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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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Coal & Mining company Gujarat Mineral Development Corporation announced Q2FY26 results

  • Revenue from Operations stood at Rs 528 crore as against Rs 593 crore in Q2FY25, primarily reflecting lower lignite offtake.
  • EBITDA stood at Rs 182 crore versus Rs 203 crore in the corresponding quarter last year, with an EBITDA margin of 29% (vs 31% in Q2FY25), indicating continued operating efficiency in a softer topline environment.
  • Other Income increased to Rs 109 crore (vs Rs 62 crore in Q2FY25), aiding overall profitability.
  • The Company recorded an Exceptional Income of Rs 474 crore on account of write-back of GST Input Tax Credit, recognised during the quarter.
  • As a result, Profit Before Tax (PBT) for the quarter stood at Rs 634 crore, as compared to Rs 183 crore in Q2FY25.

Roopwant Singh, IAS, Managing Director, GMDC, said: “This quarter reflects a stable performance for GMDC. Seasonal monsoon conditions had a limited impact on mining activity, yet operations remained largely consistent. The one-time GST input has strengthened the quarterly financials, but our focus continues to remain on operational discipline and long-term value creation. We are steadily advancing our mining initiatives, improving productivity and supporting Gujarat’s and India’s industrial requirements in a reliable and responsible manner.”

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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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Realty company Valor Estate announced Q2FY26 results

  • Revenue: Rs 136.85 crore against Rs 3.48 crore during Q2FY25.
  • EBITDA: Rs 45.10 crore against Rs -166.77 crore during Q2FY25.
  • PAT: Rs 14.39 crore against Rs -160.31 crore during Q2FY25.
  • EPS: Rs 0.19 crore against Rs -2.12crore during Q2FY25.

Vinod Goenka, Chairman & Managing Director said: "As we enter the next phase of growth, our focus remains on disciplined execution, strengthening our balance sheet, and enhancing long-term shareholder value. We are committed to sustainable expansion, supported by our customers, partners, and employees who continue to drive our progress. This quarter marked meaningful strategic progress across our portfolio. We successfully completed the demerger and listing of our Hospitality business, an important milestone that enables each platform to pursue its independent growth path.

In addition, site preparedness for The Prestige Place, Worli has been completed, and construction is expected to commence shortly. We also received casting yard approval from BMC for our Mira Road site, which will support smoother construction mobilisation. Combined with the monetisation of recent non-core assets, these developments reflect our commitment to strategic clarity, operational readiness, and sustainable expansion. With our financial position steadily improving and operational fundamentals intact, we are confident of delivering consistent performance in the years ahead."

Shahid Balwa, Vice Chairman and Managing Director, said: "Our recent actions towards improving balance-sheet strength have yielded meaningful results. The rationalisation of our project portfolio, combined with selective monetisation initiatives, including the divestment of non-core assets, has enabled us to reduce debt levels, bringing us closer to our medium-term objective of a leaner and more efficient capital structure.

The successful demerger of our hospitality business and recognition of revenues from the X BKC project further support our strengthened financial flexibility. Proceeds from ongoing and upcoming project deliveries, across both premium and mid-income developments, are expected to contribute meaningfully to debt reduction over the coming quarter. With strong land bank visibility and a more streamlined operating framework, we are now preparing for the next phase of growth, including evaluating opportunities for sustainable, annuity-oriented assets. Overall, we remain focused on building a resilient, future-ready platform capable of delivering stable cash flows and long-term value creation for all stakeholders."

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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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Iron & Steel Products company Godawari Power & Ispat announced Q2FY26 results

  • Net Sales: Rs 1,308 crore against Rs 1,268 crore during Q2FY25, change 3%.
  • EBITDA: Rs 260 crore against Rs 247 crore during Q2FY25, change 5%.
  • EBITDA Margin: 20% for Q2FY26.
  • PBT: Rs 231 crore against Rs 218 crore during Q2FY25, change 6%.
  • PAT: Rs 161 crore against Rs 159 crore during Q2FY25, change 1%.
  • PAT Margin: 12% for Q2FY26.
  • EPS: Rs 2.61 for Q2FY26.

