Some days in earnings season belong to the smaller, sharper stories. Thursday wasn’t one of them. This was a day where the biggest names simply took up all the oxygen, one after another, each with a print heavy enough to move its own conversation.
Start with Tata Steel, because the number that will stick from its quarter isn’t even in the results—it’s the ₹33,873 crore of capex its board approved for a 4.8 million-tonne expansion in steel capacity. The results themselves were solid enough on their own, with profit up nearly 12% and revenue rising over 14%, comfortably ahead of estimates, though margins slipped a touch and the exceptional loss this time around was larger than last year’s. But that capex figure is the sort of number that reframes how you read everything else in the statement.
Vedanta had its own significance to sit with, this being its first quarter of results since completing its demerger. The debut went well. Operating profit rose and margins expanded even as revenue dipped slightly, with zinc, copper and ferrochrome all pulling their weight, while a lighter debt load gave investors one more reason to like what they saw.
Mahindra & Mahindra kept things simple by comparison. Its June quarter landed almost exactly where analysts had pencilled it in, with revenue growing 23% from a year ago and edging past the Street’s estimate. The stock still climbed over 3%, the market seemingly happy to reward consistency even without a surprise attached.
Then there was Bajaj Finance, where core income grew 23% and asset quality held its ground. The quarter’s loan-loss provisions included a prudent buffer that, once stripped out, left the underlying number meaningfully lower. Swiggy added its own weight to the day, narrowing its net loss by more than expected as quick commerce losses continued to shrink, with overall revenue up 34%, even though food delivery’s order value growth came in a shade below what the Street wanted.
Not every giant had a clean day, though. Hyundai Motor India‘s profit fell 35% as revenue stayed flat and margins contracted sharply, and the company admitted it still can’t put a number on what new end-of-life vehicle rules might cost it. A leadership change in manufacturing only added to the sense of a quarter the company will want to move past quickly.
The rest of Thursday’s scorecard
Exide Industries’ stock jumped 5% after profit rose 28%, with its auto OEM business now delivering a third straight quarter of growth above 25%. Managing Director Avik Roy also pointed to the company’s Bengaluru gigafactory beginning to generate revenue sometime in FY27 as the next milestone worth watching. Mazagon Dock Shipbuilders also delivered a healthy quarter, with profit rising more than 21% and EBITDA jumping nearly 50%, lifting margins to just over 15%.
IRFC’s loan book shrank slightly from the March quarter, though non-performing assets remained at zero. Its chairman described this as the company’s strongest quarter yet on revenue, net worth and profitability, crediting its ongoing diversification strategy.
Gillette India’s evenue grew in double digits and profit rose nearly 10%, yet the stock still closed more than 2% lower. Margins slipped to 29% from 29.7%, likely explaining the market’s reaction. The stock is now down roughly 5% for the year.
What we heard beyond the results
A few boardroom conversations worth carrying into Friday.
Dabur’s Mohit Malhotra said the company expects double-digit revenue growth through FY27, balancing pricing and volumes while steadily improving margins, with premiumisation, rural expansion and e-commerce staying central to its strategy.
Asian Paints’ Amit Syngle guided for 8% to 10% volume growth and margins between 18% and 20% for the year, backed by rural demand and a strengthening B2B business. TeamLease’s Ramani Dathi flagged a hiring recovery taking shape in the second half of FY27, with demand for AI and digital skills continuing to outpace the rest of the market.
That’s Thursday. Follow all the live updates on Q1 earnings and everything else moving the market here.
