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Q2 Business Update: Banks Post Strong Loan Growth, Nykaa and DMart Report Robust Revenue Gains

HDFC Bank, the largest private‑sector lender in India, reported that its average advances under management reached ₹31.87 lakh crore in the September 2026 quarter, marking a rise of approximately 14% from ₹27.95 lakh crore in the corresponding quarter of the previous year. The bank’s growth reflects a broader trend among lenders, with several other institutions such as Bank of Baroda, Canara Bank, Bank of India and Bandhan Bank also announcing double‑digit expansion in their loan books during the same period. These figures underscore a healthy credit environment across the banking sector in the second quarter of the current financial year.

Bank of Baroda, a leading state‑run lender, disclosed that its global advances climbed 18.27% year‑on‑year to ₹15.12 lakh crore, while deposits advanced 17% to ₹17.51 lakh crores. Domestic advances rose 13.51% to ₹11.87 lakh crore, with retail advances—including personal loans and credit cards—climbing 19% to ₹3.24 lakh crore. Canara Bank, headquartered in Bengaluru, reported a 16% annual jump in its global business to ₹30.70 lakh crore, with domestic loans surging 16.83% to ₹12.63 lakh crore and the global loan book rising 19.35% to ₹13.73 lakh crore.

Bank of India, another state‑run lender, saw its retail loan portfolio increase 19% to ₹4.12 lakh crore, and its total domestic loan book advance 17.7% to ₹7.03 lakh crore. The bank’s total business jumped 21.07% to ₹18.91 lakh crore from ₹15.62 lakh crore a year earlier, while gross domestic deposits rose 23.3% to ₹9 lakh crore. Bandhan Bank, a private‑sector lender based in Kolkata, reported a 13.1% annual rise in its loan book to ₹1.58 lakh crore and total deposits jumped 9.2% to ₹1.72 lakh crore, with CASA deposits up 4.3% to ₹46,131 crore.

In the metals sector, Hindustan Zinc, the country’s leading silver and zinc producer, announced that its mined metal production reached a record 271 kilo tonnes, up 5% annually, driven by higher ore production. Refined metal production rose 7% YoY to 264 kt, attributed to additional capacity unlocked from debottlenecking projects at Chanderiya and Dariba and a 160 kt pa roaster at Debari. Saleable silver production increased 20% to 173 metric tonnes, aligning with the company’s production plan.

FSN E-Commerce, the operator of Nykaa, the country’s leading specialty beauty, fashion, and lifestyle retail chain, said that its consolidated gross merchandise value (GMV) is expected to be close to thirties and net sales value (NSV) growth is expected to be higher in early thirties. The company added 14 new stores, bringing the total store count to 338. Same‑store sales growth reached the early twenties, the highest in the last six quarters, with the House of Nykaa continuing to outperform the overall beauty vertical through strong performance across core and emerging brands.

Avenue Supermarts, the operator of the DMart retail chain, reported that its revenue in the second quarter increased 18% year‑on‑year to ₹19,206 crore from ₹14,050.32 crore in the same period last year. The total number of stores as of September 30, 2026 stood at 518, reflecting the chain’s continued expansion and robust sales performance during the July‑September period.