Motilal Oswal Broker Research reports

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.

Muthoot Finance’s (MUTH) strong operating performance in 2QFY26 was driven by: strong gold loan growth of ~45% YoY to ~INR1.25t, ~35bp QoQ improvement in GS3 to 2.25%, aided by NPA recoveries, an increase in gold tonnage by ~5% YoY to 209 tons.

KNR Constructions (KNRC)’s revenue dipped 42.4% YoY to ~INR4.9b in 2QFY26 (16% below our estimate). EBITDA margin contracted 520bp YoY to 10.9% in 2QFY26 (vs. our estimate of 13.4%).

Jubilant FoodWorks (JUBI) reported 16% YoY growth in standalone revenue to INR17b in 2QFY26 (in line). Domino’s reported order growth of 15% with LFL growth of 9%.