Q2 Results Live Updates: Tech Mahindra likely to see marginal revenue growth this quarter, margins set to expand

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Tech Mahindra Q2 Results Live Updates

Q2 Results Today Live: Tech Mahindra is set to announce its earnings for the September quarter of this year, with analysts watching out for any commentary on revenue and margin outlook beyond FY27.

Investors await the Q2 earnings announcement from Tech Mahindra, with focus set on FY27 growth and margins, macroeconomic impacts, furloughs, business outlook, vertical demand, deal momentum, AI-driven revenue compression, pricing trends, hiring strategy, and partnerships across the AI ecosystem.

Wipro releases its earnings for the September quarter of this year, reporting a 4.5% quarter-on-quarter decline in its Q2 profit to Rs 3,201 crore from Rs 3,352 crore in the previous quarter of this year. The revenue for this quarter rises to Rs 24,753 crore, as compared to Rs Rs 24,479 crore in the last quarter.

Wipro Q2 earnings highlights:

Wipro Q2 earnings highlights:

1 New Update

The brokerage expects Tech Mahindra to report 1.2% QoQ constant-currency revenue growth, driven by the retail and healthcare verticals. Margins are expected to remain flat QoQ, impacted by wage hikes. Deal wins are anticipated to be in the range of USD 800 million to USD 1 billion during the quarter.

According to Nuvama, Tech Mahindra is expected to report 1.6% QoQ constant-currency revenue growth and 1.5% QoQ growth in USD, led by telecom. Growth is expected despite a 1.3% headwind from exceptional revenue in the previous quarter, partly offset by the Orange deal. Margins are projected to expand 10 bps QoQ despite wage hikes, with management likely to maintain its FY27 margin guidance of 15%. Commentary on revenue growth and margin outlook beyond FY27 will be a key monitorable.

Motilal Oswal has assigned a 'Buy' rating on Tech Mahindra, with a target price of Rs 1,860, implying an upside of 22%.

The brokerage expects revenue to grow ~1.7% QoQ CC (~1.3% organic), led by the continued ramp-up of large deals and normalization of the Comviva seasonality. The Avant Techno Solutions acquisition will contribute two months of revenue.

Emkay has assigned a 'Reduce' rating on Tech Mahindra, with a target price of Rs 1,450, implying a downside of 5%.

• Consolidated AUM grew to Rs 1,24,268 crore, up 8% QoQ and 38% YoY.
• Profit after tax (pre-NCI) stood at Rs 805 crore, up 13% QoQ and 93% YoY.
• Gross NPA stood at 1.5%, down 7 bps QoQ.
• Net NPA stood at 0.9%, up 5 bps QoQ.
• Provision Coverage Ratio stood at 91%.
• Book value stood at Rs 351.5.
• ROA stood at 3.1% and ROE at 20.1% (annualised for H1FY27).
• Strong liquidity position of Rs 13,805 crore.
• Consolidated CRAR stood at 23.5%.

• Profit at Rs 495.15 crore vs Rs 471.47 crore, up 5% YoY
• Revenue at Rs 4,663.9 crore vs Rs 3,580.72 crore, up 30.3% YoY

A leading global life sciences company has selected Wipro to establish an AI-poweredsupply chain intelligence platform to improve the speed, consistency, and quality ofcritical decisions.

A leading North American financial services institution is modernizing its tradeexception management capability with Capco, a Wipro company, to create a singleview of trade, settlement, and position exceptions across the enterprise.

The brokerage expects USD revenue to grow 1.4% QoQ, led by contribution of Orange deal and after factoring in 20bps cross currency headwinds. It expects EBIT margin to decline by 20bps sequentially on the back of partial wage hike.

A major energy company in the Middle East has selected Wipro to transform itsprocurement and finance operations through an AI-led operating model. LeveragingWipro Intelligence™, Wipro will automate procurement workflows, supplierinteractions, invoice management, and exception resolution. This will enable a moreefficient, scalable and insight-driven enterprise operations function.

A leading Asia-based Fortune 500 conglomerate selected Wipro to establish an AIGlobal Capability Center (GCC) as part of its enterprise AI transformation agenda. Theengagement combines AI engineering talent, governance, innovation programs, andcapability building to accelerate the development of AI-powered products andplatforms while creating a scalable operating model for long-term growth.