B.L. Agrawal, Chairman & Managing Director, said: “I am pleased to share that H1FY26 has been marked by steady performance and solid operational progress. Revenues remained stable, supported by higher pellet and galvanized product volumes, while EBITDA and PAT margins stood healthy at 22% and 14% despite softer realizations. We also made significant progress on key strategic initiatives, including completing the public hearing for the Ari Dongri mine expansion, approving additional 250MW Solar Power Project, advancing the 0.7 milllion T CRM Complex, and moving forward with the Battery Energy Storage project, by securing the required land for these developments. Coupled with a strong net cash position, on-going capacity expansion, and a firm ESG commitment, we are well-positioned for sustainable value creation— reinforced by efficiency gains, solar-led cost savings, and the strategic advantage of our captive iron ore resources.”

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Healthcare Facilities company Narayana Hrudayalaya announced Q2FY26 results

  • Consolidated total operating revenue was Rs 16,438 million for Q2FY26 as compared to Rs 13,667 million in the corresponding period of the previous year, reflecting a change of 20.3 % YoY and 9.1% QoQ.
  • Consolidated EBITDA stood at Rs 4,265 million, reflecting a margin of 25.9% as against Rs 3,323 million in Q2FY25, translating into a change of 28.3% YoY and 18.2% QoQ.
  • Consolidated PAT stood at Rs 2,583 million, reflecting a margin of 15.7% as compared to Rs 1,993 million in Q2FY25, translating into a change of 29.6% YoY and 31.7% QoQ.
  • India operating revenue was Rs 12,347 million for Q2FY26 as compared to Rs 11,351 million in the corresponding period of the previous year, reflecting a change of 8.8% YoY and 9.0% QoQ.
  • Cayman operating revenue was Rs 4,316 million for Q2FY26 as compared to Rs 2,423 million in the corresponding period of the previous year, reflecting a change of 78.1% YoY and 8.8% QoQ.

Emmanuel Rupert, Managing Director and Group CEO, Narayana Hrudayalaya, said: “The second quarter of the fiscal year has delivered a strong performance after a steady start to the year. We are pleased to report the highest-ever revenue and profitability at both India and the Group level. The performance improvement in India is attributable to strong growth in domestic footfall and improvements in payor mix, along with positive traction from our Clinics outreach, resulting in the highest ever profitability margins. Our hospital business in Cayman continues to deliver robust performance, with the Insurance business showing strong growth, resulting in record revenues for the region. We are confident that the synergies between the hospital and insurance businesses will deliver steady growth going forward in the Cayman region. The domestic Integrated Care business continues to be on a strong growth path, with our clinics garnering sizeable footfalls across all locations, providing a positive thrust to the overall business. After a steady start, our domestic Insurance business has shown strong momentum this quarter and we expect to build on this further going forward. We will continue to invest in this business and are optimistic that it will be a significant driver of growth to the NH ecosystem. We thank the investor community for their faith in us and remain confident of delivering on expectations for the year.”

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Healthcare Facilities company Max Healthcare Institute announced Q2FY26 results

  • Gross Revenue stood at Rs 2,692 crore, a growth of 21% YoY and 5% QoQ.
  • Network Operating EBITDA stood at Rs 694 crore, a growth of 23% YoY.
  • Operating Margin was 26.9% compared to 26.6% in Q2FY25 and 24.9% in Q1FY26.
  • Network PAT was Rs 554 crore, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of 59% YoY. This includes favourable tax impact of ~Rs 149 crore, arising from accounting of merger of two WoS i.e croreosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this one-time impact, PAT stood at Rs 406 crore, 16% YoY.
  • Free Cash from Operations was Rs 291 crore in Q2FY26 compared with Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26.
  • EBITDA per bed was Rs 73.4 lakh compared to Rs 71.2 lakh in Q2FY25 and Rs 68.5 lakh in Q1FY26.
  • Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by 19% YoY.
  • ARPOB for Q2FY26 stood at Rs 77.3k compared to Rs 76.2k in Q2FY25 and Rs 78.0k in Q1FY26.
  • Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals.
  • Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025.
  • Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024.
  • The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
  • The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.

Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.

On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients”.

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Exploration & Production company Oil India announced Q2FY26 results

  • The Company sustained its consolidated turnover at Rs 9,175 crore in Q2FY26 vis-a-vis Rs 8,136 crore in Q2FY25.
  • OIL achieved a standalone PAT of Rs 1,044 crore in Q2FY26 vis-à-vis Rs 1,834 crore achieved in Q2FY25.
  • The Board of Directors of the Company has recommended an Interim Dividend of Rs 3.50/- per fully paid equity share.

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