Mumbai: Indian companies reported mixed financial results for the September quarter on Thursday, October 15, with Wipro posting a sequential decline in net profit while Persistent Systems recorded higher revenue but a sharp fall in profitability. HDFC Life Insurance, Nestle India, Polycab India and several banks also reported their second-quarter earnings for the 2026-27 financial year.

Wipro’s consolidated net profit fell 4.5% quarter-on-quarter to Rs 3,200 crore, compared with Rs 3,352 crore in the June quarter. Revenue, however, increased 1.1% to Rs 24,753 crore from Rs 24,479 crore. Its earnings reflected a mixed performance, with operating profit and margins improving despite weaker bookings.

Persistent Systems reported an 8.4% sequential increase in revenue to Rs 4,664 crore, but net profit declined 27.1% to Rs 352 crore. HDFC Life Insurance reported a 16.5% year-on-year rise in net profit to Rs 522 crore, while Nestle India posted strong growth in profit and revenue.

The results came as 48 companies were scheduled to announce their Q2 FY27 earnings during the day, putting information technology, banking, insurance, consumer goods and financial services stocks in focus.

Wipro Q2 profit falls 4.5% sequentially

Wipro reported net profit of Rs 3,200 crore for the September quarter, down from Rs 3,352 crore in the previous quarter.

Revenue rose 1.1% quarter-on-quarter to Rs 24,753 crore from Rs 24,479 crore. Earnings before interest and tax (EBIT) increased 4.1% to Rs 3,986 crore from Rs 3,830 crore.

Wipro’s EBIT margin improved to 16.1% from 15.6%, expanding by 50 basis points during the quarter.

However, the company’s IT services revenue declined 0.9% sequentially to Rs 24,667 crore. Total bookings stood at $2.6 billion, down 22.9% quarter-on-quarter in constant-currency terms.

Large-deal total contract value was $700 million, a decline of 58.6% sequentially in constant-currency terms.

Wipro reported an attrition rate of 13.8% for the quarter ended September.

Wipro gives Q3 revenue guidance

For the December quarter, Wipro expects IT services revenue to be between $2.571 billion and $2.625 billion.

The guidance translates into a sequential change ranging from a 1.5% decline to 0.5% growth in constant-currency terms.

The outlook indicates that the company expects revenue growth to remain subdued in the near term, with investors likely to monitor demand conditions, deal conversions and the pace at which new contracts contribute to revenue.

Persistent Systems revenue rises, profit drops

Persistent Systems reported revenue of Rs 4,664 crore, an increase of 8.4% from Rs 4,303 crore in the previous quarter.

Net profit, however, declined 27.1% to Rs 352 crore from Rs 483 crore. EBIT fell 19.6% to Rs 467 crore from Rs 581 crore.

The company’s EBIT margin contracted to 10% from 13.5%, a decline of 350 basis points.

The divergence between revenue growth and profitability is likely to keep investors focused on the company’s margin trajectory, operating costs and the conversion of large deals into revenue.

Before the results, analysts had been watching Persistent Systems’ progress towards its longer-term revenue ambitions, alongside demand for technology services and the contribution of artificial intelligence-related work.

The company’s performance will also be assessed in the context of its planned integration of Nagarro and the potential funding requirements associated with that process.

HDFC Life profit increases 16.5%

HDFC Life Insurance reported a 16.5% year-on-year increase in net profit to Rs 522 crore for Q2 FY27, compared with Rs 448 crore in the corresponding quarter last year.

Net premium income increased 15.8% to Rs 21,856 crore from Rs 18,871 crore.

The results indicate growth in both profitability and premium income. Investors are also likely to monitor the insurer’s product mix, distribution channels and value of new business as the company progresses through the second half of the financial year.

Before the announcement, analysts had focused on annualised premium equivalent growth, value of new business and margins, particularly in relation to bancassurance performance and the contribution of protection, annuity and non-participating products.

Nestle India reports strong quarterly growth

Nestle India reported a 36.4% year-on-year increase in net profit to Rs 1,027 crore, compared with Rs 753 crore in the year-ago quarter.

Revenue rose 20.3% to Rs 6,788 crore from Rs 5,644 crore. EBITDA increased 31% to Rs 1,615 crore from Rs 1,232 crore.

EBITDA margin expanded to 23.8% from 21.8% a year earlier.

The company’s results exceeded the analyst estimates cited in the live updates, with reported profit ahead of the expected Rs 1,008 crore and revenue above the estimate of Rs 6,758 crore.

