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Key triggers to watch for include improvement in bromine realizations as prices stabilize above USD 2.5/kg, faster ramp-up in bromine derivatives with rising utilization and new product additions, and meaningful pickup in SOP volumes from H2FY26E following successful plant-scale trials.
Lupin delivered yet another quarter of earnings outperformance vs street as well as our estimates, with the beat in 1QFY26 being driven by a higher gross margin.
NCC has a strong orderbook at INR 701bn with book-to-bill ratio of 3.7x TTM revenue – one of the highest in the industry. It has already bagged orders worth INR 65bn in FY26-YTD with guidance of INR 220bn OI for FY26.
In Q1FY26, PVR Inox’s revenue grew 23.4% YoY/ 17.5% QoQ, driven by successful Bollywood and Hollywood releases as well as initiatives like Blockbuster Tuesday and F&B combo offers.
CONCOR’s Q1FY26 EBITDA of INR 4.26bn missed consensus estimates by ~9%. Overall volume grew 11.3% YoY (EXIM- 12% and domestic- 9.1%), EBITDA was impacted due to volume discount reconciliation and increase in employee cost (one time performance bonus) of INR 180mn.
Bajaj Auto’s (BJAUT) EBITDA margin at 19.7% was in-line with I-Sec estimate. Demand in international market has been driving the growth momentum and the company has guided for 15-20% YoY volume growth in exports in nearto-medium term.
Prudent Corporate Advisory Services (Prudent) has progressed well in terms of AUM growth aided by MTM, traction in SIP and growth in MFDs. AUM/gross SIP flows/MFD count clocked CAGR of 40%/20%/19% between FY20–25 and grew 13.9% QoQ / 27.7% YoY /12.8% YoY in Q1FY26, respectively.
Lupin’s Q1FY26 result was largely in-line with our estimates. Launch of Tolvaptan in US (180 days exclusivity) helped Lupin offset the impact of price erosion in its US portfolio and a muted performance in India.
Bharti Hexacom’s (BHL) Q1FY26 print was weaker than expected due to lower roaming revenue on seasonality, and external events impacting number of inroamers; and higher other expenses on certain USOF site related cost, partly offset by employee cost provision reversal.
PVR INOX reported strong YoY growth in Q1 FY26, with admissions up 12% to 34 mn, ATP rising 8% to Rs 254, and SPH hitting a record Rs 148 (up 10%). Ad revenue grew 17% to Rs 110cr, while adjusted revenue stood at Rs 1,488cr, EBITDA at Rs 114cr, and net loss narrowed to Rs 34cr. Despite losing 67 lakh admissions, the company saw strong footfalls aided by affordable pricing and weekday value offers. It maintained its Rs 400425cr FY26 capex guidance, including Rs 250260cr for new screens and Rs 7075cr for renovations. Net debt reduced to Rs 892cr. The capitallight strategy continues, with 20 screens added (14 under FOCO/asset-light) and 127 signed. "Blockbuster Tuesday" has driven higher weekday traffic, and...
Castrol India's revenue and EBITDA exceeded our expectations. Castrol's sales increased by 7% YoY, led by 8% YoY volume growth on the back of strong volume growth in the industrials segment (+13% YoY) and rural geographies (+12% YoY). Personal Mobility and CVs reported high single digit volume growth. EBITDA increased by 8% YoY to Rs3.5bn, with EBITDA margin expanding by 28bps YoY to 23.4%, primarily due to lower A&P spends and price hikes. Management remain focused on expanding the distribution network and deepening penetration in the Industrials segment. Castrol has gained 40bps...
CCL Products Q1FY26 profitability was below our expectations. Sales grew 37% YoY to Rs10.7bn, driven by 9-10% YoY volume growth and 27-28% YoY increase in realization due to improved coffee blends. Gross margin contracted by 543bps YoY to 32.6%, driven by higher input cost. Consequently, EBITDA margin contracted by 178bps YoY to 15.1%. EBITDA grew 22% YoY to Rs1.6bn, driven by a favorable product mix in B2B and growth in the B2C category. PAT increased by 1% YoY to Rs724mn. CCL maintained its volume and EBITDA growth guidance of 10-20% and 15-20%, respectively. Management expects some price...
Harsha Engineers (Harsha) delivered results above our estimates. Revenue, EBITDA and PAT grew by 6%, 1% and 5% respectively on YoY basis. Green shoots were seen in the way of improvement in industrial demand in Europe which led to 18% YoY revenue growth in Harsha Romania for the quarter. Harsha also witnessed healthy demand improvement for large sized cages as well. Positive signs were also seen in improving demand for bearing cages in India however auto demand remained sluggish. However the management asserted that it will take at least 2 quarters to consider this as a sustainable demand trend. The...
