Coca-Cola Profits Plummet 73%; Brigade Hotels and ITC Surge in Q2

Private sector insurer SBI Life Insurance on Friday reported a 6.59 per cent year-on-year fall in its net profit to Rs 494.59 crore in the second quarter of this fiscal, as profitability was impacted by the GST exemption on life insurance policies. 

The life insurer had registered a net profit of Rs 529.49 crore in the second quarter of FY25.

During Q2FY26, net premium income grew 22.61 per cent y-o-y to Rs 24,848.31 crore from Rs 20,266.10 crore in Q2FY25, according to a stock exchange filing. The first-year premium rose 7.60 per cent at Rs 5289.46 crore, whereas renewal premium increased 19.46 per cent to Rs 14,002.83 crore for the period under review. 

Brigade Hotel Ventures Ltd. (BHVL), the hospitality arm of Brigade Group, has recorded a profit after tax of ₹11 crore in Q2 FY26, compared to ₹7 crore in Q2 FY25 – up by 58 per cent.

Brigade Hotel Ventures sees 58% jump in Q2FY26 profit, plans ₹3,600 cr expansion

Brigade Hotel Ventures recorded a profit after tax of ₹11 crore in Q2 FY26, compared to ₹7 crore in Q2 FY25, up by 58 per cent.

Hindustan Coca-Cola Beverages Pvt. Ltd (HCCB), the bottling arm of Coca-Cola in India, posted a consolidated net profit of ₹756.64 crore in FY25, down 73 per cent as against ₹2,808.31 crore in FY24, according to a regulatory filing sourced from business intelligence platform Tofler.

Hindustan Coca-Cola Beverages net profit down 73% in FY25

Hindustan Coca-Cola Beverages net profit down 73% in FY25

Aditya Birla Sun Life Asset Management Company has reported that its net profit in the September quarter was flat at ₹241 crore, as against ₹242 crore, logged in the same period last year, largely due to lower other income and the highest cost.

Revenue was up nine per cent at ₹461 crore (₹424 crore) in the quarter under review. Other income was more than halved to ₹45 crore (₹96 crore). Expenses increased to ₹191 crore (₹185 crore).

Aditya Birla MF net flat at ₹241 crore on higher cost

Aditya Birla Sun Life Asset Management Company’s net remained flat due to lower income coupled with the higest costs.

Hospitality major ITC Hotels on Friday reported a 73.94 per cent year-on-year jump in its consolidated net profit to ₹133.29 crore for the second quarter, backed by 16 per cent y-o-y rise in Ebitda.

The company’s net profit stood at ₹76.63 crore for the second quarter of FY25. Its revenue from operations rose 7.91 per cent to ₹839.48 crore, from Rs 777.95 crore in the corresponding period of FY25, according to a stock exchange filing by the company.

ITC Hotels Q2 net jumps 74% to ₹133.29 crore

Hospitality major ITC Hotels on Friday reported a 73.94 per cent year-on-year jump in its consolidated net profit to ₹133.29 crore for the second quarter, backed by 16 per cent y-o-y rise in Ebitda

Dr Reddy’s Laboratories’ consolidated net profit increased 14 per cent at ₹1,437 crore in the second quarter ended September 30, 2025 compared to ₹1,255 crore in the corresponding quarter of the previous financial year.

The revenue of the Hyderabad-based company grew 9.8 percent to ₹8,805 crore in the quarter under review against ₹8,016 crore in the year ago period.

Q2 Results: Dr Reddy’s net profit up 14% at ₹1,437 crore

Dr Reddy’s Q2 net profit rises 14% to ₹1,437 crore, with revenue increasing 9.8% to ₹8,805 crore.

Sigachi Industries reported standalone net profit for the quarter ended September 2025 at Rs 11.76 crore as against Rs 21.72 crore in the year-ago period.

