Q2 Results impact: ICICI Lombard shares jump 8% after net profit rises 18%, Thyrocare rallies 17%

The company's Gross Direct Premium Income (GDPI) for the quarter under review stood at Rs 65.96 billion, down 1.9 percent from Rs 67.21 billion in Q2 FY25, against an industry growth of 5.9 percent. However, excluding the crop and mass health segments, the company’s GDPI grew 3.5 percent during the quarter, compared to the industry’s 9.8 percent growth.

Along with the Q2 results, ICICI Lombard also declared an interim dividend of Rs 6.50 per share for FY26. This is higher than the Rs 5.50 per share dividend declared in the same period last year.

The shares of the company jumped around 8 percent to trade at a three-month high level of Rs 2,002.20 apiece. The stock is set to record the best day since May 2023. Nearly 28 lakh shares have already been involved in active trade today so far, according to data on NSE at 10.45 am. This is around 5 times that of its 10-day average volume.

HSBC On ICICI Lombard:

HSBC kept a ‘Buy’ call on the stock, with a target price of Rs 2,250 per share. This implies an upside potential of more than 21 percent from the stock’s previous closing price. The brokerage said that the company’s profit after tax was above estimate.

It noted that the management was positive on premium growth outlook on the back of industry tailwinds. However, it cuts its EPS estimates to factor in higher CR.

Morgan Stanley On ICICI Lombard:

Morgan Stanley kept a ‘equal-weight’ call on the stock, with a target price of Rs 2,035 per share. This implies an upside potential of nearly 10 percent from the stock’s previous closing price.

The brokerage noted that the company’s profit after tax beat estimates due to higher investment income. Combined ratio and underwriting results were weak, but premium growth outlook for Q3 FY26 was strong across motor and health segments, it added.

Sustained high growth is key as valuation is not cheap, Morgan Stanley noted. Currently, the stock’s P/E ratio stands at around 47.

Thyrocare Q2 Results:

Thyrocare Technologies shares rallied nearly 17 percent on October 15 after the company released its results for the July-September quarter of the financial year 2026. The firm reported a net profit of Rs 48 crore for the July-September quarter of the ongoing financial year 2026. This marks an 80 percent on-year rise from the Rs 27 crore net profit reported in the corresponding quarter of financial year 2025.

The firm's revenue from operations rose over 22 percent YoY to Rs 216.53 crore in Q2 FY26. Thyrocare's revenue from operations stood at Rs 177.36 crore in Q2 FY25.

Consolidated EBITDA rose 48 percent on-year, while EBITDA margin stood at 33 percent. "Thyrocare, India’s largest diagnostic test volume processor, processed 53.3 million tests in Q2FY26, marking a strong 21% year-on-year growth and reinforcing its leadership position in the diagnostics industry," the company said.

Along with the Q2 results, the company announced a bonus issue of shares in the ratio of 2:1. The record date to determine the eligibility of the shareholders set to receive the payment is yet to b announced.

The board of the company approved an interim dividend of Rs 7 per share for the financial year 2026. The record date to determine the eligibility of the shareholders set to receive the dividend has been set at October 24 (Friday).

ICICI Securities said that Thyrocare's performance in pathology segment (up 24 percent in Q2 FY26) is mainly driven by its past efforts of focusing on large franchisee, its new slab-based structure and network expansion. It added that the company aptly placed to garner benefit from traditional offline segment and new age online diagnostic service providers.

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