⭐ Top 5 Q2 FY26 Result Winners to Watch: Maruti, Max Healthcare, Adani Ports, KPIT Tech & Waaree Energies
1️⃣ Maruti Suzuki India Ltd (MARUTI)
What This Company Really Does
- India’s largest car maker with brands like Swift, Baleno, Brezza, Ertiga, Dzire.
- Big presence in the small and mid-size car market where demand is always strong.
- Growing fast in SUVs (Brezza, Jimny, Fronx, Grand Vitara).
- Strong export business—ships cars to 100+ countries.
- Has the biggest dealer and service network in India (no one even close).
- Manufacturing plants in Haryana & Gujarat with very high production efficiency.
- Strong focus on hybrid tech now; EV models expected soon
- CMP (21 Nov 2025 close): ~₹15,977–15,984 per share
- Q2 FY26 Revenue: ~₹42,344 crore, up ~13% YoY
- Q2 FY26 PAT: ~₹3,349 crore, up ~7.9% YoY
- EBITDA Margin (Q2 FY26): ~10.5%
- Promoter Holding : 58.28%
Maruti’s FY 26 Q2 Results numbers show why it still remains India’s most consistent auto compounder. Even in a competitive year, it managed double-digit revenue growth and high-single-digit profit expansion, backed by festival demand and stable input costs.
🧩 Fundamental View
Exports holding steady
Debt-free balance sheet
High cash generation
New SUVs pushing ASP higher
📊 Technical Structure
- Trend: Uptrend intact
- Support: ₹15,500 → ₹15,000
- Resistance: ₹16,400 → ₹16,800
🧠 Short & Long Term View
- Short term: Stable strength; dips can attract buying
- Long term: One of India’s most reliable auto leaders for compounding
2️⃣ Max Healthcare Institute Ltd (MAXHEALTH)
What This Company Actually Does
- Runs one of India’s largest private hospital chains.
- Focuses mainly on metro cities like Delhi, Mumbai, North India clusters.
- Big revenue from oncology, cardiac care, orthopaedics & transplants.
- High-margin specialties, premium patient services, strong ARPOB.
- Also expanding into new hospitals, brownfield projects, capacity additions.
- Strong medical tourism footprint—international patients contribute meaningfully.
- Uses advanced medical tech, robotics and critical care infrastructure.
- CMP (21 Nov 2025 close): ~₹1,181 per
- Q2 FY26 Revenue from operations: ₹2,135 crore, +25% YoY
- Q2 FY26 Net Profit (PAT): ₹491 crore, +74% YoY
- EBITDA per bed: improved vs last year; occupancy ~77% (data from Q2 note)
- Promoter Holding : 23.7–23.74%
This was one of the cleanest results of the entire quarter. Revenue up 25% is strong, but the 74% jump in profit shows how efficiently the business is being run. High ARPOB and tight cost management helped margins expand.
🧩 Fundamental View
- Strong position in metro markets
- Low debt burden
- Consistent patient mix improvement
- Hospital expansion cycle well-planned
📊 Technical Structure
- Support: ₹1,150 → ₹1,110
- Resistance: ₹1,230 → ₹1,280
🧠 Short & Long Term View
Long term: Excellent healthcare compounder with sector tailwinds
Short term: Mild consolidation, positive structure
3️⃣ Adani Ports & SEZ Ltd (ADANIPORTS)
Their Core Business
- India’s largest private port operator (multiple ports on east & west coast).
- Handles cargo: containers, coal, crude oil, fertilisers, agri products, etc.
- Runs large logistics operations — rail, warehouses, shipping, inland terminals.
- Operates SEZ (Special Economic Zones) with industrial clusters.
- Key strength: deep-water ports allowing huge vessels = lower cost.
- Long-term contracts give steady cash flow.
- Has become a full supply-chain solutions company, not just ports.
- CMP (21 Nov 2025): ~₹1,480 per share on NSE/BSE
- Q2 FY26 Revenue: ₹9,167 crore, +30% YoY
- Q2 FY26 PAT: ₹3,120 crore, +27–29% YoY
- Cargo Volumes: up ~12% YoY; logistics revenue up ~79% YoY
- Promoter Holding : 65.89–65.9%
Adani Ports delivered one of the strongest infra results of Q2. With cargo rising and logistics contribution jumping sharply, the company is now more than just a port operator — it’s turning into a full-service supply chain brand.
