New Delhi, Nov. 5 -- September-quarter earnings for India Inc. reveal a two-speed story. A Mint analysis of 551 listed companies that have reported Q2FY26 results so far shows core operational income growing nearly 5% year-on-year, up from 4% in the June quarter.

But this recovery was offset by a sudden collapse in non-core, or "other", income, which contracted 1.5% year-on-year-its weakest showing in at least nine quarters since Q2 FY24-after five straight quarters of double-digit growth. Sequentially, the fall was far steeper at 17%, pulling overall income growth down to 2%, compared with 5.5% in the previous quarter.

Experts note that the fading of the non-core support could weigh on India Inc's headline revenue growth which has been...