Infosys, BPCL, Kotak Mahindra Bank, Reliance Industries, IndusInd Bank, Coforge, KEC International, Lupin, Dr Reddy’s Laboratories and Torrent Pharmaceuticals are among the stocks to watch on Monday, October 26, as investors assess Q2 earnings, changing profit margins, corporate developments and the Jio Platforms IPO allotment.
The Nifty 50 closed at 22,600 on Friday, down 87.65 points or 0.39%, and lost 2.36% over the week. Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were both net buyers in Friday’s cash market, purchasing ₹887.65 crore and ₹3,235.36 crore, respectively. However, the market’s weekly decline shows that institutional buying did not prevent the broader sell-off.
Against that backdrop, the focus is shifting to earnings quality and forward guidance. Infosys cut its FY27 revenue growth outlook despite reporting higher quarterly revenue, while BPCL’s refining margins more than tripled year-on-year even as its profit declined. Kotak Mahindra Bank and IndusInd Bank also reported margin pressure, while Coforge raised its full-year margin guidance.
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The following developments are among the key company-specific triggers investors will be tracking.
Need to Know
- Infosys: Cut FY27 constant-currency revenue growth guidance to 1–2% from 1.5–3% and declared an interim dividend of ₹26 per share.
- BPCL: Standalone Q2 profit declined 22.5% year-on-year to ₹4,993.17 crore despite a sharp improvement in refining margins.
- Jio Platforms IPO: The ₹30,213-crore issue closed 22.19 times subscribed; allotment is scheduled for October 26.
- Kotak Mahindra Bank: Standalone profit rose 29.5%, but net interest margin declined to 4.31%.
- Coforge: Reported 3.8% sequential organic constant-currency growth and raised FY27 EBIT margin guidance to 16%.
- KEC International: Won ₹2,872 crore in transmission and distribution orders from Power Grid Corporation of India.
Stocks to Watch Today: Key Developments
| Stock | Latest trigger | Key data |
|---|---|---|
| Infosys | Lower FY27 guidance and dividend | Guidance 1–2%; interim dividend ₹26/share |
| BPCL | Refining-margin recovery versus lower annual profit | Standalone PAT ₹4,993.17 crore, down 22.5% |
| Kotak Mahindra Bank | Profit growth and falling NIM | Standalone PAT ₹4,212 crore; NIM 4.31% |
| Reliance Industries | Jio Platforms IPO allotment | Overall subscription 22.19 times |
| IndusInd Bank | Return to consolidated profitability | PAT ₹1,242 crore; NIM 3.23% |
| Coforge | Higher margin guidance | FY27 EBIT margin guidance 16% |
| KEC International | Power Grid order win | ₹2,872 crore |
| Lupin | New US FDA observation | One Form 483 observation at Goa |
| Dr Reddy’s Laboratories | Profit and margin decline | IFRS profit ₹925 crore; EBITDA margin 20.6% |
| Torrent Pharmaceuticals | JB Pharma consolidation changes comparison | Revenue ₹4,979 crore; PAT ₹534 crore |
1. Infosys: Guidance Cut Overshadows Revenue Growth
Infosys reported Q2 FY27 revenue of ₹49,244 crore, up 10.7% year-on-year, while consolidated net profit rose 6.2% to ₹7,823 crore. Operating margin remained at 21%.
However, the key development was the company’s decision to lower FY27 constant-currency revenue growth guidance to 1–2% from 1.5–3% previously, while retaining its operating margin guidance at 20–22%.
The distinction between reported revenue growth and constant-currency growth matters. Infosys’ constant-currency revenue increased 1.5% year-on-year in Q2, considerably slower than the increase in rupee-denominated revenue. The revised outlook indicates a more cautious assessment of demand for the remainder of FY27.
There was a positive indicator, too. The company reported large-deal total contract value of $5.2 billion during the quarter, of which 62% was classified as net new. However, deal bookings do not immediately translate into recognised revenue.
