Players in power generation, mining & metals, and oil refining were the biggest drivers of earnings in India in July-September 2026 (Q2FY27).
Their gains from higher prices of commodities and energy have more than compensated for the earnings slowdown in traditional heavyweight sectors such as banking, information-technology services, and manufacturing.
The combined adjusted net profits of 337 early-bird companies that declared their results were up 25.5 per cent in Q2FY27, growing at the fastest pace in the last 12 quarters. For comparison, those were up 15 per cent year-on-year (Y-o-Y) in Q2FY26 and increased 5.6 per cent Y-o-Y in Q1FY27.
Their combined adjusted earnings grew to around ₹1.94 trillion in Q2FY27 from around ₹1.5 trillion in Q2FY26 and around ₹1.58 trillion in Q1FY27.
In comparison, the combined adjusted net profits of early birds excluding banks, finance and insurance (BFSI); oil & gas; and mining & metals were up 23.3 per cent Y-o-Y to ₹62,918.2 crore in Q2FY27 from ₹51,011.8 crore in Q2FY26 and ₹60,499.4 crore in Q1FY27.
The combined adjusted net profits of these three companies were up 157.6 per cent. Two standalone crude-oil refiners in the sample — Chennai Petroleum Corporation and Mangalore Refinery & Petroleum Corporation — also reported a big jump in their earnings in Q2FY27 as they gained from higher refining margins.
Public-sector oil-refining and -marketing companies — Bharat Petroleum Corporation and Hindustan Petroleum Corporation — however reported a Y-o-Y decline in earnings in Q2FY27 because they faced marketing losses due to government control of retail prices of transport and cooking fuel.
Other big contributors to earnings were lenders such as ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Finance and Shriram Finance. Together these five accounted for nearly 23 per cent of early-bird incremental earnings growth in Q2FY27 on a Y-o-Y basis.
At the other end of the spectrum, apart from public-sector oil firms, IDBI Bank, Godrej Properties and JK Tyres were the biggest laggards and reported a Y-o-Y decline in earnings.
The results also show a sharp recovery in revenue growth as inflationary pressure boosted price realisation for companies across sectors.
Combined net sales (gross interest income in the case of lenders) were up 22.3 per cent Y-o-Y in Q2FY27, growing at the fastest pace in the last 16 quarters. For comparison, these companies’ combined net sales were up 6.5 per cent Y-o-Y in Q2FY26 and 20 per cent Y-o-Y in Q1FY27.
These companies’ combined net sales grew to a record high of ₹14.85 trillion in Q2FY27 from ₹12.15 trillion in Q2FY26 and ₹14.38 trillion in Q1FY27.
Combined net sales excluding BFSI, oil and gas, and mining & metals were up 20.9 per cent Y-o-Y in Q2FY27, growing at the fastest pace in at least the last 17 quarters.
BFSI and IT services companies dominated early-bird results. Together they accounted for 72.3 per cent of the combined adjusted net profits in Q2FY27.
While BFSI companies’ combined adjusted net profits grew by 21.7 per cent Y-o-Y to ₹1.04 trillion in Q2FY2, IT services companies’ combined adjusted net profits were up 9.6 per cent Y-o-Y to ₹35,700 crore in the quarter.