🧩 Fundamental View
- EBITDA margins improving
- Strong balance sheet relative to scale
- Predictable cash flows
- Largest private port network in India
📊 Technical Structure
- Support: ₹1,260 → ₹1,200
- Resistance: ₹1,345 → ₹1,380
🧠 Short & Long Term View
Long term: High-quality infra compounder with long runway
Short term: Slightly volatile due to global cues
4️⃣ KPIT Technologies Ltd (KPITTECH)
What They Actually Build
- Specialises in automotive software (not generic IT).
- Works with global car manufacturers—EVs, autonomous driving, ADAS.
- Develops software for battery management, vehicle control, connected mobility.
- Engineering partner for premium car brands in Europe & US.
- Works on next-gen EV platforms, digital dashboards, and powertrain software.
- Asset-light business model, heavy focus on R&D for auto.
- Pure-play mobility tech company (rare in India).
- CMP (21 Nov 2025 close): ~₹1,169 per share
- Q2 FY26 Revenue: ₹1,588 crore, +7.9% YoY
- Q2 FY26 Net Profit: ₹169 crore, down ~17% YoY
- EPS (Q2 FY26): ~₹6.18
- Promoter Holding : ~39.44–39.45%
KPIT’s revenue growth remained solid, but profit dipped due to higher R&D costs and ramping of new engineering programs. However, this is the nature of the automotive software business — spending first, monetizing later.
🧩 Fundamental View
- EV, ADAS, and autonomy engineering leader
- Asset-light, high-ROE business
- Sticky OEM clients worldwide
- Order book strong despite profit dip
📊 Technical Structure
- Support: ₹1,450 → ₹1,380
- Resistance: ₹1,580 → ₹1,620
🧠 Short & Long Term View
Long term: Structural winner of EV + digital auto megatrends
Short term: Range-bound but stable
5️⃣ Waaree Energies Ltd (WAAREEENER)
Their Main Business
- India’s biggest solar module manufacturer.
- Makes solar panels, PV modules, and solar systems for residential + utility-scale.
- Also into EPC (Engineering, Procurement & Construction) for large solar farms.
- Supplies modules to US, Europe, Middle East & India.
- Expanding big capacity under PLI scheme.
- Strong domestic demand from rooftop, commercial and grid projects.
- Ramping up manufacturing lines: TOPCon, HJT, advanced cells.
- CMP (21 Nov 2025 close): ₹3,185.70 per share
- Q2 FY26 Total Income / Revenue: about ₹6,227 crore (₹62.27 billion), +~70% YoY
- Q2 FY26 PAT: around ₹842–878 crore, +~134% YoY
- Module Production (Q2): ~2.64 GW; total capacity ~18.7 GW India + US
- Promoter Holding 64.22% (down slightly from 64.30%)
This was one of the most explosive Q2 results across the entire market. Revenue grew 70% and PAT more than doubled — Waaree is now India’s biggest solar module powerhouse, expanding both at home and globally.
However, the quarter was also marked by tax and customs investigations, which investors must track carefully.
🧩 Fundamental View
- India’s solar manufacturing champion
- Beneficiary of PLI schemes
- Strong export markets
- Some compliance overhang remains
📊 Technical Structure
- Support: ₹3,050 → ₹2,900
- Resistance: ₹3,320 → ₹3,450
🧠 Short & Long Term View
Long term: If clean-tech execution continues, long runway ahead
Short term: Volatile but strong demand-based moves
| Stock | Q2 FY26 Revenue | Q2 FY26 PAT | CMP | Promoter Holding | Long-Term View |
|---|---|---|---|---|---|
| Maruti Suzuki | ₹42,344 Cr | ₹3,349 Cr | ~₹15,980 | 58.28% | Strong compounder |
| Max Healthcare | ₹2,135 Cr | ₹491 Cr | ~₹1,181 | 23.7% | High-quality healthcare play |
| Adani Ports | ₹9,167 Cr | ~₹3,120 Cr | ~₹1,480 | 65.9% | Infra + logistics powerhouse |
| KPIT Tech | ₹1,588 Cr | ₹169 Cr | ~₹1,169 | 39.45% | EV + auto software winner |
| Waaree Energies | ₹6,227 Cr | ₹842–878 Cr | ₹3,185.70 | 64.22% | Renewable energy leader |
Further reading 👇
Indian Markets Post Market Report–Nov21,2025
Stock Market 101 — Beginner’s Course by kartalks. Lesson 4.
Q2 FY26 Results: BSE, Baj fn, EICHER, NH, GLENMARK
Q2 FY26 Update: Hindalco, Bajaj Auto, L&T, Airtel|kartalks
⭐ Disclaimer:
This is just an educational summary of publicly available financial numbers.
Not a recommendation or advisory.
Please consult a SEBI-registered advisor for investment decisions.