Larsen & Toubro Ltd.LT₹3,660.10 +4.71%

Revenue from Operations ₹63,700 crores 🔼 16%

PAT ₹3,600 crores 🔼 30%  

Larsen & Toubro Ltd. posted a strong Q1 FY26 performance, with order inflow rising 33% YoY to ₹94,500 crores, led by robust momentum in Infrastructure and CarbonLite Solutions. The order book grew 25% to ₹6,12,800 crores, with international orders forming 46%.

Revenue rose 16% YoY driven by strong execution in Energy and Hi-Tech Manufacturing. However, EBITDA margin dipped to 9.9% due to a shift in revenue mix and higher contribution from competitively priced Hydrocarbon jobs.

L&T also listed India’s first ESG bond and generated ₹62 billion in operating cash flow, reflecting strong execution and financial discipline.

NTPC Ltd.NTPC₹341.20 +1.97%

Revenue ₹47,065 crores 🔻 3%

PAT ₹6,109 crores 🔼 11%

NTPC Ltd.‘s Q1 FY26 performance reflected the impact of lower electricity demand and reduced generation levels. Gross generation fell 6.7% year-on-year to 91.3 BUs, primarily due to lower dispatch volumes compared to the high base of last year. This also led to a decline in commercial generation and energy sent out.

Despite the volume drop, profitability improved as fixed charges increased due to lower plant utilization, which allowed recovery of fixed costs under regulated tariffs. Additional gains from prior-year adjustments further supported earnings. This shift in tariff components helped maintain the average realization at ₹4.87/kWh.

Installed capacity rose significantly during the year, with NTPC Group adding 6,598 MW, taking the total to 82,646 MW as of June 2025. This positions the company strongly for future demand recovery, while highlighting its continued momentum of expansion.
The Board has recommended a final dividend of ₹3.35 per equity share. The record date for the same is Thursday, September 04, 2025.

Asian Paints Ltd.ASIANPAINT₹2,417.80 +0.68%

Revenue from Sales ₹8,924 crores 🔻 0.2%

PAT ₹1,100 crores 🔻 6%

Asian Paints Ltd. reported a mixed Q1 FY26 performance, with consolidated sales marginally down 0.2% amid subdued domestic demand and a weaker product mix. The domestic Decorative business saw 3.9% volume growth, but revenue declined 1.2% due to early monsoons and macroeconomic uncertainty that impacted retail consumption, especially in home décor.

The international business delivered a bright spot, growing 8.4% in rupee terms and over 17% in constant currency, led by strong performance in the Middle East and Asian markets. Industrial coatings also supported topline growth, though profitability was slightly lower due to input and margin pressures.

Despite the near-term challenges, Asian Paints maintained profitability through operational control and remains confident about long-term growth in the paints and décor categories.

Varun Beverages Ltd.VBL₹521.40 +1.81%

Q2 CY2025

Revenue ₹7,017 crores 🔻 2.5%

PAT ₹1,326 crores 🔼 5%

Varun Beverages Ltd. delivered a resilient Q2 CY2025 despite challenging weather conditions. Revenue declined 2.5% YoY due to unseasonal monsoons in India, which led to a 3% drop in overall volumes. India volumes were down 7.1%, partially offset by a 15.1% rise in international markets, especially South Africa.

For H1 CY2025, the company reported strong performance with 9.3% revenue growth and 13.6% PAT growth, driven by a diversified product mix and a higher share of low/no sugar products (~55% of volume).

Capacity expansion in India and entry into PepsiCo snacks in Morocco signal strategic diversification. The company also acquired a 50% stake in a Sri Lankan cooler manufacturer, strengthening its backward integration. Despite near-term headwinds, VBL remains well-positioned to capture growth across geographies.

The Board has approved a second interim dividend of ₹0.50 per equity share.

GMR Airports Ltd.GMRAIRPORT₹90.36 +0.16%

Total Income ₹3,321 crores 🔼 32%

Loss of ₹137 crores (down from a loss of ₹338 crores)

GMR Airports Ltd. reported strong operational momentum in Q1 FY26, with total income rising 32% YoY to ₹3,321 crore and EBITDA up 26% to a record ₹1,280 crore. This growth was driven by improved aeronautical revenues, particularly at Delhi Airport, where revised tariffs implemented mid-April led to a 127% jump in aero income. Delhi also reported its highest EBITDA in over four years, while Hyderabad Airport posted record quarterly EBITDA and passenger traffic.

Passenger traffic across GMR-owned airports grew 4% YoY to 30.1 million, with Hyderabad leading at 17% growth. Delhi’s slight dip in traffic was due to temporary flight disruptions amid runway upgrades and geopolitical airspace changes. Despite this, both airports saw strong financial performance, aided by efficiency and scale.

While the consolidated GMR platform remains loss-making, the company is showing clear progress toward profitability, especially at the Delhi and Hyderabad airports, which are now profitable. The improved revenue mix, tariff revisions, and operational scale are contributing to this upward trend in profitability.

Note: The stock prices mentioned are as of 12:45 PM.

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