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Hero MotoCorp Ltd. 14 Nov 2025 11:49 AM
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Q2FY26 Quarterly Result Announced for Hero MotoCorp Ltd.

2/3 Wheelers company Hero MotoCorp announced Q2FY26 results

  • Volume: 16.91 lakh units of motorcycles and scooters sold in Q2FY26 (vs 15.20 lakh units Q2FY25)
  • Revenue from operations: Rs 12,126 crore, a growth of 16% over the corresponding quarter in the previous fiscal.
  • Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) for Q2FY26 stands at Rs 1,823 crore, a growth of 20%.
  • Net Profit After Tax (PAT) at Rs 1,393 crore, a growth of 16% over the previous year.

Vivek Anand, Chief Financial Officer (CFO), Hero MotoCorp, said: “The change in the GST regime has fundamentally simplified India's indirect tax structure and demonstrably improved consumer sentiment. The industry witnessed direct benefits of this policy reform, reflected in strong market performance.

In Q2FY’26, the auto industry returned to broad based growth, further supported by positive festive sentiment. Hero MotoCorp witnessed strong momentum, aided by the success of our new launches, expanding product portfolio, and customer-centric marketing campaigns. Furthermore, our Emerging Mobility business—VIDA—returned growth ahead of the industry average, and the Company outperformed the markets in global business.

We expect the momentum in growth to continue, supported by benefits flowing in from the GST reforms, healthy macro economic parameters, and a robust product portfolio. We remain committed to sustained growth and will continue to invest strategically in technology, global markets, and product innovation to build long-term value for our shareholders.”

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Auto Parts & Equipment company Samvardhana Motherson International announced Q2FY26 results

  • Revenue: Rs 30,173 for Q2FY26, change 8.5% YoY.
  • EBITDA: Rs 2,719 for Q2FY26.
  • PAT: Rs 856 for Q2FY26, change 15% YoY.

Vivek Chaand Sehgal, Chairman, Motherson, said: “Our performance demonstrates the resilience and adaptability of our global business teams, whose collaborative spirit has been essential in navigating a dynamic business environment. Leveraging our strong design, engineering, manufacturing and assembly expertise, we are well-equipped to fulfil our customers' needs and deliver sustainable growth. The transformative measures we have implemented are expected to maintain momentum and accelerate further in H2FY26. The robustness of our booked business highlights the trust our customers place in us. The performance of our non-automotive businesses, such as Aerospace and Consumer Electronics, is highly encouraging, and we are excited about their immediate future potential. Our strategic focus on prudent financial management enables us to maintain a strong balance sheet while investing in opportunities that drive our progress.”

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Holding Companies company Bajaj Holdings & Investment announced Q2FY26 results

  • BHIL's consolidated profit after tax increased to Rs 1,559 crore in Q2FY26 v/s Rs 1,436 crore in Q2FY25.
  • BHIL's standalone profit after tax increased to Rs 2,181 crore in Q2FY26 v/s Rs 1,051 crore in Q2FY25
  • An interim dividend of Rs 65 per equity share (650%) was declared on 16 September 2025 and paid on 14 October 2025, amounting to Rs 723 crore.

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Electric Utilities company Tata Power Company announced Q2FY26 results

  • Revenue momentum continues: Q2FY26 Revenue up 3% to Rs 15,769 crore; H1FY26 up 4% to Rs 33,233 crore, driven by strong performance across core businesses EBITDA surges: Q2FY26 EBITDA increases 6% to Rs 4,032 crore; H1FY26 rises 11 % to Rs 7,961 crore, reflecting operating efficiency and well diversified portfolio.
  • Renewables business outperforms: Segment PAT up 70 % to Rs 511 crore in Q2FY26; EBITDA up 57% to Rs 1,575 crore, Revenue up 89% to Rs 3,613 crore reflecting strength of strategic investment in Solar Manufacturing and Rooftop business delivering stellar gains.
  • Solar Cell and Module manufacturing achieved output of 928 MW of Cells & 970 MW of Modules in Q2FY26. 809 MW of DCR modules dispatched in Q2, highest ever single quarter dispatch.
  • Global acknowledgement: TP Solar earns Bloomberg NEF Tier-1 manufacturer status, enhancing export prospects from its 4.3 GW Tirunelveli facility. Additionally, the plant is also included in ALMM List II.
  • Rooftop solar scales new highs: Order book stands at Rs 1,116 crore. Pan-India network of 644 channel partners and over 2000 retailers.
  • Transmission business overall PAT grew to Rs 120 crore (up 41 % YoY) in Q2FY26.
  • Distribution business overall PAT grew to Rs 557 crore (up 34 % YoY) in Q2FY26. The Company is actively exploring the upcoming opportunities in Power Distribution in Maharashtra, Goa and Uttar Pradesh
  • Strengthening regional energy security: Construction commenced for the 600 MW Khorlochhu Hydro Project in Bhutan in which Tata Power has 40% stake, part of a 5 GW clean energy partnership. The plant has signed loan agreement worth Rs 4,829 crore with PFC.
  • Firming up RTC renewable supply: Work commenced on 1,000 MW Bhivpuri PSP in Maharashtra to enable firm, dispatchable green power supply.

