New Research Reports

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,...

Granular growth driving structural rebalancing: Gradual but clear shift in loan mix was visible during Q2FY26, as focus moved towards better yield retail & MSME segments. Retail advances grew nearly 22% YoY, supported by robust traction in gold and home loans, while MSME disbursement surged 127% YoY, reflecting broad-based momentum. Consequently, the share of corporate loans declined to ~40% of total advances (vs 42% Q1FY26), indicating execution of moving towards RAM being on-track. The expanding retail and MSME base, aided by co-lending partnership and digital sourcing...

Diversified loan mix with RAM (retail/agri/MSME) forming ~66% to book Q2FY26 performance: Indian Bank posted a healthy performance in Q2FY26 with balanced growth, strong recoveries, and sustained profitability. Advances grew 12.6% YoY (3.2% QoQ) led by RAM segment (5.6% QoQ), while deposits increased 12.1% YoY (4.4% QoQ) with CASA ratio stable at 38.9%. NIM remained resilient at 3.23% (1 bp QoQ), aided by lower funding cost and stable yields. PAT rose 11.5% YoY (1.5% QoQ) to 2,332 crore, supported by healthy other income from PSLC fees, treasury gains, and interest on IT refund. Asset quality improved further with...

In 2QFY26, Oberoi Realty (OBER) achieved pre-sales of INR13b, down 10% YoY and 21% QoQ (7% below our est.), wherein ~62% was contributed by Elysian and 360 West.

Hindustan Zinc (HZ)’s revenue at INR85.5b (+4% YoY/+10% QoQ) remained largely in line with our est. of INR81b. The growth was driven by better commodity prices, offset by lower volumes.

Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments.

Metro Brands (MBL) delivered in-line 11% YoY revenue growth in 2Q, driven by an improvement in in-store sales (+10% YoY vs. 4% YoY in 1Q), acceleration in store additions, and robust 39% YoY online growth.

IndiaMART (INMART) reported 2QFY26 revenue growth of 12% YoY vs. our estimate of 9.5% YoY growth. Deferred revenue rose 17% YoY to INR17.5b.

With new launches in the electric sport utility vehicle (SUV) segment and variant refreshes, the company has maintained its SUV growth guidance. During the festival season, it is expected to ramp up electric vehicle (EV) production, supported by the upcoming launches that will drive revenue growth. GST reductions are also expected to positively impact the automotive and tractor industries by making vehicles and equipment more affordable, thereby spurring industry growth. M&M...

TCS reported a steady performance in the quarter, backed by broad-based growth, steady deal momentum and sequential margin improvement across verticals. Management guided for stronger FY26 international revenue growth compared with FY25. It expects margins to gradually move towards the 26-28% aspirational band. Strategic initiatives remain centred on scaling AI-led transformation, expanding global delivery hubs, and strengthening cloud modernisation and platform capabilities through acquisitions. The company is also investing in sovereign AI data centres with...