Three major Nifty 50 companies — Bharti Airtel, Tata Consumer Products, and Titan Company — are set to announce their Q2 FY26 results on November 3. Analysts expect a mixed performance across the board, with steady growth for Airtel, marginal profit gains for Tata Consumer, and strong revenue momentum for Titan, driven by gold pricing gains.
Bharti Airtel Expected to Deliver a Steady Quarter
Analysts project a stable September quarter for Bharti Airtel, supported by continued subscriber additions and a shift toward higher-margin 4G and 5G plans.
Brokerage Centrum expects Airtel’s performance to remain steady, while ICICI Securities noted that an additional day in the quarter could help boost sequential average revenue per user (ARPU).
Ambit Capital anticipates core margin improvement, aided by operating leverage from higher revenues.
Most brokerages, including Centrum, Motilal Oswal, and ICICI Securities, expect ARPU in the range of ₹253–₹255.
Airtel’s competitor, Reliance Jio, reported a 13% profit rise in Q2, while Vodafone Idea is yet to release its quarterly results.
At 11:25 AM on November 3, Airtel shares were trading flat at ₹2,053.9 apiece. So far in 2025, the stock has gained 30%, outperforming Vodafone Idea’s 13.6% rise and the Nifty 50’s 8.8% increase.
Also Read: Festive Push Lifts Auto Sales to Record High in October
Tata Consumer Likely to See Marginal Profit Growth
Analysts expect Tata Consumer Products to report a marginal 1.15% year-on-year (YoY) profit rise, while revenue is projected to grow 12% YoY, as per data compiled by LSEG.
Ambit Capital said Tata’s core categories — tea and salt — may see limited growth due to their mature market presence and slower rate of premiumisation. It also highlighted that volatility in tea prices remains a major challenge.
Motilal Oswal added that heavy rainfall in June and pest attacks reduced tea production during the quarter, though margins are expected to normalise post-Q2 with improved production and stable pricing.
At 11:30 AM, Tata Consumer shares traded 0.3% lower at ₹1,162, but the stock has gained 27% so far in 2025.
Titan Expected to Post Double-Digit Revenue Growth
Ahead of results, Titan Company shares were down 1% at ₹3,706 apiece on November 3. Despite this, analysts remain optimistic about its Q2 performance.
According to Elara Capital, Titan is expected to deliver double-digit revenue growth, primarily driven by pricing gains in gold. Ambit Insights added that while the studded jewellery mix may grow gradually, store expansion in smaller towns will help sustain overall demand.
Ambit considers Titan its top large-cap pick, forecasting 18–19% EBITDA CAGR over FY25–FY28, supported by steady growth across non-jewellery segments.
Meanwhile, Centrum expects watches and eyewear segments to grow 25% and 5% YoY, respectively, in Q2.
So far in 2025, Titan shares have risen 14%, reflecting consistent investor confidence.
Outlook
With all three companies — Bharti Airtel, Tata Consumer, and Titan — set to report today, market participants are watching closely for signals on sectoral performance, consumer demand trends, and profitability outlook heading into the second half of FY26.
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