Infosys also declared an interim dividend of ₹26 per share, compared with ₹23 per share a year earlier. The record date is November 3, 2026, and payment is scheduled for November 11.
What investors should watch: Client spending, conversion of large deals into revenue, the second-half growth trajectory and whether the dividend announcement influences near-term sentiment.
Sources: Infosys Q2 FY27 results and official dividend disclosure.
2. BPCL: Refining Margins More Than Triple, but Profit Falls
Bharat Petroleum Corporation (BPCL) reported standalone net profit of ₹4,993.17 crore in Q2 FY27, down 22.5% from ₹6,442.53 crore a year earlier.
The sequential comparison was considerably stronger. BPCL had reported a standalone net loss of ₹3,962.13 crore in the June quarter.
The contrast between refining performance and overall profitability is the important development. BPCL’s reported gross refining margin rose to $32.53 per barrel from $10.78 a barrel in the year-ago quarter. Yet the improvement in refining margins was insufficient to offset pressure from the marketing side of the business, particularly suppressed margins on petrol, diesel and LPG.
The consolidated result tells a similar story. BPCL reported consolidated net profit of ₹4,863.05 crore, down approximately 21.5% year-on-year from ₹6,191.49 crore.
The distinction between standalone and consolidated results matters because the two measures reflect different reporting scopes. The strong sequential recovery should not be mistaken for an improvement in annual profit growth.
What investors should watch: Refining margins, marketing profitability, domestic fuel pricing and any further disclosure on LPG-related under-recoveries.
Sources: BPCL Q2 FY27 results coverage and BPCL stock-exchange filings.
3. Kotak Mahindra Bank: Profit Rises 29.5%, but NIM Falls
Kotak Mahindra Bank reported standalone Q2 FY27 net profit of ₹4,212 crore, up 29.5% from ₹3,253 crore a year earlier. Net interest income (NII) increased 15.7% to ₹8,459 crore, while operating profit rose 21.1% to ₹6,382 crore.
Consolidated net profit was ₹5,645 crore, up approximately 26% year-on-year. These figures should remain separate: the standalone and consolidated numbers cover different reporting scopes.
The pressure point was net interest margin (NIM), which declined to 4.31% from 4.54% a year earlier and 4.53% in the preceding quarter. The bank attributed the moderation partly to the mobilisation of foreign currency non-resident bank deposits, known as FCNR(B) deposits.
Provisions also fell year-on-year, supporting reported profitability. Nevertheless, investors will need to assess whether the margin decline stabilises as the deposit mix and funding costs evolve.
What investors should watch: NIM recovery, deposit costs, credit growth and whether the bank can maintain profit growth without further margin compression.
Source: Kotak Mahindra Bank Q2 FY27 results coverage.
4. Reliance Industries: Jio Platforms IPO Allotment in Focus
Reliance Industries is in focus on Monday as investors await the allotment of Jio Platforms’ ₹30,213-crore IPO, following strong demand across investor categories. The issue closed 22.19 times subscribed, with institutional investors accounting for the strongest demand.
The IPO comprised a fresh issue of 27 crore shares, with a price band of ₹1,065–₹1,119 per share. At the upper end of the price band, the issue size stood at approximately ₹30,213 crore.
Final subscription data showed overall demand of 22.19 times the shares on offer. The qualified institutional buyer (QIB) portion was subscribed 70.55 times, the non-institutional investor (NII) portion 14 times and the retail portion 2.72 times.
Allotment status: The basis of allotment is scheduled to be finalised on Monday, October 26. As of the latest available update checked at approximately 8:35 AM IST, the official allotment result had not been confirmed as published. The latest reported schedule indicated that allotment details were expected on the registrar and exchange websites by late evening.
Refund initiation and credit of shares to demat accounts are scheduled for October 27, ahead of the planned listing on Wednesday, October 28. Investors can check the KFin Technologies allotment portal for the latest status.
