Anand Rathi Broker Research reports

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.

Go Fashion’s standalone Q3 6.2/3.3/3.9% y/y growth in sales/EBITDA/ PAT was anaemic but decent in the context of the weak demand situation. SSSG/SCSG was flat/4.8%. The gross margin rose 264bps y/y to 64.1%, led largely by low-cost inventory (but also by the favourable product mix and higher EBO sales).

Strong traction in fee income, stable margins and lower opex led to sharp improvement in DCB Bank’s Q3 operating profits. Headline asset quality was stable.

Decent operating performance combined with moderate provisions kept Karur Vysya Bank’s profitability strong, with 1.74% RoA (up 2bps q/q). Overall asset quality and PCR improved, with GNPA at 0.8% (down 27bps q/q) and NNPA at 0.2% (down 8bps q/q).

With its hospitality category growing 15.3 y/y and revenue, 29% y/y to Rs25.3bn, Indian Hotels reported a strong Q3. EBITDA rose 31.3% y/y to ~Rs9.6bn with a flat 38% margin y/y

Healthy loan growth and stable asset quality led to Kotak Mahindra Bank’s 4.1% q/q core PPOP growth. The faster than the system loan growth and greater operating efficiencies would drive a 2.2% RoA over FY25-27.

Fluctuating commodity prices dented domestic wire growth, resulting in overall moderated Q3 revenue growth for Havells. The festival season, though, saw improved demand. Investments in brand-building and talent were elevated in Q3, but are likely to stabilise; thus, better margins are
expected ahead with growth coming in.