Stocks to Watch on May 20: BPCL, Mankind Pharma, Orkla India, JSW Energy, Karnataka Bank and More

Indian equity markets are expected to remain stock-specific on Wednesday, May 20, as several companies reported their March quarter earnings and announced key corporate developments. Oil & gas, pharma, banking, infrastructure and metal stocks are likely to remain in focus after earnings announcements and management updates.

Here are the key stocks to watch in today’s trading session:

Bharat Petroleum Corporation Limited

BPCL reported a weak set of numbers for the fourth quarter as its consolidated net profit declined 57.7% sequentially to ₹3,192 crore. The decline was largely due to exceptional losses worth ₹4,349 crore.

The company’s revenue remained largely flat at around ₹1.2 lakh crore during the quarter. EBITDA fell 13.8% quarter-on-quarter to ₹10,061 crore, while EBITDA margin narrowed to 8.5% from 9.7% in the previous quarter.

Despite the sharp fall in profit, BPCL’s operational performance remained better than market expectations, with EBITDA and margins coming above analyst estimates.

Orkla India

Orkla India delivered strong quarterly earnings with net profit rising sharply to ₹73 crore compared to ₹35.2 crore in the year-ago period.

Revenue from operations increased 5% year-on-year to ₹626 crore, while EBITDA rose 2.2% to ₹97 crore. EBITDA margin remained stable at 16%, indicating resilient operating performance despite cost pressures.

Mankind Pharma Limited

Mankind Pharma posted a mixed fourth-quarter performance. The company’s net profit declined 30.4% year-on-year to ₹420.8 crore.

However, revenue increased 11.8% to ₹3,443 crore and EBITDA jumped 36.1% to ₹930 crore. EBITDA margin expanded significantly to 27% from 22.2% a year ago, reflecting strong operational efficiency and improved product mix.

Karnataka Bank Limited

Karnataka Bank reported a robust set of quarterly numbers aided by improved asset quality and healthy growth in core income.

The bank’s net profit surged 61.7% year-on-year to ₹408 crore. Net interest income rose 8% to ₹843 crore.

Asset quality improved further with gross NPA declining to 2.78% from 3.32% quarter-on-quarter, while net NPA improved to 0.98% from 1.31%. The bank also recommended a final dividend of ₹5 per share.

Godawari Power and Ispat Limited

Godawari Power & Ispat reported strong operational performance for the March quarter.

The company’s net profit increased 26.6% year-on-year to ₹280 crore, while revenue rose 9.7% to ₹1,610.3 crore. EBITDA surged 37.9% to ₹439 crore and EBITDA margin expanded sharply to 27.3% from 21.7% in the corresponding quarter last year.

PTC India Limited

PTC India reported weak earnings for the fourth quarter despite strong revenue growth.

Net profit declined 69.3% year-on-year to ₹105 crore, while revenue increased 33.3% to ₹3,897.5 crore. EBITDA fell 6.9% to ₹145 crore and EBITDA margin narrowed to 3.7% from 5.3% a year ago.

The company also announced a final dividend of ₹5.5 per share.

Hindalco Industries Limited

Hindalco Industries will remain in focus after its subsidiary Novelis reported a quarterly loss.

Novelis posted a net loss of $84 million in the fourth quarter compared to a profit of $294 million a year ago. The company said earnings were impacted by fires at its Oswego plant in the US during September and November.

Adjusted EBITDA declined 3% year-on-year to $459 million, while profit excluding special items fell 13% to $227 million.

JSW Energy Limited

JSW Energy announced that it will increase its stake in Toshiba JSW Power Systems from 10.7% to 20.7%.

The company will acquire shares from Toshiba Corp through a secondary share purchase transaction valued at ₹150 crore. The move is expected to strengthen JSW Energy’s position in the power equipment business.

PNC Infratech Limited

PNC Infratech reported a mixed quarterly performance.

Net profit rose 42.9% year-on-year to ₹108 crore. However, revenue declined 5.1% to ₹1,617 crore and EBITDA dropped 23.5% to ₹277 crore. EBITDA margin also narrowed to 17.1% from 21.3% a year ago.

J Kumar Infraprojects Limited

J Kumar Infraprojects reported subdued earnings for the March quarter.

Net profit declined 4% year-on-year to ₹110 crore, while revenue fell 2.9% to ₹1,585.4 crore. EBITDA slipped 4.8% to ₹223.9 crore, though margins remained stable at 14%.

The company also recommended a final dividend of ₹4 per share.

Borosil Limited

Borosil reported pressure on profitability during the quarter.

Net profit declined 5% year-on-year to ₹10.6 crore despite a 5.2% rise in revenue to ₹284.1 crore. EBITDA fell 18.7% to ₹30.2 crore, while EBITDA margin contracted to 10.6% from 13.8% a year ago.

Sula Vineyards Limited

Sula Vineyards announced a key management change.

The company said Chief Financial Officer Abhishek Kapoor will step down from his role effective July 14, 2026. The board has approved the appointment of Rinku More as CFO-designate effective July 15, 2026.

Earnings Today

Several major companies are also scheduled to announce their quarterly earnings on May 20. Key names include Apollo Hospitals Enterprise Limited, Bosch Limited, Grasim Industries Limited, Honeywell Automation India Limited and Whirlpool of India Limited.

Apart from these, market participants will also track results from IRB Infrastructure Developers, Jubilant FoodWorks, Ola Electric Mobility, Samvardhana Motherson International, JK Lakshmi Cement and Medplus Health Services.