loader2
Login Open ICICI 3-in-1 Account
Open ICICI 3-in-1 Account

Nifty Midcap Select Results: Latest Quarterly Results & Analysis

Open Free Trading Account Online with ICICIDIRECT
+91
Hero MotoCorp Ltd. 14 Nov 2025 11:49 AM
Result PDF

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.”

Result PDF

Result PDF

Castings & Forgings company Bharat Forge announced Q2FY26 results

  • Revenue from Operations: Rs 40,319 million against Rs 36,886 million during Q2FY25.
  • EBITDA: Rs 7,154 million against Rs 6,895 million during Q2FY25.
  • PBT: Rs 4,582 million against Rs 3,857 million during Q2FY25.

B.N. Kalyani, Chairman & Managing Director, said: “The quarterly performance was impacted by the sharp decline in the North American truck production and the resulting inventory destocking. Standalone Revenues declined by 7.5% sequentially to Rs 1,947 crore, impacted by 16% drop in revenues to North America. CV exports to North America declined by 48% sequentially and 63% on a YoY basis. Because of the constant endeavor towards de-risking the business, the impact was minimized with EBITDA coming in at Rs 545 crore (EBITDA margins of 28%) and PBT of Rs 432 crore.

Consolidated revenue & EBITDA in Q2 came in at Rs 4,032 crore and Rs 715 crore respectively. The balance sheet remains robust with Cash of Rs 2,309 crore and ROCE (net) of 15.5%. Indian manufacturing, a key focus area and growth driver for the company registered revenues of Rs 2,746 crore and EBITDA of Rs 676 crore.

The company secured new orders worth Rs 1,582 crore including Rs 559 crore in Defence in H1FY26. As of H1FY26, the defence order book stood at Rs 9,467 crore. We have transferred all the Defence dedicated assets of Bharat Forge to our wholly owned subsidiary KSSL. On the business front we expect to conclude more order wins for platforms/ projects we have participated in.

The US & European operations saw weakness driven by seasonality and prevailing sentiments. Review of the European steel manufacturing footprint is on track, and we expect to have concrete measures in place by the end of this fiscal.

Given the challenging demand conditions in North America, we are witnessing exports into that region declining further in H2FY26. However, we expect the industrial business across India, exports to non-US geographies and ramp up in defence business to more than offset the weakness in US exports. Our India manufacturing operations focusing on capturing opportunities in Defence, Aerospace, Castings and Aggregates across markets continue to make steady progress in their journey.”

Result PDF

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”

Result PDF

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."

Result PDF

Pharmaceuticals company Mankind Pharma announced Q2FY26 results

  • Revenue from Operations at Rs 3,697 crore, up by 20.8% YoY.
    • Domestic revenue at Rs 3,184 crore, up 14.5%, Exports at Rs 513 crore, up 82.6% YoY.
  • Reported EBITDA margin of 25.0% and PAT margin of 14.1%.
  • Diluted EPS of Rs 12.4 down by 24.2% YoY (FV Re.1).

Rajeev Juneja, Vice Chairman & Managing Director, said: “Mankind’s revenue increased by 20.8% supported by outperformance in Chronic and BSV consolidation, partially impacted by GST disruption.

While chronic continued an outperformance led by 1.3x and 1.2x in Cardiac and Antidiabetes respectively, OTC was impacted due to heavy rains along with GST 2.0 and we expect growth recovery in H2.

BSV growth initiatives progressing well - with double digit sequential growth led by mandate brands.

We remain confident of delivering sustainable long-term growth led by four key pillars - steady base business, fast growing specialty chronic, high potential OTC business, and super specialty BSV portfolio.”

Result PDF

Realty company Godrej Properties announced Q2FY26 results

  • Total Income grew by 39% to Rs 1,867 crore as compared to Rs 1,343 crore.
  • EBITDA grew by 118% to Rs 614 crore as compared to Rs 282 crore.
  • Net Profit grew by 21% to Rs 405 crore as compared to Rs 335 crore.
  • EPS# amounted to Rs 13.45 as compared to Rs 12.06.

