Anand Rathi Broker Research reports

Our plant visit to JUBLINGR's Bharuch site reinforces conviction. FY27 is shaping up as the earnings inflection year, with management guiding EBITDA at the upper end of Rs7.5-8.0bn (vs ~Rs6.0bn in FY26), implying ~Rs7.6bn operating EBITDA vs our ~Rs7.3bn estimate.

Hindustan Copper (HCP) is undertaking multi-pronged strategy to expand its capacity. It has awarded a 20-year revenue-sharing contract to restart/upgrade/ maintain the 50k tonne Gujarat Copper Plant (GCP).

RateGain Travel Technologies (RateGain) reported organic revenue growth of ~8.8% in INR terms (~4% y/y in USD terms) in FY26, driven by client specific issues across Distribution and MarTech.

The thesis of the Annual Report revolves around integration, which is expected to improve the company’s operational efficiency, as it moves beyond mining into VAP.

For Q4 FY26, Lumax auto reported 3rd conservative of Highest ever quarterly revenue which stood at Rs 1,417 cr; YoY increase of 25% , QoQ increase of 12%, reflecting sustained growth across key product segments, continued business momentum with OEMs and strong performance in the aftermarket portfolio.

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

With 9% y/y revenue growth (vs. 10% street estimate) and EBITDA margin of 12.7% (vs. 12.9% street estimate), Mrs. Bector Foods' Q4FY26 result was slightly below estimates on muted demand amid elevated input cost, though growth improved sequentially.

A 44.9% EBITDA beat in Q4FY26 was driven by record quarterly revenue and a sharp 606bps expansion in gross margin. Conclusion of the trade deal and approaching operationalisation of FTWZ materially improve the outlook of tooling business, while accelerating SKU addition is expected to drive parabolic growth in the PCA segment over the medium-term.

TBO Tek’s organic business maintained a steady trajectory in Q4FY26 with GTV rising by ~16% y/y to ~ Rs90bn. While GTV grew by a strong ~27% y/y in Jan and Feb, disruption was seen in Mar, led by Middle East conflicts with Hotels & Ancillaries/Airlines GTV growth of ~ 20.4/9.4% y/y.

Sumitomo Chemical reported a decent performance in Q4FY26 with revenue/EBITDA/PAT growing by 1/12/12% y/y despite: discontinuation of AND business; soft Rabi demand; and Biorational regulatory constraints.

A 27.5% EBITDA miss was driven by LPG shortage and truck availability issue, alongside RM inflation, operating deleverage and forex loss.

Sudarshan Chemical Industries’ EBITDA was ahead of ARe/Consensus in Q4FY26, driven by strong volume recovery and improved operating leverage on high-cost Heubach platform.

Indian Metals & Ferro Alloys (IMFA) took control of 0.1m tonne KNR-2 from TATA in Feb-26 and started operationalising all four furnaces since Mar-26, which is expected to yield additional monthly volume of ~6k.

Finolex Industries delivered a mixed performance in Q4FY26. Its revenue missed our estimate by 8.9% on lower pipe volume of -0.5% y/y vs. ARe of 10%, due to weak demand for agri pipe.

J Kumar Infraprojects (JKIL) posted an in-line performance in Q4FY26 with revenue/EBITDA declining by ~4/7% y/y to Rs15.7/2.2bn vs. our estimate of Rs15.6/2.2bn, as lagged projects i.e., GMLR, Chennai elevated road and VDCR project started gearing up.

Protean eGov Technologies reported a healthy revenue of Rs3.1bn (up 38% y/y and 34% q/q) in Q4FY26, driven by a regulatory-induced PAN issuance surge ahead of revised documentation norms effective 1st of Apr26 and Rs440m one-time storage charge booking.

Karnataka Bank delivered a strong performance in Q4FY26, with improvement across key operating parameters including growth, margin and asset quality.

RateGain Travel Technologies reported revenue growth of ~174.5% y/y in Q4FY26. While it delivered an organic revenue growth of ~19.5% y/y (vs. our estimate of ~10-12% y/y), CC revenue grew by ~11.1% to ~Rs7.16bn in Q4FY26.

Astral delivered broadly an in-line performance in Q4FY26 with 24.2/26.8/26.9% y/y growth in revenue/EBITDA/APAT. Notably, it has reported industry leading volume growth and margin for the three consecutive quarters.

Beating our estimates, Dhanuka Agritech reported a strong performance in Q4FY26 with revenue/EBITDA/PAT growing by 9/14/30% y/y.