Praveer Sinha, CEO & Managing Director, Tata Power, said: “Tata Power has reported a robust performance in Q2FY26 and H1FY26, reflecting the strength of strategic initiatives and decisions taken by Company towards its integrated and diversified business model. Growth continues across conventional generation, clean energy, and consumer-focused distribution.

Tata Power is very well positioned to expand further with 10 GW of clean capacity under construction including a healthy pipeline of 5 GW Hybrid and FDRE projects. The Company’s backward-integrated solar manufacturing facilities are operating at full capacity, with ALMMlisted modules and cells supporting the “Make in India” clean energy push.

The rooftop solar segment continues to lead the industry with record installations, while our Discoms drive service excellence across a growing customer base of over 13 million. With proposed amendments to the Electricity Act, Tata Power is well positioned to expand its distribution footprint to 40 million consumers by 2030. As India’s power sector evolves, Tata Power remains committed to innovation, sustainability, and energy self-reliance across the value chain”.

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Pharmaceuticals company Lupin announced Q2FY26 results

  • Gross Profit was Rs 50,066 million compared to Rs 38,071 million in Q2FY25, with a gross margin of 73.3%.
  • Personnel cost was 16.2% of sales at Rs 11,056 million compared to Rs 10,075 million in Q2FY25.
  • Manufacturing and other expenses were 29.0% of sales at Rs 19,796 million compared to Rs 16,670 million in Q2FY25.
  • PBT at Rs 20,070 million at 29.4%, up 90.3% YoY from Rs 10,549 million in Q2FY25.
  • Investment in R&D for the quarter was Rs 5,091 million (7.5% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “We are delighted to present one of our strongest performances ever in this second quarter of FY26. We continue to see robust growth in revenues and EBITDA led by strong performance across the board, in the U.S., emerging markets, other developed markets and in India, supported by higher operational efficiencies and sustained investments. We intend to leverage the performance of H1 to deliver a strong FY26”

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Industrial Machinery company Cummins India announced Q2FY26 results

  • Total Sales for the quarter at Rs 3,122 crore increased by 28% compared to Q2FY25 and increased by 9% compared to Q1FY26.
  • Domestic sales at Rs 2,577 crore are higher by 28% compared to Q2FY25 and higher by 10% compared to Q1FY26.
  • Export Sales at Rs 545 crore are higher by 24% compared to Q2FY25 and higher by 4% compared to Q1FY26.
  • Profit before tax (before exceptional items) at Rs 839 crore is higher by 41% compared to Q2FY25 and higher by 16% compared to Q1FY26.
  • Profit after tax at Rs 638 crore is higher by 42% compared to Q2FY25 and higher by 8% compared to Q1FY26.

Shveta Arya, Managing Director, Cummins India, said: "I am delighted to announce that Cummins India Limited has delivered a record quarterly revenue, driven by steady demand across markets and improved order execution. We have also achieved a record quarterly profit, supported by volume leverage and operational efficiencies.

Macro-economic indicators continue to remain strong, indicating robust trade activities. IIP and PMI are pointing to a reasonable economic outlook for the year. With improved liquidity consequent to GST 2.0 and stable fiscal policies backed by low inflation the Indian economy is on course to attain 6.8% GDP growth.

India’s export outlook faces headwinds amid ongoing geopolitical uncertainties across regions, thereby impacting global trade flows and demand."

