Market Insights 010825
D K Jain
Dear Investor,
Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day.
US: Stocks slid on Thursday as struggles in the broader market overshadowed blockbuster results from megacap tech giants Microsoft and Meta Platforms.
Dow | 44,131 | -330 | -0.7% |
Dow Futures | 44,286 | -19 | 0.0% |
Hangseng | 24,804 | 31 | 0.1% |
Nikkei | 40,915 | -155 | -0.4% |
Gift Nifty | 24,738 | -31 | -0.13% |
Asia: Asian stocks fell for a sixth straight session the longest losing streak this year as President Donald Trump announced new tariff rates and as solid earnings from megacap tech firms failed to lift broader market sentiment.
Market is expected to open on a gap down note and likely to witness range bound move during the day.
· DOMS Industries: The company's board has approved the acquisition of an additional 13.0% stake in its subsidiary, Pioneer Stationery Pvt. Ltd.
· Gujarat Gas: The company and Waaree Energy have partnered to develop sustainable energy solutions and reduce carbon footprints.
· NCC: The company received two orders worth Rs 792 crore in July. Of this, Rs 461.39 crore pertains to the Buildings Division and Rs 330.15 crore pertains to the Electrical Division.
· Nuvama: The company has confirmed the Income Tax Department is conducting a survey at their premises, stating they are fully cooperating, and business operations remain uninterrupted.
· Punjab National Bank: The company has cut its MCLR (Marginal Cost of Funds based Lending Rate) by five basis points for all loan tenures up to three years.
· Indian Bank: The company has cut its Treasury Bills Linked Lending Rate (TBLR) for loans up to three months by five basis points to 5.35% but increased it by five basis points to 5.55% for six-month to three-year loans.
· PNB Housing Finance: The company's CEO, Girish Kousgi, has resigned, effective Oct. 28.
· NBCC: The company has entered into an agreement with Madhya Pradesh Gramin Bank to develop a modern institutional campus in Indore, valued at Rs 45.3 crore. The company has also signed an accord with the India Department of Post for the development of various land parcels across India.
· Godrej Properties: The company has entered the Vadodara market by acquiring nearly 34 acres of land for a plotted development, with an estimated saleable area of about 0.9 lakh square feet.
· Nestle: The company's Chairman & Managing Director, Suresh Narayanan, is retiring, effective July 31, 2025.
· Muthoot Microfin: The company has allotted commercial paper worth Rs 45 crore on July 31, 2025.
· Tata Steel: The company's arm is acquiring a 40% equity stake in its JV, TSN Wires Company Ltd., from Nichia Steel Works Ltd. for a consideration worth Rs 270 crore.
· Mankind Pharma: The company has approved the acquisition of the Branded Generic Business related to the Women Health Rx Portfolio from its arm, Bharat Serums and Vaccines Ltd., via slump sale on a going concern basis for a lump sum consideration.
· Dodla Dairy: The company has completed the 100% acquisition of HR Food Processing for a total consideration of Rs 5.2 crore.
· Endurance Technologies: The company's arms in Italy, Endurance Engineering S.r.l. and Endurance S.p.A., will merge with Endurance Castings S.p.A..
· Equitas Small Finance Bank: The company has allotted 50,000 Non-Convertible Debentures worth Rs 500 crore through a private placement.
· IndusInd Bank: Jyoti Prasad Ratho, Head of Internal Audit at IndusInd Bank, is no longer a Senior Management Personnel due to his superannuation from services.
· Bank of India : The bank will cut its one-year MCLR by 10 basis points to 8.9% effective tomorrow.
· Arihant Superstructures: The GST Department is conducting a search and seizure operation at the company and its arm, Vatika Realty, with the company assuring full compliance and uninterrupted operations.
· Neogen Chemicals: The company has incorporated a step-down arm, Neogen Morita New Materials.
· Cantabil Retail: The company has opened seven new showrooms, bringing the total number of showrooms to 614.
· Paisalo Digital: The company's board will meet on Aug. 5 to consider raising funds on a private placement basis.
· Maharashtra Scooters: Sanjay Uttekar has resigned as CEO of the company.
· MedPlus: The company’s health arm has received two suspension orders for a drug license for a store in Telangana.
Institutional desk:
· Indraprastha Gas Ltd - Oil & Gas | 1QFY26 Result Update - Higher gas cost and miss on volume hit PAT
Key Points
Ø We maintain HOLD on IGL after the 6.7% cut in DCF-based TP on reduced volume and EPS estimates following the miss on volume in 1QFY26. The new TP post-rollover implies Jun-27E P/E of 11.8x vs 5-year median P/E of 17.5x.
Ø We expect FY25-FY27E volume/EPS CAGR of 10.0%/25.5% after the 14.6% cut in FY26E, and marginal increase in FY27 estimates. EBITDA/SCM: FY26E-FY27E average is Rs7.18, FY27E-FY30E average is Rs7.45. Volume CAGR for FY25-FY27E is 10.0% and for FY27E-FY30E it is 8.4%.
Ø Key catalysts: The CNG vehicle growth of 11% YoY to 18,500/month in 1QFY26, and firm gas sourcing mix of term-LNG contracts, as well as the APM/new well gas and HTHP is likely to aid the management’s guidance of 10% volume growth and Rs7-8/scm EBITDA over the medium term. IGL expects savings of at least Rs1/scm from the lower zone-1 tariff announced by PNGRB for CGD, and VAT/input tax cuts likely in UP (20% of sales). A cut in excise duty on CNG and bringing gas under GST, which is expected in 3-4 months as per IGL, could be added positives. The 1QFY26 unit EBITDA at Rs6.1/scm was down 16.8% YoY due to the impact of 18% shortfall in APM gas, although it is up 33% QoQ, aided by the Rs2/kg hike in CNG in 1QFY26. The stock’s 25.2% correction in 1 year has also discounted the policy overhang and impact of the APM gas cut. Concerns include: a) policy on CGD, and b) risk of interim spike in LNG prices and oil/HH gas prices imply higher cost of LNG, much as the long-term glut expected in LNG is positive, c) volume growth in CNG is still muted at 5% despite the healthy CNG vehicle additions.
Ø 1QFY26 consolidated PAT reported at Rs4.29bn was a 8.3% miss vs NBIE estimate and was a 5.3% beat vs Bloomberg (street) estimate. The share of JV/Assoc PAT of Rs748mn was 18.8% below our estimate and down 7.4% YoY. Revenue is up 11.2% YoY at Rs39.14bn and was a beat of 1.5% against NBIE estimates, while being a slight miss against street estimates. Blended revenue per scm at Rs47.1 was up 3.4% against NBIE estimate.
Ø Gross margin at 25.2% was 220bps below our estimate, gas cost per scm reported at Rs35.3 came in 6.6% above NBIE estimate. EBITDA per unit of Rs6.1/scm was 6.2% below our estimate. EBITDA margin at 13.0% was a miss of 135bps; EBITDA came in at Rs5.11bn—a 8% miss on NBIE estimate and a 1.9% beat on street estimates.
· Swiggy Ltd. - E-Retail/ E-Commerce | 1QFY26 Result Update - Growth metrics up with improving profitability; losses in check
Key Points
Ø Swiggy’s quick commerce business continues to demonstrate improving operating trend with key KPIs trending positively in Q1FY26. Average Order Value rose 26% YoY and 16% QoQ to Rs612/order (vs Rs487 in Q1FY25 and Rs527 in Q4FY25), driving a 96bps sequential improvement in contribution margin to -4.6% of GOV — despite the launch of Maxxsaver, higher seasonal delivery costs and competitive intensity. While absolute losses increased by Rs560mn QoQ, the business added Rs9,850mn in incremental GOV and Rs6,437mn in NOV, resulting in lower losses as a percentage of GOV. Adjusted EBITDA margin improved by 216bps QoQ to -15.8%, highlighting better monetization and cost absorption. With the core dark store network built out and over 28% of MTUs adopting Maxxsaver, Swiggy remains on the path to contribution breakeven, with quarterly improvement and targeted breakeven between Q3FY26 and Q1FY27.
Ø The food delivery business maintained its growth trajectory with 19% increase in GOV during the quarter, driven by highest-ever addition of MTUs by 1.2mn in a single quarter. However, the contribution profit as percentage of GOV eroded during the quarter by 43bps due to higher seasonal delivery cost. The GOV/revenue/adjusted EBITDA/contribution profit grew at 19%/20%/232%/36% on YoY basis in the food delivery business. The management remained confident on achieving 5% adjusted EBITDA margin over the medium term on account of higher monetization and strong operating leverage.
Ø We continue to believe that the food delivery business is likely to deliver 18%/30%/68% CAGR in GOV, contribution profit, and adjusted EBITDA, respectively, during FY25–FY27E, with adjusted EBITDA reaching 4% of GOV. This will be driven by higher order volumes, improved delivery cost optimization, and the benefits of operating leverage. For the quick commerce business, we remain optimistic that it will turn contribution profit positive by Q1FY27, supported by higher GOV, rising AOV, and an improving assortment mix. We project GOV and gross revenue to clock a CAGR of 72% and 85%, respectively, during FY25–FY27E with contribution profit turning positive in FY27. We are rolling forward our valuation to Jun-27E using the SOTP method and maintain our target price of Rs500.
· Emami Ltd (HMN) - FMCG | 1QFY26 Result Update - FY26 likely to be another year of tepid sales growth
Key Points
Ø HMN declared a better set of numbers than expected in its 1QFY26 results but sales and EBITDA growth were still flattish YoY. Summer season product sales declined 17% YoY on a 54% growth base in 1QFY25.
Ø Management commentary for the rest of the year doesn’t provide much confidence on sales revival despite the weak base of mid-single digit sales growth in the past three years. For the quarter while pain management did well and the summer season products did poorly on account of the early onset of rain none of the other segments like healthcare and international business did well and Kesh King and Male Grooming and strategic subsidiaries posted declines in sales YoY.
Ø We don’t see any significant revival ahead and if seasonal factors are not supportive, HMN is likely to report sales growth in mid single digit CAGR range again in the next two years. Maintain HOLD
· Indraprastha Gas Ltd - Oil & Gas | 1QFY26 Result Update - Higher gas cost and miss on volume hit PAT
Key Points
Ø We maintain HOLD on IGL after the 6.7% cut in DCF-based TP on reduced volume and EPS estimates following the miss on volume in 1QFY26. The new TP post-rollover implies Jun-27E P/E of 11.8x vs 5-year median P/E of 17.5x.
Ø We expect FY25-FY27E volume/EPS CAGR of 10.0%/25.5% after the 14.6% cut in FY26E, and marginal increase in FY27 estimates. EBITDA/SCM: FY26E-FY27E average is Rs7.18, FY27E-FY30E average is Rs7.45. Volume CAGR for FY25-FY27E is 10.0% and for FY27E-FY30E it is 8.4%.
Ø Key catalysts: The CNG vehicle growth of 11% YoY to 18,500/month in 1QFY26, and firm gas sourcing mix of term-LNG contracts, as well as the APM/new well gas and HTHP is likely to aid the management’s guidance of 10% volume growth and Rs7-8/scm EBITDA over the medium term. IGL expects savings of at least Rs1/scm from the lower zone-1 tariff announced by PNGRB for CGD, and VAT/input tax cuts likely in UP (20% of sales). A cut in excise duty on CNG and bringing gas under GST, which is expected in 3-4 months as per IGL, could be added positives. The 1QFY26 unit EBITDA at Rs6.1/scm was down 16.8% YoY due to the impact of 18% shortfall in APM gas, although it is up 33% QoQ, aided by the Rs2/kg hike in CNG in 1QFY26. The stock’s 25.2% correction in 1 year has also discounted the policy overhang and impact of the APM gas cut. Concerns include: a) policy on CGD, and b) risk of interim spike in LNG prices and oil/HH gas prices imply higher cost of LNG, much as the long-term glut expected in LNG is positive, c) volume growth in CNG is still muted at 5% despite the healthy CNG vehicle additions.