Pirojsha Godrej, Executive Chairperson, Godrej Properties, said: “Godrej Properties delivered another solid quarter for bookings and earnings. We have achieved a remarkable increase in scale in the past three and a half years. Our quarterly bookings in Q2 is higher than our annual bookings of FY22. We are pleased that this sales growth is spread across the markets we are operating in and was on the back of strong volumes and pricing. The equity capital of Rs 6,000 crore we raised through a QIP last year combined with the operating cash flow we are generating will enable us to continue to invest for growth.

With a robust launch pipeline, strong balance sheet, and resilient demand, we are ontrack to surpass our booking value guidance for FY26 and deliver sustained highquality performance across all key operating metrics.”

Result PDF

Union Bank of India announced Q2FY26 results

  • Financial Performance: Net Profit of the Bank stood at Rs 4,249 crore during Q2FY26. Interest income of Bank stood at Rs 26,650 crore during Q2FY26.
  • Business Growth: Total Business of the Bank increased by 3.24% YoY, wherein Gross Advances increased by 4.99% YoY & Total Deposit grew by 1.90% YoY. Bank has a total Business of Rs 22,09,828 crore as on September 30, 2025.
  • Deposit Growth: Global deposits have increased by 1.90% YoY. Bank now has total deposits base of Rs 12,34,621 crore as on September 30, 2025.
  • Growth in Retail, Agri and MSME (RAM) segments: RAM Segment of the Bank increased by 8.14% YoY, with in which 23.98% growth in Retail and 14.88% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 58.83%.
  • Reduction in NPA: Gross NPA (%) reduced by 107 bps on YoY basis to 3.29% and Net NPA (%) reduced by 43 bps on YoY basis to 0.55% as on 30.09.2025.
  • Strong Capital Ratios: CRAR stood at 17.07% as on 30.09.2025. CET-1 ratio improved from 13.88% as on 30.09.2024 to 14.37% as on 30.09.2025.
  • Returns: Bank’s Return on Assets & Return on Equity stands at 1.16% and 15.08% respectively during Q2FY26.

Result PDF

Refineries & Petro-Products company Hindustan Petroleum Corporation announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Revenue from Operations: Q2FY26: Rs 1,10,323 crore (Rs 1,08,196 crore in Q2FY25).
  • Gross Refining Margin (GRM): Q2FY26: USD 8.80 per barrel (USD 3.12 per barrel in Q2FY25).
  • PAT: Q2FY26: Rs 3,859 crore (Rs 143 crore in Q2FY25).

Business Highlights:

  • Q2FY26 Sales (including exports): 12.07 MMT (change 3.9% YoY).
    • Domestic Sales Growth: 3.6%.
    • Combined sale of Petrol (MS) and Diesel (HSD): 7.07 MMT (change 2.8% YoY).
    • Total LPG sales (Domestic and Non-Domestic): 2.39 MMT (change 5.9% YoY).
    • Pipeline Throughput: 6.12 MMT.

Result PDF

Internet Software & Services company PB Fintech announced Q2FY26 results

  • Scale:
    • Insurance Premium annualized at Rs 30,420 crore, up 40% YoY.
    • Core Online Insurance Premium up 34% o New Protection (Health Term Insurance) Premium up 44% 2.
  • Financials:
    • Operating Revenue Rs 1,614 crore, up 38% o Adjusted EBITDA grew 180% YoY to Rs 156 crore; from 5% margin to 10% YoY.
    • PAT grew 165% to Rs 135 crore (1.77% of Insurance Premium)

Management commentary: 

  • Our Total Insurance Premium for the quarter was Rs 7,605 crore, up 40% YoY & 15% QoQ, led by growth in online new protection business at 44% YoY (health insurance at 60%).
  • Consolidated operating revenue grew 38% YoY to Rs 1,614 crore for the quarter (Core Insurance revenue up 36% YoY; Core credit revenue down 22% YoY, however it has bottomed out with a 4% QoQ growth).
  • Our renewal / trail revenue on a 12-month rolling basis is at Rs 774 crore, up from Rs 556 crore last year same quarter, a 39% growth led by growth of 47% in the insurance segment. The quarterly insurance renewal revenue is at an ARR of Rs 758 crore up from Rs 516 crore Q2 last year. This is a key driver of long-term profit growth.
  • Steady growth continues for Core New Insurance Premium (net of Savings business) at 39% YoY. Savings continues to be stressed against the high base of Q2 last year. Excluding savings category, we have been growing between 35%-45% for the last ten quarters.
  • We continue to improve our customer onboarding & claims support services and Insurance CSAT is consistent at 90.5%.
  • Our credit revenue for the quarter is Rs 106 crore and disbursal is Rs 2,280 crore for the core online business.

