New Research Reports

Sales/EBITDA/APAT surpassed our 4QFY26 estimates by 8.1%/18.5%/12.7% respectively; EBITDA Margin by 254 bps

Structural Demand Tailwind Backed by Policy Reform: GST 2.0 have had a positive influence on the auto industry and have resulted in improved sentiments in the domestic market. In Q4FY26 PV volumes delivered a record-breaking performance, with sales hitting an all-time high of 13.2 lakh units, up 13% YoY, making it the strongest Q4 on record while clocking its highest ever sales of 46 lakh units in FY26, (up 8% YoY) on the back of improved affordability following the GST rate reduction. The current shift in domestic consumer's preference toward upright seating position,...

Good Q4; Chennai scale-up continues; Older parks to witness recovery Q4FY26 performance: WHL's revenues witnessed 40.4% YoY growth to Rs.135.8cr driven by faster ramp-up of Chennai Park. Overall footfalls stood flat at 8.79 lakh footfalls growing by 30% YoY. Average revenue per user (ARPU) stood at Rs.1465 growing by 7% YoY. EBITDA margins stood at 29.6% vs 20.4% in Q4FY25. EBIDTA stood at Rs.40.2cr vs 19.7cr during same period last year. Adjusted PAT recorded...

The bank has a meaningful presence in international operations with its JVs and subsidiaries. ~18.2% of total business comes from overseas. Q4FY26 performance: Bank of Baroda reported healthy Q4FY26 performance, led by strong balance sheet expansion, margin recovery and robust asset quality, though provisions were elevated due to prudent buffer creation. Global advances grew 16.2% YoY (6.3% QoQ), driven by broad-based traction across retail (17.9% YoY) and agri (20.7% YoY) segments, along with a meaningful pickup in corporate growth. Deposits grew 12% YoY (6.6% QoQ), aided by healthy CASA mobilisation...

Q4FY26 Decent top-line growth with better-than-expected margins Revenues grew ~19/5% YoY/QoQ to 456 crore aided by ~94/58% YoY/QoQ growth in export formulations to ~ 215 crore tracking 69% growth in the Regulated Market (US & Europe). Domestic formulations on the other remained muted to ~200 crore due to unpredictable performance in acute therapies. On the operational front, GPM declined 249/261 bps YoY/QoQ to 70.4%; EBITDA margins improved to 10.5% (1065/338 bps YoY/QoQ) on the back of reduction in operating expenses. Normalisation expected from FY27- After a prolonged hiatus, exports...

Buyer growth recovery and bullion-led demand drive 81% revenue growth

Robust wedding demand and outperformance in non-south markets drive 66% of growth in revenues

India Foods and International businesses delivered healthy growth, on the back of strong execution and volume-led demand

Operating profit in line with estimates; though PAT beat estimates on lower provisions; AQ performance remains better vs peers

Healthy volume recovery (8.7% YoY), as domestic growth (8.5%) picked up. Realisations dampen (3% YoY), due to lower SUV share

Q4FY26 performance: TCPL's consolidated revenues grew by 18% YoY to Rs.5,434cr. India business volume growth stood at 16% in Q4FY26. India Foods, International business and non-branded business registered strong growth of 21%, 21% and 43% respectively during the quarter. Higher coffee prices YoY led to 65bps YoY dip in the gross margins to 41.3%. Lower other expenses led to 111bps YoY improvement in the EBIDTA margins to 14.6%. EBIDTA grew by 27.6% YoY to...

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...

With an upside potential of 17% from the CMP, we maintain our BUY rating on the stock

We recommend a HOLD rating on the stock.

We recommend a BUY on the stock with a TP of Rs 1,650/share, implying an upside of 10% from the CMP.

We continue to maintain our HOLD rating on the stock.

We maintain our HOLD Rating on the stock.

We maintain our BUY recommendation on the stock.

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.

With an 11% upside potential from the CMP, we maintain our BUY rating on the stock.