Suzlon Energy (NSE: SUZLON, BSE: 532580) delivered a mixed bag for Q2 FY27. Revenue from operations climbed 26% to ₹4,869 crore, driven by record quarterly deliveries of 710 MW. But the bottom line didn’t keep pace. Net profit after tax rose a mere 1.3% year-on-year to ₹394 crore on a comparable basis, excluding the ₹891 crore deferred tax asset creation from the prior year. The real concern is margin erosion. EBITDA remained flat at ₹720 crore, but the margin compressed to 14.8% from 18.6% a year ago. Profit before tax dipped to ₹518 crore from ₹562 crore. For traders watching the wind energy sector, this signals that aggressive volume growth is currently diluting profitability, likely due to input cost pressures or project mix shifts. The stock will need to defend its valuation against this margin squeeze unless Q3 shows a correction.
Vedanta Power (NSE: VEDL, BSE: 532633) offers a stark contrast. The firm posted its highest-ever quarterly net profit of ₹83 crore in Q2 FY27, swinging from a ₹423 crore loss in the previous quarter. It’s a massive operational turnaround. Revenue rose 11.5% quarter-on-quarter to ₹2,908 crore, while EBITDA surged 44.7% to ₹421 crore. The EBITDA margin expanded to 14.5% from 11.2%, indicating better cost control and utilization. This is the kind of quarter that resets a stock’s narrative, especially for a business that has struggled with consistent profitability. Investors should watch if this margin expansion holds in Q3 as fuel costs stabilize.
On the loss front, InterGlobe Aviation (IndiGo) reported its third consecutive quarterly net loss. The consolidated loss after tax stood at ₹1,879.1 crore for the July–September quarter, narrowing from ₹2,582.1 crore in the same period last year. The primary culprit? Foreign exchange losses. FX losses hit ₹1,333 crore, accounting for roughly 70% of the total net loss. Operational costs are also under pressure. Fuel cost per available seat kilometre spiked 68.9% to ₹2.44, and total expenses rose 18.6% to ₹26,188.4 crore. For long-term investors, the core airline business remains cash-generative, but the FX volatility and fuel price sensitivity continue to distort reported earnings. The narrowing loss is a positive, but the magnitude of FX pain suggests the company is still vulnerable to currency swings.
Other notable moves: Blue Star (NSE: BLUESTARCO, BSE: 532620) beat estimates with a 25.5% YoY profit rise to ₹70 crore, outperforming the CNBC-TV18 poll. Trent (NSE: TRENDBS, BSE: 532975) saw net profit grow 8.6% to ₹490 crore, ahead of the ₹475 crore estimate, with revenue up 22.5% to ₹5,788 crore. Noel Tata will retire as chairman by November 11, 2026. Deepak Nitrite (NSE: DEEPAKNITR, BSE: 532580) tripled its net profit to ₹398 crore on 61.7% revenue growth. Conversely, Thyrocare (NSE: THYROCARE, BSE: 532421) saw net profit plummet 68.17% to ₹15.22 crore despite 25.1% revenue growth. Sagility (NSE: SAGILITY, BSE: 532826) faces a 12% stake sale by Sagility BV for ~₹2,377 crore, with a floor price of ₹42.45, a 4.9% discount to Thursday’s close. These mixed results underscore the need for stock-specific analysis in the current earnings season.