SBI’s Q2 earnings are the biggest scheduled trigger for Dalal Street, while ITC’s profit decline and strong earnings from Marico and Petronet LNG put the spotlight on company-level performance.
Is Monday’s sharp market rally being matched by stronger corporate earnings? The latest results show a mixed picture: ITC’s standalone profit fell 20.1%, while Marico’s profit attributable to shareholders increased 31% and Petronet LNG’s standalone profit rose 53.2%.
The earnings contrast comes as the Nifty approaches the 23,500 mark after its third consecutive session of gains. State Bank of India (SBI) reports its Q2 FY27 results today, making its profit, net interest income and asset quality the biggest scheduled earnings monitorables for the session.
Stocks to Watch Today: Q2 FY27 Earnings Scoreboard
| Stock | Reporting basis | Q2 FY27 profit | Change YoY |
|---|---|---|---|
| SBI | Standalone | Results due today | — |
| ITC | Standalone | ₹4,137.12 crore | -20.1% |
| Marico | Consolidated PAT | ₹558 crore | +29.2% |
| Petronet LNG | Standalone | ₹1,235.40 crore | +53.2% |
| KRBL | Standalone | ₹258.99 crore | +50.5% |
| VRL Logistics | Standalone | ₹102.97 crore | +106.4% |
| NALCO | Standalone | ₹1,835.09 crore | +28.0% |
| KEC International | Consolidated | ₹29.7 crore | -81.5% |
Marico’s profit attributable to owners was ₹550 crore, up 31%. Its total consolidated PAT includes ₹8 crore attributable to non-controlling interests. Figures refer to the quarter ended September 30, 2026.
Market Setup: Nifty Near 23,500 as Crude Re-enters Focus
The Sensex gained 1,233.25 points, or 1.66%, to close at 75,692.78 on Monday. The Nifty advanced 387.70 points, or 1.68%, to settle at 23,440.80, marking its third consecutive session of gains.
Buying in heavyweight stocks supported the recovery. The Nifty Oil & Gas index advanced 5.95%, while Reliance Industries gained 11.6% following its Q2 results. The Nifty Midcap 100 also closed higher.
The 23,500 zone is now an important level to monitor as traders assess whether the latest recovery can extend beyond Monday’s rally.
Track Live: NIFTY50, SENSEX, GIFT NIFTY
Brent Crude: Geopolitical Risk Returns
Brent crude futures rose 0.5% to $105.25 per barrel at 01:04 GMT on November 3, equivalent to 6:34 a.m. IST. This followed Monday’s 7.63% decline, when Brent settled at $104.77.
The recovery followed a report citing US officials that the United States had carried out strikes on Iran’s Qeshm Island. US officials described the reported action as defensive measures connected to protecting commercial shipping around the Strait of Hormuz.
The development adds uncertainty to the energy outlook. For Indian companies, a sustained crude-price recovery could increase input costs, raise import-related pressure and affect operating margins.
FII-DII Flows: Foreign Buying Returns for One Session
Foreign institutional investors (FIIs) ended October as net sellers of approximately ₹45,162 crore in Indian equities, their largest monthly outflow since June.
However, on November 2, FIIs purchased equities worth a net ₹3,114.68 crore. Domestic institutional investors (DIIs), meanwhile, sold a net ₹392.20 crore.
The November 2 buying is a positive daily flow reading, but one session does not confirm a sustained reversal in foreign investor positioning.
Track the latest institutional activity through NiftyTrader’s FII-DII Data Tracker.
SBI Q2 Results Today: Three Brokerages, Three Different Profit Estimates
State Bank of India is the biggest scheduled earnings event on November 3. Its central board meets today to consider Q2 FY27 results, while the analyst interaction is scheduled for 5:15 p.m. IST following the results announcement.
SBI reported standalone net profit of ₹21,121 crore in Q1 FY27, up 10.2% year-on-year.
Published brokerage estimates for the September quarter show a wide difference in expectations:
| Brokerage | Estimated Q2 PAT | Expected YoY change |
|---|---|---|
| JM Financial | ₹20,378 crore | +1.1% |
| Dolat Capital | ₹23,760 crore | +18.0% |
| Motilal Oswal | ₹25,250 crore | +25.2% |
Net interest income (NII) estimates are comparatively closer. Motilal Oswal expects ₹47,850 crore, Dolat Capital ₹48,020 crore and JM Financial ₹48,562.5 crore.
These are individual brokerage estimates, not a Bloomberg or Reuters consensus.
