The worst of five years just had the best quarter of its life.
Every other finding here rests on five years of annual accounts. The June quarter says something else: five of the eight widened their operating margin against the same quarter a year before.
The turn is loudest at the company with the worst record. Deepak Nitrite ended FY26 with sales down 4.8%, profit down 21%, and return on capital down from 44.6% to 11.4%. Then:
“EBITDA reached an all-time high of ₹554 crore, growing 159% year-on-year and 45% sequentially, while EBITDA margins expanded to 21% compared with 11% last year.” Maulik Mehta, Deputy Managing Director · Deepak Nitrite · 6 August 2026
PI Industries is the only one going the other way — margin down 5.7 points, on a year when sales fell 15.8%.
One quarter is not a recovery. It is, however, the first quarter in five years that points up.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.
Not advice. Quotes are from the companies’ own earnings calls; figures from their filings.