Anand Rathi Broker Research reports

Lower Limeroad losses, greater operational efficiencies and better offline margins drove a 166bp y/y higher EBITDA margin to 14.3% (~200bps above ARe and consensus).

Decent operating performance and modest provisioning led to Indian Bank’s strong profitability, with RoA at 1.34% (down 3bps q/q). Headline asset quality and PCR improved.

Lower margins were counterbalanced by lower opex and provisions, which kept Karur Vysya Bank’s profitability robust, with 1.73% RoA (stable q/q). Headline asset quality improved, with GNPA at 0.66% (down 10bps q/q) and NNPA at 0.19% (down 1bps q/q).

Market share gains, the lower base (owing to elections) and sustained premiumisation drove an 11% rise in United Breweries’ volumes in Q1 (above the Street’s 5-7% estimate).

Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint
design facility under planning marks Dixon’s strategic pivot toward the ODM model.

KEI Industries delivered strong, 32% y/y, Q1 growth in its C&W category. It targets ~18% revenue growth in FY26 with ~10.5-11% margins and 20%+ growth from FY27.

Despite Q1 usually being sluggish for it, Bansal Wires posted record quarterly volumes (~0.104m tonnes), driven by integrating operations, a customercentric approach, presence across various end-user sectors, and innovation.

Mastek’s Q1FY26 performance highlights ongoing execution challenges in NA and AMEA, with CC revenue declining -1.1% q/q, reflecting transition issues coupled with Payer and Retail-client-specific concerns in the US.

With 25.26m tonnes cement capacity now, JK Cement’s announced expansion would take it to 32m tonnes by FY26. Its long-term target of 50m tonnes by 2030 remains.

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.