Suzlon Energy, Waaree among the 100% plus profit growth club this earnings season; what’s next?

If markets follow earnings, the recent earnings season offers something to cheer. Data showed that over 100 listed companies across sectors and segments have reported more than a 100% year-on-year growth in net profit for the quarter ended September 2025. Among the large caps, the net profit of oil marketing firms such as Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) soared 2,600% and 170%, respectively, in Q2FY26, aided by better refining margins and a lower base. JSW Steel, ACC, Ambuja Cements, Shree Cement, and Dalmia Bharat also posted more than 100% jump in Q2FY26.

In the mid-and small-cap names, Kaynes Technology India, Waaree Energies (WEL), and Samhi Hotels reported 102%, 133, and 633% YoY growth in their respective bottom line during the quarter under review. MOFSL initiated coverage on the solar cell and module manufacturing sector, with a buy rating on Waaree Energies (Target price: Rs 4,000). WEL plans to expand total capacity to 15.4GW, 26.7GW, and 10GW for cell, module, and ingotwafer, respectively, by FY26 and FY27. “As WEL expands capacity, we estimate a CAGR of 43% in EBITDA and 40% in PAT over FY25-28,” MOFSL said in a report.

According to MOFSL, large-caps within their universe (49 companies) posted an earnings growth of 13% YoY – similar to the overall universe. Mid-caps (47 companies) have extended their streak of the past three quarters and yet again delivered the highest growth at 26% YoY (vs estimates of 19%). Multiple mid-cap sectors clocked impressive growth, including technology, cement, metals, PSU banks, real estate, and NBFC-Non-Lending.

“The Q2FY26 results for the oil and gas sectors so far indicate a strong performance, primarily driven by OMCs. All three oil marketing companies delivered a significant beat on EBITDA estimates, driven by a 44-66% beat on our GRM estimates and strong marketing margins,” MOFSL said in a report.

Meanwhile, the net profit of renewable energy solutions provider Suzlon Energy also soared 539% YoY to Rs 1,279 crore in Q2FY26. On the other hand, consolidated gross sales grew 85% YoY to Rs 3,866 crore, driven by a robust performance in the wind turbine generator segment and higher deliveries. Brokerage JM Financial has a ‘Buy’ rating on Suzlon Energy with a target price of Rs 70. Shares of the company traded at Rs 60 in the afternoon trade on November 6.

“Localisation of wind energy components, continued confidence of large utilities in wind energy and shift of projects’ mix to hybrid will continue to give good opportunities to Suzlon. But execution bottlenecks (connectivity, land, RoW) remain critical constraints in the scale-up of wind energy, which, we believe, will limit the annual installations to 7-8GW. Suzlon is likely to struggle in maintaining growth momentum from FY28 in the absence of scalable diversification,” JM Financial said in a report.

Some other companies, such as Ador Welding, Greaves Cotton, Bharat Heavy Electricals (BHEL), APL Apollo Tubes, GHV Infra Projects, and Jindal Drilling & Industries also posted strong earnings in their bottom line figures. According to PL Capital, BHEL delivered a healthy performance with revenue rising 14.1% YoY and EBITDA margin expanding 356bps YoY to 7.7%, aided by healthy execution across both power and industry segments. B&K Securities gave a ‘Buy’ rating to APL Apollo Tubes post Q2 results with a target price of Rs 2,286.

“APL Apollo Tubes is poised for healthy growth, with volumes expected to post a CAGR of 14% from 3.1 mn mt in FY25 to 4.6 mn MT by FY28E. This will be driven by a shift toward primary producers, entry into new industries and product innovation. EBITDA/MT is likely to improve to Rs 5.0k per MT by FY28E, resulting in a 25% EBITDA CAGR over FY25-28E. With limited capex and working capital needs, core RoCE (post tax) is projected to rise from 20.4% in FY25 to 30.4% in FY28E. APAT offers superior scalability and operational efficiency versus its building material peers,” B&K Securities said.

The pharma and chemicals sectors also stood out, with Laurus Labs, RPG Life Sciences, Navin Fluorine International, Privi Speciality Chemicals, and Anupam Rasayan reported over 100% profit growth. Covance Softsol, Cyient DLM, GE Vernova T&D India, Manorama Industries, B2B Software Technologies, Morarka Finance, DP Abhushan, PNGS Gargi Fashion Jewellery, and SG Finserve stood among other names which posted more than 100% growth in net profit in Q2FY26.