Nestle India chairman and managing director Manish Tiwary said total sales grew 20.5%, supported by double-digit volume growth. The company also highlighted continued growth in confectionery and flagged food inflation as an ongoing concern.

The performance puts consumer demand, commodity prices and the sustainability of margin expansion among the key issues to watch in the coming quarters.

Polycab India profit jumps 43%

Polycab India reported consolidated net profit of Rs 977 crore, up 42.6% year-on-year from Rs 686 crore.

Revenue surged 52.8% to Rs 9,899 crore from Rs 6,477 crore. EBITDA increased 39.4% to Rs 1,423 crore from Rs 1,021 crore.

Despite the strong growth in revenue and profit, EBITDA margin declined to 14.4% from 15.8% in the year-ago quarter.

The results point to substantial growth in the company’s business, although the moderation in margins will remain relevant when assessing the quality and sustainability of that growth.

HDFC AMC reports lower profit and income

HDFC Asset Management Company reported consolidated net profit of Rs 749 crore, down 10.5% quarter-on-quarter from Rs 837 crore.

Total income declined 9% to Rs 1,241 crore from Rs 1,363 crore.

The sequential decline contrasts with the stronger year-on-year performance reported by several other companies during the day.

Investors will be watching the asset manager’s income trajectory, operating performance and developments in the mutual fund industry as they assess the results.

Banks report varied performance

Several banks reported year-on-year growth in net profit, while some also recorded improvements in asset quality.

Indian Bank posted net profit of Rs 3,462 crore, up 14.7% from Rs 3,018 crore a year earlier. Net interest income rose 18% to Rs 7,719 crore, while operating profit increased 47% to Rs 7,090 crore.

The bank’s gross non-performing asset ratio improved to 1.61% from 1.86% in the previous quarter, while net NPA eased to 0.14% from 0.15%.

UCO Bank reported a 26.8% increase in net profit to Rs 786 crore from Rs 620 crore. Net interest income grew 14% to Rs 2,886 crore, while operating profit rose 16.1% to Rs 1,872 crore.

South Indian Bank’s net profit increased 21.4% to Rs 426 crore from Rs 351 crore. Net interest income climbed 38% to Rs 1,116 crore, and operating profit rose 36.6% to Rs 732 crore.

Karur Vysya Bank reported net profit of Rs 788 crore, up 37.3% from Rs 574 crore. Net interest income increased 19% to Rs 1,497 crore.

These results highlight differences in profit growth, lending income and asset quality across the banking sector.

Other notable Q2 earnings

A number of companies from other sectors also reported their September-quarter results.

  • Tata Communications: Net profit increased 86.3% year-on-year to Rs 341 crore, while revenue rose 9.6% to Rs 6,688 crore. EBITDA increased 21.2% to Rs 1,422 crore, with margins expanding to 21.3% from 19.2%.
  • Heritage Foods: Net profit fell 38.6% to Rs 31.4 crore despite an 18.6% increase in revenue to Rs 1,320 crore. EBITDA declined 4% to Rs 74.8 crore.
  • Tips Music: Net profit rose 24.5% to Rs 66 crore, while revenue increased 34.8% to Rs 120 crore. The company declared an interim dividend of Rs 6.50 per share.
  • Orient Electric: Net profit more than doubled to Rs 27.06 crore from Rs 12.06 crore, while revenue grew 25.2% to Rs 879 crore.
  • Indian Railway Finance Corporation: Net profit increased 10.2% to Rs 1,958 crore, and total income rose 24.4% to Rs 7,924 crore. The company announced an interim dividend of Rs 1.15 per share.
  • DB Corp: Net profit declined 26.9% to Rs 68 crore, while revenue fell 5.4% to Rs 581 crore.
  • Bajaj Consumer Care: Net profit increased 65.9% to Rs 70.2 crore, while revenue rose 25.5% to Rs 333 crore.

The range of results underscores the differing effects of demand, pricing, operating costs and sector-specific conditions on corporate earnings.

What investors will watch next

The October 15 earnings announcements offered a mixed picture of corporate performance. Wipro reported improving EBIT and margins but lower sequential profit and bookings, while Persistent Systems delivered revenue growth alongside a sharp contraction in profit and margins.

HDFC Life, Nestle India and Polycab India reported growth in key financial metrics, while several banks recorded higher profit and improvements in asset quality.

The results will be assessed alongside management guidance, demand trends, margins and the outlook for the remaining two quarters of FY27. For investors, the key question will be whether reported growth can be sustained and whether companies can translate revenue gains into stronger profitability.