Brokerages split. Check this out

Colgate shares fall 4% on weak Q2 results, brokerages divided

Shares of Colgate Palmolive (India) declined nearly 4% on Friday following a 17.2% fall in Q2 net profit and a 6.3% drop in revenue

“The 8.1% sequential INR growth in Q2, a next twelve-month signed order book which is 26.7% higher YoY, a sales execution engine that signed 14 large deals last year and has already closed 10 large deals in the first half of this year, an EBIT margin expansion of 250 bps QoQ, coupled with one of the lowest employee attrition rates across the industry are all pointers to what we believe will be an exceptional fiscal’26. We remain steadfast in our commitment to turning in the ninth consecutive year of sustained and robust growth despite the uncertain macros.”

Sudhir Singh, Chief Executive Officer and Executive Director, Coforge Ltd 

Coforge reported consolidated net profit for the quarter ended September 2025 at Rs 425.4 crore (up 82%) as against Rs 233.5 crore in the same quarter last year.

Board declared second interim dividend of Rs 4 per share. Record date – October 31.

Board has approved the proposal for voluntary winding up/strike off of Coforge SF Limited, UK and Coforge DPA UK Limited, stepdown wholly owned subsidiaries, in order to bring synergy in operations and enhance cost efficiency across the company’s business in the United Kingdom

SBI Life Insurance recorded net profit for the quarter ended September 2025 at Rs 494.59 crore as against Rs 529.42 crore in the same quarter last year.

We welcome the Indian Government’s GST reforms, a key step toward insurance coverage for all by 2047, improving affordability and accessibility. These reforms will drive broader adoption, financial security and sustainable sector growth. 

Q2 FY26 saw growth along with strategic product mix shifts and strong performance in Individual and group protection segments. Individual New Business Premiums gained momentum, shifting towards guaranteed nonpar savings and protection solutions. 13th month persistency improved, reflecting strong customer relationships. 

Distribution channels including agency, bancassurance, brokers and digital platforms expanded market reach. We remain committed to customer trust, product innovation and disciplined execution for sustained growth and long-term value creation. 

Amit Jhingran, MD & CEO of SBI Life

Sensex fell by 344.52 pts or 0.41% to 84,211.88, and Nifty 50 settled at 25,795.15, down by 96.25 pts or 0.37%.

Private Market leadership in Individual New Business Premium and Individual Rated Premium with market share of 25.4% & 22.6% respectively. 

• Annualized Premium Equivalent (APE) stands at ` 99.2 billion with growth of 10% 

• Total New Business Sum Assured stands at ` 7,117.4 billion with 99% growth 

• Improvement in 13M persistency by 70 bps6 

• Value of New Business (VoNB) stands at ` 27.5 billion with growth of 14% 

• VoNB Margin stands at 27.8% 

• Indian Embedded value (IEV) stands at ` 760 billion with growth of 15% 

• Profit After Tax (PAT) stands at ` 10.9 billion with 4% growth 

• Robust Solvency ratio of 1.94 

• Assets under Management stands at ` 4.8 trillion with 10% growth 

• Operating Return on Embedded Value stands at 17.6% 

ITC Hotels on Friday reported a nearly 74 per cent rise in its consolidated net profit for the second quarter ended September at ₹133.29 crore, on higher revenue from operations.

ITC Hotels Q2 profit rises 74% at ₹133 cr

ITC Hotels reports a 74% profit increase to ₹133 crore in Q2, driven by higher operational revenue.

Aditya Birla Sun Life AMC, part of Aditya Birla Capital, on Friday reported a flat growth in profit after tax at Rs 241.3 crore for the three months ended September 2025.

The asset management firm had posted a profit after tax of Rs 242.4 crore in the same quarter of the preceding fiscal, Aditya Birla Sun Life AMC (ABSL AMC) said in a stock exchange filing.

The company’s revenue from operations rose 9 per cent to Rs 461.3 crore in the July-September quarter of the current fiscal (FY26) from Rs 424.2 crore in the year-ago period.

ABSL AMC’s assets under management stood at Rs 4.25 lakh crore at the end of September 2025, a growth of 11 per cent.

PTI

Pharma major Dr Reddy’s Laboratories is likely to post around 13-16 per cent increase in net profit at about ₹1,450 crore in the second quarter of the current fiscal ending September 30, 2025.

The company is scheduled to announce its Q2 results today. 

Cigniti Technologies reported standalone net profit for the quarter ended September 2025 at Rs 51.3 crore as against Rs 35.1 crore in the year-ago period.