Ø 1QFY26 consolidated PAT reported at Rs4.29bn was a 8.3% miss vs NBIE estimate and was a 5.3% beat vs Bloomberg (street) estimate. The share of JV/Assoc PAT of Rs748mn was 18.8% below our estimate and down 7.4% YoY. Revenue is up 11.2% YoY at Rs39.14bn and was a beat of 1.5% against NBIE estimates, while being a slight miss against street estimates. Blended revenue per scm at Rs47.1 was up 3.4% against NBIE estimate.
Ø Gross margin at 25.2% was 220bps below our estimate, gas cost per scm reported at Rs35.3 came in 6.6% above NBIE estimate. EBITDA per unit of Rs6.1/scm was 6.2% below our estimate. EBITDA margin at 13.0% was a miss of 135bps; EBITDA came in at Rs5.11bn—a 8% miss on NBIE estimate and a 1.9% beat on street estimates.
· Dabur India (DABUR) - FMCG | 1QFY26 Result Update - In line results, no clarity on double digit sales growth in FY26 despite weak base
Key Points
Ø Dabur’s 1QFY26 results were broadly in line with estimates on all fronts.
Ø Weak sales growth trend has persisted for the last 3.5 years now. Despite only 1.3% growth in FY25, the management isn’t confident of a double digit sales growth in FY26 because summer season has been weak, demand conditions tepid and beverages recovery will take time.
Ø We had downgraded the stock to HOLD after the 4QFY25 results because of the continued disappointment in sales growth and there is no evidence that the company is likely to turn the corner on that front. Maintain HOLD
· TVS Motor Company (TVSL) - Automobiles | 1QFY26 Result Update - Limited exposure to rural recovery
FY26 Outlook: TVS Motor expects the demand momentum to improve in FY26, particularly in the second half, aided by a favourable monsoon, higher reservoir levels, and healthy Kharif sowing, which are likely to support rural sentiment. However, the management acknowledged that rural growth in Q1FY26 lagged urban markets (3.3% vs. 4% YoY), reflecting the company’s relatively limited rural penetration. Given this backdrop, peers with stronger rural networks may be better positioned to benefit from a rural-led recovery. In contrast, urban demand remains subdued, especially in the entry-level segment, impacted by weak sentiment, affordability pressures, and stagnant income levels. While infrastructure improvements are gradually enabling scooterisation in rural areas, TVS’s current footprint remains skewed towards urban and semi-urban centres—particularly in EVs, where its iQube is present across ~900 dealerships. We believe domestic volumes in FY26 will be supported by seasonality, new launches across ICE and EV segments, and improving macro-rural tailwinds, though near-term growth may remain uneven across geographies and segments.
Ø Green shoots of recovery visible in key export markets: Exports are starting to do well despite macro instability due to tariffs. We are seeing good pickup in ASEAN and Sri Lanka markets and Africa market is also gradually recovering from macro issues it faced earlier. LATAM is a relatively new market for TVS and it believes there is significant headroom to build in this market due to the economic stability witnessed as well as the affinity for motorcycles, especially in markets like Brazil. We expect volume growth of 9% CAGR in exports from FY25-27E.
Ø Capital allocation remains a concern: TVS has heavily invested in foreign subsidiaries. Over the last five years, these investments have grown at ~25% CAGR. On a cumulative basis these subsidiaries have been making losses with the bulk of the losses booked in Norton and SEMG. The guidance is for Rs 17bn investment in FY26.
Ø Outlook & Valuation: We believe all the positives are factored into the price as it trades at 34x FY27E EPS. TVS has outperformed the 2W industry and we expect this outperformance to sustain at a volume CAGR of ~11% over FY25-27E. Our estimates for FY26/27 EPS remain unchanged. We maintain HOLD rating on the stock with a Jun’27 TP of Rs 2,972, valuing the standalone business at 32x Jun’27 and TVS credit at 2x BV.
· Hindustan Unilever (HUVR) - FMCG | 1QFY26 Result Update - In line results, gradual improvement in operating environment
Key Points
Ø HUVR’s 1QFY26 standalone numbers were largely in line with expectations on all parameters. The management indicated a gradual recovery in consumption demand, stated that gross margins have bottomed out and that realisation growth won’t be high for the near term as the company is focusing on competitive volume led growth.
Ø We have moved to projecting consolidated numbers on an annual basis to adjust for the Minimalist acquisition even as we maintain standalone numbers for interims for now.
Ø At the analyst meet in December 2024, the management highlighted that for any significant momentum in sales from a medium-term perspective, three factors should show improvement: i) real rural wage growth, ii) increase in employment levels, and iii) lower CPI inflation levels. While the latter seems to be abating for now, the outlook on the first two factors is more uncertain, particularly on employment levels. Until then we do not expect mass consumption to recover materially, which is crucial for a behemoth like HUVR. We maintain our HOLD rating as earnings growth is likely to be modest at mid-single digits over FY25-FY27E despite taking into account the Minimalist acquisition as part of our annual forecasts.
· Indraprastha Gas Ltd - Oil & Gas | 1QFY26 Result Update - Higher gas cost and miss on volume hit PAT
Key Points
Ø We maintain HOLD on IGL after the 6.7% cut in DCF-based TP on reduced volume and EPS estimates following the miss on volume in 1QFY26. The new TP post-rollover implies Jun-27E P/E of 11.8x vs 5-year median P/E of 17.5x.
Ø We expect FY25-FY27E volume/EPS CAGR of 10.0%/25.5% after the 14.6% cut in FY26E, and marginal increase in FY27 estimates. EBITDA/SCM: FY26E-FY27E average is Rs7.18, FY27E-FY30E average is Rs7.45. Volume CAGR for FY25-FY27E is 10.0% and for FY27E-FY30E it is 8.4%.
Ø Key catalysts: The CNG vehicle growth of 11% YoY to 18,500/month in 1QFY26, and firm gas sourcing mix of term-LNG contracts, as well as the APM/new well gas and HTHP is likely to aid the management’s guidance of 10% volume growth and Rs7-8/scm EBITDA over the medium term. IGL expects savings of at least Rs1/scm from the lower zone-1 tariff announced by PNGRB for CGD, and VAT/input tax cuts likely in UP (20% of sales). A cut in excise duty on CNG and bringing gas under GST, which is expected in 3-4 months as per IGL, could be added positives. The 1QFY26 unit EBITDA at Rs6.1/scm was down 16.8% YoY due to the impact of 18% shortfall in APM gas, although it is up 33% QoQ, aided by the Rs2/kg hike in CNG in 1QFY26. The stock’s 25.2% correction in 1 year has also discounted the policy overhang and impact of the APM gas cut. Concerns include: a) policy on CGD, and b) risk of interim spike in LNG prices and oil/HH gas prices imply higher cost of LNG, much as the long-term glut expected in LNG is positive, c) volume growth in CNG is still muted at 5% despite the healthy CNG vehicle additions.
Ø 1QFY26 consolidated PAT reported at Rs4.29bn was a 8.3% miss vs NBIE estimate and was a 5.3% beat vs Bloomberg (street) estimate. The share of JV/Assoc PAT of Rs748mn was 18.8% below our estimate and down 7.4% YoY. Revenue is up 11.2% YoY at Rs39.14bn and was a beat of 1.5% against NBIE estimates, while being a slight miss against street estimates. Blended revenue per scm at Rs47.1 was up 3.4% against NBIE estimate.
Ø Gross margin at 25.2% was 220bps below our estimate, gas cost per scm reported at Rs35.3 came in 6.6% above NBIE estimate. EBITDA per unit of Rs6.1/scm was 6.2% below our estimate. EBITDA margin at 13.0% was a miss of 135bps; EBITDA came in at Rs5.11bn—a 8% miss on NBIE estimate and a 1.9% beat on street estimates.
· Restaurant Brands Asia (RBA) - QSR | 1QFY26 Result Update - Muted SSSG trend continues, valuations fair
Key Points
Ø RBA’s domestic SSSG in 1QFY26 came in at 2.6% versus our expectations of 4% Growth and India business EBITDA margins were also below expectations. Indonesia business on the other hand surprised on the positive side with a minor profit at the operating level
Ø There is little evidence to suggest that Burger King or the QSR sector has turned the corner in a period of weak urban demand. Indonesia business saw some green shoots but getting to material profitability will take a significant amount of time
Ø While the capital raising in March assuaged some concerns over cash flows required to fund the committed expansion, recovery path in both India and Indonesia business remains uncertain. The company is likely to make net losses at standalone and Consolidated levels even in FY27 and the even lower skin in the game of the promoters (at 11%) after capital raising remain concerns. We maintain HOLD rating on the stock on account of fair valuations.
· City Union Bank (CUBK) - Banking | 1QFY26 Result Update - Robust loan growth; NIM performance better than industry
Key Points
Ø City Union Bank’s (CUB) 1QFY26 performance was better than our expectations at the NII/PPOP level by 4.7%/13.4%, respectively, and in line with expectations at the PAT level. PAT grew 15.7% YoY and 6.2% QoQ to Rs3.1bn due to robust loan growth. Loan and deposit growth stood at 16.1% YoY and 19.8% YoY, respectively. NIM stood stable on a YoY basis but declined by 6bps QoQ to 3.54%. The bank’s performance on NIMs was better than industry, which saw a ~20bps QoQ decline in margins. GNPA/NNPA improved by 10bps QoQ/5bps QoQ to 2.99%/1.2% in 1QFY26.
We have estimated loan/earnings CAGR of 14.1% /14.5% over FY25-FY27E, which will lead to RoA/RoE of 1.6%/13.1% in FY27E. We have valued CUB at 1.65x its Jun-27E ABV (same as earlier) thus deriving a target price of Rs260 (same as earlier). Our target multiple is at a 11.9% premium to the past 5-year average multiple of 1.5x. We are positive on CUB due to its improved growth prospects from the turnaround in the core MSME loan business and incremental contribution that will come from the recent launch of the retail business. The asset quality and PCR have also improved. We maintain a 'BUY' rating on CUB.
· ACC LTD (ACC) - Cements | 1QFY26 Result Update - Volume peaks, margins ease
Key Points
Ø Volume, realization, and profitability: Cement and clinker volumes reached an all-time high of 11.5MnT in Q1FY26, marking a 12.7% YoY growth. Key performance metrics improved with volume, realization, and EBITDA per tonne (ex-incentives) rising 12.7%, 10.9%, and 1.2%, respectively—coming in at 11.5MnT, Rs5,275, and Rs672 (vs NBIE estimates of 10.8MnT, Rs5,159, and Rs734).
Ø Trade and product mix: Trade volumes grew ~6%, while the share of premium products increased ~7%, now comprising 41% of trade sales.
Ø Cost efficiencies: Kiln fuel cost reduced ~10% YoY to Rs1.56 per ’000 kcal (from Rs1.73).
Ø Logistics cost declined ~5% YoY and is now at Rs972/T, driven by improved freight optimization.
Ø Sustainability initiatives: The share of green energy usage rose significantly, with 13.9% coming from WHRS and 11.3% from solar, bringing the total green power consumption to 26.2%—a YoY increase of ~12%.
Ø Financial performance and outlook:
o Despite modest profit growth, there were strong gains in revenue and the volumes also highlighted continued demand momentum, particularly from the infrastructure and affordable housing sectors. However, PAT declined 36% sequentially from Q4FY25 (Rs6bn), and EBITDA margins saw a slight contraction due to elevated input costs and a higher tax burden.
o Looking ahead, ACC remains optimistic for Q2FY26, with expectations of 6-7% cement demand growth for FY26, supported by macroeconomic strength and robust infrastructure spending.
Ø Views and valuation: Revenue, EBITDA, and PAT growth CAGR during FY25-FY27E stands at 12%, 10%, and 2%, respectively. ACC is currently valued at 8.7x expected EV/EBITDA for FY27E, below the 5-year average of 13x. We retain a ‘HOLD’ rating on ACC and value it at 10.6x Jun-27E EV/EBITDA, resulting in a target price (TP) of Rs1,983.
Ø Key risk to our estimates:
o Lower realization and demand in its key market.
o Further delay in capacity expansion to result in market share loss
· Sanofi India (SANL) - Pharmaceuticals | 2QCY25 Result Update - Soft quarter; strategic reset underway
Key Points
Ø Sanofi India’s results were a mixed bag. Revenues missed estimates, while margins were in line with NBIE estimates.
