New Research Reports

Retail Research

Finolex Cables delivered a decent performance in Q2 FY26. Despite a modest top-line expansion, its EBITDA and PAT saw strong growth, aided by healthy industrial and solar cable demand.

Century Plyboards reported a strong performance in Q2, with its revenue/gross profit/EBITDA growing by 17/25/57% y/y to Rs13.8/6.7/1.7bn, while PAT rose 72% y/y to Rs689m.

Cera Sanitaryware reported a flat revenue of ~Rs4.9bn in Q2 FY26, largely due to subdued retail environment and poor performance of faucetware.

Carysil’s Q2 revenue/EBITDA/PAT grew 16/24/62% y/y to Rs2.4bn/461m/272m. Gross margin contracted 374bps y/y to 51.9%, due to change in product-mix and higher input cost.

Vishnu Chemicals (VCL) completed the acquisition of the chrome ore mine for ~USD10mn on a debt-free, cash-free, and liability-free basis on 21-Nov-25. VCL’s wholly owned subsidiary would own 74% of the mining entity and 100% of the chrome beneficiation plant, along with mining and infrastructure assets.

We interacted with the senior management of Star Cement (Star), for a deep dive into their growth plans and competitive scenario in the Northeast.

Utkarsh SFB (Utkarsh) is embarking on a journey to deliver 25% credit growth with 50% share of secured products and RoE of ~15% over the next 2–3 years driven by NIM expansion to 8.5% and credit cost at ~2%.

Government initiatives, including GST rate reductions on key construction materials, serve as a major policy tailwind, improving cost dynamics and supporting demand recovery in the cement sector. Dalmia Bharat is focused on balancing margin and volume growth through a flexible market strategy. In line with its pan-India expansion vision, the company plans to scale its...