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HDFC AMC continued to demonstrate resilient performance, with management emphasising that domestic investors have become meaningfully more long-term *over or under performance to benchmark index oriented and systematic in their approach even amid heightened volatility. Additional momentum is expected to come from passive and hybrid products, along with newer growth engines such as alternatives, PMS mandates and the GIFT City international platform. The company is also increasingly leveraging technology and AI-led capabilities to enhance investment processes, improve customer engagement...
CCL Products Q4FY26 performance exceeded our expectations. Sales grew 46% YoY to Rs12.2bn, driven by 18% YoY volume growth and 28% YoY increase in realization led by favorable coffee prices. Gross margin contracted by 920bps YoY to 35.1%, due to higher input costs and change in product mix. Consequently, EBITDA margin contracted by 387bps YoY to 15.7%, despite lower employee costs (-128bps YoY) and other overheads (-405bps YoY). PAT increased by 12% YoY to Rs1,145mn, impacted by higher depreciation (+50% YoY) and lower other income (-50% YoY). Capacity utilisation stood at 65% in...
Home First Finance reported a strong FY26 performance, reflecting healthy growth, improving profitability and stable asset quality. AUM grew ~25% YoY to 15,878 crore, supported by record Q4 disbursements of 1,572 crore and improving traction across formal urban housing markets. PAT increased sharply by ~41% YoY to 540 crore, while reported ROE stood at ~14%, reflecting healthy operating leverage and profitability. Origination yields remained healthy at ~13%, with management reiterating portfolio spread guidance of 5 5.25%, supported by its floating-rate asset book. Asset quality improved further,...
Harsha Engineers (Harsha) delivered results which surpassed our estimates. Revenue, EBITDA and PAT grew by 16%, 28% and 41% respectively on QoQ basis. The management mentioned that domestic demand trends are positive from the major bearing customers. A steady recovery in industrial demand in the European region is also taking shape which bodes positively for Harsha since it contributes 30% of overall revenue. Steady growth in the standalone entity, healthy ramp up of the Advantek subsidiary and improving operational performance of overseas subsidiaries will drive growth in the medium term. We...
The month of April 2026 saw the prices for all the chemicals in our coverage registering a de-growth, with some chemicals such as isopropyl alcohol declining by 46% MoM. While the effects of the Iran-US war have not fully subsided, the prices have begun to rationalize. With the Strait of Hormuz blockade, the Chinese supply lines have been disrupted, which has proved beneficial for the American chemical players. However, this effect is expected to be short-lived and we expect the chemical prices to return to rational levels by the end of CY26. Ref-gas prices continued to firm up, even as there was demand softening...
Asian markets are trading lower due to concerns growing over renewed hostilities between Iran and the US amid a fragile ceasefire. The US and Iran exchanged fire in the Strait of Hormuz, with each side claiming the other struck first.
Healthy quarter owing to better revenue and opex While NIM has been better outlook is cautious Lower opex/provisions are levers to core PAT KVB saw a strong quarter with higher core PAT due to beat on NII/NIM & TWO recovery and lower opex. Reported NIM was up 26bps QoQ to 4.25% led by (1) 16bps increase in loan yields (as fixed rate book was up from 23% to 29%) and (2) downward repricing of deposits. Superior core income allowed creation of buffer provisions of INR 1.6bn as KVB is cautious on the impact of the conflict; new ECL guidelines would not have a...
