The Conviction And The Caution

Results status as of October 19, 2026. Covers October 14 to 18 results and the analyst calls in our scan. Figures as reported; check exchange filings before acting.

Executive summary

The Q2 FY27 results week (October 14 to 18) showed strong profit growth in several sectors, margin expansion, and generally positive management guidance. Manufacturing, financial services and IT led; FMCG and some banks lagged.

Results timeline

October 14: major results day

• Tier-1 index names: BHEL (+120% profit growth), Tech Mahindra (+15.3%), Bank of Maharashtra (+23%), ICICI Lombard (+15.4%), Canara Bank (+8%), MRPL (+39%), Tata Technologies (+31.3%), CEAT (exceptional profit recovery), RIIL (flat).
• Other important names: Groww (+54%), HDB Financial (+34%), Sona BLW Precision (record profits).
• Market impact: positive. More than 80% of companies beat expectations, led by manufacturing and financial services.

October 15: secondary results day

• Wipro, Nestle India, Polycab, HDFC Life, Persistent Systems, Angel One, IIFL Finance, South Indian Bank, Karur Vysya Bank, and several others.

October 16

• Tejas Networks, Tata Communications, and about ten others.

October 17: banking day

• Major banks: HDFC Bank, ICICI Bank, Axis Bank, Yes Bank.
• Public sector banks: Indian Bank, Central Bank, IDBI Bank and one or two others.
• Financial services: Federal Bank, RBL Bank and other banking and NBFC names.
• Market impact: strong. Banking NIM concerns were addressed, and asset quality trends looked positive across major banks.

October 18

• Limited major announcements; smaller and mid-cap companies likely declared.

Themes

Positive

• Manufacturing turnaround: BHEL, Sona BLW and CEAT show strong profit growth; margins are expanding in the industrial sector.
• Banking resilience: asset quality is improving at major banks; advances growth is 12 to 15% across the sector.
• Financial services: Groww, HDB Financial and housing finance are robust, with 20%+ profit growth visible.
• Energy and resources: MRPL +39%; refining margins are expanding.

Concerns

• IT revenue growth is muted: profit growth is coming from margins and buybacks, not organic growth; FY27 guidance is cautious.
• Inflation is sticky: cost pressures are visible in some FMCG and manufacturing names.
• FPI outflows persist: a 13-day selling streak is visible in market data.

Analyst calls in the scan

Buy (high conviction): BHEL (manufacturing recovery and EV capex), MRPL (energy recovery and refining margins), Groww (fintech growth), Sona BLW (EV transition and margins), Bank of Maharashtra (regional banking growth and valuation).

Hold (selective): HDFC Bank (quality but pricey; wait for dips below Rs 1,900), ICICI Bank (watch NIM guidance), Tech Mahindra (waiting for an IT inflection), HDB Financial (good growth, but the NBFC sector is crowded).

Watch: Axis Bank (if credit growth holds at 15% or more), Angel One (retail trading momentum), Persistent Systems (IT services edge).

FY27 growth assessment

Overall, FY27 earnings growth is tracking 15 to 18%, with manufacturing and financials ahead and IT lagging.

Next catalysts

• October 21: SBI Q2 FY27 results; other mid-caps.
• October 23 to 31: FMCG results (HUL, ITC, Colgate), pharma (Dr. Reddy’s, Cipla, Sun Pharma), and infrastructure and industrials.

The dates above are from the scan and were not verified against an exchange source. Confirm them on NSE or BSE.

Educational purposes only. The buy, hold and watch calls above are analyst views from the scan, not personal advice. This is not investment advice. Consult a SEBI-registered investment advisor before making any investment decision.

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