“This article expresses my personal analysis based on publicly available financial data and market reports.”

A sharper earnings moment for Indian corporates in 2025

The quarter ending September 2025 (Q2 FY26) delivered a mixed bag for India’s top companies. I followed companies like ITC Ltd, Adani Power Ltd, and Hyundai Motor India Ltd with a blend of curiosity and concern — because the economy is in flux and market expectations are high. We saw profitable growth in some cases, stagnation or declines in others. Let’s break it down.

ITC Q2 Growth Expectations – What’s on the table?

For ITC, the expectations were reasonably optimistic: analysts projected a PAT (profit after tax) growth of up to 11 % year-on-year, and revenue growth possibly up to 15 %.

That shows the market was hoping for a strong showing from ITC’s diversified business (cigarettes, FMCG, hotels, etc.).
If ITC meets the upper end of this expectation, it would signal that consumer demand is holding up and that price/mix factors are helping.

Adani Power Q2 FY26 – Profit takes a hit

The energy space faced headwinds: Adani Power reported a consolidated net profit of ₹2,953 crore for Q2 FY26, down 11 % y-o-y.

Revenue was nearly flat at ₹13,457 crore.

As someone watching this, the emotional impact is palpable: power companies don’t just reflect their business, they reflect India’s growth engine. So a profit drop raises a red flag on margins, tariffs, and input costs.
It means that even big players are vulnerable in the current cycle.

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Hyundai Motor India – Bright spot in autos

Here’s a more positive story: Hyundai Motor India Ltd posted net profit of ₹1,572 crore for Q2 FY26, up 14 % y-o-y. Revenue rose 1 % to ₹17,461 crore.

In the auto industry, which is grappling with supply-chain issues, cost headwinds, and shifting demand, a profit rise is a decent win.

From a human viewpoint, the company managed to steer through choppy waters and still posted growth. That gives hope for the auto sector’s recovery.

Banking & other sectors – Mixed signals

Other sectors showed varied results:

• Canara Bank saw net profit up 19 % y-o-y to ₹4,774 crore in Q2 FY26, and asset quality improved (net NPA at 0.54 %).
• In contrast, Union Bank of India reported a 10 % drop in net profit (₹4,249 crore) and a 3 % decline in NII (Net Interest Income).
• According to Moneycontrol, in newer economy plays, Swiggy Ltd is still in the “path to breakeven” mode. Analysts expect its losses to shrink and order volume to rise15 % QoQ.

These results show that while some banks are stabilising, others are under pressure — and the digital/quick-commerce segment, while promising, is not yet delivering big profits.

Key trends we’re watching into late 2025

From these snapshots, a few larger trends are emerging:

• Margin pressure: Even companies with strong brands or scale are feeling cost/power/commodity input burdens.
• Volume recovery vs price mix: Some firms are growing revenue while volume is weak, so they rely on price/mix — volatile.
• Sector divergence: Auto & consumer seem to be doing better; energy and new-economy segments are still struggling.
• Focus on fundamentals: Asset quality in banking, tariff dynamics in power, order growth in platforms — these will matter more than headline “growth” in the next few quarters.
  

For me personally, it feels like we’re in a transition — the easy growth days are behind us, and survival of the fittest matters now.

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My take: What this means for investors & business watchers

If I were advising someone (and yes, this is my personal take), I’d say:

• Don’t just chase “growth” — check margin strength and business model resilience.
• In autos/consumer, there’s still room to breathe; in sectors like power and fintech, risks are higher.
• View Q2 FY26 as a stepping stone: the bigger test will be H2 and FY27, when macro headwinds (inflation, cost, demand) bite harder.
• Emotionally: Stay cautious but don’t retreat — there’s optimism, just more selective now.

Conclusion

The Q2 FY26 earnings season is a mood-check for Indian corporates. Some companies, like Hyundai Motor India, came out shining, while others, like Adani Power, showed cracks. From my standpoint, this is a two-speed environment: winners will be those with strong business models and cost control; the rest may struggle.

If I had to pick one takeaway, adaptation matters more than expansion.
Here’s to hoping the next quarters bring more clarity — I’ll be watching closely.

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Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.

Source : Moneycontrol & The Economic Times - Hyundai Motor India Q2 Result