NIPPON LIFE INDIA Q2 FY27

Net Profit: ₹324 Cr ↓6% YoY | ↓36% QoQ

Revenue: ₹796 Cr ↑21% YoY | ↑4% QoQ

Operating Profit: ₹537 Cr ↑25% YoY | ↑6% QoQ

Operating Profit Margin: 67.5% vs 65.3% YoY | 66.2% QoQ

NAM-INDIA: Q2 CONS NET PROFIT 3.2B RUPEES VS 3.45B (YOY); EST 4.2B

NAM-INDIA: Q2 EBITDA 5.4B RUPEES VS 4.3B (YOY); Q2 EBITDA MARGIN 67.54% VS 65.3% (YOY)

NAM-INDIA: Q2 REVENUE 8B RUPEES VS 6.58B (YOY)

HAVELLS Q2 FY27 : ACTUAL VS ESTIMATES

• NET PROFIT AT ₹353 CR VS EST ₹352 CR — BEAT BY 0.28% 🟢

• REVENUE AT ₹6,416.6 CR VS EST ₹5,937 CR — BEAT BY 8.08% 🟢

• EBITDA AT ₹576.3 CR VS EST ₹536 CR — BEAT BY 7.52% 🟢

• EBITDA MARGINS AT 9% VS EST 9% — IN LINE 🟢

HAVELLS SAYS

Strong business performance with growth in each category

Consumption demand remained steady despite high inflation

Contribution margins softer YoY mainly due to cables, where fall in aluminium prices during Q2 weighed on margins; rest of the portfolio held margins as calibrated price hikes offset raw material inflation

Lloyds performance impacted due to RM costs

SAYAJI INDUSTRIES Q2 FY27 (CONS.)

Net Profit: ₹3.14 Cr vs ₹9.16 Cr loss YoY | ↓57.26% QoQ

Revenue: ₹263.55 Cr ↑5.71% YoY | ↓8.51% QoQ

EBITDA: ₹14.53 Cr vs ₹2.14 Cr loss YoY | ↓17.85% QoQ

EBITDA Margin: 5.51% vs -0.86% YoY | 6.14% QoQ

📊 HAVELLS Q2 FY27 – MANAGEMENT HIGHLIGHTS

📈 BUSINESS PERFORMANCE

• Strong growth across all product categories.

• Consumer demand remained steady despite elevated inflation.

• EBITDA growth supported by operating leverage despite softer contribution margins.

• PBT growth moderated due to a high base, as Q2 FY26 included a one-time gain of ₹45.27 Cr from the sale of the Faridabad facility.

🔌 CABLE MARGINS

• Decline in aluminium prices during Q2 weighed on cable contribution margins, leading to YoY margin pressure.

• H1 cable contribution margin stood at around 15%, in line with the long-term average.

🏭 OTHER SEGMENTS

• Margins remained stable as calibrated price hikes offset raw material inflation.

📊 HAVELLS Q2 FY27 – SEGMENT-WISE HIGHLIGHTS

⚡ SWITCHGEARS

• Strong growth supported by domestic demand recovery and rebound in exports after Q1 disruptions.

🔌 CABLES

• Revenue growth driven by commodity-linked price hikes and higher-sized cable sales.

💡 LIGHTING

• Demand improved with price stabilisation, while margins remained soft due to project orders.

🏠 ELECTRICAL CONSUMER DURABLES

• Growth across product categories, indicating healthy consumer demand.

☀️ RENEWABLES

• Continued rapid expansion with improving margins, supported by better product mix.

❄️ LLOYD CONSUMER

• Healthy revenue growth driven by volumes and price hikes.

• Margins remained subdued due to raw material inflation and under-absorption.

BLUE STAR , VOLTAS 🔴

HAVELLS ON AC BIZ

Healthy revenue growth driven by volumes and price hikes, but margins remained subdued due to raw material inflation and under-absorption

RUPEE SLIPS AGAIN

Rupee Gives Up Nearly All Gains From Wednesday's Appreciation, Down 44 Paise Currently

BRENT CRUDE FUTURES RISE BY MORE THAN 3% TO $112.55 PER BARREL, REACHING HIGHEST LEVEL SINCE MAY.

IRAN SAYS SCOPE OF CONFLICT MAY EXPAND ON HORMUZ 'ILLEGAL' TRANSIT

NAM-INDIA: MF QAAUM AT RS 7.87 TRILLION - UP 20% YOY – FASTEST GROWING AMC AMONG THE TOP-10 PLAYERS IN H1 FY27; MF QAAUM MARKET SHARE UP 51 BASIS POINTS YOY TO 9.02%

TINNARUBR: Q2 CONS NET PROFIT 170M RUPEES VS 118M (YOY)

TINNARUBR: Q2 EBITDA 295M RUPEES VS 216M (YOY); Q2 EBITDA MARGIN 18.8% VS 18.04% (YOY)


TINNARUBR: Q2 REVENUE 1.6B RUPEES VS 1.19B (YOY)

ADANIENSOL: Q2 CONS NET PROFIT 13.2B RUPEES VS 5.34B (YOY); EST 10.8B

ADANIENSOL: Q2 EBITDA 31B RUPEES VS 22.89B (YOY); Q2 EBITDA MARGIN 30.77% VS 34.70% (YOY)


ADANIENSOL: Q2 REVENUE 101B RUPEES VS 65.96B (YOY)

NDTV Profit – Dealing Room Check

🟢 MANKIND PHARMA

• Buy flows on HNI desk.
• Dealers expect positive news flow.

🟢 SBI CARDS
• Buy flows on HNI desk.
• Dealers expect credit costs to be on the lower side.
• Note: Stock has underperformed since its 2020 listing.

