HPCL and Swiggy are approaching results-related board meetings, while Eternal has reported strong year-on-year profit growth and BEL has secured a ₹770-crore defence contract. Reliance Industries’ credit-rating reaffirmation and updates from Alkem Labs and GMDC round out Thursday’s watchlist.
Indian stocks to watch on Thursday, October 22, include HPCL, Swiggy, Eternal, Bharat Electronics (BEL), Reliance Industries, Alkem Laboratories and Gujarat Mineral Development Corporation (GMDC). The developments range from upcoming quarterly results to a defence contract, a credit-rating reaffirmation and management appointments.
The biggest immediate uncertainty is around earnings. HPCL and Swiggy have scheduled results-related board meetings, but their September-quarter figures should be added only after the companies publish their official filings. Eternal’s results and BEL’s defence contract, by contrast, are established developments that investors can assess ahead of the trading session.
The distinction matters because a scheduled event or positive announcement does not guarantee a favourable share-price reaction.
HPCL: Q2 results are the key near-term catalyst
Hindustan Petroleum Corporation is in focus ahead of its October 22 board meeting to consider unaudited financial results for the quarter and half-year ended September 30, 2026. Its earnings conference call is scheduled for October 23 at 11 AM IST.
Investors will look for signs of recovery following the company’s substantial June-quarter loss. Refining performance, fuel-marketing margins and inventory movements could influence the September-quarter outcome.
Analyst estimates have pointed to sharply different possible outcomes, ranging from a narrower loss to a return to profitability. These forecasts are not company-reported results, and the wide gap highlights the uncertainty surrounding the earnings outlook.
The official filing will determine whether HPCL has delivered an improvement and how much of any recovery reflects sustainable operating performance.
What to watch: The actual Q2 results, refining and marketing margins, and management’s commentary on the outlook.
Swiggy: Results announcement remains the next event to track
Swiggy’s board is scheduled to consider unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026, on October 22. The company has also scheduled an earnings call for 5 PM IST.
The meeting notice confirms the planned event; it does not establish that the financial results have already been published.
Investors will be looking for the latest revenue growth, operating losses or profitability, and performance across food delivery and quick commerce. The cost of expansion and the sustainability of business economics will be important alongside headline growth.
What to watch: Swiggy’s exchange-filed results and accompanying shareholder communication. No unconfirmed September-quarter figures should be presented as actual results.
Eternal: Q2 profit nearly doubles year on year
Eternal, the parent company of Zomato and Blinkit, reported a consolidated net profit of ₹125 crore for Q2 FY27, compared with ₹65 crore in the year-ago quarter. That represents growth of approximately 92.3%.
Revenue increased 77.6% to ₹24,138 crore from ₹13,590 crore. The results indicate strong year-on-year growth, but the next question is whether the company can sustain that growth while improving operating economics.
Food delivery and quick commerce remain competitive businesses in which revenue expansion can come with significant fulfilment, promotional and infrastructure costs. Investors should therefore assess segment performance and profitability rather than treating revenue growth alone as proof of improving returns.
What to watch: The official results, segment-level performance and management’s commentary on profitability and expansion.
BEL: ₹770-crore radar contract signed with Defence Ministry
Bharat Electronics is in focus after the Ministry of Defence signed a contract worth approximately ₹770 crore on October 21 for Improved Low Level Light Weight Radar systems for the Indian Army.
The Ministry’s announcement says the systems can detect and track fighter-sized targets as well as mini and micro drones and can prioritise aerial targets. The procurement supports India’s domestic defence-manufacturing ecosystem.
The contract is a confirmed order-related development, but its value should not be treated as immediate revenue or profit. Financial contribution will depend on delivery schedules, execution, costs and the agreement’s terms.
What to watch: Subsequent disclosures on execution and the contract’s contribution to BEL’s order book.
Reliance Industries: ICRA reaffirms debt ratings
Reliance Industries is in focus after ICRA published a rating rationale dated October 21 covering the reaffirmation of its commercial paper and non-convertible debenture programme ratings, along with ratings assigned to bank loan facilities.
ICRA lists a long-term [ICRA]AAA (Stable) rating for non-convertible debentures and a short-term [ICRA]A1+ rating for commercial paper.
A rating reaffirmation reflects the agency’s assessment of the relevant debt instruments. It is not an equity recommendation or a guarantee of share-price performance.
What to watch: The complete rating rationale and the exchange filing for the precise instruments and amounts covered.
Alkem Laboratories: Senior management appointments
Alkem Laboratories appointed Laxmikant Tiwari and Nilesh Vartak to senior management positions, effective October 12, 2026, according to its signed exchange disclosure.
The filing describes Tiwari as a pharmaceutical operations executive with more than 27 years of experience and Vartak as a supply-chain leader with more than 24 years of experience across pharmaceutical, healthcare and consumer-goods sectors.
The appointments are a management update, not a quantified earnings catalyst. Without further operating guidance, their financial impact should not be assumed.
GMDC: Dividend cheque reported, official confirmation pending
Gujarat Mineral Development Corporation is also on the watchlist after secondary reports said the company presented a ₹223.55-crore dividend cheque to the Gujarat government for FY26.
Those reports describe the amount as the state’s share of a ₹9.50-per-share final dividend. However, the original GMDC announcement or exchange filing was not independently retrieved for this review.
The cheque presentation should therefore be attributed to media reports rather than presented as independently verified from a primary source. It also represents a payment-related update, not a newly declared dividend.
What investors should watch today
The key distinction across Thursday’s watchlist is between upcoming events and developments already announced.
- HPCL and Swiggy: Confirm the actual Q2 results before adding financial figures.
- Eternal: Assess the sustainability of its strong year-on-year growth and the quality of operating performance.
- BEL: Track the execution and eventual financial contribution of the ₹770-crore radar contract.
- Reliance Industries: Treat the rating reaffirmation as a debt-related development, not an equity price signal.
- Alkem Laboratories: Monitor the management appointments without assuming an immediate earnings impact.
- GMDC: Obtain the official source for the reported dividend cheque before presenting it as independently verified.
The Nifty 50 closed Wednesday at 22,811.35, down 77.60 points, or 0.34%. That is the previous session’s close, not a live Thursday market reading.
Bottom line: HPCL and Swiggy offer the most immediate results-related catalysts, while Eternal and BEL have the clearest reported growth and order-related developments. The key question for traders is whether upcoming earnings meet expectations and whether company-specific news can outweigh broader market pressure.
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Disclaimer: This article is for information and educational purposes only and is not investment advice. Earnings estimates and corporate announcements do not guarantee share-price gains. Verify official disclosures and assess your risk tolerance before making investment decisions.
