Q2 FY26 (July–September 2025) delivered an earnings season that separated solid fundamentals from headline volatility. While the broader indices showed choppy action, a set of large-cap and mid-cap names delivered strong quarterly beats or growth trajectories that helped their shares buck the downtrend. The following five stocks stood out for delivering resilient revenue/profit growth, meaningful operational beats, or market-moving corporate developments in Q2.
The lifestyle and jewellery-business firm posted a remarkable result in the quarter ending September 2025, with consolidated net profit up 59% year-on-year to around ₹1,120 crore. Revenue too saw a strong jump of circa 28% to about ₹18,800 crore. The company attributed this sharp growth to early festive-season demand in its jewellery segment and sustained consumer traction across its watches and eyewear business. The result marked a clear turnaround from slower growth periods and enabled the stock to rally toward new highs.
In a sector where many peers struggled with cost pressures, this cement maker stood out by reporting a spectacular 268% year-on-year rise in consolidated net profit for Q2 to about ₹1,766 crore, while revenue grew about 25% to approximately ₹9,130 crore. The strong numbers were driven by a mix of higher volumes, improved product‐mix, and some favourable tax or one-off items. The result illustrated how disciplined cost control and value‐segment focus can pay off even in a subdued cycle.
The specialty and generic pharma company delivered robust performance in the quarter, posting revenue of ₹3,302 crore (up about 14% YoY) and net profit after tax of ₹591 crore, up 30% compared to the same quarter last year when PAT was about ₹453 crore. Operating EBITDA stood at about ₹1,083 crore, up 15% year-on-year, and margins held up fairly well. The strong branded business and focus markets supported the beat, and the stock reacted positively to the clarity of the operating improvement.
In the metals/cycle space, this stainless steel company managed to buck weakness by reporting a net profit of ₹808 crore in Q2, up about 32% year-on-year. The improvement was backed by higher sales volumes, better realised spreads in value-added stainless grades, and a favourable domestic demand backdrop. The performance was noteworthy because many peers in the metals segment were under pressure; this company leveraged the upswing in downstream and premium product demand to deliver an outlier quarter.
In the banking sector, where many banks continue to face margin compression and asset‐quality caution, this large private lender delivered steady results. For the quarter ended September 2025, advances under management grew about 9% year-on-year to around ₹27.9 trillion, and deposits were up about 12%.
Net interest income rose about 4.8% to ₹31,550 crore, non-interest income rose earlier double-digits, and consolidated net profit rose in the range of 10.8% to 11% year-on-year to about ₹18,640-18,700 crore. Asset quality improved with gross NPAs at around 1.2% and net NPAs at 0.4%. Given the broader headwinds for banks in a tightening environment, the bank’s ability to deliver growth and maintain asset quality elevated it among outperformers.
While the results are impressive, caution remains warranted. Some of the gains reflect one‐time tax reversals or accounting benefits (especially flagged in the cement sector) which may not repeat. Cyclical exposure still means that external headwinds like commodity prices, import-duty changes, or credit-cycle shifts could reverse momentum. Consumer‐facing companies must guard against margin pressure, changing tastes or weaker demand. For banks, margin squeeze and increased competition or regulatory cost remain potential dampeners.
The investment landscape during Q2 FY26 showed that even in a broadly weak market, individual companies with credible growth engines, disciplined execution and transparent earnings can outperform. The five names discussed here illustrate that focus on business fundamentals – volume growth, margin expansion, cost discipline and clear growth segments – remains critical. Investors continue to reward companies that deliver conviction in execution rather than mere top-line growth.