025 16:07 PM
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Q2FY26 Quarterly Result Announced for Ajax Engineering Ltd.

Commercial Vehicles company Ajax Engineering announced Q2FY26 results

  • Revenue from Ops: Rs 445 crore against Rs 301 crore during Q2FY25, change 48%.
  • EBITDA: Rs 45 crore against Rs 39 crore during Q2FY25, change 16%.
  • EBITDA Margin: 10.2% for Q2FY26.
  • PAT: Rs 39 crore against Rs 34 crore during Q2FY25, change 15%.
  • PAT Margin: 8.8% for Q2FY26.

Shubhabrata Saha, Managing Director & CEO, Ajax Engineering, said: “After a steady performance last year, the last couple of quarters have been a period of transition. Unseasonal rains, change in emission norms, and slower project execution affected demand temporarily. However, Ajax delivered 48% YoY revenue growth in Q2 and 18% in H1 and volume growth remains robust across both SLCM and non-SLCM categories. While increased cost of production and changes in revenue mix impacted margins, operating leverage and efficiency measures are expected to aid profitability in the second half of FY26. We remain confident in the long-term growth trajectory and our leadership position in the concrete equipment industry.”

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Commercial Vehicles company Carraro India announced Q2FY26 results

  • Total Income: Rs 5,931 million against Rs 4,452 million during Q2FY25, change 33%.
  • EBITDA: Rs 593 million against Rs 475 million during Q2FY25, change 25%.
  • EBITDA Margin: 10.0% for Q2FY26.
  • PAT: Rs 317 million against Rs 220 million during Q2FY25, change 44%.
  • PAT Margin: 5.3% for Q2FY26.

Balaji Gopalan, Managing Director, Carraro India, said: Strong Increase in Revenues up by 18%, EBITDA up by 13% & PAT up by 22%. “The first half of FY26 has been both steady and encouraging for Carraro India. Revenue from operations grew 18% year-on-year, supported by healthy volume growth across both domestic and export markets.

Our domestic business grew by 11% YoY, driven by strong demand for 4WD axles in the agriculture segment and a stable performance in the construction equipment segment. Exports delivered an even stronger growth of 31% YoY, led primarily by Tele Boom Handler (“TBH”) axels. While indirect exports of agricultural drivelines remained soft, resilient domestic demand helped maintain our overall volume trajectory.

We continued to deliver strong volumes, reinforcing our confidence in the sustainability of our performance. However, realisations and margins got temporarily impacted due to the change in the product mix.

A noteworthy development during H1 was our engineering services agreement with Montra Electric for the industrialization and supply of e-transmissions for electric-powered agricultural tractors. This partnership marks an important step forward in our technology roadmap and aligns well with our vision of contributing meaningfully to the next generation of clean and efficient powertrains. Revenue from our engineering services business stood at Rs 50 million in Q2, compared to Rs 17 million in the same period last year.

Innovation remained at the heart of our efforts. We developed six prototypes during the half year, three of which have already moved into production. We also dispatched two units of the new T100 EVO prototype to a large Indian tractor OEM and successfully completed the pilot batch of CVT transmission units which is a key step towards commercialisation of this product.

On the manufacturing front, we progressed on our capacity-expansion roadmap. We installed two Sealed Quenched Furnace units at the gear plant. The 800-pallet MAZAK machining centre commissioned in June has boosted throughput and flexibility. Additionally, the arrival of the TLB test bench in July and the installation of a robotic washing machine in September further enhance our readiness to meet future demand.

Further strengthening our after-sales network, we partnered with authorized service centers, one in North India and two in South India – a step towards boosting our presence in aftermarket/ spare parts segment.

Overall, export is growing supported by increased offtake from the TBH business. Domestically, we remain optimistic about sustained demand, driven by ongoing infrastructure projects, higher investment activity, and the supportive market sentiments owing to government policies.”

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Hotels company Ventive Hospitality announced Q2FY26 results

  • Consolidated Revenue of Rs 554 crore , a growth of 28% YoY.
  • Consolidated EBITDA was at Rs 255 crore, a growth of 50% YoY.
  • Consolidated EBITDA margin was at 46%, an expansion of 7 percentage points.

Ranjit Batra, Chief Executive Officer, said: “Our second quarter performance marks four consecutive quarters of strong sustained growth since listing with record EBITDA growth of 50% in this quarter. Our diversified, luxury-focused portfolio, disciplined execution and strategic asset expansion position us well for continued revenue and margin growth in the coming quarters.

