By Trendlyne AnalysisThisindustrial component manufacturer rose 3% on February 12 after announcing itsQ3FY26 results. Its revenue jumped 25% YoY, beatingForecaster estimates, while net profit grew 28%. Strong performance in its defence and forging divisions fueled this growth, along with a rebounding domestic auto business, helped by GST rate cuts.
Commenting on the outlook, Chairman and Managing Director Baba Kalyanisaid, “Looking ahead into Q4FY26 and FY27, it is fair to say that the worst is behind us and things are starting to look up. With both domestic and export markets looking strong, we expect high double-digit top-line growth and positive impact on profitability.”
Bharat Forge is strategicallyshifting focus, moving away from the cyclical auto industry to expand its defence and aerospace footprint. The auto segment's share of revenue has already dropped to 41.7% from 51% a year earlier. The managementaims for 30–40% growth in its defence business next year. The company aims to increase defence’s contribution to revenue from roughly 10–12% currently to 18–20% by 2030.
Order inflows remained strong during the quarter. Bharat Forge secured new orders worth Rs 2,388 crore, including Rs 1,878 crore from the defence segment. This lifts the total defence order book to Rs 11,130 crore. The company alsosigned a contract with the Ministry of Defence for more than 2.5 lakh compact combat rifles, improving revenue visibility in its small arms business.
For capacity expansion, the companyplans a Rs 3,000 crore investment to build a new manufacturing facility in Odisha. This plant will focus on forgings, castings, and machining. Management expects this investment cycle to begin in FY28, after completing ongoing expansions. Annual capital expenditure remains guided at Rs 600–800 crore for FY26–28.
Post-results, ICICI Directmaintained its 'Buy' rating. The brokerage cited improving overseas performance, benefits from US–India trade deal tariff normalisation, and a cyclical upturn in the domestic commercial vehicle segment. It projects revenue will grow at an average of 13.6% annually through FY28.
This healthcare facilities stock climbed 4% on February 11 after reporting its Q3FY26 results. Revenue rose 17% YoY, driven by broad-based growth across segments. Net profit jumped 35%, thanks to improved profitability in the diagnostic, retail healthcare and hospitals businesses led by a richer case and payor mix. Both revenue and net profit beat Forecaster estimates.
The hospital business, accounting for half of revenue, performed well. Higher patient volumes and price hikes were a boost, while a better mix of complex cases, such as cardiac, oncology, and neurology treatments, increased the average revenue per patient. Management noted that EBITDA margins in hospitals reached 25.3%, excluding startup costs of Rs 150 crore for new hospitals. Operational improvements across the existing network drove margin expansion.
The digital health and pharmacy distribution segment (Apollo HealthCo) saw higher sales from online and offline pharmacies, as well as Apollo 24x7. Managing Director Suneeta Reddy reaffirmed the outlook for FY26. She stated, “We are confident in achieving our target run-rate of Rs 25,000 crore in combined revenues and EBITDA margin of 7% as capacity expands.”
The company is investing heavily in growth. It has spent Rs 2,800 crore of its planned Rs 8,200 crore capital expenditure for the next four years. Management plans to add 1,500 beds in new hospitals. Roughly 45% of these beds will open in FY27, with the rest in FY28. They also aim to open 600 new pharmacies each year.
Additionally, the upcoming merger of Apollo HealthCo with Keimed will boost revenue.
Following the results, Motilal Oswal retained a ‘Buy’ rating on Apollo with a target price of Rs 9,015, implying an upside of 18.4%. The brokerage believes the company is well-positioned for growth due to capacity expansion, operational efficiency, and a stronger outlook for the pharmacy business. It expects Apollo to deliver annual revenue growth of 14.2% and profit growth of 24.4% through FY28.
Thishighways infrastructure company fell 8.5% over the past week after itsQ3FY26 results reflected weakness in construction activity. Revenue declined 7.6% YoY to Rs 1,871 crore, weighed down by slower execution in the engineering, procurement, and construction (EPC) segment. Net profit fell 4.8% as lower construction volumes pressured overall earnings.
The pressure was largely segment-driven. The build-operate-transfer (BOT) segment, which accounts for more than half of revenue, grew by 9% supported by toll collections.But the construction business, which accounts for roughly 42% of total revenue, saw a 31% decline as key projects moved past their most active phase or reached completion. However, the overall sector is expected to grow by ~10% through FY27, supported by the Union Budget’s 9% increase in capital expenditure to Rs 12.2 lakh crore.
