Tyre manufacturer Ceat, which is owned by RPG Group, reported a significant decline in its net profit for the first quarter of the financial year 2026-27 (Q1 FY27). The net profit plummeted by 96.4 percent year-on-year (YoY), reaching ₹4 crore.
Tyre manufacturer Ceat, which is owned by RPG Group, reported a significant decline in its net profit for the first quarter of the financial year 2026-27 (Q1 FY27). The net profit plummeted by 96.4 percent year-on-year (YoY), reaching ₹4 crore.
The main reason for such a sharp decrease was an impact of nearly ₹50 crore caused by the depreciation of the Sri Lankan rupee against the US dollar in the debt obligations of the foreign subsidiary. Additionally, the company incurred losses from recently acquired enterprises related to investments in new warehouses, infrastructure, and lower initial operating figures.
Despite the drop in net profit, revenue from operations increased by 22.4 percentage points year-on-year, reaching ₹4,318 crore. Arnab Banerjee, Managing Director (MD) and Chief Executive Officer (CEO) of Ceat, noted that the first quarter was challenging for the industry. The company responded to the situation with a moderate price increase to partially offset the negative impact while maintaining focus on market share and demand. He added that despite the pressure, CEAT demonstrated confident double-digit revenue growth, supported by high capacity utilization and stable demand across all segments. Banerjee emphasized that entering the second quarter, the company will maintain a disciplined approach to pricing, focusing on profitable growth.
On a sequential basis, net profit declined by 98.4 percentage points, while operating revenue grew by 2.3 percentage points. Kumar Subbia, CFO of Ceat, stated that the standalone business suffered due to the increased cost of raw materials, which the company could only partially pass on to buyers. He specified that because not all the increase in raw material costs was passed on to consumers, the gross margin decreased by approximately 5.8 percentage points. Subbia forecasts that raw material costs may rise another 6-7 percent during the second quarter, although prices are likely to stabilize from the third quarter with an improvement in geopolitical and commodity conditions.
The company stated that demand for tire replacement remains resilient despite price increases and does not expect an immediate drop in demand. Nevertheless, it acknowledged the possibility of weakening demand in the medium term, especially if competitors adopt different pricing strategies. The board of directors approved an investment of ₹1,205 crore to expand two-wheeler production capacity in line with future development plans. The results were announced after the market close, after which Ceat shares rose by 0.9 percent, closing at ₹3,829.30 on the BSE.
The consolidated profit of Jio Financial Services Limited after tax increased by 156% compared to the previous year, reaching 830 crore rupees for the quarter ending June 30, 2026. This growth resulted from an increase in revenues and operating profit across the company's financial services portfolio.
Total consolidated revenue, excluding dividend payouts, grew by 141% to 1,496 crore rupees in the first quarter of 2026-27. Operating profit before provisions, also excluding dividends, increased by 38% to 505 crore rupees. Profit before tax, excluding dividends, rose by 18% to 461 crore rupees after adjusting last year's figure for a one-time exceptional income of 29 crore rupees. Meanwhile, profit before tax, including dividends, increased by 131% to 970 crore rupees.
Gross assets under management at Jio Credit, the group's non-banking financial company, expanded 2.6 times compared to last year, reaching 30,667 crore rupees. Gross disbursements increased 2.7 times during the reporting quarter, amounting to 11,252 crore rupees. The portfolio consisted of mortgage loans, which accounted for 45.4%, corporate and SME loans at 44.2%, and securities-backed retail loans at 10.4%. Jio Credit's net interest income grew by 118% to 257 crore rupees, and profit after tax increased by 113% to 96 crore rupees. The company's total equity as of June 30 was 1.37 trillion rupees. The company received a second tranche of 5,934 crore rupees from its promoter group, leading to a cumulative capital infusion of 9,890 crore rupees.
The company reported a successful operational turnaround in the Jio Payments Bank and Jio Payment Solutions divisions during the reporting period. Jio Payments Bank's total revenue increased 7.7 times compared to last year, reaching 83 crore rupees, while customer deposits grew by 72%, totaling 617 crore rupees. The customer base with current and savings accounts increased by 51% to 3.9 million accounts. The bank's active network of business correspondents expanded to 527,037 touchpoints, up from 50,192 the previous year and 378,568 in the previous quarter. Jio Payment Solutions' total payment volume grew 2.5 times compared to last year, reaching 19,208 crore rupees. Gross income from fees and charges increased 6.4 times to 176 crore rupees, and net income from fees and charges grew 3.4 times to 24 crore rupees. The net processing margin was 12 basis points.
