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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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Roads & Highways company Ashoka Buildcon announced Q2FY26 results

  • Total Income: Rs 1,302.6 crore against Rs 1,458.9 crore during Q2FY25, change -11%.
  • EBITDA: Rs 159.8 crore against Rs 160.3 crore during Q2FY25, change 0%.
  • PBT: Rs 57.2 crore against Rs 64.8 crore during Q2FY25, change -12%.
  • PAT: Rs 139.2 crore against Rs 36.2 crore during Q2FY25, change 284%.
  • Consolidated Debt is Rs 4,910 crore.

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Castings & Forgings company Balu Forge Industries announced Q2FY26 results

  • Revenue from Operations: Rs 2,995 million against Rs 2,229 million during Q2FY25, change 34.4%.
  • EBITDA: Rs 828 million against Rs 652 million during Q2FY25, change 27.0%.
  • EBITDA Margin: 27.6% for Q2FY26.
  • PAT: Rs 650 million against Rs 480 million during Q2FY25, change 35.5%.
  • PAT Margin: 21.5% for Q2FY26.
  • EPS: Rs 6.08 for Q2FY26.

Jaspal Singh Chandock, Chairman & Managing Director, BFIL, said: “Revenue from Operations in Q2FY26 was Rs 2,995 million, an increase of 34.4% YoY. EBITDA for the quarter was Rs 828 million, with an EBITDA margin of 27.6%, while PAT was Rs 650 million, reflecting a margin of 21.5%. For H1FY26, Revenue from Operations was Rs 5,327 million, up 33.8% over H1FY25, with EBITDA of Rs 1,551 million and PAT of Rs 1,261 million. This performance reflects steady execution and the continued strengthening of Balu Forge’s integrated manufacturing platform.

The greenfield facility at Hattargi, Karnataka, is advancing as planned and remains central to our ongoing expansion. The plant integrates captive forging and precision machining under one setup, improving efficiency and output. Commissioning of the 25-ton closed-die forging hammer, 8,000-ton mechanical press, and automated machining lines is progressing on schedule. When fully operational, total forging and machining capacities will increase to 150,000 tons and 80,000 tons per year, respectively.

The defence division remains a key focus. The dedicated forging and machining line for Empty Shell production, with a capacity of 360,000 shells per year is in the commercialization phase. The company has vendor approvals from leading Indian defence players and continues to add new products across artillery, armoured vehicle and engine components, strengthening its role in India’s defence manufacturing ecosystem.

We continue to focus on disciplined execution and capacity readiness as we scale operations across forging and machining. The Hattargi facility will strengthen our fully integrated manufacturing base and improve our ability to serve complex, high-value applications. With defence production entering the commercialization stage and capacity expansion on track, Balu Forge is positioned to drive the next phase of growth through scale, technology, and customer diversification.”

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Travel Support Services company Easy Trip Planners announced Q2FY26 results

  • Hotel nights bookings rose from 2.2 lakh to 4.2 lakh, an increase of 93.3% YoY ~ averaging 4,600 room nights booked daily.
  • Bookings in the Train, Buses and Others segment rose by 16.0% YoY from 2.8 lakh to 3.3 lakh.
  • Dubai operations recorded Gross Booking Revenue of Rs 361.7 crore as against Rs 172.5 crore in the same period last year, representing a YoY increase of 109.7%.
  • Gross Booking Revenue of Rs 1958.7 crore.
  • Total Revenue from Operations was Rs 118.3 crore grew by 4.0% QoQ.
  • EBITDA was Rs 12.1 crore with margin of 9.6% grew by 76.3% QoQ.
  • Total Comprehensive Income was Rs 13.5 crore.

Nishant Pitti, Chairman, Managing Director & Founder, Easy Trip Planners, said: “EaseMyTrip delivered a strong sequential performance in Q2FY26, demonstrating operational resilience and strategic progress across our business verticals. We reported a Gross Booking Revenue of Rs 1958.7 crore, Revenue from Operations of Rs 118.3 crore, EBITDA of Rs 12.1 crore with margin of 9.6%, and Total Comprehensive Income of Rs 13.5 crore. This quarter’s performance reflects the strength of our diversified business model, the success of our non-air strategy, and our continued commitment to expand EaseMyTrip’s global footprint.

Our Dubai operations sustained an upward trajectory, achieving a 109.7% year-on-year increase in GBR, from Rs 172.5 crore to Rs 361.7 crore, highlighting the effectiveness of our international growth initiatives. The Hotel and Packages segment remained a key driver of growth, delivering 93.3% YoY increase in bookings, ~averaging 4,600 room nights booked daily. Additionally, an ~average of 22,400 flight segments were booked daily.

Q2FY26 was also notable for strategic innovation and partnerships. The launch of EaseMyTrip 2.0 marked a milestone in our evolution toward a comprehensive travel ecosystem connecting people, experiences, and destinations. We strengthened our portfolio through key acquisitions and collaborations, enhanced our visibility through marquee events, all while maintaining our focus on delivering exceptional customer satisfaction and sustainable growth.

