New Research Reports

*over or under performance to benchmark index We believe softness in the spending by automotive clients is likely to pose a near-term challenge. As a result, reprioritization in the EV R&D budget is expected. To offset the same, TELX aspires to navigate by ramping up multi-year large deals. Despite new deals won in healthcare, the company expects stability only in the later half of the year. However, TELX is well positioned to capture the opportunities due to its deep domain...

Strong order book: INR 430 Cr.+ providing revenue growth visibility, 12 ongoing projects of INR 201 Cr. to be executed by Aug’25, Upcoming order book (received & confirmed) of INR 230.5 Cr. with project commencement from May’25 to Aug’25

Polycab India (POLYCAB)’s revenue jumped ~26% YoY to INR59.1b (~5% beat) in 1QFY26, led by robust volume growth in Cables and Wires (C&W).

SRIN reported presales of INR6.57b in 1QFY26, up 31% YoY (16% above our estimate). About 92% of total presales in the quarter came from the uberluxury and premium luxury segments.

Indian Hotels (IH) reported strong consolidated revenue growth of 32% YoY in 1QFY26, led by healthy RevPAR growth of 11% (ARR up 12% and OR down 90bp YoY) in its standalone business. Like-for-like consol hotel revenue/TajSATS grew ~13%/20% YoY.

IndiaMART (INMART) reported 1QFY26 revenue growth of 12% YoY vs. our estimate of 10% YoY growth. Deferred revenue rose 16% YoY to INR17b. EBITDA margin was down ~90bp QoQ to 36%, in line with our estimates of 36.4%.

CEAT’s Q1FY26 earnings stood at INR1.15b, below our estimate of INR1.5b, impacted by lower-than-expected margins, higher interest costs, and lower other income.

Atul (ATLP) reported in-line revenue at INR14.78b (+12% YoY) in 1QFY26. Revenue of the Performance & Other Chemicals segment increased 14% YoY, while the Life Science Chemical segment posted 6% YoY growth.