Jio Platforms’ ₹30,213 crore IPO opens for subscription as Bajaj Finance reports 29% profit growth and Hindustan Zinc lowers its FY27 zinc cost forecast. UltraTech Cement’s earnings miss and mixed profit trends at LTTS, IREDA and Waaree Renewable Technologies add to the earnings-watch list.
October 21, 2026
Stocks to watch on Wednesday, October 21, include Reliance Industries as Jio Platforms’ IPO opens for subscription, Bajaj Finance following its 29% year-on-year profit growth, and Hindustan Zinc after it reduced its FY27 zinc production-cost forecast. UltraTech Cement also reported double-digit profit growth but missed analyst expectations, highlighting the gap that can emerge between reported earnings and market expectations.
The earnings picture remains mixed. L&T Technology Services (LTTS) reported a sharp rise in net income that included a one-time gain, IREDA’s lending growth outpaced its profit growth, and Waaree Renewable Technologies recorded higher revenue alongside lower profit.
Indian markets were set for a higher opening on Wednesday after Tuesday’s holiday. According to NiftyTrader’s GIFT Nifty Live data, the latest public snapshot, updated at 8:12 a.m. IST, showed GIFT Nifty at 23,006, down 25.50 points or 0.11% from its previous close. However, NiftyTrader’s implied opening indicator pointed to a potential 112-point gap-up based on the Nifty futures price comparison. Meanwhile, Reuters reported that Brent crude had risen more than 1% to around $110 a barrel. These are pre-market indicators, not guaranteed opening or intraday outcomes, and prices may change before the market opens.
The key question for investors is whether new developments and quarterly results meet expectations. An IPO opening, a lower cost forecast or stronger revenue does not automatically translate into a higher share price.
Jio Platforms IPO opens: Reliance Industries in focus
Jio Platforms’ initial public offering opens for subscription on October 21 and closes on October 23, placing Reliance Industries in focus as investors assess demand for one of India’s largest public offerings.
According to Reuters’ IPO coverage and the Financial Express market update, the issue is valued at up to ₹30,213 crore at the upper end of the price band.
The offer comprises a fresh issue of up to 27 crore equity shares, priced between ₹1,065 and ₹1,119 per share. These terms are available in the official SEBI filing for Jio Platforms Limited’s Red Herring Prospectus (RHP). At the upper end, the implied market capitalisation is around ₹10.3 lakh crore. Up to ₹27,500 crore of the proceeds is intended for prepayment or repayment of borrowings at subsidiary Reliance Jio Infocomm, with the remaining proceeds earmarked for general corporate purposes.
The IPO is a significant test of investor appetite for a large telecom and digital-services business amid changing market conditions. Its performance will be influenced by the price investors are willing to pay, the company’s growth prospects and the risks disclosed in its offer documents.
For Reliance Industries shareholders, the IPO provides a market reference point for Jio Platforms’ valuation. However, the response to the offering does not establish a guaranteed direction for Reliance shares, whose performance also reflects its other businesses, energy-market exposure and overall market conditions.
The IPO opening also does not mean Jio Platforms shares begin trading on October 21. Investors are entering the subscription period; allotment and listing are separate subsequent events.
What to monitor: Subscription demand, the response from investor categories, the implied valuation and any official updates during the three-day offering period.
Track Live: JIO PLATFORM IPO
Bajaj Finance: Profit grows 29% as assets under management rise
Bajaj Finance reported a consolidated net profit of ₹6,367 crore for Q2 FY27, up approximately 29% year-on-year from ₹4,948 crore. Net interest income increased 24% to ₹13,335 crore from ₹10,785 crore, while consolidated assets under management rose 26% to ₹5.85 lakh crore as of September 30, 2026.
The figures were reported by The Economic Times, which also reported an improvement in asset quality. Gross non-performing assets declined to 1.06% from 1.24% a year earlier, while net NPAs fell to 0.42% from 0.60%.