Despite the revenue dip, EBITDA margins expanded by 600 basis points to 54.6%. This reflects a favorable shift in revenue mix toward tolling, which typically carries higher margins. While the construction slowdown was linked to natural project cycles and completions, lower borrowing rates helped cushion the bottom line, with interest costs declining 5%.
Looking ahead, CEO Anil Yadav outlined near-term growth triggers. “Toll-operate-transfer (TOT) 17 and 18 will begin contributing from the next quarter, strengthening cash flows and improving revenue visibility,”he said. Together, these projects are valued at approximately Rs 14,000 crore.
Chairman and MD Virendra Mhaiskar noted that heavy competition and aggressive bidding in EPC and hybrid annuity model (HAM) projects are pressuring profitability. “We’re taking a selective approach toward new construction orders,” he said. The company is prioritising expansion of its toll-operate-transfer (TOT) portfolio and operations & maintenance (O&M) contracts to build more long-term revenue.
Motilal Oswalreiterated its ‘Buy’ rating, highlighting resilient toll collections and a Rs 37,300 crore order book, of which roughly 96% is driven by O&M contracts. The brokerage expects revenue to grow at a ~20% CAGR through FY28 and maintains a target price of Rs 52, implying about 27.8% upside from current levels.
This pharmaceutical manufacturer’s stock rose 3% over the past week after reporting its Q3 results. Revenue grew 17% YoY, led by steady demand in its contract development and manufacturing (CDMO) business. After adjusting for a one-time impact related to the new labour code, net profit increased 28%. The firm appears in a screener of stocks with annual profit growth higher than sector profit growth.
The company derives nearly 80% of its revenue from the CDMO segment. Sales from this segment rose over 16% YoY during the quarter as volumes climbed 28%, significantly higher than the broader market growth of about 1%. Sahil Maheshwari, Head of Strategy, indicated that momentum is likely to continue, with “double-digit volume growth (expected) in Q4 as well.”
Around 16% of revenue comes from formulations, while the remaining portion is generated from active pharmaceutical ingredients (APIs). The formulations business saw growth in both domestic and international markets, aided by demand recovery across key regions. The API business, which has faced pricing pressure and losses in recent quarters, showed sequential improvement. Losses narrowed as the company focused on portfolio rationalisation and cost optimisation, suggesting progress toward breakeven.
Looking ahead, exports are expected to become a key growth driver. The company received EU certification for its oral liquids facility, with supplies under a European contract scheduled to commence in FY28. Commenting on the contract, Maheshwari said, “Once we start operations, the annual run rate for the orders will be in the tune of EUR 35 million, and the contract is till December 2032, with margins expected in the ‘teens’”.
Following the results, ICICI Securities reiterated its ‘Buy’ rating with a target price of Rs 680. The brokerage expects narrowing losses in the API and trade generics segments, along with price hikes and cost rationalisation in domestic branded formulations, to support margin recovery in the base business. Key risks include location concentration of manufacturing plants and fluctuations in API prices.
The stock of this realty company rose 2.6% over the past week after entering into a 50:50 joint venture with the RMZ Group in Gurugram, marking its entry into institutional-grade commercial real estate. However, Q3FY26 proved challenging, with revenue declining 13.3% QoQ to Rs 312.8 crore amid persistent weakness in real estate demand and environmental headwinds.
On the bright side, net losses narrowed slightly to Rs 45.3 crore from Rs 46.9 crore in the previous quarter, offering a small silver lining amid the downturn. It appears in a screener of stocks in which mutual funds have increased shareholding over the past month.
Its Q3 revenue missed Trendlyne’s Forecaster estimates by 72.3% due to lower sales realizations of Rs 14,028 per sq ft, but operational cash flows stayed resilient. Nine-month collections hit Rs 3,100 crore, achieving roughly half of the annual target. Q3 collections were particularly strong at Rs 1,230 crore, representing a 32% increase, with management expecting further acceleration as execution picks up in the fourth quarter.
CEO Rajat Kathuria expects FY26 pre-sales to stabilize around Rs 10,000–11,000 crore as the market matures. Discussing construction hurdles, Kathuria noted: “A heavy monsoon followed by severe pollution in Delhi-NCR caused a significant loss in work days. This is why our collections and revenue recognition still has a lot to catch up on in Q4,” though full-year launch guidance remains healthy at Rs 15,000–17,000 crore.
Axis Direct reaffirmed a ‘Buy’ rating with a target price of Rs 1,315, viewing the RMZ partnership as a critical milestone. With Gurugram having over 100 million sq. ft. of office space and high occupancy rates, the brokerage sees Signature as a top beneficiary of India's robust commercial leasing activity. The company aims for 15% growth in pre-sales as it explores further commercial opportunities
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