Q2 Earnings on Dalal Street: Key Companies Reporting
On November 12, 2025, a significant event is set to unfold on Dalal Street as around 500 companies will announce their second-quarter earnings for the financial year 2025-26 (Q2 FY26). This earnings season is crucial, as it will not only influence market trends but also provide insights into the performance of various sectors within the Indian economy.
Among the notable companies revealing their results are Hindustan Aeronautics, Tata Steel, IRCTC, Ashok Leyland, and Asian Paints. The anticipation surrounding these announcements is palpable, especially with over 2,500 companies expected to declare their Q2 results this week.
According to market analysts, the ongoing Q2 FY26 results will significantly shape market direction. Ajit Mishra, SVP of Research at Religare Broking, emphasizes that these results will offer a clearer picture of sectoral trends and corporate profitability, especially ahead of the festive quarter, which is crucial for many businesses.
Tata Steel is expected to showcase a notable recovery in profits for the September quarter, attributed to reduced input costs and an increase in domestic sales volumes. Analysts project a year-on-year increase in standalone volumes by 9% and a quarter-on-quarter increase of 17%, reaching 5.6 million tonnes due to a rebound in domestic demand following a monsoon-affected first quarter.
Moreover, estimates indicate that India's EBITDA per tonne may stand at ₹14,407, reflecting a slight decline from the previous quarter but a significant growth of 20% year-on-year. This growth is partly due to lower coking coal costs and operational efficiencies.
IRCTC is also on the radar, expected to report steady year-on-year growth. Analysts predict its revenue will rise to ₹1,170 crore from ₹1,064 crore in the same period last year, with EBITDA likely improving to ₹409 crore compared to ₹372 crore last year.
Furthermore, the PSU defense company is anticipated to deliver a strong Q2 FY26, driven by robust revenue growth, particularly in fighter aircraft and helicopter deliveries. Such developments highlight the ongoing recovery and growth potential in various sectors of the Indian economy during this earnings season.
