HCLTech’s 21% profit jump hides just 2.6% constant-currency revenue growth, while RBL Bank’s profit surge came with a higher credit bill.
Key Highlights
- HCLTech: net profit rose 21.2% to ₹5,132 crore, but constant-currency revenue grew only 2.6%. The floor of FY27 revenue-growth guidance was raised to 2.5%.
- RBL Bank: profit jumped 170% to ₹482 crore, and advances grew 42%. Credit cost rose to ₹771 crore (63 basis points) from ₹597 crore in the June quarter.
- Vikran Engineering: a subsidiary’s IREDA loan of up to ₹2,941.19 crore finalises funding for a ₹3,517.98 crore EPC contract. The corporate guarantee is still to be executed separately.
- IRCON won a ₹862.46 crore railway order with a 365-day execution period. TD Power closed a ₹600 crore QIP at ₹775 a share, adding about 2.5% to its share count.
- Loans, QIPs and orders are not profit. Goodluck India’s technical qualification for artillery shells is not yet an order award.
Indian equities enter Tuesday’s session after a weak Monday. The Sensex fell 547.65 points (0.76%) to 71,924.68, and the Nifty 50 lost 157.10 points (0.70%) to 22,363.35 on October 12, with foreign portfolio investors selling continuing to weigh on sentiment. Smallcaps bucked the trend, with the Nifty Smallcap index up 1.42%.
That makes company-specific triggers matter more. Two results lead the list: HCLTech’s September-quarter numbers and RBL Bank’s. They are joined by a ₹862.46 crore railway order for IRCON, a completed ₹600 crore QIP at TD Power Systems and a ₹2,941.19 crore IREDA loan for a Vikran Engineering subsidiary.
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HCLTech: Profit Up 21%, but Constant-Currency Growth Is 2.6%
HCLTech reported a consolidated net profit of ₹5,132 crore for Q2 FY27, up 21.2% from ₹4,235 crore a year earlier and 11% higher sequentially. Revenue from operations rose 11.5% to ₹35,620 crore.
The rupee headline runs well ahead of underlying growth. According to the company’s investor release, dollar revenue was $3,724 million, up 2.2% year on year, while constant-currency revenue grew 2.6% (2.3% sequentially).
Margins improved. EBIT margin rose 131 basis points from the previous quarter to 18.2%, even after an 84-basis-point restructuring charge. Management put it at 19% excluding that cost. Advanced AI revenue reached $219 million, up 78% year-on-year in constant currency, and new bookings were $3.3 billion, up 27%. HCLSoftware revenue fell 11.2% in constant currency. The board declared a ₹12 per share interim dividend, and the company has signed a global partnership with Anthropic to scale enterprise AI deployments.
The company raised the floor of its FY27 revenue growth guidance to 2.5%, giving a range of 2.5%-4.0%, from 1%-4% earlier. Services growth guidance is 3%-4%, and EBIT margin guidance of 17.5%-18.5% is unchanged.
What to watch: Whether the first trading session rewards the margin recovery and AI momentum or focuses on the gap between rupee and constant-currency growth.
RBL Bank: Profit Up 170%, Credit Costs Rise
RBL Bank reported Q2 FY27 net profit of ₹482 crore, against ₹179 crore a year earlier. Net interest income rose 37% to ₹2,131 crore, net interest margin was 4.61%, and net advances grew 42% to ₹1,42,314 crore.
Reported asset quality improved. Gross NPA fell to 1.02% from 1.30% in June, and net NPA to 0.29% from 0.37%. Credit cost, however, rose to ₹771 crore, or 63 basis points, from ₹597 crore in the June quarter, according to management and Zee Business data.
What to watch: Whether credit costs stabilise as loan growth stays above 40%, and how deposit growth keeps pace with advances.
Vikran Engineering: IREDA Loan Finalises Funding for a ₹3,518 Crore Order
NOPL Solar Projects, a wholly owned Vikran subsidiary, signed a facility agreement on October 9 with IREDA for a rupee term loan of up to ₹2,941.19 crore, communicated to the company on October 12. It part-finances a 969 MWac (1,163 MWp) solar project across 152 locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme, with an estimated project cost of ₹4,201.70 crore.
For Vikran, the more direct revenue link is the ₹3,517.98 crore EPC contract that NOPL awarded to it. The company said the loan finalises financing for that contract. As of the disclosure date, no direct liability had been created on Vikran, and a corporate guarantee in IREDA’s favour is to be executed separately. Its board approved guarantees of up to ₹2,941.19 crore on September 30, along with a ₹200 crore promoter contribution.
What to watch: Execution timelines and the final guarantee terms, since a guarantee of that size would appear as a contingent liability.
