Motilal Oswal Broker Research reports

LG Electronics India’s (LGEIL) 2QFY26 revenue inched up ~1% YoY to INR61.7b. However, EBITDA declined ~28% YoY to INR5.5b.

Revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included a gain from InvITs & related assets as per fair value measurement and dividend/interest income from InvITs & related assets.

In 2QFY26, Indraprastha Gas (IGL)’s EBITDA/scm margin came in 9% below our estimate at INR5.2, primarily driven by higher gas costs due to the rising share of R-LNG in gas sourcing.

Hero MotoCorp’s (HMCL) 2QFY26 PAT at INR13.9b came in slightly below our est. of INR14.4b, largely due to lower other income. Margins expanded on the back of revenue growth and operational efficiencies.

Eicher's 2QFY26 consolidated PAT at INR13.6b was slightly lower than our estimates of INR14.4b, due to lower-than-expected margins in both segments.

Tata Motors has reported the financials of the demerged entity for the first time. Given the restated financials for prior years, these are strictly not comparable to our estimates.

Rubicon Research (Rubicon) delivered better-than-expected performance, with a 7%/18%/21% beat on revenue/EBITDA/PAT for the quarter.

Senco Gold (SENCO) delivered a consolidated revenue growth of 2% YoY, witnessing a sharp deceleration after clocking 30% growth in 1Q. The retail revenue growth was 6%, with same store sales declining 4%.

Repco Home Finance’s (Repco) 2QFY26 PAT declined 5% YoY to INR1.07b (in line). NII in 2QFY26 grew ~14% YoY to ~INR1.9b (in line). Other income declined ~46% YoY to INR123m (vs. our est. of INR200m).

NSDL’s operating revenue grew 12% YoY/28% QoQ to INR4b (20% beat), led by 21%/7% YoY growth in Depository/Banking segments. For 1HFY26, revenue grew 3% YoY to INR7.1b.