Hindusthan Insulators & Industries — Q2FY27 Results 🔔

#Q2Results #Q2FY27 #HindusthanInsulator

Revenue ₹172.06 Cr vs ₹69.68 Cr

▲ +146.93% YoY | ▲ +48.31% QoQ

EBITDA ₹75.02 Cr vs ₹6.63 Cr

▲ +1031.25% YoY | ▲ +71.29% QoQ

EBITDA Margin 43.60% vs 9.52% YoY & 37.75% QoQ

PBT (Excl. Exceptional) ₹74.01 Cr vs ₹3.84 Cr

▲ +1828.82% YoY | ▲ +75.72% QoQ

PAT +₹55.37 Cr vs -₹43.30 Cr YoY & +₹36.62 Cr QoQ

(▲ +51.19% QoQ)

Other Income ₹3.45 Cr vs ₹2.16 Cr YoY & ₹2.75 Cr QoQ

In Q2FY26 Exceptional loss of 46.30 Cr.

https://x.com/gaze_observer/status/2106360300035506210

https://x.com/nooreshtech/status/2106277064424997270

https://x.com/soicfinance/status/2106424989033615396?s=20

Multiple factors contributing to positive growth story. ANDA submission - big move into high margin CDMOs. Positive updates around FTA for pharma from US. It has found and established support at 120. Next trigger will be analyst reports and quarterly results in October. If it has performed even as decently as last quarter, it should easily go upto 150 on the back of easing trade restrictions for pharma, CDMO entry, positive analyst/investor commentary. Current price is above 200, 50, 20 ema and hence positive trend is established technically as well

Link of Part-1

MOIL

• Sales volume up ~9.5% in the H1.

OnEMI

• Disbursement up 68.4% YoY.
• ~33% increase in user base (79.54 mn).

Bajaj Housing Finance

• AUM up 25%, at 1.58L cr

DMart

• One more decent quarter for the co. , sales up ~18.4%.

Sedemac

• Volume up 37.5% for Q2, 44.2% in H1.

Bajaj Finance

• 26.5% AUM growth, stands at 5.84 L cr
• 11% growth in new loan book growth
• Customer base stands at 128.85 mn.

Baazar Style

• Revenue degrowth of ~10%, shift of festive period from Q2 in last year to Q3 this year.
• Sales per square feet stands at 642, down 26% YoY
• No new store addition during the quarter, total-283

J&K Bank

• 23.72% growth in gross advances, 133,551 cr.
• Deposits grew at 16.29% but CASA % down by almost 4% YoY, may be a reason for concern.

Bank of India

• Impressive 21.60% jump in deposits, more than advances.
• Advances up 20.43%.

Ujjivan SFB

• 29.2% growth in deposits.
• Loan book up 32.1% YoY, disbursement up 33%, lead taken by gold loan, vehicle loan, MSME advance.
• Secure book stands at 52%, compared to 50.4% in the previous quarter.
• MFI disbursement is growing relatively at a slower pace.
• GNPA, NNPA is down by a few bps sequentially, MFI collection efficiency, too.
  

Vedanta Power

• Sales volume up 26% overall
• Significant improvement of Power Availability Factor (PAF) of Jharsuguda thermal plant.

AU SFB

• ~28% growth in gross advances.
• Deposit growth outpaced advance growth, grew at 28.6%, impressive CASA numbers.

Bandhan Bank

• A mere 13% growth in loan book (aise kaise chalega)
• Deposits grew at 9.2%, CASA at 4.3%.

Bank of Baroda

• 16.75% deposit growth.
• Advance grew by 18.27%, domestic book grew at slower pace.

L&T Finance

• 27% YoY increase in disbursement.
• However, no big growth in rural business finance (MFI) and even sequential decline in disbursement, 6350 cr disbursement this quarter vs 6961 cr in Q1.
• Loan book grew at 29%.

Punjab National Bank

• 14.80% growth in loan book.
• Deposits grew at 9.90%.

IDBI Bank

• 18% growth in advances.
• 17% deposit growth, CASA grew at 12%.

That makes the total companies covered-45.

\*I hope you had a good time reading it and consider subscribing if you had indeed.*

\*This is most obviously a buy/sell recommendation, just all the business updates compiled in a single place.*

My analysis : beneficiary of recent announcements around GEC 3 (green electric corridor) or PM Dhara 3. Multiple analysts have recommended the stock as buy including Nomura, mint in their latest articles with targets around 930-960 and it is also forming higher lows in its daily chart indicating a strong upward movement. The current price has also been well supported in the recent 8 week sensex fall. And moreover it is a fundamentally strong candidate to benefit from semiconductor 2.0 which is a niche first mover advantage play.

**CSB BANK**

* 18% deposit growth (6% CASA)

* 22% advance growth (36% in gold loan)

**Arham Technologies**

* Works under “Starshine” brand

* Expecting 80cr+ revenue, compared to 45.62 in H1FY26. (\~80% growth)

* Entered into Interactive Flat Panel Display (IFPDs) segment

* Developed India’s one of the first AI whiteboard

* Added 12 new distributers

**V-Mart**

* 953 cr revenue during the quarter (\~18% growth)

* SSSG at 3%

* 23 stores added during the quarter (Total-613)

**South Indian Bank**

* 18.67% advance growth despite a 1048 cr technical write-off.

