Market calendar

Weekly count of new unemployment filings — the fastest read on the labour market; still historically low.

Q2 ended Jun 2026; revenue $3.61B beat $3.58B est; GAAP net income $816M; diluted EPS $1.37; management raised FY guidance to at least mid-teens revenue growth.

Hospital + diagnostics growth drove double-digit revenue; margins eased on higher opex.

Train ticketing led (39% of revenue); adj EBITDA dipped on hotels + AI-platform investment.

US commercial crude stocks rose ~3.0M bbl (vs a ~1.9M draw expected) — a bearish surprise on softer demand.

Services PMI 54.1 — 25th straight month of expansion but below 54.5 est; Business Activity jumped to 59.1 & New Orders 57.2, yet Employment slipped to 47.4 (contraction) and Prices stayed hot at 70.3.

GAAP net income $2.64B vs $5.26B a year ago on prior-year one-time tax benefits.

GAAP net income $1.50B included ~$1.06B of equity investment gains; ex-equity ~$439M.

ADP private payrolls rose just 44K in July — weakest in 6 months, below ~70K est; all gains in services (+47K), goods -3K; annual pay +4.4%.

Trailing-12-month free cash flow topped $10B for the first time.

Profit surged off a low base (Q1 FY26 PAT ₹10 cr); glass-lined-equipment order intake strong. Consolidated per house rule.

Volume-led turnaround on operational efficiencies/cost rationalisation, not revenue growth.

Biopharma major — profit jump led by biosimilars & generics; consolidated per house rule.

Services PMI (final) eased to a 4-year low from 57.4 in June on softer new business — still expansionary above 50.

NOT to be confused with JK Cement (separate, bigger co; its Q1 was ₹274.62 cr -15%). Fuel/material costs + a ₹130 cr exceptional charge drove the decline.

Higher input/employee/other costs squeezed margins despite double-digit revenue growth.

Raised full-year guidance; reported EPS included $3.03 of acquired IPR&D charges.

MPC held the repo rate at 5.25% for a 4th straight meeting and kept the neutral stance (SDF 5.0%, MSF 5.5%); Gov. Sanjay Malhotra flagged inflation edging above target on fuel/food, seen peaking in Q3 — the repo rate sets loan EMIs and bank margins.

Deficit narrowed $4.4B as imports fell — a small positive for Q3 GDP.

Job openings eased from 7.54M — a mild labour-demand cooling the Fed tracks.

Record revenue led by data center; Q3 revenue guide $12.7–13.3B.

Flat bottom line despite +15% income — depreciation/finance costs on new capacity (Subansiri Lower 250MW). Corrected an earlier over-stated auto-fill.

Air-cooler maker; profit dipped on a softer cooling season.

Volume-led (patients +10%, tests +11%); specialty & TruHealth outgrew; FY27 guide kept at 14-16% growth. Results declared Aug 5.

Rail-transport PSU consultancy; margin eased YoY.

India's largest oil & gas producer; standalone soared on high crude prices, consolidated hit by refiner arm HPCL.

Beauty GMV +28%; margins at a 12-quarter high — profitability inflection.

Tariff hikes + subscriber upgrades drove ARPU; telecom bellwether.

Auto-components supplier; record quarterly revenue tracks strong OEM demand.

Margin squeeze despite strong revenue; stock fell ~14% on the print.

Private-survey read (now RatingDog-branded) on China's smaller exporters — stayed in expansion at 50.9 even as the official NBS PMI fell to 49.2.

Factory activity pulse — above 50 means expansion. Jul jumped to 55.6, highest since May 2022, well above the 54.0 forecast (Production 58.5, Employment back in expansion at 52.8).

GAAP net income $1.06B (55% margin); GAAP operating income $912M (47% margin).

Cryogenic-equipment maker; steady revenue growth, healthy order inflow. Results out Aug 3; call Aug 4.

Hotel operator; steady RevPAR growth despite geopolitical headwinds (no absolute Q1 PAT in press — operational basis).

Real-estate bellwether; profit edged up even as revenue fell on lower sales bookings/deferred launches.

India's largest stainless-steel maker; MD flagged West-Asia conflict disrupted production. Results out Aug 3; call Aug 4.

Fintech turned in its third consecutive profitable quarter; shares jumped ~8%.

