HCLTech‘s Q2 results, DMart’s weaker margins and new RBI measures to curb dollar demand put earnings quality and market liquidity in focus as Indian equities attempt to extend Friday’s rebound.
Indian equities begin the week with two conflicting signals: the Nifty 50 has snapped an eight-week losing streak, but persistent foreign investor selling, crude oil above $100 a barrel and pressure on the rupee continue to complicate the recovery.
The Nifty gained 288.65 points, or 1.30%, to close at 22,520.45 on Friday, October 9. The Sensex advanced 879.09 points, or 1.23%, to settle at 72,472.33. Both benchmarks ended the week higher, but the rebound has yet to establish a durable uptrend.
Monday’s stock-specific triggers are equally mixed. HCLTech will report its September-quarter results after market hours, DMart’s revenue growth has outpaced its profit growth, and the Reserve Bank of India has tightened certain foreign-exchange rules while opening a direct-dollar supply window for three state-run oil companies.
Poonawalla Fincorp‘s sharp profit increase, Anand Rathi Wealth’s divergence between reported and adjusted earnings, Adani Green Energy’s capacity expansion and fresh infrastructure orders add further developments to monitor.
The central question for investors is whether improving company-level numbers can sustain the rebound while currency and liquidity risks remain unresolved.
Need to Know
- HCLTech: Q2 FY27 results are due after market hours on October 12. FY27 guidance, organic revenue growth and EBIT margins are key variables.
- DMart: Consolidated revenue rose 17.8% year on year to ₹19,644 crore, but net profit increased only 8.5% and the EBITDA margin narrowed to about 7.1%.
- RBI and banks: The minimum daily CRR maintenance requirement rises from 90% to 99% of the prescribed requirement from October 16. A separate ₹25,000 crore government bond sale is scheduled for October 13.
- Rupee: New forex rules raise the cost of certain hedges, restrict rebooking of cancelled contracts and lower the transaction threshold without underlying exposure from $100 million to $5 million.
- Earnings divergence: Poonawalla Fincorp reported a sharp profit increase, while Anand Rathi Wealth’s reported PAT declined even as adjusted PAT and client inflows grew.
- Other catalysts: Adani Green Energy’s operating update, PTC Industries’ ₹1,800 crore QIP and new orders at KEC International and Bajel Projects will also draw attention.
Nifty Rebounds, but 22,600 Remains a Key Test
Friday’s advance followed a sharp decline earlier in the week. The Nifty slipped from 22,776 on Tuesday to 22,231.80 on Thursday, leaving the index close to its April low of 22,182.55. The comparison is between Thursday’s closing level and the April intraday low, rather than two equivalent closing prices.
The recovery was supported by gains in IT stocks after Tata Consultancy Services’ September-quarter results, along with improving global cues. TCS reported consolidated revenue of ₹73,188 crore, up 11.2% year on year, and net profit of ₹13,884 crore, an increase of about 15%, according to figures cited by Ventura Securities.
For Monday, Enrich Money CEO Ponmudi R. identified immediate support at 22,450, followed by 22,300, and resistance near 22,600. A sustained move above 22,600 could open the way towards 22,800. Bajaj Broking also identified 22,600 as an important hurdle, with 22,800 and 23,100 as potential levels if the breakout holds.
These are technical levels, not guaranteed targets. Failure to clear resistance could leave the index consolidating within a broad 22,200–22,600 range.
The macroeconomic backdrop remains challenging. Reuters reported that foreign portfolio investors sold Indian shares for an 11th consecutive session on Friday, with net outflows of ₹3,569 crore. Domestic institutional investors purchased shares worth a net ₹4,743 crore, according to provisional exchange data.
Brent crude remained around $103 a barrel in early Monday reporting, while the rupee had settled near ₹96.73 per dollar on Friday, according to Reuters. The RBI’s weekend measures may help reduce immediate dollar demand, but oil prices and foreign capital flows remain significant risks.
Investors can track institutional activity through NiftyTrader’s FII-DII Tracker and monitor GIFT Nifty levels for early market indications.
Banking Stocks: RBI’s 99% Rule Is Not a CRR Rate Hike
Banks will be in focus after the RBI raised the minimum daily maintenance requirement for the Cash Reserve Ratio from 90% to 99% of the prescribed requirement. The change takes effect from the fortnight beginning October 16.