We further strengthened our leadership in New initiatives with revenue growth of 61% YoY, adjusted EBITDA margin moving from -12% to -4%, with 5% contribution.

  • PB Partners, our agent aggregator platform, consolidated its leadership & accelerated growth momentum with over 380k advisors.
    • We have moved the business increasingly towards smaller and higher quality advisors.
    • Most diversified across different lines of businesses.
    • Present in 19k pin codes across India, covering 99% of pin codes in India – driving growth in Tier 4 & 5 towns.
  • Our UAE Insurance premium grew 64% YoY & aligning more towards health & life insurance, similar to our India business. We have unique value proposition of cross-border health insurance products & claims assurance program for motor insurance. This business is now consistently profitable for three quarters.

Our consolidated PAT for PB Fintech grew 165% YoY to Rs 135 crore (from 4% to 8% margin) in Q2FY26. This is 1.77% of the insurance premium.

To summarize our performance since our public listing in Nov 2021:

  • Revenue grew at a CAGR of 55% from Rs 280 crore in Q2 FY22 to Rs 1,614 crore in Q2FY26.
  • PAT margin grew from -73% in Q2FY22 to 8% in Q2FY26.

Result PDF

Telecom Services company Indus Towers announced Q2FY26 results

  • Total Tower base of 256,074 with closing sharing factor of 1.62.
  • Consolidated Revenue at Rs 8,188 crore, up 9.7% YoY.
  • Consolidated EBITDA at Rs 4,613 crore, down 6.0% YoY.
  • Consolidated Profit after Tax at Rs 1,839 crore, down 17.3% YoY.

Prachur Sah, Managing Director & CEO, Indus Towers, said: “We are pleased to report another quarter of solid performance driven by healthy tower additions and the strengthening of our market presence. Our sharp focus on cost efficiency has been contributing to steady improvement in our profitability. The quarter also marked announcement of our plan to foray into Africa, a strategic step towards supplementing our long-term growth by extending Indus Towers’ proven execution capabilities to new high-potential markets.

Our emphasis on leveraging automation and AI will be critical for us to maintain our pole position by enhancing efficiency, scalability, and service quality. This will be pivotal to deliver sustainable growth and create long-term value for our shareholders.”

Result PDF

Trending News

China has announced restrictions on silver exports from 2026

China has announced restrictions on silver exports from 2026

Published on 15-Dec-2025 09:03

BEL has secured additional orders worth ₹776 crore since with the new orders spanning a wide range of defence and electronics products

BEL has secured additional orders worth ₹776 crore since with the new orders spanning a wide range of defence and electronics products

Published on 15-Dec-2025 09:01

The Cabinet Committee on Economic Affairs approved an increase in the Minimum Support Price (MSP) for copra for the 2026 season.

The Cabinet Committee on Economic Affairs approved an increase in the Minimum Support Price (MSP) for copra for the 2026 season.

Published on 15-Dec-2025 09:00

ACE and Sanghvi Movers have signed a strategic MoU

ACE and Sanghvi Movers have signed a strategic MoU

Published on 12-Dec-2025 09:05

Chalet Hotels has announced its plans to acquire a resort in Udaipur

 Chalet Hotels has announced its plans to acquire a resort in Udaipur

Published on 12-Dec-2025 09:04

Union Cabinet is expected to consider the Insurance Amendment Bill that proposes major regulatory changes

Union Cabinet is expected to consider the Insurance Amendment Bill that proposes major regulatory changes

Published on 12-Dec-2025 09:01

Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
Download App

Download Our App

Play Store App Store
market app
✕
Application status