India April-June 2026 earnings: steelmakers double profit, pharma splits in two

Indian coverage has closed the April-June 2026 quarter. We went through 31 companies with a comparable base. Median revenue growth was 16% and net profit growth also 16%. India grows more evenly than the other markets we cover, but it is also the most expensive: a median 16.6x EBITDA against 8.1x in Australia and 5.5x in Indonesia.

- Steelmakers delivered the best result: JSW Steel doubled profit, Hindalco added 75%.

- Autos split internally: TVS Motor up 67% on profit, Maruti Suzuki down 9% despite 36% revenue growth.

- IT services, the largest group in the sample, moved steadily: revenue up 16%, profit up 12%.

- Pharma split in two: Dr. Reddy's lost 69% of profit and 11 points of margin, Cipla lost 39%.

- Reliance reported profit down 22%, but that is a base effect from a one-off a year ago; operating profit grew.

Technology and telecom

Coforge - revenue 55.3 bn rupees (+49%), EBITDA 10.3 (+80%), net profit 5.19 (+63%). Net margin 9%, +1pp; 33.0x ebitda; net cash.

Tech Mahindra - revenue 157 bn rupees (+18%), EBITDA 26.3 (+22%), net profit 14.7 (+28%). Net margin 9%, +1pp; 17.8x ebitda; net cash.

HCL Technologies - revenue 346 bn rupees (+14%), EBITDA 72.3 (+11%), net profit 46.2 (+20%). Net margin 13%, +1pp; 12.7x ebitda; net cash.

Persistent Systems - revenue 43.0 bn rupees (+29%), EBITDA 7.68 (+15%), net profit 4.83 (+14%). Net margin 11%, -2pp; 30.0x ebitda; net cash.

Mphasis - revenue 43.8 bn rupees (+18%), EBITDA 8.78 (+12%), net profit 4.90 (+11%). Net margin 11%, -1pp; 14.2x ebitda; net debt 0.2x.

Tata Consultancy Services - revenue 723 bn rupees (+14%), EBITDA 195 (+5%), net profit 133 (+5%). Net margin 18%, -2pp; 11.7x ebitda; net debt 0.1x.

Infosys - revenue 5082 mn dollars (+3%), EBITDA 1307 (+2%), net profit 819 (+1%). Net margin 16%; 9.1x ebitda; net cash.

Wipro - revenue 245 bn rupees (+11%), EBITDA 53.8 (+4%), net profit 33.5 (+1%). Net margin 14%, -1pp; 8.9x ebitda; net debt 0.4x.

Healthcare and pharma

Divi's Laboratories - revenue 30.8 bn rupees (+28%), net profit 9.02 (+66%). Net margin 29%, +7pp; net debt -0.0x.

Sun Pharmaceutical Industries - revenue 152 bn rupees (+10%), EBITDA 49.4 (+25%), net profit 28.9 (+27%). Net margin 19%, +3pp; 25.8x ebitda; net cash.

Aurobindo Pharma - revenue 91.1 bn rupees (+17%), EBITDA 21.0 (+23%), net profit 10.3 (+25%). Net margin 11%, +1pp; 13.1x ebitda; net debt 0.1x.

Lupin - revenue 82.2 bn rupees (+33%), EBITDA 24.9 (+38%), net profit 14.2 (+16%). Net margin 17%, -3pp; 14.0x ebitda; net debt 0.2x.

Cipla - revenue 70.8 bn rupees (+4%), EBITDA 14.0 (-31%), net profit 7.89 (-39%). Net margin 11%, -8pp; 17.5x ebitda; net cash.

Dr. Reddy's Laboratories - revenue 80.7 bn rupees (-6%), EBITDA 12.2 (-51%), net profit 4.43 (-69%). Net margin 6%, -11pp; 15.3x ebitda; net debt 0.7x.