As I step into the role of Chairman and Managing Director, my priority is to reinforce EaseMyTrip’s longterm vision and strategic direction, create lasting value for our shareholders, and continue driving innovation that shapes the future of travel.”

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Pharmaceuticals company Marksans Pharma announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Operating revenue stood at Rs 720.4 crore, up by 12.2% YoY, attributed to strong traction in the US market, supported by new product launches across the digestive and pain management segments.
  • Gross profit stood at Rs 411.8 crore, up by 7.4% YoY, with gross margin of 57.2%.
  • EBITDA stood at Rs 144.5 crore., with a margin of 20.1%.
  • EPS was at Rs 2.2.

Other Highlights:

  • Cash generated from operations at Rs 75.2 crore during H1FY26.
  • Capex of Rs 73.2 crore incurred during H1FY26.
  • Working capital cycle ~150 days for Q2FY26.
  • Cash balance of Rs 666.5 crore as on 30th September 2025.
  • Research & development (R&D) spends at Rs 26.2 crore in H1FY26, 2.0% of consolidated revenue

Mark Saldanha, Managing Director, said: “Q2FY26 has been a strong quarter for us, with revenues growing 16% sequentially, driven by robust demand across our key markets. The US region recorded solid growth, demonstrating resilience amid macro challenges, supported by stabilizing tariff conditions, timely order book execution, and meaningful traction from new product launches. The UK market also witnessed improved demand and delivered stable results despite continued pricing pressures.

Our EBITDA and PAT grew 44% and 70% QoQ, reflecting the benefits of operating leverage.

Looking ahead, we remain optimistic about sustaining this momentum into the second half of the year. Our strategic focus and operational discipline position us well to deliver resilient growth and long-term value for our stakeholders.”

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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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Aerospace & Defence company Mishra Dhatu Nigam announced Q2FY26 results

  • Turnover of Rs 209.73 crore during the Q2FY26 against the Turnover of Rs 262.12 crore recorded in Q2FY25.
  • Value of Production (VoP) during the Q2FY26 stood at Rs 256.38 crore against the Value of Production (VoP) of Rs 268.22 crore recorded in Q2FY25.
  • Profit Before Tax (PBT) during the Q2FY26 stood at Rs 19.13 crore against the Profit Before Tax (PBT) of Rs 33.92 crore recorded in Q2FY25.
  • Profit After Tax (PAT) during the Q2FY26 stood at Rs 12.77 crore against the Profit After Tax (PAT) of Rs 23.55 crore recorded in Q2FY25.
  • The order book position of the company as on 1st October 2025 stood at Rs 1,869.00 crore.

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Breweries & Distilleries company Tilaknagar Industries announced Q2FY26 results

  • Volumes grew by 16.2% YoY, to reach 34.2 lakh cases.
    • Market share gain in most of the key markets.
  • Net revenue of Rs 398 crore; YoY growth of 6.2%.
    • Adjusted for subsidy, net revenue growth of 9.3% YoY.
    • NSR has increased from Rs 1,193 in Q1FY26 to Rs 1,215 in Q2FY26.
  • EBITDA of Rs 60 crore and PAT of Rs 53 crore.
    • EBITDA margin at 15.1%.
    • Adjusted for subsidy, YoY EBITDA growth of 8.2%.
    • A&P reinvestment rate (as % of subsidy-adjusted net revenue) increased from 0.6% in Q2FY25 to 2.1% in Q2FY26.
    • PAT margin at 13.2%, adjusted for subsidy 14 bps YoY expansion.
  • Reported EPS (Diluted) stood at Rs. 2.69 per share.

Amit Dahanukar, Chairman & Managing Director, said: “I am pleased to share that during the quarter, we gained market share across most key markets, driven by the strong performance of our existing portfolio, which continued to take share from competition and by incremental gains from the introduction of brands in new territories.

The quarter also saw the introduction of Mansion House Whisky in Odisha, Telangana and Kerala, and the launch of Monarch Legacy Edition Brandy in Hyderabad Duty Free, Odisha, Kerala and Karnataka. Under the usership agreement with Spaceman Spirits Lab Private Limited (SSL) - our investee company, we commenced distribution of Samsara Gin and Amara Vodka in Odisha, Puducherry and export markets, further strengthening our presence in the premium and craft spirits segments.

We also made a follow-on investment of Rs 10.66 crore in SSL in August 2025. With this investment, Tilaknagar Industries’ stake in SSL has increased from 12.98% to 21.36% on a fully diluted basis.

On the financials front, EBITDA in Q2 stood at Rs 60 crore; adjusted for the subsidy income, year-on-year growth of 8.2%, while EBITDA margins stood at 15.1%, with doubling down on A&P reinvestment rates ahead of the festive season. In Q2 we also strengthened our org structure in anticipation of Imperial Blue business coming into our fold very soon.