We remain committed to our strategic objective of doubling our key count over the next five years, supported by targeted acquisitions and organic expansion. Our latest acquisition of the Hilton Goa Resort and proposed investment in Soho House India further augment our pipeline of 1,582 keys, and underscore our strategy to tap into new, vibrant market segments to power our long- term growth.”

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Compressors & Pumps company Oswal Pumps announced Q2FY26 results

  • Total income of Rs 5,465 million in Q2FY26, registering a growth of 75.8% YoY.
  • EBITDA of Rs 1,348 million in Q2FY26, growing 32.6% YoY. EBITDA Margin was at 24.7%.
  • PAT of Rs 975 million in Q2FY26, up 48.3% YoY and PAT Margin was at 17.8%.
  • Diluted EPS stood at Rs 8.43 in Q2FY26 as against Rs 6.57 in Q2FY25.

Vivek Gupta, Chairman & Managing Director, Oswal Pumps, said: “We are pleased to report Total Income of Rs 5,465 million, reflecting a 75.8% YoY increase and 6.1% QoQ growth. This sustained momentum was primarily driven by the continued execution of our PM Kusum and Magel Tyala orders.

Our EBITDA margin for the quarter stood at 24.7% while our operating EBITDA margin stood at 23.7%, reflecting a QoQ decline of 368 bps. The primary reason was reduction in PM Kusum and Magel Tyala tender rates, which fell by an average of 7.5%, impacting over 80% of our core revenue. In addition, certain one-time factors contributed to margin pressure, including approximately Rs 400 million of module sales at significantly lower margins compared to complete pumping systems, and a one-time expense of Rs 25 million related to increasing the authorised capital of our subsidiary. These factors together caused an estimated 180 bps decline in operating EBITDA margins, which we expect to recover in Q3FY26.

Overall, these elements resulted in an Operating EBITDA margin compression of over 6.5%. However, through proactive value engineering initiatives and operational efficiencies, we were able to mitigate the impact by 285 bps. These actions reinforce our ability to navigate pricing pressures and protect profitability, while positioning the business for a stronger margin profile going forward.

While the rate revision continues to put pressure on margins, we are progressing towards the completion of several key backward integration and value engineering projects, which will positively impact our operating profitability by another 1% by Q4FY26.

Profit After Tax (PAT) for Q2FY26 was Rs 975 million, marking a 48.3% YoY and 3.0% QoQ increase, with a healthy PAT margin of 17.8%.

Looking ahead, we have a strong order book exceeding 18,800 pumps consisting of direct PM Kusum, indirect PM Kusum and export orders and a pipeline of over 30,000 pumps across major states including Maharashtra, Haryana, Karnataka and Madhya Pradesh. These orders, along with the robust pipeline position us well to achieve our FY26 targets. Additionally, we anticipate the launch of PM Kusum 2.0 before the end of this fiscal. Given our integrated business model and strong execution capabilities, we are well placed to leverage the opportunities that will arise from this upcoming program.

Separately, we propose shifting the Solar Module Expansion Project to a land parcel adjacent to our existing plant, as it offers a larger area, superior logistics, better manpower utilization, and the ability to leverage existing R&D and administrative infrastructure. This change is expected to improve operational efficiencies and costs, provide stronger long-term value, while all other elements of the object clause remain unchanged. Overall this will be value accretive to all the stakeholders and for which we will seek shareholders approval.”

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Consumer Electronics company LG Electronics India announced Q2FY26 results

  • Revenue from operations for Q2FY26 at Rs 61.74 billion, up 1.0% on YoY basis.
  • EBITDA at Rs 5.48 billion with an EBITDA margin of 8.9% in Q2FY26.
  • Profit after tax (PAT) stood at Rs 3.89 billion.
  • Continues its commitment to ‘Make for India’, ‘Make in India’, and ‘Make India Global’.
  • LG Essential Series, premium affordable category products aimed to target masses, witnesses good early traction.

Hong Ju Jeon, Managing Director, LG Electronics India, said: "H1FY26 presented some macroeconomic headwinds including a cool summer, geo-political challenges, tariffs, and forex fluctuations. Despite this, our team in India demonstrated resilience sales growth, gaining market share and maintaining stable profitability. This performance underscores the strength of our operational execution and the deep trust consumers place in our brand. This is a reflection of our strong fundamentals and reinforces our continued commitment to our India growth story. We are now strategically accelerating our future growth by expanding our domestic footprint followed by our focus on ramping up exports as global conditions normalize. Construction of our third plant is progressing as per schedule and our new product line, LG Essential Series is supporting our growth in Tier 2 and 3 markets. Our focus remains clear: to deliver cutting-edge technology that enriches the lives of our customers and solidifies our position as India’s most loved brand."