Ø The company has a tie-up with Emcure for their diabetes portfolio (OADs) effective Jun-25; further consolidation of core therapies and leadership changes at the Goa plant signal execution focus.
Ø We also appreciate the company's strategic partnerships with Cipla and Emcure. We are valuing Sanofi India at a P/E of 37x over 2QCY27E EPS of Rs160, arriving at a target price (TP) of Rs5,907. We maintain a HOLD rating on the stock.
· Birla Corporation (BCORP) - Cements | 1QFY26 Result Update - Birla Corporation delivers growth amid cost pressures and supply challenges
Key Points
Ø Volume/realization/T/EBITDA/T experienced growth of 9.4%, 0.2%, and 22.8%, respectively, reaching 4.8MnT/Rs4,889/Rs724 (NBIE: 4.7MnT/Rs5,297/Rs910). The performance was impacted by a 17% YoY decline in clinker production, which fell to 2.44MnT due to prolonged maintenance shutdowns, particularly at Mukutban and Maihar, which extended beyond planned timelines. This resulted in lost volumes and a clinker shortage, following stronger-than-expected demand in Q4FY25. To compensate, the company procured 0.1MnT of high-cost clinker, which weighed on margins. The pricing in Central India remained subdued, limiting realization gains. Premium products contributed 58% of trade channel sales. The flagship brand ‘Perfect Plus’ posted 19% YoY volume growth, while ‘Unique Plus’ grew 37%. Blended cement accounted for 89% of total sales, up from 84% YoY, registering 16% growth. Regional cement volume growth—East: +18%, West: +15%, and Central & North: +7-8%.
Bottom of Form
Ø The jute business: The company achieved a cash profit of Rs64mn, reversing a loss of Rs39mn in the previous year. Local sales grew 63% YoY; exports jumped 133% in value terms. The company effectively offset the impact of rising raw jute prices by reducing processing costs and enhancing production efficiency, thereby demonstrating strong operational discipline.
Ø Views and valuation: We project revenue, EBITDA, and PAT CAGR of 8%, 18%, and 36%, respectively, over FY25-FY27E. Despite a healthy earnings trajectory, BCorp is currently trading at 8.3x FY27E EV/EBITDA, which is below its 5-year historical average of 10.4x. We maintain our ‘HOLD’ rating, valuing the stock at 7.8x Jun-27E EV/EBITDA, which translates to a target price of Rs1,415.
Ø The company's investment rationale remains intact, underpinned by the following strategic initiatives:
o Increased use of green energy sources, including Waste Heat Recovery Systems (WHRS) and solar power, to enhance energy efficiency and reduce costs.
o Ongoing cost optimization efforts at Mukutban under Project Shikhar, supported by captive coal sourcing and logistics improvements through Project Unnati.
Ø Continued focus on premium product offerings, which strengthens brand positioning and drives higher realization across key markets.
· J.B. Chemicals & Pharmaceuticals (JBCP) - Pharmaceuticals | 1QFY26 Result update - Discontinued, but conviction intact
Key Points
Ø JB Chem’s Q1FY26 results were mixed, with a slight revenue miss but a strong margin beat, driven by double-digit growth in India and the CMO business. Management has maintained FY26 EBITDA margin guidance at 26-28% (ex-ESOPs).
Ø On 29-Jun-25, Torrent Pharma entered into definitive agreements with KKR to acquire a 46.39% controlling stake in JB Pharma for Rs119.17bn (Rs1,600/share), triggering a mandatory open offer for an additional 26% at Rs1,639.18/share, with the intent to acquire up to 2.8% more from employees.
Ø The transaction will lead to a merger of JB Pharma into Torrent Pharma under a scheme of arrangement. Shareholders of JB will receive 51 Torrent shares for every 100 JB shares, effectively integrating the business into Torrent’s broader platform.
Ø JB Chemicals has been one of our top mid-cap pharma picks; consistently delivering strong growth and strategic execution. With the merger now progressing and the company becoming part of Torrent, we discontinue standalone coverage on JB Chemicals.
· Sun Pharmaceutical Industries (SUNP) - Pharmaceuticals | 1QFY26 Result update - India + Specialty to drive growth
Key Points
Ø Sun Pharma’s Q1FY26 revenues were broadly in line with NBIE estimates, while EBITDA margins outperformed. Revenues were led by strong double-digit growth in India and RoW markets. US generics remained under pricing pressure.
Ø GM expanded by 82bps YoY, supported by raw material cost reduction and higher contribution from specialty products. Controlled opex also aided EBITDA margin expansion.
Ø US generics declined; however, LEQSELVI was launched and UNLOXCYT is on track for a 2HFY26 launch. Revlimid sales were moderately high QoQ. India growth was volume-led with healthy new launches. Taro-EPP litigation settled—no further charges expected.
Ø While near-term headwinds (higher R&D, rising tax rate, US pressure) prompt minor EPS cuts, we remain constructive. Long-term drivers include: (i) Sustained outperformance in the India branded formulations market with superior execution and volume-led growth; (ii) Commercial ramp-up in US specialty driven by LEQSELVI and UNLOXCYT launches; (iii) Inorganic opportunities in dermatology, ophthalmology, and onco-derma backed by a strong balance sheet; and (iv) Margin resilience as the company invests in specialty commercial infrastructure while maintaining operating discipline. We value the company at a P/E of 35x over Jun-27E of Rs58 and arrive at a target price of Rs2,032; we maintain BUY on the stock.
· Eicher Motors (EIM) - Automobiles | 1QFY26 Result Update - Cruising through unfavorable terrain
Key Points
Ø Our TOP PICK in 2W OEMs – We remain bullish on EIM with a TP of Rs 6,382, valuing the standalone business at 27x Jun’27 earnings and VECV business at 11x Jun’27 EV/EBITDA contributing Rs577/share. Shifting gears in the domestic market by focusing on growth has resulted in sharp uptick in volumes. This is in tandem with continued dominance in the export market, now at a run-rate of over 10k units/month.
Ø We expect domestic business to grow at a healthy 11% CAGR and exports, to grow at 20% CAGR. Our multiples are in line with the 5-year average multiple. We have adjusted our estimates on EBITDA/PAT downwards to factor in the company’s push to sustain the market activation and brand building activities, which have paid off in the past few quarters.
Ø We are building in Revenue/EBITDA/PAT CAGR over FY25-27 of 18%/17%/15% factoring the pivot to expanding the market with sustaining market share in domestic and export markets.
· DCB Bank (DCBB) - Banking | 1QFY26 Result Update - Accelerated provisions on unsecured loans lead to rise in credit costs
Key Points
Ø DCB Bank’s 1QFY26 performance was better than our expectations at NII / PPOP / PAT level by 3.5% / 22.5% / 3.4% respectively. PAT grew by 19.7% YoY but declined by 11.2% QoQ to Rs 1.6bn. Provisions increased by 305.6% YoY and 71.3% QoQ due to accelerated provisions on MFI and unsecured DA portfolio. Loan growth and deposit growth stood robust at 21.4% YoY and 20% YoY respectively. NIM declined by 19bps YoY and 9bps QoQ to 3.2%. Slippages increased from Rs 3.7bn (3.1%) in 4QFY25 to Rs 5.8bn (4.6%) in 1QFY26 due to stress in MFI book, unsecured DAs and small ticket secured DAs.
Ø We have valued DCB at 0.9x June 2027E ABV (same as earlier), thus deriving a target price (TP) of Rs177 (Rs 180 earlier). Our target multiple is at a 16.3% premium to the past 5-year multiple of 0.77x. We have estimated a loan / earnings CAGR of 18.2% / 24.1% which will result in RoA / RoE of 1% / 14% in FY27E. We maintain a ‘Buy’ rating on DCB Bank.
· Ambuja Cements (ACEM) - Cements | 1QFY26 Result Update - Strategic integration and cost levers set stage for strong FY26
Key Points
Ø Sales volume grew 20.3% to 18.4MnT (vs. NBIE estimate of 17.3MnT), Realization/T increased 2.7% to Rs5,567 (NBIE: Rs5,324), and EBITDA/T (excluding incentives) rose 35% to Rs1,041 (NBIE: Rs1,030). The company gained 200bps in market share, reaching 15.5%. Revenue rose 23% YoY to Rs102.9bn, driven by higher volumes, a 4% improvement in price realizations, and strong growth in premium products, which accounted for 33% of trade sales—up 43% YoY.
Ø Management guidance and outlook:
o FY26 demand growth guidance has been revised upward to 7-8%, reflecting improved industry sentiment.
o Orient and Penna Cements have been fully integrated, contributing to volume growth and strengthening dealer confidence.
o Approximately 40% of total capacity now comprises of next-generation, capital-efficient assets powered by green energy solutions.
o Strategic brownfield expansion projects are underway at over 10 locations, supporting the company’s path toward a 140MnT capacity target by FY28.
o Achieved Rs119/tonne in cost savings YoY; the company remains on track to deliver Rs530/tonne in cumulative cost reductions by FY28.
o Current installed capacity stands at 104.5MTPA with 5MTPA commissioned recently. The company aims to reach 118MTPA by FY26 and 140MTPA by FY28.
o Operational collaboration with Adani Group entities continues to drive efficiencies across procurement, logistics, renewable energy sourcing, and digital transformation initiatives.
Ø Maintain estimate and rating: We project revenue, EBITDA, and PAT CAGR of 26%, 56%, and 43%, respectively, over FY25-FY27E. We believe the company is well-positioned to outperform these estimates, supported by multiple structural and operational tailwinds. Cost savings from Waste Heat Recovery Systems (WHRS): ~Rs100/T; increased share of renewable energy: estimated benefit of ~Rs70/T; captive coal mining ramp-up: expected to meet ~80% of coal requirements in the next 12-15 months; reduced lead distance: improvement to ~100km, lowering freight costs by ~Rs4/T/km (PTPK). Higher operational days in FY26: ~321 working days vs. ~291 in FY25. The stock currently trades at 8.7x FY27E EV/EBITDA, which is below its 5-year historical average of 11.3x. We maintain our ‘BUY’ rating on ACEM, valuing it at 12x Jun-27E EV/EBITDA, arriving at a target price of Rs759.
Ø Key risks to our assumptions:
o Sequential increases in power, fuel, and logistics costs were observed during Q1FY26. These were partly driven by the integration of new assets and higher branding expenditures. Management anticipates a normalization of these cost pressures in the upcoming quarters.
o The expansion project at Bhatapara is facing a slight delay beyond the initial Mar-25 target. However, project execution remains on track overall, supported by stable vendor relationships and consistent operational progress.
· Maruti Suzuki India (MSIL) - Automobiles | 1QFY26 Result Update - Transformation from mileage to premium, BUY
Key Points
Ø MSIL reported healthy growth in export volumes up 37.4% YoY for the quarter amid a tepid domestic market with poor urban sentiment and affordability hurting the small car segment’s traction where MSIL is the largest player.
Ø The hatch segment has consistently declined in volumes, currently at 21% of the market vs 46% back in FY19. We believe the bellwether is in the process of overthrowing its mileage centric value proposition to a more aesthetic, safe and premium offering. New launches are also largely pegged to the larger SUV/MPV segment which now command 55%/11% of domestic PV volumes.
Ø This strong export momentum was supported by a decade-long effort to build up the global distribution network, launch more export-focused products.
Retail desk:
· Meghmani Organics Q1FY26 Concall Update
#Crop Protection to grow at double digits over the next three years
#Muted growth in Green and Blue Pigment, while TiO2 to improve performance from Q3 onwards
#Robust growth expected in Nutrition segment
Outlook: Positive
Key highlights
• Pricing scenario remained stable across both the segments of Crop Protection and Pigments.
• In the Crop Protection, new demand started picking up very well. While the volumes have seen steady growth, company’s revenue growth has seen a significant uptick on account of increase in contribution from its high value new products.
• Meghmani will continue to focus on new product development for its future growth. It highlighted that double digit expected growth in the segment will be mainly led by number of registrations in pipeline across various markets (Exports to 75+ countries).