The distinction is important: the CRR rate itself remains 3%. The RBI has not raised the CRR rate to 99%.
Previously, a bank could allow its daily reserve balance to fall to 90% of the prescribed CRR requirement, provided it met the applicable fortnightly average. From October 16, the daily floor rises to 99%, leaving banks with considerably less flexibility in managing day-to-day cash balances.
The RBI cited prevailing liquidity conditions. Foreign-currency deposits mobilised through FCNR(B) schemes and converted into rupee liquidity through swaps have contributed to the system’s surplus liquidity. However, tighter daily reserve maintenance means banks will have less room to manage temporary shortfalls.
The impact is therefore more directly related to daily treasury and liquidity management than to an increase in the headline CRR rate.
A separate ₹25,000 crore open-market sale of government securities is scheduled for October 13. Because an outright bond sale withdraws liquidity, banks will have to assess that operation alongside the new daily maintenance requirement.
RBI’s New Forex Curbs Add Another Layer
The RBI announced separate measures on October 10 to address pressure on the rupee and discourage excessive demand for foreign-exchange hedging.
The changes include:
- Reducing the threshold for derivative transactions without proof of underlying exposure from $100 million to $5 million across derivative products.
- Restricting the rebooking of cancelled rupee-linked forex derivative contracts, while allowing permitted rollovers at maturity.
- Requiring banks to maintain a 20% foreign-exchange risk reserve against specified derivative contracts exceeding $2 million used to hedge current-account transactions.
- Opening a special dollar-supply window for Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation from October 12.
Under the new window, the RBI will supply dollars directly to the three state-run oil marketing companies, diverting their purchases away from the regular spot market.
That could ease some immediate dollar demand. However, a stronger rupee is not assured: higher hedging costs may alter importer behaviour, while oil prices and foreign capital outflows continue to influence the currency.
Reuters reported that the measures could also affect forward premiums. Lower demand for forward dollars may put downward pressure on premiums, but higher bank costs and tighter liquidity could push in the opposite direction.
The wider question for bank investors is how these measures affect treasury operations, currency-market activity and short-term liquidity without materially disrupting legitimate corporate hedging.
HCLTech: Guidance May Matter More Than the Profit Beat
HCLTech is the main large-cap earnings event scheduled for Monday. The company is due to announce its Q2 FY27 results after Indian markets close, and its board will also consider a third interim dividend for FY27. The dividend amount has not been disclosed in the pre-result information.
Brokerage estimates differ, particularly on revenue growth.
Kotak Institutional Equities expects adjusted net profit to rise 15.1% year on year and 6% sequentially to ₹4,901.3 crore. Axis Direct estimates a net profit of approximately ₹4,910 crore on revenue of ₹35,443 crore. Another forecast cited by Zee Business puts revenue at ₹35,890 crore, compared with ₹34,579 crore in the June quarter.
A separate seven-brokerage average cited in a results preview points to revenue growth of around 16% year on year, while Axis Direct’s estimate implies growth closer to 11%. These figures reflect differing brokerage estimates, not a company-issued forecast.
What Investors Should Watch
The main question is whether demand translates into sustained organic growth and operating profitability.
Kotak expects HCLTech to raise FY27 constant-currency revenue growth guidance to 3–4% from 1–4%. However, its estimate attributes approximately 100 basis points of growth to the Jaspersoft and HPE Telco Solutions acquisitions. This implies an organic constant-currency growth rate of around 2–3%, if the guidance change materialises on those assumptions.
Kotak expects the EBIT margin guidance range of 17.5–18.5% to remain unchanged, with margins potentially closer to the lower end. Its estimates also point to the importance of acquisition contributions and operating costs in determining how much growth reaches the bottom line.
HCLTech’s advanced AI revenue was reported at $171 million at the end of June, up 10.6% sequentially in constant currency. Investors will want an updated assessment of AI demand, large-deal conversion, discretionary spending and the sustainability of margins.
A higher guidance range could initially appear positive, but the composition of growth matters. If acquisitions account for much of the increase while organic demand stays modest, the market may seek stronger evidence of underlying momentum.
HCLTech’s official disclosures are available through its quarterly results page.
