One 97 Communications (Paytm) reported a strong operational performance with adj. net profit of INR2.1b (vs. our estimate of INR1.3b). However, its reported PAT stood at INR210m due to a one-time impairment of INR1.9b on its loan to JV First Games.

income for the quarter came in at 6,378 crore (up 30% YoY) with iron ore sales volume of 10.7 million tonne (up 10% YoY). Reported EBITDA stood at 1,993 crore with corresponding EBITDA/tonne was at 1,857/tonne in Q2FY26 vs....

Dabur India reported another quarter of too many moving parts, with the outlook likely to get better in the near term. The fact that it gained market share in 95% of its portfolio indicates market growth (also) is to be blamed for the unexciting Q2FY26 revenue print.

Mphasis’s (MPHL) 2QFY26 net revenue rose 1.2% QoQ in Constant Currency (CC), largely in line with our estimate of 1.5% QoQ CC.

APL's Q2FY26 profitability was ahead of our expectations. Revenue grew 9% YoY to Rs52bn, driven by 13% YoY volume growth, mainly supported by improved utilizations at Raipur and Dubai plant, despite a challenging macro environment APL posted highest ever EBITDA, rising 223% YoY (on a low base) to Rs4.5bn, while EBITDA/t increased by 187% YoY and 12% QoQ to Rs5,228, driven by better realizations, operational leverage, and absence of ESOP expenses. Management expects H2FY26 performance to be stronger than H1FY26. Also, APL aims to set-up a plant in Abu Dhabi to cater the EU region. Management has reiterated the FY26 volume growth guidance of 10%-15% and expects to achieve...

Supreme Industries (SI) reported Q2FY26 blended plastics volume growth of 11.8% YoY with pipes segment reporting 17.2% YoY volume growth (6-year CAGR of 10%), partly aided by Wavin acquisition.

Indus Towers’ (Indus) 2QFY26 was broadly in line with our estimates, with recurring EBITDA (excl. provision reversals) rising 3% QoQ to INR43.8b.

Coforge reported strong revenue growth of 5.9% QoQ CC, led by ramp-up of Sabre mega deal and BFS deal conversions (five large deals signed in Q1FY26). Operating margin was robust with 251bps QoQ expansion on lower SG&A and employee costs.

IndusInd Bank is undergoing a strategic recalibration under new leadership, balancing near-term prudence with medium-term growth ambitions.

Quarterly Update Q2FY26

Management expects a gradual demand recovery in H2FY26E, supported by improving macro indicators and internal execution initiatives.

Quarterly Update Q2FY26

Q2FY26 performance: IDFC First Bank reported a mixed Q2FY26 performance as healthy loan and deposit growth was offset by margin pressure and lower treasury gains. NII rose 6.8% YoY to 5,113 crore, while NIM contracted 12 bps QoQ to 5.6%. Provisions moderated to 1,452 crore, aiding PAT of 352 crore (up 76% YoY, down 24% QoQ). Asset quality improved with GNPA/NNPA at 1.86%/0.52%. Funded assets expanded 19.7% YoY to 2.67 lakh crore led by mortgage, vehicle and...

About the stock: IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India. The bank has full product suite with strong moat in vehicle and micro finance business. The bank has a strong presence with pan India branch network of 3,116...

With a 9% upside from the CMP, we maintain our HOLD rating on the stock.

IndusInd Bank (IIB) reported 2QFY26 loss of ~INR4.4b (vs. our estimated profit of INR3.1b), owing to accelerated provisions on MFI and write-offs.

Healthy revival in Q2; further recovery expected in H2FY26 Q2FY26 performance: Federal Bank delivered a healthy revival in Q2FY26, on the back of margin recovery, healthy fees income, and steady credit cost. NIM expanded 12 bps sequentially to 3.06% aided by lower funding costs and a better loan mix towards mid-yield segments. Advances rose 6% YoY (2% QoQ) to 2,55,613 crore, with traction in commercial banking while deposits rose 11% YoY (2.5% QoQ) to 2,88,920 crore, with CASA ratio improving 66 bps QoQ to 31.01%. Fees income surged 13% QoQ to 886 crore. Credit cost moderated to ~50 bps, in...

IDFC First Bank (IDFCFB) reported 2QFY26 PAT of INR3.5b (up 76% YoY/down 24% QoQ, in line). NII grew 7% YoY/3.6% QoQ to INR51.2b (in line). NIMs declined 12bp QoQ to 5.6%. Opex grew 13% YoY to INR51.2b (in line).

In 2QFY26, Oberoi Realty (OBER) achieved pre-sales of INR13b, down 10% YoY and 21% QoQ (7% below our est.), wherein ~62% was contributed by Elysian and 360 West.

PSYS’ revenue growth of 4.2% QoQ CC was ahead of our optimistic estimates. Growth was led by the BFSI and technology verticals. Healthcare vertical has improved, post two quarters of muted growth from client-specific offshoring.