Anand Rathi Broker Research reports

Lloyds Metals and Energy, the largest iron ore miner in Maharashtra, has articulated four pillars of growth: core business of iron ore mining/pellet and DRI production getting boost from upcoming Chandrapur steel complex; acquisition of 79.8% stake in Thriveni Earthmovers’ MDO biz.

Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with CPCUrevenue up ~18.2% y/y (~98.8% of topline) and rest from non-CPCU. EBITDA grew ~31.2% y/y to ~Rs2.86bn with margins expanding 205bps y/y to ~22.6%.

Suzlon is well-placed to capitalise on India’s growing wind cycle, supported by substantial scale leverage at its Puducherry plant (~30% utilisation with the ability to ramp from 3 to 8 nacelles/day) with minimal capex, while the addition of three AI-enabled blade facilities would enhance logistics and execution.

Despite a 12.2% beat on ARe estimates, Unimech reported flattish revenue due to tariff-related headwinds, which are likely to soften FY26 growth given muted near-term ordering.

Finolex Cables delivered a decent performance in Q2 FY26. Despite a modest top-line expansion, its EBITDA and PAT saw strong growth, aided by healthy industrial and solar cable demand.

Century Plyboards reported a strong performance in Q2, with its revenue/gross profit/EBITDA growing by 17/25/57% y/y to Rs13.8/6.7/1.7bn, while PAT rose 72% y/y to Rs689m.

Cera Sanitaryware reported a flat revenue of ~Rs4.9bn in Q2 FY26, largely due to subdued retail environment and poor performance of faucetware.

Carysil’s Q2 revenue/EBITDA/PAT grew 16/24/62% y/y to Rs2.4bn/461m/272m. Gross margin contracted 374bps y/y to 51.9%, due to change in product-mix and higher input cost.

Revenue/EBITDA (excluding receipt of holdback from monetisation) stood at ~Rs9.8/1bn in Q2 lower than ARe of ~Rs11.2bn/1.3bn and Ce of ~Rs12.7/1.6bn. Muted execution was due to prolonged monsoon, sizeable orders not entering into execution and slow bidding from NHAI.

Greenpanel Industries’ revenue surged 17.5% y/y to ~Rs3.9bn in Q2 FY26, led by strong MDF performance despite soft performance on Plywood. Gross profit rose 16% y/y to Rs1.9bn, while EBITDA fell 17% y/y, led by higher employee cost/other operating expenses.

Production volumes for Hindustan Copper (HCP) are expected to increase more than 3.5x to 12.2m tonne by FY31 driven by extension of mining lease.

Broadly in-line with ARe of Rs1.128bn, Gabriel’s consolidated EBITDA grew 14% y/y to Rs1.129bn in Q2. We expect its consolidated revenue/EBITDA/EPS to clock 16/18/34% CAGR over FY25-28, driven by: suspensions, as greater wallet-share is likely to drive 13% revenue growth.

HG Infra’s revenue grew 8.4% y/y to ~Rs11.5bn in Q2, led by higher execution albeit partially impacted by prolonged monsoon. EBITDA margin fell to 12.7% from 16.4% in Q2 FY25, due to one-time provisioning.

Sudarshan Chemical delivered a weak performance in Q2 FY26, led by temporary demand slowdown in the US/Europe and heavy customer destocking built during the insolvency phase.

With 9.7m cement tpa now, Star Cement is targeting 18m-20m tpa by FY30. Greater operational efficiency with the stabilised clinker unit, incentives from capacity commissioning and the rising share of green energy (aimed at 55-60%) would aid the operating performance.

Protean eGov Technologies reported a stable revenue of Rs2.5bn (up 14% y/y) in Q2 FY26, while EBITDA fell 7% y/y, due to higher operating expenses. It secured a mandate from UIDAI worth Rs13.7bn.

Beating Consensus estimates and ARe, UPL’s revenue/EBITDA rose 8/40% y/y to Rs120.2/22bn in Q2. It posted Rs4.4bn PAT vs. Rs4.3bn loss in Q1 FY25.

City Union Bank reported a higher-than-estimated earnings growth in Q2, aided by a healthy 18.7% y/y credit growth and a strong 11.3% y/y growth in core PPoP.

In-line with our estimate, Indraprastha Medical Corporation’s Q2 revenue/EBITDA/PAT rose 9/12/17% y/y. The EBITDA margin rose 50bps y/y to 18.7% (vs. ARe of 19.3%), on improved volume and prices.

V-Guard’s Q2 EBITDA beat our estimate by 4.4%, driven by stronger margins in Electricals and a sharp Sunflame recovery from all-time lows.