DMart: Revenue Growth Is Strong, but Margins Are the Weak Spot
Avenue Supermarts, which operates the DMart retail chain, reported a 17.8% year-on-year increase in consolidated revenue to ₹19,644 crore for the September quarter. Consolidated net profit rose 8.5% to approximately ₹743.5 crore, while EBITDA increased 15% to ₹1,394 crore.
The margin trend is less encouraging than the sales growth.
Consolidated EBITDA margin narrowed to approximately 7.1% from 7.3% a year earlier. Net margin declined to 3.8% from 4.1%. A cited pre-result estimate of 7.8% for EBITDA margin would put the consolidated outcome around 70 basis points below that level, assuming the estimate uses the same basis.
Revenue, profit and EBITDA were broadly in line with CNBC-TV18 poll estimates, but the margin outcome was weaker than expected.
Store Growth Provides a Counterpoint
DMart added 15 stores during the quarter, taking its total network to 518 as of September 30. Revenue growth at stores older than two years improved to 9.5% from 6.8% a year earlier.
That suggests the business is benefiting from a combination of store expansion and improving sales at established outlets. However, the company did not provide guidance for revenue growth or future store additions in the update.
The market will now assess whether DMart can sustain its sales momentum while protecting profitability. Wage inflation, financing costs and the pace of operating-cost growth remain relevant to that assessment.
The risk is not that revenue growth has stopped. It is that strong sales growth may fail to translate into comparable growth in earnings if margins continue to narrow.
Adani Green Energy: Capacity and Energy Sales Move at Different Speeds
Adani Green Energy‘s provisional H1 FY27 operational update showed capacity up 24% year on year to 20,763 MW and energy sales up 32% to 25,747 million units. Energy sales therefore grew faster than operational capacity, although the update does not establish how much of the difference came from utilisation, timing or other operating factors.
Battery storage was another significant development. The company operationalised 3,081 MWh of battery energy storage system capacity at Khavda during the September quarter, taking total installed storage capacity to 6,632 MWh at September 30, compared with 3,551 MWh at the end of June.
The more important question concerns the scale of additions reported for the first half.
Adani Green said it added 4,083 MW of greenfield capacity during April–September, including 621 MW in the September quarter. However, operational capacity increased from 19,294 MW at the end of FY26 to 20,763 MW at September 30, a net increase of approximately 1,469 MW.
Those figures do not reconcile through a simple comparison of period-end operational capacity with reported greenfield additions. They may reflect different definitions, timing or treatment of projects, so the difference should not be described as an established reporting error without clarification.
The company has outlined an ambitious FY27 expansion programme. Investors will need to see how additional capacity, energy sales and storage translate into operating cash flow and project execution.
PTC Industries: ₹1,800 Crore QIP Closes
PTC Industries‘ board approved the closure of its qualified institutional placement, through which the company raised approximately ₹1,800 crore.
The company approved the allotment of 8,54,700 equity shares to eligible institutional investors at ₹21,060 per share. The floor price was ₹22,150, making the final issue price approximately 4.9% lower than the floor price.
Smallcap World Fund, Fidelity Funds and HDFC Mutual Fund together received more than half of the shares reserved for the QIP, according to the reported allocation.
The fundraising is intended to support capital needs, including debt repayment and working capital requirements at subsidiary Aerolloy Technologies, which manufactures titanium and superalloy materials for aerospace, defence and space applications.
The key post-fundraising test is how efficiently the company deploys the capital. Investors will need to assess project execution, working-capital requirements and the eventual contribution to operations rather than treating the size of the fundraise as an earnings gain in itself.
Poonawalla Fincorp: Profit Rises More Than Fivefold
Poonawalla Fincorp reported consolidated net profit of ₹374.8 crore, compared with ₹74 crore a year earlier. The prior-year base was relatively low, so the year-on-year percentage increase should be considered alongside sequential performance.
Net interest income rose 75.7% to ₹1,589 crore. Assets under management stood at ₹74,008 crore, while net interest margin improved to 9.26% from 9.10% in the June quarter.
Asset-quality indicators also improved sequentially. Gross NPA declined to 1.20% from 1.37%, net NPA eased to 0.61% from 0.70%, and credit costs fell to 2.19% from 2.40%.
