New Research Reports

UltraTech Cement (UTCEM)’s 1QFY26 earnings were in line with our estimates. EBITDA grew ~46% YoY to INR44.1b. EBITDA/t increased ~33% YoY to INR1,197 (estimated INR1,186).

Eternal reported 1QFY26 revenue of INR72b, up 70% YoY, above our estimated growth of 62% YoY. Growth was led by Blinkit as its gross order value (GOV) increased 26% QoQ/140% YoY.

L&T Finance (LTF)’s 1QFY26 PAT grew 2% YoY to INR7b (in line). NII grew ~8% YoY to INR22.8b (~5% beat). Opex grew ~9% YoY to ~INR10.5b (~6% higher than MOFSLe).

JK Cement (JKCE) reported strong EBITDA growth, up ~41% YoY to INR6.9b (in line) in 1QFY26, led by robust volume growth (~+16%) and improvement in realization (~+3%).

Transport Corporation of India Ltd (TRPC) is well-positioned to benefit from structural tailwinds like the China+1 strategy, the PLI scheme, and rising infrastructure investments.

Healthy traction in the OE business and steady replacement demand (led by 2W/TBR segment) drove growth for CEAT in Q1FY26.

The company reported revenue decline of 14.4% YoY, primarily due to exceptionally high base YoY when industry witnessed 70% growth and early monsoon.

With 25.26m tonnes cement capacity now, JK Cement’s announced expansion would take it to 32m tonnes by FY26. Its long-term target of 50m tonnes by 2030 remains.

LTF reported a steady Q1FY26, with overall AUM crossing the Rs1trn mark and registering a 15% YoY (~13.8% excluding Gold Loans) growth, resulting from strong disbursements across the retail segment (including MFI and GL).

JK Cement (JKCE) reported standalone EBITDA of Rs6.75bn (up 41% YoY, albeit down 9% QoQ), beating our estimate (Rs5.9bn).