J.B. Chemicals & Pharmaceuticals announced an 8% increase in revenue, reaching INR 1085 crores in Q2 FY26. Operating EBITDA rose by 12% to INR 319 crores, while Net Profit increased by 19% to INR 208 crores. The company’s domestic business continues to outperform the market, driving robust growth. They are focused on building a progressive, agile, and future-ready organization.

Q2 FY26 Financial Highlights

J.B. Chemicals & Pharmaceuticals Ltd announced its financial results for the quarter ended September 30, 2025, showcasing strong growth across key metrics:

• Revenue: INR 1,085 crores, up 8% from INR 1,001 crores in Q2 FY25.
• Operating EBITDA: INR 319 crores, a 12% increase compared to INR 285 crores in the same quarter last year.
• Net Profit: INR 208 crores, reflecting a 19% rise from INR 175 crores in Q2 FY25.

Operating EBITDA is after excluding non-cash ESOP charge and one off charges.

H1 FY26 Performance Overview

For the first half of FY26, the company reported:

• Revenue: INR 2179 crores, compared to INR 2005 crores, a growth of 9%.
• Operating EBITDA: Increased by 13% to INR 649 crores from INR 576 crores.
• Profit after Tax: Registered a 17% growth to INR 410 crores versus INR 351 crores in H1 FY25.

Segment Performance

A breakdown of sales performance for Q2 FY26 compared to Q2 FY25:

• Domestic Formulations: INR 644 crores, up 9% from INR 588 crores.
• International Formulations: INR 441 crores, a 7% increase from INR 413 crores.
• Total Revenue: INR 1085 crores, an 8% rise from INR 1001 crores.

Key Business Highlights

• The domestic formulations business recorded revenue of INR 644 crores versus INR 588 crores (YoY growth of 9%).
• International business revenue grew by 7% to INR 441 crores versus INR 413 crores.
• Operating EBITDA grew by 12% to INR 319 crores versus INR 285 crores.

CEO’s Perspective

Mr. Nikhil Chopra, CEO, stated, “JB’s domestic business continued to outperform the market, with all major brands delivering robust growth. Our focus on driving steady volume growth across key brands – including recently acquired portfolios – continues to yield good results. On the international front, momentum in our CDMO business has returned, supported by a solid order book…”

Source: BSE

Torrent Power announced a 48% increase in net profit for Q2 FY26. The growth was driven by higher contribution from merchant power sales from gas-based power plants, fueling the increase in Total Comprehensive Income. Revenue from Operations also saw a 10% increase compared to the previous year. The company also inaugurated a Green Hydrogen Plant in Gorakhpur.

Financial Performance Highlights

Torrent Power reported a significant increase in its financial performance for the second quarter of fiscal year 2026.

Key highlights include:

• Revenue from Operations: ₹7,876 Crs in Q2 FY26, a 10% increase from ₹7,176 Crs in Q2 FY25. For H1 FY26, Revenue was ₹15,782 Crs.
• EBITDA: ₹1,584 Crs in Q2 FY26, up 19% from ₹1,332 Crs in Q2 FY25. H1 FY26 EBITDA reached ₹3,171 Crs.
• Total Comprehensive Income (TCI): ₹730 Crs in Q2 FY26, representing a 48% surge from ₹492 Crs in Q2 FY25. H1 FY26 TCI amounted to ₹1,469 Crs.

Factors Driving Growth

The company’s strong operational performance was primarily attributed to a ₹238 Crs increase in Total Comprehensive Income (TCI) for the quarter, driven by:

• Increased contribution from merchant power sales, including LNG sales, from gas-based power plants.
• Reduction in finance costs, partially offset by increased depreciation due to capex and commissioning of additional renewable generation capacity.

Key Developments

During the quarter, Torrent Power achieved significant milestones including:

• Secured 1,600 MW Thermal Project: The company secured a Letter of Award from MP Power Management Company Limited for the long-term supply of power from a new 1,600 MW coal-based power plant at a tariff of ₹5.829 per kWh.
• Green Hydrogen Plant Inaugurated: The first Green Hydrogen Plant in Gorakhpur, developed by Torrent Power and Torrent Gas, was inaugurated. The plant has an annual production capacity of 72 TPA and represents India’s largest hydrogen-natural gas blending initiative within the City Gas Distribution sector.

