AAVAS FINANCIERS Q2 FY27

NET PROFIT UP 11% AT ₹182 CR (YOY), UP 6% (QOQ)

NII UP 13% AT ₹325 CR (YOY), UP 0.23% (QOQ)

DCM SHRIRAM Q2 FY27

Net Profit: ₹105 Cr ↓34% YoY | ↓85% QoQ

Revenue: ₹4,151 Cr ↑21% YoY | ↑10% QoQ

EBITDA: ₹291 Cr ↓6% YoY | ↓13% QoQ

EBITDA Margin: 7.0% vs 9.0% YoY | 8.9% QoQ

SENIOR IRANIAN OFFICIAL TO RTRS : TEHRAN TALKS WITH MECCA PACT MEMBERS DO NOT COVER IRAN'S NUCLEAR ISSUE

Tata Consumer Guidance

Management expects margin expansion in H2 versus the prior year's H2 and remains focused on the original 50-70 bps full-year expansion guidance.

It guides tea and salt to mid-to-high single digit growth, growth businesses at 30%+ for two to three years, and Capital Foods plus Organic India at 25-30%.

Tata Consumer also targets 17-20% India EBITDA margins in about three years

IRAN READY TO BACK 'ANY UNDERSTANDING' FOR REGIONAL UNITY: IRIB

KFIN TECHNOLOGIES Q2 FY27

Net Profit: ₹100 Cr ↑8% YoY | ↑33% QoQ

Revenue: ₹402 Cr ↑30% YoY | ↑13% QoQ

Other Income: ₹8 Cr vs ₹11 Cr YoY | ₹10 Cr QoQ

Operating Profit: ₹161 Cr ↑19% YoY | ↑32% QoQ

Operating Profit Margin: 40.1% vs 43.9% YoY | 34.2% QoQ

EPS: ₹5.80 ↑7% YoY | ↑33% QoQ

NAZARA TECHNOLOGIES Q2 FY27 (CONS.)

Net Profit: ₹35.36 Cr vs ₹33.93 Cr loss YoY | vs ₹82.47 Cr loss QoQ

Revenue: ₹803.15 Cr ↑52.56% YoY | ↑87.31% QoQ

EBITDA: ₹92.89 Cr ↑55.33% YoY | ↑276.53% QoQ

EBITDA Margin: 11.57% vs 11.36% YoY | 5.75% QoQ

AEGIS LOGISTICS Q2 FY27 (CONS.)

Net Profit: ₹320.50 Cr ↑31.34% YoY | ↓41.18% QoQ

Revenue: ₹2,213.34 Cr ↓3.52% YoY | ↓6.09% QoQ

EBITDA: ₹434.32 Cr ↑49.43% YoY | ↓39.13% QoQ

EBITDA Margin: 19.62% vs 12.67% YoY | 30.28% QoQ

SENIOR IRANIAN OFFICIAL TO RTRS : TEHRAN TALKS WITH MECCA PACT MEMBERS DO NOT COVER IRAN'S NUCLEAR ISSUE

APPLE SAYS SIRI AI IS EXPANDING TO MORE PEOPLE AROUND THE WORLD, WITH AVAILABILITY IN FRENCH, JAPANESE, KOREAN, PORTUGUESE AND SPANISH, AND SUPPORT FOR TRADITIONAL CHINESE, NORWEGIAN, TURKISH AND VIETNAMESE COMING BY YEAR-END

APPLE SAYS SIRI AI IS CURRENTLY UNAVAILABLE IN THE EU AND THAT IT IS WORKING WITH THE EU ON A PATH FORWARD

US HIGH-GRADE BOND SALES LOOK SET TO HIT RECORD AT $1.76 TLN

IRAN IS OPEN TO A SHORTER US PROPOSAL TIMELINE IF CONDITIONS ARE MET

MAJOR CONTRACT WINS | OCTOBER 26, 2026

CONTRACT WINS

• CGPOWER – Subsidiary received RDSO approval for critical KAVACH order.