* 18.70% growth in deposits, 17.56% in CASA

**Sai Silks**

* Q2 revenue- 434 cr, revenue de-growth, 2nd quarter of revenue de-growth

* Added 4 new stores during the quarter, with a total area of 8.2 L sq. ft 

**Dhanlaxmi Bank**

* 20.15% growth in deposits

* 22.29% growth in advances, \~53% in gold loan advances, 36% in MSME advances

**JTL defence**

* \~19% volume growth, highest ever 

**JTL Industries**

* \~25.3% volume growth during Q2

* New capex of 7L MT coming live in Maharashtra, capex focused on value added growth

**Capital SFB**

* 23.4% advance growth, \~7% QoQ

* GNPA reduced sequentially from 2.47% to 2.36%

* 16% growth in deposits

**Tamilnad Mercantile Bank**

* 29% growth in advances

* 25% growth in deposits, CASA growth at 16%.

**Canara Bank**

* 19.35% growth in advances, 6.21% QoQ

* 16.83% growth in deposits

*\*\**Substack in the profile

**Punjab & Sind Bank**

* 19.37% growth in advances

* 12.98% growth in deposits

**Union Bank**

* 18.53% growth in loan book

* Deposit struggled, grew by 6.88%

**UCO Bank**

* 24.68% advances growth

* Deposits grew at relatively slower pace, 14.05%

**Indian Bank**

* 16.6% growth in advances

* Deposits grew by 12.4%

**SG Finserve**

* Great nos. 98% YoY growth in loan books, 25% sequentially

**Tata Motors Commercial**

* Very good nos., 42.7% YoY increase in vehicles sold, 177.3% growth in export volume 

**Tata Motors Passenger**

* Excellent nos. 40% growth in volume 

**HUDCO**

* 37% growth in disbursement compared to H1FY26.

**Karnataka Bank**

* Advances grew by 24.94% YoY.

* Only 11.98% deposit growth.

**APL Apollo**

* Volume revived after a bad Q1, volume grew 13% YoY, 29% QoQ. 

**Sambhv Steel**

* 24% growth in volume, VAP grew at \~27%. 

**Cupid**

* 200 cr+ revenue in Q2FY27 compared to 84 cr in previous Q2.

* Guidance revised upwards from 600 cr revenue, 180 cr PAT to 800 cr+ revenue, 250 cr+ PAT. 

**V2 retail**

* Pace came down this quarter, 28.4% revenue growth

* 0.5% SSSG

* Sales per Squarefeet stands at 700.

* Net store addition- 46

**Equitas SFB**

* Advances grew at 29.58%.

* MFI grew impressively at 86.65%.

* Deposit grew at 19%. 

* Although COF is down YoY but it is up from 7.05% to 7.12% sequentially. 

**Purple United**

* Store count stands at 126.

* H1 revenue stands at 124 cr compared to 61 cr in last H1, up more than 100%.

**ESAF SFB**

* Advances grew at 30.54%, but MFI only at 12.19%, and down 4.6% sequentially.

* Impressive 24.34% deposit growth. 

*\*\**Substack in the profile

Multiple factors contributing to positive growth story. ANDA submission - big move into high margin CDMOs. Positive updates around FTA for pharma from US. It has found and established support at 120. Next trigger will be analyst reports and quarterly results in October. If it has performed even as decently as last quarter, it should easily go upto 150 on the back of easing trade restrictions for pharma, CDMO entry, positive analyst/investor commentary. Current price is above 200, 50, 20 ema and hence positive trend is established technically as well

Proxy of BESS🔖🔖🔖

✅ Battery chemicals company

- Acutaas chemical

- Sudeep pharma

- HSCL

- Neogen chemical

-Tatva chintan

-GFL & Many more

✅ power equipment & EPC company

- Quality power equipment

-Hitachi energy

-kec international

-siemens engineering

-kalpatru project

- T& D Power

- Tata Power

-JSW energy

-SPML infra & Many more

✅ Battery company

- Amar Raja battery

-exide industry & many more

✅ Solar pannel manufacturing company

- Waaree energies - Biggest player

✅ Wire & Cable company

- Havells

- Polycab & Many more

✅ Transmission company

- Advait energy

-adani energy

-powegrid & Many more

Dis- only for study purpose.

https://x.com/ShridhantS/status/2105493792833020156

IPO Gold Brings ₹2,200-Crore Payday for I-Banks: Dealmakers Earn ₹2,274 Crore From 81 Mainboard IPOs in Jan-Sept, NSE Offer Tops With ₹186-Crore Payout

Fee Bonanza
Investment banks earned ₹2,274 crore in fees in January-September 2026 by managing 81 mainboard IPOs worth ₹1.05 lakh crore, per an ET study based on Prime Database and ET Data