Factory-activity gauge — above 50 signals expansion. Jul eased to 53.5 (June 54.2), the softest reading in nearly five years and below the 53.9 flash; still a 57th straight month of expansion.

Consolidated PAT ₹48 cr (-6% YoY vs ₹51 cr); Rev from ops ₹287 cr (+21.6%); EBITDA ₹56 cr (+12%), margin 19.5% (vs 21.2%). Sonal Ramrakhiani appointed CEO.

IT services large-cap; EBIT margin 13.5% (-280bps QoQ), record TCV $1.15bn incl a $650M deal; signed a business-combination agreement to acquire Nagarro SE.

Consolidated PAT ₹263.11 cr (+11% YoY vs ₹237.17 cr); Rev ₹5,606.71 cr (+8%). Sales volume -6% but pricing power + product mix expanded margins.

July dispatches: Maruti 241,421 total (domestic all-time high 200,123); M&M 1,03,860 (+26%, SUVs 60,048 +20%, dom tractors 32,643 +21%); Hyundai 75,360 (+25.4%, dom 54,210); Tata Motors 39,641 (+37%). A demand pulse for autos and consumer spend.

Consolidated PAT ₹2,825 cr (+43% YoY vs ₹1,974 cr); AUM ₹1,91,532 cr (+43%); EPS ₹69.72. Board flagged leadership succession — Alexander George MD, George Alexander Muthoot Exec Vice Chairman, K R Bijimon CEO, all eff 1 Oct 2026.

Gross GST ₹2.11 lakh cr (+15.4% YoY); net after refunds ₹1.81 lakh cr (+15.8%); domestic +10.1%, imports +28.8% (₹66,511 cr). A real-time gauge of activity and consumption.

Revenue beat on higher oil prices; profit held back by planned refinery maintenance.

Wages+benefits both +0.9% in Q2; a touch above the +0.8% consensus — a stickier read on labour-cost pressure the Fed watches.

Slid to a loss as the West Asia conflict spiked crude costs and squeezed refining margins, despite a record first-quarter throughput of 19.2 MMT.

Lending drove the quarter (Bajaj Finance PAT +28%, BHFL +23%, Bajaj Life NBV +87%); board approved pursuing a re-insurance business. Headline is profit attributable to owners; total consolidated PAT was ₹6,297 cr.

Profit fell as EBITDA margin compressed to ~16.8% (from ~29.7%) on the West Asia crude spike hitting input costs, even as revenue jumped 28%.

Profit surge flattered by ₹528 cr of other income; core margin stayed thin — EBITDA margin eased to ~3.0% (from 3.8%) in the low-margin EMS model.

Hydro PSU; consolidated PAT roughly flat as higher interest/finance costs offset a ~52% revenue jump; standalone PAT ₹259 cr.

Tiles maker's profit jumped 56% on volume growth and softer gas costs; a read on the building-materials / housing-demand cycle.

Volumes +29.3% and revenue +36%, but EBITDA margin slipped to ~8.2% (from 10.4%) on higher raw-material and operating costs, dragging profit lower.

BoJ held its policy rate at 1.00% (8-1 vote; Takata dissented for a 25bp hike) and signalled readiness to hike further. BoJ policy shifts ripple through the yen and global carry trades.

Both back below 50: factory PMI 49.2 (lowest since Feb, ends a 4-month expansion) and non-manufacturing 49.0 (sharpest drop in 3+ years) — a bellwether for global demand and commodities.

Transaction revenue fell on a ~25% QoQ drop in crypto spot volumes; posted a GAAP net loss.

Weekly initial claims rose to 197K from 188K but stayed historically low — no sign yet of labour-market cracking.

GAAP net income $4.39B (+19% YoY); operating margin 60.2%; gross dollar volume $2.9T; $4.9B buybacks in the quarter.

Record AUM ₹5.47L cr (+23.9%); new loans booked 1.61 cr (+20% YoY). Consolidates Bajaj Housing Finance — headline is attributable-to-owners PAT.

Profit up 19% YoY but -21% QoQ vs ₹2,965 cr on a one-time loss; board cleared a ₹33,873 cr NINL (Odisha) expansion.

City-gas margins squeezed by costlier raw gas procurement YoY, though profit recovered ~47% sequentially; volumes up ~7%.

Textile & acrylic-fibre maker's profit up ~50% on margin expansion (EBITDA margin 17.5% vs 13.7%). Corrects an earlier auto-fill that understated PAT/revenue.

