Management guides for single-digit growth in FY26E for PV/CV, with Q2FY26E recovery on a low base. PV growth is expected to remain in the range of ~1.0–2.0% in FY26E amid muted sentiment, with Altroz/Tiago refresh aiding hatch share recovery, and Sierra EV/Harrier EV launches boosting UV positioning.
UltraTech Cement announced on August 20 that its board has approved the sale of up to 20.1 Mn shares of India Cements (6.49% stake) through an offer for sale at a floor price of INR 368 per share, open from August 21–22.
We believe the outlook remains positive, with strong growth visibility across agrochemicals, pharma, and polymers, while personal care should deliver steady performance.
Management retained its guidance of mid-single digit MHCV volume growth and slightly higher growth in the LCV segment for FY26E, led by a stronger 2HFY26E driven by replacement demand, higher government capex, easing steel costs, and new product launches across MHCV, LCV, and alternate fuel platforms.
We have revised our FY26E/FY27E EPS estimates by -20.9%/-13.2%, as we factor in higher interest costs for acquisitions facilitated through borrowings, elevated depreciation and lower other income in absence of large idle reserves.
Shreeji Shipping Global, with an operational experience of three decades the coastal shipping and marine logistics business, has deep expertise in handling diverse range of dry bulk cargo including coal, clinker, salt, iron-ore, pet coke, sulphur, limestone and other commodities.
We downgrade our rating from “BUY” to ‘ACCUMULATE on the stock, as we expect elevated capex, minimal immediate revenue delta from localization, and a cautious domestic demand outlook in the near term.
We reiterate our “ACCUMULATE” rating on the stock, owing to sustained double-digit export growth and a calibrated ramp-up in EV-2Ws, which will support the margin expansion.
India’s life insurance industry saw an increase in new business premiums in July 2025, with total collections up by 22.4% YoY to INR 389.6 Bn, compared to INR 318.2 Bn in July 2024, despite LIC reporting a decline of 10.1% YoY in number of policies sold, majorly driven by changing customers dynamics and industry-wide challenges, including regulatory changes, economic conditions, and shifting consumer references.
