Q2 Results impact: Bandhan Bank, DLF shares fall up to 8%, United Spirits hits 4-month high

The private lender’s net interest income meanwhile dropped around 12 percent YoY to Rs 2,589 crore in Q2 FY26, from Rs 2,934 crore in Q2 FY25. Its asset quality also deteriorated, with net non-performing assets (NPA) rising nearly 14 percent YoY to Rs 1,843 crore.

Gross NPA rose nearly 15 percent YoY to Rs 7,015 crore, while gross NPA ratio increased to 5.02 percent. Net NPA ratio increased to 1.37 percent in Q2 FY26, from 1.29 percent in Q2 FY25. Its return on assets decreased to 0.06 percent during the quarter under review.

Nomura on Bandhan Bank:

Nomura held a ‘Neutral’ call on the stock, with a target price of Rs 170 per share. This implies a marginal downside potential from the stock’s previous closing price of Rs 170.58 apiece. The international brokerage said that the bank reported weak earnings with soft NIM and weaker asset quality.

It has cut the lender’s FY26-28 EPS estimates by 13-38 percent. It added that the loan growth was driven by secured assets.

CLSA on Bandhan Bank:

CLSA has downgraded Bandhan Bank shares from ‘Buy’ to ‘Accumulate’, while cutting its target price to Rs 190 apiece. This implies an upside potential of more than 11 percent from the stock’s previous closing price.

The international brokerage said that said the lender's net interest income and pre-provision operating (PPOP) were weak and credit costs were high, while adding that NIM has likely bottomed and will recover in the financial year 2027, CNBC-TV18 reported.

DLF Q2 Results:

DLF on October 30 reported a net profit of Rs 1,180 crore for Q2 FY26. This marks a 14.55 percent YoY decline from the Rs 1,381 crore net profit reported in the same period of the previous financial year. The firm’s revenue from operations meanwhile fell nearly 17% YoY to Rs 1,643 crore.

DLF, which is India's largest realty firm by valuation, has reported its consolidated income at Rs 2,261.80 crore at the end of Q2FY26. The company’s EBITDA stood at Rs 902 crore.

The company said that its new sales bookings for the second quarter stood at Rs 4,332 crore, driven by the successful maiden launch in Mumbai – The Westpark and continued healthy momentum in the super-luxury segment.

Morgan Stanley on DLF:

Morgan Stanley kept an ‘Overweight’ call on the stock, with a target price of Rs 900 per share. This implies an upside potential of nearly 16 percent from the stock’s previous closing price.

The international brokerage said that the firm’s Q2 pre-sales beat estimates.

Jefferies on DLF:

Jefferies kept a ‘Buy’ call on DLF, with a target price of Rs 1,000 per share. This implies an upside potential of nearly 29 percent from the stock’s previous closing price.

The international brokerage said that the real estate developer’s Q2 pre-sales beat estimates on Mumbai project sell-out and strong Dahlias sales. Revenue missed estimate as project recognition was deferred.

United Spirits Q2 Results:

United Spirits reported a net profit of Rs 464 crore for Q2 FY26. This marks a 36 percent YoY rise from the Rs 341 crore net profit reported in the same period of the previous financial year. The firm’s revenue from operations meanwhile grew 8 percent YoY to Rs 7,199 crore.

The alcoholic beverage-maker said that its net sales value (NSV) grew 11.6 percent to Rs 3,173 crore, with reported EBITDA growing 31.5 percent to Rs 660 crore.

Also read: Our LIVE blog on Q2 updates

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