Equity Alert
L&T rises 6% after Q2 profit, revenue beat Street's view
This story was originally published at 12:19 IST on 28 October 2026
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Equity Alert: L&T rises 6?ter Q2 profit, revenue beat Street's view
MUMBAI--1136 IST--Shares of Larsen & Toubro rose over 6% to a one-month high of INR 3,894 apiece after reporting strong earnings for the September quarter. The company's consolidated net profit and revenues for the quarter beat analysts' expectations. The company remains confident of achieving its revenue growth and margin guidance for 2026-27 (Apr-Mar). Brokerages remain positive on the company's growth path, given its robust order book and project execution.
Larsen & Toubro reported a consolidated net profit of INR 52.02 billion for the September quarter, up nearly 33% on year and revenue was INR 787.50 billion, up 16% on year. Faster execution of projects in the energy and manufacturing businesses and a sharp fall in its finance costs aided the growth in bottom line. However, the rise in costs outpaced that of revenues. The company's finance costs fell 38% on year to INR 4.73 billion. The company reiterated its 10-12% revenue growth outlook for FY27 and remains confident of having stable margins. It also remains confident of achieving 7.8% margin guidance in its project, product and manufacturing segment.
Nuvama Institutional Equities upgraded the stock to "buy" on strong order book execution visibility and attractive valuation. The brokerage also raised its target price by 5% to INR 4,250. "The INR10.3tn (trillion) prospect pipeline and INR8.54tn (trillion) order backlog (+28% YoY) provide strong multi-year revenue visibility," Nuvama said. Normalisation of project execution in West Asia, sustained domestic private sector ordering momentum, margin recovery, and easing of delays in the water and effluent treatment projects are key factors to be tracked, Nuvama said.
Prabhudas Lilladher maintained its "buy" call on the stock and raised its target price slightly to INR 4,437 from INR 4,425. Larsen & Toubro is expected to benefit from strong international prospects, led by West Asia. Healthy domestic order pipeline, liquidation of loss-making development projects, and penetration into new segments such as green energy are also key positives, the brokerage said. Emkay Global Financial Services was also positive on L&T's long-term prospects, supported by government thrust on infrastructure development and adoption of clean energy. This brokerage has a "buy" recommendation on the stock with a target price of INR 4,450 apiece.
At 1137 IST, shares of Larsen & Toubro traded nearly 4% higher at INR 3,808.80 apiece. Over 3 million shares of the company changed hands on the exchange, which was nearly seven times the volume traded until same time Tuesday and two times the three-month average daily volume traded. (Utthara E. S.)
Equity Alert: High costs for Maruti Suzuki worry analysts; estimates trimmed
MUMBAI--1108 IST--Brokerages remain cautious about Maruti Suzuki India's growth trajectory going forward as high input costs are seen weighing on the company for the near to medium term, though strong festive demand and an increase in volumes is seen offsetting some of the adverse impact from high costs. Analysts trimmed their estimates for the company due to elevated commodity prices. The company's margins are also not likely to increase at a fast pace, according to brokerages. India's largest car manufacturer's earnings for the September quarter had missed the Street's estimates by a significant margin. At 1100 IST, shares of Maruti Suzuki were almost 1% lower at INR 11,369 on the National Stock Exchange.
Factoring in cost pressures, Nuvama Institutional Equities cut its earnings before interest, taxes, depreciation, and amortisation for financial year 2026-27 (Apr-Mar) by 12% to INR 204 billion and by 6% for FY28 to INR 260 billion. The brokerage introduced estimates for the performance metric for FY29, and it sees the company's EBITDA for that year at INR 285 billion. Nuvama maintained its "buy" call and lowered its target price to INR 15,600 from INR 16,300 earlier.
Jefferies expects Maruti Suzuki's margins to recover from the lows of the first half of 2026-27 (Apr-Mar) but high competition in the passenger car segment is likely to limit the extent of recovery. The brokerage expects the company's EBITDA margin to be between 9.4% and 11.3% over FY27-29. Jefferies trimmed its earnings per share estimates for FY27-29 by 7–11%. The global brokerage lowered its target price on the stock by 18% to INR 13,500 from INR 16,500 while maintaining its "buy" call.
