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Sagility reported a mixed quarter with revenue growth at 12.2% YoY USD, vs. I-Sec’s estimate of 14.2%. EBITDA margin was at a record high of 26.1% despite wage hikes.

Cyient DLM reported Q2FY27 revenue of INR 3,931 Mn, up 26.5% YoY and 5.2% QoQ,
led by Aerospace (+62% YoY) and Industrial (+29% YoY), with H1FY27 revenue up
30.2%. EBITDA rose 9.5% YoY to INR 342 Mn, while margin eased 135 bps YoY to 8.7%
as investments in the sales team and product development were fully expensed.

Bajaj Finance reported consolidated PAT of INR 6,367 Cr, up 28.7% YoY and 4.7% QoQ,
after a INR 337 Cr management and macro-economic overlay; excluding it, PAT grew
34% to INR 6,619 Cr.

HDFC AMC reported PAT of INR 750 Cr, up 4.4% YoY but down 10.6% QoQ; excluding
an INR 47 Cr tax reversal in Q2FY26, PAT grew 11.7% YoY.

Balkrishna Industries (BKT) has partnered with Pirelli Tyres S.p.A. (Pirelli) for the offtake of Pirelli-branded premium PCR tyres from BKT’s Bhuj facility.

Indian Hotels Company (IHCL) delivered a strong performance in a seasonally weak quarter. Revenue grew ~21.7% y/y to ~Rs24.8bn (~6.3/5.1% ahead of ours/street estimates), led by ~25% y/y growth in domestic RevPAR to ~Rs10,275.

Sagility’s 2QFY27 revenue grew 22.5% YoY to INR20,321m (in line), with organic revenue growth of 22.2% YoY (11.9% in CC terms). EBITDA stood at INR5,123m (est: INR4,735m), with a margin of 25.2% (est: 23.3%), above our estimates.

Revenue grew 4.9% YoY while EBITDA degrew 5.1% YoY, owing to high ESOP costs, provision reversal in Q2FY26 and passive team hiring

We maintain our BUY rating on the stock, considering future growth prospects and leadership position in quick commerce.

Q2FY27 saw Indian Hotels Co. Ltd. (IHCL) delivering commendable performance, with 22%/24% YoY consolidated revenue/EBITDA growth (25% domestic LTL RevPAR) in spite of geopolitical disruptions.

Eternal reported 2QFY27 net revenue of INR241b (up 19.4% QoQ/77.6% YoY), above our estimated growth of 11.7% QoQ/66.1% YoY.

We analyzed Emcure’s domestic formulation (DF) segment and observed green shoots of recovery in the past couple of months, led by gynecology, anti-infectives, cardiac and anti-diabetic, while key brands continued to deliver strong growth.

Strong liability management improved CoD/CoF, while a favourable mix shift and higher bond yields boosted YoA and NIMs

Bajaj Housing Finance reported PAT of INR 757 Cr, up 17.7% YoY and 5.8% QoQ, 7.1% above our estimate of INR 707 Cr.

ICICI Bank reported PAT of INR 14,843 Cr, up 20.1% YoY and 0.3% QoQ, with PBT excluding treasury up 23.4% YoY to INR 19,954 Cr.

Tatva Chintan Pharma Chem (TATVA)’s Q2FY27 print sustained its strong EBITDA uptick, expanding 26% QoQ/83.3% YoY to INR 407mn.

Just Dial reported 13.1% YoY revenue growth in Q2FY27, driven by an increase of 7.5% YoY in revenue per paid campaign and 5.2% YoY in paid campaigns.

We back 360 One WAM (360One)’s possible earnings trajectory to reach ~INR 17bn PAT in FY28E. This aligns with the strong outlook for India’s wealth management industry, 360One’s franchise strength, and growth from new businesses/acquisitions.

Union Bank of India delivered a strong performance in Q2FY27, with RoA/RoE coming in at 1.4/16.2%, ahead of our estimates. Credit growth remained healthy at 19.4% y/y, led by Corporate and MSME segments, while CASA and retail TD grew by 11.4% y/y.

In 2QFY27, Oberoi Realty (OBER)’s pre-sales surged 6x YoY to INR91.5b (in line), driven by exceptional bookings of ~INR79b at its maiden NCR project – Three Sixty North (Gurugram).