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Financial Services company National Securities Depository announced Q2FY26 results

  • The total income increased from Rs 210.8 crore (Q2FY25) to Rs 250.6 crore (Q2FY26), registering a growth of 18.9%.
  • The net profit after tax grew by 18.3% from Rs 101.8 crore (Q2FY25) to Rs 120.4 crore (Q2FY26).
  • Demat account (net BO A/C) market share increased from 9.9% Q2FY25 to 17.6% in Q2FY26 to 4.19 crore as of September 30, 2025. We have added 13.92 lakh net BO accounts for Q2FY26.
  • Market share increased in the unlisted market as the number of companies admitted in Q2FY26 stood at 11,552, with overall market share 73.0% (equity) compared with Q2FY25 at 71.1%.
  • We hold 86.3% market share by total demat custody value as of September 30, 2025.
  • No of Depository participants (DP) – 299 and DP service centres – 55,738 as of September 30, 2025.
  • In Q2FY26, we have received a dividend of Rs 18.3 crore from our subsidiary NSDL Database Management Limited (NDML).
  • On a standalone basis, our Net worth for September 30, 2025, is Rs 1970.9 crore.

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Department Stores company Vishal Mega Mart announced Q2FY26 results

  • Revenue from operations stood at Rs 29,815 million, YoY growth of 22.4%.
  • Adjusted EBITDA (pre-INDAS 116 and pre-ESOP charges) stood at Rs 2,529 million (8.5% margin), YoY growth of 34.2%.
  • Adjusted PAT (pre-ESOP charges) stood at Rs 1,617 million (5.4% margin), YoY growth of 39.4%.
  • SSSG of 11.3% (Adjusted SSSG of 12.8%).
  • 28 Gross and 25 Net stores were added.

Gunender Kapur, Managing Director & Chief Executive Officer, said: “Q2FY26 marked another period of delivering strong results with healthy growth in both revenue and profitability, demonstrating the strength of our customer-centric value proposition and disciplined execution.

For the quarter, the revenue from operations increased to Rs 29,815 million, growing by 22.4% with healthy double-digit SSSG of 11.3% (Adjusted SSSG of 12.8%). For the halfyear, our revenues from operations increased to Rs 61,218 million, growing by 21.6% with SSSG of 10.9% (Adjusted SSSG of 12.1%).

Growth was supported by the sustained strength of our own-brand portfolio, healthy footfalls, and new store additions. We added 28 gross new stores during the quarter and 51 in half-year, in line with our growth strategy and strengthening our presence in core geographies and expansion into new states.

Revenue growth in Q2FY26 has some impact of early onset of Durga Puja festivities in Sep’25 vs Oct’24 last year.

Profit margins remained strong driven by benefits of operating leverage. PAT for Q2FY26 stands at Rs 1,523 million with yoy growth of 46.5% and PAT for H1FY26 stands at Rs 3,584 million with yoy growth of 41.0%.

The government’s initiative of GST rate rationalization is a positive step towards stimulating consumption. Our commitment remains to pass on these benefits to our customers to enable long-term inclusive growth for all.”

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Gems & Jewellery company Shringar House of Mangalsutra announced Q2FY26 results

  • Revenue from operation for Q2FY26 stood at Rs 5,287.9 million, as against Rs 4,160.7 million in Q2FY25, reflecting a 27.1% growth on a YoY basis. This growth was driven by favourable mix towards high-value products combined with favorable gold price trend.
  • EBITDA for the quarter grew by 35.4%, reaching Rs 331.0 million in Q2FY26 compared to Rs 244.5 million in Q2FY25. EBITDA margin for the quarter stood at 6.3% expanding by 38 basis points on a YoY basis.
  • Profit after Tax for Q2FY26 was at Rs 228.5 million, as against Rs 160.4 million in Q2FY25, YoY growth of 42.5%. PAT Margin increased by 47 basis points on a year on year basis to reach 4.3%.
  • Landmark launch of “24K SHUDDH” Collection, one of the first-ever HUID Hallmarked Mangalsutra Collection in India crafted entirely in pure 24 Karat gold.

Chetan N Thadeshwar , Chairman & Managing Director,  said: “We are pleased to report strong Q2FY26 results, driven by robust domestic demand, supportive gold prices, and a richer mix of high-value products. Key margins expanded significantly, underscoring the strength of our operations.

