Thursday’s earnings brought a familiar mix of strong domestic demand, overseas pressure and a few businesses moving in very different directions. Tata Motors had to contend with a weaker JLR, while LG Electronics and Honasa Consumer delivered strong quarters. Elsewhere, IGL’s margins slipped, Max Healthcare kept expanding and several management commentaries offered a closer look at what lies ahead.
Tata Motors Passenger Vehicles had a quarter impacted by the JLR drag. Consolidated revenue grew 9%, yet EBITDA fell 20% as higher raw material costs, unfavourable currency movements and weaker performance at Jaguar Land Rover weighed on profitability. Margin contracted to 6.5% from 8.8% a year ago. JLR itself was the bigger drag, with revenue down 10% and EBITDA falling 21%. Volumes declined both year on year and, more sharply, sequentially, although realisations improved marginally during the quarter.
LG Electronics India told a very different story. Profit rose over 27% and revenue grew 15.5%, while EBITDA margin expanded to 12.5% from 11.4%. The company is also seeing strong demand for air-conditioners, having crossed 1 million sales in the first quarter of calendar year 2026 and targeting more than 2 million units for the full year.
Honasa Consumer went a step further, posting its highest-ever quarterly profit. Profit jumped over 118%, while revenue reached a record ₹756 crore. EBITDA margin nearly doubled to 14.57% from 7.68% a year earlier, marking a sharp improvement in profitability.
A handful of names had a more mixed quarter
IGL’s shares fell after profit dropped 30% and EBITDA weakened sequentially, even as revenue rose 10%. CNG and domestic PNG volumes continued to grow, up 6% and 7% respectively, keeping demand across its core city gas business firm even as margins came under pressure.
Max Healthcare had a steadier session, with shares gaining after profit rose 3% and revenue grew more than 15%. The board also approved ₹425 crore of capex for a new hospital block and gave in-principle approval to set up medical colleges, adding to the company’s expansion plans.
KRBL’s numbers moved in different directions too. Profit jumped more than 73%, even as revenue slipped 5.6%, allowing the basmati rice major to deliver strong bottom-line growth despite a weaker topline.
GIC Re had a tougher quarter, with consolidated profit falling 31.1% as underwriting losses more than doubled. Gross premium written, however, grew more than 9%, leaving underwriting performance as the key drag on the quarter.Sansera Engineering, meanwhile, flagged a growing opportunity in aerospace and defence. Its order backlog in the segment rose to ₹5,750 crore from ₹4,440 crore in the previous quarter, with the company expecting to execute these orders over the next five years.
A few boardroom conversations added to the picture
Apollo Hospitals Managing Director Suneeta Reddy said it was too early to assess the impact of a parliamentary committee’s recommendation to cap charges for private hospital rooms, surgeries and other procedures. She said hospital services go beyond consumables and room rent and would require dialogue with the government before any conclusions are drawn.
SKF India’s Shailesh Sharma said the bearings maker expects around 12% revenue growth this year, with EBITDA margins holding near 17%. The company has a roughly ₹500 crore capex plan running through 2028, while utilisation across its three plants is already close to 93%.
Titagarh Rail Systems’ Umesh Chowdhary said passenger rail could become the company’s dominant business over time, accounting for 60-70% of overall revenue as its presence in Vande Bharat and metro projects grows. The shift is already visible in its order book, with around ₹10,000 crore of its ₹13,000 crore standalone order book coming from passenger rail.
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