Commodity price surge lifts early-bird corporate profits in India's Q2 FY27

India's corporate earnings for the second quarter of FY27 surged as higher commodity and energy prices boosted sectors such as power generation, mining, metals and oil refining. Early-bird results from 337 companies showed adjusted net profit reaching roughly ₹1.94 trillion, the strongest quarterly increase in the past 12 quarters. While traditional heavyweights like banks, IT services and manufacturing saw slower growth, three large commodity producers—Adani Power, Hindustan Zinc and JSW Steel—contributed about 30% of the incremental earnings despite a modest share of total sales.

Two private refiners, Chennai Petroleum Corporation and Mangalore Refinery & Petroleum Corporation, also posted sizable profit jumps, whereas public-sector refiners faced declines due to regulated fuel pricing. Lenders including ICICI Bank, Axis Bank, IndusInd Bank, Bajaj Finance and Shriram Finance together added nearly a quarter of the overall earnings rise. Revenue grew to a record ₹14.85 trillion, driven by strong price realization across sectors.