IRCON International: ₹862.46 Crore Order Is About 3.7% of Its Order Book
IRCON received a letter of acceptance from East Central Railway for EPC works worth ₹862.46 crore on the third and fourth lines of the Son Nagar-Andal project. The work covers the Gomoh-Koderma and Gaya-Son Nagar sections, including ballast and permanent-way materials, track laying and linking, with a 365-day execution period.
The order was disclosed after Monday’s close, when the stock ended at ₹104.73 on the NSE. The shares are down about 41% this year, giving a market capitalisation of roughly ₹9,850 crore. Against the ₹23,366 crore order book reported as of June 30, the order adds about 3.7%.
What to watch: Execution pace and working-capital needs. Order value is not profit.
TD Power Systems: ₹600 Crore QIP Closes at ₹775
TD Power’s fund-raising committee approved the allotment of 77,41,935 equity shares to qualified institutional buyers on October 12 at ₹775 a share, raising close to ₹600 crore. The QIP opened on October 7 with a floor price of ₹775.35. The issue price was 0.05% below it, within the discount QIP rules allow. Paid-up equity capital rose from ₹31.37 crore to ₹32.14 crore, about 2.5% more shares. The company allotted shares to promoters at ₹600 under a ₹75 crore preferential issue in September.
What to watch: The stated use of proceeds and the capacity-expansion timeline.
CreditAccess Grameen: $175 Million Loan Lifts Foreign Funding to About 24%
CreditAccess Grameen signed a $175 million (about ₹1,458 crore) syndicated social loan on October 12, qualifying as an external commercial borrowing under the RBI’s automatic route. It is the company’s fifth such syndication in five years and takes total foreign borrowing to $640 million, about 24% of liabilities. Ten institutions participated, with Standard Chartered and DBS arranging the deal. The CFO said it closed at competitive pricing despite competition from banks’ FCNR(B) deposit drives.
The funding follows a September business update showing AUM up 19.5% to ₹30,946 crore, disbursements up 19.4% to ₹6,355 crore and PAR 90+ at 1.1%, against 1.5% in June and 2.5% a year earlier.
What to watch: Currency-hedging costs and whether asset quality holds as the book grows.
Bank of India: Future Enterprises Fraud Tag Adds No New Provision
The Bank of India classified Future Enterprises’ ₹575.40 crore account as fraud in an exchange disclosure on October 12. The bank has already provided 100% of the exposure, so the classification does not add to its earnings burden. Future Enterprises has been in insolvency proceedings since 2023.
A fraud tag is a lender’s regulatory classification, not a court finding. Recovery now depends on the resolution process.
Shakti Pumps: Fresh Subsidiary Funding
Shakti Pumps invested ₹5 crore in Shakti EV Mobility, taking cumulative investment to ₹80 crore, and ₹10 crore in Shakti Energy Solutions, which is building a 2.20 GW solar cell and module plant at Pithampur, Madhya Pradesh. On October 6, the company received an MSEDCL empanelment for 4,755 off-grid solar pumping systems worth ₹112.18 crore including GST (₹103.01 crore before GST), to be executed within 60 days of the work order.
Goodluck India: Qualified Bidder Is Not Yet an Order
Goodluck Defence & Aerospace was named the sole technically qualified bidder to supply 155 mm HE M1A4 ready-to-fill artillery shells to Munitions India Limited. Technical qualification precedes commercial award. Quantity, value and delivery terms have not been disclosed. The subsidiary won a ₹255 crore order for 155 mm empty shells in June.
Hindustan Composites: ₹21 Special Dividend, Record Date October 16
The board declared a special interim dividend of ₹21 per share for FY27 on October 12, equal to 420% of the ₹5 face value, with a record date of Friday, October 16. The FY26 final dividend was ₹2. Shareholders must hold the shares before the ex-date to qualify, so check the exchange notice.
Azad Engineering: BHEL Contract
Azad received a two-year long-term rate contract from BHEL worth about ₹52.68 crore for stationary and rotating airfoils for heavy-duty gas turbines, to be executed by October 9, 2028. The company said a similar BHEL contract from May 2026 was not disclosed at the time and that the combined value now makes the arrangement material.
Bottom Line
Three of Tuesday’s stories are about money being raised rather than earned: Vikran’s loan, TD Power’s QIP and CreditAccess Grameen’s foreign borrowing. Each tells you about funding, not profit. HCLTech and RBL Bank are the earnings tests, and both carry a caveat behind the headline. HCLTech’s growth is far slower in constant currency, and RBL Bank’s profit comes with a higher credit cost.
A loan agreement advances financing but is not revenue; a QIP adds capital and shares; an order adds work to execute; and technical qualification is not an award. These are stocks to monitor, not guaranteed movers.
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Disclaimer: This article is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security. Corporate figures and announcements should be verified against the latest exchange filings. Market prices and reactions can change, and readers should do their own research before making investment decisions.