The result points to sustained growth in lending activity and interest income. However, the provision details also matter. The company recorded an additional ₹337 crore in prudent management and macroeconomic provisions. Including these, loan losses and provisions rose 4% to ₹2,166 crore. Excluding the additional provision, loan losses and provisions declined 12% to ₹1,829 crore.
Management expects assets under management to grow 26–27% in FY27, while anticipating some pressure on net interest margins following the repo-rate increase.
That creates an important expectation gap: rapid balance-sheet growth may support earnings, but funding costs, lending yields and credit provisions will determine how much of that growth reaches the bottom line.
What to monitor: Loan growth, net interest margins, the evolution of credit costs and whether management delivers its FY27 AUM growth expectations.
Hindustan Zinc: Lower FY27 zinc cost forecast adds to strong earnings
Hindustan Zinc’s September-quarter performance was supported by higher metal prices and increased production. Its consolidated net profit rose 142% year on year to ₹6,412 crore, while revenue from operations increased 76.5% to ₹15,093 crore.
Mined metal production increased 5% to 271,000 tonnes. The more forward-looking development was the company’s revised production-cost outlook.
According to Reuters’ October 19 report, Hindustan Zinc lowered its FY27 zinc production-cost forecast to $825–850 per tonne, from the earlier $975–1,000 range.
The company’s Q2 results release reports that its zinc cost of production for the September quarter, excluding royalty, fell 29% year on year to $703 per tonne.
Lower production costs could support profitability if the improvement persists. However, higher metal prices and favourable by-product realisations also contributed to the quarter’s performance. Earnings therefore remain sensitive to commodity-market conditions, and the revised full-year forecast should not be mistaken for a guarantee of future profit growth.
What to monitor: Whether production costs remain within the revised guidance range and whether metal prices and by-product realisations continue to support earnings.
UltraTech Cement: Profit rises but misses market expectations
UltraTech Cement reported consolidated net sales of ₹23,024 crore for Q2 FY27, up 18.9% year on year. Profit after tax increased 21.3% to ₹1,501 crore from ₹1,238 crore in the corresponding quarter of the previous year.
Domestic grey-cement sales volumes rose 13.8% to 35.94 million tonnes, according to the company’s official Q2 FY27 results release.
Yet the earnings growth came with an expectation gap. Reuters reported quarterly net profit of ₹1,494 crore against analysts’ expectations of approximately ₹1,705 crore, based on LSEG data. UltraTech’s official release separately reported PAT of ₹1,501 crore. The linked sources do not reconcile the ₹7 crore difference, so the two actual-profit figures should not be presented as identical.
Reuters reported that higher costs weighed on earnings.
The distinction matters: year-on-year growth measures performance against the same period last year, whereas an earnings surprise compares reported results with market expectations. A company can deliver solid annual profit growth and still disappoint investors when the market had priced in stronger performance.
What to monitor: Cost pressures, cement realisations and whether higher sales volumes translate into stronger operating profitability in coming quarters.
LTTS: One-time gain lifts reported profit growth
LTTS reported revenue of ₹3,040.4 crore for Q2 FY27, up 12.1% year on year and 3.4% quarter on quarter. Net income increased 66.8% year on year to ₹548.2 crore.
The reported profit increase includes a one-time gain of ₹165 crore from the divestment of its Smart World & Communication business. Excluding this gain, profit was up 16.5% year on year, according to Business Standard.
The company also reported an EBIT margin of 16.3%, an improvement of 60 basis points from the previous quarter. Its large-deal total contract value exceeded $200 million during the quarter, with AI-related deals accounting for more than half of the total.
According to the official LTTS results announcement, management expects revenue momentum to strengthen in the second half of FY27. It has also stated a longer-term aspiration of 13–15% revenue CAGR over five years, with EBIT margins of 16–17%.
These are management expectations, not guaranteed outcomes. Revenue momentum, margin improvement and large-deal conversion will be important indicators of whether underlying growth can continue without a similar one-off gain.
What to monitor: Revenue growth, margins, large-deal conversion and the sustainability of earnings excluding exceptional gains.
IREDA: Lending growth outpaces profit growth
IREDA’s Q2 FY27 results show why lending growth and earnings growth need to be assessed separately.
