Motilal Oswal Broker Research reports

DreamFolks (DFS) posted a sharp revenue decline of 41% QoQ / 35% YoY to INR2.0b in 2QFY26, reflecting the significant disruption following the suspension of domestic lounge services (~90% of revenue).

DCB Bank (DCBB) has been delivering healthy loan growth and has guided for a steady growth rate of 18-20% over the coming years. The bank continues to focus on granular retail loans with a retail mix (ex-Agri) at 65% of the total portfolio.

Sun TV Network (SUNTV) reported a weak 2QFY26, with ad revenue declining 13% YoY amid weak consumer sentiment and cut back in ad spends by FMCG players on linear TV.

Siemens (SIEM) delivered a revenue beat, while profitability came in slightly below our estimate. Segment-wise, smart infra and mobility did well in terms of revenue, while the digital industry remained weak on both revenue and margin fronts.

Relaxo Footwears’ (RLXF) 2QFY26 results reflect persistent volume pressure amid muted demand trends and transient impact from the GST implementation.

Deepak Nitrite (DN) reported a weak operating performance, with EBITDA declining 31% YoY to INR2b in 2QFY26. Gross margin contracted 440bp YoY to 27.6% and EBITDA margin contracted 390bp, driven by macro headwinds, pricing trends, and tariff developments.

Voltas (VOLT)’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by a 23%/5% dip in UCP/PES segments, while EMPS revenue grew ~10% YoY.

Over the past year, HDB Financial (HDB) has navigated a phase of consolidation, reflected in subdued disbursement momentum, modest AUM growth, and emerging asset-quality pressure across a few of its key product segments.

Vishal Mega Mart (VMM) delivered another strong quarter, with ~22% YoY revenue growth, led by 25 net store additions (+15% YoY) and robust ~12.8% adjusted SSSG, benefiting from an early festive season.

Marico (MRCO) reported a consolidated revenue growth of 31% YoY (in line) in 2QFY26. Domestic revenue growth was 35% YoY with volume growth of 7%.