Which Mid and Large Cap Companies Delivered Surprises in Their Q2 FY26 Results?
The Q2 FY26 earnings season continued to deliver a mixed bag of results as companies across sectors—from diamonds to IT and power—showcased varying operational trends. While some players like Golkunda Diamonds and CESC surprised with strong profitability, others such as Mahindra EPC and Kesoram Industries faced pressure from slower demand and rising costs.
Let's look at the detailed company-wise financial performance for the quarter ended September 2025 and the trends that defined their results across revenue, profitability, and margins.
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Golkunda Diamonds Q2 FY26 Results 💎
| Metric | Value | YoY / QoQ Change |
|---|---|---|
| Net Profit | ₹3.18 Cr | ↑ 203% YoY | ↑ 1% QoQ |
| Revenue | ₹80.94 Cr | ↑ 42% YoY | ↑ 17% QoQ |
| EBITDA | ₹5.20 Cr | ↑ 144% YoY | ↑ 6% QoQ |
| Margins | 6.43% | ↑ from 3.75% YoY |
The company beat expectations across revenue, EBITDA, and net profit, signaling strong recovery in diamond exports and value-added segments.
Mahindra EPC Q2 FY26 Results 🏗️
| Metric | Value | YoY / QoQ Change |
|---|---|---|
| Net Profit | ₹0.58 Cr | ↓ 56% QoQ | From Loss ₹3.71 Cr YoY |
| Revenue | ₹49.58 Cr | ↓ 1% YoY | ↓ 20% QoQ |
| EBITDA | ₹1.35 Cr | ↓ 51% QoQ | From Loss ₹2.95 Cr YoY |
| Margins | 2.72% | ↑ from -5.89% YoY |
Mahindra EPC returned to profitability YoY but witnessed margin pressure sequentially due to slower project execution and higher input costs.
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Other Notable Q2 FY26 Performances
| Company | Net Profit (Cr) | Revenue (Cr) | EBITDA (Cr) | Margin (%) |
|---|---|---|---|---|
| Kesoram Industries | -₹25.87 | ₹55.17 | -₹18.5 | -33.5% |
| L&T Technology Services | ₹328 | ₹2,979 | ₹398 | 13.36% |
| CESC | ₹425 | ₹5,267 | ₹1,061 | 20.14% |
| Bank of India | ₹2,554 | ₹5,913 (NII) | ₹3,820 (OP) | 2.54% GNPA |
| Shilchar Technologies | ₹45.93 | ₹171 | ₹53.6 | 31.29% |
The quarter was dominated by positive results from power and technology companies, while legacy manufacturing names saw margin stress due to cost inflation and muted demand recovery.
Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that Q2 FY26 results reveal strong momentum in select midcaps like Golkunda Diamonds and CESC, while cyclical sectors such as construction and materials remain under margin pressure. Investors should focus on high-ROE and dividend-paying firms with visibility in earnings growth.
Discover more expert analysis and insights at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Related Queries on Q2 FY26 Results
- Which Smallcap Companies Beat Street Estimates in Q2 FY26?
- What Sectors Showed Strongest Margin Expansion in Q2 FY26?
- How Did PSU Banks Perform in Q2 FY26 Compared to Private Banks?
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