• In Brazil, a major agrochemical market, it has applied for ~40 registrations of which 6 are received and remaining should be through over the next 3-4 years. Management believes that Brazil is a high entry barrier market with respect to registration and timeline.
• MPP utilization is gradually improving and will support the Crop protection.
• Nano Urea continue to perform well across both export and domestic markets. It has received trail orders and double digit growth is observed in the segment. It expects major growth over the next 2-3 years.
• In 2,4-D, demand remained intact, where Meghmani has the lowest tariffs. The plant is running at 85%+ capacity.
• TiO2 – It is mainly producing Sulphate based anatase grade which mainly used in paints, where more than 1500 paints companies are in India. Besides, it has various applications across segments such as Ceramics, Rubber, Paper, etc. Currently, Meghmani is not catering to major industry players; however, top players are giving priority given the ADD on Chinese TiO2. Thus, it offers good opportunity for the company. The management has major plans for TiO2, where it aims at stabilizing first phase and then will decide on further growth plans.
• Pigment green and blue segment to remain flat in the range of Rs.50-60 cr.
• In Crop Nutrition, Meghmani is optimistic where developments are happening in the various global markets.
• US tariffs on India will have some impact in the near term while it has an edge over China on a long term basis. Management indicated that Chinese players are expected to raise agrochemical prices, with modest price growth likely in the coming quarters.
• On consolidated level, total debt stood at Rs. 809 cr, debt reduction is aimed at over the upcoming quarters. Effective tax rate would be at 25% for FY26E.
Stock is currently trading at ~12.2x P/E to FY27E EPS.
· Tata Steel’s Q1 FY26 Earnings Call update
Outlook: Long term positive
Key Highlights
India Operations
• Deliveries: 4.75 million tons (↓ due to maintenance & seasonality)
• Net steel realizations up ₹2,600/ton QoQ
• High-end automotive steel deliveries ↑ 4% YoY
• E-commerce platforms (Aashiyana, DigECA): ₹1,350 crores GMV in Q1 (↑ 39% YoY)
• Color coated steel sales via Tata BlueScope JV: ~300,000 tons/year
• Commissioned a 100,000 TPA tubes mill with advanced direct forming technology
Europe Operations
• UK: EBITDA loss halved; groundwork started for Electric Arc Furnace (EAF) at Port Talbot
• Netherlands: Deliveries at 1.5 million tons; EBITDA up despite US import duties; preparing for EU decarbonization incentives
• Cost transformation program: ₹2,900 crores saved (India ₹1,100 cr, Netherlands ₹1,400 cr, UK ₹400 cr)
Future Outlook & Guidance
• India: Net realizations expected to decline by ₹2,000/ton
• UK & Netherlands: Realizations to remain flat or slightly higher
• Raw material costs:
• Coking coal costs expected ↓ $10/ton
• Iron ore in Netherlands ↓ $7–8/ton
• Volume Guidance FY26: Additional 1.5–1.6 million tons YoY
• Target to reduce debt by ₹6,000–₹8,000 crores in FY26 remains, conditional on market conditions
Expansion Plans
• Neelachal Ispat Nigam Ltd (NINL):
100% acquired; currently producing billets
Final Investment Decision (FID) for expansion likely by Oct–Nov 2025
EC process at advanced stage; aiming for faster execution by being "execution-ready" at board approval
Long-term EC sought for 9.5 million tons
• Ludhiana mini-mill:
0.75 million TPA EAF-based rebar plant nearing commissioning
Designed for cost efficiency using local scrap and market proximity
• Combi Mill in Jamshedpur:
Will convert excess billets to long products; adds 0.5 million TPA
· Vedanta Ltd Q1 FY26 Concall
Outlook: Long term positive
Key Highlights
• Aluminium: Record alumina production (587,000t, up 9% YoY); record-low hot metal cost ex-alumina ($888/t); metal production of 605,000t. Improvements driven by low power cost and efficiency at captive facilities.
• Zinc India: Record mined metal output (265,000t), lowest Q1 cost ($1,010/t), value-added products share up to 24%.
• Zinc International: Gamsberg production up 74% YoY, with action to recover from previous mining challenges.
• Oil & Gas: Managed decline in MBA fields offset by new infill wells. Q1 average 93,000 barrels perday. Opex reduced 11% QoQ.
• Power: Sales up 30.8% QoQ, aided by new merchant capacity at Meenakshi and strong availability at TSPL.
• Iron Ore & Steel: Karnataka delivered record volumes while Goa pig iron production hit all-time Q1 high. FACOR ore and ferrochrome output surged QoQ.
• Deleveraging continued at both Vedanta Resources and Vedanta Limited.
• Borrowing costs down by 130bps YoY to 9.2% due to improved refinancing terms.
Future Outlook and Guidance
• Aluminium: Targeting ≥3.0–3.1Mt alumina, ~2.5–2.6Mt aluminium with cost of $1,700–1,750/t. Lanjigarh Train 2 and BALCO smelter commissioning in Q2 to improve captive mix and reduce costs toward “sub-$1,700” levels in H2.
• Zinc India: Targeting 1.115–1.135Mt mined metal; cost guidance $1,025–1,050/t. Roaster commissioning to support >1.2 Mt annual refined metal output.
• Oil & Gas: FY26 guidance of 95000–100000 barrels perday. Medium-term growth from ASP injection in Mangala (volume gains in coming quarters), new drilling in Rajasthan and West Coast, and further exploration—aiming to stem and reverse decline rates.
• Financials:Continue strict cost discipline, deleveraging (VRL target: $3B over 3 years), maintaining AA ratings (CRISIL/ICRA), and improvement of Vedanta India’s leverage to 1x net debt/EBITDA by FY26-end.
• Demerger: Second motion petition at NCLT, next hearing on August 20; management confident of completing by September–October 2025.
Expansion Plans
• Aluminium & Alumina:
Lanjigarh Train 2 and BALCO smelter (435,000tpa) to be commissioned in Q2 FY26, boosting in-house alumina and aluminium production.
Sijimali bauxite and Kuraloi coal mines expected to start in H2 FY26 (Sijimali production start targeted by end-Q4, Kuraloi Q3).
• Zinc International:
Gamsberg Phase 2 (80% complete): Mechanical completion by December 2025, ramp-up in Q4 FY26. Capacity to rise to 525,000tpa. Capex higher than Phase 1 due to expanded waste removal and tailings upgrades, but project remains value accretive.
• Overseas:
In Saudi Arabia: Strategic minerals license granted for the Jabal Sayid belt (25–30Mt, 1.3% Cu grade). $2B investment plan includes a 400ktpa copper smelter/refinery and 300ktpa copper rod project—land, EPC, and approval processes underway for both.
• Resource Security:
Bauxite sourcing diversified: OMC and domestic (5Mt), imports (2.5Mt), Sijimali (1–1.5Mt); full requirement tied up for FY261.
· Archean Chemical Industries Q1FY26 Concall Update
Outlook: Positive
Financial Highlights (Q1 FY26)
• Standalone revenue- Rs 291.5 cr (+30% YoY).
• Consolidated revenue- Rs 300.7 cr.
• EBITDA- Rs 95.8 cr (+13% YoY), ~33% margin.
• Increased expenses mainly due to higher salt dispatch costs and ECL provision.
Key Pointers
• Witnessed mixed trends in the chemical industry with early signs of recovery in select segments. Enquiry levels are improving, suggesting a favourable business environment in coming quarters. Tariff uncertainties have delayed decision making by global MNCs. Indian specialty chemicals industry expected to reach $1 trn by 2040 per Niti Aayog report.
Segment Performance
• Elemental Bromine-Contributed approx 30% of total revenue in Q1 FY26.Demand remains steady with expected gradual volume improvement. Long-term contracts mitigate spot price volatility. External sales were ~4054 tonnes (including internal sales to subsidiary).
• Industrial Salt-Contributed 70% of total revenue. Sales volume maintained at 1.1 million tonnes, expected to sustain or slightly increase. Logistical challenges largely resolved. Continues to be India’s largest exporter with strong global demand and long-term contracts.
• Sulfate of Potash -Trial runs progressing well, plant scale trials to start in coming quarters. Expect meaningful contribution in H2 FY26.
• Bromine Derivatives-Current capacity utilization at 30 to 40%, expected to exceed 50% by end of FY26.Clear brine fluids and catalysts for PTA synthesis have contributed in Q1, new products to be added in coming quarters. Flame retardant project in progress, portfolio finalization pending.
• Orin Hydrocarbon -Refurbishment and trials commenced, product qualification ongoing. Target to achieve around Rs 150 crore revenue in FY26 though guidance may be moderated based on approvals. Commercial production targeted to start from Q3 FY26.
• Semiconductor project- Land acquisition completed in Orissa, groundwork post monsoon.
• Energy storage- 18.14% stake acquired in Off-Grid Energy Labs (zinc-bromide battery innovator), pilot plant site finalized in UK, gigafactory planned in 18 to 24 months.
• Purchase of goods in Q1 was buffer stock for monsoon related delays.
• No exposure to the US market currently, major customers in Asia and Middle East.
• Inventory levels remain lean at customer end, supporting stable off take.
Guidance and Outlook
• Bromine volume guidance- 22000 to 25000 tonnes for FY26, salt volume 4.5 million tonnes and both targets remain intact.
• Expect gradual pricing improvement in bromine.
• Subsidiaries expected to turn profitable as ramp-up stabilizes.
• Company remains debt-free with strong cash flows and balance sheet strength for future investments.
Stock is trading at 22x P/E to FY27E EPS.
· TVS Motor Company Ltd Q1 FY26 Concall Update
Outlook: Positive
Future Guidance
• The management expects stronger demand in Q2 FY26, supported by the upcoming festive season (Onam, Navratri, Diwali).
• The company is confident of continuing to outperform the industry in both domestic and international markets.
• Company has guided for continued improvement in EBITDA margin, driven by operating leverage, better product mix, and cost efficiency.
• The company aims to maintain its leadership in the EV scooter segment through expanded iQube variants. Management confirmed that PLI benefits for electric three-wheelers will begin in Q2 FY26, supporting margins and competitiveness.
• Long-term EV plans include new technology platforms, powertrain localization, and battery pack backward integration.
Other Highlights
• EV industry penetration reached 6.3% in two-wheelers; TVS grew 34% YoY in this segment and is gross margin positive in both two-wheeler and three-wheeler EVs.
• Q1 FY26 exports reached an all-time high of 3.52 lakh units.
• In the premium segment, Norton is expected to launch 3 premium motorcycles with multiple variants in Q3 and Q4 FY26.
• Planned CapEx stands at ₹1,600–1,650 crore in FY26, with total investment guidance of ₹2,000 crore for the full year.
The stock is trading at a P/E of 40.7x FY27E EPS.
· Ambuja Cements Q1 FY26 Concall update
Outlook: Long term positive
Key Highlights
• Market share increased by 2% to 15.5%.
• Premium product sales make up 33% of the trade sales .
• Seamless integration of Orient Cement started in April 2025, contributing to consolidated results.
• Green power share increased to 28.1%, aiming for 60% by FY28.
Future Outlook and Guidance
• Cement demand in India expected to grow 7–8% in FY26 (up from earlier estimate of 6–7%).
• Ambuja targets to sustainably outperform the industry, as reflected by 13% like-to-like volume growth (excluding new acquisitions), compared to industry growth of 4%.
• Company to achieve INR1,500/tonne EBITDA by FY28, supported by cost reduction and operational initiatives.
• Cost-saving journey targeting INR530/tonne versus FY24 baseline, with 35–40% of this target already achieved. Major savings coming from power/fuel, logistics, and raw material optimization, especially leveraging fly ash.
• FY26 CapEx projected at approximately INR9,000–10,000 crore, including payments for Penna acquisition and ongoing brownfield/greenfield expansions.
Expansion Plans
• Current consolidated capacity at 105.4 MTPA after recent brownfield additions.
• On track for 118 MTPA by March 2026 and targeting 140 MTPA by FY28.
• 5 MT of new grinding capacity commissioned in the last quarter; another 13 MT targeted for commissioning this year.
• Expansion balanced across north, center, east, west, and south India to optimize logistics and demand coverage.