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Cholamandalam Investment & Finance Company announced Q2FY26 results

  • Aggregate disbursements in Q2FY26 were at Rs 24,442 crore and Rs 48,646 in H1FY26 with the AUM of Rs 2,14,906 crore as of 30th September 2025 as compared to Rs 1,77,426 crore as of 30th September 2024, registering a growth of 21% on YoY.
  • Vehicle Finance (VF) disbursements were at Rs 13,539 crore in Q2FY26 and Rs 27,186 crore in H1FY26, with the AUM of Rs 1,07,568 crore as of 30th September 2025 as compared to Rs 92,012 crore in the previous year, registering a growth of 17% YoY.
  • Loan Against Property (LAP) business disbursed Rs 4,630 crore in Q2FY26 and Rs 9,336 crore in H1FY26, with the AUM of Rs 46,302 crore as of 30th September 2025 as compared to Rs 34,824 crore in the previous year, registering a growth of 33% YoY.
  • Home Loan business disbursed Rs 1,697 crore in Q2FY26, and Rs 3,461 in H1FY26, with the AUM of Rs 20,405 crore as of 30th September 2025 as compared to Rs 15,892 crore in the previous year, registering a growth of 28% YoY.
  • Small and Medium Enterprises Loan (SME) business disbursed Rs 1,581 crore in Q2FY26, and Rs 3,286 crore in H1FY26, with the AUM of Rs 7,544 crore as of 30th September 2025 as compared to Rs 5,877 crore in the previous year, registering a growth of 28% YoY.
  • Consumer and Small Enterprise Loans (CSEL) disbursed Rs 2,142 crore in Q2FY26, and Rs 4,188 crore in H1FY26, with the AUM of Rs 13,952 crore as of 30th September 2025 as compared to Rs 14,175 crore in the previous year.
  • Secured Business and Personal Loan (SBPL) disbursed Rs 385 crore in Q2FY26, and Rs 744 crore in H1FY26, with the AUM of Rs 2,932 crore as of 30th September 2025 as compared to Rs 1,863 crore in the previous year, registering a growth of 57% YoY.
  • PBT Growth was 20% in both Q2 and for H1FY26.
  • PBT-ROA for Q2 is at 3% and 3.1% in H1FY26.
  • ROE for Q2FY26 was at 18.11%. and 18.47% in the H1FY26.
  • The Company continues to hold a strong liquidity position with Rs 16,991 crore as cash balance as at the end of Sep'2025 (including HQLA of Rs 6,661 crore in GSEC, SDL, T-bill & Strips shown under investments held in compliance with LCR requirements), with a total liquidity position of Rs 17,516 crore (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all time buckets.
  • Consolidated Profit Before Tax (PBT) for Q2FY26 was at Rs 1,565 crore as against Rs 1,304 crore in Q2FY25 registering a growth of 20% and for H1FY26 was at Rs 3,096 crore as against Rs 2,579 crore in H1FY25 registering a growth of 20%.
  • Asset Quality: Stage 3 levels representing 90 dues were at 3.35% as of September 25 as against 3.16% at the end of June 25. GNPA % as per RBI norms was at 4.57% as of September 25 as against 4.29% in June 25. NNPA as per RBI norms was at 3.07% as of September 25 as against 2.86% in June 25.
  • Capital Adequacy: The Capital Adequacy Ratio (CAR) of the company as of 30 th September 2025, was at 20.00% as against the regulatory requirement of 15%. Tier-I Capital was at 14.59% (Common Equity Tier-I Capital at 13.93% as against a regulatory minimum of 9%) and Tier-II Capital was at 5.41%.

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Auto Parts & Equipment company Tube Investments of India announced Q2FY26 results

Consolidated Financial Highlights:

  • Consolidated revenue for Q2FY26 was Rs 5,523 crore as against Rs 4,925 crore in the Q2FY25.
  • The profit (before share of profit of an Associate/Joint Venture, Exceptional ltems and Tax) for the quarter was at Rs 459 crore as against Rs 426 crore in Q2FY25.

Standalone Financial Highlights:

  • Revenue in Q2 was at Rs 2,119 crore compared with Rs 2,065 crore of same period previous year.
  • PBT was at Rs 250 crore compared with Rs 225 crore of same period previous year, a growth of 11.5%.
  • ROIC (annualized) was at 44% for the quarter ended 30th September 2025 compared with 45% of same period previous year.
  • Free cash flow for the quarter was Rs 183 crore.

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Hotels company Indian Hotels Company announced Q2FY26 results

  • Revenue: Rs 2,124 crore for Q2FY26, change 12% YoY.
  • EBITDA: Rs 653 crore for Q2FY26, change 16% YoY.
  • PAT: Rs 285 crore for Q2FY26, change 15% YoY.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “Q2FY26 marks IHCL’s fourteenth consecutive quarter of record financial performance with a revenue of Rs 2,124 crore, a 12% growth over the previous year and a strong EBITDA margin of 30.8%, an expansion of 90 basis points. The revenue performance in the first half of the year was enabled by a 9% RevPAR growth, 22% growth in New Businesses and 21% growth in management fee income.”

