Q2 FY27 Results on Oct 22: Adani Energy +145%, HPCL Falls 6%, Swiggy Loss Widens

Around 60 companies declared their September-quarter (Q2 FY27) results on Thursday, October 22, 2026, making it one of the busiest single results days of the earnings season. Energy was the standout — Adani Energy Solutions posted its strongest quarter on record — while fuel retailer HPCL's profit slipped despite record refining margins, and Swiggy's quarterly loss came in bigger than expected.

Q2 FY27 results on Oct 22: key highlights at a glance

Company	Revenue	Net profit/loss	Key takeaway
Adani Energy Solutions	₹10,239 cr (+51%)	₹1,364 cr (+145%)	Record quarter; ₹87,000 cr order book
HPCL	~₹1.4 lakh cr (+26%)	₹3,625 cr (−6%)	Refining margin gains offset by fuel-sale losses
Swiggy	₹7,909 cr (+33.8%)	Bigger-than-expected loss	Food delivery record profit; Instamart drags
Havells India	₹6,432 cr (+34.6%)	₹349.2 cr (+9.7%)	Strong revenue; expenses up too
Colgate-Palmolive India	₹1,692 cr (+12.2%)	₹342 cr (+4.3%)	₹24 interim dividend declared
Adani Total Gas	₹2,102 cr (+34%)	₹167 cr (+3%)	CNG volumes up 17%
Nuvoco Vistas	₹2,790 cr (+13.5%)	₹64.5 cr (+78%)	Nirma cement arm rebounds
Hatsun Agro	₹2,902 cr (+19.4%)	₹115.7 cr (+5.6%)	Dairy sales strong
Cyient	₹2,235 cr (+15.7%)	₹121.4 cr (down YoY)	₹12 interim dividend; CSSPL buyout

Adani Energy Solutions: profit surges 145% to ₹1,364 crore

Adani Energy Solutions reported its strongest quarterly performance on record. Consolidated profit after tax jumped 145% year-on-year to ₹1,364 crore from ₹557 crore in Q2 FY26, EBITDA rose 67% to ₹3,548 crore, and total income climbed 51% to an all-time high of ₹10,239 crore.

• The Energy Solutions Platform posted operating EBITDA of ₹803 crore in Q2 versus just ₹11 crore a year earlier.
• Signed a 25-year power purchase agreement with MSEDCL for 2,500 MW of round-the-clock power supply.
• Active order book stands at about ₹87,000 crore after winning the Vizag and Satara transmission projects; near-term tendering opportunity is around ₹1.4 lakh crore.
• 14.8 million cumulative smart meter installations; transmission capex in H1 FY27 rose 1.7 times to ₹5,542 crore.
• Raised ₹3,500 crore through a Qualified Institutional Placement during the period.
• H1 FY27: EBITDA crossed ₹6,726 crore (+62%), PAT stood at ₹2,600 crore (+137%).

HPCL: profit falls 6% as fuel-sale losses offset refining gains

State-run Hindustan Petroleum Corporation reported a 6% year-on-year decline in consolidated net profit to ₹3,625.22 crore in Q2 FY27, from ₹3,859.30 crore a year ago. The company said losses on the sale of petrol, diesel and LPG wiped out bumper gains from higher refining margins. The result marks a recovery from the ₹12,264.67 crore net loss HPCL had posted in the preceding April–June quarter.

Swiggy: quarterly loss bigger than expected; shares tumble 5%

Swiggy's quarterly loss came in larger than analysts expected, sending the stock down about 5% on October 23. The headline numbers:

• Revenue grew 33.8% year-on-year to ₹7,909 crore.
• Food delivery recorded its highest-ever adjusted EBITDA of ₹341 crore (up ₹101 crore YoY) at 3.4% of gross order value; food-delivery GOV grew 17.7% to ₹10,054 crore, with September alone up over 20%.
• Monthly transacting users rose 15.2% to 19.8 million.
• Quick commerce remained the drag: Instamart's net order value grew 13.4% quarter-on-quarter to ₹6,954 crore and the company added 69 dark stores (1,240 total), but the segment posted an adjusted EBITDA loss of ₹895 crore at a −9.7% margin.
• Out-of-home consumption (Dineout) grew 34.9% to ₹1,508 crore — its seventh straight profitable quarter.
• MD and CEO Sriharsha Majety said the company obtained approvals to qualify as an Indian-owned and controlled company — a milestone for the quick-commerce business.