• Ongoing projects well on track, with groundwork for the next 21MT phase (from FY27–28) underway—preparatory work (land, approvals, civil works) mostly completed.
· Maruti Suzuki India Ltd – Q1 FY26 Concall Update
Outlook: Neutral
Future Guidance
• The management stated that the industry body had initially projected 1–2% growth; however, Q1 performance was below expectations. They remain hopeful about an improvement in Q2, supported by positive rural sentiment and the upcoming festive season.
• Rural demand is expected to stay strong, supported by a good monsoon and improved agricultural sentiment.
• Maruti’s first EV is on track for launch in FY26, and the company is developing this platform with a global export focus, including Europe and Japan.
• Maruti plans to increase rail-based dispatches from 24% in FY25 to 35% by FY31, improving logistics efficiency under the PM Gati Shakti initiative.
Other Highlights
• The entry-level and small car segments remain under pressure due to affordability issues and high financing costs.
• Domestic sales declined 4.5% YoY, reflecting weak demand in the hatchback and entry-level segments. The hatchback segment continued to shrink, now contributing only 21% of the market, down from 46% in FY19, while the SUV share rose to over 55%.
• Commercial production at the Kharkhoda plant (with an initial capacity of 250,000 units) has started, but ramp-up will take time.
• The company remains focused on expanding CNG, hybrid, and alternate fuel options across segments. About 1 in 3 vehicles sold in Q1 were CNG-powered.
• Management aims to expand exports to over 100 countries with upcoming EV launches.
The stock is trading at a P/E of 24.7x FY27E EPS.
Results Announced:
Hindustan Unilever Ltd. | CMP Rs. 2451 | M Cap Rs. 575908 Cr | 52 W H/L 3035/2136Volumes came at 4% vs expectation of 2.8%, QoQ 1.3%, YoY 4% | § Result is ahead of expectations § Revenue from Operations came at Rs. 16514 Cr (5.4% QoQ, 5.1% YoY) vs expectation of Rs. 16076.4 Cr, QoQ Rs. 15670 Cr, YoY Rs. 15707 Cr § EBIDTA came at Rs. 3718 Cr (2.7% QoQ, -0.7% YoY) vs expectation of Rs. 3653.5 Cr, QoQ Rs. 3619 Cr, YoY Rs. 3744 Cr § EBITDA Margin came at 22.5% vs expectation of 22.7%, QoQ 23.1%, YoY 23.8% § Adj. PAT came at Rs. 2883 Cr vs expectation of Rs. 2608.2 Cr, QoQ Rs. 2602 Cr, YoY Rs. 2658 Cr § Quarter EPS is Rs. 12.3 § Stock is trading at P/E of 53.2x FY27E EPS |
Jubilant Ingrevia Ltd. | CMP Rs. 808 | M Cap Rs. 12868 Cr | 52 W H/L 885/557 | § Result is Margin above expectations § Revenue from Operations came at Rs. 1038 Cr (-1.3% QoQ, 1.3% YoY) vs expectation of Rs. 1033 Cr, QoQ Rs. 1051.3 Cr, YoY Rs. 1024.3 Cr § EBIDTA came at Rs. 142.1 Cr (-3.1% QoQ, 29.8% YoY) vs expectation of Rs. 132.7 Cr, QoQ Rs. 146.7 Cr, YoY Rs. 109.5 Cr § EBITDA Margin came at 13.7% vs expectation of 12.8%, QoQ 14%, YoY 10.7% § Adj. PAT came at Rs. 75.1 Cr vs expectation of Rs. 63 Cr, QoQ Rs. 74.1 Cr, YoY Rs. 48.7 Cr § Quarter EPS is Rs. 4.7 § Stock is trading at P/E of 41.2x FY27E EPS |
Emami Ltd. | CMP Rs. 590 | M Cap Rs. 25906 Cr | 52 W H/L 857/506 | § Result ahead of Expectation § Revenue from Operations came at Rs. 904.1 Cr (-6.1% QoQ, -0.2% YoY) vs expectation of Rs. 892.7 Cr, QoQ Rs. 963.1 Cr, YoY Rs. 906.1 Cr § EBIDTA came at Rs. 214.2 Cr (-2.4% QoQ, -1.1% YoY) vs expectation of Rs. 192.9 Cr, QoQ Rs. 219.4 Cr, YoY Rs. 216.5 Cr § EBITDA Margin came at 23.7% vs expectation of 21.6%, QoQ 22.8%, YoY 23.9% § Adj. PAT came at Rs. 164.3 Cr vs expectation of Rs. 154.2 Cr, QoQ Rs. 162.2 Cr, YoY Rs. 152.6 Cr § Quarter EPS is Rs. 3.7 § Stock is trading at P/E of 27.8x FY27E EPS |
Sun Pharmaceutical Industries Ltd. | CMP Rs. 1732 | M Cap Rs. 415555 Cr | 52 W H/L 1960/1553 | § Result is above expectations § Revenue from Operations came at Rs. 13851.4 Cr (6.9% QoQ, 9.5% YoY) vs expectation of Rs. 13698.9 Cr, QoQ Rs. 12958.8 Cr, YoY Rs. 12652.8 Cr § EBIDTA came at Rs. 4072.6 Cr (18.9% QoQ, 11.3% YoY) vs expectation of Rs. 3835.2 Cr, QoQ Rs. 3424.9 Cr, YoY Rs. 3658.1 Cr § EBITDA Margin came at 29.4% vs expectation of 28%, QoQ 26.4%, YoY 28.9% § Adj. PAT came at Rs. 3096.6 Cr vs expectation of Rs. 3041.8 Cr, QoQ Rs. 2511.6 Cr, YoY Rs. 2835.6 Cr § Quarter EPS is Rs. 12.9 § Stock is trading at P/E of 33.4x FY27E EPS |
Radico Khaitan Ltd. | CMP Rs. 2704 | M Cap Rs. 36196 Cr | 52 W H/L 2790/1628 | § Result is above expectations § Revenue from Operations came at Rs. 1506 Cr (11% QoQ, 32.5% YoY) vs expectation of Rs. 1294.7 Cr, QoQ Rs. 1356.3 Cr, YoY Rs. 1136.5 Cr § EBIDTA came at Rs. 232.2 Cr (30.7% QoQ, 55.8% YoY) vs expectation of Rs. 190.8 Cr, QoQ Rs. 177.6 Cr, YoY Rs. 149 Cr § EBITDA Margin came at 15.4% vs expectation of 14.7%, QoQ 13.1%, YoY 13.1% § Adj. PAT came at Rs. 126.3 Cr vs expectation of Rs. 106.5 Cr, QoQ Rs. 90.7 Cr, YoY Rs. 76.3 Cr § Quarter EPS is Rs. 9.4 § Stock is trading at P/E of 73.7x FY27E EPS |
Maruti Suzuki India Ltd. | CMP Rs. 12687 | M Cap Rs. 398883 Cr | 52 W H/L 13680/10725 No. of Vehicles Sold 527861 vs QoQ 604635,YoY 521868 | § Result is Marginally above expectations § Revenue from Operations came at Rs. 38413.6 Cr (-5.6% QoQ, 8.1% YoY) vs expectation of Rs. 36371.3 Cr, QoQ Rs. 40673.8 Cr, YoY Rs. 35531.4 Cr § EBIDTA came at Rs. 3995.3 Cr (-6.3% QoQ, -11.3% YoY) vs expectation of Rs. 3798.5 Cr, QoQ Rs. 4264.7 Cr, YoY Rs. 4502.3 Cr § EBITDA Margin came at 10.4% vs expectation of 10.4%, QoQ 10.5%, YoY 12.7% § Adj. PAT came at Rs. 3711.7 Cr vs expectation of Rs. 3075.8 Cr, QoQ Rs. 3711.1 Cr, YoY Rs. 3649.9 Cr § Quarter EPS is Rs. 118.1 § Stock is trading at P/E of 24.7x FY27E EPS |
Dabur India Ltd. | CMP Rs. 531 | M Cap Rs. 94094 Cr | 52 W H/L 672/420 | § Result is Marginally above expectations § Revenue from Operations came at Rs. 3404.6 Cr (20.3% QoQ, 1.7% YoY) vs expectation of Rs. 3397.4 Cr, QoQ Rs. 2830.1 Cr, YoY Rs. 3349.1 Cr § EBIDTA came at Rs. 667.8 Cr (56.4% QoQ, 2% YoY) vs expectation of Rs. 650.8 Cr, QoQ Rs. 426.9 Cr, YoY Rs. 655 Cr § EBITDA Margin came at 19.6% vs expectation of 19.2%, QoQ 15.1%, YoY 19.6% § Adj. PAT came at Rs. 513.9 Cr vs expectation of Rs. 490.4 Cr, QoQ Rs. 320.1 Cr, YoY Rs. 500.1 Cr § Quarter EPS is Rs. 2.9 § Stock is trading at P/E of 48.3x FY27E EPS |
JSW Energy Ltd. | CMP Rs. 515 | M Cap Rs. 90001 Cr | 52 W H/L 805/419 | § Result is above expectations § Revenue from Operations came at Rs. 5143.4 Cr (61.3% QoQ, 78.6% YoY) vs expectation of Rs. 4690.1 Cr, QoQ Rs. 3189.4 Cr, YoY Rs. 2879.5 Cr § EBIDTA came at Rs. 2788.7 Cr (131.5% QoQ, 96.7% YoY) vs expectation of Rs. 2319.5 Cr, QoQ Rs. 1204.5 Cr, YoY Rs. 1417.7 Cr § EBITDA Margin came at 54.2% vs expectation of 49.5%, QoQ 37.8%, YoY 49.2% § Adj. PAT came at Rs. 743.1 Cr vs expectation of Rs. 660.2 Cr, QoQ Rs. 408.1 Cr, YoY Rs. 521.8 Cr § Quarter EPS is Rs. 4.3 § Stock is trading at P/E of 29.8x FY27E EPS |
Gillette India Ltd. | CMP Rs. 10816 | M Cap Rs. 35244 Cr | 52 W H/L 11505/7412 | § Result improved § Revenue from Operations came at Rs. 706.7 Cr (-7.9% QoQ, 9.5% YoY) vs QoQ Rs. 767.5 Cr, YoY Rs. 645.3 Cr § EBIDTA came at Rs. 210.3 Cr (-6.9% QoQ, 20.5% YoY) vs QoQ Rs. 225.8 Cr, YoY Rs. 174.5 Cr § EBITDA Margin came at 29.8% vs QoQ 29.4%, YoY 27% § Adj. PAT came at Rs. 145.7 Cr vs QoQ Rs. 158.7 Cr, YoY Rs. 116 Cr § Quarter EPS is Rs. 44.7 § Stock is trading at P/E of 62.6x TTM EPS |
