Anand Rathi Broker Research reports

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.

Bank of Baroda reported a healthy performance in Q2 FY26, led by improved operating performance and pick-up in credit growth.

Healthy, 35% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q2 results. Growth improved on better demand particularly in NAFTA and Europe coupled with near complete de-stocking across major regions.

Maruti Suzuki’s Q2 standalone EBITDA was flat y/y at Rs44bn, above our Rs38bn estimate, owing higher realisation & other operating income.

Less than the consensus but in line with ARe, Dhanuka Agritech’s Q2 revenue/EBITDA/PAT fell 9/14/20% y/y.

Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.

Marred by extended monsoons coal-based thermal power generation touched a ~30-mth low of 99.29GW in Sep’25, dampening the thermal coal off-take volume.

Below consensus and as we estimated, Sumitomo’s Q2 was weak; revenue/EBITDA/PAT fell 6/11/8% y/y. Domestic revenue down 4% y/y to Rs7.7bn; exports down 13% y/y to Rs1.6bn.

EBITDA surged by 40% y/y to Rs15.1bn, broadly in-line with our estimate. Our positive stance on the stock is backed by expected upturn in 2W volume (domestic/exports), led by GST relief and better financing availability.

Aided by Issuer Solutions’ strong, 13% y/y, performance and International & Other Investor Solutions’ 26% y/y, KFin Tech’s revenue grew 10.3% y/y to Rs3.09bn.

Nailing the LCC model, IndiGo managed to capture its home market achieving ~64.4% share, supported by a fleet of ~416 aircraft and an orderbook of ~910 aircraft.

Affected by an 18% y/y drop in Lloyd (and 2% in ECD), though offset by 12% y/y growth in cables & wires and 8% in switchgear, Havells’ Q2 was weak. ECD and Lloyd were hit by softer seasonal demand but would recover from Q3 as inventories normalise and festival demand booms.

Broadly as estimated amid the GST rate-cut transition and a prolonged monsoon, HUL’s Q2FY26 performance was weak. Revenue inched up ~1% y/y to Rs155bn (vs. the Street’s Rs158bn estimate) with flat volumes and a 22.9% EBITDA margin (vs. 22.2%).

Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins.

Sudarshan Chemicals reported Q1 FY26 Rs25.1bn consolidated revenue (y/y, q/q not comparable), with Heubach contributing Rs18.8bn and the pigment business Rs5.8bn (down 2% y/y).