Financial Performance

• Standalone Net Profit: ₹3,293.1 crore, up 7.3% YoY (from ₹3,069.2 crore).
• Revenue from Operations: ₹42,100.8 crore, up 13.16% YoY (from ₹37,202.8 crore).
• Sales Volume: 550,874 units, up 1.7% YoY.
• EBITDA: ₹4,434 crore, up 0.4% YoY, while EBITDA margin fell 140 bps to 10.5% from 11.9%.

Consolidated Performance

• Net Profit: ₹3,349 crore, up 7.9% YoY.
• Revenue: ₹42,344.2 crore, up 13% YoY.

Operational Insights

• Domestic wholesales declined 5.1% YoY due to GST-driven buying delays.
• Exports surged 42.2% YoY to 110,487 units, marking the highest-ever quarterly exports.
• Half-year H1FY26 sales: 1,078,735 units, with exports contributing 207,459 units (+39.9% YoY).
• EBITDA margin affected by new plant startup costs, higher discounts, marketing spend, and wage revisions.

Market Reaction

• Share Price: Closed marginally lower at ₹16,170 on BSE (-0.22%), ₹16,155 on NSE (-0.31%).
• Technical analysts note the stock is consolidating in a tight range (₹15,700 – ₹16,450); a decisive breakout or breakdown with volume will determine the next move.

Broader Market Context (31 Oct 2025)

• Nifty 50: Down 0.60% at 25,722.
• Sensex: Down 0.55% at 83,938.
• Sector Impact: Most sectors closed lower; PSU banks outperformed due to FDI expectations and Q2 results.
• Top Laggards:
  • Bandhan Bank: -8.22% to ₹156.56
  • Vedanta: -2.6% to ₹493.55
  • Apar Industries: -6.3% to ₹8,671
  • Vedant Fashions: -4% to ₹645.75
  • Swiggy: -2% to ₹409.95

Market Drivers: Profit booking amid mixed earnings, cautious global sentiment, FII selling after Powell’s hawkish comments, and muted US-China trade developments.