Board appointed Ashish Arora as the CFO of the Company w.e.f October 28

ITC Hotels reported standalone net profit for the quarter ended September 2025 at Rs 151.63 crore as against Rs 149.73 crore in the year-ago period.

Board approved elevation of Mr. Sudhir Gupta as Vice President – Procurement (Senior Management). 

Ponni Sugars (Erode) reported net profit for the quarter ended September 2025 at Rs 14.56 crore as against Rs 11.53 crore in the corresponding quarter last year. 

Business Highlights: 

• ABSLAMC’s overall QAAUM including Alternate assets grew by 15% year-on-year to Rs. 4,608 billion for the quarter ending September 30, 2025. ABSLAMC Mutual Fund QAAUM witnessed growth of 11% year-on-year to Rs. 4,252 billion. 

• Equity Mutual Fund QAAUM increased by 7% year-on-year to Rs. 1,924 billion for quarter ending September 30, 2025. Equity Mutual Fund mix stood at 45.3% in Q2 FY26. • Individual Monthly AAUM stood at Rs. 2,066 billion for September 2025. Individual mix stood at 48% of Mutual Fund AUM.

• B-30 Monthly AAUM has increased by 5% year-on-year to Rs. 749 billion for September 2025. B-30 mix is at 17.5% of Mutual Fund AUM.

• PMS/ AIF QAAUM including the ESIC mandate, grew by 8x year-on-year to Rs 303 billion for the quarter ending September 30, 2025, up from Rs. 39 billion. The ESIC mandate QAAUM for Q2 FY26 stood at Rs. 258 billion.

• Passive QAAUM stood at Rs. 361 billion as of September 30, 2025 growing by 20% year-on-year. 

• ABSLAMC serviced 10.7 million folios as of September 30, 2025.

• Monthly SIP contribution (including STP) stood at Rs. 11.00 billion for September 2025 with 3.90 million contributing SIP accounts.

• Registered around 5,82,000 new SIPs (including STP) for the quarter ending September 30, 2025.

• Over 92,000 KYD-compliant MFDs, 360 National Distributors and 90+ Banks serviced through 300+ locations of which over 80% are in B-30 cities. 

Vakrangee reported standalone net profit for the quarter ended September 2025 at Rs 2.26 crore as against Rs 1.45 crore in the same quarter last year.

Shanthi Gears reported net profit for the quarter ended September 2025 at Rs 21.51 crore as against Rs 25.63 crore in the corresponding quarter last year.

Aditya Birla Sun Life AMC reported net profit for the quarter ended September 2025 at Rs 244.70 crore as against Rs 241.34 crore in the corresponding quarter last year.

Benchmark indices declined on Friday as investors engaged in profit-taking after a six-day rally fuelled by optimism over easing global trade tensions between India and the US, and a possible recovery in domestic corporate earnings.

Check out the top gainers & losers in mid-trading session | CLICK HERE

Even with improving demand environment and performance in coming quarters of FY26, we only see and build ~7.4% revenue CAGR over FY25-27E led by ~5.5% volume CAGR. While there is gross margin recovery over the next few quarters, most of them would be reinvested back into the business to drive growth and to remain competitive. For one of the most profitable businesses, Beauty & Wellbeing (B&W), management had earlier mentioned that there will be some dilution in B&W margins going forward as well to maintain B&W sales growth ahead of company’s sales growth. We thus believe EBITDA margin will only revert to FY25 levels in FY27. 

Thus, leading to 8.3% earnings CAGR over the same period. Starting this quarter, we will be valuing HUL on consolidated basis. Targeting ~54x on Sept’27E EPS we derive target price of Rs2,995. Maintain ADD.

Over the medium term, HUL aims to keep the Core portfolio healthy and relevant growing at par with the market. It aims to grow future core at 1.25x the market while the market makers will grow 1.5x the market. With addition of Minimalist, there has already been a ~500bps shift from core to future core+market makers portfolio since SQ’23 including Minimalist. 

With sharper growth in this portfolio, transformation will continue in the medium-term. Since the company is already sitting on handsome margin profile and the aim is to focus on growth, we believe margin expansion during the course of the medium-term will be moderate driven largely by premiumization and efficiencies. 

