Synopsis: Several companies surprised the Street in Q2FY26 with dramatic turnarounds, reversing losses into strong profits. Do you own any?
After a mixed earnings season, a few companies stood out by staging remarkable financial recoveries in the September quarter. Despite sectoral challenges and a cautious market tone, these firms witnessed strong sequential rebounds in revenue and profitability, signaling improving fundamentals and operational efficiency. Here are the stocks that delivered a clear positive turnaround in Q2FY26 and deserve investor attention.
Quick Heal Technologies Ltd
Quick Heal Technologies Limited is a cybersecurity solutions provider offering antivirus, endpoint protection, and enterprise security services under the brands ‘Quick Heal’ and ‘Seqrite’. The company serves individual, business, and government clients across India and abroad. As of October 31, 2025, the stock closed at Rs. 317.80, with a market capitalisation of Rs. 1,721.15 crore.
In Q2FY26, the company’s sales rose 45.9 percent to Rs. 83.52 crore from Rs. 57.23 crore in Q1FY26. Operating profit turned positive to Rs. 9.23 crore from a loss of Rs. 9.73 crore, while the operating profit margin improved sharply from -17 percent to 11.05 percent. Profit before tax stood at Rs. 10.28 crore compared to a loss of Rs. 7 crore in the previous quarter. Net profit reversed to Rs. 7.91 crore from a loss of Rs. 5.51 crore, with earnings per share rising to Rs. 1.46 from a loss per share of Rs. 1.02 during the same period.
PVR Inox Ltd
PVR Inox Limited, India’s largest film exhibition company, operates 1,757 screens across 353 properties in 111 cities, including Sri Lanka. Born from the merger of two iconic cinema chains, the company has redefined out-of-home entertainment through innovative formats, premium technologies, and diverse food offerings. As of October 31, 2025, the stock closed at Rs. 1,207.35 with a market capitalisation of Rs. 11,856.17 crore.
Sequentially, revenue grew 24.1 percent to Rs. 1,823 crore in Q2FY26 from Rs. 1,469 crore in Q1FY26. Operating profit expanded 54.2 percent to Rs. 612 crore from Rs. 397 crore, and OPM improved from 27 percent to 34 percent. The company swung to a profit before tax of Rs. 142 crore from a loss of Rs. 70 crore. Net profit turned positive at Rs. 106 crore versus a loss of Rs. 54 crore a quarter earlier, while EPS rose to Rs. 10.76 from a loss per share of Rs. 5.50.
Mangalore Refinery and Petrochemicals Ltd (MRPL)
Mangalore Refinery and Petrochemicals Limited, a subsidiary of ONGC, refines and markets petroleum products such as bitumen, diesel, motor gasoline, pet coke, and polypropylene. The company’s product basket caters to industrial as well as retail markets across India. As of October 31, 2025, MRPL shares closed at Rs. 166.45, with a market capitalisation of Rs. 29,172.01 crore.
In Q2FY26, revenue rose 30.5 percent to Rs. 22,649 crore from Rs. 17,356 crore in Q1FY26. Operating profit jumped 726 percent to Rs. 1,489 crore from Rs. 180 crore, with the operating margin rising from 1 percent to 7 percent. The company turned around with a Profit before tax of Rs. 963 crore against a loss of Rs. 402 crore in the previous quarter. Net profit also swung to Rs. 627 crore from a loss of Rs. 271 crore, while EPS rose to Rs. 3.58 from a loss per share of Rs. 1.54.
HFCL Ltd
HFCL Limited (Himachal Futuristic Communications Limited) is a global telecom and technology player engaged in building advanced connectivity infrastructure. Its operations span system integration, telecom equipment manufacturing, and production of optical fiber and cables catering to both domestic and international markets. As of October 29, 2025, the stock closed at Rs. 77.19 with a market capitalisation of Rs. 11,135.99 crore.
For Q2FY26, HFCL’s revenue grew 19.8 percent to Rs. 1,043 crore from Rs. 871 crore in Q1FY26. Operating profit surged 578.6 percent to Rs. 190 crore from Rs. 28 crore, with the operating margin rising from 3 percent to 18 percent. The company swung to a profit before tax of Rs. 106 crore from a loss of Rs. 45 crore. Net profit turned around to Rs. 72 crore from a loss of Rs. 29 crore, while EPS improved to Rs. 0.47 from a loss per share of Rs. 0.22.
Chennai Petroleum Corporation Ltd (CPCL)
Chennai Petroleum Corporation Limited, a Government of India enterprise and subsidiary of Indian Oil Corporation, is engaged in refining crude oil and producing a range of fuel and petrochemical products. Established in 1965, the company operates a wax plant and supplies specialty and industrial products to diverse sectors. As of October 31, 2025, the stock closed at Rs. 73.52 with a market capitalisation of Rs. 10,606.53 crore.
In Q2FY26, CPCL’s revenue increased 10.2 percent to Rs. 16,327 crore from Rs. 14,812 crore in Q1FY26. Operating profit jumped 1,056 percent to Rs. 1,144 crore from Rs. 99 crore, with margins rising sharply from 1 percent to 7 percent. The company posted a Profit before tax of Rs. 982 crore compared to a loss of Rs. 64 crore in the previous quarter. Net profit turned positive at Rs. 719 crore against a loss of Rs. 40 crore, while EPS stood at Rs. 48.30 compared to a loss per share of Rs. 2.69 in Q1FY26.
-Manan Gangwar
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