VRIGHT EXCHANGE | Corporate & Market Action Report — 14 October 2025

Corporate Earnings & Business Highlights

HCL Technologies (Q2 FY26 – Consolidated)
• Revenue: ₹31,942 crore, up 10.7% YoY and 5.2% QoQ
• EBIT: ₹5,550 crore, up 3.5% YoY; EBIT margin down to 17.4% (vs 18.6%)
• Net Profit: ₹4,235 crore (flat YoY, +10.2% QoQ)
• Revenue (USD): $3,644 million, up 5.8% YoY
• TCV (New Deal Wins): $2,569 million, up 15.8% YoY and 41.8% QoQ
• Guidance: FY26 constant currency revenue growth 3–5%, EBIT margin 17–18%
• Dividend: Interim dividend of ₹12 per share
Sentiment: Positive – Strong deal momentum and margin stability.

Anand Rathi Wealth (Q2 FY26 – Consolidated)
• Revenue: ₹297.4 crore, up 22.6% YoY and 8.4% QoQ
• Net Profit: ₹99.9 crore, up 30.9% YoY and 5.8% QoQ
• AUM: ₹91,568 crore, up 22% YoY
• EBITDA Margin: 46.2% (down 78 bps QoQ)
• Dividend: Interim dividend of ₹6 per share
Sentiment: Positive – Consistent growth and healthy profitability.

Just Dial (Q2 FY26 – Consolidated)
• Revenue: ₹303.1 crore, up 6.4% YoY
• EBITDA: ₹87 crore, up 0.7% QoQ
• Net Profit: ₹119.4 crore, down 22.5% YoY due to lower other income
Sentiment: Neutral – Profit impacted by declining other income.

Landmark Cars (Q2 FY26 – Consolidated)
• Revenue: ₹1,655 crore, up 30.5% YoY
• Vehicle Sales: ₹1,403 crore, up 35% YoY
Sentiment: Positive – Strong sales momentum and higher realizations.

Corporate Developments & Announcements

• RBL Bank: Emirates NBD likely to acquire ~60% stake for ~$3 billion through fresh equity infusion.
Positive – Signals strong foreign institutional confidence.

• KEC International: Secures new Transmission & Distribution orders worth ₹1,174 crore across India and the Middle East.
Positive – Robust order book visibility.
• Oil India: Signed a 15-year gas supply pact with NEEPCO for the Bokuloni power plant in Assam.
Positive – Ensures long-term revenue stability.

• KFin Technologies: Completed 51% acquisition of Ascent Fund Services (Singapore) Pte for $34.7 million.
Neutral – Expands global fund administration footprint.

• Lodha Developers (Macrotech): Acquired 8.37 acres of Bengaluru land via 100% stake purchase in Chaitanya Bilva Pvt Ltd for ₹499.6 crore.
Positive – Strengthens South India presence.

• LT Foods: Acquired three European entities of Global Green International N.V. to expand into European markets.
Positive – Strengthens global footprint.

• Hero MotoCorp: Entered Italian market via strategic partnership with Pelpi International.
Positive – Strengthens European expansion.

• Virat Industries: Rebranded as Brham Well-being & Lifestyle Corp, marking entry into UAE.
Positive – Diversification move.

• Tiger Logistics: Partnered with Russia’s H2 Invest to support India’s green hydrogen infrastructure.
Positive – ESG-aligned diversification.

• ARSS Infrastructure: Announces capital infusion and debt restructuring plan.
Positive – Balance sheet improvement expected.

• Marico: Voluntary liquidation of Bangladesh subsidiary MBL Industries Ltd completed.
Neutral – Minor financial impact.

• Eicher Motors: EV Chief Growth Officer Mario Alvisi resigns; EV division integrated into core structure.
Neutral – Management transition phase.

• Reliance Infrastructure: Enforcement Directorate identifies assets worth ₹2,000 crore linked to the company.
Negative – Legal overhang risk persists.

Investor Takeaway
The day’s trade reflected a stock-specific tone, with technology and wealth management sectors outperforming on strong earnings. Broader indices remained range-bound amid mixed global cues.

• Positive bias: Renewables, Wealth Management, Auto, Infrastructure

• Neutral: IT, Consumer, Real Estate

• Caution: Leverage-heavy and litigation-linked stocks