Across the coverage universe, Q3FY26 is expected to be another quarter of healthy operating traction, with consolidated Net Interest Income (NII) for the banks in our universe projected to grow in mid single digits sequentially and low double digits year on year, supported by estimated advances growth of around 2.6% QoQ and 10.6% YoY and deposit accretion of about 4.5% QoQ and 12.3% YoY.
India’s automobile industry saw a mixed but improving performance in Q2FY26, supported by steady demand in Passenger Vehicles (PV), a strong recovery in exports across segments, and stable momentum in Two-Wheelers (2W).
NBFCs entered H1FY26 on a more moderate footing after the strong momentum of FY25. Sector AUM growth moderated to 17% YoY in H1FY2 (vs 23% YoY in H1FY25).
IPAMC prioritizes organic expansion by enhancing investment track records and amplifying reach via digital direct channels and distributor partnerships.
Bank credit stood at 10.3% YoY as of H1FY26, slightly below FY25’s 11.0% and lower that corresponding last year H1FY25 13.0 YoY growth pace, indicating moderation rather than a renewed acceleration.
The Monetary Policy Committee (MPC) reduced the policy repo rate by 25 bps to 5.25% while maintaining a neutral stance, marking the first easing step of the current cycle.
The company has undertaken recent acquisitions like Myoril from Sanofi and Spye from Bayer. It is bolstering its gynaecology and cardiology portfolio and executed a partnership with Ferring for Solifenacin.
The company’s future strategy hinges on a multi-pronged approach of product innovation, physical retail expansion, and brand enhancement to capitalize on favorable industry trends and solidify its market leadership.
Maruti Suzuki’s Nov’25 performance reinforced the steady recovery in demand, with domestic volumes stabilizing and exports continuing to deliver strong momentum. The broader quarterly performance reflected resilient revenue growth supported by healthy exports and improved realizations, although margins remained under pressure due to elevated operating and input costs.
Aequs’s strategy is centered on diversifying its revenue base by significantly expanding its Consumer Segment. Specifically, the company plans to leverage its precision engineering capabilities to enter the manufacturing space for components used in portable computers and smart devices.
We expect operational performance to gradually stabilize as end-market demand normalizes and product offtake improves across key amine and derivative categories.
GFL’s revenue growth is expected to be supported by sustained momentum in its fluoropolymer segment and a meaningful scale-up in the battery chemicals business by FY27E.
Near-term growth is expected to remain soft as global agrochemical demand recovers gradually and customer destocking extends into the next few quarters.
Archean Chemical Industries’ near-term growth in FY26 depends on industrial salt achieving the 4.5 MT export target and bromine recovering as monsoon-led dilution and technical inefficiencies normalize, with management already implementing corrective measures; bromine pricing remains firm, supporting margins.
The near-term outlook remains steady but moderated, with earnings likely to be range-bound as benefits from improved pricing and higher green-energy usage are partly offset by raw material cost pressures arising from the MBT levy.
We maintain a constructive stance on Vinati Organics’ long-term outlook, supported by the expansion in ATBS capacities, improved utilization in Antioxidant segment and incremental contribution from the Veeral Organics facility, cementing its position in high-margin segments, leading to improved operating leverage and diversified revenue streams.
Tatva Chintan is transitioning into a stronger growth phase primarily driven by SDA recovery, clearer electrolyte-salt commercialization, scalable agro/pharma pipelines, and a structurally high-entry-barrier semiconductor opportunity.
While near-term demand remains uneven across international markets, management commentary suggests gradual stabilization supported by normalization in freight, moderating raw material costs, and improved replacement demand.