Company Overview

Torrent Power has an aggregate installed generation capacity of 4,961 MWp. Renewable projects of ~3.6 GWp, pumped storage capacity of 3 GW and coal based power capacity of 1.6 GW are under development.

Source: BSE

Bharti Airtel reported strong Q2 2025 results with consolidated revenues of approximately ₹52,000 Crores. Key priorities include ESG initiatives, network expansion (2480 new sites), and balance sheet strength (net debt to EBITDAAL at 1.32). The company added 1.4 million revenue-earning mobile customers and is focusing on upgrading feature phone users to smartphones. Airtel is also addressing the AGR issue and expanding 5G with 167 million users.

Financial Performance Overview

Bharti Airtel announced its financial results for the second quarter of 2025, showcasing consistent performance across various segments. Some key highlights include:

• Consolidated revenues of approximately ₹52,000 Crores.
• India revenues, excluding Indus, reached ₹34,900 Crores.
• EBITDAaL margin, excluding passive infra, stood at 51.5%.
• Operating free cash flow (EBITDAaL less capex) was robust at ₹10,750 Crores.

The company’s India net debt to EBITDAAL now stands at 1.32, reflecting disciplined capex management and operational excellence.

Strategic Priorities and Initiatives

Bharti Airtel is actively pursuing several strategic objectives to strengthen its market position and drive future growth:

• ESG Agenda: Solarizing over 2900 sites, increasing the total to over 35,000.
• Network Expansion: Adding approximately 2480 network sites and rolling out over 10,000 km of fiber during the quarter.
• 5G Expansion: Reached 167 million 5G users, with sites handling over 40% of total network traffic.
• Broadband Growth: Added 951,000 new customers and crossed 2.3 million FWA subscribers.

Addressing the AGR Issue

Bharti Airtel is actively engaged in addressing the AGR (Adjusted Gross Revenue) issue, welcoming the Supreme Court’s order permitting a comprehensive assessment and reconciliation of AGR dues up to financial year 2016-2017. The company plans to engage with the government to resolve the matter.

Focus on Customer Experience

The company remains committed to delivering a brilliant customer experience through digital capabilities. Their Al-powered anti-spam solution identified over 57 billion spam calls and 4.2 lakh fraudulent links. The Ministry of Home Affairs has confirmed a 69% decrease in the value of financial losses on the Airtel network due to these efforts.

Bharti Hexacom Performance

Bharti Hexacom’s Q2 2025 performance included:

• Revenue of Rs.2,317 Crores, growing about 2.4% sequentially.
• EBITDAAL for the quarter came in at about Rs.1,098 Crores, with a margin of about 47.5%.
• Revenue earning customer base stood at 28 million.

Source: BSE

Torrent Power announced a strong financial performance for Q2 FY 2025-26, with a 20% increase in contribution, reaching ₹2,170 Cr. The results were primarily driven by increased merchant power sales and efficient operations. Total Comprehensive Income (TCI) stood at ₹730 Cr. The company is expanding its renewable capacity and improving its distribution networks, setting the stage for future growth.

Financial Performance Highlights

Torrent Power has demonstrated strong financial results for Q2 FY 2025-26. Key highlights include:

• Revenue from Operations: Increased by 10% to ₹7,876 Cr.
• Contribution: Up 20% to ₹2,170 Cr.
• Profit Before Tax: Increased by 42% to ₹979 Cr.
• Profit After Tax: Increased by 50% to ₹742 Cr.
• Total Comprehensive Income (TCI): Stood at ₹730 Cr, a 48% increase.

Key Growth Drivers

The company’s performance was driven by:

• Increased contribution from merchant power sales, including LNG sales from gas-based power plants.
• Reduction in finance costs, partially offset by increased depreciation due to capex and commissioning of additional renewable capacity.

