Deven Choksey Broker Research reports

Revenue: For Q1FY26, the revenue increased by 11.4% YoY (+0.5% QoQ) to INR 85,721 Mn, below our estimates by 3.0%, led by weakness in North America, which was partially offset by higher momentum across Europe and the Emerging markets.

In Q1FY26, Nestle India reported revenue largely in-line with our expectations, but earnings missed our estimates led by poor operational performance, lower other income and elevated depreciation and interest expenses.

Revenue: Persistent Systems Q1FY26 revenue came in at INR 33,336 Mn, up 21.8% YoY (+2.8% QoQ), in-line with our estimates, primarily driven by robust performance in the BFSI segment, with incremental contributions from Software, Hi-Tech, and Emerging Markets verticals, partially offset by softness in healthcare and Life Sciences.

In Q1FY26, the Net Interest Income (NII) stood grew by 63.3% YoY (-1.5% QoQ) to INR 2,641 Mn., led by huge scale-up of NBC operations. Sequentially NII stood flat, led by higher finance costs on account of increased external borrowings.

UPL Limited announced that its Rights Issue Committee has approved the second and final call of INR 180 per partly paid-up equity share (INR 1 face value + INR 179 premium), representing 50.0% of the issue price of INR 360.

Net Interest Income (NII) for Q1FY26 declined by 1.6% YoY (+7.0% QoQ) to INR 9,370 Mn, in-line with our estimates. The Net Interest Margin (NIM) for Q1FY26 increased by 10bps sequentially to 12.8%, led by decline in cost of borrowings, partially offset marginal decline in portfolio yield.

The Company led by its proven track record, and high brand recall value has able to scale its revenue and EBITDA rapidly at 267.8% CAGR over 81.5% and FY23-25, led by increase in area under development and strong delivery of units.

Net Interest Income (NII) for Q1FY26 declined by 8.2% YoY (flat QoQ) to INR 27,572 Mn., below our estimates by 8.2%, mostly led by contraction in NIM margins. Non-interest income for Q1FY26 grew by 37.6% YoY (+3.8% QoQ) to INR 7,259 Mn., above our estimates, led by sharp increase in treasury gains.

Colgate Palmolive India’s Q1FY26 performance stood below our expectations across the board, reflecting persistent headwinds from tough operating conditions led by muted urban demand and elevated competition intensity.

Rossari Biotech’s Q1FY26 revenue grew by 11.0% YoY (-6.2% QoQ) to INR 5,437 Mn., in-line with our estimates, the growth was entirely driven by volume expansion of 11.0% YoY.