Q2 Results Live Updates: Biocon numbers better than estimates; RVNL operating cash flow negative
Published on 12/11/2025 08:50 AM
RVNL revenue increased by 5.5% from last year, but its EBITDA, margin and net profit declined from the year-ago period.
Additionally, the state-run company’s operating cash flow also turned negative at the end of the first half of the current financial year.
– Numbers better than expectations
– Growth driven by Generics and biosimilars
– Generics segment growth driven by recently launched products in US & EU such as Liraglutide, generic formulation biz & APIs
– Has commenced filings for Semaglutide in various markets including Canada + Brazil
– Biocon Biologics growth driven by market share expansion and new product launches
– Biosimilar margins expanded for second consecutive quarter with Q2FY26 margins up 400 bps to 25%
– Launched four biosimilars across key global markets so far
– Company is on track for Denosumab biologic launch
– Quarter impacted by Mundra Shutdown & Muted power demand
– Operational weakness offset by Strong Odisha Discom performance & Solar module performance
– On track to Sign Supplementary PPA with Gujarat for Mundra UMPP
– EBITDA down, margins weak
– To set up solar wafers and ingots manufacturing plant with 10 GW capacity
– Turnover data remains strong despite a change in expiry day
– 1st expiry day post day change saw highest-ever daily turnover of ~`50,000 cr
– Q2 average daily notional turnover up 22% QoQ to ₹100 lakh crore
– Operating revenue up 11.5% QoQ
– Transaction charges, largest contributor to BSE’s revenue up 8% QoQ
There are also earnings reactions that the street will be awaiting, such as BSE, which beat consensus expectations supported by strong operating revenue, Tata Power, where results were impacted due to multiple factors.
While the street is awaiting some very important results today, there will also be a reaction to multiple results that were reported after market hours on Tuesday.
More details in subsequent posts.
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