Tata Tech shares rally 8% after Q2 results, but Goldman Sachs and JM Financial stay bearish. Here's why
JM Financial set out an expansion in a quarterly results development.
· ET Stocks, Economic Times Markets
Tata Technologies shares surged after reporting a 4% YoY rise in Q2 net profit to Rs 171 crore. Revenue grew 28% to Rs 1,699 crore, led by a 34% jump in services revenue to Rs 1,356 crore. EBITDA rose 32% to Rs 273 crore, with margins expanding 40 bps to 16.1%. Services revenue grew 4.3% sequentially in constant currency terms to $142 million.
The analysis
JM Financial reported Rs 171 crore, Rs 1,699 crore and Rs 1,356 crore, with movement of 8%, 4% and 28% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -5.5% on the day at ₹107.78, and has returned -11.2% over three months. It sits 36% below its 52-week high, which means a good deal of bad news was already in the price. The capital markets sector has moved -6.3% over the same period, so JM Financial is running 4.9 points behind its peers.
For JM Financial, the question is how much of this is already reflected in the price and how much re-rates the capital markets peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- In focus: JM Financial (JMFINANCIL), in Capital Markets.
- On the day, 0 of 2 are higher: Tata Technologies leads at -1.8% and JM Financial trails at -5.5%.
- Over three months: JM Financial -11.2% against Capital Markets -6.3% (4.9 points behind); Tata Technologies -13.9% against IT -3.1% (10.8 points behind).
- At least 25% below the 52-week high: JM Financial (36%) and Tata Technologies (26%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| JM FinancialJMFINANCIL · Capital Markets | ₹107.78 | -5.5% | -16.5% | -11.2% | -35.7% | 1.1× | — |
| Tata TechnologiesTATATECH · IT | ₹647.10 | -1.8% | -8.5% | -13.9% | -26.4% | 0.5× | — |
Capital Markets
1M -2.9% · 3M -6.3%
JM Financial
IT
1M +5.2% · 3M -3.1%
Tata Technologies
Financial Services
1M -8.8% · 3M -14.9%
Prices as of 30 Oct 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
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