I would also like to highlight that we achieved a major milestone in the acquisition of the Imperial Blue business division from Pernod Ricard India. The Competition Commission of India (CCI) granted approval for the transaction on 7th October 2025. We have made substantial progress on the integration front, with a number of talented professionals joining us across various functions, further strengthening our organizational capabilities. The transaction is expected to be completed in Q3FY26, and we look forward to welcoming Imperial Blue into our fold.”

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Pharmaceuticals company Hikal announced Q2FY26 results

  • Revenue: Rs 319 crore against Rs 453 crore during Q2FY25.
  • EBITDA: Rs 8 crore against Rs 75 crore during Q2FY25.
  • EBITDA Margin: 2.4% for Q2FY26.
  • PAT: Rs -35 crore against Rs 18 crore during Q2FY25.
  • EPS: Rs -2.82 for Q2FY26.

Jai Hiremath, Executive Chairman, Hikal,  said: "Across the global chemical and life sciences industry, persistent headwinds from pricing pressure, overcapacity, and regulatory complexity continue to shape the operating environment. Demand visibility is improving, and capacity utilization is rebounding across geographies. While evolving trade policies and US tariffs add volatility, our diversified base, global footprint, and long-standing partnerships provide resilience.

Consolidated revenue for Q2 stood at Rs 319 crore, with EBITDA at Rs 8 crore. For H1FY26, revenue stood at Rs 699 crore, with EBITDA at Rs 32 crore. Lower than expected sales due to deferment during the quarter led to under absorption of fixed costs.

Pharmaceutical business revenue stood at Rs 190 crore, with an EBIT margin of -9.2%. Following the US FDA audit in February 2025, we received an OAI and warning letter, leading to H1FY26 deferment of offtake across our generic and CDMO business, as customers are undertaking their own internal risk assessments before resuming supplies. The resumption of supplies is progressing well, and we expect H2 FY26 to bridge majority of the impact of H1FY26 deferments.

To address the observations comprehensively, we have launched a robust remediation program, engaged two globally recognized remediation partners, and further strengthened our internal quality organization to ensure full alignment with global regulatory expectations. Our CAPA implementation status has been submitted to the agency in a timely and detailed manner, and we remain actively engaged to expedite a positive resolution.

Our crop protection business reported revenue of Rs 129 crore, with an EBIT margin of -7.4%. While globally volumes continue to stabilise, the dynamic demand patterns and structural shifts among key innovator customers have led to a muted performance. Our Personal Care business is steadily progressing through its development and launch phase, backed by focused efforts to build a differentiated portfolio of specialty ingredients. This marks a strategic move to diversify beyond our Crop Protection base and enter a fast-growing, high-potential market. With strong momentum in new product development and multiple global RFPs underway, we are building a solid foundation for sustainable growth and long-term value creation.

In the animal health segment, we continue to make steady progress. Validated molecules are now being supplied at pre-commercial volumes which will ramp up further as we receive regulatory approvals across geographies. We have built a strong pipeline of new products which are currently in the development phase. These initiatives position us well for subsequent validations, global regulatory submissions and eventual commercialization through FY27 and beyond.

As part of our innovation and technology strategy, during the quarter we inaugurated a state-of-the-art High Potency API (HPAPI) lab, enhancing our capabilities and entering into a niche segment. We also commissioned a new kilo lab at one of our facilities, further strengthening our early-stage development and scale-up infrastructure.

Despite the challenges faced in the first half of FY26, we expect a strong recovery in Q3 and Q4, supported by improved demand visibility, higher capacity utilization, and the commercialization of new products."

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Gems & Jewellery company Sky Gold and Diamonds announced Q2FY26 results

  • Revenue: Rs 1,484.5 crore against Rs 768.8 crore during Q2FY25, change 93.1%.
  • EBITDA: Rs 99.9 crore against Rs 38.8 crore during Q2FY25, change 157.5%.
  • EBITDA Margin: 6.73% for Q2FY26.
  • PAT: Rs 66.99 crore against Rs 36.7 crore during Q2FY25, change 82.6%.

Mangesh Chauhan, Managing Director, Sky Gold and Diamonds, said: “We are pleased to report that our Q2FY26 results reflect a continued acceleration of the strategic growth levers we put in place earlier this year. With lightweight and 18 KT jewellery gaining strong traction, new large-format B2B partnerships coming on stream, and our export mix steadily rising, we are making tangible progress towards our medium-term ambition. At the same time, we remain disciplined on margin enhancement — expanding design-led manufacturing, strengthening advance-gold contracts, and optimising working capital to ensure that growth is also quality-accretive.”

“Looking ahead, our upcoming Dubai-based sales & distribution hub will anchor our expansion into the Middle East, while we continue to deepen partnerships across Southeast Asia and India’s regional markets. With exports expected to climb to 15-20 % over the next 18-24 months and domestic clients gaining momentum, we believe FY26 is shaping up as a pivotal year in our journey towards building a ~Rs 7,600 crore enterprise by FY27.”

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