The stock of Dr Reddy’s Laboratories traded flat on the NSE at Rs 1,282 at 12.05 pm, after opening at Rs 1,280 against the previous close of Rs 1,279.40. The company is set to announce Q2 results today.

Hindustan Unilever shares fell sharply on Friday, declining 3.79 per cent to ₹2,503 by mid-morning trade, despite most brokerages maintaining their positive stance on the FMCG major following its second-quarter results. The stock traded between ₹2,584 and ₹2,474.50, with over 9.47 lakh shares changing hands worth ₹237.79 crore. 

Pharma major Dr. Reddy’s Laboratories is expected to report a 13–16% year-on-year rise in net profit, reaching around ₹1,450 crore for the second quarter of FY2025, which ended on September 30, 2025. The company is set to announce its Q2 results later today.

According to analysts, revenue is likely to grow by 8–9%, in the range of ₹8,600–8,800 crore, supported by strong performance in the Indian and European markets, while the US business may act as a drag. Operating margins are anticipated to remain steady at around 25%.

With an improvement seen across both urban and rural markets, we believe HUL will be well-placed to drive a better performance in 2HFY26F on the back of normalization in trade inventory from Nov 2025F, supported by recent government initiatives to drive consumption. We maintain our ADD rating on HUL with a higher target price of Rs2,900 (54x Sep 2027F EPS), from Rs2,800 earlier. Downside risks: Prolonged weakness in demand from urban markets or a slowdown in rural markets.

Sagar Cements’ share price declined over 2% oon the NSE to Rs 236.42 against the previous close of Rs 242.20.

The company reporteda consolidated net loss of ₹44 crore in the second quarter of the current financial year ended September 30, 2025, on account of higher operational costs.

Ajanta Pharma board to consider Q2 results on Nov 3.

Board to consider 1st interim dividend for the financial year ending March 2026. Record date – Nov 10.

Q2FY26 EARNING CALENDAR 24.10.2025

ABSLAMC, BRIGHOTEL, CIGNITITEC, COFORGE, DRREDDY, ECLERX, ITCHOTELS, LATENTVIEW, SBICARD, SBILIFE, SHANTIGEAR, SPLPETRO

COFORGE QoQ

* Revenue expected at Rs 4026 crore versus Rs 3688 crore

* EBIT expected to be seen at Rs 559 crore versus Rs 417 crore

* EBIT margin expected to be seen at 13.89% versus 11.33%

* Net profit expected to be seen at Rs 374 crore versus Rs 342 crore

DRREDDY YoY

* Revenue expected at Rs 8849 crore versus Rs 8038 crore

* EBITDA expected to be seen at Rs 2216 crore versus Rs 2076 crore

* EBITDA margin expected to be seen at 25.04% versus 25.83%

* Net profit expected to be seen at Rs 1424 crore versus Rs 1255 crore

SBICARD QoQ

* NII expected at Rs 1703 crore versus Rs 1680 crore

* EBIT expected to be seen at Rs 2005 crore versus Rs 2099 crore

* EBIT margin expected to be seen at 42.99% versus 51.67%

* Net profit expected to be seen at Rs 586 crore versus Rs 556 crore

SBILIFE QoQ

* APE expected at Rs 5843 crore versus Rs 3970 crore

* EBIT expected to be seen at Rs 749 crore versus Rs 861 crore

* EBIT margin expected to be seen at 2.95% versus 5.01%

* Net profit expected to be seen at Rs 571 crore versus Rs 594 crore

Q2FY26 EARNING CALENDAR 25.10.2025

KOTAKBANK, SESHAPAPER, PACEDIGITK, ZENTEC

KOTAKBANK QoQ

* NII expected at Rs 7395 crore versus Rs 7259 crore

* EBIT expected to be seen at Rs 5427 crore versus Rs 5563 crore

* EBIT margin expected to be seen at 67.46% versus 76.64%

* Net profit expected to be seen at Rs 3449 crore versus Rs 3281 crore

Jefferies on Laurus Labs

• U-P, TP raised to Rs 700
• Q2 beat est. led by strong performance in ARV sales due to shipment timing, however overall outlook for segment remains muted.
• CDMO sales remained steady, supported by commercial animal health supplies
• Co announced US$600m capex (over 8 years) for a new Vizag site & plans to invest in modalities like ADC & CGT, implying long investment phase.

