India’s corporate earnings season is in full throttle — and the numbers are delivering a mixed bag. For the quarter ended 30 September 2025, a blend of strong profit jumps and tepid revenue growth across major players is raising some critical questions for investors.
Take Adani Enterprises Ltd., for instance. Its net profit soared 83.7% year-on-year to ₹3,199 crore. But that surge came alongside a revenue decline of 6%, down to ₹21,249 crore. The profit spike reflects cost efficiencies and selective business strength, yet the revenue slide signals the company navigating headwinds such as lower trade volumes and commercial-mining challenges.
Meanwhile, Mahindra & Mahindra Ltd. delivered a contrasting story: revenue rose by 21.3% to ₹33,421.60 crore and net profit climbed 18% to ₹4,520.52 crore. This suggests the auto-and-agri-majors are leveraging demand momentum, but margin pressure and global supply chain issues still threaten to bite.
Then there’s State Bank of India (SBI), whose net profit rose a modest 10% to ₹20,159 crore, with net interest income up 3% to ₹42,984 crore. While the performance is steady, rising provisions against non-performing assets indicate caution in banking circles. Gross NPA ratio was 1.73% for the quarter — improved from prior quarter, yet not exactly robust.
What the data cumulatively point to: India’s corporate-earnings season is revealing clear winners and potential weak links. Profits are climbing in pockets, but when revenues stall or shrink, it sets off alarms about demand, cost inflation, and global headwinds. For companies where revenue growth is missing, even strong profit numbers may mask underlying risk.
For investors, the key takeaway is this: don’t just glance at headline profits — dive deeper into revenue trends, margin dynamics, and sector-specific pressures. A company may post a big profit jump today, but if the revenue base is weakening, the sustainability of that performance comes into question.
In addition, multiple companies are signaling their strategic moves in response. For example, Adani Enterprises has approved a significant rights-issue plan to raise ₹25,000 crore to bolster its balance sheet amid volatility. Hindustan Times That’s a prudent step in a tightening global environment.
Bottom line: The Q2 FY26 results offer both optimism and caution. India Inc is showing resilience, yet challenges remain. For readers of Home to Heart, this means now is a smart moment to evaluate your portfolio — focus on companies with growing revenue, healthy margins, and clear strategic plans to manage turbulence. Don’t settle for profit headlines alone.