Tuesday’s earnings slate showed a familiar theme this quarter: strong revenue growth did not always translate into stronger profits. MRF and Zydus Lifesciences saw margins come under pressure, Siemens’ headline profit was lifted by a one-off gain, while RVNL, NBCC and Manappuram Finance stood out with stronger operating performances. Management commentary also kept investors busy, with TVS Supply Chain, RateGain and Embassy Developments offering an upbeat outlook for the months ahead.
Where the biggest earnings landed
MRF’s June-quarter numbers disappointed on the operating front. Revenue rose 9.6% to ₹8,415.5 crore, but EBITDA fell 7.5% to ₹990.6 crore as higher raw material costs squeezed profitability.
EBITDA margin narrowed to 11.77% from 13.95% a year ago, with material costs climbing sharply to ₹5,824 crore from ₹4,597 crore. Shares fell after investors focused on the weaker margins.
Zydus Lifesciences also reported a quarter where revenue outpaced profitability. Revenue grew 22% to ₹8,017 crore, but profit fell 35.9% to ₹939.8 crore. EBITDA declined 7.6% to ₹1,929.4 crore, while margin contracted to 24.1% from 31.8%. The company said its international markets business continued its growth trajectory, India branded formulations outpaced market growth once again, and the consumer wellness business retained dominant market share across key brands. Shares gained around 5% after the results.
Siemens reported a net profit of ₹2,143 crore, up sharply from ₹423 crore a year ago, but most of the increase came from a ₹2,099 crore gain on the sale of discontinued operations.
Revenue grew 15% to ₹4,713.7 crore, while EBITDA fell 17% to ₹431 crore and margin narrowed to 9.1% from 12.6%. The company attributed the pressure on profitability to commodity price volatility, foreign exchange movements and higher material costs.
The stronger set of numbers
RVNL delivered one of the stronger operational performances of the day. Consolidated profit rose 18.5% to ₹159.36 crore, while revenue increased 10.5% to ₹4,321 crore. EBITDA surged to ₹185.4 crore from ₹56 crore a year ago, pushing margin up to 4.3% from 1.43%. The rail infrastructure company also reported an order book of ₹99,262 crore as of August 1.
NBCC managed to grow profit despite a softer topline. Net profit rose 17.2% to ₹154.8 crore even as revenue slipped 6% to ₹2,259.5 crore. Operating performance improved significantly, with EBITDA jumping 39% to ₹155 crore. The company declared its first interim dividend for FY27 at ₹0.15 per share and also gave in-principle approval to set up a wholly owned subsidiary that will act as an SPV for a proposed REIT.
Manappuram Finance reported one of the day’s biggest profit jumps. Net profit climbed to ₹584.5 crore from ₹138.3 crore a year ago, while net interest income rose 28.1% to ₹1,723.8 crore. Assets under management grew 57.2% to ₹69,635 crore, with gold loan AUM nearly doubling to ₹57,006 crore. The company also announced an interim dividend of ₹1 per share.
Kalpataru Projects International also delivered a healthy quarter, with profit rising 45% to ₹310 crore. Revenue grew 4% to ₹6,408 crore, EBITDA increased 7% to ₹562 crore and margin improved to 8.77% from 8.51%.
Stocks that saw sharp moves
Unichem Laboratories shares jumped as much as 16.5% after the drugmaker returned to profit, reporting ₹41.47 crore against a ₹10.47 crore loss a year ago. Revenue grew 20%, while EBITDA more than tripled to ₹70 crore and margin widened to 11.1% from 4.3%.
Hind Rectifiers shares fell 5.5% despite recovering from a sharper decline. Revenue rose 20% to ₹258.4 crore, but EBITDA plunged 45.4% to ₹13.22 crore, dragging margin down to 5.1% from 11.3%. Profit fell 26.2%.
Beyond the quarterly scorecard
Vodafone Idea said average daily revenue during the quarter was the highest in the last six years and expects the momentum to continue. The telecom operator invested ₹930 crore in capex during the quarter and reduced bank debt to just ₹211 crore.
TVS Supply Chain Solutions is sticking to its mid-teens growth guidance for FY27 despite reporting around 28-29% revenue growth in the first quarter. Managing Director Vikas Chadha told CNBC-TV18 that the company remains confident of outperforming that guidance. It is targeting 4.5-5% margins in its GFS business, expects India to contribute 40% of turnover within three years and plans to partially de-pledge promoter holding during FY27.
RateGain Travel Technologies expects to exceed its FY27 revenue guidance of ₹3,000-3,100 crore, Founder and Managing Director Bhanu Chopra told CNBC-TV18. The company expects AI-led product development, a strong order pipeline, APAC growth and acquisition synergies to drive performance. It has also raised its EBITDA margin guidance to 22.5-23.5%.
Embassy Developments remains confident of achieving its FY27 pre-sales target of ₹8,000 crore, supported by a launch pipeline of around ₹19,500 crore across the remaining three quarters. CFO Rajesh Kaimal said Bengaluru continues to lead demand while Mumbai is gaining traction.
The company expects collections to strengthen from the second quarter as FY26 launches enter the collection cycle, while net debt of around ₹3,300 crore and a debt-to-equity ratio of 0.35x keep the balance sheet comfortable.
