New Research Reports

AU Small Finance Bank (AUBANK) reported a 1QFY26 PAT of INR5.81b (5% beat; up 15% QoQ) amid robust other income and controlled opex.

RBL Bank (RBK) reported a 1QFY26 PAT of INR2b (42% beat, 46% YoY decline) amid lower-than-expected provisions.

Union Bank of India (UNBK) reported 1QFY26 PAT of INR41.2b (11.9% YoY growth, in line), supported by a lower tax rate. NII declined 3.2% YoY to INR91.1b (in line).

Lower margins and weaker non-interest income led to Union Bank’s operating profits degrowth. Yet, its C/I was below 50%, suggesting decent overall operating performance.

Nuvoco Vistas Corp’s (Nuvoco) current valuation (of 8.5x FY27E EV/EBITDA) appears quite compelling. Further, buoyant cement prices were instrumental in propelling its Q1FY26 EBITDA by an impressive 51% YoY (being 5% ahead of our estimate).

JSW Steel`s consolidated EBITDA beat BB consensus estimate by 5% as the overall performance in the standalone as well as the subsidiary level witnessed sharp improvement.

Himadri Specialty Chemical’s (Himadri) Q1FY26 volume rose only 0.7% YoY, probably on capacity constraints, but product mix improvement and EBITDA/kg continued to surprise positively (up 26.8% YoY).

Atul Ltd’s (Atul) Q1FY26 EBITDA rose just 5.5% YoY at INR 2.4bn, and was hurt from under-performance in standalone business where EBITDA declined 12.5%; entire growth came from subsidiaries (up 93% YoY).

GNG Electronics Ltd (GNG) is India's largest refurbisher of laptops and desktops and ranks among the largest refurbishers of ICT devices globally. The company operates under the brand Electronics Bazaar' and has established its presence across the entire refurbishment value chain. GNG has significant presence across India, USA, Europe, Africa and UAE...

Route Mobile posted a mixed operating performance in Q1 – revenue missed expectations, while margin came ahead of estimates. Revenue declined 10.6%/4.8% QoQ/YoY, below our estimates.