The difference in profit forecasts makes operating profit, other income and provisions important areas to watch. Investors will also assess net interest margins, deposit mobilisation, loan growth, credit costs and asset quality.
SBI’s actual performance against these estimates could influence sentiment towards the banking sector.
ITC Q2 Results: Profit Falls 20% as Cigarette Business Faces Pressure
ITC’s September-quarter results highlight the difference between headline revenue growth and underlying business performance.
The company’s standalone net profit declined 20.1% to ₹4,137.12 crore from ₹5,175.70 crore in the corresponding quarter last year.
Revenue from operations increased 45.65% to ₹28,317.67 crore. However, excluding excise duty, revenue rose only 1.8% to approximately ₹18,401 crore.
EBITDA declined 17.5% to around ₹5,160 crore. The EBITDA margin contracted approximately 660 basis points to 28%. Importantly, this margin is calculated against revenue excluding excise duty, not the headline revenue from operations.
The cigarette business remained under pressure. Its operating profit declined 27.23% to ₹3,813.45 crore even as segment revenue increased sharply. ITC’s results commentary highlighted pressure on legal cigarette volumes following the unprecedented tax increase and the risk of consumers shifting towards illicit products.
The non-cigarette FMCG business provided some support. Revenue increased 15.67% to ₹6,967.17 crore, while segment operating profit grew 27.8% to ₹558.30 crore.
What matters for traders: The 45.65% headline revenue increase does not represent comparable underlying growth. Cigarette profitability, ex-excise revenue and FMCG margins will remain key monitorables.
Marico Q2 Results: EBITDA Margin Expands 200 Basis Points
Marico reported consolidated revenue of ₹3,897 crore, up approximately 13% year-on-year.
Total consolidated profit after tax increased 29.2% to ₹558 crore from ₹432 crore. Of this, ₹550 crore was attributable to shareholders of the company, representing 31% growth.
EBITDA increased 26.6% to ₹709 crore from ₹560 crore. The EBITDA margin expanded 200 basis points to 18.2%.
Domestic underlying volume growth stood at 10%, while international business revenue increased approximately 23% in rupee terms. International constant-currency growth was 13%.
Gross margin expanded approximately 600 basis points, supported by softer copra prices and a favourable product mix. Advertising and promotion spending increased 44% to ₹451 crore, reflecting higher brand investment.
Management expects double-digit volume growth in the domestic business and mid-twenties EBITDA growth in FY27.
The key earnings signal is that profitability grew faster than revenue, supported by higher volumes and improved operating margins. The next test is whether Marico can sustain these improvements amid crude-linked input costs and rising vegetable oil prices.
Petronet LNG Q2 Results: Profit Rises 53%, ₹7 Dividend Declared
Petronet LNG reported standalone profit after tax of ₹1,235.40 crore, compared with approximately ₹806 crore a year earlier, an increase of 53.2%.
The company’s overall LNG throughput increased to 231 TBTU from 228 TBTU in the corresponding quarter last year.
Dahej terminal processed 216 TBTU against 211 TBTU a year earlier. Its capacity utilisation, however, was 73%, compared with 92% last year.
This needs to be read alongside the expansion in Dahej’s nameplate capacity from 17.5 million tonnes per annum to 22.5 million tonnes per annum. The expanded capacity changes the utilisation comparison.
The board declared an interim dividend of ₹7 per share, with November 6 fixed as the record date.
₹283.72 Crore GST Notice Remains a Legal Monitorable
Petronet has approached the Gujarat High Court against a ₹283.72 crore GST show-cause notice issued by the Directorate General of GST Intelligence.
The matter concerns GST on use-or-pay charges. The company has stated that it does not expect a material impact on its financial position or operations.
The legal matter remains a disclosure to monitor and should not be presented as an established liability.
KRBL Q2 Results: Profit Jumps 50%, Auditor Qualification Needs Attention
KRBL reported standalone net profit of ₹258.99 crore for Q2 FY27, compared with ₹172.11 crore a year earlier, an increase of approximately 50.5%.
Standalone revenue from operations increased 14.3% to ₹1,727.36 crore.
The company’s consolidated PAT was ₹262.24 crore, so the ₹258.99 crore figure in the scoreboard is specifically the standalone result.
The agri business remained the largest contributor to profitability, with its segment result before tax increasing to ₹330.68 crore from ₹215.73 crore.
However, the results also carry an important auditor disclosure.
The filed limited-review report includes a qualification relating to an ongoing Enforcement Directorate investigation involving a joint managing director and certain transactions concerning the company and its subsidiary.