"Sustained commodity inflation, an adverse export mix and limited scope for further price hikes are expected to weigh on near-term margins," Motilal Oswal Financial Services said. The brokerage cut its earnings estimates for FY27 by 7%. Gradual margin improvement is likely as raw material costs moderate and volumes scale up. Motilal Oswal expects the car maker to deliver 11?rnings over FY26–28 at a compounded annual growth rate. The brokerage has a "buy" stance on the stock with a target price of INR 14,800.
Emkay Global Financial Services cut its earnings per share estimates for FY27 by around 13%, and for FY28 and FY29 by 9?ch amid commodity pressures. It lowered its valuation multiple to 23 times from 25 times earlier as positives following the cuts in goods and services tax are now behind and macroeconomic risks increase. The brokerage maintained its "add" recommendation on the stock while cutting its price aim by around 14% to INR 13,300.
The company aims for a 10% on-year growth in its domestic sales for the second half of this fiscal year. Overall revenue growth in this period may be in the range of 7% and 10%, it said. This guidance is ahead of Nomura's expectations and the broking firm sees this positively. "With low inventory, channel filling will support wholesales even if retails slow down," the brokerage said. It upped its volume expectations by about 3% for FY27 to 2.83 million units. However, Nomura also flagged cost pressures, and it trimmed its expectations for the company's EBITDA margin to 9.7% for FY27, to 10.6% for FY28, and to 10.9% for FY29. The brokerage cut its target price to INR 13,046 from INR 14,071 while retaining its "neutral" call.
Maruti Suzuki reported a net profit of INR 24.15 billion for the September quarter, down 27% from INR 33.03 billion a year ago. The company's top line grew over 26% on year to INR 533.40 billion. (Ruchira Kagita)
Equity Alert: Paras Healthcare lists at 3.9% premium to issue price
MUMBAI--1027 IST--Shares of Paras Healthcare listed at INR 720 on bourses, which was a 3.9% premium to its issue price of INR 693. On the National Stock Exchange, nearly 4 million shares of the company changed hands while on the BSE Sensex, nearly 360,000 shares were traded.
The company's initial public offering was subscribed 2.23 times by the end of the three-day bidding period Friday, led by demand from qualified institutional buyers and retail individual investors. Investors bid for 26.94 million shares against 12.08 million shares on offer, as per BSE data.
The public offering comprised a fresh issue of shares worth up to INR 5 billion and an offer for sale of shares worth up to INR 9.5 billion. Ahead of the issue, Paras Healthcare had raised INR 6.52 billion from anchor investors by allocating 9.42 million shares at INR 693 per share.
Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through a network of eight hospitals with an aggregate bed capacity of 2,211 as of Mar. 31 across north India, Bihar, and Jharkhand. For the June quarter, the company reported a consolidated net profit of INR 496.82 million on revenues of INR 4.70 billion. (Utthara E. S.)
Equity Alert: Benchmarks open lower; Jio Platforms lists at 21% premium
MUMBAI--1012 IST--Benchmark indices opened lower for the third straight session, dragged down by losses in banks and information technology majors. However, the Nifty 50 remained above its crucial support zone of 22500 points. Broader markets were also down, though losses were marginally lower than benchmarks. Meanwhile, Jio Plarforms listed at an over 21% premium at INR 1,358 apiece on NSE. The company's public issue was subscribed 22.19 times, with qualified institutional buyers leading demand.
At 1009 IST, the Nifty 50 was at 22557.15 points, down 192.60 points, or 0.9% and the BSE Sensex was at 72825.32 points, down 773.35 points, or 1%. In the broader market, while small-cap indices were flat to slightly higher, mid-cap indices fell 0.1-0.3%. Volatility was slightly higher Wednesday, with the India VIX up almost 4% at 17.0025 points.