GS on Laurus Labs

• Sell TP Rs 775
• Strong 2Q with Sales/EBITDA growing 35%/126% yoy (above GSe ) with revenue surprise coming largely from Generic FDF business (+32% vs GSe) while CDMO business was flat qoq (+53% yoy).
• EBITDA margin improved to 24.4% (+239bps vs GSe, flat qoq), due to improvement in GMs (+468bps yoy, better mix) and operating leverage.
• While co did not provide quantitative topline guidance for FY26, management noted that they have laid out a strong foundation for FY26 and expect to reach 1.1x Asset turns in next 24 months, from 0.9x currently.

Kotak Securities on Laurus Labs

• Recommendation Sell, Target Price: ₹625
• View: A positive, albeit not the perfect, outcome
• ARV lumpiness and higher commercial CDMO mix led to a 19% operating beat
• CDMO business remains on firm footing; investments in differentiated platforms are positive
• However, valuations remain untenable

DAM Cap on Laurus Labs

• Buy TP Rs 1083
• Another good quarter; EBITDA in-line with DAM est but sharp beat on consensus.
• CDMO traction continued; Strong GM (~60%) and strong OCF generation (aided by reduction in NWC) which led to reduction in net debt / leverage
• Positive surprise; Mgt remains optimistic on outlook driven by CDMO ramp-up – maintains guidance of hitting 1.1x gross asset turnover (from 0.9x) over next few quarters;
• GMs to stay strong – should lead to further EBITDAM expansion

CITI on Colgate

• Sell, TP Rs 2100
• 2Q revenue and EBITDA declined 6% YoY
• Performance was impacted by a tough operating environment (elevated competitive intensity), high comps and a transitory impact of trade destocking ahead of the implementation of GST rate cuts (impacting the company’s entire oral care portfolio).
• Going ahead, expect gradually improving growth trajectory near-term –
• (a) easing comps in 2HFY26E,
• (b) destocking impact partially recouped (gradual in our view)
• (c) near-term benefits from grammage increase in LUP portfolio

CLSA on Colgate

• Hold, TP Rs 2130
• Colgate missed est. across board driven by weak sales growth
• Sales decline of 6.3% YoY, 6% below our expectation
• Margin expansion offset by lower sales growth
• New innovations in body wash portfolio
• Cut FY26-28CL est. by 4%

Nomura on Colgate

• Reduce, TP Rs 2200
• 2QFY26: Volume decline of 8.5% y-y was higher than expected; sales decline of 6.3% y-y was largely in line
• Margins held up & were in line; but 2H to see only a minor recovery
• GPM expanded due to lower input prices, but negative operating leverage limits OPM

Jefferies on Colgate

• Buy, TP Rs 2700
• Reported yet another decline in revenues, Ebitda and earnings during 2QFY26.
• Management blamed transitory issues related to GST rate cut which resulted in destocking across the value chain, along with a high base.
• Premium portfolio, however, performed well, per mgmt.
• Cut EPS by 4-5% – stock will stay rangebound until there is a growth pickup

Nuvama on Colgate

• Buy, TP cut to Rs 2870
• Q2 weak as expected.
• Revenue declined 6.2% YoY—in line with estimate—affected by GST rate cut and high base (up 10% YoY in Q2FY25), and EBITDA decreased 6.4% YoY.
• In our view, toothpaste volume fell 4% YoY on a base of 8–9% YoY in Q2FY25.
• HUL’s oral care suffered a marginal decline, whereas Dabur’s oral care is likely to report a strong performance.
• Colgate’s gross margin increased 91bp YoY while EBITDA margin is flat YoY.

