Q2 Results This Week for Banks and IT: HDFC Bank, ICICI Bank, Wipro, Tech Mahindra and What to Watch

Q2 results this week for banks and IT companies will decide which way the market leans. ET Markets reported that as many as 129 companies put out their July–September (Q2 FY27) numbers this week. The real weight, though, sits with two groups: private banks and IT services. Between them they carry a big chunk of the Nifty 50, so a good or bad print here can drag the whole index with it.

Q2 results this week: banks lead, IT follows

• Monday, 12 Oct: RBL Bank
• Wednesday, 14 Oct: Canara Bank, HDB Financial Services
• Thursday, 15 Oct: Jio Financial Services, IIFL Finance, L&T Finance, IRFC
• Friday, 16 Oct: Federal Bank, Bajaj Housing Finance, Ujjivan Small Finance Bank
• Saturday, 17 Oct: HDFC Bank, ICICI Bank, Axis Bank and Yes Bank

What we’ll be looking for in the bank numbers

Lenders report into a very different rate backdrop this time. According to the MPC resolution, the RBI lifted the repo rate by 25 bps to 5.50% on 7 October and shifted to a “calibrated tightening” stance. On top of that, banks have had to hold 99% of their required CRR every single day from 16 October. So the checklist looks like this:

• Net interest margin (NIM), and what management says about how fast loan yields will reprice
• Deposit growth and cost of funds
• Treasury income, which rising bond yields can dent
• Asset quality: slippages, gross and net NPAs, and credit costs
• Credit growth. Citing RBI data, Mint reported that non-food bank credit grew 18.8% year on year in August.

The IT names on the calendar

• Monday, 12 Oct: HCL Technologies (see our HCLTech Q2 results coverage)
• Tuesday, 13 Oct: Tata Elxsi
• Wednesday, 14 Oct: Tata Technologies
• Thursday, 15 Oct: Wipro, Tech Mahindra, Persistent Systems, Tata Communications, Cyient DLM
• Friday, 16 Oct: LTIMindtree

Where the IT story will be told

• Constant-currency revenue growth set against guidance. Wipro, for one, guided -1.5% to +0.5% QoQ. Our Wipro Q2 preview has the details.
• Deal wins (TCV), the best clue to how the next few quarters shape up
• Margins, now that most firms have digested their wage hikes
• What they say about AI, client budgets and the rupee

For banks this quarter, margin guidance matters more than the profit number. For IT, the next quarter’s guidance matters more than the last quarter’s growth.

Other results worth a look

Thursday brings Nestle India, HDFC Life, HDFC AMC, Angel One and Polycab India. BHEL, ICICI Lombard and MRPL are due on Wednesday, while Hero Motors puts out its first quarterly results as a listed company on Tuesday.

What it means for investors

FPIs are still selling, and solid numbers from the big banks and IT firms are one of the few things that could steady the index. Pabitro Mukherjee of Bajaj Broking told ET that relentless FII selling and global headwinds will probably keep markets volatile, though record DII buying should cap the downside. If you’d rather read the numbers yourself, our guide on how to analyse quarterly results walks you through it, and the day-by-day reaction will be on our Stock Market Today India hub.

Sources: ET Markets results calendar, RBI. Dates are as scheduled and can change. Not investment advice.