Oil India Q2 Profit Slumps 21% as Zee Entertainment Clears ₹600 Crore Buyback

Oil India saw second-quarter net profit drop 21.3% sequentially to ₹2,259.42 crore as refining and upstream realizations weighed on operating margins. The state-run energy explorer had delivered ₹2,870.21 crore in the preceding quarter. Revenue, calculated net of excise duty, crept up 1.4% to ₹8,071.2 crore against ₹7,958.1 crore in the first quarter.

The compression hit the operational line hardest.

EBITDA plunged 26.5% quarter-on-quarter to ₹3,001 crore from ₹4,084 crore, dragging operating margin down to 37.2% from 51.3%. Seeking to cushion investor sentiment, the board declared an interim dividend of ₹7 per share—equivalent to 70% of paid-up capital—for the financial year 2026-27, with payouts scheduled on or before December 12, 2026.

Electric Squeeze and Capital Goods Disconnect

Ola Electric Mobility recorded a sharp contraction at the top line for the second quarter of FY27, with revenue sinking 39% year-on-year to ₹421 crore from ₹690 crore.

Losses, however, showed divergent trends. The pure-play EV maker managed to narrow its net loss to ₹362 crore from ₹418 crore a year earlier. Yet operational burn deepened, with EBITDA loss widening to ₹218 crore from ₹203 crore. Gross margin contracted marginally to 29.93% from 30.9%, shrinking gross cash margin to ₹126 crore against ₹213 crore last year. On the cost ledger, operating expenses fell to ₹369 crore from ₹472 crore in the year-ago period, also pacing below the ₹390 crore logged in Q1 FY27 after excluding that quarter's one-time, non-cash reversal of ₹57 crore.

Over in capital equipment, Hitachi Energy delivered blistering execution that outran its capacity to protect pricing power. Revenue leaped 63.6% year-on-year to ₹2,996.5 crore from ₹1,832 crore, thrashing market consensus estimates of ₹2,588 crore.

Net profit rose 20.8% to ₹319 crore against ₹264 crore, though it missed consensus estimates of ₹345 crore. Operating leverage fell short: EBITDA rose 36.4% to ₹406.3 crore compared to ₹297.8 crore, trailing the projected ₹438 crore. Consequently, EBITDA margin eroded to 13.6% from 16.3% a year ago, falling below the Street benchmark of 17%.

Auto Volumes Jump, Zee Launches Capital Return

Mahindra & Mahindra ramped factory output aggressively through October. The Mumbai-headquartered automotive giant pushed monthly production up 30.44% year-on-year to 1.24 lakh units against 94,873 units in October last year, according to regulatory business filings.

Dispatches followed suit. Total sales volume advanced 7.3% to 1.27 lakh units from 1.18 lakh units. The overseas book delivered the strongest velocity: export shipments jumped 77.5% year-on-year to 7,241 units compared to 4,079 units in the previous period.

Infrastructure contractor Bondada Engineering posted steady gains across both lines for the second quarter. Revenue climbed 9.8% year-on-year to ₹724 crore from ₹659 crore. Net profit rose 5.65% to ₹56 crore against ₹53 crore, while EBITDA ticked up 7.9% to ₹84 crore from ₹78 crore. EBITDA margin softened slightly, printing at 11.6% compared with 11.8% a year ago.

In the media space, Zee Entertainment's board authorized a definitive liquidity return program through the tender offer route.

The company will buy back up to 6.59 crore equity shares at ₹91 apiece, deploying an aggregate capital outlay of ₹600 crore. The board designated November 25, 2026, as the formal record date to settle institutional and retail entitlement ratios.

Market Context: The dispersion in corporate earnings arrives during heightened tactical positioning across domestic bourses. Railway public sector undertakings—led by sharp momentum in BEML, RVNL, IRCTC, and IRFC—have charged up to 8% higher on heavy volumes. Benchmark desks remain fixated on whether the NIFTY50 can defend the psychological 25,000 threshold through the special festive Muhurat trading window, with institutional flows caught between crude oil volatility and upcoming domestic and foreign inflation readouts.