Driven by auto + farm-equipment volume growth, stronger M&M Financial Services and Tech Mahindra margins; 400-500bps commodity inflation a drag. Parent M&M — distinct from MMFSL, which reported Jul 21.

Defence shipbuilder: strong operating quarter with EBITDA margin up to 15.2% (from 11.5%). Corrects an earlier auto-fill that understated PAT/revenue.

Loss narrowed on quick-commerce scale — Instamart GOV +40%, food-delivery GOV ₹9,490 cr (+17%); EBITDA loss cut 32% to ₹650 cr.

Fed's preferred gauge cooled — headline PCE eased to 3.7% YoY (-0.1% MoM) and core to 3.3% (+0.1% MoM), both matching forecasts; energy fell on the Iran truce. Consumer spending +0.3%. Still above the 2% target.

Fiscal Q3 ended Jun 27, 2026; GAAP gross margin 50.1%; EPS included ~$0.11 tariff-refund benefit.

Q2 net income includes ~$53.4B pre-tax non-operating gain (mainly Anthropic stake); AWS op income $16.6B.

Real GDP grew 1.5% annualized in Q2, cooling from Q1's 2.1% and below the ~2.1% consensus — consumer spending, investment and exports rose while government spending fell.

MPC held Bank Rate at 3.75% in a 6-3 vote — three members wanted a 25bp HIKE on lingering energy-price risk (dissents up from two). July MPR: CPI at 2.6% but seen rising later in 2026. Next decision Sep 17.

Week to Jul 24: stocks 404.5M bbl, ~7% below the 5-yr average — a draw after last week's +2.0M build. Moves crude prices and energy stocks.

Record revenue; results include $129M gain (~$0.14 EPS) from deconsolidation of Robinhood Ventures Fund I.

Record net revenue and loan originations ($14.8B); added 1.1M members to 15.8M (+35% YoY); adj EBITDA $358M.

Consolidated per house rule. Profit fell on a high pre-sales base (Q1 FY26 had ₹12,126 cr pre-sales); operations steady.

Consolidated per house rule. Revenue nearly doubled on capacity ramp; margin compressed on mix.

Consolidated per house rule. Record quarter on strong project execution.

Consolidated per house rule.

Consolidated per house rule (standalone/other summaries cite ~₹94 cr). Margin expansion on operating leverage.

Consolidated per house rule. Sequential profit recovery on textiles; lower debt.

Consolidated attributable-to-owners per house rule; OFAC settlement paid 14 May 2026. Operating quarter strong (record EBITDA); loss is one-off.

Consolidated (continuing ops) per house rule. Brand turnaround lifted margins to a record.

Consolidated per house rule. Strong operational turnaround on margin expansion.

Bank → standalone per house rule. Profit driven by better NIMs and lower slippages.

Consolidated per house rule. Profit fell on a one-off residential base; hospitality/annuity core grew double-digit.

HELD unfilled per no-guess bar (demerger trap). After the May/Jun-2026 demerger, Vedanta split into separately-listed Aluminium / Oil & Gas / Power / Iron & Steel entities + the VEDL parent; each reported Q1 SEPARATELY (Oil&Gas PAT +₹945 cr, Iron&Steel +₹121 cr, Power −₹423 cr loss; Hindustan Zinc, still a VEDL sub, PAT ₹5,469 cr ~2x YoY). No clean single VEDL-parent consolidated Q1 number available — do NOT fill VEDL with a demerged-entity figure (same class of trap as Tata Motors CV/PV).

Profit pressured by ~$2.4B legal charge + ~$1.18B severance (8,000 role cuts); operating margin 31%.

Fiscal Q4 ended Jun 30, 2026; net income $35.8B (+31%); FY26 revenue $331.8B.

Held the target range at 3.50-3.75% (upper bound 3.75%) on a 9-3 vote; three dissents (Hammack, Kashkari, Logan) favoured a 25bp hike as inflation stays above 2%. Chair Warsh. Sets the US policy rate — moves global bonds, the dollar and risk assets.

Factory-output gauge (new 2022-23 base year); June growth accelerated to 7.3% YoY, led by manufacturing and capital goods.

Fiscal Q3 (ended Jun 30): net revenue +14% to $11.6B, payments volume +10%, 71.7B processed transactions; non-GAAP EPS $3.32.