Operational Performance

Torrent Power continues to focus on operational efficiency:

• Distribution loss of just 2.34% in FY25 for licensed distribution areas with power availability of 99.9%.
• Targeting an increase in renewable portfolio to ~5.4 GW.
• Focus on Green Hydrogen and Pumped Storage Power (PSP) with an eventual target of establishing ~8.4 GW of capacity.

Renewable Energy Expansion

Torrent Power is committed to expanding its renewable energy capacity. Noteworthy projects include:

• MSEDCL project with a capacity of 367 MWp, with part project commissioned.
• Various SECI projects totaling 722 MWp with SCOD in 2026.
• TPL-D project with a capacity of 825 MW with SCOD by September 2026.

Distribution Network Improvements

The company has made significant strides in improving its distribution networks:

• Ahmedabad/Gandhinagar: Distribution loss of 3.33% (Q2 FY26).
• Surat: Distribution loss of 2.81% (Q2 FY26).
• Bhiwandi: Reduction in AT&C losses from 58% at the time of takeover to less than 10% in FY25.

Source: BSE

Finolex Cables Limited has announced that its Board of Directors approved an amendment to the Company’s Code of Conduct at a meeting held on November 11, 2025. The amendment focuses on regulating, monitoring, and reporting trading activities by designated persons and their immediate relatives, in accordance with SEBI’s regulations. The amended code is available on the company website.

Insider Trading Code Amendment

The Board of Directors of Finolex Cables Limited has approved an amendment to the Company’s Code of Conduct during its meeting held on November 11, 2025. This amendment is designed to better regulate, monitor, and report trading activities conducted by designated individuals and their immediate family members.

Details of the Amended Code

The amended Code of Conduct aims to ensure compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. It includes provisions for:

• Regulating trading by designated persons.
• Monitoring trading activities.
• Reporting procedures for trading.

Availability of the Code

The amended Code of Conduct has been made available for review and can be accessed on the company’s website at www.finolex.com.

Key Definitions within the Amended Code

The updated code includes precise definitions to ensure clarity and compliance. Some important definitions include:

• Compliance Officer: Responsible for ensuring compliance with policies, maintaining records, and implementing the Code.
• Connected Person: Any person associated with the Company who has access to Unpublished Price Sensitive Information (UPSI).
• Designated Person: Connected persons, including directors, promoters, and key managerial personnel.
• Insider: Any person with access to UPSI.
• Trading: Subscribing, buying, or selling securities.
• UPSI: Unpublished Price Sensitive Information that could affect the price of securities.

Structured Digital Database

The company will maintain a structured digital database containing information on those who have access to UPSI, ensuring proper controls and time stamping.

Trading Window Closure Period

Designated persons and their immediate relatives cannot trade during the Trading Window Closure Period. This period starts at the end of every quarter and lasts until 48 hours after the declaration of financial results.

Penalties for Contravention

The code outlines penalties for non-compliance, including warnings and fines based on the severity and frequency of the violation.

Source: BSE

Aurobindo Pharma reported a 6% year-on-year increase in consolidated revenue, reaching ₹8,286 crores for Q2 FY26. EBITDA stood at ₹1,678 crores, with a margin of 20.3%, reflecting a 7% year-on-year growth. The company’s formulation business grew by 10%, contributing 88% of total revenue, driven by strong performance in the U.S., Europe, and key growth markets. The company expects to sustain growth momentum and drive value creation across all businesses.

Financial Performance

Aurobindo Pharma announced its financial results for the second quarter of fiscal year 2026, highlighting a 6% year-on-year increase in consolidated revenues, which reached ₹8,286 crores. This growth signifies the sustained business momentum throughout the first half of FY26.

The company’s EBITDA for the quarter stood at ₹1,678 crores, representing a margin of 20.3%, and demonstrating a 7% year-on-year growth. This performance reflects operating leverage, cost efficiency, and disciplined execution.

Business Segment Highlights

The formulation business reported a year-on-year growth of 10%, with revenues reaching ₹7,325 crores, contributing approximately 88% of the total consolidated revenues. This growth was primarily driven by strong performance in the U.S., Europe, and key growth markets.