“IHCL continued its accelerated growth momentum in the first half of FY26 with 46 signings to reach a portfolio of 570 hotels and opened 26 hotels crossing a milestone of 250 operating hotels in India with over 25,000 rooms. Under our strategic partnership with Clarks group, 14 hotels have been successfully onboarded on our sales & distribution network, the remaining portfolio is set to migrate to IHCL’s brandscape in the coming months. In line with our guidance, Taj Bandstand, an iconic development for Mumbai skyline has commenced construction post securing necessary approvals. On the back of strong industry fundamentals, outlook for the second half of the fiscal remains strong with a rebound in corporate travel, seasonal surge in social events and global conventions & trade fairs.”

Ankur Dalwani, Executive Vice President & Chief Financial Officer, IHCL said:“For Q2FY26, IHCL Standalone reported a revenue of Rs 1,166 crore, clocking an EBITDA margin of 40.8%, an expansion of 220 basis points and a PAT margin of 24.8%. Planned renovations have been completed in the first seven months of this fiscal across key assets like Taj Fort Aguada Resort & Spa, Goa, Taj Palace, New Delhi and The Taj Mahal Palace, Mumbai.”

“IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of Rs 2,847 crore as on 30th September 2025.”

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Cement & Cement Products company Ambuja Cements announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Quarterly revenue at Rs 9,174 crore highest ever in Q2 series, up 21% YoY, volume growth ~5x industry average.
  • Q2 PMT EBITDA @ Rs 1,060 PMT, up 32% YoY, Rs 1,761 crore, up 58% YoY, Margin @ 19.2%, up 4.5 pp YoY.
  • EPS at Rs 7.2 for the quarter, up by 267% (an increase of Rs 5.2) YoY.
  • Net worth at Rs 69,493 crore, up by Rs 3,057 crore. during the quarter, continue to remain debt free, highest rating of croreisil AAA (Stable) / croreisil A1 .

Business Highlights:

  • FY28 target capacity upped by 15 MTPA from earlier 140 MTPA to now 155 MTPA. This incremental 15 MTPA capacity will be achieved by debottlenecking at a much lower capex of USD 48/ MT.
  • We are also installing 13 blenders at our plants over a period of 12 months which will optimize product mix and increase share of premium cement, thereby improving realisation.
  • In addition, Plant logistics infrastructure debottlenecking will help existing capacity (107 MTPA) utilisation up by 3% over 24 months.
  • Trial run has started for a 4 MTPA new kiln line at Bhatapara (Chhattisgarh).
  • 2 MTPA Krishnapatnam GU operationalised, additional 7 MTPA will be operational at other 3 locations in Q3.
  • Commissioned 200 MW solar power taking RE capacity to 673 MW, expected to reach 900 MW by the end of this year, and 1,122 MW by FY27.

Vinod Bahety, Whole Time Director & CEO, Ambuja Cements, said: “This quarter has been noteworthy for the cement industry. Despite the headwinds from prolonged monsoons, the sector will benefit from the tailwinds of several favourable developments including GST 2.0 reforms, the Carbon croreedit Trading Scheme (CCTS), and the withdrawal of coal cess. Our capacity expansion is well timed to capitalize on this positive momentum. We have upped our FY28 target capacity by 15 MTPA from earlier 140 MTPA to now 155 MTPA. This increase of 15 MTPA from debottlenecking initiatives will come at a much lower capex of USD 48/MT. In addition, debottlenecking of plant logistics infrastructure will help in improving existing capacity (107 MTPA) utilization by 3%. We are also installing 13 blenders at our plants over a period of 12 months which will optimize mix and increase share of premium cement, in turn improving realization. The leadership journey has resulted in a 5% lower cost of sales YoY, and enabled our existing assets to deliver a PMT EBITDA of ~Rs 1,189 PMT, and an overall EBITDA of Rs 1,060 PMT. Our outlook for the balance period of FY26 remains positive. We remain optimistic about delivering double digit revenue growth and four digits PMT EBITDA. Exit of FY26 we target to deliver total cost of Rs 4,000 PMT, and further 5% reduction YoY for the next two years, helping us to achieve the cost target of Rs 3,650 PMT by FY28.

Our Cement Intelligent Network Operations Centre (CiNOC) will enable a paradigm shift across business operations. AI will run deep into our enterprise fabric, bringing efficiency, productivity and deeper engagement with stakeholders across the value chain.”

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