One of the largest US-based banking institutions has selected Wipro to modernize itsmortgage operations through Wipro's lending platform NetOxygen. Powered by WiproIntelligence™, the platform will be implemented to simplify lending processes,automate key tasks, and provide actionable insights to support faster and moreinformed decision-making

- Aparna Iyer, Chief Financial Officer, Wipro

- Srini Pallia, CEO and Managing Director, Wipro

The company expects revenue from its IT Services business segment to be in the range of $2,571 millionto $2,625 million. This translates to sequential guidance of (-)1.5% to (+)0.5% in constantcurrency terms.

• 3QFY27 revenue growth guidance of -2% to 0%.
• Furlough impact, discretionary spending recovery and 2H growth outlook.
• AI-driven revenue deflation risks and emerging growth opportunities.
• Deal intake, pipeline trends and client-specific challenges.
• Vendor consolidation, cost takeouts and spending mix shifts.
• Demand trends across BFSI, Consumer, Communications, Technology, Manufacturing, Healthcare and E&U.
• Capco and consulting business growth momentum.
• Pricing pressure in new and renewal deals.
• Talent strategy, hiring plans and AI adoption.
• Capital allocation priorities.

• Company declares interim divided of Rs 1.15/share.
• Revenue at Rs 7,866 crore vs Rs 6372 crore, up 23.4% YoY
• Profit at Rs 1,958 crore vs Rs 1,777 crore

• Profit at Rs 31 crore vs Rs 51 crore, down 39.2% YoY
• Revenue at Rs 1,320 crore vs Rs 1,113 crore, up 18.6% YoY

Shares of Tata Communications gained over 7% to Rs 1,781.5 apiece on the BSE after the company reported a 86.3% YoY surge in its Q2 net profit to Rs 341 crore.

Price as on 03.05.37 PM, Click on company names for their live prices.

Shares of HDFC AMC rose over 5% to Rs 2,409 apiece on the BSE after the company reported a 4% year-on-year jump in its Q2 profit to Rs 749 crore.

Price as on 03.01.11 PM, Click on company names for their live prices.

• Profit at Rs 749 crore vs Rs 718 crore, up 4.3% YoY
• Revenue at Rs 1,168.93 crore vs Rs 1,026.04 crore
• EBITDA at Rs 930 crore vs Rs 800 crore, up 13.9% YoY

• We expect Tech Mahindra's Q2 revenue to grow 1.5% QoQ in constant currency (cc) terms, aided by large deal ramp-ups and inorganic contributions.
• EBIT margins are expected to expand 30 bps QoQ, driven by currency benefits and cost efficiencies from management initiatives, partly offset by wage hikes affecting 75-80% of employees during the quarter.
• Deal wins are expected to range between US$0.8 billion and US$1 billion, in the absence of any mega deals. A forex loss of around US$22-23 million is expected to weigh on PBT margins.
• Key focus areas include the company's three-year plan, growth in the communications and BFSI verticals, and the outlook for further margin improvement.

• We expect Wipro's IT services revenue to decline 1.4% QoQ in constant currency (cc) terms, near the lower end of its guidance range of -1.5% to +0.5%, which includes an approximately 50-basis-point inorganic contribution from Mindsprint. EBIT margin is expected to expand 25 bps QoQ.
• For Q3FY27, we expect Wipro to guide for organic revenue growth of -1.5% to +0.5% QoQ in cc terms as mega deals ramp up.
• Key focus areas include organic revenue growth guidance, the demand outlook, deal bookings, the ramp-up schedule of large deals, discretionary spending trends, and commentary on AI adoption.

• Consolidated net profit rose 86.3% YoY to Rs 341 crore vs Rs 183 crore.
• Revenue from operations increased 9.6% YoY to Rs 6,688 crore vs Rs 6,100 crore.

Revenue is forecast to grow 1.6% sequentially, supported by the contribution from the Orange deal and the ramp-up of large deals won in the previous quarter. This growth is expected to be partly offset by lower revenue from Pininfarina following the completion of a large programme in the June quarter.

EBIT margins are expected to remain stable, as benefits from rupee depreciation and operational efficiencies are offset by an estimated 80-basis-point impact from wage revisions. The company is also projected to report a forex loss of $25 million during the quarter.

Net new deal wins are estimated at around $0.9 billion, lower than the levels recorded in each of the preceding three quarters but representing healthy year-on-year growth of 10%.