U.S. revenues stood at $417 million. Excluding gRevlimid, the U.S. Oral Solid business delivered a healthy 6% quarter-on-quarter growth.

The European business maintained strong growth, delivering 18% year-on-year revenue growth, amounting to ₹2,480 crores. Aurobindo expects to comfortably surpass the 1 billion annual revenue milestone from Europe by the end of FY26.

Revenue from growth markets increased by 9% year-on-year to ₹882 crores, driven by strong volume growth.

Operational Updates

The Pen-G plant commenced operations on July 1, 2025, and produced around 1,050 MT during the quarter, operating at 40%-50% capacity.

Future Outlook

Aurobindo Pharma remains confident in sustaining its growth momentum and driving value creation across all businesses. This optimism is underpinned by expected volume expansion and a reasonably stable pricing environment. The company expects to deliver an internal margin target of 20%-21% for FY26.

Source: BSE

RITES Ltd. announced its Q2FY26 results, reporting revenue of ₹579 cr and PAT of ₹109 cr. The company declared a 2nd interim dividend of ₹2/share. The results showed double-digit sequential growth. RITES secured an all-time high order book of ₹9090 crore, with over 150 orders worth more than ₹850 crore secured in Q2.

Financial Performance in Q2FY26

RITES Ltd. reported operating revenue of ₹549 crore for Q2FY26. EBITDA reached ₹134 crore, up by 24.7%, with margins of 24.4%. Profit After Tax (PAT) stood at ₹109 crore, up by 32.2%, with margins of 18.8%. This reflects positive growth compared to the same period last year, driven by consultancy and export segments.

H1FY26 Consolidated Results

The company’s total revenue for H1FY26 stands at ₹1091 crore. EBITDA for the half-year reached ₹250 crore, a 16.3% increase, with margins at 24.1%. PAT for H1FY26 was reported at ₹200 crore, up by 15.6%, with margins of 18.3%. This performance underscores a steady growth trajectory and improved profitability.

Segment Performance

The Consultancy business remains a significant contributor, achieving revenue of ₹298 crore with margins of 32.9%. Leasing revenue contributed ₹43 crore, maintaining margins of 29.8%. Turnkey projects generated ₹113 crore in revenue, while exports amounted to ₹61 crore. These figures highlight a diversified revenue stream and strong performance across key business areas.

Dividend Announcement

The Board of Directors has declared a second interim dividend of ₹2 per share, amounting to ₹96 crore. The record date for determining eligible shareholders is November 15, 2025. This dividend reflects the company’s commitment to delivering value to its shareholders.

Order Book and Future Outlook

RITES Ltd. has secured over 150 orders worth more than ₹851 crore in Q2FY26, achieving an all-time high order book of ₹9090 crore as of September 30, 2025. The company is focused on efficient project execution to maintain its growth momentum.

Source: BSE

NALCO has addressed queries regarding recent movements in its share volume. The company asserts it promptly discloses all material information as per regulatory requirements. NALCO also highlights its recent disclosure of unaudited financial results for the second quarter (Q2: Jul-Sep) and half-year ending September 30, 2025. The company attributes the volume increase to market dynamics and affirms its commitment to high governance and disclosure standards.

Response to Share Volume Queries

NALCO has responded to inquiries concerning recent trading volumes of its shares. The company maintains that it is compliant with disclosure norms and promptly disseminates all pertinent information.

Unaudited Financial Results Disclosure

The company references its disclosure of unaudited financial results for the 2nd quarter (Q2: Jul-Sep) and half-year ended September 30, 2025, which was released to the Stock Exchanges on November 7, 2025.

Interim Dividend Announcement

NALCO also refers to the Board’s decision to distribute a first interim dividend of ₹4 per share, which is 80% on the face value of ₹5. This decision impacts the financial year 2025-26.

Market-Driven Volume Increase

NALCO believes the increase in trading volume of its shares is purely market-driven. It reiterates its commitment to upholding high standards of governance and transparency.

Source: BSE