Q2 Results This Week: Bharti Airtel, Adani Enterprises, M&M, SBI, Trent, Paytm, Suzlon, Nykaa And More

More than 650 companies are set to declare the results for the quarter ended Sept. 30, 2025, this week. Investors and analysts will be looking forward to these results to understand how the companies performed in the July-September quarter. Several of the companies have also scheduled an earnings call to discuss the results with investors and analysts.

Prominent Companies Announcing Q2FY26 Results

Some prominent companies scheduled to announce their Q2FY26 results next week include State Bank of India (SBI), One 97 Communications (Paytm), Mahindra & Mahindra and InterGlobe Aviation, Bharti Airtel, Adani Enterprises, Trent and Garden Reach Shipbuilders & Engineers, among others.

Additional Insights

Dalal Street on High Alert: A Crucial Earnings Week Awaits

The Indian stock market is bracing for a monumental week as the Q2 FY26 earnings season kicks into high gear. With over 650 companies scheduled to unveil their report cards for the July-September 2025 quarter, investors and traders are on the edge of their seats. This deluge of financial data will not only determine the trajectory of individual stocks but also set the definitive tone for the Nifty 50 and Sensex for the remainder of the financial year. From banking behemoths and infrastructure giants to new-age tech players and auto titans, this week’s results will provide a critical health check of corporate India.

The July-September quarter is a period of keen interest. It captures post-monsoon demand sentiment, initial festive season preparations, and the broader macroeconomic undercurrents of inflation and interest rates. Will companies showcase resilient top-line growth? Have they managed to protect their margins against persistent input cost pressures? These are the billion-dollar questions that will be answered in the coming days. For the active Indian investor, aged 25 to 45, this isn’t just about numbers; it’s about identifying opportunities, managing risk, and staying ahead of the curve. This in-depth analysis will break down what to expect from the key sectors and market-moving stocks reporting this week.

Sector Spotlight: Key Themes to Watch in the Q2 Earnings Season

Before diving into individual company previews, it’s essential to understand the overarching themes that will dominate market commentary. We’ve grouped the most anticipated results into key sectors to provide a clearer picture of the forces at play.

1. Banking & Financials: The Economy’s Bellwether

All eyes will be on the banking and financial services (BFSI) sector, led by the country’s largest lender, State Bank of India (SBI). The performance of this sector is a direct proxy for the health of the Indian economy.

What to Watch For:

Net Interest Income (NII) & Margins (NIMs): Analysts will be keenly watching if banks have been able to maintain or expand their Net Interest Margins in a stable interest rate environment. Any sign of margin compression could be a red flag.
Credit Growth: Is the loan book expanding? Robust growth in retail and corporate credit signifies strong economic activity and consumer confidence. Look for double-digit year-on-year growth.
Asset Quality: The golden metric. Investors will scrutinize Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA). A continued decline in these figures is crucial for positive sentiment. Also, watch for commentary on restructured assets and the outlook on potential slippages.
Key Stocks Reporting: State Bank of India (SBI), City Union Bank, Life Insurance Corporation of India (LIC), Cholamandalam Investment & Finance, Suryoday Small Finance Bank.

2. Adani Pack: The Quest for Stability and Growth

The Adani Group companies, particularly the flagship Adani Enterprises Ltd. (AEL) and the cash-cow Adani Ports and Special Economic Zone (APSEZ), will be under intense scrutiny. Investors will be looking for strong operational performance and prudent capital management.

What to Watch For:

AEL’s Incubator Businesses: Focus will be on the performance of its newer ventures like airports (passenger traffic growth), green hydrogen, and data centers. The revenue contribution and profitability path of these segments are key to AEL’s valuation.
APSEZ’s Cargo Volumes: Port traffic and cargo volume data are leading indicators of trade activity. Strong volume growth and improved realization per tonne will be positive triggers.
Debt & Cash Flow: For the entire group, commentary on debt levels, refinancing plans, and free cash flow generation will be more important than ever. The market will reward any signs of deleveraging.
Key Stocks Reporting: Adani Enterprises Ltd., Adani Ports And Special Economic Zone Ltd.

3. Auto Sector: Riding on Festive Hopes

The auto sector’s Q2 numbers will provide the first real glimpse into the much-anticipated festive season demand. Mahindra & Mahindra (M&M) and Bajaj Auto are the key names to watch.

What to Watch For:

Volume Growth: The headline number. For M&M, the focus will be on SUV sales and the order backlog. For Bajaj Auto, domestic two-wheeler sales and export performance will be critical.
Tractor Sales: M&M’s tractor segment performance will be a key indicator of rural demand, heavily influenced by the monsoon’s performance.
EBITDA Margins: The auto sector has been grappling with fluctuating commodity prices. The ability to manage input costs and the impact of price hikes on margins will be a focal point.
EV Commentary: Any updates on electric vehicle strategy, new launches, and investment plans will be crucial for the long-term outlook. You can read more about India’s growing EV market in our special report.
Key Stocks Reporting: Mahindra & Mahindra, Bajaj Auto, Escorts Kubota, UNO Minda, Timken India.