🔴 INFOSYS
• Buzz of potential guidance cut with earnings.

🟢 ABB
• Dealers expect strong sequential margin improvement.

☀️ ADANI GREEN ENERGY Q2 FY27 CONCALL HIGHLIGHTS

📊 FINANCIAL PERFORMANCE

• Q2 Revenue from Power Supply: UP 45% YoY to ₹4,019 Cr.

• Q2 EBITDA: UP 51% YoY to ₹3,835 Cr.

• H1 Revenue from Power Supply: UP 36% YoY to ₹8,299 Cr.

• H1 EBITDA: UP 41% YoY to ₹7,957 Cr, with a 93% margin.

• Management stated H1 EBITDA could have approached ₹9,000 Cr without grid curtailment.

• Average cost of debt remained stable at 8.9%, with 72% of loans at fixed rates.

☀️ ADANI GREEN ENERGY Q2 FY27 CONCALL HIGHLIGHTS

⚡️ OPERATIONAL HIGHLIGHTS

• Operational portfolio crossed 20 GW, reaching 20.8 GW.

• H1 energy sales increased 32% YoY to 25.7 billion units.

• Kavda project: 10.8 GW of solar, wind and hybrid capacity commissioned.

• Solar CUF declined to 23% from 24.8% due to grid curtailment.

🔋 BATTERY ENERGY STORAGE (BESS)

• Commissioned 3 GWh of BESS, taking total installed storage capacity to 6.6 GWh.

• Management expects to exceed its FY27 target of 10 GWh battery storage installation.

• BESS is being deployed as virtual transmission to store excess renewable power and reduce curtailment risks.

• Strategy is to secure long-term storage contracts with AA+ rated counterparties.

☀️ ADANI GREEN ENERGY Q2 FY27 CONCALL HIGHLIGHTS

🚧 TRANSMISSION & CURTAILMENT

• Key 7 GW transmission evacuation line at Kavda delayed from Q3 to Q4 FY27.

• Management is aligning project commissioning with transmission corridor availability.

• PPAs are on a take-or-pay basis, providing contractual protection for scheduled power curtailed by the grid.

• First 500 MW pumped storage project at Chitrabati is on track for completion by year-end.

☀️ ADANI GREEN ENERGY Q2 FY27 CONCALL HIGHLIGHTS

🎯 GUIDANCE & FUTURE OUTLOOK

• FY27 new capacity commissioning target: 4.5–5 GW, subject to timely transmission infrastructure completion.

• CapEx programme: ₹2.4 lakh Cr through FY30.

• New projects targeted to deliver 13–14% ROE.

• Focus on 25-year fixed-tariff PPAs to ensure predictable cash flows and reduce merchant power exposure.

• Leverage expected to remain in the current range until FY28–29, then decline towards 4.5x and below as more assets become operational.

📈 CREDIT RATING UPDATE

• An SPV contributing 15% of company EBITDA received a AAA rating upgrade, expected to reduce borrowing costs for that asset.

📊 KEI INDUSTRIES Q2 FY27 CONCALL HIGHLIGHTS

📈 FINANCIAL PERFORMANCE

• Q2 Revenue: UP 38.52% YoY to ₹3,776 Cr.

• Wire & Cable Sales: Grew 39.5% YoY.

• EBITDA: UP 28.69% to ₹401 Cr; EBITDA Margin at 10.62%.

• Net Profit: UP 28.96% YoY to ₹262.45 Cr.

• H1 Revenue: UP 31% to ₹6,961 Cr.

• H1 EBITDA: Grew 34%; PAT increased 34.4% to ₹536.59 Cr.

🔌 BUSINESS HIGHLIGHTS

• Domestic wire and cable sales grew 46% YoY in Q2.

• B2C distribution contributed 59% of total sales.

• EHV cable sales stood at ₹217 Cr during the quarter.

• Active dealer network reached 2,146 as of September 2026.

• EPC business is being wound down, with revenue of ₹46 Cr and a minor EBIT loss.

📊 KEI INDUSTRIES Q2 FY27 CONCALL HIGHLIGHTS

🌍 EXPORTS & ORDER BOOK

• Wire and cable order book stood at ₹4,927 Cr.

• Export order book stood at ₹991 Cr, with 50% from the US.

• Q2 exports stood at ₹493 Cr; H1 exports reached ₹834 Cr.

• Management expects export growth to accelerate in upcoming quarters.

🏭 CAPEX & SANAND PLANT

• H1 CapEx stood at ₹402 Cr, including ₹333 Cr for the Sanand facility.

• Annual CapEx of around ₹600 Cr planned for the next 3–4 years.

• Phase 2 EHV and HT cable production at Sanand expected by March 2027.

• H1 capacity utilisation: Cable division 77%; housewire division 64%.

📊 KEI INDUSTRIES Q2 FY27 CONCALL HIGHLIGHTS

🎯 GUIDANCE & OUTLOOK

• FY27 revenue growth guidance raised to above 25%.

• Long-term revenue CAGR target: 20% over the next 3–4 years.

• EBITDA margin guidance: Around 11% for FY27; medium-term target of 11–12%.

• PAT growth expected to exceed revenue growth by 3–4 percentage points.

• ROCE expected at 23–24% and ROE at 19–20% from next year.

📌 OTHER KEY COMMENTS

• Management said quarterly 🌍 EXPORTS & ORDER BOOK

• Wire and cable order book stood at ₹4,927 Cr.

• Export order book stood at ₹991 Cr, with 50% from the US.

• Q2 exports stood at ₹493 Cr; H1 exports reached ₹834 Cr.

• Management expects export growth to accelerate in upcoming quarters.