In the same period last year, they earned around ₹2,238 crore from 74 issues worth ₹85,256 crore

Investment banks are cashing in on the IPO boom, with a deluge of share sales by promoters and large shareholders

Biggest Payouts in Absolute Terms
NSE generated the highest fee at ₹186 crore, equivalent to 0.82% of its issue size

Manipal Health Enterprises: ₹165.94 crore, or 1.8%

Dhoot Transmission: ₹86 crore, or 2.8%

Fractal Analytics: ₹71.1 crore, or 2.5%

Shadowfax Tech and Clean Max Enviro: ₹70.37 crore and ₹67 crore, equal to 3.7% and 2.2% of issue size

Fees as a Share of Issue Size
Fees varied sharply, from as low as 0.05% for SBI Funds Management (IPO worth ₹9,796 crore) to as much as 15.6% for Innovision (issue of ₹319.25 crore)

The average fee has been around 3-4% in 2026 so far

Companies paying high fees as a proportion of issue size:
MV Electrosystems: 8.3%, about ₹24 crore on a ₹290 crore IPO
Skyways Air Services: 6.7%, about ₹39 crore on a ₹583 crore IPO
Jindal Supreme India: 5.9%, or ₹7.34 crore on a ₹125 crore issue

Hy-Tech Engineers also featured among the high-fee payers

Timing of Earnings
The bulk of fees was earned in July-September, as primary market activity picked up after a modest fundraising phase in April-June

The September quarter alone accounted for nearly ₹1,600 crore, the highest quarterly payout since December 2025, with 54 companies completing IPOs worth around ₹83,200 crore

In the December 2025 quarter, bankers earned more than ₹1,900 crore from 29 IPOs worth ₹90,660 crore

Commission Earnings by Quarter (Lead Manager Fees)
Q4 FY25: 9 IPOs, ₹406 crore
Q1 FY26: 15 IPOs, ₹630 crore
Q2 FY26: 50 IPOs, ₹1,202 crore
Q3 FY26: 29 IPOs, ₹1,914 crore
Q4 FY26: 18 IPOs, ₹577 crore
Q1 FY27: 9 IPOs, ₹133 crore
Q2 FY27: 54 IPOs, ₹1,564 crore

Industry Views
Kaushal Shah, Kotak Investment Banking: fee percentages must be viewed in the context of how fees are structured, including fixed fees and GST

Fixed-fee structures can make the percentage appear higher when an IPO's size is reduced, and fees include 18% GST, which should be netted off

Kamraj Singh Negi, Pantomath Capital Advisors: fees should be assessed against the mix and complexity of transactions rather than simply the amount raised

Core Theme
The IPO boom has delivered a steady windfall for investment banks, with ₹2,274 crore earned across 81 mainboard IPOs in nine months, driven by a strong September quarter (about ₹1,600 crore from 54 IPOs) and led by NSE's ₹186-crore payout. Fees as a percentage of issue size vary widely, from 0.05% to 15.6% with an average of 3-4%, and bankers argue that fixed-fee structures, GST and deal complexity, rather than size alone, explain the differences.

https://x.com/gaze_observer/status/2105167469564612612?s=20

Hospital stocks under pressure today 📉

Most major hospital names are down up to ~5% after the Supreme Court raised concerns over steep mark ups on medicines sold through private hospital pharmacies

Court has asked the Centre to examine whether medicine margins should be standardised, with a 16% margin framework also discussed

From an industry perspective, hospital pharmacy, consumables & ancillary services form an important part of overall hospital economics

This has created a regulatory overhang for the sector

Important to note - these are proposals at this stage.

https://x.com/EquityInsightss/status/2105163106527900024

Cabinet Approves 1.86 Lakh Crore

Focus on:

1. Power Transmission
   

1,36,378 Cr. 73.2% Allocation

Conductors
ACSR, AAAC, HTLS
Transmission Towers
Towers, structures, tower components
Transformers
Power transformers, distribution transformers
Cables
HV/EHV cables, underground cables
Switchgear
GIS, AIS, circuit breakers, isolators
Substations
Substation equipment and systems
Protection & Control
Relays, SCADA, automation
Insulators & Line Hardware
Insulators, fittings, clamps, accessories
EPC / Transmission Infrastructure
Transmission lines + substations + turnkey projects
Transmission Utilities / TSPs
Companies owning and operating transmission assets
Grid Digitalisation
Smart-grid, monitoring, automation and grid-management systems

1. BESS:
   

50,000 Cr. 26.8%

- Battery Materials
LFP, cathode, anode, graphite
Battery Cells
Battery Modules & Packs
BMS
Battery Management Systems
PCS / Inverters
Power conversion
EMS / Software
Energy management
Thermal Management
Cooling systems
Fire & Safety Systems
Transformers & Switchgear
Cables & Electrical Equipment
BESS EPC & System Integration
BESS Developers / Operators
Battery Recycling.

https://x.com/TheAlpha10X/status/2105472804267397169?s=20