The Q2 FY26 earnings season is delivering a mix of strong performances and headwinds across major Indian companies. The spotlight today falls on key players such as State Bank of India (SBI), Adani Ports & Special Economic Zone (Adani Ports), Mahindra & Mahindra (M&M), Adani Enterprises (Adani Ent) and Paytm.
SBI rides steady growth
SBI posted a standout quarter with a 10% year-on-year rise in net profit to around ₹20,160 crore. Net interest income (NII) improved roughly 3.3% to about ₹42,985 crore. Asset-quality metrics also showed improvement: gross NPA ratio eased to ~1.73% and net NPA to ~0.42%. The takeaway: SBI is gaining ground, although margin pressures (given higher cost of funds) still linger.
Adani Ports powers ahead
Adani Ports delivered an impressive quarter, with net profit jumping 27% YoY to ₹3,109 crore and revenue rising nearly 30% to ₹9,167.46 crore. The growth was driven by strong operating performance in port operations and improved cargo volumes — a positive indicator for India’s trade & logistics sector.
Adani Ent posts profit surge but revenue dip
Adani Enterprises’ Q2 was more mixed: its consolidated net profit soared ~84% YoY to ₹3,199 crore, helped significantly by one-time gains. The Economic Times However, its revenue fell about 6% to ₹21,249 crore. The dip suggests operational headwinds even as exceptional items boosted the bottom line.
M&M shows solid auto & tractor strength
M&M put on a good show with a strong performance in its auto and farm equipment segments. Although not all numbers are fully detailed here, the company saw revenue climb over 20% and profit growth in the double-digits. This reflects demand strength in SUVs, tractors and exports — an encouraging sign for cyclical resilience.
What this means for investors
- Focus on companies with clear fundamental momentum: SBI and Adani Ports stand out for clean growth.
- One-time gains are not the same as sustainable profit: Adani Ent’s revenue drop should raise questions.
- Look at operational metrics, not just headline figures — margin trends, cost of funds, asset quality matter.
- Sectoral themes matter: financials (SBI), infrastructure/logistics (Adani Ports), autos & rural play (M&M) are showing strength.
- Risks still exist: rising input costs, higher interest rates, global slowdown, and one-time profit boosts may distort the picture.
Bottom line for Home to Heart: If you’re building or reviewing a portfolio now, this earnings episode offers both opportunity and caution. Prioritize quality over hype, look beyond the headline numbers, and make sure your picks can withstand margin pressures and macro uncertainty.