Earnings seasons for second quarter is over and recent macro measure seems to have started paying off for India Inc. India Inc delivered a mixed but encouraging Q2FY26, with revenue rising 9% and profits jumping 16% year-on-year. Ex-banks and financials, profit growth surged 22%, supported by a favourable base. Refineries emerged as the biggest growth engine thanks to stronger GRMs and lower crude prices. Cement and steel posted exceptional performance driven by demand recovery, pricing improvement and operating leverage. Auto benefited from exports, festive demand and GST 2.0, while pharma maintained solid momentum despite nearing loss of Revlimid generic exclusivity. Banks saw stable asset quality, though FY26 remains soft. FMCG and IT were clear weak spots. In this episode, Sudip Bandop

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