Anand Rathi Broker Research reports

Decent core operating performance and modest provisioning (~40bps) led to the Bank of Baroda’s strong profitability in Q3, its RoA coming at 1.15%. Asset quality improved.

Orient Electric’s lighting category retained industry-leading growth, while its ECD was hit by late winter. Margins expanded on cost savings, premiumization and operating leverage.

Broadly in line with our estimate, Maruti Suzuki’s Q3 standalone EBITDA grew 14% y/y to Rs44.7bn. Domestic volumes would clock a 6% CAGR over FY25-27 due to higher income levels, rebound of firsttime buyers, rural demand, launches and greater support by financiers.

Improved operating performance and moderate provisions led to Indian Bank’s strong profitability, with RoA up 6bps q/q to 1.39%. Headline asset quality and PCR improved. Ahead, we expect slippages to be modest. With stress from the legacy book recognised, the focus now shifts to profitability.

Healthy, 28% y/y, AUM growth, and greater productivity led to Bajaj Finance’s healthy 18% y/y consol. PAT growth. Despite premium valuations, we retain a Buy, on the best-in-class execution skill, improving productivity and stable asset quality

Broadly in line with our estimate, Bajaj Auto’s Q3 standalone EBITDA grew 6% y/y to Rs25.8bn. Our positive stance on the company is backed by 1) expectations of cyclical upturns in 2Ws (domestic/ exports); 2) its vigorous EV strategy and 3) margin expansion from rising economies of scale and cost-cutting measures.

Amid a weak demand-pricing environment, JK Cement’s presence in north and central India, along with lower fuel cost aided Q3 figures. While ongoing expansions are on track, the JV with Saifco Cement would help to diversify its presence.

With revenue/EBITDA/PAT up 18%/61%/59% y/y, Sumitomo Chemicals reported decent Q3 results, though marginally lower than our estimates and the consensus.

A gradual price increase, volume growth across regions and a good product mix drove Sharda Cropchem’s better-than-expected Q3 results. Growth would improve ahead as de-stocking is now complete

With dispatches of ~862m tonnes expected in FY26 and ~900m tonnes in FY27, Coal India offers healthy volume assurance, driven by mounting demand by the power sector.