Period covered: Quarter ended September 2025 (Q2 FY26). Data and weightages verified as of Oct 22, 2025.

Here is HRITIK Stocks Q2 Key Results , weightage, technical and fundamental analysis, growth rate and experts views explained below.

Nifty 50 weight in one glance

• Reliance: 9.59%
• HDFC Bank: 7.48%
• TCS: 5.26%
• ICICI Bank: 4.78%
• Infosys: 2.96%
• Kotak Mahindra Bank: 2.11%
  

Reliance Industries (RIL)

Q2 FY26 highlights (consolidated):

• Revenue: ₹2.59 lakh crore (+10% YoY)
• Net profit: ₹18,165 crore (+10% YoY) — a tad below Street estimates due to weaker oil-to-chemicals margins; retail & digital strong.

Growth rate:

Top line +10% YoY; PAT +~10% YoY.
Outlook / forecast cues: Management commentary and coverage note shifting earnings mix toward Retail + Digital while O2C remains cyclical; Street watches potential Jio listing by mid-FY27 (media report).

Quick technical view (post-results): Price reaction positive after print; heavy index weight keeps it a trend driver for Nifty on earnings days.

Experts view:

Brokerages such as Nomura, Morgan Stanley, Kotak and JPMorgan remain bullish, citing RIL’s strong retail & telecom segments and the upcoming triggers from its new-energy business.  

Key strengths: Diversified business model (O2C + Retail + Jio digital) that gives multiple levers of growth.

Watch-outs: Oil-to-chemicals (O2C) margin cycles still volatile; large cap means much is already priced in.

Take-away: A preferred large-cap pick among the group given its leadership and trigger potential.

HDFC Bank

Q2 FY26 highlights (standalone):

• Net profit: ₹18,640 crore (+10.8% YoY).
• NII: ₹31,550 crore (+4.8% YoY).
• P&L bridges (bank deck): Net revenue ₹459 bn; opex ₹179.8 bn; provisions ₹35.0 bn.

Growth rate:

PAT +10.8% YoY; NII +4.8% YoY.
Outlook / forecast cues: Larger non-interest income and stable asset quality drove results; Street positioning remains sensitive to NIM trajectory post-merger (deck tables).

Quick technical view: Post-earnings, HDFC Bank helped Nifty push above 25,800 during Muhurat session; momentum favorable short-term.

Experts view:

Analysts expect modest growth: NII growth of 3–6% and potential margin squeeze of ~25 bps due to funding pressures. 

The results showed healthy asset-quality (GNPA/NNPA down) and a profit growth of ~10.8%. 

Key strengths: Strong return ratios and stable position in the private-banking sector.

Watch-outs: Margin expansion appears limited; competition intense for retail loan growth; merger synergies still factoring in. 

Take-away: A steady pick in the banking space, though not high-growth in the near term. Good for relative stability.

ICICI Bank

Q2 FY26 highlights (standalone):

• PAT: ₹12,359 crore (+5.2% YoY)
• NII: ₹21,529 crore (+7.4% YoY)
  Street take: solid but “not spectacular”; shares dipped on the day amid moderation in loan growth.

Growth rate:

PAT +5.2% YoY; NII +7.4% YoY.
Outlook / forecast cues: Watch NIM normalization and retail mix; analysts flagged “buy-the-dip?” debate after print.

Quick technical view: Price underperformed peers post-results (near-term consolidation risk).

Experts view:

Growth in Q2 was moderate: net profit up ~5.2% YoY, NII up ~7.4% YoY. 

Key strengths: Large private-bank franchise; improving NII and digital penetration.

Watch-outs: Smaller profit growth vs peers; market expects more momentum; NPA/asset-quality risks remain.

Take-away: Decent pick but needs stronger earnings acceleration to excite.

Kotak Mahindra Bank

Status: Q2 FY26 detailed results not yet released (as of Oct 22, 2025). Street focused on asset-quality/NIM after soft Q1. Bank’s Q2 business update showed avg deposits +14% YoY and avg advances +15% YoY. Media calendars peg results this week.