Skipper Ltd. | CMP Rs. 495 | M Cap Rs. 5588 Cr | 52 W H/L 665/342 | § Result improved § Revenue from Operations came at Rs. 1253.9 Cr (-2.6% QoQ, 14.8% YoY) vs QoQ Rs. 1287.8 Cr, YoY Rs. 1091.7 Cr § EBIDTA came at Rs. 127.2 Cr (2.8% QoQ, 21.5% YoY) vs QoQ Rs. 123.7 Cr, YoY Rs. 104.7 Cr § EBITDA Margin came at 10.1% vs QoQ 9.6%, YoY 9.6% § Adj. PAT came at Rs. 45.3 Cr vs QoQ Rs. 47.9 Cr, YoY Rs. 32.4 Cr § Quarter EPS is Rs. 4 § Stock is trading at P/E of 34.5x TTM EPS |
Paushak Ltd. | CMP Rs. 5560 | M Cap Rs. 1714 Cr | 52 W H/L 6385/3746 | § Result has improved § Revenue from Operations came at Rs. 55.9 Cr (6.7% QoQ, 7.4% YoY) vs QoQ Rs. 52.4 Cr, YoY Rs. 52 Cr § EBIDTA came at Rs. 17.9 Cr (12.4% QoQ, 48.1% YoY) vs QoQ Rs. 15.9 Cr, YoY Rs. 12.1 Cr § EBITDA Margin came at 31.9% vs QoQ 30.3%, YoY 23.2% § Adj. PAT came at Rs. 12 Cr vs QoQ Rs. 9.6 Cr, YoY Rs. 10.3 Cr § Quarter EPS is Rs. 39 § Stock is trading at P/E of 33.5x TTM EPS |
Sundram Fasteners Ltd. | CMP Rs. 986 | M Cap Rs. 20720 Cr | 52 W H/L 1498/831
| § Result is Improving § Revenue from Operations came at Rs. 1533.4 Cr (0.2% QoQ, 2.4% YoY) vs QoQ Rs. 1530.6 Cr, YoY Rs. 1497.7 Cr § EBIDTA came at Rs. 247.1 Cr (10% QoQ, 0% YoY) vs QoQ Rs. 224.7 Cr, YoY Rs. 247.2 Cr § EBITDA Margin came at 16.1% vs QoQ 14.7%, YoY 16.5% § Adj. PAT came at Rs. 148.4 Cr vs QoQ Rs. 124.4 Cr, YoY Rs. 141.8 Cr § Quarter EPS is Rs. 7.1 § Stock is trading at P/E of 32.4x FY27E EPS |
Indegene Ltd. | CMP Rs. 543 | M Cap Rs. 13036 Cr | 52 W H/L 737/485Dollar Revenues came in at $89mn, QoQ $87.4 mn, YoY $81.1 mn | § Result has improved § Revenue from Operations came at Rs. 760.8 Cr (0.7% QoQ, 12.5% YoY) vs QoQ Rs. 755.6 Cr, YoY Rs. 676.5 Cr § EBIDTA came at Rs. 155.3 Cr (5.3% QoQ, 20.5% YoY) vs QoQ Rs. 147.5 Cr, YoY Rs. 128.9 Cr § EBITDA Margin came at 20.4% vs QoQ 19.5%, YoY 19.1% § Adj. PAT came at Rs. 116.4 Cr vs QoQ Rs. 117.6 Cr, YoY Rs. 87.7 Cr § Quarter EPS is Rs. 4.8 § Stock is trading at P/E of 29.9x TTM EPS |
Dr. Lal Pathlabs Ltd. | CMP Rs. 3106 | M Cap Rs. 26021 Cr | 52 W H/L 3654/2294 | § Result inline with Expectation § Revenue from Operations came at Rs. 669.8 Cr (11.2% QoQ, 11.3% YoY) vs expectation of Rs. 669.6 Cr, QoQ Rs. 602.6 Cr, YoY Rs. 601.9 Cr § EBIDTA came at Rs. 192.3 Cr (13.8% QoQ, 13.1% YoY) vs expectation of Rs. 188.7 Cr, QoQ Rs. 169 Cr, YoY Rs. 170 Cr § EBITDA Margin came at 28.7% vs expectation of 28.2%, QoQ 28%, YoY 28.2% § Adj. PAT came at Rs. 132.4 Cr vs expectation of Rs. 124.8 Cr, QoQ Rs. 154.8 Cr, YoY Rs. 106.4 Cr § Quarter EPS is Rs. 15.8 § Stock is trading at P/E of 52.6x FY27E EPS |
TVS Motor Company Ltd. | CMP Rs. 2832 | M Cap Rs. 134521 Cr | 52 W H/L 2961/2170No. of Vehicles Sold 1277172 vs QoQ 1216286,YoY 1087175 | § Result is in-line with expectations § Revenue from Operations came at Rs. 10081 Cr (5.6% QoQ, 20.4% YoY) vs expectation of Rs. 9973 Cr, QoQ Rs. 9550.4 Cr, YoY Rs. 8375.6 Cr § EBIDTA came at Rs. 1263 Cr (-5.2% QoQ, 31.5% YoY) vs expectation of Rs. 1238.9 Cr, QoQ Rs. 1332.6 Cr, YoY Rs. 960.2 Cr § EBITDA Margin came at 12.5% vs expectation of 12.4%, QoQ 14%, YoY 11.5% § Adj. PAT came at Rs. 778.6 Cr vs expectation of Rs. 759.6 Cr, QoQ Rs. 852.1 Cr, YoY Rs. 577.3 Cr § Quarter EPS is Rs. 16.4 § Stock is trading at P/E of 40.7x FY27E EPS |
Ambuja Cements Ltd. | CMP Rs. 612 | M Cap Rs. 150657 Cr | 52 W H/L 687/453Volume came at 18.4mnT vs Exp 18.1mnT QoQ 18.7mnT YoY 15.8mnT EBITDA/T came at Rs.1066 vs Expected Rs.1048 QoQ Rs.999 YoY Rs.810 | § Result in line with Expectation § Revenue from Operations came at Rs. 10289.1 Cr (4% QoQ, 23.8% YoY) vs expectation of Rs. 9751.1 Cr, QoQ Rs. 9888.6 Cr, YoY Rs. 8311.5 Cr § EBIDTA came at Rs. 1961.1 Cr (5% QoQ, 53.2% YoY) vs expectation of Rs. 1896.4 Cr, QoQ Rs. 1867.6 Cr, YoY Rs. 1279.8 Cr § EBITDA Margin came at 19.1% vs expectation of 19.4%, QoQ 18.9%, YoY 15.4% § Adj. PAT came at Rs. 787.9 Cr vs expectation of Rs. 920.1 Cr, QoQ Rs. 821.5 Cr, YoY Rs. 646.3 Cr § Quarter EPS is Rs. 3.2 § Stock is trading at P/E of 40x FY27E EPS |
Aptus Value Housing Finance Ltd. * | *CMP Rs. 337 | M Cap Rs. 16832 Cr | 52 W H/L 402/268 | § Result is in line with expectations § NII came at Rs. 359.8 Cr vs YoY Rs. 275.1 Cr (30.8% YoY) QoQ Rs. 334.3 Cr § PBP came at Rs. 296.1 Cr (31.5% YoY) vs expectation of Rs. 286.6 Cr, YoY Rs. 225.3 Cr, QoQ Rs. 278.9 Cr § Provision came at Rs. 10.6 Cr vs expectation of Rs. 11 Cr, YoY Rs. 3.6 Cr, QoQ Rs. 7.9 Cr § PAT came at Rs. 219.3 Cr (27.7% YoY) vs expectation of Rs. 213.7 Cr, YoY Rs. 171.7 Cr, QoQ Rs. 207 Cr § AUM came at Rs. 11267 Cr (+24%YoY, +4%QoQ) vs YoY Rs. 9072 Cr, QoQ Rs. 10865 Cr § Disbursements came at Rs. 775 (+15%YoY, -27.5%QoQ) Cr vs YoY Rs. 675 Cr, QoQ Rs. 1064 Cr § Gross NPA (%) came at 1.49% vs QoQ 1.19% § Net NPA (%) came at 1.12% vs QoQ 0.89% § ROA came at 8.6% vs QoQ 8.4% & YoY 8.5% § Quarter EPS is Rs. 4.4 § Stock is trading at 4.4x trailing P/BV |
City Union Bank Ltd. | CMP Rs. 214 | M Cap Rs. 15884 Cr | 52 W H/L 233/144 | § Result is in line with expectations § Advances came at Rs. 54020 Cr (16% YoY, 3.7% QoQ) § Net Interest Income came at Rs. 625 Cr vs YoY Rs. 545 Cr (14.7% YoY ) QoQ Rs. 600 Cr § NIM came at 3.54% vs QoQ 3.6% § Non-Interest Income came at Rs. 243.9 Cr vs YoY Rs. 192.1 Cr, QoQ Rs. 251.2 Cr § PBP came at Rs. 451 Cr (20.7% YoY) vs expectation of Rs. 433 Cr, YoY Rs. 373 Cr, QoQ Rs. 441 Cr § Provisions came at Rs. 70 Cr vs expectation of Rs. 75 Cr, YoY Rs. 39 Cr, QoQ Rs. 78 Cr § Adj. PAT came at Rs. 306 Cr (15.7% YoY) vs expectation of Rs. 280 Cr, YoY Rs. 264 Cr, QoQ Rs. 288 Cr § Gross NPA came at Rs. 1617 Cr vs QoQ Rs. 1638.2 Cr at 2.99% vs QoQ 3.09% § Net NPA came at Rs. 634.6 Cr vs QoQ Rs. 653.1 Cr at 1.2% vs QoQ 1.25% § ROA came at 1.4% vs QoQ 1.5% & YoY 1.5% § Slippages came at Rs. 348 Cr vs QoQ Rs. 259.5 Cr with slippage ratio of 2.58% vs QoQ 1.99% § O/s Restructured book stood at Rs. 583.6 Cr vs QoQ Rs. 689 Cr at 1.08% vs QoQ 1.32% § Quarter EPS is Rs. 4.1 § Stock is trading at 1.7x trailing P/Adj. BV |
Vedanta Ltd. | CMP Rs. 427 | M Cap Rs. 167071 Cr | 52 W H/L 527/362 | § Result is broadly in-line with expectations § Revenue from Operations came at Rs. 37824 Cr (-6.5% QoQ, 5.8% YoY) vs expectation of Rs. 36784.4 Cr, QoQ Rs. 40455 Cr, YoY Rs. 35764 Cr § EBIDTA came at Rs. 9918 Cr (-13.5% QoQ, -0.3% YoY) vs expectation of Rs. 10134.7 Cr, QoQ Rs. 11466 Cr, YoY Rs. 9945 Cr § EBITDA Margin came at 26.2% vs expectation of 27.6%, QoQ 28.3%, YoY 27.8% § Adj. PAT came at Rs. 3185 Cr vs expectation of Rs. 2899.3 Cr, QoQ Rs. 3483 Cr, YoY Rs. 3606 Cr § Quarter EPS is Rs. 8.1 § Stock is trading at P/E of 10x FY27E EPS |
Eicher Motors Ltd. | CMP Rs. 5471 | M Cap Rs. 150032 Cr | 52 W H/L 5908/4500No. of Vehicles Sold 287139 vs QoQ 311498,YoY 245722 | § Result is broadly in-line with expectations § Revenue from Operations came at Rs. 5041.8 Cr (-3.8% QoQ, 14.8% YoY) vs expectation of Rs. 4960.6 Cr, QoQ Rs. 5241.1 Cr, YoY Rs. 4393.1 Cr § EBIDTA came at Rs. 1202.8 Cr (-4.4% QoQ, 3.2% YoY) vs expectation of Rs. 1199.6 Cr, QoQ Rs. 1257.7 Cr, YoY Rs. 1165.4 Cr § EBITDA Margin came at 23.9% vs expectation of 24.2%, QoQ 24%, YoY 26.5% § Adj. PAT came at Rs. 1205.2 Cr vs expectation of Rs. 1147.2 Cr, QoQ Rs. 1362.2 Cr, YoY Rs. 1101.5 Cr § Quarter EPS is Rs. 43.9 § Stock is trading at P/E of 29.9x FY27E EPS |
RR Kabel Ltd. | CMP Rs. 1439 | M Cap Rs. 16275 Cr | 52 W H/L 1850/751 | § Result is marginally below expectations § Revenue from Operations came at Rs. 2058.6 Cr (-7.2% QoQ, 13.9% YoY) vs expectation of Rs. 2062.2 Cr, QoQ Rs. 2217.8 Cr, YoY Rs. 1808.1 Cr § EBIDTA came at Rs. 142.1 Cr (-26.9% QoQ, 49.6% YoY) vs expectation of Rs. 148.9 Cr, QoQ Rs. 194.4 Cr, YoY Rs. 94.9 Cr § EBITDA Margin came at 6.9% vs expectation of 7.2%, QoQ 8.8%, YoY 5.3% § Adj. PAT came at Rs. 89.8 Cr vs expectation of Rs. 96.9 Cr, QoQ Rs. 129.1 Cr, YoY Rs. 64.4 Cr § Quarter EPS is Rs. 7.9 § Stock is trading at P/E of 38.6x FY27E EPS |