We are also proud to announce the launch of our signature ‘24K SHUDDH’ Mangalsutra Collection — a pioneering range that stands among India’s first HUID-hallmarked collections, meticulously crafted in pure 24-karat gold. This announcement is a further testament to our innovation culture as we look towards expand our diversified product portfolio as key pillar of growth. Our extensive portfolio is ably supported by our integrated manufacturing facility that enables us to have complete control from conceptualization and designing to manufacturing.

We remain committed to strengthening relationships with existing clients, investing in brand-building initiatives, enhancing operational efficiencies, and establishing a robust pan-India supply chain to tap into underserved markets through strategic third-party partnerships. As part of this expansion drive, the company has recently inaugurated new branch offices in Delhi and Pune.

We continue to remain very upbeat on the upcoming festive and wedding season driven by a favourable demand outlook supported by higher consumer spending. Our relentless focus on quality manufacturing, expertise developed over 15 years of rich legacy combined with an established clientele of marquee players positions us well to deliver sustainable, long term value for all our stakeholders."

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Heavy Electrical Equipment company Quality Power Electrical Equipments announced Q2FY26 results

  • Total Revenue: Rs 2,189 million against Rs 1,031 million during Q2FY25, change 112.4%.
  • EBITDA: Rs 494 million against Rs 168 million during Q2FY25, change 193.4%.
  • EBITDA Margin: 24.0% for Q2FY26.
  • PBT: Rs 443 million against Rs 141 million during Q2FY25, change 213,2%.
  • PBT Margin: 20.2% for Q2FY26.

Bharanidharan Pandyan, Joint Managing & Whole-time Director, said: “The global high-voltage industry continues to expand on the back of the energy transition, renewable integration, and grid modernization. While capacity additions remain strong worldwide, constraints in engineered electrical components are creating long-term opportunities in advanced high-voltage technologies. Quality Power is capitalizing on this momentum through strong international order inflows, deeper technology integration, and disciplined execution. Our ongoing investments in automation, technology, and processes are enhancing product reliability, manufacturing agility, and competitiveness across global markets.”

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IT Networking Equipment company Aditya Infotech announced Q2FY26 results

  • Revenue stood at Rs 919.6 crore, up 37.5% YoY, driven by strong traction in CP PLUS branded IP cameras and the expanding STQC-certified portfolio.
  • EBITDA stood at Rs 111.1 crore, up 157.6% YoY, with margins improving by 560 bps to 12.0%, supported by a favourable product mix and higher localization.
  • Adjusted PAT stood at Rs 70.0 crore, up 239.1% YoY, aided by disciplined cost management and a 28.7% reduction in finance costs following debt repayment from IPO proceeds.
  • Gross Margin stood at 29.8%, up 940 bps YoY, with CP PLUS contribution rising to 86% of revenue.

Aditya Khemka, Managing Director, said: ”Q2FY26 marks another strong quarter for Aditya Infotech, reflecting our ability to execute on growth priorities and capture market share. Revenue grew 37.5% YoY to Rs 919.6 crore, supported by robust demand for CP PLUS-branded IP cameras and our extensive STQC-certified portfolio. EBITDA surged 157.6% YoY to Rs 111.1 crore with margins accretion by 560 bps YoY to 12.0%, driven by a favourable product mix, higher localization, and operating leverage. Adjusted Profit After Tax increased 239.1% YoY to Rs 70.0 crore.

For H1FY26, revenue grew 27.2% YoY to Rs 1,659.7 crore, while EBITDA rose 102.0% YoY to Rs 176.0 crore, with margins expansion by 390 bps YoY to 10.6%. Adjusted Profit After Tax for H1FY26 stood at Rs 102.8 crore, representing an increase of 138.4% YoY.

The strategic utilization of IPO proceeds for debt repayment has significantly strengthened our balance sheet, reducing our debt position from ~Rs 466 crore in June 2025 to ~Rs 68 crore in Sept 2025. This disciplined deleveraging approach has delivered substantial interest cost savings, which will further enhance our overall profitability and create ample financial flexibility to support future growth initiatives.

Our leadership in the Indian video surveillance market continues to strengthen, with CP PLUS contributing 86% of revenue and IP products forming nearly 70% of the portfolio. Strategic initiatives such as capacity expansion to 2 million units per month, the launch of new brands EYRA and NEXIVIEW, and our partnership with L&T Semiconductor Technologies for Vision AI SoC-powered cameras position us for sustained growth.

With strong industry tailwinds and disciplined execution, we remain confident of achieving FY26 guidance of 25-30% revenue growth and 10-11% EBITDA margins, creating long-term value for all stakeholders.”

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