Mumbai, Feb 4, 2026, 15:35 IST
- Bajaj Finserv’s profit for the December quarter remained flat, despite revenue climbing about 24%.
- More than 140 Indian companies, among them Trent and Tata Power, will report earnings on Feb. 4.
- After a rally fueled by hopes for a trade deal, markets leveled off as IT stocks fell during a broad tech sell-off.
Bajaj Finserv’s profit for the December quarter remained almost unchanged, even as revenue surged sharply. The results kick off a busy earnings day for lenders, retailers, and utilities across India. 1
Timing matters. Investors are digging into one-off costs to figure out the real trends in demand and credit, all while reacting to a U.S.-India trade deal and fresh volatility in tech stocks.
More than 140 companies are reporting earnings on Wednesday, including Tata Power, Trent, NHPC, Cummins India, and Apollo Tyres. This influx adds to an already busy week for Indian markets. 2
India’s main indexes held steady in morning trade after posting their best gains in nine months. While most sectors showed modest advances, a steep decline in IT shares dragged the market. “Sustainability of the rise hinges on details of the trade deal,” noted Dhananjay Sinha, CEO and co-head of institutional equities at Systematix Corporate Services. 3
Bajaj Finserv reported revenue of 39,708 crore rupees and a net profit of 2,229 crore rupees (with 1 crore equal to 10 million rupees), but highlighted a one-time charge related to new labour codes, NDTV Profit said. Live updates also showed Emcure Pharmaceuticals’ profit soaring about 50% to 231 crore rupees. Meanwhile, Westlife FoodWorld’s profit dived nearly 85%, down to roughly 1 crore rupees. 4
Upstox highlighted that several companies are set to release earnings today, including Trent, Tata Power, Cummins India, NHPC, Tube Investments of India, Hexaware Technologies, and Force Motors. 5
Bajaj Finance, part of the larger Bajaj group, reported a 6% profit decline on Tuesday. The drop followed a hike in provisions and the introduction of a minimum loss-given-default threshold, which gauges potential losses if a borrower defaults. “It’s purely done as a proactive and voluntary measure,” Vice Chairman and Managing Director Rajeev Jain said during the post-earnings call. 6
Lenders are keeping a close eye on the rate environment. India’s central bank is widely expected to maintain policy rates this Friday, shifting attention to the impact of earlier cuts on borrowing costs. “The U.S.-India trade deal further bolsters the case for the RBI keeping rates unchanged this week,” said Dhiraj Nim, an economist at ANZ Bank. 7
Brokerages are focusing on same-store sales and margins at Trent, the parent company of Westside and Zudio, after a year marked by fast growth. Business Today highlighted forecasts that Trent’s profit for the December quarter could jump between the high teens and low 20s percentage-wise, with sales predicted to rise in the mid-to-high teens. 8
Brokerages are forecasting a profit drop for Tata Power compared to last year, mainly due to ongoing losses at its Mundra plant. They’re also watching the renewables segment closely, focusing on how effectively the company is handling execution at its solar unit. 9
Outside the major players, the restaurant sector paints a mixed picture. Westlife Foodworld, which runs McDonald’s franchises across western and southern India, reported a staggering quarterly profit decline exceeding 85%. The plunge stems from stiff competition with local eateries and cloud kitchens, along with a one-time hit from a labour-law expense. 10
Devyani International, which runs KFC and Pizza Hut in India, named CFO Manish Dawar as its new CEO, effective April 1, replacing Virag Joshi. The company also posted an 11% rise in quarterly revenue, fueled by discounted menu deals that drew more customers. 11
Numbers rolled in, but headlines held the spotlight. The U.S.-India deal is still up in the air. IT shares are sliding as concerns grow that new AI tools could hit outsourcing. Plus, labor-code hiccups are popping up in earnings reports across sectors.