Profit increased 21.8% from approximately ₹308 crore in Q1 FY27. These figures suggest the growth was not limited to a year-on-year comparison against a weak base.
Investors will nevertheless watch whether the improvement in net interest income, margins and asset quality can continue without a subsequent rise in credit costs.
Anand Rathi Wealth: Record Inflows Meet a Reported-Profit Decline
Anand Rathi Wealth‘s results illustrate why reported and adjusted earnings should not be treated as interchangeable.
Reported consolidated PAT fell to ₹89.26 crore from ₹99.80 crore a year earlier, a decline of approximately 10.6%. Adjusted consolidated PAT, however, rose 22% to ₹121.9 crore.
Revenue from operations increased 15.7% to ₹343.99 crore. Total income, including other income, reached ₹356.60 crore. EBITDA declined approximately 15% to ₹116.85 crore, while the EBITDA margin narrowed to around 34% from 46.2%.
Business growth was stronger. Quarterly net inflows reached a record ₹4,186 crore, up 39%, and assets under management increased 18% to ₹1.08 lakh crore. Active private-wealth client families rose to 14,309, and the board approved an interim dividend of ₹4 per share.
The distinction between reported and adjusted PAT matters because the two figures reflect different treatments of items including fair-value gains, ESOP expenses and associated tax effects.
The key question is whether stronger inflows and revenue can translate into sustained operating-profit growth. For the full earnings breakdown, see NiftyTrader’s Anand Rathi Wealth Q2 FY27 analysis.
Can Fin Homes, Canara Robeco AMC and Canara HSBC Life
Can Fin Homes reported a 9.2% year-on-year increase in net profit to ₹274.6 crore. Net interest income rose 6.6% to ₹432 crore, and the loan book expanded to ₹43,539 crore from ₹39,657 crore a year earlier.
Net interest margin narrowed to 3.89% from 4.02% a year earlier. Gross NPA was 0.90%, compared with 0.87% in June, while net NPA increased to 0.42% from 0.40%. Investors will watch whether loan growth can translate into stronger interest income without a further erosion in margins.
Canara Robeco Asset Management Company reported a 21.5% rise in net profit to ₹59.2 crore on revenue growth of 18.6% to ₹128 crore. Total AUM declined 1% year on year to ₹1.16 lakh crore, while quarterly average AUM rose 4% to ₹1.24 lakh crore. Its board approved an interim dividend of ₹2 per share.
Canara HSBC Life Insurance reported a 5.5% increase in net profit to ₹43.1 crore and 13% growth in net premium earned to ₹2,553.2 crore. Value of new business rose 24% to ₹266 crore in H1 FY27.
These companies offer three different signals: growth alongside pressure on lending spreads, profit growth amid softer point-in-time AUM, and improving new-business value in insurance.
Order Wins: KEC International, Bajel Projects and Others
KEC International secured transmission and distribution orders worth ₹1,014 crore in India, taking year-to-date order intake beyond ₹9,600 crore. The new awards strengthen the order pipeline, although execution speed and working-capital needs remain important considerations.
Bajel Projects won an EPC contract for 220 kV gas-insulated switchgear substations at Salsette and Powai in Mumbai. The company classifies this as a major order, with an estimated value of ₹200 crore to ₹300 crore.
Ashoka Buildcon received a ₹290.23 crore Letter of Acceptance from North Eastern Railway for traction substation projects, with a 24-month completion period. It also redeemed ₹100 crore of commercial paper at maturity on October 7.
Viviana Power Tech secured turnkey contracts worth ₹466.74 crore from Madhya Gujarat Vij Company for power distribution network upgrades.
Hazoor Multi Projects won NHAI user-fee collection contracts in Karnataka worth ₹77.60 crore. Despite the order win, the stock fell 4.69% on Friday in the prices reported by ScanX, illustrating that a new contract does not automatically produce a positive share-price reaction.
The market’s response to these order announcements will depend on contract execution, profitability and the quality of the additional business.
Other Stocks on the Radar
Kalpataru: Q2 pre-sales declined 5% year on year to ₹1,258 crore, while collections remained broadly flat at ₹1,189 crore. The company launched Kalpataru Elara, a residential project in Goregaon, Mumbai.