Among Nifty 50 constituents, Infosys, ICICI Bank, and HDFC Bank were the key drags. While Infosys fell more than 4%, HDFC Bank and ICICI Bank were down 1% and 1.5%, respectively. On the flip side, Larsen & Toubro was the top gainer, helping limit losses in the Nifty 50. The stock gained 4.5?ter the company's consolidated net profit and revenues for Jul-Sept beat the Street's estimates. The company also said it is confident of achieving its guidance on 10-12% order inflow growth for the financial year 2026-27 (Apr-Mar). Bajaj Auto was the second-best performer in the Nifty 50. The stock gained following the brokerages raising their earnings estimates for Bajaj Auto after the company reported a higher-than-expected set of earnings for the September quarter.
Hindustan Unilever reported its earnings for the September quarter within the first hour of the trading session. Shares of HUL fell over 1% post earnings. The company's net profit came in at INR 28.44 billion, slightly above estimates. Its revenues for the quarter were INR 175.43 billion.
On the sectoral front, Nifty IT was the top laggard, down 3%. Mphasis and Infosys fell over 4% while Tech Mahindra, Tata Consultancy Services, and HCL Technologies shed around 3?ch. All constituents of the Nifty IT index were in the red. Nifty Auto was the top gainer, up 0.3%. (Ruchira Kagita)
Equity Alert: Jio Platforms lists at 21% premium to issue price on bourses
MUMBAI--1010 IST--Shares of Jio Platforms listed at INR 1,358 on bourses, which was a 21% premium to its issue price of INR 1,119. On the National Stock Exchange, more than 55 million shares of the company changed hands while on the BSE Sensex, nearly 3 million shares were traded.
Jio Platforms' initial public offer, the country's largest-ever initial public offering, was subscribed 22.19 times as of the final day of bidding Friday. Strong institutional interest propelled the share offering to overwhelming demand. BSE data shows total bids reached 4.38 billion shares against an available 197.53 million shares, anchored by institutional buyers category that was subscribed 70.55 times.
The company raised INR 81.10 billion from anchor investors for its initial public offering by allocating 72.47 million shares at INR 1,119 per share, the upper end of the price band for the offering.
Jio Platforms, a subsidiary of Reliance Industries, is a technology platform and operates mobile, fixed broadband, and digital services. For the June quarter, the company had reported a consolidated net profit of INR 77.65 billion on revenues of INR 391.73 billion. (Deesha Jadhav)
Equity Alert: Indices in Asia rise, Kospi gains 6% on SK Hynix earnings
MUMBAI--0910 IST--Asian markets opened higher Wednesday as technology shares extended gains, mimicking the moves in their US peers overnight. South Korea's Kospi led the gains in Asia, and it was up more than 6% in early trade. A buy-side trading curb was activated by the Korean exchange as the index jumped more than 4%, lifted by strong earnings of artificial intelligence and semiconductor companies. Investors will closely watch the US Federal Open Market Committee's interest rate decision due later in the day.
South Korean semiconductor major, SK Hynix, gained more than 8% as it reported record September quarter earnings, beating analysts' estimates. The chipmaker reported revenue of 104.62 trillion won (around INR 7.5 trillion) and operating profit of 83.33 trillion won. The company announced over $25 billion in dividends and buybacks. Samsung Electronics also surged in trade, and it was up more than 7%. Meanwhile, Japan's Nikkei 225 was up over 1% while its broader Topix First Section gained marginally.
China's CSI 300 and Hong Kong's Hang Seng rose marginally. Semiconductor stocks in China and Hong Kong rose post SK Hynix's strong quarterly results. In Hong Kong, shares of Hua Hong Grace Semiconductor rose nearly 4% while those of Semiconductor Manufacturing International gained nearly 3%. The sectoral Hang Seng TECH Index gained nearly 1% as technology major Lenovo Group was up over 5%.
The artificial intelligence rally will be tested as investors await the earnings of technology majors Alphabet and Microsoft. Investors will watch for the evidence to justify the debt-heavy financing of artificial intelligence infrastructure. "While we're expecting strong results across the board, the focus is less about the actual earnings results than about whether the capex (capital expenditure) spending for AI growth will translate into sustainable revenue growth for these companies, which remains a big question mark," SWBC Chief Investment Officer Chris Brigati told Reuters.