For Reliance Industries shareholders, the IPO provides another opportunity for the market to assess the valuation of the group’s digital-services business. For applicants, the immediate focus is whether shares are allotted and how the stock performs once trading begins.
However, strong subscription demand does not guarantee listing gains. Subscription multiples and unofficial grey-market premiums do not determine the eventual listing price.
What investors should watch: Confirmation of the allotment result, completion of refund and demat-credit processes, and the final listing price.
Sources: SEBI’s Jio Platforms RHP listing, Jio Platforms IPO details on NiftyTrader and NiftyTrader’s earlier Jio IPO analysis.
5. IndusInd Bank: Profit Returns, but Margin Pressure Remains
IndusInd Bank reported consolidated net profit of ₹1,242 crore in Q2 FY27, compared with a net loss of ₹437 crore in the year-ago quarter.
Consolidated NII increased to ₹4,569 crore from ₹4,409 crore a year earlier. However, the sequential picture was weaker: NII declined approximately 2% from the June quarter, while NIM fell 34 basis points to 3.23%.
Provisions and contingencies declined approximately 54% year-on-year to around ₹1,223 crore from ₹2,631 crore. Fee and other income increased 36% to ₹2,248 crore.
These movements help explain why the return to profitability should be viewed alongside the quality of the earnings recovery. Lower provisions supported the result, but the sequential decline in NII and NIM leaves the bank with a profitability question to address.
What investors should watch: The trajectory of NIM, sequential NII growth, credit costs and whether the recovery continues without a further decline in core lending profitability.
6. Coforge: Organic Growth Is More Modest Than Headline Revenue Growth
Coforge reported Q2 FY27 revenue of ₹6,170.8 crore, up 53.6% year-on-year in rupee terms. Revenue rose 40.1% in US dollar terms to $652.2 million.
The headline increase includes Encora’s first full quarter, so reported growth is not a clean measure of organic expansion. Coforge reported organic constant-currency growth of 3.8% sequentially.
The company also reported profit after tax of ₹588.1 crore. Its results release stated that PAT rose 56.5% year-on-year in rupee terms and 42.7% in dollar terms.
The more forward-looking signal was the increase in FY27 EBIT margin guidance from 15.5% to 16%. Coforge also signed eight large deals during the quarter and reported a next-12-month signed order book of $2.38 billion, up 45% year-on-year.
The combination of a higher order book and raised margin guidance is encouraging. The main question is how much of the reported growth is sustained organically and whether the company can deliver the revised margin target.
What investors should watch: Organic constant-currency growth, large-deal conversion, the order book and execution against the revised FY27 margin guidance.
7. KEC International: ₹2,872-Crore Power Grid Order Adds Visibility
KEC International announced turnkey transmission and distribution orders worth ₹2,872 crore from Power Grid Corporation of India.
The contracts cover the design, supply and installation of 765 kV transmission lines. KEC described the win as its largest-ever single order in its Indian transmission and distribution business. The projects are associated with evacuating 8.5 GW of renewable energy from Gujarat.
The company also reported that year-to-date order intake had crossed ₹13,500 crore, including around ₹9,500 crore from its transmission and distribution business.
The order win improves reported order-book visibility, but its impact on profit will depend on execution schedules, project margins, costs and working-capital requirements. Orders secured should not be equated with revenue already recognised.
What investors should watch: Further order inflows, execution progress and the conversion of the order book into profitable revenue.
Source: KEC International’s official order announcement.
8. Lupin: One Observation at Goa Facility After Earlier Seven-Observation Inspection
Lupin disclosed that the US Food and Drug Administration (FDA) concluded an inspection of its Goa manufacturing facility conducted from October 19 to October 23, 2026. The inspection closed with one Form 483 observation.
The latest development follows an earlier inspection at the same facility from November 10 to November 21, 2025, which concluded with seven observations. Lupin subsequently announced that it received an Establishment Inspection Report with a satisfactory Voluntary Action Indicated (VAI) classification in February 2026.