Kalyani Steels Ltd. | CMP Rs. 912 | M Cap Rs. 3981 Cr | 52 W H/L 1279/667 | § Result is declining § Revenue from Operations came at Rs. 442.8 Cr (-18.7% QoQ, -4.1% YoY) vs QoQ Rs. 544.3 Cr, YoY Rs. 461.5 Cr § EBIDTA came at Rs. 85.3 Cr (-25.3% QoQ, 7.7% YoY) vs QoQ Rs. 114.3 Cr, YoY Rs. 79.2 Cr § EBITDA Margin came at 19.3% vs QoQ 21%, YoY 17.2% § Adj. PAT came at Rs. 61.7 Cr vs QoQ Rs. 80.2 Cr, YoY Rs. 52.2 Cr § Quarter EPS is Rs. 14.1 § Stock is trading at P/E of 15x TTM EPS |
DCB Bank Ltd. | CMP Rs. 134 | M Cap Rs. 4211 Cr | 52 W H/L 151/101 | § Result is Declining § Advances came at Rs. 51215 Cr (21% YoY, 0.3% QoQ) § Net Interest Income came at Rs. 580 Cr vs YoY Rs. 497 Cr (16.9% YoY ) QoQ Rs. 558 Cr § Non-Interest Income came at Rs. 236.1 Cr vs YoY Rs. 143 Cr, QoQ Rs. 218.8 Cr § PBP came at Rs. 327 Cr (59.2% YoY) vs expectation of Rs. 268 Cr, YoY Rs. 205 Cr, QoQ Rs. 305 Cr § Provisions came at Rs. 115 Cr vs expectation of Rs. 54 Cr, YoY Rs. 28 Cr, QoQ Rs. 67 Cr § Adj. PAT came at Rs. 157 Cr (19.7% YoY) vs expectation of Rs. 144 Cr, YoY Rs. 131 Cr, QoQ Rs. 177 Cr § Gross NPA came at Rs. 1553.6 Cr vs QoQ Rs. 1554.4 Cr at 2.98% vs QoQ 2.99% § Net NPA came at Rs. 625.4 Cr vs QoQ Rs. 571.6 Cr at 1.22% vs QoQ 1.12% § ROA came at 0.8% vs QoQ 1% & YoY 0.8% § Slippages came at Rs. 580 Cr vs QoQ Rs. 365 Cr with slippage ratio of 4.53% vs QoQ 2.86% § Quarter EPS is Rs. 5 § Stock is trading at 0.8x trailing P/Adj. BV |
Adani Enterprises Ltd. | CMP Rs. 2463 | M Cap Rs. 284240 Cr | 52 W H/L 3258/2025 | § Result has declined § Revenue from Operations came at Rs. 21961.2 Cr (-18.6% QoQ, -13.8% YoY) vs QoQ Rs. 26965.9 Cr, YoY Rs. 25472.4 Cr § EBIDTA came at Rs. 3310.3 Cr (-10.8% QoQ, -10.7% YoY) vs QoQ Rs. 3710 Cr, YoY Rs. 3705.8 Cr § EBITDA Margin came at 15.1% vs QoQ 13.8%, YoY 14.5% § Adj. PAT came at Rs. 734.4 Cr vs QoQ Rs. -100.8 Cr, YoY Rs. 1454.5 Cr § Quarter EPS is Rs. 6.4 § Stock is trading at P/E of 116.8x TTM EPS |
Neuland Laboratories Ltd. | CMP Rs. 13301 | M Cap Rs. 17065 Cr | 52 W H/L 18090/8669 | § Result has declined § As per management “While Q1 FY26 has been below par as a result of the flow of customer orders, it doesn’t change our outlook on the healthy growth that we anticipate this financial year" § Revenue from Operations came at Rs. 292.8 Cr (-10.8% QoQ, -33.4% YoY) vs QoQ Rs. 328.4 Cr, YoY Rs. 439.6 Cr § EBIDTA came at Rs. 34.5 Cr (-32.5% QoQ, -72% YoY) vs QoQ Rs. 51.1 Cr, YoY Rs. 123.4 Cr § EBITDA Margin came at 11.8% vs QoQ 15.6%, YoY 28.1% § Adj. PAT came at Rs. 13.9 Cr vs QoQ Rs. 27.8 Cr, YoY Rs. 77.2 Cr § Quarter EPS is Rs. 10.8 § Stock is trading at P/E of 63.5x FY27E EPS |
Credo Brands Marketing Ltd. | CMP Rs. 165 | M Cap Rs. 1079 Cr | 52 W H/L 228/117 | § Result declining § Revenue from Operations came at Rs. 119.9 Cr (-21.7% QoQ, -3.2% YoY) vs QoQ Rs. 153.2 Cr, YoY Rs. 123.9 Cr § EBIDTA came at Rs. 31.1 Cr (-24.5% QoQ, -6.9% YoY) vs QoQ Rs. 41.1 Cr, YoY Rs. 33.4 Cr § EBITDA Margin came at 25.9% vs QoQ 26.8%, YoY 26.9% § Adj. PAT came at Rs. 6.3 Cr vs QoQ Rs. 13.8 Cr, YoY Rs. 9.8 Cr § Quarter EPS is Rs. 1 § Stock is trading at P/E of 16.6x TTM EPS |
ICRA Ltd. | CMP Rs. 6541 | M Cap Rs. 6313 Cr | 52 W H/L 7735/5015 | § Result is ok § Revenue from Operations came at Rs. 124.5 Cr (-8.6% QoQ, 8.4% YoY) vs QoQ Rs. 136.2 Cr, YoY Rs. 114.8 Cr § EBIDTA came at Rs. 39.7 Cr (-32.8% QoQ, 13% YoY) vs QoQ Rs. 59.2 Cr, YoY Rs. 35.2 Cr § EBITDA Margin came at 31.9% vs QoQ 43.4%, YoY 30.6% § Adj. PAT came at Rs. 42.4 Cr vs QoQ Rs. 55.7 Cr, YoY Rs. 35.5 Cr § Quarter EPS is Rs. 43.9 § Stock is trading at P/E of 31.6x FY27E EPS |
KRN Heat Exchanger And Refrigeration Ltd. | CMP Rs. 850 | M Cap Rs. 5283 Cr | 52 W H/L 1012/402 | § Result is ok § KRN HVAC Products Pvt. Ltd., subsidiary commenced production on May 31, 2025. § Revenue from Operations came at Rs. 115.3 Cr (-12.3% QoQ, 20.4% YoY) vs QoQ Rs. 131.5 Cr, YoY Rs. 95.8 Cr § EBIDTA came at Rs. 17.6 Cr (-6.9% QoQ, -0.6% YoY) vs QoQ Rs. 18.9 Cr, YoY Rs. 17.7 Cr § EBITDA Margin came at 15.3% vs QoQ 14.4%, YoY 18.5% § Adj. PAT came at Rs. 12.4 Cr vs QoQ Rs. 14.9 Cr, YoY Rs. 12 Cr § Quarter EPS is Rs. 2 § Stock is trading at P/E of 99.1x TTM EPS |
Netweb Technologies India Ltd. | CMP Rs. 2033 | M Cap Rs. 11518 Cr | 52 W H/L 3060/1252 | § Result has improved § Revenue from Operations came at Rs. 301.2 Cr (-27.4% QoQ, 101.7% YoY), QoQ Rs. 414.7 Cr, YoY Rs. 149.3 Cr § EBIDTA came at Rs. 44.8 Cr (-25% QoQ, 124% YoY), QoQ Rs. 59.8 Cr, YoY Rs. 20 Cr § EBITDA Margin came at 14.9%, QoQ 14.4%, YoY 13.4% § Adj. PAT came at Rs. 30.6 Cr, QoQ Rs. 43 Cr, YoY Rs. 15.4 Cr § Quarter EPS is Rs. 5.4 § Stock is trading at P/E of 88.9x TTM EPS |
Swiggy Ltd. | CMP Rs. 404 | M Cap Rs. 100693 Cr | 52 W H/L 617/297 | § Result is ok § Food delivery GOV grew 18.8%YoY; Instamart GOV grew 108% YOY. § Revenue from Operations came at Rs. 4961 Cr (12.5% QoQ, 54% YoY) vs QoQ Rs. 4410 Cr, YoY Rs. 3222 Cr § EBIDTA came at Rs. -954 Cr (-0.8% QoQ, 75.4% YoY) vs QoQ Rs. -961.8 Cr, YoY Rs. -544 Cr § EBITDA Margin came at -19.2% vs QoQ -21.8%, YoY -16.9% § Adj. PAT came at Rs. -1197 Cr vs QoQ Rs. -1081.2 Cr, YoY Rs. -611 Cr § Quarter EPS is Rs. -4.8 § Stock is trading at P/E of -27.2x TTM EPS |
Cholamandalam Investment & Finance Company Ltd. -S | CMP Rs. 1446 | M Cap Rs. 121590 Cr | 52 W H/L 1684/1168 | § Result is ok § NII came at Rs. 3183.8 Cr vs YoY Rs. 2579.6 Cr (23.4% YoY) QoQ Rs. 3055.7 Cr § PBP came at Rs. 2411.7 Cr (30.4% YoY) vs expectation of Rs. 2345.5 Cr, YoY Rs. 1849.9 Cr, QoQ Rs. 2331.5 Cr § Provision came at Rs. 882 Cr vs expectation of Rs. 769 Cr, YoY Rs. 581 Cr, QoQ Rs. 625 Cr § PAT came at Rs. 1135.9 Cr (20.6% YoY) vs expectation of Rs. 1212.1 Cr, YoY Rs. 942.2 Cr, QoQ Rs. 1266.7 Cr § AUM came at Rs. 192148 Cr (+24%YoY, +4%QoQ) vs YoY Rs. 155442 Cr, QoQ Rs. 184746 Cr § Disbursement came at Rs. 24332 Cr (+Flat YoY, -8%QoQ) vs YoY Rs. 24325 Cr, QoQ Rs. 26417 Cr § Gross NPA (%) came at 3.16% vs QoQ 2.81% § Net NPA (%) came at 2.86% vs QoQ 2.63% § Quarter EPS is Rs. 13.5 § Stock is trading at 4.9x trailing P/BV |
Mankind Pharma Ltd. | CMP Rs. 2578 | M Cap Rs. 106393 Cr | 52 W H/L 3050/1910 | § Result is below expectations § Revenue from Operations came at Rs. 3570.4 Cr (15.9% QoQ, 23.4% YoY) vs expectation of Rs. 3605.5 Cr, QoQ Rs. 3079.4 Cr, YoY Rs. 2893.4 Cr § EBIDTA came at Rs. 846.8 Cr (23.9% QoQ, 24.2% YoY) vs expectation of Rs. 900.1 Cr, QoQ Rs. 683.2 Cr, YoY Rs. 681.8 Cr § EBITDA Margin came at 23.7% vs expectation of 25%, QoQ 22.2%, YoY 23.6% § Adj. PAT came at Rs. 438.3 Cr vs expectation of Rs. 446.7 Cr, QoQ Rs. 420.8 Cr, YoY Rs. 536.5 Cr § Quarter EPS is Rs. 10.6 § Stock is trading at P/E of 50.6x FY27E EPS |
Sanofi India Ltd. | CMP Rs. 5837 | M Cap Rs. 13443 Cr | 52 W H/L 7594/4146 | § Result is below expectations § Revenue from Operations came at Rs. 406.3 Cr (-24.2% QoQ, -12.3% YoY) vs expectation of Rs. 503.9 Cr, QoQ Rs. 535.9 Cr, YoY Rs. 463.5 Cr § EBIDTA came at Rs. 94.9 Cr (-44.8% QoQ, -18% YoY) vs expectation of Rs. 142.2 Cr, QoQ Rs. 171.9 Cr, YoY Rs. 115.7 Cr § EBITDA Margin came at 23.4% vs expectation of 28.2%, QoQ 32.1%, YoY 25% § Adj. PAT came at Rs. 69.5 Cr vs expectation of Rs. 100.4 Cr, QoQ Rs. 119.5 Cr, YoY Rs. 87.2 Cr § Quarter EPS is Rs. 30.2 § Stock is trading at P/E of 37.9x TTM EPS |
