Five numbers from Monday’s results and filings, and what each one actually tells you.
1. ITC’s revenue rose 28% and profit fell 20%
ITC reported revenue from operations of Rs 28,318 crore for the September quarter, up 28%, and net profit of Rs 4,137 crore, down 20% from Rs 5,176 crore. The striking line is the EBITDA margin: 18.22%, against 31.15% a year ago. An operating collapse that size would show up in the segments and it does not. On these numbers the likelier read is mechanical, with the higher tobacco tax now passing through reported revenue rather than sitting outside it. The non-cigarette businesses grew well, with biscuits, snacks, spices and homecare each above 20%. (ITC filing, via Upstox and Business Standard)
2. Indian startups raised $678 million in October
October funding into Indian startups came to about $678 million across 108 deals, down 47.5% from September’s $1.29 billion and 60.8% below October last year. The split matters more than the headline. Twenty growth and late-stage rounds carried $414.6 million; 79 early-stage deals shared $263 million. Bengaluru alone took about $420 million, roughly 62% of everything raised. A month this concentrated is better read as deal timing than as sentiment, but it does mean a growth round is now competing for what was effectively twenty slots nationally. (Entrackr monthly funding report)
3. Amara Raja’s profit fell 45%, and it is entering vehicle servicing
Amara Raja Energy & Mobility reported September-quarter net profit of Rs 152 crore, down 45%. On the same day its board approved a wholly-owned subsidiary for automotive maintenance, battery servicing and roadside assistance under the Amaron Assist brand, with up to Rs 100 crore committed in tranches. The logic is that Amaron already sits in tens of thousands of battery shops, and a battery sale is a service visit in all but name. No revenue target, outlet count or launch date was given, which makes this an option rather than a commitment. (Autocar Professional)
4. iD Fresh Food’s revenue reached Rs 870 crore
iD Fresh Food’s FY26 operating revenue was Rs 870 crore, up 27.7%, with profit before tax and exceptional items of Rs 79 crore against Rs 24 crore the year before. Expenses grew 20.5% while revenue grew 27.7%, which is where the profit came from. EBITDA margin was 13%. Parathas and batters contributed Rs 671 crore, about 75% of operating income. Holding a 13% margin on a cold chain running from Bengaluru to Ajman is a harder result than the revenue line suggests, because the spoilage risk sits with the company. (Entrackr, from regulatory filings)
5. DeHaat’s revenue fell 9.8% and its loss grew
DeHaat’s FY26 operating revenue was Rs 2,715 crore, down 9.8% from Rs 3,010 crore, and its loss widened to Rs 224 crore from Rs 201 crore. Procurement of materials, about 80% of all spending, fell 11.7%, faster than revenue did. A company cutting procurement faster than revenue is usually choosing to trade less, not failing to find buyers. Walking away from low-margin produce volume is the right move and it makes a year of numbers look worse. The test is whether the Rs 517 crore input business starts growing. It has not yet. (Entrackr, from regulatory filings)
Also in today’s edition: MobiKwik posted its highest-ever quarterly profit at Rs 11.8 crore, Ola Electric allotted 37 crore partly paid-up shares under its rights issue, Norton is entering the mid-capacity segment with a 450cc motorcycle, and Razorpay has its final IFSCA licence for cross-border money movement from GIFT City.
Read the full edition, with the deeper reads on each story: https://theinsightlabs.in/daily/2026-11-03
If one of these numbers changes how you are thinking about your own category this week, hit reply and tell me which. I read every response.
— Satyam · The Insight Labs