Record quarterly revenue $1,065.4M; product revenue +215%; GAAP net income $196.3M; operating income $182.2M; FY26 guide raised to $3.9-4.2B.

Q2 revenue up 8% to $24.6B; loss widened on $280M VC-25B (Air Force One) charge; 171 commercial deliveries, highest since 2018.

Gauge of US household mood — a lead read on spending and demand. Fell 1.4 pts; Present Situation 114.9 (3rd monthly drop), Expectations flat at 74.7.

Q2 revenue +5% to $8.68B; adjusted EPS $1.38 beat; GAAP net income $1.1B ($1.25/sh); raised full-year non-GAAP EPS guidance.

Wind-energy major. Revenue jumped but PAT slipped on logistics disruption and project-mix change; margin contracted. Consolidated basis.

PepsiCo's largest bottler outside the US. VBL reports on a calendar year, so this is Q2 CY2026. Consolidated basis (house rule for non-financials).

Orders for long-lasting goods — an early read on business-investment appetite. Jun rose +0.3% MoM ($334.8B) after a volatile spring (Apr +8.5%, May -4.5% on swings in aircraft orders).

Mid-cap IT bellwether; Encora consolidation drove the 49% revenue jump and 110% PAT growth. Consolidated basis (house rule for IT). Corrected 28 Jul — auto-fill had wrong ₹3,080cr/-16% figures.

Microfinance stress and deposit costs are the swing factors for this lender.

Small-finance lender transitioning to a universal bank — deposit costs are the pressure point.

Diagnostics bellwether — fastest revenue growth in four years on volume + pricing.

First read on July US activity — composite at an 8-month high signals resilient growth.

Largest private life insurer — APE and VNB margin gauge new-business momentum.

India's biggest power generator — capacity additions and plant load factors matter most.

Largest retail NBFC — AUM growth signals vehicle/SME credit demand.

Follows JSW Steel's strong quarter — a second read on steel prices and spreads.

Large public-sector lender; its provisional update already showed advances up 17%.

Weekly layoffs pulse — the fastest read on the US job market; a multi-month low.

Fastest revenue growth since 2011 on AI-driven data-center demand; the GAAP loss reflects charges while non-GAAP profit returned.

Airline swung to a loss on an 86% jump in fuel expenses despite 20% revenue growth.

Recently listed e-commerce platform — losses roughly halved as revenue grew 48%.

Profit fell 39% on weaker US business & higher expenses; FY27 margin guidance maintained.

Mid-cap IT with heavy BFSI exposure; management guided to further sequential acceleration in Q2 FY27.

Deposit rate held at 2.25% (unanimous); Lagarde flagged a possible move at the September meeting amid the energy-price shock.

Steady growth quarter; profit dipped sequentially. Ashiss Kumar Dash named CEO-designate.

Crude stocks rose for the week to Jul 17, reversing the prior week's draw.

Profit jumped on higher generation; board approved a ₹15,000 cr QIP and a higher debt ceiling.

Profit recovered on sharply lower provisions and slippages; NII near-flat as advances shrank YoY.

Renewable-capacity ramp — a proxy for India's green-energy build-out.

OMC slid into loss as the West Asia crude spike lifted input costs while fuel prices were held down.

Profit and revenue rose on 27% capacity growth to 20.1 GW; highest-ever quarterly EBITDA.

A staples bellwether — volume growth signals whether urban consumption is recovering.

Loss driven by holding petrol/diesel/LPG prices below cost during the crude spike; ₹3,485 cr LPG under-recovery.

Profit slumped on a semaglutide API inventory provision and a 35% fall in North America sales.

Revenue leapt as Blinkit's inventory-led (1P) model grosses up sales; quick commerce turned adjusted-EBITDA positive.

Premium liquor volumes are a clean signal of urban discretionary spending.

Profit fell on higher finance costs and depreciation from aggressive capacity expansion; installed base 14,535 MW.

Profit fell on a ₹106 cr one-time actuarial charge tied to India's new labour-code wage definition; EBITDA up 8%.

GAAP net income $1.11B (-5% YoY); operating income $398M (-57%), operating margin 1.4%; record 480,126 deliveries.

Net income up 298% to $112.1B, largely unrealized equity-securities gains; operating income $40.8B (+30%).

Profit growth came from lower provisions rather than lending — advances up 16.4% but NII up only 6%.