Investors are likely to focus on the company’s capital allocation priorities, particularly whether it will pursue further margin expansion or reinvest to accelerate revenue growth. Other key monitorables include the long-term growth outlook for the telecom vertical following an expected revival in FY27, efforts to strengthen its positioning in AI, and the extent of pricing pressure in renewal deals and rising client demands for productivity gains.

Price as on 02.25.46 PM, Click on company names for their live prices.

• The company declared the first interim dividend for the financial year 2026-2027 of Rs. 6.50/- per equity share (i.e. 650%) on the fully paid-up equity shares of the face value of Re. 1/- per share.
• It fixed Thursday, October 22, 2026, as the Record Date towards payment of first Interim Dividend. The said Interim Dividend will be paid on or before November 12, 2026.

• Revenue at Rs 581 crore vs Rs 614 crore, down 5.6%
• Profit at Rs 69 crore vs Rs 93 crore, down 26.6%
• EBITDA at Rs 90.1 crore vs Rs 138.3 crore, down 34.8
• EBITDA Margin at 15.5% vs 22.5%

• Profit at Rs 66 crore vs Rs 53 crore, up 24.5% YoY
• EBITDA at Rs 68 crore vs Rs 85 crore, down 25.7% YoY
• EBITDA Margin at 70.9% vs 76% YoY

Wipro’s revenue is forecast to decline 1% sequentially, including an estimated 80-basis-point contribution from the AlphaNet acquisition and the full-quarter consolidation of Mindsprint. Excluding acquisitions, organic revenue is expected to fall 1.8%, reflecting a weak macroeconomic environment, pricing pressure and market share losses.

Margins are expected to remain stable sequentially but decline year-on-year due to subdued growth and upfront costs associated with lower-margin deals. Revenue guidance for the December quarter is projected at -2% to 0%, amid continued external weakness, AI-led deflationary pressures and seasonal softness.

Investors are likely to focus on Wipro’s AI strategy and efforts to offset deflationary pressures, pricing trends in renewal deals, the timeline for growth recovery relative to peers, its global capability centre (GCC) expansion strategy, and integration plans and synergies from recent acquisitions.

• Profit at Rs 426 crore vs Rs 351 crore, up 21.4% YoY
• NII at Rs 1,116 crore vs Rs 809 crore, up 37.9% YoY

• Operating profit at Rs 1,782 crore vs Rs 1,613 crore, up 16.1% YoY
• NII at Rs 2,886 crore vs Rs 2,983 crore, up 13.9% YoY
• Gross NPA at 1.96% vs 2.08% QoQ

Estimate TECHM to report 1.5% cc QoQ growth. -20bps cross-currency impact translates to 1.3% USD growth.
• Inorganic contribution likely at 15–20bps in the quarter.
• Growth will be led by recently won telecom deals.
• We expect margin to expand 20bps in Q2 despite wage hikes largely due to Project Fortius. Tailwinds – Project Fortius. Headwinds – wage hikes, investments in business.
• Expect deal wins at USD 800m to USD 1bn.

• Expect deal wins at USD 800m to USD 1bn.

• Profit at Rs 977 crore vs Rs 685 crore, up 42.6% YoY
• Revenue at Rs 9,899 crore vs Rs 6,477, up 52.8%
• EBITDA at Rs 1,423 crore vs Rs 1,020, up 39.5%
• EBITDA Margin at 14.4% vs 15.8%

• Profit at Rs 3,462 crore vs Rs 3,018 crore, up 14.7% YoY
• NII at Rs 7,719 crore vs Rs 6,551 crore, up 17.8% YoY
• Operating profit at Rs 7,090 crore vs Rs 4,837 crore, up 46.6% YoY
• Net NPA at 0.14% vs 0.15% QoQ

• Total Sales of INR 6,782.2 crore
• Total Sales Growth at 20.5%, Domestic Sales Growth at 20.4%
• EBITDA margin of 23.8%
• Profit After Tax stood at INR 1,026.8 crore, up 36.3% over the corresponding quarter
• Earnings Per Share of INR 5.32

Building on the success of NestMitrafor retailers, the company is now putting data-enabled digital tools directly into the hands of our sales teams,enabling faster decisions and sharper market execution. The sales officer app equips hundreds of salesofficers with near real-time market insights, helping them identify opportunities and improve engagement.

