New Research Reports

Revenue rose 10% YoY. Pricing helped offset the inflation/star-rating impact, lifting EBITDA margin 40bps

Targeting INR1trn revenue by FY30 through expansion across solar, storage and energy infrastructure Total capex of ~INR300bn planned over next 2-3 years across...

Revenue beat, miss on margins, revenue growth of 11% driven by 18% faucetware growth while sanityaware grew 6% YoY

We increase our top-line estimates to factor in improved retail demand and push towards the organised sector. We forecast a Revenue/EBITDA/PAT CAGR of 12%/9%/7% and assign a 29.5x FY28E EPS to arrive at a TP of Rs 7,000/share, implying an upside of 21% from the CMP. We maintain our BUY rating.

Cera Sanitaryware Ltd.'s (Cera) Q4FY26 performance was above our estimates on all fronts. Cera Sanitaryware delivered a resilient fourth quarter with total revenue reaching Rs6.44 Bn, supported by steady retail demand and strong project execution. However, margins were pressured by a sharp rise in brass prices and higher trade discounts used to maintain competitiveness. To counter these headwinds, the company implemented strategic price hikes across its faucetware and sanitaryware divisions. The Middle East crisis further complicated operations, causing gas supply restrictions at production plants and...

Q4FY26 financial performance: Revenues grew by 11.4% YoY at INR 6.4bn (PLe: INR 50.4%). EBITDA declined by 7.3% YoY to INR 979mn (PLe: INR 781mn) and EBITDA margin contracted by ~300bps YoY to 15.2%. (PLe: 12.5%). PBT decline by 15.3% YoY to...

We attended Waaree Energies Limited’s (WEL) investor day, wherein management laid out an aggressive roadmap to scale revenue to INR1t by 2030, supported by a sharp acceleration across C&I, KUSUM, and rooftop solar segments.

Blue Star’s (BLSTR) 4QFY26 revenue was up marginally ~1% YoY to INR40.7b (~7% miss). However, EBITDA increased ~17% YoY to INR3.3b (+9% vs. our est.), led by cost rationalization measures and certain deferred discretionary costs.

The Wires & Cables (W&C) segment delivered moderate growth in Q4FY26, with domestic W&C revenue growing 30.3% YoY and exports grew by 17.8% driven by strong cable demand and execution despite softer trade sentiment and Middle East disruptions. Cables outperformed wires during the quarter, while institutional sales grew faster than channel sales. Volume growth remained in low single digits due to temporary construction halts in North & West India, geopolitical disruptions and softer secondary sales, although cumulative price hikes of 18-19% from Jan-Mar'26 supported realizations. The international business contributed 4.4% to consolidated revenue. EBIT...

Revenue/EBITDA grew 27%/13% YoY; W&C drove the top line, but margin contracted 160bps YoY to 13.1%, on an adverse mix

Polycab’s (POLYCAB) 4QFY26 revenue/EBITDA grew ~27%/13% YoY to INR88.6b/INR11.6b (~5%/8% beat). Cable & wire (C&W) revenue increased ~29% YoY to INR77.6b (~5% beat) and FMEG revenue grew ~39% YoY to INR6.6b. (~22% beat).

KEI Industries (KEII)’s 4QFY26 revenue grew ~19% YoY to INR34.8b (in line). EBITDA increased ~27% YoY to INR3.8b (~10% beat, driven by higher-thanestimated margin in C&W). OPM rose 65bp YoY to 11% (+85bp vs. estimate). PAT grew ~25% YoY to INR2.8b (~17% beat).

Revenue grew 12% YoY, led by 11% volume growth. Margins expand sharply (+786 bps YoY), owing to cost optimisation

Kajaria Ceramics' Q4FY26 result was in-line with our estimate on net sales front, while margins were beat to our forecast. Despite challenging times on subdued demand and increased gas prices, the company managed to report healthy earnings, aided by volume growth. The management guided that the sales volume growth of 11% in Q4FY26 was on account of the sales unification and realignment of the team. Consolidated revenue stood at Rs13.7bn, a healthy growth of 12.4% YoY, while EBITDA was at Rs2.6bn, higher by 90.4% over Q4FY25. Consequently, EBITDA margin improved by 786bps YoY to 19.2%. The...

Waaree reported consolidated EBITDA/APAT of Rs15.8/10.6bn in Q4FY26, an 11%/4% miss, due to a 12%/7% QoQ contraction in GPM/EBITDAM.

Kajaria Ceramics (KJC) reported 12.4% YoY consol. revenue growth in Q4FY26, as tiles volume grew 11.3% YoY on a low base (15.7% QoQ; 7-year CAGR of 5.8%).

RR Kabel’s (RRKABEL) 4QFY26 performance was above our estimate, led by higher-than-estimated revenue and margin in the cable and wire (C&W) segment.

Kajaria Ceramics (KJC) reported a healthy quarter, with an 11-12% YoY rise in tile volume and revenue owing to business unification efforts and reduced competition amid severe gas availability issues in Morbi.

We have revised down FY27E EPS by 12.5% considering a gradual pass through of higher costs; however, earnings are expected to recover over the coming quarters, supported by strong summer demand....

Transitory issues in FY26 were loss of volumes of summer products due to muted summer and prolonged monsoon. Changes in BEE norms in RAC and fans and ~40% inflation in copper and aluminium.