Following are the levels of key Asian indices at 0750 IST:
|
Index |
Level |
Change in % |
|
Nikkei 225 Day |
64008.36 |
1.2 |
|
TOPIX FIRST SECTION |
4000.04 |
0.1 |
|
S&P/ASX 200 Index |
8868.10 |
0.2 |
|
KOSPI Index |
5984.86 |
6.2 |
|
Hang Seng Index |
23055.75 |
0.1 |
|
CSI 300 Index |
4067.39 |
0.4 |
|
FTSE Singapore Strait Times |
5384.62 |
(-)0.2 |
(Vidhi Thacker)
Equity Alert: Bajaj Auto Q2 impresses; analysts see healthy growth path
MUMBAI--0900 IST--Brokerages have raised their earnings estimates for Bajaj Auto after the company reported a higher-than-expected set of earnings for the September quarter. The company's earnings before interest, taxes, depreciation, and amortisation margin expanding 40 basis points on year and saying flat on quarter despite high costs was a key positive, analysts said. The automobile major plans to increase its production capacity to 775,000 units a month from 625,000 units a month. This, along with resilient export growth and stable domestic sales going forward, is seen as a major positive by brokerages. Higher input costs through the rest of the financial year 2026-27 (Apr-Mar) remain the key concern.
High input costs during the quarter stemming from supply disruptions due to the ongoing war in West Asia were absorbed through calibrated pricing, favourable currency tailwinds on exports, and higher production-linked benefits. However, high costs are expected to persist through the December quarter and are unlikely to abate in the near term. Considering the plan for higher production and factoring in stronger average selling prices, Emkay Global Financial Services increased its earnings per share estimates for the company by about 11% for FY27, by 9% for FY28, and by 5% for FY29. The brokerage, however, lowered its target price multiple to 23 from 26 earlier. Emkay Global retained its "buy" recommendation on the stock and lowered its target price slightly to INR 13,100 from INR 13,700.
Factoring in higher average selling prices, Citi also raised its expectations for the company's earnings per share by 0-2% over FY27-FY29. However, the company had highlighted that adverse foreign exchange impact could be seen in the December quarter, and this could affect average selling prices adversely, Citi noted. The brokerage retained its "sell" call on the stock and tweaked its target price to INR 10,100 from INR 10,000 earlier.
Nuvama Institutional Equities expects Bajaj Auto's volumes to grow at a compounded annual rate of 10% over FY26-FY29 while domestic sales and exports are seen rising 6% and 15%, respectively. The brokerage hiked earnings per share projections for FY27 and FY28 by 5?ch to INR 456 and INR 509, respectively. It also introduced its estimate for the same metric for FY29 of INR 513. Nuvama retained its "buy" call on the stock and revised its target price of INR 12,700 from INR 12,000 earlier.
Bajaj Auto's net profit for the September quarter grew 35% on year and 12% on quarter to INR 33.54 billion. Its revenue from operations for the quarter under review was INR 200.03 billion, up 34% on year and 16% on quarter. The company reported its earnings after the continuous trading session ended Tuesday. The company's shares closed over 3% higher at INR 10,390 on the NSE. (Ruchira Kagita)
Equity Alert: Mkt seen opening dn; oil prices rise; heavyweight stocks eyed
MUMBAI--0820 IST--Benchmark indices are expected to open gap-down as crude oil prices resume their climb amid concerns over supply disruptions. Several major companies will be in focus as investors digest September-quarter earnings. Market sentiment remains cautious ahead of the US Federal Reserve's policy announcement later today, analysts noted. The market will focus on the tone of the central bank's commentary.
At 0747 IST, December Brent crude futures were up nearly 2% at around $116 per barrel. Recent diplomatic talks between Iran, Pakistan, and Turkiye failed to trigger meaningful selling, as traders increasingly focused on developments on the ground, Dow Jones Newswires quoted ANZ Research analysts as saying in a note.
Gains in chipmakers and artificial intelligence stocks pushed most Asian indices higher in early trade. South Korea's Kospi was up nearly 6%. This follows a surge in index heavyweight SK Hynix, which rose over 8?ter the chipmaker posted a record-high quarterly profit and sharply beat estimates. Nevertheless, domestic sentiment remains cautious. Investors will watch the US Federal Reserve's policy announcement later in the day. Over 90% of market participants expect the central bank to keep the policy interest rate in the 3.75%-4.00%, according to the CME Fedwatch tool.
