Profit Pulse: What HCL, Tech Mahindra, and HDFC Bank’s Q2 Could Mean for Markets

The Q2 earnings season kicks off this week with major Indian companies like HCL Technologies, Tech Mahindra, and HDFC Bank among 212 firms reporting results. Investors look for revenue growth, margin improvements, and guidance, especially amid ongoing global economic challenges and digital transformation trends shaping sector performance.

India's corporate earnings season for the second quarter of FY26 intensifies this week as over 200 companies, including sector heavyweights, prepare to disclose their financial performance. Market participants eagerly await updates from key players like HCL Technologies, Tech Mahindra, and HDFC Bank, crucial indicators of economic health and sectoral trends.

HCL Technologies:

Expected to report a sequential revenue growth of around 3.8% to ₹31,506 crore with a net profit rise near 9.7% sequentially to ₹4,145 crore. Despite some margin pressures from investments in generative AI and restructuring, strong deal wins and stable client spending offer optimism. BFSI and Hi-tech sectors likely to bolster results, although manufacturing faces headwinds.

Tech Mahindra:

Market consensus projects a 3.4% revenue increase sequentially to about ₹13,805 crore, with net profit rising roughly 12.4% sequentially. Margins are anticipated to improve due to operational efficiencies and cost controls under Project Fortius. Tech Mahindra is moving through a turnaround phase with steady deal momentum especially in BFSI and communications sectors.

HDFC Bank:

The Q2 report expected by mid-October is seen highlighting 10-15% growth in key parameters like deposits, advances, and net interest income. Asset quality is monitored closely, with the bank demonstrating stable GNPA ratios around 1.36%. Profit after tax is forecast to grow moderately, supported by strong retail and corporate banking businesses.

Broader Earnings Context

The week’s results include companies across IT, banking, infrastructure, consumer goods, and manufacturing sectors—offering a comprehensive pulse on Indian industry dynamics. Analysts pay attention to revenue guidance, margin sustainability, digital transformation progress, and macroeconomic impacts such as currency fluctuations and inflation pressure.

Investors use these earnings releases to recalibrate portfolios, betting on growth sectors like IT and BFSI while watching for signs of recovery in auto and manufacturing industries.

With the Q2 season underway, the market focus centers on growth resilience amid ongoing global uncertainties and India’s continued economic expansion.

Sources: Business Standard, Economic Times, GoodReturns, NDTV Profit, CNBC-TV18.

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