181 of 186 Indian Firms at Least Double Profit in September Quarter
Of 186 Indian companies analysed, 181 at least doubled net profit in the September quarter of FY27, Ace Equity data show. Metals, energy, banks and consumer names led the gains, while Jefferies says half of the companies it covers saw earnings estimates raised.
Of 186 Indian companies analysed, 181 reported at least a doubling of net profit in the September quarter of FY27 from a year earlier, according to Ace Equity results data, with the biggest gains running to as much as 12,000% growth.
Stronger demand, better margins and recovery across several sectors helped India Inc regain momentum after a long stretch of sluggish earnings growth. The data cover banking, metals, pharmaceuticals, energy, consumer businesses and industrial manufacturing.
Who made the list
The names include Indian Oil Corporation, JSW Steel, Hindustan Zinc, Adani Power, GAIL, Vedanta and Bharat Heavy Electricals. Newer listed businesses also appear: FSN E-Commerce Ventures (Nykaa's parent), One97 Communications (Paytm's parent) and Lenskart.
Five companies reported losses in both periods. They were left out of the count even though the data showed percentage changes above 100%. The count includes only firms with a positive year-earlier profit.
Metals and energy lead
JSW Steel's quarterly profit jumped 192% to Rs 5,067 crore from Rs 1,734 crore. Revenue rose to Rs 53,697 crore from Rs 44,560 crore.
Hindustan Zinc's profit surged 142% to Rs 6,412 crore, and Vedanta's rose 151% to Rs 6,202 crore. Steel Authority of India posted more than a fivefold increase, to Rs 1,670 crore.
Indian Oil's profit climbed 192% to Rs 21,854 crore from Rs 7,480 crore. Adani Power reported a 142% rise to Rs 7,019 crore, and GAIL's profit grew 160% to Rs 4,452 crore.
Banks and lenders
IDFC First Bank's profit more than tripled to Rs 1,049 crore from Rs 348 crore. RBL Bank's earnings rose 159% to Rs 498 crore.
Bandhan Bank reported a 456% increase in net profit to Rs 622 crore. Equitas Small Finance Bank recorded an eightfold jump to Rs 218 crore, and Ujjivan Small Finance Bank's profit nearly tripled to Rs 365 crore. Poonawalla Fincorp reported a fivefold increase to Rs 375 crore.
CreditAccess Grameen and Muthoot Microfin also reported profit growth above 100%. Titan's net profit more than doubled to about Rs 2,394 crore from Rs 1,119 crore.
What brokerages see
Jefferies said half of the 105 companies it covers that had reported saw their FY27 earnings estimates raised. Another 41% faced cuts, and 9% saw no change.
The brokerage found 56% of companies beat expectations, against 52% in the previous quarter. It also raised its FY27 earnings estimates for banks under its coverage by 3% to 7%, citing better-than-expected net interest income and lower credit costs at major private lenders.
"The September quarter results so far have been healthy with upgrade ratio sustaining at 50%+," Jefferies said in its strategy note.
