Synopsis: PVR Inox, IOC and 3 other companies have returned significantly to the profit track in the second quarter of the fiscal year 2026, reporting significant reversals of their fortunes despite a tough market environment.
Going through the list of these companies, one can find names from the sectors of jewellery retail, energy, and pharmaceuticals. The companies have not only turned their financial situations around but also have demonstrated solid operational performance, margin recovery, and cost discipline.
Thangamayil Jewellery
Thangamayil Jewellery is a jewellery chain that retails gold, silver, diamond, and platinum ornaments. It started as a small shop in Madurai and now has more than 65 stores and an online jewellery platform. The company is largely driven by gold sales, and it has become a popular brand in the entire South India region.
The company reported a revenue growth of 45 percent to Rs 1,711 crore in Q2 FY26 from Rs 1,181 crore in Q2 FY25. It reported a superior turnaround to a profit of Rs 59 crore in Q2 FY26 as compared to a loss of Rs 17 crore in Q2 FY25, due to higher operating leverage.
PVR Inox
PVR INOX is the most significant and most luxurious cinema chain in India, having 1,743 screens in 111 cities in India and Sri Lanka, and a total capacity of 3.54 lakh seats. The firm has expanded by combining all its strategic acquisitions, such as Cinemax, DT Cinemas, SPI Cinemas, and, lately, it has merged with INOX Leisure.
The company reported a revenue growth of 12 percent to Rs 1,823 crore in Q2 FY26 from Rs 1,622 crore in Q2 FY25. It reported a superior turnaround to a profit of Rs 106 crore in Q2 FY26 as compared to a loss of Rs 12 crore in Q2 FY25, due to high operating leverage and lower interest and depreciation costs.
Khaitan Chemicals & Fertilisers
Khaitan Chemicals & Fertilisers Ltd (KCFL is ranked number one in India in the production of single Super Phosphate (SSP) fertiliser. In tough times for the industry, the company has been able to make a profit every year since it was born. With their best-quality fertilisers marketed under the brand names “Khaitan SSP” and “Utsav SSP”, the company has become the leader of the local market in the western part of Madhya Pradesh.
The company reported a revenue growth of 34 percent to Rs 309 crore in Q2 FY26 from Rs 231 crore in Q2 FY25. It reported a superior turnaround to a profit of Rs 21 crore in Q2 FY26 as compared to a loss of Rs 3 crore in Q2 FY25, due to higher operating leverage.
Indian Oil Corporation
Indian Oil Corporation Ltd. (IOCL), India’s biggest integrated energy company, is primarily involved in the processes of refining, marketing, and transporting petroleum, gas, and petrochemicals. Its activities cover renewable energy, lubricants, and city gas distribution as well. IOCL, being a robust player worldwide, is foraying into clean and green energy solutions.
The company reported a revenue growth of 2 percent to Rs 1,78,628 crore in Q2 FY26 from Rs 1,74,976 crore in Q2 FY25. It reported a superior turnaround to a massive profit of Rs 8,191 crore in Q2 FY26 as compared to a loss of Rs 449 crore in Q2 FY25, due to higher operating leverage and also expenses declined by 5 percent during the same period.
Wockhardt
Wockhardt is a biotech and pharmaceutical company with global operations. It produces infectious disease medicines, including some of them in Phase 3 trials, and markets insulin products, biopharmaceuticals such as Biovac-B and WEPOX, and new drug delivery devices. Wockhardt also offers contract manufacturing and manufactures active pharmaceutical ingredients (APIs).
The company reported a revenue decline of 3 percent to Rs 782 crore in Q2 FY26 from Rs 809 crore in Q2 FY25. It reported a superior turnaround to a profit of Rs 82 crore in Q2 FY26 as compared to a loss of Rs 16 crore in Q2 FY25, due to higher operating leverage which is although revenue declined 3 percent YoY, expenses declined by 14 percent during the same period.
Written by Satyajeet Mukherjee
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