4. Telecom: The ARPU Battleground

With Bharti Airtel reporting, the telecom sector is in the limelight. The narrative has firmly shifted from subscriber acquisition at any cost to monetization and profitability.

What to Watch For:

Average Revenue Per User (ARPU): This is the single most important metric. The market expects a steady, sequential improvement in ARPU, driven by the conversion of 2G users to 4G/5G and a better postpaid mix. Any figure above market expectations will be a significant positive.
5G Update: While 5G is yet to be monetized effectively, investors will look for commentary on rollout progress, capital expenditure intensity, and initial signs of user adoption.
Subscriber Mix: Growth in high-value 4G and 5G subscribers is more important than overall subscriber additions.
Key Stocks Reporting: Bharti Airtel, Bharti Hexacom, Route Mobile.

5. New-Age Tech & Consumer Plays: Profitability vs. Growth

This basket includes fintech giant Paytm (One 97 Communications), e-commerce leader Nykaa (FSN E-Commerce), and logistics expert Delhivery. For these companies, the market’s focus has decisively shifted from just growth to a clear and sustainable path to profitability.

What to Watch For:

Paytm: Look beyond GMV. Key metrics are growth in the loan distribution business, net payment margins, and improvements in contribution margin and adjusted EBITDA.
Nykaa: Growth in Gross Merchandise Value (GMV) is important, but so is the split between the high-margin Beauty & Personal Care (BPC) segment and the fashion segment. Watch for trends in marketing spend and EBITDA margins.
Trent: For this retail powerhouse, focus on Same-Store Sales Growth (SSSG) for Westside and the pace of Zudio’s aggressive store expansion. Margin performance will also be key.
Key Stocks Reporting: One 97 Communications (Paytm), FSN E-Commerce Ventures (Nykaa), Delhivery, Trent, TBO TEK, Tracxn Technologies.

The Week Ahead: A Day-by-Day Earnings Calendar (Key Companies)

Here’s a breakdown of the most anticipated results scheduled for each day of this action-packed week.

Monday, November 3, 2025

The week kicks off with a mix of heavyweights. Bharti Airtel will set the tone for the telecom sector, while Titan and Tata Consumer Products will provide insights into consumer discretionary and staples demand. The street will also watch Power Grid Corporation for cues on the country’s capex cycle.

Bharti Airtel Ltd.: Focus on ARPU, 4G/5G subscriber additions, and capex guidance.
Titan Company Ltd.: Jewellery segment growth will be paramount, especially given the volatility in gold prices. Watch for commentary on festive demand.
Tata Consumer Products Ltd.: Key metrics include volume growth in the core salt and tea businesses and the performance of newer growth engines like Sampann and NourishCo.
Power Grid Corporation of India Ltd.: Look for asset capitalization trends and the outlook for the transmission project pipeline.
Other Key Names: Ambuja Cements, City Union Bank, Gland Pharma, Kansai Nerolac Paints.

Tuesday, November 4, 2025

Tuesday is arguably the most significant day of the week, with a trifecta of market giants. State Bank of India (SBI), Adani Enterprises, and Mahindra & Mahindra will release their numbers, making it a highly volatile session for the indices.

State Bank of India (SBI): All eyes on NII, NIMs, and asset quality. The management’s commentary on credit demand will guide the entire banking sector. The bank’s earnings call is scheduled for 5:15 p.m. IST.
Adani Enterprises Ltd.: Performance of airports, green energy, and other new businesses will be in focus, alongside debt management commentary.
Mahindra & Mahindra Ltd.: SUV and tractor sales volumes, alongside margin performance, will be the headline figures. The earnings call from 3:30 p.m. to 5:00 p.m. will be closely followed.
One 97 Communications Ltd. (Paytm): A crucial test for the fintech major. Investors will look for a reduction in EBITDA losses and strong growth in the high-margin financial services segment.
Suzlon Energy Ltd.: The wind energy leader’s results will be watched for order book growth, execution pace, and progress on its debt reduction journey.
Other Key Names: Adani Ports And SEZ, InterGlobe Aviation (IndiGo), Aditya Birla Fashion and Retail, Berger Paints, Castrol India, Indian Hotels.

Wednesday, November 5, 2025

The momentum continues mid-week with pharma, cement, and consumer goods majors. Sun Pharma and Britannia Industries will be the Nifty 50 constituents in focus.