What we can say today: Growth looks healthy at the operating (business update) level; investors will look for clarity on GNPA/NNPA and NIM stabilization. Recent price action has been choppy on asset-quality worries earlier in FY26.

Nifty weight: 2.11%.

Tata Consultancy Services (TCS)

Q2 FY26 highlights:

• Revenue: $7,466 mn (+0.6% QoQ; +0.8% QoQ CC).
• Operating margin: 25.2% (up 70 bps QoQ).
• PAT: ₹12,075 crore (per press coverage).

Growth/margin trend:

Margin expansion continues; breadth across BFSI, Manufacturing, Life Sciences.
Outlook / forecast cues: Strong positioning around AI-led services; no formal revenue guidance (company traditionally refrains) but tone constructive.

Quick technical view: Large-cap IT regained momentum into results season; breadth improving but stock moves remain event-driven around deal wins/margins.

Experts view:

Q2 margin improvement (25.2 % op margin) and modest revenue growth suggest cost discipline + deal conversion starting to show. However, as with the IT sector broadly, growth visibility remains muted.

Key strengths: Strong brand, large global footprint, good margin base.

Watch-outs: Global macro / IT spending softness; large-deal wins needed to accelerate growth.

Take-away: A defensive IT pick in the group; good margin control but growth upside is moderate.

Infosys

Q2 FY26 highlights (IFRS/INR):

• Revenue: ₹44,490 crore (+~9% YoY; +2.2% QoQ CC).
• Net profit: ₹7,364 crore (+13% YoY).
• FY26 revenue guidance raised to 2–3% CC; margin guidance 20–22%

Growth rate:

Revenue +~9% YoY; PAT +13% YoY. Guidance lift is a positive surprise for the sector.

Quick technical view: Guidance upgrade typically supports near-term outperformance vs IT peers; watch follow-through on large-deal ramp.

Experts view:

Q2 net profit grew ~13% YoY, revenue ~9%. Guidance raised on lower end to 2–3% CC for FY26.  Brokerages/analysts remain cautiously positive: retained “Buy” on the stock, though note that the price may already reflect much of the strength. 

Key strengths: Strong deal wins (~US$3.1 bn in Q2), solid cash flows, shareholder friendly (buy-back).

Watch-outs: Growth guidance still modest; global IT cycle weak; competitive pricing pressure.

Take-away: Good quality name; may suit medium-term investors more than near term traders.

Cross-stock takeaways (Fundamentals)

• Banks (HDFC, ICICI; Kotak pending): Profits grew (HDFC +10.8%, ICICI +5.2%), with steady NII growth and stable asset quality for HDFC; ICICI’s print good but not a blow-out; for Kotak the key watch-items are NIM and retail asset-quality given prior concerns.
• IT (TCS, Infosys): Margins expanding at TCS (25.2% op margin); Infosys raised FY26 revenue guidance and maintained margin band (20–22%), signaling a gradual demand recovery with cost discipline.
• Energy-Retail-Digital (RIL): Retail + Digital continue to offset O2C cyclicality; PAT grew ~10% YoY.

Cross-stock takeaways (Technical / flows)

• Index leadership: RIL and HDFC Bank (combined ~17% of Nifty) are direction-setters; both aided the Muhurat day bounce above 25,800.
• Event drift: IT names are reacting more to deal TCV/margin updates than broad macro—expect moves around earnings calls and guidance.
• Banks: ICICI saw a post-print dip, typical “in-line” reaction; Kotak is event-risk until its Q2 numbers drop later this week.

What to watch next (actionable)

• Kotak Q2 FY26 print: date flagged for this week; watch NIM, GNPA/NNPA, and commentary on unsecured/vehicle books.
• RIL segmental trends: O2C margin slope vs crude/petchem spreads; Retail/Digital scale-up.
• IT earnings calls: Deal TCV conversion and AI-led cost-takeout programs (TCS margins; Infosys guidance band).

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This article is educational and not investment advice. Markets are risky; please do your own research or consult a SEBI-registered advisor before investing.