A ₹532 cr swing in regulatory deferral balances flatters the profit jump; total PAT including minorities was ₹1,237 cr.

Consolidated YoY is not like-for-like — Bajaj Auto International Holdings was folded in from Nov 2025 with a one-quarter reporting lag, so much of the 65% revenue jump is inorganic.

Domestic like-for-like RevPAR up 14%; portfolio now 645 hotels after 11 openings in the quarter.

Record quarterly revenue; standalone profit runs above consolidated because the financial-services arm drags the group number.

Beat estimates — volumes 41.31 MT (+12.2%), EBITDA ₹5,146 cr (+12.1%), grey cement realisation ₹5,218/tonne (+3.7%).

Record quarterly EBITDA ₹203 cr (+182%), margin 8%; cash balance ₹13,529 cr. Board also took up a maiden bonus issue.

Beat on a ~44% drop in provisions; core NII +8% to ₹14,646 cr; NIM eased to 3.46%.

Lower provisions (-45% YoY) and ~15% loan growth offset NIM pressure.

NIM slipped to a record-low 3.26%; gross advances +15.4% YoY.

Beat estimates; consolidated PAT ₹15,440 cr (+14%); provisions down ~30% YoY.

Housing starts rebounded sharply from May's weak 1.20M; building permits, a leading gauge, eased to 1.37M (-3%).

Factory, mining and utility output edged up in June — a gauge of the industrial economy's health.

Second straight monthly rise and highest since February on cheaper gas; 1-yr inflation expectations eased to 4.2% from 4.6%.

Profit more than doubled and beat the ~₹3,070 cr estimate on stronger steel prices, higher volumes and a better product mix.

India's largest company by market cap — sets the tone for energy, retail and telecom.

Weekly layoffs pulse; 208K is a multi-week low — labor market still tight.

Core gauge of US consumer spending; June +0.2% MoM, +6.7% YoY (gas-station drag; ex-gas +0.7%).

Reliance's financial-services arm; profit up on dividend income, Jio Credit AUM ₹30,667 cr (2.6x YoY).

No.3 IT exporter; muted profit, soft Q2 guide (-1.5% to +0.5% CC), ₹2 interim dividend.

Crude stocks fell 1.7M bbl to 409.7M (~6% below the 5-yr average), swinging back to a draw after last week's build — supportive for oil prices.

Second day of the semiannual Monetary Policy Report — followed the soft June CPI/PPI as traders parsed the rate path into the July 29 FOMC.

Wholesale inflation cooled to 5.5% YoY (-0.3% MoM SA), below the 6.2% forecast and down from 6.0% — echoing the soft June CPI and easing pressure on the Fed's PCE gauge.

Wholesale inflation rose to 9.87% on fuel (+27.4%) and food (+6.14%) — far above retail CPI at 4.38%, a squeeze on producer margins.

Headline CPI fell to 3.5% YoY; prices dropped 0.4% on the month, the biggest 1-month fall since April 2020, as energy slid 5.7%. Core held at 2.6%.

Deficit widened ~59% YoY as imports (+31%) outpaced exports (+15.5%) — pressures the rupee and current account.

PAT +20% YoY, revenue ₹34,579 cr (+13.9%); ₹12/share interim dividend; FY27 guidance held at 1-4% cc.

17-month high — food inflation crossed 5% (5.32%), firming the case for a hawkish RBI on Aug 4-6.

Layoffs staying low even as hiring cools — claims steady near 215K.

Kicked off India's Q1 season — ₹12 interim dividend, $9.5B order book, margins at 24%.

First build after 10 straight weekly draws — a swing factor for crude prices.

NYSE & Nasdaq shut (July 4 falls on Saturday); thin global liquidity.

Weak +57K print — hiring is cooling, which feeds Fed rate-cut expectations.

Weekly US crude stockpile change — moves oil prices and energy stocks.

Indian equity, F&O and currency markets shut for the day — no trading.

Indian equity markets shut for the day — no cash or F&O trading.

Weekly US crude stock change — moves oil prices and energy stocks.

Weekly US oil stockpiles — swings crude prices and energy stocks.

Upper bound of the fed funds target — anchors global rates and the dollar.

Key US inflation print; drives Fed policy path and US bond yields.

Headline US labour-market gauge; shapes Fed rate expectations and global risk sentiment.