According to its official October 19 press release, standalone loan disbursements increased 31% year-on-year to ₹10,579 crore. Its outstanding loan book grew 15% to ₹97,411 crore, while revenue from operations rose 14% to ₹2,345 crore.
Standalone profit after tax increased approximately 1% to ₹554 crore from ₹549 crore. Meanwhile, net non-performing assets declined to 1.08% from 1.97% a year earlier.
The improvement in asset quality is a positive operating development, but near-flat profit growth despite expanding lending activity leaves an important question: will the larger loan book and lower net NPAs translate into stronger earnings growth over subsequent quarters?
For a lender, loan growth alone does not establish the quality of future profits. Funding costs, credit costs, lending yields and the timing of income recognition also affect performance.
What to monitor: Loan-book growth, credit costs, net NPAs and the conversion of revenue growth into profit.
Waaree Renewable Technologies: Revenue growth fails to lift profit
Waaree Renewable Technologies reported consolidated Q2 FY27 profit of ₹81.48 crore, down from ₹116.36 crore a year earlier. Revenue from operations increased 36.5% to ₹1,057.84 crore from ₹774.78 crore, but total expenses rose 54.4% to ₹961.66 crore from ₹622.63 crore.
The figures were reported by Business Standard, citing an exchange filing.
The divergence between revenue and profit is the main earnings signal. Higher sales do not necessarily produce stronger earnings when expenses rise faster, and the quarterly figures show that revenue expansion did not translate into higher reported profit.
For investors assessing renewable-energy businesses, the distinction between revenue growth, order execution and margin conversion is important. An order pipeline, where disclosed, should not be treated as equivalent to completed revenue or secured orders.
What to monitor: Expense growth, project execution and whether future revenue increases are accompanied by improved operating profitability.
Q2 results scheduled for October 21: Companies to track
The following companies have board meetings scheduled to consider their Q2 FY27 results on Wednesday, based on the company notices and exchange announcement records reviewed for this article. These are scheduled meetings, not confirmation that results are available before market opening.
| Company | NSE symbol | What to watch |
|---|---|---|
| Adani Green Energy | ADANIGREEN | Operating performance, capacity additions and management commentary |
| Aditya Birla Sun Life AMC | ABSLAMC | Assets under management, net flows and profitability |
| Eternal Limited | ETERNAL | Food-delivery growth, quick-commerce performance and margins |
| Indian Hotels Company | INDHOTEL | Revenue growth, occupancy, hotel demand and operating margins |
| International Gemological Institute Limited | IGIL | Revenue growth, profitability and demand conditions |
| KEI Industries | KEI | Order execution, order book and margins |
| Mahindra & Mahindra Financial Services | M&MFIN | Loan growth, asset quality and credit costs |
| SRF Limited | SRF | Chemical margins, refrigerants and packaging-film performance |
The Adani Green Energy board-meeting notice is linked directly from the company’s website.
What investors should watch through the session
The main developments are different in nature. Jio Platforms’ IPO is a test of investor appetite for a large public offering, while Bajaj Finance’s results provide a fresh look at lending growth, margins and credit costs. Hindustan Zinc’s lower production-cost guidance offers potential profitability support, but its earnings also depend on metal prices and by-product realisations.
UltraTech’s earnings miss and the adjusted-profit distinction at LTTS underline why headline growth alone may not capture the quality of quarterly performance. IREDA and Waaree Renewable Technologies add further examples of how revenue, lending or production growth can diverge from profit growth.
The opening market signal was positive, but elevated crude oil remains a risk for an import-dependent economy. The effect on individual shares will depend on expectations, valuations, sector conditions and further disclosures—not on any single headline.
Investors can monitor the GIFT Nifty live indicator and FII-DII activity alongside company announcements as the session progresses.
Read Next: UltraTech Cement Q2 FY27: Profit Up 21% YoY, Down 42.5% QoQ
Disclaimer: This article is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security. Investors should review official company disclosures, assess their own risk tolerance and consult a qualified financial adviser where appropriate.
