New Research Reports

Quarterly Update Q4FY26

Ventura Daily

Finolex Industries delivered a mixed performance in Q4FY26. Its revenue missed our estimate by 8.9% on lower pipe volume of -0.5% y/y vs. ARe of 10%, due to weak demand for agri pipe.

Syrma SGS Technology (SYRMA) is undergoing a structural transformation in its business model, moving toward more value-added ventures. These changes are beginning to reflect in better revenue quality and margin expansion.

4QFY26 presales grew by 13% YoY to ~INR7.1b (vs. our estimate of CINR6.2b), driven by a strong response to new launches, along with sustenance sales.

Midwest reported revenue of INR2.2b in 4QFY26, down 6% YoY and in line with our estimate. Revenue rebounded by 68% QoQ, led by strong volume and price recovery.

Astra Microwave (ASTRA)’s FY26 results beat our estimates, fueled by better-than-expected margins. FY26 inflows increased 29% YoY to INR16.6b.

Senco Gold (SENCO) delivered a consolidated revenue growth of 45% YoY to INR20b, (peers >50%). SSSG stood at 34% (24% in FY26), aided by wedding demand, gifting trends, and a higher old-gold exchange mix (50% of revenue).

Retail Research

*over or under performance to benchmark index Mahanagar Gas Limited (MGL) distributes natural gas to households, commercial establishments and industries in India. In Q4FY26, the company's consolidated revenue rose 4.9% YoY to Rs. 2,259cr, as higher gas sales and calibrated price actions more than offset the curtailment of supplies to industrial and commercial amid a disruption in liquified natural gas (LNG) supplies due to the conflict in West Asia. Gas sales volume increased 6.2% YoY to 4.672 mmscmd on the back of growth in compressed natural gas (CNG) volume of 7.2% to 3.349 mmscmd, domestic piped...

over or under performance to benchmark index Rainbow Children's Medicare Ltd operates India's largest paediatric-focused hospital chain, integrating advanced child healthcare with maternal and fertility services, with 24 hospitals and 5 clinics across 6 states. Rainbow is India's largest paediatric-focused multi-speciality hospital chain, driven by its asset-light hub-and-spoke model with higher margins, robust free cash...

We attended the analyst meet of Hitachi Energy India and came out enthused by the strong and structural growth opportunities the company can capture. Hitachi energy is gearing well for the future with a strong portfolio of products and solutions. Hitachi Energy posted a strong set of financials for Q4FY26 with EBITDA and PAT beating consensus estimates by ~6%. The management highlighted 5 growth drivers for the long term namely 1) Data Centres 2) Mobility driven electrification 3) 900 GW of non-fossil power by FY36 4) BESS 5) Transmission of 900 GW of non-fossil power. Hitachi Energy has the complete...

We maintain our BUY rating on the stock.

We upgrade our rating on the stock to BUY from HOLD.

We maintain our BUY rating on the stock with an unchanged target price of Rs 800/share, implying a 15% upside from the CMP.

We maintain our BUY rating on the stock.

Asian markets are trading mixed as investors remain cautious amid ongoing geopolitical tensions. Japan's Nikkei continued to extend gains and hit fresh highs, while Hong Kong and China markets remained under pressure. The Hang Seng and Shanghai were down 0.08% and 0.20%, respectively.

We are terminating research coverage of Inox Wind Limited, effective 27th May 2026.

With a 7% upside from the CMP, we maintain our HOLD rating.