The second quarter (Q2) which is July-September 2025 period (Q2FY26) sees the Indian corporates display up a mixed show, with major sectors demonstrating resilience while others exhibited subdued growth. Large-cap names such as Indian Oil Corporation, Infosys, Tata Investment Corporation, and Hindustan Zinc reported strong year-on-year (YoY) bottom lines, while some consumer-facing companies like Bata India experienced stress on revenue as well as earnings.
Q2 Results: Notable Gains- Heavyweights Lead the Way
- Indian Oil Corporation (IOC): IOC reported a net profit of ₹7,817 crore in Q2FY26, compared to a net loss in the same period last year. Revenue also grew by 3.9%, buoyed by strong refining margins and better domestic demand.
- Infosys: Infosys reported a 13.18% YoY increase in consolidated profit to ₹7,375 crore with revenues increasing by 8.55%. The firm increased annual guidance based on a robust deal pipeline and stable margins. An interim dividend of ₹23 per share was distributed, boosting investor confidence.
- Tata Investment Corporation: Net profit increased 19.3% with 8.5% healthy revenue growth, reflecting strong momentum among holding and investment-related companies.
- Hindustan Zinc: Registered a 14% YoY rise in profit, driven by increased zinc and lead volumes and better margin management.
Q2 Results: Sectoral Leaders and Major Laggards
- Bata India: Profit declined sharply by 73.4% YoY to ₹13.8 crore and revenues dipped 4.3%, reflecting poor consumer sentiment in discretionary consumption.
At the sectoral level, banking, metals, and energy emerged stronger, while FMCG and some retail names registered conservative outlooks ahead of the festive period.
Q2 Results: What The Experts Have To Say
Experts in the market feel Q2 numbers demonstrate strength in India’s core industries. “Good performance from oil, gas, and IT firms underscores the strength of domestic demand and the role of digital change,” stated senior equity strategist R. Chauhan. Experts point out that several blue-chip companies beat profit estimates, particularly where input costs were in check and policy tailwinds (such as infrastructure outlays) came into play.
Brokerages are mostly bullish about the next quarters but warn that consumer businesses and export-oriented firms can continue to be exposed to global headwinds and volatile raw material prices. Investors are advised by experts to concentrate on businesses with solid operational leverage and strong domestic franchises for steady returns in the future.
Q2 Results: Nutshell
Q2FY26 earnings season display broad-based strength for India, with energy, banking, and IT at the forefront. But some consumer-facing industries were soft, and global macro factors will continue to merit close monitoring in the upcoming quarters. Expert views are constructive, with a bias towards industries that could gain from policy support and continued domestic demand.