• UNIMECH – Signed long-term aerospace manufacturing deal with Honeywell.

MICROCAPS

• BAJEL – Secured ₹1,700 Cr transmission and substation projects.

• JYOTISTRUC – Secured ₹949.35 Cr HVDC transmission line project.

• SRM – Secured ₹138.37 Cr infrastructure contract from MORTH.

• HILINFRA – Secured ₹91.78 Cr toll operations contract for one year.

• COSMICCRF – Secured ₹33.46 Cr orders for fabricated steel items.

• 3CIT – Secured ₹9.08 Cr desktop supply order for IT services.

• CLASSROOM – Secured ₹9.10 Cr content licensing and development order.

• GLOBAL – Secured ₹9.95 Cr desktop computer supply order.

• SUGSLLOYD – Secured ₹3.16 Cr contract from Tata Power-DDL.

• ORIRAIL – Secured ₹1.37 Cr rail seat supply order.

Q2 Earnings

Good-Paramount Communications, Paytm, Sona BLW, Tata Consumer, Brigade Hotel, Venus Remedies, LEAP India, Aegis Logistics, Kfintech

Inline/Mixed-Sumitomo Chem, Dalmia Bharat (One-time loss, but strong commentary), Five Star Business, Aavas Financiers, Nazara Tech (PAT high due to tax credit), Sunteck Realty, WeWork

Weak- Aequs, REC, Astec Life, DCM Shriram, Shanthi Gears, Antelopus Selan (Weak QoQ)

Earnings Watchlist

POSITIVE

Paytm-Solid growth and margins ahead of MDR benefits

Tata Consumer Management expects margin expansion in H2

Sona BLW-Earnings beat

Brigade Hotel-Strong operational quarter

Venus Remedies-Margin up 337 bps YoY

Aegis Logistics-Strong growth in gas terminal division

Kfintech-Margins beat on operational efficiencies

Leap India-PAT jumps on higher other income

Paramount Communications-Margins increase by 580bps YoY

NEGATIVE

Aequs-Consumer segment loss widens

REC-PAT down 21% YoY

Antelopus Selan-Sequentially weak numbers

Opening Cues (Tomorrow Is FOMC Meet-10% Chance Of Rate Hike Only)

Oil Eases On Mideast Diplomatic Efforts

Gold Steady Ahead Of Fed Rate Call

AI Rebound On Wall Street

Anthropic Files For IPO

Microsoft Offers Voluntary Buyout To 60K Employees

South Korea GDP Growth Stronger Than Expected

Nikkei Snaps 3-Day Decline

Short Covering/Positioning Unwinding Likely

FII Shorts At 87% vs 90%

FIIs Turn Sellers In Cash Market After 1 Session

MORGAN STANLEY ON DALMIA BHARAT

• Rating: UNDERWEIGHT | Target Price: ₹1,640

• Reported results were weak, with volume growth impacted partly by seasonality and elevated costs.

• Operating leverage benefits are expected in H2, but variable costs are likely to remain elevated.

• Recent price hikes may partly offset continued cost pressures.

• Morgan Stanley maintains its relative UNDERWEIGHT stance amid weak profitability.

HSBC ON DALMIA BHARAT

• Rating downgraded to HOLD | Target Price cut to ₹1,820

• Muted volume growth, significant cost increases and asset impairment led to a net loss.

• Acquired assets are expected to remain a drag on performance in Q3.

• Breakeven for acquired assets is targeted by the end of FY27.

HSBC on Tata Cons

Buy, TP Rs 1170

Q2FY27 results were a marginal beat driven by non-India business; India business margins remained flat qoq
‘Growth’ businesses grew by 40% (Q1: +47% yoy). 50-70bp margin improvement remains a focus (FY27 HSBCe: 40bp)

India margin trajectory near-term trigger