Image Source: The Economic Times
India’s corporate earnings season surged ahead on July 30 with marquee players across power, auto, chemicals, and telecom infrastructure unveiling their Q1FY26 results. From record profits to margin pressures, the financial disclosures offered a nuanced snapshot of sectoral resilience and strategic pivots.
Power Grid Corporation of India Ltd (PGCIL):
India’s largest power transmission utility reported a slight dip in profitability, missing analyst expectations.
- Net profit declined 3.7% YoY to Rs 3,412 crore, down from Rs 3,542 crore in Q1FY25
- Revenue from operations fell 1.7% YoY to Rs 10,068 crore
- EBITDA dropped 2.9% YoY to Rs 8,744 crore, with margins narrowing to 86.9% from 87.9%
- The results reflect muted transmission growth and higher operating costs
Key takeaway: Despite its Maharatna status, Power Grid’s Q1 performance signals operational headwinds amid infrastructure expansion.
Tata Power:
The energy conglomerate delivered a robust quarter, marking its 19th consecutive PAT growth.
- Net profit rose 4% YoY to Rs 1,188 crore
- Revenue from operations jumped 13.6% YoY to Rs 17,294 crore
- EBITDA increased 11% YoY to Rs 3,350 crore
- Clean and green capacity stood at 6.1 GW, with 5.3 GW under execution
- Odisha discoms posted 20% EBITDA growth, while Delhi discoms saw regulatory assets recognized worth Rs 5,788 crore
Key highlight: Tata Power’s diversified portfolio and green energy push continue to drive profitable growth.
Hyundai Motor India:
The automaker faced margin compression and volume challenges in Q1FY26.
- Revenue estimated at Rs 16,575–16,931 crore, down 2.4–4% YoY
- PAT projected to decline 9–18% YoY, ranging between Rs 1,215–1,354 crore
- EBITDA margins expected to shrink to 12–12.9%, impacted by lower incentives and higher discounts
- ASPs rose modestly due to richer SUV mix, but volumes fell 6% YoY
Key insight: Hyundai’s Q1 reflects the broader auto sector’s struggle with cost pressures and regulatory shifts.
BASF India:
The chemicals major surprised with a strong quarter, triggering a 20% upper circuit on the NSE.
- Net profit surged 36% YoY to Rs 22.05 crore
- Revenue rose 17.85% YoY to Rs 398.89 crore
- Agriculture solutions and materials segments led growth, offsetting declines in nutrition and industrial solutions
- This marks BASF’s third consecutive profitable quarter
Key highlight: BASF’s performance bucks the trend in the chemical sector, which continues to grapple with inventory and demand challenges.
MOIL Ltd:
The manganese mining PSU posted record turnover and sales, breaking the Q1 slowdown myth.
- Revenue from operations hit an all-time high of Rs 492.84 crore
- Net profit jumped 26.88% YoY to Rs 115.65 crore
- Sales volume rose 15% YoY to 4.53 lakh tonnes
- CMD Ajit Kumar Saxena credited operational momentum and market tailwinds
Key takeaway: MOIL’s Q1 performance underscores the revival in mining and raw material demand.
Indus Towers Ltd:
India’s leading telecom infrastructure provider delivered a stellar quarter, reflecting digital expansion.
- Net profit soared 42.9% YoY to Rs 1,926 crore
- Revenue climbed 4% YoY to Rs 7,383 crore
- EBITDA benefited from higher tenancies and record tower additions
- A Rs 760 crore write-back in provisions boosted bottom-line
Key highlight: Indus Towers’ results signal strong demand for passive infrastructure amid 5G rollout and rural connectivity push.
Conclusion:
July 30’s earnings reveal a mixed but promising outlook for India Inc. While energy and infra players like Tata Power and Indus Towers shine, others like Power Grid and Hyundai face margin pressures. BASF and MOIL’s standout performances hint at sectoral rebounds, making Q2 a space to watch.
Sources: CNBC-TV18, Moneycontrol, Mint, NDTV Profit, Free Press Journal, Economic Times, Press Information Bureau (India), BASF India, MOIL Ltd, Indus Towers Ltd official announcements.
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