Dear Reader,
Friday brought another busy earnings slate, with SBI, Titan, Oil India and Hindalco among the big names reporting their June-quarter numbers. There were clear beats, a few mixed prints and enough market reaction to keep the earnings conversation going well into the close.
SBI, Titan and Hindalco headline a busy Friday
SBI led the day’s earnings action. India’s largest lender posted net interest income of ₹46,992 crore, well ahead of what the Street had modelled, while net profit of ₹21,121 crore beat estimates by a wide margin. Asset quality stayed steady, with gross and net NPAs both ticking down marginally from the previous quarter. The stock, already up 13% this year, climbed further on the back of the numbers.
Titan had a quarter that split fairly cleanly down the middle. Profit surged 65% to ₹1,699 crore, comfortably beating the Street, yet revenue growth of 24.3% still landed a shade below what analysts had pencilled in.
Oil India’s numbers moved the other way entirely, with standalone profit jumping more than 60% sequentially on the back of stronger crude and gas revenues, a sharp turnaround from where the March quarter had left things.
Hindalco also delivered a strong quarter, with its stock climbing as much as 3% after both its aluminium and copper businesses reported healthy standalone performances. The aluminium business alone posted EBITDA well above Street expectations, with per-tonne earnings climbing to ₹2,331 from ₹1,467 a year ago.
More names, more mixed signals
Raymond added a sharp sequential turnaround of its own, with profit jumping more than eighteen-fold from the March quarter on the back of strength in its aerospace and precision technology businesses.
Ola Electric’s quarter stayed mixed. Its net loss narrowed from a year ago even as revenue fell sharply, though vehicle registrations improved meaningfully through the quarter, suggesting the demand picture may be stabilising even if the topline hasn’t caught up yet.
Ramco Cements saw profit fall sharply from a year earlier, though it still came in ahead of Street expectations, with revenue growing at a steady clip. Jyoti CNC Automation had the roughest market reaction among the day’s results, with its stock plunging more than 10% after profit fell 20% despite healthy revenue growth. Margins contracted sharply, keeping the focus firmly on profitability after an already difficult FY26.
Three boardroom conversations worth carrying forward
Some of Friday’s more interesting signals came not from fresh results, but from management commentary around businesses that had already reported.Hero MotoCorp’s stock jumped 4% on Friday, reacting to Thursday’s results and some confident commentary. The company said its electric vehicle production capacity should nearly triple to 45,000 units a month by the end of FY27, helped by dealer inventory running almost nil across most regions.
PG Electroplast’s shares gained more than 5.5% after management struck a similarly upbeat tone, expressing confidence in delivering 25-30% revenue growth this year and for a couple of years beyond that.
Lupin added another strong earnings print to the day’s conversations. Profit rose 16.1% and revenue jumped 33.3%, with Managing Director Nilesh Gupta pointing to broad-based growth and improving profitability across key markets. Brokerages appear to be taking note too, with Macquarie retaining an Outperform rating on the stock.
That’s Friday.
Follow all the live updates on Q1 earnings and everything else moving the market here.
Have a good weekend, and see you Monday.
