New Research Reports

We maintain our BUY rating on the stock.

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Q2FY26 performance: Revenue declined by 1.6% YoY (+14% QoQ) to 744 crore as the revenue of cranes, construction equipment & material handling segment (94% of total revenue) was flat YoY (+15% QoQ). Agri equipments revenue (~6% of total) stood at 49 crore (-20% YoY, +6% QoQ). EBIDTA margin improved to 14.6% (+30 bps YoY, +41 bps QoQ). EBITDA was flat (+0.4% YoY) at 109 crore. However, PAT declined 5% YoY (8% QoQ) to 90 crore as other income declined by 14% to 29 crore. PAT Margins declined 35 bps YoY to 11.6%. Company saw 18% decline in volumes in cranes, construction equipment segment to 2348 units vs 2863 units last...

We continue to maintain our HOLD rating on the stock

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Escorts’ 2QFY26 PAT at INR3.2b was below our estimate of INR3.7b due to a lower-than-expected margin improvement and lower other income. Both tractor and construction equipment margins were below our estimates.

sion systems, gears, shafts, and ring gears, along with spare parts and non-core components used in agricultural and construction machinery. CIL operates two advanced manufacturing facilities in Pune, Maharashtra, equipped with modern machining, testing, and assembly infrastructure. As of FY25, the company derived 47.4% of its revenue from agricultural tractors, 41.4% from construction vehicles, and 11.2% from other product lines. The domestic market contributed 67.2% of total revenue, while exports accounted for 32.8%. Its strong OEM relationships, increasing localization, and...

We recommend a BUY on the stock with a TP of Rs 152 implying an upside of 10 from the CMP

TRSL is strategically positioned for sustained growth across India's rail sector, leveraging its integrated capabilities in freight, passenger, propulsion, and wheelset segments.

AL is coming up with several new MHCV and LCV products in H2FY26. These include heavy -duty tippers, tractor trailers and multi-axle vehicles with industry-best peak power and torque and other premium features. The company is also foraying into the LNG segment and a bi-fuel LCV product this FY. The new Andhra Pradesh plant is ramping to 200 units/ month by year-end. The company is targeting production of 1650 units/month from the current rate of 950/month. Management is confident in the H2 uptrend, driven by new...

Q1FY26 performance: ACE's performance in Q1FY26 a mixed set, Revenue declined by 11% YoY (-32% QoQ) to 652 crore as the revenue of cranes, construction equipment & material handling segment (93% of total revenue) fell by 12.4% YoY (34% QoQ). Agri equipment revenue (7% of total) stood at 46.5 crore (+8.3% YoY, 4% QoQ). EBIDTA margin improved to 14.2% (+80 bps YoY, -280 bps QoQ), mainly led by better product mix. Subsequently, EBIDTA declined by 6% YoY (-43% QoQ) to 92 crore. However, other income grew by 85% to 51 crore resulting in PAT growth...

Olectra Greentech's outlook for FY26 appears positive, supported by a strong order book of over 10,000 electric buses, planned production ramp-up, and technological advancements. The company aims to deliver 2,000 buses in FY26, with volumes expected to accelerate from Q2 and peak in H2 as supply chain bottlenecks ease and capacity utilisation improves. Management foresees steady revenue growth and rising profits with higher volumes. Key watchpoints include timely supply of key components like chassis and batteries, successful...

Management retained its guidance of mid-single digit MHCV volume growth and slightly higher growth in the LCV segment for FY26E, led by a stronger 2HFY26E driven by replacement demand, higher government capex, easing steel costs, and new product launches across MHCV, LCV, and alternate fuel platforms.

We maintain our BUY rating on the stock.

Ashok Leyland’s (AL) 1Q PAT stood at INR5.9b, marginally ahead of our estimate of INR5.8b, led by a slight beat on margins (30bp) and higher other income.

We continue to maintain our HOLD rating on the stock.

From a technical perspective, the stock has formed a solid base around its 200-week simple moving average, indicating that a short-term bottom is in place. Additionally, the Relative Strength Index (RSI) on the weekly chart has broken out of its oversold zone, further reinforcing the price strength. Moreover, both short-term and medium-term moving averages are positively aligned and trending...

Slightly above our estimated Rs3.12bn, Escorts’ Q1 EBITDA grew 3% y/y to Rs3.35bn due to better-than-expected agri-machinery margins (lowerthan-expected input/employee cost).

Ajax reported a muted set of numbers in Q1FY26 with revenue and volume flat YoY. Sale of slipform pavers (~5% of revenue) in base quarter aided EBITDA margin of 17.1% in Q1FY26 (vs. 15.6% in FY25).

Escorts Kubota’s (ESCORTS) 1QFY26 PAT of INR3.1b was in line with our estimate. Tractor segment margins exceeded our estimates, whereas construction equipment (CE) margins came in below estimates.