BHEL shares jumped 4.5% on Wednesday after its net profit more than doubled to ₹810 crore. Canara Bank also gained 4% as profits rose 9% to ₹5,175 crore. Meanwhile, CEAT saw profits fall nearly 40% to ₹112 crore. Arnab Banerjee said, "tighter cost controls and disciplined execution" remain the company’s response.

The earnings season is in full swing. Wednesday brought a diverse set of results: a PSU heavy engineering giant that beat estimates, a state-run bank delivering solid numbers, a tyre maker squeezed by raw material costs, and Groww reporting its quarterly earnings. There was something for everyone, along with a few surprises.

BHEL: The beat nobody saw coming

If one result stood out today, it was BHEL. Revenue grew 23.8% to ₹9,300 crore, ahead of estimates. Net profit more than doubled to ₹810 crore, beating the poll estimate of ₹654 crore and rising from ₹368 crore a year earlier. EBIT margin also hit its highest level for a September quarter in 13 years. The order book stands at a formidable ₹2.57 lakh crore.

The stock jumped more than 4.5% following the results. After years of being viewed as a lumbering PSU, BHEL is giving investors reasons to take a fresh look.

Canara Bank: Steady, solid, unspectacular

There were no fireworks from Canara Bank, but the numbers were encouraging. Net profit rose 9% year on year (YoY) to ₹5,175 crore, while net interest income (NII) crossed the ₹11,000 crore mark for the first time, rising 20.4% to ₹11,004 crore. Asset quality also improved.

The stock gained 4%. It was a steady quarter for a bank that has been making gradual progress on its financial performance.

CEAT: When topline and bottomline tell different stories

CEAT’s Q2 results were a tale of two numbers. Revenue surged 26.2% YoY to ₹4,762 crore, but net profit fell nearly 40% to ₹112 crore as elevated raw material costs, partly driven by the West Asia conflict, weighed on profitability. EBITDA margin contracted sharply to 9.6% from 13.3% a year earlier.

Managing Director and Chief Executive Officer Arnab Banerjee acknowledged the pressure, pointing to tighter cost controls and disciplined execution as the company’s response. Further price increases are planned for the second half of FY27. Demand remains supportive, but the trajectory of input costs will be key to the margin outlook.

Groww: User additions and wealth management in focus

Billionbrains Garage Ventures, Groww’s parent company, reported net profit of ₹725.7 crore, while revenue was flat quarter on quarter (QoQ) at ₹1,501.5 crore.

The company added 11 lakh new transacting users during the quarter, while its mutual fund and wealth management businesses continued to grow. Equity derivatives remained under pressure following the introduction of the Closing Auction System.

HDB Financial and ICICI Lombard: The fine print

HDB Financial Services reported a 34.3% YoY jump in net profit to ₹780 crore, while assets under management (AUM) grew 11.6% to ₹1.24 lakh crore. Loan losses and provisions declined slightly, and the board declared an interim dividend of ₹2 per share.

ICICI Lombard’s results were more mixed. Premium income grew 17.7%, but the combined ratio widened to 107% and underwriting losses increased, highlighting the pressure on profitability amid claims costs.

Yesterday’s results, today’s reaction

Tata Elxsi’s results, announced on Tuesday, found favour with the market, with the stock jumping 6.5% on Wednesday. However, nearly half the analysts tracking the stock still have a sell rating, suggesting that views on its outlook remain divided.

Hero Motors, which reported separately, outlined its growth ambitions, targeting revenue growth of 20-25% in FY27, with margins potentially reaching 14-15% by year-end. Managing Director Amit Gupta described Q2 revenue growth of 25% as “all in line with our plan”. The outlook reflects measured confidence as the company looks to sustain its momentum.

Earnings Central will be back with more.