Assets under management in the joint venture between Jio Financial Services and BlackRock increased sequentially by 21%, reaching 18,412 crore rupees. Liquid fund assets exceeded 10,000 crore rupees. The company noted that 44% of investors have active systematic investment plans, and 36% of retail assets originate from outside the country's top 30 cities. Investors new to mutual funds accounted for 18.5% of the investor base. The joint venture received final approval from the International Financial Services Authority to operate as a retail fund manager in GIFT City. In the insurance sector, Jio Insurance Broking provided premiums worth 238 crore rupees, 1.6 times more than the previous year, and fee and commission income grew by 131% to 61 crore rupees. Allianz Jio Reinsurance underwrote gross premiums of 266 crore rupees in its first full quarter of operation. Jio Allianz General Insurance was established as an equal joint venture, and statutory and regulatory approvals are currently underway. The JioFinance mobile application had 25 million unique users and registered an average of about 34,000 product purchases per day in June. The rewards program issued over 204 million JioPoints to 5.7 million registered customers.
Bengaluru-based real estate developer Prestige Estates Projects disclosed that its residential pre-sales reached ₹6,579 crore in the first quarter of the financial year 2026-27 (Q1FY27). This figure represents a decline of 45.74 percent year-on-year (YoY), which was attributed to a high sales base recorded in Q1FY26.
In the first quarter of the financial year 2026-27, the company's sales volume amounted to 6.04 million square feet (msf), which is 36.75 percent less compared to the same period last year. The company sold 3,337 units in Q1FY27, whereas 4,718 units were realized in Q1FY26.
Despite the overall decline, collections increased by 6.2 percent. Furthermore, in Q1FY27, Hyderabad became the largest source of sales for Prestige, contributing almost half of the total sales volume, while Bengaluru contributed 27 percent, and Mumbai contributed 12 percent. NCR contributed 7 percent, and other markets accounted for 5 percent.
The average revenue per apartment in Q1FY27 was ₹11,193 per square foot, a decrease of 16.08 percent year-on-year. The average revenue for plotted developments increased by 9.53 percent, reaching ₹8,043 per square foot. The company noted that the geographical distribution of sales mainly reflected in these figures, especially after the successful launch of Prestige Golden Grove in Hyderabad.
Total collections for the quarter reached ₹4,802.2 crore, demonstrating a growth of 6.17 percent YoY, attributed to sustained customer demand and efficient project execution. During the quarter, Prestige launched three residential and one commercial project, with a total area of 20.16 msf across Bengaluru, Mumbai, and Hyderabad. The Gross Development Value (GDV) of the residential projects is estimated at approximately ₹12,000 crore.
In its office portfolio, the company registered gross leasing on an area of 1.5 msf for the quarter. As of June 2026, the effective rental rate for the commercial portfolio stood at ₹756 crore. Prestige's retail portfolio recorded a Gross Turnover (GTO) in malls of ₹737 crore, corresponding to an 18 percent YoY growth. During the quarter, the company's malls hosted 5.2 million visitors, indicating sustained consumer demand and confidence among retailers. As of June 2026, the effective rental rate for the retail portfolio was ₹277.6 crore.
Additionally, the company's hospitality business showed healthy operational results, demonstrating competitive Average Room Rates (ARRs) and high occupancy levels, supported by the ongoing growth in business and travel demand. As of March 2026, Prestige Group had executed 316 projects totaling 212 msf and has 135 projects in its portfolio covering 227 msf.
Irfan Razak, Chairman and Managing Director of Prestige Group, expressed satisfaction with the strong start to FY27, highlighting the excellent response to Prestige Golden Grove in Hyderabad. He added that several major launches are planned for the upcoming festive season in Mumbai, NCR, Bengaluru, and Chennai, which he believes will strengthen the growth momentum. Razak also expressed confidence in achieving outstanding results for the year due to healthy collections and stable performance in the annuity model business.