Sun Pharmaceutical Industries Ltd.: US generic sales, particularly for specialty products, will be the key driver. Domestic formulation growth is also important.
Britannia Industries Ltd.: Rural and urban volume growth will be the primary focus. Commentary on raw material costs (like wheat and sugar) and its impact on margins will be critical.
Grasim Industries Ltd.: Performance of its core Viscose Staple Fibre (VSF) and chemicals business will be key. Any updates on the newly launched paints business will also be awaited.
Other Key Names: Aurobindo Pharma, Astral Ltd., Blue Star, Delhivery, The Ramco Cements.

Thursday, November 6, 2025

The financial and healthcare sectors take center stage on Thursday with insurance behemoth LIC and hospital chain leader Apollo Hospitals.

Life Insurance Corporation of India (LIC): Look for growth in Annualised Premium Equivalent (APE), the Value of New Business (VNB), and VNB margins. The product mix between PAR and Non-PAR products will also be analyzed.
Apollo Hospitals Enterprise Ltd.: Hospital occupancy rates, Average Revenue Per Occupied Bed (ARPOB), and growth in the pharmacy and diagnostics (Apollo 24/7) business will be the key metrics.
Godrej Properties Ltd.: Focus on pre-sales booking numbers, new project launches, and cash flow generation.
Other Key Names: ABB India, Aarti Industries, Cholamandalam Investment, Crompton Greaves, Cummins India, Devyani International, NHPC.

Friday, November 7, 2025

The week concludes with a diverse set of companies, including auto major Bajaj Auto, metals giant Hindalco, and retail favorite Trent.

Bajaj Auto Ltd.: Domestic 2W/3W volumes and the performance of the export markets will be crucial. Margin trajectory will be closely monitored.
Hindalco Industries Ltd.: The performance will be a function of global aluminium and copper prices on the LME. The results of its US-based subsidiary, Novelis, will be a key driver for the consolidated numbers.
Trent Ltd.: Expect strong revenue growth driven by the aggressive expansion of Zudio. Same-Store Sales Growth for Westside and commentary on margins will be vital.
FSN E-Commerce Ventures Ltd. (Nykaa): GMV growth, contribution from the fashion arm, and EBITDA margin progression will determine the stock’s reaction.
Other Key Names: AstraZeneca Pharma, Bayer CropScience, Kalyan Jewellers, National Aluminium Company (NALCO), Torrent Pharmaceuticals.

Investor’s Toolkit: How to Read Between the Lines

For investors navigating this results season, it’s crucial to look beyond the headline Profit After Tax (PAT). Here are a few things to keep in mind:

Compare Apples to Apples: Always compare the current quarter’s results with the same quarter of the previous year (Year-on-Year or YoY growth) to account for seasonality. Quarter-on-Quarter (QoQ) comparison is useful for identifying recent trends.
Listen to the Management: The earnings call and the management’s commentary are often more important than the numbers themselves. Their guidance on future growth, demand outlook, and strategic initiatives provides invaluable insight.
Check the Cash Flow: A company can show profits but may have poor cash flow. Always check the cash flow statement to see if the company is generating actual cash from its operations. Learn more about analyzing financial statements in our beginner’s guide.
Beat vs. Miss: The market often reacts not to the absolute numbers but to how they compare against analyst expectations (also known as ‘street estimates’). A company might post a profit, but if it’s below expectations, the stock could still fall.

Conclusion: A Market at a Crossroads

This week is more than just an earnings dump; it’s a referendum on corporate India’s resilience and growth potential. The Q2 FY26 results from these industry leaders will either validate the market’s current high valuations or trigger a much-needed reality check. For the prepared investor, this volatility presents immense opportunity. By focusing on quality companies with strong execution capabilities and a clear growth path, one can successfully navigate the turbulence and make informed investment decisions. Keep a close watch on the key metrics, listen carefully to the management, and position your portfolio for the trends that emerge from this critical earnings season.

Q2 Results This Week: Bharti Airtel, Adani Enterprises, M&M, SBI, Trent, Paytm, Suzlon, Nykaa And More

Prominent Companies Announcing Q2FY26 Results

Companies Announcing Q2 Results on November 3

Companies Announcing Q2 Results on November 4

Companies Announcing Q2 Results on November 5

Additional Insights

Dalal Street on High Alert: A Crucial Earnings Week Awaits

Sector Spotlight: Key Themes to Watch in the Q2 Earnings Season

1. Banking & Financials: The Economy’s Bellwether

What to Watch For:

2. Adani Pack: The Quest for Stability and Growth

What to Watch For:

3. Auto Sector: Riding on Festive Hopes

What to Watch For:

4. Telecom: The ARPU Battleground

What to Watch For:

5. New-Age Tech & Consumer Plays: Profitability vs. Growth

What to Watch For:

The Week Ahead: A Day-by-Day Earnings Calendar (Key Companies)

Monday, November 3, 2025

Tuesday, November 4, 2025

Wednesday, November 5, 2025

Thursday, November 6, 2025

Friday, November 7, 2025

Investor’s Toolkit: How to Read Between the Lines

Conclusion: A Market at a Crossroads

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