Earnings Central: From Tata Motors, Eicher and Manipal Health to Jubilant Pharmova, the hits and misses
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Earnings Central: From Tata Motors, Eicher and Manipal Health to Jubilant Pharmova, the hits and misses - Published OnNov 13, 2026 | 22:05 IST - Last Updated OnNov 13, 2026 | 22:07 IST Tata Motors slipped into a net loss on heavy exceptional costs despite revenue gains, while Manipal Health and Jubilant Pharmova suffered profit drops on contracting operating margins. Conversely, Godrej Industries more than doubled its net profit on surging sales. Find out which specific sector headwinds threaten their upcoming margin recovery. The Q2 earnings season continues to throw up a mixed bag for investors, with several big names reporting their September-quarter numbers on Friday. Tata Motors Passenger Vehicles, Eicher Motors, Manipal Health Enterprises, Godrej Industries, Jubilant Pharmova, RelaxoFootwears and Inox Green Energy Services were among the companies in focus. While revenue growth remained healthy across several businesses, profitability and margins told a different story. Here’s how the day’s earnings unfolded. Tata Motors: Revenue grows, but exceptional costs push company into the red Tata Motors Passenger Vehicles reported a consolidated net loss of ₹5,531 crore in Q2 FY27, compared with a net profit of ₹76,170 crore in the corresponding quarter last year. The company reported exceptional items worth ₹6,738 crore during the September quarter, against ₹2,608 crore a year earlier. Manipal Health: Revenue jumps, but profit takes a hit Manipal Health Enterprises reported a 13.2% year-on-year decline in net profit to ₹270 crore for the September quarter, compared with ₹311 crore a year earlier. The healthcare company’s revenue from operations grew 37.3% to ₹3,399 crore from ₹2,475 crore. EBITDA increased 29.8% to ₹872 crore, but the operating margin contracted to 26% from 27% in the year-ago quarter. The numbers point to strong business growth, but profitability did not keep pace with the expansion in revenue. Godrej Industries: Profit more than doubles, margins improve Godrej Industries delivered one of the stronger performances of the day. Consolidated net profit attributable to owners rose to ₹559.6 crore in Q2 FY27 from ₹242.5 crore in the corresponding quarter last year. Revenue from operations increased 45.1% to ₹7,302.98 crore from ₹5,032.14 crore. The combination of strong revenue growth and a sharp improvement in operating profitability made it a relatively encouraging quarter for the company. Eicher Motors: Growth continues, but results miss estimates Eicher Motors reported a 14.8% year-on-year increase in consolidated net profit to ₹1,573.4 crore for Q2 FY27, compared with ₹1,370 crore a year earlier. Revenue from operations rose 20.2% to ₹7,421.72 crore, while EBITDA increased 16.4% to ₹1,760 crore. However, the company missed CNBC-TV18's poll estimates across all three key parameters. Net profit was below the estimate of ₹1,605 crore, revenue missed the ₹7,450-crore forecast, and EBITDA came in below the expected ₹1,800 crore. While the company continued to report healthy growth, the shortfall against expectations made the results less impressive. Pharma struggles: Jubilant Pharmova’s profit falls 74% Jubilant Pharmova reported a sharp 74.1% year-on-year decline in consolidated net profit to ₹31.2 crore in Q2 FY27, compared with ₹120.3 crore in the year-ago period. Revenue from operations rose 20.5% to ₹2,370 crore from ₹1,966.4 crore. However, EBITDA fell 29.3% to ₹241 crore from ₹341 crore, while the EBITDA margin contracted sharply to 10.2% from 17.4%. The divergence between revenue and operating profit was particularly stark, with higher sales failing to translate into stronger earnings. Zaggle and Relaxo: Revenue growth, but profitability remains under pressure Zaggle Prepaid Ocean Services reported a 30.1% year-on-year decline in profit to ₹24.4 crore, compared with ₹34.9 crore in the corresponding quarter last year. Revenue from operations increased 34.2% to ₹579.8 crore from ₹432.2 crore. However, EBITDA declined 5% to ₹41.7 crore from ₹43.9 crore. The company reported an EBITDA margin of 7.2% for the quarter. Relaxo Footwears had a relatively subdued quarter. Net profit increased 2.8% year-on-year to ₹37 crore, while revenue grew 11.6% to ₹701.6 crore. EBITDA rose 5.2% to ₹85.3 crore, but the EBITDA margin narrowed to 12.2% from 12.9%. Both companies reported revenue growth, but operating profitability remained a pressure point. Inox Green Energy: Profit jumps, margins surge Inox Green Energy Services stood out with a 54.8% year-on-year increase in consolidated net profit to ₹43 crore in Q2 FY27, compared with ₹28 crore a year earlier. Revenue from operations rose 8.2% to ₹89 crore from ₹82 crore. The bigger improvement came at the operating level, with EBITDA surging to ₹36.3 crore from ₹4.7 crore. Consequently, the EBITDA margin expanded to 40.9% from 5.8%. The sharp improvement in operating profitability made Inox Green one of the standout performers in Friday’s results lineup.
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