Mumbai, Jan 22, 2026, 16:16 IST
- Eternal said founder Deepinder Goyal will step down as CEO from Feb. 1, handing control to Blinkit head Albinder Dhindsa.
- Dr Reddy’s won Indian approval to sell a generic Ozempic and said it targets 12 million semaglutide pens in year one.
- Waaree Energies more than doubled quarterly profit; HPCL’s profit rose on stronger refining margins, while Bank of India reported higher profit but increased provisions.
Eternal shares swung on Thursday as investors weighed a CEO handover and a fresh set of quarterly numbers, setting the tone for a packed run of December-quarter earnings in India.
The results matter because they cut across the parts of the economy that have been driving stock moves: instant delivery, drug exports and domestic healthcare, and energy margins. Investors are also watching banks for early hints on credit costs and deposit competition.
Upstox said dozens of firms were due to report for the quarter ended December 2025, including Eternal, Dr Reddy’s Laboratories, Hindustan Petroleum, Bank of India and Waaree Energies. It flagged ITC Hotels’ 77% jump in quarterly profit a day earlier as the earnings season gathered pace. 1
Eternal said founder Deepinder Goyal will step down as CEO after 18 years and be replaced by Albinder Dhindsa, who runs its quick-commerce arm Blinkit, with the change effective Feb. 1. “I want Eternal to become India’s most valuable company,” Goyal wrote to shareholders, and said Blinkit would remain Dhindsa’s top priority as the group expands beyond food delivery. 2
But the stock gave up early gains as investors focused on whether Blinkit can stay profitable in a price war. “There is fear whether it will be able to keep up with profitability,” said Rahul Jain at Dolat Capital, while CFO Akshant Goyal said the company would take decisions that could “mean taking a hit to margins” in the short term. Datum Intelligence data cited by Reuters showed Blinkit leading the market with a 48% share, ahead of Swiggy’s Instamart at 24% and Zepto at 22%. 3
Dr Reddy’s said it has Indian approval to manufacture and sell a generic version of Ozempic, Novo Nordisk’s diabetes drug, and it plans to sell 12 million injectable semaglutide pens in the first year. M V Ramana, CEO of branded markets, said the company is still awaiting a regulator nod for Wegovy, the obesity brand, while quarterly profit fell 14.4% to 12.1 billion rupees but beat analysts’ expectations, according to LSEG data. 4
Waaree Energies rallied nearly 9% after it posted a 115.6% rise in quarterly net profit to 10.62 billion rupees and said revenue jumped 118.8% to 75.65 billion rupees. CEO Amit Paithankar said the quarter marked “record revenue and profitability,” and the company cited an order book of around 600 billion rupees, alongside a full-year EBITDA target of 55–60 billion rupees. (EBITDA is earnings before interest, tax, depreciation and amortisation — a common proxy for operating profit.) 5
Waaree also flagged regulatory overhangs in its exchange filing. It said a U.S. Customs and Border Protection investigation under the Enforce and Protect Act — a process to probe evasion of U.S. duties — covers the origin of components in solar modules exported to the United States since January 2021, and it has recognised a provision of 2.95 billion rupees related to those liabilities. It also disclosed an income tax investigation at its offices and facilities in India in November 2025. 6
Refiner HPCL reported a 34.7% rise in standalone quarterly profit to 40.72 billion rupees as gross refining margin — the profit from turning crude into fuels — improved to $8.85 a barrel from $6.01 a year earlier. Reuters cited PPAC data showing India’s fuel consumption hit record highs in December after a November peak, helped by lower crude prices during the quarter. 7
Bank of India said quarterly profit rose 7.47% to 27.05 billion rupees as non-interest income climbed, while provisions increased to 5.76 billion rupees. “Despite the kind of pressure that already exists on NIM, we still expect it to be around 2.60%,” managing director Rajneesh Karnatak said, referring to net interest margin — a key gauge of how much a bank earns on loans after paying for deposits. 8
The risk for investors is that some of the brightest growth stories are also the noisiest battlegrounds. Quick commerce can eat margins if leaders are dragged into heavier discounting, drugmakers still face U.S. pricing pressure in crowded generics, and refiners’ margins can reverse quickly with crude swings. Banks, meanwhile, can see provisions rise even when headline bad-loan ratios improve.
