Deven Choksey Broker Research reports

The Union Cabinet has approved SiCSem Private Limited, a subsidiary of Archean Chemical Industries, to establish India’s first commercial Silicon Carbide (SiC)–based compound semiconductor fab in collaboration with Clas-SiC Wafer Fab Ltd., UK.

We have revised our estimates for FY26E/FY27E EPS by - 20.1%/ -10.3%, as we factor in higher depreciation and interest expenses and, lower other income.

We have revised our FY26E/FY27E EPS estimates by - 5.9%/-6.6% respectively, to factor in higher effective tax rate during FY26 and slower revenue growth and more gradual improvement in EBITDA margins during FY27.

We maintain a positive FY26E outlook, expecting sustained double-digit growth across US, Ex-US, and RoW businesses. Growth across regions will be majorly driven by a healthy US pipeline, strategic expansion in RoW, and improved execution across India.

Key triggers to watch for include improvement in bromine realizations as prices stabilize above USD 2.5/kg, faster ramp-up in bromine derivatives with rising utilization and new product additions, and meaningful pickup in SOP volumes from H2FY26E following successful plant-scale trials.

JSW Cement, the building materials arm of the JSW Group, is one of India’s fastest-growing and most sustainability-focused cement manufacturers.

The Monetary Policy Committee (MPC) voted to maintain the policy repo rate at 5.5%, keeping it unchanged for the current review. Consequently, the Standing Deposit Facility (SDF) rate under the Liquidity Adjustment Facility (LAF) stands steady at 5.25%, while both the Marginal Standing Facility (MSF) rate and the Bank Rate remain aligned at 5.75%.

Cyient DLM’s Q1FY26 performance was a sharp miss to our estimates, led by a decline in defense segment, driven by completion of a order from a large customer last year.

In Q2CY25, consolidated revenue stood at INR 70,174 Mn., down 2.5% YoY (+26.1% QoQ), sharply below our estimates, as the overall volumes were impacted by early onset of monsoons and erratic rain patterns in India.

Revenue: Sonata Software Q1FY26 revenue grew by 17.3% YoY (+13.3% QoQ) to INR 29,652 Mn, outperforming expectations primarily on the back of strong domestic business momentum, despite several headwinds faced by the company during the quarter.