Chambal Fertilisers and Chemicals Ltd. | CMP Rs. 514 | M Cap Rs. 20611 Cr | 52 W H/L 742/443 | § Result is marginally above expectations § Revenue from Operations came at Rs. 5697.6 Cr (132.7% QoQ, 15.5% YoY) vs expectation of Rs. 5428.1 Cr, QoQ Rs. 2448.7 Cr, YoY Rs. 4933.2 Cr § EBIDTA came at Rs. 761 Cr (365.8% QoQ, 1.2% YoY) vs expectation of Rs. 739.9 Cr, QoQ Rs. 163.4 Cr, YoY Rs. 752 Cr § EBITDA Margin came at 13.4% vs expectation of 13.6%, QoQ 6.7%, YoY 15.2% § Adj. PAT came at Rs. 549 Cr vs expectation of Rs. 529.6 Cr, QoQ Rs. 130.4 Cr, YoY Rs. 448.4 Cr § Quarter EPS is Rs. 13.7 § Stock is trading at P/E of 11.6x FY27E EPS |
Aarti Industries Ltd. | CMP Rs. 420 | M Cap Rs. 15227 Cr | 52 W H/L 767/344 | § Result is below expectations § Revenue from Operations came at Rs. 1676 Cr (-14% QoQ, -9.6% YoY) vs expectation of Rs. 1950.1 Cr, QoQ Rs. 1949 Cr, YoY Rs. 1855 Cr § EBIDTA came at Rs. 196 Cr (-26.9% QoQ, -35.9% YoY) vs expectation of Rs. 268.4 Cr, QoQ Rs. 268 Cr, YoY Rs. 306 Cr § EBITDA Margin came at 11.7% vs expectation of 13.8%, QoQ 13.8%, YoY 16.5% § Adj. PAT came at Rs. 43 Cr vs expectation of Rs. 84 Cr, QoQ Rs. 96 Cr, YoY Rs. 137 Cr § Quarter EPS is Rs. 1.2 § Stock is trading at P/E of 32.2x FY27E EPS |
The Great Eastern Shipping Company Ltd. | CMP Rs. 937 | M Cap Rs. 13371 Cr | 52 W H/L 1420/797 | § Result improved § Revenue from Operations came at Rs. 1201.5 Cr (-1.8% QoQ, -20.3% YoY) vs QoQ Rs. 1223 Cr, YoY Rs. 1508.2 Cr § EBIDTA came at Rs. 627.9 Cr (24.4% QoQ, -30.9% YoY) vs QoQ Rs. 504.7 Cr, YoY Rs. 908.2 Cr § EBITDA Margin came at 52.3% vs QoQ 41.3%, YoY 60.2% § Adj. PAT came at Rs. 504.5 Cr vs QoQ Rs. 363.1 Cr, YoY Rs. 811.9 Cr § Quarter EPS is Rs. 35.3 § Stock is trading at P/E of 8x FY27E EPS |
Chalet Hotels Ltd. | CMP Rs. 910 | M Cap Rs. 19889 Cr | 52 W H/L 1052/634 | § Result has improved § During the quarter company has recognized Revenue of Rs.439.12cr and EBIT on that of Rs 162.78cr on Residential Housing project in Bengaluru § Exluding that also result has improved § Revenue from Operations came at Rs. 894.6 Cr (71.4% QoQ, 147.8% YoY) vs QoQ Rs. 522 Cr, YoY Rs. 361 Cr § EBIDTA came at Rs. 357.3 Cr (48% QoQ, 154.8% YoY) vs QoQ Rs. 241.4 Cr, YoY Rs. 140.2 Cr § EBITDA Margin came at 39.9% vs QoQ 46.3%, YoY 38.8% § Adj. PAT came at Rs. 203.2 Cr vs QoQ Rs. 123.8 Cr, YoY Rs. 60.7 Cr § Quarter EPS is Rs. 9.3 § Stock is trading at P/E of 39.6x FY27E EPS |
Coal India Ltd. | CMP Rs. 376 | M Cap Rs. 231719 Cr | 52 W H/L 545/349 | § Result is above expectations § Off-take came at 191.04 MnT vs expectation of 190 MnT, QoQ 201.4 MnT (-5.1%), YoY 199 MnT (-4%) § EBITDA/tn came at 655, vs QoQ 585 (+12%), YoY 721(-9%) § Revenue from Operations came at Rs. 35842.2 Cr (-5.2% QoQ, -1.7% YoY) vs expectation of Rs. 34821.6 Cr, QoQ Rs. 37824.5 Cr, YoY Rs. 36464.6 Cr § EBIDTA came at Rs. 12521.4 Cr (6.2% QoQ, -12.7% YoY) vs expectation of Rs. 11271.5 Cr, QoQ Rs. 11790.2 Cr, YoY Rs. 14338.5 Cr § EBITDA Margin came at 34.9% vs expectation of 32.4%, QoQ 31.2%, YoY 39.3% § Adj. PAT came at Rs. 8743.4 Cr vs expectation of Rs. 7929.2 Cr, QoQ Rs. 9604 Cr, YoY Rs. 10959.5 Cr § Quarter EPS is Rs. 14.2 § Stock is trading at P/E of 6.7x FY27E EPS |
PB Fintech Ltd. | CMP Rs. 1812 | M Cap Rs. 83238 Cr | 52 W H/L 2255/1311 | § Result is ahead of expectations § Revenue from Operations came at Rs. 1348 Cr (-10.6% QoQ, 33.4% YoY) vs expectation of Rs. 1282.6 Cr, QoQ Rs. 1507.9 Cr, YoY Rs. 1010.5 Cr § EBIDTA came at Rs. 34.4 Cr (-69.6% QoQ, -187.6% YoY) vs expectation of Rs. 74.3 Cr, QoQ Rs. 113 Cr, YoY Rs. -39.3 Cr § EBITDA adjusted to ESOP charge came at Rs.89cr vs qoq Rs.149cr yoy Rs.49cr § EBITDA Margin came at 2.6% vs expectation of 5.8%, QoQ 7.5%, YoY -3.9% § Adj. PAT came at Rs. 84.6 Cr vs expectation of Rs. 90.5 Cr, QoQ Rs. 170.6 Cr, YoY Rs. 19.1 Cr § Quarter EPS is Rs. 1.8 § Stock is trading at P/E of 112.5x FY27E EPS |
Pricol Ltd. | CMP Rs. 432 | M Cap Rs. 5265 Cr | 52 W H/L 599/368 | § Result has improved § Revenue from Operations came at Rs. 895.3 Cr (16.4% QoQ, 44.4% YoY) vs QoQ Rs. 769.4 Cr, YoY Rs. 619.9 Cr § EBIDTA came at Rs. 99 Cr (23.6% QoQ, 23% YoY) vs QoQ Rs. 80.1 Cr, YoY Rs. 80.5 Cr § EBITDA Margin came at 11.1% vs QoQ 10.4%, YoY 13% § Adj. PAT came at Rs. 49.9 Cr vs QoQ Rs. 34.9 Cr, YoY Rs. 45.6 Cr § Quarter EPS is Rs. 4.1 § Stock is trading at P/E of 30.7x TTM EPS |
Timken India Ltd. | CMP Rs. 3316 | M Cap Rs. 24943 Cr | 52 W H/L 4438/2200 | § Result below Expectation § Revenue from Operations came at Rs. 828.8 Cr (-11.8% QoQ, 5.8% YoY) vs expectation of Rs. 853.3 Cr, QoQ Rs. 939.8 Cr, YoY Rs. 783.7 Cr § EBIDTA came at Rs. 142.3 Cr (-32.1% QoQ, 1% YoY) vs expectation of Rs. 158.5 Cr, QoQ Rs. 209.7 Cr, YoY Rs. 140.9 Cr § EBITDA Margin came at 17.2% vs expectation of 18.6%, QoQ 22.3%, YoY 18% § Adj. PAT came at Rs. 104.2 Cr vs expectation of Rs. 110.3 Cr, QoQ Rs. 186.8 Cr, YoY Rs. 96.3 Cr § Quarter EPS is Rs. 13.9 § Stock is trading at P/E of 54.8x TTM EPS |
One Mobikwik Systems Ltd. | CMP Rs. 246 | M Cap Rs. 1923 Cr | 52 W H/L 698/227 | § Result improved § Revenue from Operations came at Rs. 271.4 Cr (1.3% QoQ, -20.7% YoY) vs QoQ Rs. 267.8 Cr, YoY Rs. 342.3 Cr § EBIDTA came at Rs. -41.5 Cr (-26.6% QoQ, 3016.5% YoY) vs QoQ Rs. -56.5 Cr, YoY Rs. -1.3 Cr § EBITDA Margin came at -15.3% vs QoQ -21.1%, YoY -0.4% § Adj. PAT came at Rs. -41.3 Cr vs QoQ Rs. -56 Cr, YoY Rs. 6.6 Cr § Quarter EPS is Rs. -5.3 § Stock is trading at P/E of -12.3x TTM EPS |
IRM Energy Ltd. | CMP Rs. 292 | M Cap Rs. 1198 Cr | 52 W H/L 478/236 | § Result improved § Revenue from Operations came at Rs. 262.5 Cr (-2% QoQ, 16.5% YoY) vs QoQ Rs. 267.9 Cr, YoY Rs. 225.4 Cr § EBIDTA came at Rs. 25.9 Cr (49.3% QoQ, -14.7% YoY) vs QoQ Rs. 17.3 Cr, YoY Rs. 30.3 Cr § EBITDA Margin came at 9.9% vs QoQ 6.5%, YoY 13.5% § Adj. PAT came at Rs. 14.3 Cr vs QoQ Rs. 4.4 Cr, YoY Rs. 18.7 Cr § Quarter EPS is Rs. 3.5 § Stock is trading at P/E of 29.3x TTM EPS |
Results to be Announced:
R. Type | 1-Aug | Jun-24 | Mar-25 | Exp |
Consolidated | Adani Power Ltd. | 3912.8 | 2599.2 | 0.0 |
Standalone | Aditya Vision Ltd. | 53.1 | 16.0 | 50.1 |
Consolidated | Delhivery Ltd. | 55.6 | 55.6 | 61.5 |
Consolidated | Glaxosmithkline Pharmaceuticals Ltd. | 182.3 | 262.9 | 209.8 |
Consolidated | Godrej Properties Ltd. | 580.6 | 413.8 | 313.4 |
Consolidated | Graphite India Ltd. | 236.0 | 49.0 | 0.0 |
Standalone | Honeywell Automation India Ltd. | 136.5 | 139.9 | 143.1 |
Consolidated | ITC Ltd. | 5169.4 | 19709.5 | 5113.5 |
Consolidated | JK Lakshmi Cement Ltd. | 65.0 | 185.8 | 131.8 |
Consolidated | Kirloskar Brothers Ltd. | 70.7 | 123.6 | 0.0 |
Consolidated | LIC Housing Finance Ltd. | 1304.1 | 1374.8 | 0.0 |
Consolidated | Multi Commodity Exchange Of India Ltd. | 110.6 | 134.7 | 200.6 |
Standalone | Procter & Gamble Health Ltd. | 16.8 | 61.2 | 0.0 |
Consolidated | Privi Speciality Chemicals Ltd. | 31.5 | 64.0 | 0.0 |
Consolidated | Ratnamani Metals & Tubes Ltd. | 105.9 | 203.2 | 130.5 |
Consolidated | Safari Industries (India) Ltd. | 44.4 | 37.6 | 50.6 |
Consolidated | Symphony Ltd. | 88.0 | 79.0 | 56.9 |
Consolidated | Tata Power Company Ltd. | 899.2 | 1223.4 | 978.8 |
Consolidated | Tube Investments of India Ltd. | 313.8 | 158.2 | 0.0 |
Consolidated | UPL Ltd. | -495.0 | 1106.0 | -281.4 |
Consolidated | Ramkrishna Forgings Ltd. | 81.3 | 200.1 | 0.0 |
Consolidated | GR Infraprojects Ltd. | 107.7 | 338.9 | 0.0 |
Consolidated | Kabra Extrusiontechnik Ltd. | 2.2 | 10.9 | 0.0 |
Consolidated | Narayana Hrudayalaya Ltd. | 201.5 | 197.3 | 222.3 |