Jio Platforms lists on the BSE and NSE today after India’s largest-ever IPO closed 22.19 times subscribed, CNBC-TV18 reported. Bids for 438.26 crore shares against 19.75 crore on offer were worth more than ₹4.9 lakh crore, and total demand including the anchor book reached about ₹7.4 lakh crore, according to exchange data cited in reports. Institutions did the heavy lifting. Qualified institutional buyers bid 70.55 times their quota, while retail investors bid 2.72 times.
The debut lands in the thick of Q2FY27 earnings, and the results do not point one way. L&T’s profit rose 33% while its EBITDA grew only about 1%. Of the six companies below for which ScanX cited a profit estimate, only SG Mart beat it.
The market itself is flat. The Nifty 50 settled at 22,749.75 on Tuesday, October 27, down 3.45 points or 0.02%, with Brent crude above $110 a barrel on a monthly expiry day, ET reported. Closing prices quoted below are Tuesday’s, so Wednesday’s trade will show how investors read these numbers.
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Jio Platforms: Listing Day Is the Real Test
The IPO was priced in a band of ₹1,065 to ₹1,119 per share and closed on October 23 with more than one crore applications, passing the roughly 97 lakh set by Waaree Energies, Outlook Business reported. Anchor investors were allotted shares worth ₹8,109.85 crore at the upper end of the band, and reports said the anchor book drew bids of about ₹2.5 lakh crore.
The gap between institutional and retail demand is the number to hold onto. Retail demand of 2.72x is solid, but it is a fraction of the 70.55x from institutions. Listing-day trading will show how that institutional demand holds up once the shares trade freely.
IPO Guru put the unofficial grey market premium at ₹253, about 22.6% above the ₹1,119 upper band. It also noted that across its last ten mainboard listings, the final premium missed the actual listing gain by 7.4 percentage points on average. The grey market premium is unofficial and is not an indicator of the listing price.
Nifty Levels: What Brent Above $110 Does to the Chart
ET reported that gains stayed capped while Brent held above $110. An analyst quoted by ET said a follow-through above Tuesday’s high of 22,830 would open the way to 23,000 and 23,175, levels that match last week’s high and the 50-day EMA. That makes 22,830 the first level to clear. Institutional flows will shape any move, and the daily numbers are on the NiftyTrader FII-DII Tracker at niftytrader.in/fii-dii-data.
L&T: Profit Up 33%, EBITDA Up 1%
L&T reported consolidated net profit of ₹5,202 crore for Q2FY27, up 33% from ₹3,926 crore a year earlier. Revenue rose 16% to ₹78,750 crore, ahead of a Zee Business estimate of ₹72,752 crore. Order inflow rose 28% to a record ₹1,47,665 crore, with international orders at ₹92,375 crore, or 63% of the total. The consolidated order book stood at about ₹8.5 lakh crore.
The operating line was weaker. EBITDA rose about 1% to ₹6,845 crore, and margin fell to 8.7% from 10% a year earlier and from 9.0% in the June quarter. With profit growth running this far ahead of EBITDA growth, other income, finance costs and tax in the filing will matter as much as the order numbers.
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Strong Prints: Tata Capital, Raymond, PG Electroplast, SG Mart, Piramal Pharma
Tata Capital reported consolidated net profit of ₹1,660 crore for Q2FY27, up 51.32% from ₹1,097 crore a year earlier, with revenue up 20.7% to ₹9,342 crore, CNBC-TV18 reported. AUM grew 26% to ₹3,08,030 crore as of September 30, 2026, and 32% excluding motor finance. Retail and SME lending made up 85.4% of net AUM.
Raymond’s consolidated net profit rose 130.8% to about ₹32 crore from roughly ₹14 crore, on revenue up about 24% to roughly ₹655 crore, per ScanX growth data and company figures. Aerospace and defence revenue grew 72% to ₹139 crore. Net cash surplus stood at ₹77 crore at the end of September, down from ₹129 crore in June. The stock rose 2.45% to ₹1,081.20 on Tuesday, ScanX reported.
PG Electroplast posted net profit of ₹13.67 crore against ₹2.76 crore a year ago, a 395% jump off a very low base. Revenue rose 42.5% to ₹933.88 crore, and ScanX reported EBITDA margin widening 230 basis points to 6.89%. Half-yearly revenue crossed ₹2,950 crore for the first time. Net profit is still only about 1.5% of revenue. The stock jumped 5.38% to ₹500.55 on Tuesday.
SG Mart’s net profit rose 103.5% to ₹54.02 crore, ahead of the ₹53.4 crore estimate, ScanX said. EBITDA rose 157.1% to ₹72 crore with margins up 297 basis points. The stock ended 0.04% lower at ₹799.40.
Piramal Pharma swung to a net profit of ₹5.58 crore from a loss of ₹99.2 crore, with revenue up 28% to ₹2,617 crore, CNBC-TV18 reported. The company’s own EBITDA measure, which counts other income, was ₹385 crore (14.7% margin) against ₹224 crore (11%). On an operating basis it was ₹348.7 crore (13.3%) against ₹158.7 crore. Net profit is still under 0.3% of revenue.
Insurers: Healthy Business Metrics, Soft Reaction
SBI Life’s net profit rose 11% to ₹549.23 crore, down from ₹720 crore in the June quarter and about 24% below the ₹724 crore estimate cited by ScanX. Net premium income grew 8.2% to about ₹26,878 crore (₹269 billion). The value of new business for the half year rose 19% to ₹32.7 billion. The stock closed 0.65% lower at ₹1,633.
