Indian stocks headed into October 23, 2026, with a crowded earnings calendar and several company-specific developments to assess. Swiggy’s September-quarter loss narrowed from a year earlier but widened sequentially, HPCL returned to quarterly profit, and eMudhra decided to exit its global SSL/TLS certificate business. The updates followed a third consecutive decline in equity benchmarks on October 22, when the Nifty 50 fell 124 points, or 0.54%, to 22,688.
Key Takeaways
- Swiggy and HPCL showed why quarterly and year-on-year earnings comparisons tell different stories.
- eMudhra’s planned SSL/TLS exit affects a business contributing about 1% of global revenue.
- Infosys, Adani Power, Shriram Finance and Tata Motors were among companies scheduled to report on October 23.
Table of Contents
- Indian stocks face mixed September-quarter results
- Revenue growth does not always lift margins
- eMudhra plans a limited-scope business withdrawal
- NLC proposals and other corporate actions
- October 23 results provide the next checkpoint
- Conclusion
Indian stocks face mixed September-quarter results
Swiggy reported a consolidated loss after tax of Rs 922 crore for the September quarter, compared with Rs 1,092 crore a year earlier. The loss nevertheless increased from Rs 792 crore in the June quarter, leaving the annual improvement alongside a sequential deterioration.
Hindustan Petroleum Corporation reported consolidated net profit of Rs 3,625.22 crore for the second quarter of FY27, reversing a Rs 12,264.67 crore loss in the preceding quarter. Profit remained 6.1% below the Rs 3,859 crore earned a year earlier, while revenue from operations rose 26.1% to Rs 1,39,140 crore.
CreditAccess Grameen reported its highest quarterly profit after tax at Rs 502 crore, up 298.7% year on year. Net interest income increased 31.3% to Rs 1,351 crore, and assets under management rose 19.5% to Rs 30,946 crore.
| Item | Details |
|---|---|
| Adani Energy Solutions | September-quarter consolidated net profit rose 148% year on year to Rs 1,323 crore; revenue increased 53% to Rs 10,076 crore. |
| Adani Total Gas | September-quarter consolidated net profit rose 2.2% to Rs 173.27 crore; revenue increased 33.8% to Rs 2,109.65 crore. |
| Jindal Stainless | September-quarter net profit rose 11.1% year on year to Rs 898 crore; shipments increased 2.5% to 664,378 tonnes. |
| Sagility India | September-quarter net profit rose 13.1% to Rs 284 crore; the board declared an FY27 interim dividend of Rs 0.15 per share. |
| Varvee Global | September-quarter net profit was Rs 6.78 crore, versus a Rs 6.56 crore June-quarter loss and Rs 10.21 crore profit a year earlier. |
Revenue growth does not always lift margins
Colgate-Palmolive India’s September-quarter revenue rose 12.2% year on year to Rs 1,705.7 crore, but EBITDA increased only 1.9% to Rs 474 crore. Its EBITDA margin narrowed to 28% from 31%, while net profit rose 4.1% to Rs 341.5 crore.
CIE Automotive India showed a similar divergence: revenue increased 11% to Rs 2,633 crore and net profit rose 14% to Rs 244 crore, but the EBITDA margin declined to 14.2% from 15%. Both companies therefore reported higher sales without preserving their year-earlier operating margins.
Cyient’s revenue increased 7.7% sequentially to Rs 2,235 crore, and net profit rose 22% to Rs 132.5 crore. Its EBIT margin reached 10.22%, compared with 9.01% a year earlier, and the company declared an interim dividend of Rs 12 per share.
eMudhra plans a limited-scope business withdrawal
eMudhra’s announced withdrawal from global SSL/TLS certificates follows rising compliance requirements, increasing costs and reduced business potential. The board’s October 22 decision concerns a segment contributing about 1% of global revenue, rather than the company’s broader digital-trust operations.
The company said it would work with browser programs and customers on a transition, including replacement certificates from partners at no cost to affected customers. Certificate-status and revocation services will continue until issued certificates expire or are replaced. Its digital-signature, eSign, enterprise PKI, identity and authentication businesses remain unaffected, eMudhra said.
NLC proposals and other corporate actions
NLC India signed memoranda of understanding with Odisha’s investment-promotion agency, IPICOL, on October 22 covering three proposed projects. These include exploring coal-gasification feasibility, a beach-sand mineral-processing facility with tentative investment of Rs 2,000 crore, and a 3,200 MW coal-based power plant with potential investment of Rs 35,000 crore. The agreements describe proposals, not completed investments or operating projects.
Century Extrusions approved the allotment of 3 crore partly paid-up rights shares at Rs 15 each, including a Rs 14 premium, on October 22.
Indo Borax & Chemicals amended its agreement concerning Kronox Lab Sciences. The sellers’ retained aggregate 9.95% shareholding will no longer be subject to lock-in restrictions, and Indo Borax will cease to hold a right of first refusal over that stake.
October 23 results provide the next checkpoint
Infosys, Adani Power, JSW Steel, Shriram Finance, Tata Motors and Torrent Pharmaceuticals were scheduled to announce September-quarter results on October 23. The calendar also included Bharat Petroleum, Dr Reddy’s Laboratories, Coforge, IndusInd Bank and Bank of India.
These scheduled announcements were still pending in the early October 23 update. They should be distinguished from the completed earnings releases and board decisions already disclosed.
Conclusion
The next scheduled checkpoint for Indian stocks was the October 23 earnings slate. The releases already available showed uneven profit trends, while eMudhra’s withdrawal and NLC India’s proposed projects required a clear distinction between announced plans and completed actions.
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This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
