Tata Steel set the pace for industrial counters on Friday, delivering a 16.2% year-on-year climb in consolidated second-quarter net profit to ₹3,700 crore.
Revenue from operations expanded 11.5% to ₹65,436 crore from ₹58,689 crore in the corresponding period last year, outpacing consensus analyst projections of ₹3,120 crore. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 18.4%. Operating margins reached 16.1%—up from 15.2% in the first quarter, though just shy of the 16.3% pegged by street estimates. The numbers reflect sustained domestic steel delivery momentum despite volatile global input pricing.
The broader tape tracked significant corporate disclosures across electrical infrastructure, capital goods, and consumer appliances. Finolex Cables staged a massive operational breakout, with net profit surging 67.5% to ₹273 crore as revenue climbed 65% to ₹2,269 crore. Operating EBITDA at the cable manufacturer more than doubled, leaping 113% to ₹311 crore on aggressive volume growth across its electrical and communication divisions. Voltas also pulled ahead of forecasts, booking a 53.4% net profit leap to ₹52.6 crore on revenue of ₹2,707 crore, beating market estimates of ₹2,556 crore.
| Company | Q2 Net Profit (₹ Cr) | YoY Change (%) | Q2 Revenue (₹ Cr) | Key Metric / Driver |
|---|---|---|---|---|
| Tata Steel | 3,700 | +16.2% | 65,436 | EBITDA margin expanded to 16.1% |
| Finolex Cables | 273 | +67.5% | 2,269 | EBITDA leaped 113% to ₹311 Cr |
| Voltas | 52.6 | +53.4% | 2,707 | Beat revenue estimates of ₹2,556 Cr |
| Siemens | 504 | +3.9% | 5,734 | Margins contracted to 10.9% |
Yet margin compression hit multinational engineering bellwether Siemens. While July-September revenue rose 17% to ₹5,734 crore, net profit edged up just 3.9% to ₹504 crore as EBITDA margins tightened by 150 basis points to 10.9%. Fertilizer manufacturer Coromandel International absorbed an even heavier bottom-line blow, sliding 33.7% to ₹534.2 crore despite a 6.7% revenue lift to ₹10,294 crore. Agrochemical maker Insecticides India saw net profit slip 5.1% to ₹56 crore under higher borrowing costs, with working capital cycles stretching to 158 days.
Capital allocations and public order books offered fresh catalysts. State-run engineering giant Bharat Heavy Electricals bagged a contract valued between ₹600 crore and ₹900 crore from Power Grid Corporation of India. Under the mandate, BHEL will engineer, build, and commission two synchronous condenser units at the Barmer-II HVDC Terminal Station in Rajasthan.
Corporate treasuries also deployed capital aggressively. Mahindra & Mahindra cleared an equity infusion of up to ₹1,450 crore into listed subsidiary SML Mahindra, committing ₹855 crore to its direct rights entitlement alongside ₹595 crore for additional or unsubscribed shares. In consumer goods, Marico signed definitive pacts to buy a 51% controlling stake in Bonorizon Consumer Ventures for ₹35 crore. Private equity interest surfaced at Kirloskar Oil Engines-backed non-bank lender Arka Fincap, which locked in an ₹800 crore two-tranche investment pact with TPG's The Rise Funds.
Regulatory and clinical developments bookended the session. Drug maker Aarti Drugs disclosed that the United States Food and Drug Administration issued three inspectional observations on Form 483 following an audit of Pinnacle Life Science's formulation plant in Baddi, Himachal Pradesh. Meanwhile, Zydus Lifesciences announced that its investigative candidate saroglitazar hit key endpoints in Phase 2b clinical trials for metabolic dysfunction-associated steatohepatitis, clearing liver inflammation without worsening fibrosis.
| Coromandel Int. | 534.2 | -33.7% | 10,294 | Revenue rose 6.7% |
| Cohance Lifesciences | 15.2 | -79.5% | 477 | Sequential revenue grew 12.9% |