Max Financial Services reported a net profit of ₹100.30 crore, up 1,597%, though that comes off a base of roughly ₹6 crore a year ago. Subsidiary Axis Max Life’s AUM crossed ₹2 lakh crore, and VNB grew 21.1% to ₹1,180 crore, per ScanX. The stock slipped 0.71% to ₹1,231.30.
Estimate Misses: Syngene, JSW Infrastructure, AWL Agri, Gravita
Syngene International’s net profit was ₹322 million (₹32.2 crore) against a consensus of ₹587 million, roughly 45% lower, ScanX reported. Revenue fell 8.6% to ₹8,327 million (₹832.7 crore) but rose 13% sequentially on CDMO traction. CFO Deepak Jain has resigned citing personal reasons, and Head of Strategy Ajay Tandon will step down effective October 30. The stock closed 1.76% higher at ₹366.20.
JSW Infrastructure’s net profit fell 11% to ₹328.23 crore against an estimate of ₹383 crore, while revenue grew 17% to ₹1,480.92 crore, ScanX said. A foreign exchange loss of ₹148.64 crore weighed on the bottom line. The stock closed 0.06% lower at ₹317.25.
AWL Agri Business grew revenue 26% to ₹22,202 crore, but net profit slipped 2.2% to ₹239.39 crore from ₹244.85 crore. ScanX cited tax provisions and put the market estimate at ₹340 crore. EBITDA of ₹623 crore is only about 2.8% of revenue. Food and FMCG revenue rose 32% to ₹2,216 crore at a 3.2% margin, in line with FY27 guidance, CNBC-TV18 reported. The stock closed 2.07% higher at ₹176.35.
Gravita India reported net profit of ₹102.03 crore against an estimate of ₹107 crore, ScanX said. Revenue rose 37.8% to ₹1,427.35 crore on the new copper segment, while margins contracted slightly. The company declared an interim dividend of ₹7.70 per share for FY27 and incorporated Gravita Recyclers USA Inc. as a wholly owned subsidiary with $50,000 capital to trade scrap materials. The stock rose 2.42% to ₹1,340.30.
Mixed Results: Allied Blenders, Indus Towers, Kirloskar Brothers, Vedanta Iron and Steel
Allied Blenders & Distillers sold a record 10.0 million cases, up 11.1%, ScanX reported. On the company’s reporting basis, income from operations rose 15.8% to ₹1,152 crore, while PAT grew a slower 9.7% to ₹69 crore. The company also began commercial operations at a Telangana malt distillery (4.4 million BL) and a Moradabad bottling unit (6 million cases). The stock rose 3.29% to ₹693.15.
Indus Towers’ net profit fell 2.5% to ₹17,928 million (about ₹1,793 crore) as EBITDA margin contracted to 55.65%, per ScanX. Revenue rose 4% to ₹85,156 million (about ₹8,516 crore) on a 5.6% larger tower base.
Kirloskar Brothers reported an 11.5% rise in net profit to ₹75.2 crore, with revenue up 24.2% to ₹1,277 crore, CNBC-TV18 reported. EBITDA rose 14.7% to ₹124 crore, but margin shrank 90 basis points to 9.7%.
Vedanta Iron and Steel cut its consolidated net loss 32.1% to ₹324 crore from ₹477 crore a year earlier, CNBC-TV18 reported. Revenue fell 2.5% to ₹2,788 crore. The sequential picture is weaker: EBITDA was ₹48 crore against ₹508 crore in the June quarter, and iron ore revenue dropped to ₹638 crore from ₹1,190 crore.
Buyback and Deal News: FDC and Infosys
FDC’s board approved a ₹120 crore buyback of up to 24 lakh shares at ₹500 each through the tender-offer route, with a record date of November 13, 2026, ScanX reported. The price is about 41% above Tuesday’s close of ₹353.80, and the outlay is roughly 2.4 times the ₹49 crore consolidated net profit reported with the results, which rose 73%. Revenue rose about 21% to ₹572.1 crore, with EBITDA of ₹64.3 crore against ₹33.8 crore. Domestic formulations revenue grew 22.6% and international sales 28.5%. The stock rose 2.12% on Tuesday.
Infosys has completed a global SAP S/4HANA implementation for Syngenta’s Crop Protection business, CNBC-TV18 reported. The programme, called Crop Protection Core, moves operations from multiple ERP systems onto one platform covering more than 10,000 employees in 80 countries. It is a delivery update, not a disclosed contract win with a stated value.
Bottom Line
Today has two tests. Jio’s listing will show how a 22.19x book, led by institutions, translates into trading, while the Nifty needs to clear 22,830 with Brent above $110. On earnings, Tata Capital, Raymond and Piramal Pharma delivered clear gains. L&T’s profit growth came with flat EBITDA, and SBI Life, Syngene, JSW Infrastructure, AWL Agri and Gravita missed the estimates cited by ScanX. Because the closing prices above are Tuesday’s, Wednesday’s moves will be the first real read on how investors weigh the beats against the misses.
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Disclaimer: This article is for informational and educational purposes only and is not investment advice or a recommendation to buy, sell or hold any security. Figures are as reported by the sources named and may change. Consult a SEBI-registered investment adviser before making investment decisions.
