India Inc. has entered the heart of the Q2FY26 earnings season, with several midcap and technology players declaring their financial performance. The numbers this quarter reveal a mixed trend — margin pressure in manufacturing, resilience in technology, and recovery signs in industrials. Let’s decode how each company fared in the September quarter.

Alok Industries reported a net loss of ₹162 crore, narrowing from ₹262 crore in Q2FY25 and ₹171 crore in Q1FY26. The company’s revenue improved 6% year-on-year to ₹941 crore, with a modest 1% sequential rise. The return to positive EBITDA at ₹4.59 crore versus a loss of ₹45.46 crore YoY is encouraging, though it dropped 77% sequentially. Margins remain wafer-thin at 0.48%, highlighting raw material cost pressures and weak textile demand.

Engineering services major Cyient faced a subdued quarter with net profit of ₹127 crore, down 29% YoY and 17% QoQ. Revenue stood at ₹1,781 crore, marking a 4% sequential uptick but a 4% YoY decline. EBIT margin fell to 8.23% from 9.50% in the previous quarter and 12.47% YoY, reflecting operational challenges and wage pressures. The company, however, announced a ₹16 per share interim dividend. On the governance front, Mr. Vivek Narayan Gour resigned as Independent Director, stepping down as Chairman of Audit and Risk Committees effective October 16, 2025.

LTIMindtree continued to deliver stable performance with net profit of ₹1,401 crore, up 12% both YoY and QoQ. Revenue grew 10% YoY to ₹10,394 crore and EBIT rose 13% YoY to ₹1,648 crore. The company’s EBIT margin improved to 15.85% versus 14.29% in Q1FY26. Strong deal wins in BFSI and cloud modernization projects supported the growth momentum, reinforcing LTIMindtree’s leadership in the large-cap IT space.

Tanfac Industries reported net profit of ₹17.17 crore, growing 11% YoY and QoQ, while revenue jumped 51% YoY to ₹168 crore but slipped 4% sequentially. EBITDA came in at ₹26.87 crore, down 1% YoY and 7% QoQ, with margins moderating to 15.93% compared with 24.35% a year ago. The fall in margins was largely due to higher input costs and lower fluorochemical realizations.

Atishay delivered impressive growth with net profit of ₹1.83 crore, up 26% YoY and 11% QoQ. Revenue surged 38% YoY to ₹17.95 crore, supported by strong government projects and digital solutions. EBITDA rose 26% YoY to ₹2.59 crore. Margins slightly dipped YoY to 14.44% but improved QoQ to 16.41%. The results highlight the company’s improving operational efficiency and consistent execution in e-governance contracts.

Plastiblends reported net profit of ₹7.43 crore, up 18% YoY but down 17% QoQ. Revenue came in at ₹192 crore, rising 4% YoY and dipping 4% sequentially. EBITDA stood at ₹10.56 crore, up 8% YoY but down 22% QoQ. Margins slipped to 5.49% versus 6.75% in Q1FY26, reflecting rising polymer input costs. However, management commentary suggests volume growth could normalize by Q3 as global demand stabilizes.

Rallis India reported net profit of ₹102 crore, up 4% YoY and 7% QoQ, with revenue at ₹861 crore, down 7% YoY and 10% QoQ. EBITDA at ₹154 crore declined 7% YoY but rose 3% sequentially. The EBITDA margin stood at 17.88%, flat YoY but better than 15.67% last quarter. Despite weak agrochemical demand, the company managed costs well, sustaining its profitability levels.

Crizac recorded a net profit of ₹48.3 crore, soaring 139% YoY and 6% QoQ. Revenue rose 25% YoY to ₹162 crore but declined 23% QoQ. EBITDA grew 96% YoY to ₹63.4 crore with margins expanding sharply to 39% from 24.9% YoY. The company’s cost controls and strong execution have positioned it as a standout midcap performer this season.

Overall, Q2FY26 paints a mixed picture — IT majors like LTIMindtree continue to impress, while industrial players like Tanfac and Rallis display resilience amid margin challenges. Smaller firms such as Atishay and Crizac offer high growth potential for investors watching the emerging midcap universe.

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