The distinction between the two inspections matters. The earlier VAI classification does not resolve the outcome of the latest inspection, which has its own observation and response process.
A Form 483 records conditions that FDA investigators believe may constitute violations of applicable requirements. It is not, by itself, a final agency determination.
Lupin said it would address the latest observation and respond to the FDA within the stipulated timeframe.
What investors should watch: The company’s response and any subsequent regulatory update. The current disclosure does not by itself establish a plant shutdown, drug ban or final adverse FDA finding.
9. Dr Reddy’s Laboratories: Profit Falls 36% as EBITDA Margin Contracts
Dr Reddy’s Laboratories reported consolidated IFRS revenue of ₹8,670.8 crore for Q2 FY27, down 1.5% year-on-year. However, profitability declined more sharply.
EBITDA fell 24% to ₹1,782.8 crore, while profit after tax attributable to equity holders declined approximately 36% to ₹925 crore from ₹1,437 crore a year earlier. The EBITDA margin contracted to 20.6% from 26.7%.
The company attributed the revenue pressure largely to lower lenalidomide sales in North America. The impact of a high-margin generic product cycle and US pricing competition weighed on the reported performance.
There was a more positive underlying signal: management said the business excluding North American lenalidomide delivered double-digit growth. Dr Reddy’s also expects to relaunch generic semaglutide directly and through partners in November 2026, subject to successful validation, and reiterated its focus on maintaining an EBITDA margin above 20% in FY27.
The relaunch is a forward-looking catalyst, not a guaranteed recovery. The timing remains conditional, and investors will need to watch whether the underlying business can offset pressure from declining lenalidomide sales.
What investors should watch: North American product sales, margin recovery, the semaglutide relaunch timetable and execution against the FY27 margin outlook.
10. Torrent Pharmaceuticals: JB Pharma Consolidation Lifts Revenue, but Profit Falls
Torrent Pharmaceuticals reported consolidated revenue of ₹4,979 crore in Q2 FY27, up 50.8% year-on-year. Net profit declined 9.6% to ₹534 crore from ₹591 crore.
The revenue comparison requires context. Torrent obtained control of JB Pharma on January 21, 2026, so the current quarter includes JB Pharma’s contribution while the year-ago quarter did not.
JB Pharma contributed approximately ₹1,086 crore in revenue, while Torrent’s base business grew 18% to ₹3,893 crore.
Operating EBITDA increased 53.8% to ₹1,666 crore, and the EBITDA margin improved to 33.5% from 32.8%. However, finance costs rose to ₹300 crore from ₹48 crore, while depreciation and amortisation increased to ₹609 crore from ₹204 crore. These higher expenses weighed on net profit.
The results therefore show the difference between reported revenue expansion and profit growth following a major consolidation change. Investors should avoid interpreting the 50.8% revenue increase as purely organic growth.
What investors should watch: Growth in the base business, the integration of JB Pharma, finance costs and the effect of acquisition-related expenses on future profitability.
Bottom Line: Strong Revenue Headlines Do Not Tell the Whole Story
Monday’s watchlist brings together several competing signals. Infosys lowered its growth guidance despite higher reported revenue, while BPCL’s refining-margin improvement did not translate into higher year-on-year profit. Kotak Mahindra Bank and IndusInd Bank both reported earnings improvement alongside margin pressure, and Torrent’s strong reported revenue growth reflects the consolidation of JB Pharma.
Coforge’s raised margin guidance and KEC International’s order win offer forward-looking business catalysts, while Jio Platforms’ allotment is a major event for IPO applicants and Reliance Industries shareholders. Lupin’s latest inspection outcome requires follow-up, and Dr Reddy’s potential semaglutide relaunch remains conditional.
With the Nifty down 2.36% for the week despite institutional buying on Friday, stock-specific reactions may depend on guidance, profit quality, margins and execution rather than headline growth alone.
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Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.
