Q2 Results impact: Tejas Networks, UTI AMC shares plunge up to 10%, Havells India at six-month low

Q2 Results impact

The shares of Tejas Networks, UTI Asset Management Company and Havells India dropped in trade on October 20 after the firms released their results for the July-September quarter of the ongoing financial year 2026.

UTI Asset Management Company shares plunged around 10 percent to hit a more than three-month low of Rs 1,263.30 apiece. Tejas Networks shares dropped nearly 9 percent to a fresh 52-week low of Rs 539 apiece. Havells India shares meanwhile fell around 3.5 percent to a six-month low of Rs 1,439.70 apiece.

UTI AMC Q2 Results:

UTI AMC on October 18 reported a consolidated net profit of Rs 113 crore for the July-September quarter of the financial year 2026. This marks a 53 percent year-on-year drop from the Rs 239 crore net profit reported in the corresponding period for the previous financial year.

The firm’s revenue from operations meanwhile fell more than 22 percent YoY to Rs 418.55 crore in Q2 FY26, from Rs 538.40 crore in Q2 FY25. PAT margin declined to 42 percent in the quarter under review, from 48 percent in the same period last year.

JM Financial downgraded the stock to ‘reduce’ from ‘hold’, and cut its target price to Rs 1,350 apiece from Rs 1,500 earlier. The domestic brokerage said that the company continues to lose market share in SIP inflows and stock equity AUM.

Tejas Networks Q2 Results:

Tejas Networks reported a net loss of Rs 307 crore in Q2 FY26, as against a net profit of Rs 275 crore in Q2 FY25. The firm’s revenue from operations declined nearly 91 percent YoY to Rs 261.82 crore during the quarter under review.

“We had a net loss of Rs. 307 crore, largely due to lower revenue and provisions due to manufacturing process losses, warranty and inventory obsolescence (approximately 190 crore),” said Tejas Networks CFO Sumit Dhingra.

Havells India Q2 Results:

Havells India reported a net profit of Rs 319.80 crore for Q2 FY26, marking a 20 percent YoY increase from the Rs 267 crore net profit reported in Q2 FY25. The firm’s revenue from operations rose 5 percent YoY to Rs 4,779.33 crore during the quarter under review.

Citi flagged weakness in Lloyd and electrical consumer durables businesses, adverse mix and costly valuations. It cuts its target price for the stock to Rs 1,600 apiece from Rs 1,750 apiece, while maintaining its ‘neutral’ rating. The latest target price implies an upside potential of more than 7 percent from the stock’s previous closing price.

Nomura retained its 'Buy' rating, but cut its target price for the stock to Rs 1,769 apiece, saying weak demand marred the quarterly results. The latest target price implies an upside potential of nearly 19 percent from the stock’s previous closing price.

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