New Research Reports

While structural growth drivers remain intact, led by the company’s volume-centric strategy and improving demand across rural and urban markets, we prefer to await clearer signs of margin recovery.

Shoppers Stop’s (SHOP) revenue growth accelerated to 10% YoY in 2QFY26 (vs. +6% YoY in 1Q), led by a 10-year high LFL of ~9.4% in departmental stores and ~70% YoY growth in INTUNE (driven primarily by store additions).

IndusInd Bank (IIB) reported 2QFY26 loss of ~INR4.4b (vs. our estimated profit of INR3.1b), owing to accelerated provisions on MFI and write-offs.

IDFC First Bank (IDFCFB) reported 2QFY26 PAT of INR3.5b (up 76% YoY/down 24% QoQ, in line). NII grew 7% YoY/3.6% QoQ to INR51.2b (in line). NIMs declined 12bp QoQ to 5.6%. Opex grew 13% YoY to INR51.2b (in line).

Sapphire Foods India (SAPPHIRE) reported revenue growth of 7% YoY (in line) in 2QFY26, backed by a 10% YoY increase in store count. KFC sales grew 7% YoY and same-store sales declined 3% (in line).

RBL Bank (RBK) reported 2QFY26 PAT of INR1.8b (5% miss), down 20% YoY, due to higher-than-expected provisions and lower other income.

Healthy revival in Q2; further recovery expected in H2FY26 Q2FY26 performance: Federal Bank delivered a healthy revival in Q2FY26, on the back of margin recovery, healthy fees income, and steady credit cost. NIM expanded 12 bps sequentially to 3.06% aided by lower funding costs and a better loan mix towards mid-yield segments. Advances rose 6% YoY (2% QoQ) to 2,55,613 crore, with traction in commercial banking while deposits rose 11% YoY (2.5% QoQ) to 2,88,920 crore, with CASA ratio improving 66 bps QoQ to 31.01%. Fees income surged 13% QoQ to 886 crore. Credit cost moderated to ~50 bps, in...

UltraTech Cement’s (UTCEM) 2QFY26 earnings were in line with our estimates. EBITDA grew ~53% YoY to INR30.9b. EBITDA/t increased ~32% YoY to INR914 (estimated INR951).

Punjab National Bank (PNB) reported 2QFY26 PAT of INR49b (14% YoY growth, in line) amid lower-than-expected opex, partly offset by lower other income and higher-than-expected provisions.

ment, managed services, and technology solutions for banks, financial institutions, and retail clients. Its business is structured around two primary segments: the Cash Management Business (CMB) (contributed 62.5% of the revenue as of FY25), which includes cash logistics, retail cash pick-up,...