Transport, autos and defence

Samvardhana Motherson International - revenue 349 bn rupees (+17%), EBITDA 33.5 (+33%), net profit 10.3 (+102%). Net margin 3%, +1pp; 13.9x ebitda; net debt 0.6x.

TVS Motor Company - revenue 163 bn rupees (+34%), EBITDA 25.0 (+36%), net profit 10.2 (+67%). Net margin 6%, +1pp; 30.6x ebitda; net debt 3.6x.

Eicher Motors - revenue 64.9 bn rupees (+31%), EBITDA 22.2 (+23%), net profit 14.6 (+21%). Net margin 22%, -2pp; 25.9x ebitda; net debt 0.0x.

Maruti Suzuki India - revenue 517 bn rupees (+36%), EBITDA 62.9 (-4%), net profit 34.5 (-9%). Net margin 7%, -3pp; 16.6x ebitda; net debt -0.0x.

Bharat Forge - revenue 46.4 bn rupees (+19%), net profit -0.90 (to a loss). Net margin -2%, -9pp; 46.5x ebitda; net debt 2.7x.

Consumer

Titan Company - revenue 208 bn rupees (+40%), EBITDA 30.4 (+57%), net profit 17.8 (+63%). Net margin 8%, +1pp; net debt 3.4x.

Avenue Supermarts (DMart) - revenue 188 bn rupees (+15%), EBITDA 15.3 (+16%), net profit 8.61 (+11%). Net margin 5%; 49.3x ebitda; net debt 0.0x.

Hindustan Unilever - revenue 172 bn rupees (+10%), EBITDA 40.6 (+9%), net profit 26.7 (-3%). Net margin 16%, -2pp; 27.4x ebitda; net cash.

ITC - revenue 190 bn rupees (-11%), EBITDA 63.3 (-16%), net profit 43.9 (-16%). Net margin 23%, -1pp; 11.5x ebitda; net debt 0.1x.

Banks and finance

HDFC Bank - revenue 817 bn rupees (-4%), net profit 192 (+18%). Net margin 24%, +5pp; 14.3x earnings.

ICICI Bank - revenue 384 bn rupees (+8%), net profit 154 (+14%). Net margin 40%, +2pp; 18.6x earnings.

State Bank of India - revenue 978 bn rupees (+10%), net profit 241 (+14%). Net margin 25%, +1pp; 11.3x earnings.

Metals and mining

JSW Steel - revenue 467 bn rupees (+10%), EBITDA 100 (+28%), net profit 46.5 (+113%). Net margin 10%, +5pp; 8.9x ebitda; net debt 1.7x.

Hindalco Industries - revenue 848 bn rupees (+32%), EBITDA 104 (+61%), net profit 70.1 (+75%). Net margin 8%, +2pp; 12.0x ebitda; net debt 3.2x.

Tata Steel - revenue 604 bn rupees (+14%), EBITDA 92.5 (+21%), net profit 23.2 (+12%). Net margin 4%; 8.3x ebitda; net debt 2.1x.

Oil and gas

Reliance Industries - revenue 3095 bn rupees (+27%), EBITDA 390 (-12%), net profit 209 (-22%). Net margin 7%, -4pp; 11.3x ebitda; net debt 1.4x.

Chemicals and materials

UltraTech Cement - revenue 246 bn rupees (+16%), EBITDA 51.3 (+13%), net profit 26.0 (+17%). Net margin 10%; 24.5x ebitda; net debt 1.5x.

What looks interesting

JSW Steel at 8.9x EBITDA with profit doubled, half the market median.

Hindalco Industries at 12.0x EBITDA, revenue up 32% and profit up 75%.

Coforge is the only IT services name that accelerated: revenue up 49%, profit up 63%.

Where there is nothing to look at yet

Dr. Reddy's and Cipla are not interesting until margins turn.

Bharat Forge trades at 46.5x EBITDA while its net margin contracted by 9 points.

Avenue Supermarts and Titan are quality businesses, but 49x and 62x EBITDA leave no cushion.