Ajmera Realty: Carpet area sold declined 68% year on year to 72,883 square feet, sales value fell 69% to ₹224 crore and collections dropped 14% to ₹190 crore. Sequentially, however, all three measures improved by 67%, 54% and 10%, respectively. The quarter-on-quarter recovery is encouraging but does not yet establish a year-on-year turnaround.
Waterways Leisure Tourism: The recently listed company reported net profit of ₹54.4 crore against ₹30.9 crore a year earlier. Revenue rose 30.9% to ₹133 crore, and EBITDA turned positive at ₹9.7 crore compared with a loss of ₹6.5 crore.
Blue Dart Express: The company signed an MoU with India Post aimed at extending parcel delivery coverage into Tier III and Tier IV towns. The financial contribution will depend on implementation, delivery volumes and commercial terms.
Bata India: Vice President Ashish Arora resigned to pursue other opportunities, with October 16 set as his last working day.
Bhansali Engineering Polymers: The company commissioned a 1,300 kW solar plant at its Satnoor unit, with capital expenditure of ₹642 lakh.
Shilpa Medicare: The company received European GMP certification from AGES Austria for its Jadcherla Unit 4. The approval adds a regulatory development for its manufacturing and export operations.
Shareholder lock-in periods are also scheduled to end on October 12 for Kanohar Electricals, Prasol Chemicals, Glass Wall Systems, Pranav Constructions, Laser Power & Infra and Kusumgar. Laser Power & Infra and Kusumgar have three-month lock-ins ending, while the others have one-month lock-ins. The end of a lock-in permits eligible shares to become tradable; it does not mean those shares will automatically be sold.
Q2 Results Today: HCLTech and Other Companies
HCLTech is scheduled to announce results after market hours on October 12. Other companies listed on the day’s results calendar include RBL Bank, Swan Defence and Heavy Industries, Gujarat State Fertilizers & Chemicals and Swaraj Engines.
HDFC Bank and Axis Bank are scheduled to report on October 17, while Infosys is scheduled for October 23.
Result dates can change, so investors should confirm the latest exchange announcements before relying on the calendar.
What Could Decide Whether the Rebound Continues?
Monday’s setup has three key tests.
First, the Nifty needs follow-through beyond Friday’s recovery. The 22,600 level is a useful technical reference, but a sustained move would need support from price action and improving risk sentiment rather than a single positive opening.
Second, earnings need to demonstrate quality as well as growth. HCLTech’s guidance will show whether its growth outlook improves organically or relies heavily on acquisitions. DMart’s margin contraction highlights the risk that sales growth may not translate into equivalent profit growth.
Third, the RBI’s latest interventions may curb some immediate dollar demand, but their effectiveness will depend on how companies and banks adjust to the new restrictions. Oil prices, foreign investor flows and liquidity conditions remain important variables.
Investors should therefore distinguish between a market rebound and confirmation of a sustained recovery. Corporate earnings and fresh orders provide individual catalysts, but the broader trend still faces currency, liquidity and valuation risks.
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FAQ
1. Which stocks are in focus today, October 12, 2026?
HCLTech, DMart, Adani Green Energy, PTC Industries, Poonawalla Fincorp, Anand Rathi Wealth, Can Fin Homes, KEC International and Bajel Projects are among the stocks with earnings or company-specific developments to monitor.
2. Why is HCLTech important for Monday’s market?
Its Q2 FY27 results and FY27 outlook could influence sentiment towards IT stocks. Investors will focus on organic growth, acquisition contributions, deal wins and operating margins.
3. Has the RBI increased the CRR rate to 99%?
No. The RBI has increased the minimum daily CRR maintenance requirement from 90% to 99% of the prescribed requirement. The CRR rate itself remains 3%.
4. Why is DMart’s margin performance important?
Its consolidated revenue rose 17.8%, while profit increased 8.5%. The narrower EBITDA margin indicates that higher sales are not translating into equivalent growth in operating profitability.
Disclaimer: This article is for information and educational purposes only and does not constitute investment advice or a recommendation to transact in any security. Figures are based on company disclosures, exchange information and cited reporting and may be revised. Investments in securities markets are subject to market risks. Readers should verify the relevant filings and consult a SEBI-registered investment adviser before making investment decisions.
