Major Indian companies have begun reporting their Q2 FY25 earnings, revealing a mixed performance across sectors. Tata Motors reported an 11.2% decline in net profit to ₹3,343 crore, with revenue down 3.8% to ₹1.01 lakh crore, and EBITDA down 12% to ₹12,159 crore. The company's EBITDA margin decreased to 12% from 13.1% last year, affected by muted domestic demand and production constraints at Jaguar Land Rover (JLR). Tata Motors' net automotive debt rose 18% to ₹22,000 crore, while JLR's net debt stood at ₹13,500 crore. Asian Paints reported a significant decline in its consolidated net profit for the quarter ended September 2024, falling 42.4% year-on-year to ₹694.6 crore, compared to ₹1,205.4 crore in the corresponding quarter of the previous fiscal year. The company attributed the decline to weak consumer sentiment, persistent rains, and floods, which impacted volumes, resulting in a 0.5% domestic volume decline against expectations of 6-8% growth. Shares of Asian Paints plunged 9%, and analysts suggest the stock may fall another 25% due to the underwhelming performance. JPMorgan downgraded Asian Paints to 'underweight,' citing significantly weaker operating performance than expectations. State Bank of India (SBI) reported strong Q2 results, with the bottom line surpassing street expectations and an improvement in asset quality. Analysts have revised earnings forecasts positively after the bank's strong net profit, driven by higher treasury income and improved loan recoveries. Brokerages such as Jefferies and Nomura have maintained a 'buy' recommendation, raising the target prices to ₹1,030 and ₹1,050 respectively. Divi's Laboratories reported its Q2 results with revenue up 22.5% year-on-year and net profit at ₹510 crore. Brokerages have reacted to these earnings with various recommendations. Jefferies maintained a 'buy' on Tata Motors but cut the target price to ₹1,000 from ₹1,330. CLSA upgraded Tata Motors to 'outperform' from 'hold,' cutting the target price to ₹968 from ₹975.