The auditors state that they cannot comment on any financial-statement adjustment that may be required until the investigation is completed. Management, citing independent professional advice, has stated that it has not identified a need for an adjustment or additional disclosure.
The qualification should be understood as an audit-related disclosure, not as a finding of wrongdoing.
For investors, the sustainability of agri-segment profitability and further developments relating to the investigation remain important monitorables.
VRL Logistics: Profit More Than Doubles, Buyback Tender Closes
VRL Logistics reported standalone net profit of ₹102.97 crore, compared with ₹49.90 crore in the year-ago quarter, an increase of 106.4%.
Revenue from operations increased 20.7% to ₹961.92 crore from ₹796.96 crore.
The company also conducted a ₹280 crore share buyback at ₹320 per share, covering up to 87.5 lakh equity shares.
However, the tendering period closed on November 2. Only eligible shareholders on the October 22 record date could participate, and settlement is scheduled by November 9.
The ₹320 tender price should not be interpreted as an available purchase price for new investors. The buyback window has closed.
NALCO and KEC: Strong Revenue Growth Versus Margin Pressure
NALCO: Standalone Profit Rises 28%, Falls Sequentially
National Aluminium Company (NALCO) reported standalone net profit of ₹1,835.09 crore, up 28% from ₹1,433.17 crore in Q2 FY26.
Revenue from operations increased 26.3% to ₹5,419.44 crore.
However, profit declined approximately 8.4% compared with the June quarter’s ₹2,002.38 crore. The aluminium business supported earnings, while weaker chemicals performance and higher operating costs moderated the sequential outcome.
The company also declared an interim dividend of ₹4.50 per share, with November 6 fixed as the record date.
KEC International: Profit Drops 81.5% Despite Record Order Book
KEC International reported consolidated revenue of ₹5,468 crore, down 10.2% year-on-year.
Consolidated EBITDA declined to ₹271 crore from ₹430 crore, while the EBITDA margin contracted to 5% from 7.1%.
Net profit fell to ₹29.7 crore from ₹160.8 crore, a decline of approximately 81.5%.
The pressure on profitability contrasts with the company’s order-book position. KEC reported a record order book of approximately ₹39,946 crore, with its combined order book and L1 pipeline at around ₹43,500 crore.
The next test is execution: whether the company can convert its strong project pipeline into revenue while restoring operating margins.
Other Stocks and Corporate Actions to Track
Lupin: The company received USFDA approval for Amifampridine Tablets 10 mg, bioequivalent to Catalyst Pharmaceuticals’ Firdapse. It is eligible for 180 days of shared generic exclusivity as one of the first applicants. Q2 results are also scheduled for November 3.
Infosys: Shares are due to trade ex-dividend on November 3 for the ₹26 interim dividend. The record date is November 3, and payment is scheduled for November 11. The dividend details are confirmed in the company’s exchange filing.
NBCC: The company signed an MoU with Bihar government departments for four self-financed redevelopment projects in Patna. Expected sale and lease proceeds are approximately ₹5,152 crore against a tentative project cost of ₹2,000 crore. These are projected project proceeds under an MoU, not secured order-book revenue. NBCC also disclosed consultancy contracts worth approximately ₹70.50 crore from Oil India and Hindustan Aeronautics.
Bottom Line: Earnings Divergence Matters More Than the Index Rally
Tuesday’s market setup brings together a recovering benchmark index, volatile crude prices and a sharply mixed earnings picture.
ITC’s results highlight pressure on cigarette profitability and the difference between reported revenue and underlying growth. Marico’s performance shows stronger margins and volume-led expansion, while Petronet LNG and KRBL offer strong profit growth alongside operational and disclosure-related monitorables.
SBI’s Q2 results are the most important scheduled earnings trigger, particularly given the wide gap between brokerage profit estimates.
For traders, the key developments to track are SBI’s actual earnings, Brent crude’s reaction to geopolitical headlines, and whether foreign institutional buying continues beyond the November 2 session.
The broader market’s ability to sustain the recovery around 23,500 will depend on both earnings and external risk factors.
Read Next: F&O Build-up November 2: 105 Stocks Show Long Signals; Reliance Surges 11.6%, Policybazaar Slides
Disclaimer
This article is for informational and educational purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. NiftyTrader provides market information and educational content, not personalised investment advice. Share prices and market data are subject to change. Historical prices are based on the November 2, 2026 closing session unless otherwise stated. Consult a SEBI-registered investment adviser before making investment decisions.
