Sensex and Nifty surge as Marvell acquires Lumentum (3 Nov)

Marvell Technology to acquire Lumentum for $115 billion

This transaction values Lumentum at an enterprise value of $115 billion, or approximately $1,132 per share.

EverQuote beats third-quarter earnings expectations

EverQuote reported third-quarter 2026 earnings of $0.49 per share on $218.1 million in revenue, exceeding Wall Street estimates of $0.47 per share and $203.23 million in revenue.

The company's auto insurance segment contributed $190.4 million in revenue, a 21% year-over-year increase, and home insurance revenue climbed 70% to $27.7 million.

Corporate earnings show mixed results across sectors

An unnamed company reported revenue of Rs 3,897 crore, a 13% year-over-year increase that fell below the estimated Rs 3,974 crore. Its EBITDA grew 26.6% year-over-year to Rs 709 crore, exceeding the estimate of Rs 702 crore, while its EBITDA margin reached 18.2%, up from 16.2% a year earlier.

Net profit for the company rose 31% year-over-year to Rs 550 crore, surpassing the projected Rs 420 crore.

On a quarter-over-quarter basis, the company reported revenue of Rs 7,202 crore, a 29.6% increase. EBITDA grew 8.3% quarter-over-quarter to Rs 1,662 crore, though the EBITDA margin declined from 27.6% to 23.1%.

Companies report varied year-on-year financial performance

Companies reported a wide range of quarterly financial results on November 2, 2026. One firm saw revenue grow 14.3% year-on-year to Rs. 1,727 crore, with EBITDA rising 47% to Rs. 332 crore and net profit increasing 50.6% to Rs. 259 crore. Another company reported a 1.1% revenue decline to Rs. 347 crore, while its EBITDA fell 5.1% to Rs. 37 crore and net profit grew 19.2% to Rs. 14.3 crore. Its EBITDA margin reached 10.7%, down from 11.1%.

Quarterly performance showed mixed results for other firms. One company reported revenue of Rs. 369 crore, down 0.5% quarter-on-quarter, with net profit falling 29.5% to Rs. 62 crore and an interim dividend of Rs. 2.20 per share. Its EBITDA fell 19.3% to Rs. 109 crore, with margins dropping to 29.5% from 36.4%. A separate entity reported flat revenue of Rs. 135 crore and a net loss of Rs. 0.4 crore compared to a Rs. 2.8 crore profit the previous year. Its EBITDA declined 56.7% to Rs. 6.5 crore, and margins fell to 4.8% from 11.1%.

Growth trends varied across the sector. One firm recorded revenue of Rs. 962 crore, a 20.7% increase, while net profit reached Rs. 103 crore compared to Rs. 50 crore. Its EBITDA grew 46.4% to Rs. 221 crore, with margins rising to 23% from 18.9%. Another company saw revenue grow 23.9% to Rs. 969 crore, but EBITDA fell 2.8% to Rs. 173 crore and net profit rose 1.3% to Rs. 79 crore. Its margin fell to 17.9% from 22.8%.

Some firms faced significant pressure on margins. A company reported revenue of Rs. 2,379 crore, up 1%, with net profit declining 6.9% to Rs. 353 crore and a second interim dividend of Rs. 1.90 per share. Its EBITDA fell 4.5% to Rs. 550 crore, while margins dropped to 23.1% from 24.5%. A firm with revenue of Rs. 471 crore reported an EBITDA loss of Rs. 39 crore and a net loss of Rs. 42 crore.

Quarter-on-quarter data showed specific shifts for some entities. One company reported revenue of Rs. 138 crore, up 3%, with net profit rising 6.1% to Rs. 31.1 crore. Its EBIT fell 0.8% to Rs. 37.3 crore, with margins at 27% compared to 28.1%. Another firm grew revenue 20.3% to Rs. 1,560 crore and net profit 38.9% to Rs. 182 crore. Its EBITDA reached Rs. 338 crore, up 21.6%, with margins at 21.7%.

