Amber Enterprises’ (Amber) Q2FY26 performance was marred by subdued margins due to weaker margins of RAC segment.

Torrent Pharma (TRP) delivered in-line financial performance for the quarter. YoY growth improved in the US generics and LATAM markets, led by new product launches and steady market share gains in the base portfolio.

Lupin (LPC) delivered better-than-expected performance for the quarter, with a 9%/30%/28% beat on revenue/EBITDA/PAT.

Divi’s Laboratories (DIVI) delivered better-than-expected performance in 2Q with a 4%/10%/10% beat on revenue/EBITDA/PAT.

Bajaj Auto’s (BJAUT) 2QFY26 earnings at INR24.8b were broadly in line with our estimate. While margins were 50bp ahead of expectations at 20.5%, led by an improved mix and favorable currency, lower other income limited earnings upside.

Amara Raja’s (ARENM) 2QFY26 PAT at INR2.1b came in line with our estimates. Even at the operating level, EBITDA margin was in line with our estimates at 12% (+50bp QoQ).

MCX’s operating revenue came in at INR3.7b in 2QFY26, up 31% YoY (in line). For 1HFY26, revenue rose 44%, to INR7.5b. Total expenses jumped 23% YoY to INR1.3b, with staff costs up 37% YoY and other expenses up 17% YoY.

Zydus Lifesciences’ (Zydus) recent acquisitions in consumer wellness and medtech divisions helped it in driving a beat in Q2FY26 revenue though subdued margins of these businesses and lower revenue of gRevlimid dragged EBITDA margin (down 28bps YoY and 426bps QoQ).

Clean Science’s (CST) performance was impacted from a dip in volumes owing to demand headwinds and a Chinese customer backward integrating.

Astral Ltd.'s Q2FY26 result was above our estimates on key parameters. The management guided that overall demand was weak in the industry, and the second quarter was particularly challenging due to very high and extended monsoon, low government spending, and slow construction activity. Despite challenging business environment, Astral delivered healthy performance in Q2FY26, achieving 20% volume growth and 15% value growth on a consolidated basis. The company's decentralized plant structure helped gain market share and resulted in strong growing demand, despite the overall industry weakness....