NALCO (NACL)’s revenue stood at INR42.9b (+7% YoY and +13% QoQ) vs. our est. of INR37.1b. The growth was driven by favorable aluminum prices.

In 2QFY26, Aegis Logistics (AEGIS) reported EBITDA of INR2.9b, beating our estimate by 13%, as the normalized EBITDA of the gas division came in 68% above our estimate, while that of the liquid division stood 15% below estimates.

Torrent Pharma’s (Torrent) Q2FY26 result was in line with our expectations. While Torrent continues to grow at a faster pace in India (+11.5%), its growth in the US (+15.9%) was driven by new launches like gEntresto; stability in currency has sustained its growth in Brazil (+20.9%).

The Ramco Cements’ (TRCL) Q2FY26 EBITDA at INR 3.9bn (up 24% YoY/down 3% QoQ) stood just 4% ahead of our estimates despite a massive volume beat (being 13% ahead of forecast; up 10% QoQ though flattish YoY).

NCC’s Q2FY26 reported a decline of 16% in revenues in Q2FY26 (vs I-Sec’s flat expectation). The execution was negatively impacted on account of low execution in existing order book for water segment (due to payment delays), prolonged monsoon and Co delay in start of work on order received during FY25 (40% of current order book).

National Aluminium Company (NALCO)’s Q2FY26 EBITDA, at INR 19.2bn, was 29% ahead of our estimates, largely driven by a sharp increase in alumina sales volumes.

Lupin delivered a beat of 9.5%/26.3%/21.8% in revenue/EBITDA/PAT vs our estimates in Q2FY26, driven by exclusive products like Tolvaptan and Mirabegron.

GlaxoSmithKline Pharmaceuticals (GSK) reported weak Q2FY26 result. Revenue growth was negatively impacted due to supply-led issues at a CMO (~INR 400mn) and temporary impact of GST rate cut (~INR 300); adjusting for it, growth in general medicines segment stood at 6-7%.

Cholamandalam Finance’s (Chola) Q2FY26 performance was impacted by transitional challenges owing to tariff and GST cuts.

Apollo Hospitals’ (Apollo) hospital biz grew slower at ~9% YoY in Q2FY26, though in line with our expectations. On a high base, occupancy declined to 69% in Q2 while lower international patients and few medical admissions also had an impact.