Expansion and strategic investments were noted. One firm grew revenue 22.1% to Rs. 729 crore and net profit 39.4% to Rs. 152 crore, raising its arm's investment limit by Rs. 120 crore to Rs. 420 crore. Its EBITDA rose 36.5% to Rs. 185 crore, with margins at 25.3%. A company reported revenue of Rs. 2,773 crore, up 40.9%, with net profit rising 8.4% to Rs. 194 crore. Its EBITDA grew 6.5% to Rs. 197 crore, though margins fell to 7.1% from 9.4%.

Operational updates included infrastructure projects and profit fluctuations. One firm reported revenue of Rs. 1,939 crore, up 12%, and net profit of Rs. 101 crore, up 37.5%. Its EBITDA reached Rs. 283 crore, with margins improving to 14.6%. Another company saw net profit fall 83.3% to Rs. 12.5 crore after a one-time loss of Rs. 80 crore. Its revenue was Rs. 1,469 crore, up 13.2%, and EBITDA was Rs. 184 crore, up 17.7%.

Performance remained varied across smaller and larger entities. One firm reported revenue of Rs. 1,342 crore, up 31.8%, and net profit of Rs. 115 crore. Its EBITDA was Rs. 194 crore versus Rs. 95 crore year-on-year. Another reported revenue of Rs. 138.2 crore, up 44.7%, but net profit fell 3% to Rs. 16.2 crore. Its EBITDA reached Rs. 25.4 crore, with margins falling to 18.4%.

Strategic developments included new manufacturing and energy projects. One firm with revenue of Rs. 1,719 crore reported net profit growth of 93.4% to Rs. 176 crore. It announced plans for a Rs. 106 crore yarn unit in Madhya Pradesh and a 60 MW hybrid renewable energy project. Its EBITDA grew 46.7% to Rs. 314 crore, with margins at 18.3%. Another firm reported income of Rs. 486 crore and net profit of Rs. 86.5 crore, compared to a previous loss. A final company reported revenue of Rs. 5,812 crore, with EBITDA falling 48.2% to Rs. 142.7 crore and net profit falling 24.8% to Rs. 143.7 crore. Its margin fell to 2.5%, while another firm reported revenue of Rs. 320.4 crore, up 0.1%.

Leadership perspectives on the Marvell-Lumentum merger

Marvell and Lumentum have entered a merger agreement to establish a new leader in artificial intelligence connectivity. The transaction, which has received unanimous approval from the boards of directors at both companies, is expected to be accretive to Marvell's non-GAAP earnings per share within the first year after closing.

Three members of the Lumentum Board of Directors, including CEO Michael Hurlston, will join Marvell's existing seven-member board.

Regulatory and operational timelines for the Marvell deal

Marvell and Lumentum scheduled a joint conference call for today, November 2, 2026, at 5:00 a.m. Pacific Time.

Participants can join the call by dialing 800-579-2543 for U.S. callers or 785-424-1789 for international callers using conference ID 5554083.

Lumentum, a San Jose-based company specializing in optical and photonic technologies for AI, cloud computing, and next-generation communications, also released financial results for the first fiscal quarter of 2027 today.

Advisors for Marvell include Qatalyst Partners as lead financial advisor, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as financial advisors, Wilson Sonsini Goodrich & Rosati as legal advisor, and FGS Global as strategic communications advisor.

EverQuote management discusses future growth and AI strategy

For the fourth quarter of 2026, EverQuote issued guidance for revenue between $213 million and $223 million. The company also projected variable marketing dollars between $57 million and $60 million and adjusted EBITDA between $29 million and $32 million. EverQuote expects its variable marketing margin to decline in the near term as it invests in new channels and products.

Management is preparing for a shift to agentic commerce and is in discussions with carriers and AI platforms including Meta, OpenAI and Anthropic.

The recently launched Luva platform has a hybrid monetization model that may involve commissions, performance-based fees and referrals. Carriers are working through legal and compliance questions related to agentic commerce, creating industry uncertainty. Analysts focused on themes such as AI-driven distribution, growth in home insurance, and the company's 2027 outlook.

Joseph Sanborn noted a 70% growth in home insurance and said the company shifted resources toward that segment in 2025. While Sanborn expects home insurance to remain a stronger grower than auto, he warned that the growth rate may not continue indefinitely. Capital allocation strategy will aim to balance share buybacks, investments and maintaining a fortress balance sheet.