Havells, Colgate, Adani Total Gas: steady consumer demand

• Havells India: consolidated net profit rose 9.72% to ₹349.22 crore on revenue of ₹6,432 crore (+34.57%). Total expenses also rose 34.47% to ₹5,991.98 crore — margin compression is the watch point.
• Colgate-Palmolive India: net sales grew 12.2% to ₹1,691.57 crore, net profit rose 4.3% to ₹341.6 crore, and the board declared a first interim dividend of ₹24 per share (₹653 crore total; record date November 2, 2026, payable from November 19). Gross margin expanded 40 bps to 69.6%.
• Adani Total Gas: net profit rose 3% to ₹167 crore as higher CNG (+17%) and PNG (+3%) volumes offset a spike in natural-gas costs; revenue jumped 34% to ₹2,102 crore.
• Nuvoco Vistas (Nirma's cement arm): profit up 78% to ₹64.5 crore on revenue of ₹2,790 crore (+13.5%).
• Hatsun Agro: profit up 5.61% to ₹115.69 crore on total income of ₹2,902.49 crore (+19.35%).

Cyient: ₹12 interim dividend, buys out CSSPL

Cyient's board approved an interim dividend of ₹12 per share (240% on the ₹5 face value; total payout ₹125.7 crore) and the acquisition of the remaining 49% stake in Cyient Solutions and Systems Private Limited, making it a wholly owned subsidiary. Consolidated revenue was ₹2,235 crore, up 15.7% YoY, while net profit attributable to shareholders was ₹121.4 crore, down from ₹127.5 crore a year earlier.

Jindal Stainless merges four subsidiaries

Jindal Stainless approved a scheme of amalgamation to merge four wholly owned subsidiaries — Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel — into itself, with April 1, 2027 as the appointed date. The move aims to simplify the group structure and cut administrative costs; it needs shareholder, creditor and NCLT Chandigarh approvals.

Market backdrop: Nifty slipped on results day

The Nifty 50 closed at 22,687.65 on October 22, down 0.54%, as weak global cues and profit-taking overshadowed the strong earnings. On Friday morning, October 23, benchmarks opened higher led by IT stocks — TCS, Infosys, HCLTech, Tech Mahindra and Wipro — with the Nifty IT index up nearly 3%, though Brent crude at about $114 a barrel and continued FII selling kept sentiment cautious. On Thursday, FIIs were net sellers of ₹3,459 crore of equities while DIIs bought ₹2,891 crore.

What to watch next: HUL, ITC, Britannia, Nestlé

The earnings season is just getting into the big names. HUL, ITC, Britannia and Nestlé India are expected to report results on October 23–24 — FMCG margins will be the key watch point after the mixed picture from Colgate and Havells. Dr Reddy's Laboratories is also on the radar, with analysts expecting US pricing pressure to weigh on its Q2 margins.

Results-season coverage so far on IPOlist.in:

• Bajaj Finance Q2 FY27: profit jumps 29% to ₹6,367 crore
• Bank Q2 FY27 results: ICICI +20%, Axis +38%, HDFC +5%
• Tech Mahindra Q2 FY27: profit jumps 33%, 1:1 bonus declared

Frequently asked questions

Which companies reported Q2 FY27 results on October 22, 2026?

Around 60 companies reported, including Adani Energy Solutions, HPCL, Swiggy, Havells India, Colgate-Palmolive India, Adani Total Gas, Nuvoco Vistas, Hatsun Agro, Cyient, Jindal Stainless, CPCL, Rallis India, Orient Cement and Nippon Life India AMC.

How much did Adani Energy Solutions' profit grow in Q2 FY27?

Consolidated PAT rose 145% year-on-year to ₹1,364 crore in Q2 FY27, on total income of ₹10,239 crore (+51%) and EBITDA of ₹3,548 crore (+67%).

Why did HPCL's profit fall in Q2 FY27?

HPCL's consolidated net profit fell 6% to ₹3,625 crore because losses on the sale of petrol, diesel and LPG offset bumper refining-margin gains.

Which companies report results next, on October 23–24?

HUL, ITC, Britannia and Nestlé India are expected to report on October 23–24, 2026.

What dividend did Colgate declare in Q2 FY27?

Colgate-Palmolive India declared a first interim dividend of ₹24 per equity share for FY2026-27 (record date November 2, 2026, payment from November 19).

Conclusion

October 22's results day summed up the season so far: infrastructure-linked earnings are powering ahead (Adani Energy's record quarter, Nuvoco's rebound), consumer staples are growing on the top line but leaking margin (Havells, Colgate), and platform businesses are still in the investment phase (Swiggy's narrowing-but-still-heavy quick-commerce losses). With HUL, ITC, Britannia and Nestlé reporting on October 23–24, the FMCG margin story will decide the next leg of the earnings narrative.

Disclaimer: this article is for information only and is not investment advice. Do your own research before investing.

Sources: exchange filings reported by PTI via The Hindu BusinessLine's Q2 results live blog (October 22, 2026); Adani Energy Solutions' official Q2 FY27 earnings release; company press statements.