Tuesday, after a volatile session, both the Nifty 50 and the BSE Sensex ended flat at 22749.75 points and 73598.67 points, respectively. Higher crude oil prices and caution ahead of the US Federal Reserve's policy announcement Wednesday dampened positive earnings-related cues, analysts noted. In the near term, the Nifty 50 is expected to find support at 22610-22500 points, while resistance is pegged at 22830–22950 points, according to technical analysts. At 0745 IST, GIFT Nifty November futures were at 22581.50 points, down nearly 169 points from the Nifty's previous close, suggesting a gap-down opening for the benchmark.
Larsen & Toubro shares will be in focus after the company sharply beat the Street's September quarter earnings estimates. For Jul-Sept, the EPC major's consolidated net profit jumped 33% on year to INR 52.02 billion, while revenues rose 16% to INR 787.50 billion.
Automobile players Maruti Suzuki India and Bajaj Auto also detailed their September quarter earnings after market hours Tuesday. Bajaj Auto comfortably beat analysts' estimates for its September quarter results. The auto major's net profit for Jul-Sept rose 35% on year to INR 33.54 billion, while its revenue from operations jumped 34% to INR 200.03 billion. Maruti Suzuki, on the other hand, underperformed the Street's expectations for its September quarter net profit and sales.
Hindustan Unilever shares will also be in focus ahead of the FMCG major's September quarter results expected during market hours. For Jul-Sept, the company is expected to report modest on-year growth in net profit to INR 27.8 billion, according to the average of brokerage estimates. Revenue is expected to grow 14% to INR 173.5 billion. Adani Ports and Special Economic Zone and Adani Enterprises are also slated to detail their Jul-Sept earnings. Investors will also watch out for the much-awaited listing of Jio Platforms on the exchanges. (Shruti Nair)
Equity Alert: US indices rise as tech rally continues, FOMC meeting in focus
MUMBAI--0735 IST--Key US indices rose for a second straight day as semiconductor-linked stocks gained and investors watched quarterly earnings from major companies. Brent crude oil futures ended Tuesday marginally lower, at around $113 per barrel, as Iran's supreme leader Mojtaba Khamenei met top national security official Hohsen Rezaei to discuss terms for ending the war with the US. Among indices, the Nasdaq Composite led gains, rising 1%. Investors await the Federal Open Market Committee's interest rate decision later Wednesday. Market participants expect the US Federal Reserve to keep rates unchanged.
"This feels like a rare Fed meeting non-event under (Kevin) Warsh. It feels like his communication strategy is going to result in fewer of these no-surprise meetings, but it does look like we're going to get one here, mostly because the midterm election is next week," Jed Ellerbroek, Argent Capital Management portfolio manager, told CNBC. Commentary from US Fed Chairman Kevin Warsh will be closely monitored.
On the stocks front, semiconductor majors Micron Technology and Advanced Micro Devices gained nearly 3% and over 5%, respectively. Technology stocks extended their gains from Monday after seeing a sharp selloff the week before. "The market has these kinds of periodic interludes where it gets concerned about AI spending, and then we tend to go back, and tech leads us higher. The light switch has been off for the last two weeks, and it looks like the first two days this week, the switch has been flipped up again," Ellerbroek said.
JetBlue shares jumped 19?spite the company reporting a higher-than-expected loss for the quarter ended September. The airline said that it expects to return to profitability in the following quarter. Meanwhile, UPS rose nearly 6?ter it reported better-than-expected earnings for the September quarter. Broadcom was another major gainer, up 4%, after it announced that Bank of America, Blackstone, Citi and Morgan Stanley would invest $63 billion to buy the company's chips and networking solutions to lease to Anthropic.
The following are the closing levels of key US indices Tuesday:
|
Index |
Level |
Change in % |
|
Dow Jones Industrial Average |
52377.57 | 0.03 |
|
NASDAQ Composite |
26477.81 | 1.18 |
|
S&P 500 |
7722.60 | 0.60 |
(Vidhi Thacker)
US$1 = INR 95.23
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
All prices from National Stock Exchange, unless otherwise specified.
All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.
All times are Indian Standard Time.
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