Anand Rathi Broker Research reports

With revenue/EBITDA up ~16% y/y and adj. PAT (post-minority) up to Rs128m (from Rs12m a year ago), Arvind Fashions started FY26 on a good note.

Healthy, 13% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q1 results. Growth improved on the back of better demand scenario particularly in Europe and a near complete destocking across major regions.

Incorporated in 1963, Hindustan Aeronautics is a public sector Defence undertaking, the only Indian company to design, develop and assemble aircraft, helicopters & aero-engines, and upgrade, maintain, repair & overhaul them.

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.

Higher Treasury income and moderate opex offset SIB’s Q1 lower margins (down 18bps q/q), keeping overall operating performance stable.

Strong execution in all segments led to Polycab’s robust Q1 FY26. Resilient domestic demand and greater export momentum led to wires & cables strong, 25%, volume growth.

Fine Organics Americas, a 100% subsidiary of Fine Organic (FINEORG), has acquired ~160 acres of land in South Carolina (USA) to set up a full-scale manufacturing facility.

Marks meaningful step forward in realization group strategic vision. Simplification of group structure and realign corporate structure to unlock synergy and enhance competitive edge.

We recently engaged with the Unimech management for insights into the present business environment and outlook. The company expects 35%+ growth in its aero-tooling segment over the next few years, driven by SKU approvals and client additions.

Incorporated in 1985, Bansal Wire is the second largest manufacturer of steel wire in India and the largest stainless steel wire manufacturer.

Lower our Rs819m estimate due to less-than-expected revenues, MM Forgings’ Q4 EBITDA slipped 4% y/y to Rs724m. Growth would be supported by the domestic M&H CV volume upswing, which would come at a 5% CAGR over FY25-27 on economic activity and replacement demand.