Prepared Dishes and Cooking Aids product group delivered strong growth. Maggi noodles continuedto expand through rural penetration, while Maggi Masala-ae-Magic continued to focus on drivinghousehold penetration by unlocking regional top dish usage across the country.

Confectionery product group recorded another strong quarter of volume led double-digit growth, drivenby continued market share gains in Kitkat and sustained momentum across Munch andMilkybar.

Pet Food business delivered strong double-digit growth, supported by sharper consumer engagement ondigital platforms and focused route to market. We continued to strengthen our presence in the cat food.

• E-commerce growth was driven by continued momentum in quick commerce, supported by better product availability, channel-specific assortments and pack sizes, stronger digital shelf execution and targeted shopper engagement.
• Organised trade also recorded strong growth across key categories, aided by better in-store execution, consumer activations, improved shelf visibility and continued expansion of the store network.
• The out-of-home business grew on the back of customer retention and acquisition, innovation and premiumisation.
• Exports sustained strong double-digit growth, driven by portfolio expansion and market development.

Estimate WPRO to report -0.5% cc QoQ growth. -10bps cross-currency impact translates to -0.6% USD growth.
• Inorganic contribution of ~80bps is expected in the quarter from Mindsprint (40bps) and Alphanet (40bps).
• We expect gradual improvement in margin given wage hikes are behind. Tailwinds – operational efficiencies. Headwind –
investments in business, acquisitions.
• We expect TCV to be in line with that in the past quarters and expect cc guidance for Q3FY27 at -1.5% to +0.5%.

investments in business, acquisitions.

According to Nestle, coffee and wheat are expected to remain range-bound, while sugar and edible oils have stabilized at elevated levels. Cocoa remains volatile due to weather-driven crop concerns in key origins. Milk prices have strengthened seasonally but should ease as flush supplies arrive.

"We remain focused on navigating these external challenges through continuous innovation and renovation, sustained investments behind our brands, and an intensified focus on productivity and operational efficiencies to mitigate commodity cost pressures,” the company said.

Growth was driven by robust, double digit volume growth, says the Nestle CMD.

The Nestle CMD said that the company saw doubles digit volume growth in this quarter, highlighting the strong and broad based growth across all products.

Nestle falls over 6% to Rs 1,302.55 on the BSE after the company reported a 36% year-on-year jump in its Q2 standalone profit to Rs 1,027 crore.

Price as on 12.33.09 PM, Click on company names for their live prices.

• Profit at Rs 1,027 crore vs Rs 753 crore, up 36.4% YoY
• Revenue at Rs 6,788 crore vs Rs 5,644 crore, up 20% YoY

Nestle India is expected to report another strong quarter, with revenue growth of around 20%, driven by healthy volume growth and sustained demand across key categories. Confectionery and beverages are likely to lead the performance, supported by premiumisation and expanding quick-commerce channels. Cost efficiencies and operating leverage are expected to support margin expansion despite inflationary pressures on input costs. Investors will track urban and rural demand trends, raw material prices and competitive intensity.

Jefferies expects Wipro to guide for organic revenue growth of -1.5% to 0.5% in the December quarter, as large deal ramp-ups provide some support. JM Financial also projects Q3 constant-currency revenue growth guidance in the range of -1.5% to 0.5%.

The Street’s biggest focus will be Wipro’s guidance for the December quarter, which is usually seasonally weak due to furloughs. Most brokerages expect weak guidance for Q3. Investors will closely track Wipro’s guidance for the December quarter, which is typically seasonally weak due

Margins are expected to improve sequentially, supported by operational efficiencies, favourable currency movements and the reversal of wage-hike-related costs. However, analysts expect the recovery to remain modest as Wipro continues to invest in AI-native businesses and platforms, while managing the costs associated with large deal transitions.

Brokerages expect Wipro’s IT services revenue to decline by 0.5% to 1.4% sequentially in constant currency terms, despite contributions from acquisitions such as Mindsprint and AlphaNet.

Wipro is likely to report subdued earnings growth for the September quarter, with investors expected to focus on its December-quarter outlook, the pace of deal ramp-ups and the impact of AI-led disruption on revenue growth. The IT services major is estimated to post around 9% year-on-year (YoY) revenue growth and a 2% increase in profit, based on the average estimates of seven brokerages.