BHEL, Canara Bank Report Q2 Profit Growth; ICICI Lombard Earnings in Focus

Bharat Heavy Electricals (BHEL) and Canara Bank reported results on 14 October 2026 for the quarter ended 30 September 2026. BHEL recorded a sharp recovery in profit alongside revenue growth, while Canara Bank reported higher net interest income and improved asset quality. ICICI Lombard General Insurance is also in focus during the earnings season.

The businesses require different measures of performance. Project execution and margins are central to BHEL, deposit and lending trends matter for Canara Bank, and underwriting performance is essential for ICICI Lombard. 

BHEL Q2FY27: Revenue Rises 23.8%, Profit More Than Doubles

BHEL reported consolidated revenue from operations of approximately ₹9,300 crore in Q2FY27, rising 23.8% from about ₹7,512 crore a year earlier. Consolidated net profit reached approximately ₹821 crore, compared with ₹375 crore in Q2FY26, an increase of about 119%. On a standalone basis, reported profit was about ₹810 crore.

The stronger quarter was accompanied by an improvement in operating profitability, with reported operating margin around 11.4%. For an engineering and project-execution business, the sustainability of this improvement will depend on milestone execution, contract mix, cost control and collections. Investors should continue to track the order book, project timelines and cash conversion rather than judge the quarter by profit growth alone.

Canara Bank Q2FY27: Profit Up 8.4%, NII Rises 20.4%

Canara Bank reported standalone net profit of approximately ₹5,175 crore for Q2FY27, up 8.4% from ₹4,774 crore a year earlier. Net interest income rose about 20.4% to ₹11,005 crore, from approximately ₹9,141 crore in the year-earlier quarter, reflecting stronger core interest earnings.

Asset quality improved, with the gross non-performing asset ratio declining to 1.33%, from 2.35% a year earlier and 1.57% in the preceding quarter. The bank reported gross non-performing assets of approximately ₹18,299 crore and a provision coverage ratio of about 95.34%.

ICICI Lombard: Premiums and Combined Ratio

For ICICI Lombard, gross direct premium income and product mix are important growth measures, but volume should be assessed alongside underwriting profitability. The combined ratio compares claims and related operating costs with earned premiums; a ratio above 100% generally points to an underwriting loss before investment income, subject to reporting definitions.

Analysts will track motor, health and commercial-line performance, claims frequency and severity, pricing discipline and solvency. Investment income may support reported profit but should be analysed separately from underwriting trends to judge the quality of earnings.

Conclusion

BHEL’s Q2FY27 consolidated net profit more than doubled to roughly ₹821 crore on 23.8% revenue growth, while Canara Bank’s standalone profit increased 8.4% to ₹5,175 crore alongside improved asset quality. The reported performance offers evidence of progress in two very different sectors.

The focus now turns to whether BHEL can sustain execution and margins, whether Canara Bank can maintain healthy interest earnings and credit quality, and how ICICI Lombard performs on underwriting measures.