Anand Rathi Broker Research reports

Bank of Baroda reported a healthy performance in Q2 FY26, led by improved operating performance and pick-up in credit growth.

Healthy, 35% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q2 results. Growth improved on better demand particularly in NAFTA and Europe coupled with near complete de-stocking across major regions.

Maruti Suzuki’s Q2 standalone EBITDA was flat y/y at Rs44bn, above our Rs38bn estimate, owing higher realisation & other operating income.

Less than the consensus but in line with ARe, Dhanuka Agritech’s Q2 revenue/EBITDA/PAT fell 9/14/20% y/y.

Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.

Marred by extended monsoons coal-based thermal power generation touched a ~30-mth low of 99.29GW in Sep’25, dampening the thermal coal off-take volume.

Below consensus and as we estimated, Sumitomo’s Q2 was weak; revenue/EBITDA/PAT fell 6/11/8% y/y. Domestic revenue down 4% y/y to Rs7.7bn; exports down 13% y/y to Rs1.6bn.

EBITDA surged by 40% y/y to Rs15.1bn, broadly in-line with our estimate. Our positive stance on the stock is backed by expected upturn in 2W volume (domestic/exports), led by GST relief and better financing availability.

Aided by Issuer Solutions’ strong, 13% y/y, performance and International & Other Investor Solutions’ 26% y/y, KFin Tech’s revenue grew 10.3% y/y to Rs3.09bn.

Nailing the LCC model, IndiGo managed to capture its home market achieving ~64.4% share, supported by a fleet of ~416 aircraft and an orderbook of ~910 aircraft.