Anand Rathi Broker Research reports

MM Forgings (MMFL) reported Rs716m EBITDA in Q3FY26 (down 2% y/y), broadly in-line with our estimate of Rs709m.

Broadly in-line with Ce and ARe, Max Healthcare reported a steady performance in Q3FY26, with revenue/EBITDA/PAT rising by 9/4/10% y/y.

Global Health’ revenue (up 19% y/y) beat ARe/Ce by 6/3% in Q3FY26, while EBITDA (down 10% y/y) missed ARe/Ce by 4/8%. While PAT fell 8% y/y, APAT plunged 33.5%, owing to adjustment for labour code in the exceptional items.

In line with ARe and consensus estimates, Rainbow Children’s Medicare reported decent set of number in Q3FY26, with revenue/EBITDA/PAT growing by 12/9/6% y/y.

Sharda Cropchem continued to outperform in Q3FY26, aided by healthy, 14% y/y volume growth, positive product-mix and favourable forex and market-share gain in its key regions.

SBICARD’s spends for Q3FY26 grew strongly at 33%/7% y/y and q/q while gross receivables growth was muted at 4.5% y/y.

A 12% EBITDA beat was driven by stronger-than-expected ECD growth, led by double-digit growth in heating products and single-digit fan growth.

Persistent sustained its ‘consistent compounding’ narrative for another quarter with 4.1% q/q and 17.3% y/y CC revenue growth to $423mn aided by a healthy order book along with (LTM TCV up 14.2% y/y) continued deepening of its large-client relationships.

Bansal Wire Industries is planning to undertake greenfield and brownfield expansion at Sanand and Dadri to augment its installed capacity by ~24% to 0.77m tonne over the next 2-3 years.

Notwithstanding weak pricing environment and rising petcoke prices, strong volume growth and cost optimisation measures aided the company’s quarterly performance.

Despite furloughs, LTIMindtree (LTIM) delivered a solid performance in Q3FY26, with CC revenue rising by 2.4% q/q to $1.21bn and EBIT margin expanding by 20bps q/q to 16.1% LTIM saw a one-time labourcode impact of Rs5.9bn.

Excluding one-offs, trends were in-line with expectations with core PPoP growing by 6.9% y/y (up 3.4% q/q). Credit growth accelerated to 11.5% y/y (vs 10.3% y/y in Q2FY26) with stable NIMs.

Tech Mahindra (“TechM”) delivered a healthy performance even in a furlough quarter, with 1.7% q/q growth in CC revenue, 100bps q/q expansion in EBIT margin to 13.1% and TCV crossing $1bn, on the back of a 5-year, $500m European telco modernisation deal (to ramp up from Q1FY27).

Polycab delivered a strong performance in Q3FY26 with revenue and earnings growing by 46% y/y and 36% y/y, respectively led by robust execution in Wires & Cables (W&C) and sustained profitability in FMEG segments.

TBO Tek is well-placed for continued growth in the global travel distribution market with the acquisition of Classic Vacations (integrated in Oct-25) adding to its capabilities.

Another +1%/+15% RoA/RoE quarter. Asset quality continued to remain healthy with gross/net slippages at 78/6bps. Credit growth saw a ~200bps sequential acceleration, driven by retail segment, while CASA ratio improved meaningfully by 145bps y/y.

Infosys delivered a resilient performance in a seasonally softer quarter with 0.6% q/q cc revenue growth and a large deal TCV of $4.8bn (up 92% y/y), aided by ~$1.6bn NHS deal.

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.