The Indian stock market is poised for a day of active movement as several major companies are set to announce their Q1 FY26 earnings, while a host of others have already reported robust performance in the June quarter. The corporate earnings season has kicked off with optimism, showcasing strong growth momentum in sectors ranging from banking and cement to steel and financial services.
Companies like Eternal, IDBI Bank, UltraTech Cement, and PNB Housing Finance are in the spotlight today, as they prepare to disclose their financial results for the first quarter of FY26.
Here’s a round-up of the companies that have already declared their performance:
Reliance Industries (RIL): Strong Start to FY26
Reliance Industries Ltd (RIL) has reported a 76% year-on-year (YoY) increase in its consolidated net profit for Q1 FY26, rising to ₹26,994 crore. The company attributed this surge to robust performance across its energy and consumer-facing businesses, including digital and retail.
Analysts note that this performance indicates strong demand recovery, operational efficiency, and resilience in the group’s diversified portfolio. With new projects underway in green energy and retail expansion, Reliance is expected to maintain positive investor sentiment.
ICICI Bank: Stable Growth Continues
ICICI Bank delivered a healthy set of numbers, posting a 15.4% YoY growth in net profit, which rose to ₹12,768 crore. The bank’s Net Interest Income (NII) stood at ₹21,635 crore, up 10.6% YoY, driven by strong loan growth and stable asset quality.
The lender has continued to strengthen its digital banking initiatives while maintaining a conservative risk profile, contributing to a consistent upward trajectory in earnings.
HDFC Bank: Solid Numbers from India’s Largest Private Bank
HDFC Bank, the country’s largest private-sector lender, reported a 5.4% YoY rise in Net Interest Income, reaching ₹31,438 crore for the June quarter. While the growth rate is slightly moderate compared to peers, the bank remains on a firm footing with a strong balance sheet and deep rural reach post its merger with HDFC Ltd.
Yes Bank: Impressive Turnaround
Yes Bank surprised the street with a 59% YoY jump in standalone net profit, which rose to ₹801 crore in Q1 FY26 from ₹502 crore a year ago. The performance reflects improved credit underwriting, better recoveries, and cost rationalization. The bank’s asset quality metrics also showed improvement, boosting investor confidence.
RBL Bank: Mixed Results with Profit Decline
In contrast, RBL Bank reported a weak Q1, with Net Interest Income dropping by 13% YoY to ₹1,480.6 crore, and net profit plunging 46% to ₹200 crore. The decline was attributed to shrinking interest margins and elevated provisioning. The bank’s management, however, maintained that operational restructuring is underway and expects better outcomes in the coming quarters.
JSW Steel: Profit More Than Doubles
Steel major JSW Steel reported a sharp increase in Q1 net profit, which surged to ₹2,184 crore, up from ₹845 crore in the same quarter last year. The growth was driven by higher sales volumes, improved pricing environment, and better cost efficiencies.
The steel sector, backed by rising infrastructure demand and global commodity trends, continues to remain a focal point for investors.
JK Cement: Strong Volume-Led Growth
JK Cement posted stellar results for the June quarter, with net profit rising 75.5% YoY to ₹324.3 crore, while revenues grew by 19.4% to ₹3,352.5 crore. The performance was led by robust volume growth, better realizations, and strong demand in tier-2 and tier-3 markets.
Punjab & Sind Bank: Impressive Profit Surge
Punjab & Sind Bank recorded a 48% YoY increase in net profit, rising to ₹269 crore for the first quarter of FY26. The bank reported improved interest margins and better asset quality during the quarter, signaling a continued turnaround story in the public sector banking space.
Jio Financial Services–Allianz JV Announced
In a strategic move in the financial services domain, Jio Financial Services Limited (JFSL) has entered into a 50:50 domestic reinsurance joint venture with Allianz Group, via its wholly-owned subsidiary Allianz Europe B.V.. The agreement aims to tap into India’s rapidly growing insurance market, leveraging the distribution strength of Jio and global expertise of Allianz.
This joint venture, still subject to regulatory approvals, is expected to bring innovation to India’s reinsurance space, especially in digital insurance and risk management.
Warburg Pincus Gets RBI Nod for IDFC First Bank Stake
Warburg Pincus, through Currant Sea Investments B.V., has received the green signal from the Reserve Bank of India (RBI) to acquire a 9.99% stake in IDFC First Bank. The move is expected to infuse long-term capital and strategic direction into the private lender, which has been in the process of strengthening its retail and digital banking base.
Dr Reddy’s Laboratories Faces USFDA Observations
In the pharmaceutical space, Dr. Reddy’s Laboratories received a Form 483 with seven observations from the USFDA following a GMP and Pre-Approval Inspection at its FTO 11 formulations plant in Srikakulam, Andhra Pradesh. While the company stated that it will address the concerns promptly, the market will be closely watching the resolution process and its impact on product approvals.
Stocks to Watch Today
Market participants will be watching shares of Eternal, IDBI Bank, UltraTech Cement, and PNB Housing Finance, as these companies are set to release their Q1 FY26 results during the day. Their performance could influence sector-specific sentiment and broader market movements.
The earnings season for Q1 FY26 has opened on a promising note, reflecting resilience in the Indian economy, growth in key sectors, and improved profitability for top corporates. While most banking and manufacturing firms have posted healthy numbers, some challenges remain in asset quality and regulatory compliance.
With macroeconomic indicators remaining favorable and consumption trends strong, investors and analysts alike will continue to look at corporate earnings as a key barometer for India’s growth trajectory in FY26.
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