ICICI SEC on Colgate

• Sell, TP Rs 1800
• Q2 reaffirms that business remains structurally fatigued, with no visible triggers for a turnaround.
• Revenue declined 6.2% YoY, implying a 7-8% volume decline amid GST-led destocking & continued competitive intensity
• Fact remains, a category leader in daily-use essential(s) continues to lose momentum, with innovation & premiumisation failing to drive any meaningful recovery
• Valuation at 40x Sep’27E P/E leaves little room for patience

Brokerage views on Hindustan Unilever Ltd. (HUL) remain mixed, reflecting differing expectations around demand recovery, margin trajectory, and portfolio execution.

Macquarie has an Outperform rating with a target price of ₹3,000, noting that steady demand recovery and the reversal of a 200-bps GST transition impact should help HUL achieve second-half (2H) sales growth above the 4% seen in the first half (1H). Despite the second-quarter (2Q) beat, earnings per share (EPS) estimates remain unchanged as HUL maintains its FY26E EBITDA margin guidance of 22–23%. The brokerage expects a 50–60 bps boost to reported margins from the planned ice cream business demerger. Macquarie also highlights that the company’s focus on premiumisation and volume growth aligns well with improving demand conditions.

Morgan Stanley (MS) maintains an Equal-weight rating with a target price of ₹2,335, emphasizing that 2H should outperform 1H as price growth remains in the low single digits. The brokerage identifies the winter and harvest seasons as key demand indicators. While the GST transition shaved off around 2% from 2Q volume growth, a quarter-on-quarter gross margin expansion of 135 bps helped offset increased trade support costs. MS expects trading conditions to normalize by early November, though rebuilding the trade pipeline to typical four-to-six-week levels could take time. Demand trends remain stable across both rural and urban markets, and the ice cream business demerger is expected to add 50–60 bps to overall margins within the 22–23% guidance range.

Goldman Sachs (GS) retains a Buy rating with a target price of ₹2,850, observing that 2Q results were largely in line with expectations. While volume growth was temporarily hit by GST transition challenges, GS anticipates a recovery in 2H, albeit at a slower-than-expected pace. The brokerage also notes the new CEO’s strategic emphasis on driving volume-led revenue growth as a key positive for the company’s medium-term trajectory.

CLSA, however, maintains an Underperform rating with a lower target price of ₹1,966, reflecting a more cautious stance. It notes that HUL’s focus on portfolio renovation and volume-led growth is appropriate but faces execution challenges. In segmental terms, Home Care growth is being driven by liquids amid negative price growth, while the Beauty category benefits from skin care demand, even as Personal Care volumes decline. The Foods business grew 3% year-on-year, with low-single-digit underlying volume growth

Colgate stock traded at Rs 2,213 on the NSE, down 3%, after opening at Rs 2,245 against the previous close of Rs 2,286.90.

Its net profit fell 17.2 per cent to ₹327 crore in Q2 FY26, while revenue from operations fell 6.3 per cent year-on-year.

Laurus Labs stock traded at Rs 911.50 on the NSE at 9.41 am, down by 2%, after opening at Rs 943 against the previous close of Rs 934.40.

Its consolidated net profit increased manifoldto ₹195 crore in the second quarter ended September 2025 compared to ₹20 crore in the corresponding quarter of the previous financial year.

Shares of Hindustan Unilever fell nearly 5% on Friday following Q2 results.

The stock traded at Rs 2,509 level at 9.38 am after hitting a low of Rs 2,474.50 agains the previous close of Rs 2,601.60.

The FMCG major reported a 3.8 per cent rise in consolidated net profit at Rs 2,694 crore and sales was up 2.1 per cent in the September quarter of FY’26 with a “flat underlying volume growth” due to the transitory impact of GST changes and prolonged monsoon in parts of the country.

Hindustan Unilever, the leading fast-moving consumer goods company, will prioritiSe volume-driven revenue growth going forward, after reporting a 2% rise in sales on flat underlying volumes for the second quarter of FY26.

The quarter’s performance was impacted by trade de-stocking following the implementation of new GST rates, which caused delays in consumer purchases and price adjustments. The company termed the situation a “transitory business disruption.”

Sensex declined by 137.91 pts or 0.16% to 84,418.49 at 9.20 am after opening at 84,667.23 against the previous close of 84,556.40. Nifty 50 dipped by 38.00 pts or 0.15% to 25,853.40.