PRE-MARKET INDIAN STOCKS NEWS: Earnings updates from Oil India, Ola Electric & Vodafone Idea

Dilip Buildcon (DBL IS) - Co. Q2 FY27 (INR) net fell 52.7% Y/Y to 1.0bln, rev. rose 16.8% Y/Y to 22.5bln. (Moneycontrol)

EIH (EIH IS) - Co. Q2 FY27 (INR) net rose 19.9% Y/Y to 1.4bln, rev. rose 16.1% Y/Y to 6.9bln. (Moneycontrol)

Hitachi Energy India (POWERIND IS) - Co. Q2 FY27 (INR) net rose 20.5% Y/Y to 3.2bln, rev. rose 63.5% Y/Y to 30.0bln. (Moneycontrol)

IRCTC (IRCTC IS) - Co. Q2 FY27 (INR) net fell 22.9% Y/Y to 2.6bln, rev. rose 16.3% Y/Y to 13.3bln. (Economic Times)

Mahindra & Mahindra (MM IS) - Co. October production rose 30.4% Y/Y to 123,752 units, sales rose 7.3% Y/Y to 126,706 units and exports rose 77.5% Y/Y to 7,241 units. (Moneycontrol)

Manappuram Finance (MGFL IS) - Co. Q2 FY27 (INR) net rose 222.7% Y/Y to 7.0bln, rev. rose 44.7% Y/Y to 19.6bln. (Moneycontrol)

NMDC Steel (NSLNISP IS) - Co. Q2 FY27 (INR) net profit 610.0mln (prev. loss 1.1bln Y/Y), rev. rose 11.0% Y/Y to 37.6bln. (Moneycontrol)

Oil India (OINL IS) - Co. Q2 FY27 (INR) net fell 21.3% Q/Q to 22.6bln, EBITDA fell 26.5% Q/Q to 30.0bln, rev. rose 1.4% Q/Q to 80.7bln, EBITDA margin 37.2% (prev. 51.3% Q/Q). (Economic Times)

Ola Electric Mobility (OLAELEC IS) - Co. Q2 FY27 (INR) net loss narrowed to 3.6bln (prev. loss 4.2bln Y/Y), rev. fell 39.0% Y/Y to 4.2bln. (Moneycontrol)

Rail Vikas Nigam (RVNL IS) - Co. Q2 FY27 (INR) net rose 8.3% Y/Y to 2.5bln, EBITDA rose 19.5% Y/Y to 2.6bln, rev. fell 8.2% Y/Y to 47.0bln. (Economic Times)

Vodafone Idea (IDEA IS) - Co. Q2 FY27 (INR) net loss widened to 59.8bln (prev. loss 55.8bln Y/Y), partly due to adverse mark-to-market adjustments on treasury assets. (Economic Times)

Zee Entertainment (NZ IS) - Co. approved a share buyback of up to INR 6.0bln at INR 91.0/shr, representing a premium of approximately 24.0% to its previous closing price of INR 73.5/shr. (Economic Times)

Indian earnings round-ups of this kind are typically a dispersion story rather than an index story: the Nifty-level signal tends to be muted while sector-level rotations do the work. The pattern here is a familiar one for the domestic cycle, with capital-goods and power-transmission names printing strong revenue growth while upstream energy shows margin compression even on flat revenue, a combination that in past episodes has pointed to input-cost and realisation pressure rather than demand weakness. The distinction worth drawing is between companies where revenue and profit move together, which speaks to operational momentum, and those where the divergence is driven by below-the-line items such as treasury mark-to-market, which historically gets discounted as non-cash unless it signals balance-sheet strain, as has been the recurring question around leveraged telecom names. Buybacks announced at a premium to market have tended to be read as management signalling undervaluation, though follow-through has historically depended on acceptance mechanics and promoter participation rather than the headline size. Single-month auto production and sales prints are noisy reads; the market has generally weighted the festive-season wholesale figures more heavily than off-peak months. The follow-ons are management commentary on margin trajectory and order books, which in comparable reporting seasons has mattered more for the next session's moves than the prints themselves.