Deven Choksey Broker Research reports

Near-term performance is expected to remain muted, as pricing pressure in key product categories and elevated input costs continue to weigh on margins.

Near-term profitability is likely to remain constrained by elevated input costs and subdued pricing in key regions. Nonetheless, a post-monsoon recovery in demand, improving plant utilization, and commissioning of new capacities are expected to support a gradual earnings rebound.

Management remains optimistic about sustaining growth momentum, supported by robust international performance and a recovery in domestic demand as weather conditions normalize.

We maintain a stable long-term outlook on Supreme Petrochem, though near-term earnings visibility remains constrained by demand volatility and sustained margin pressure across styrenics.

Although the company continues to strengthen its presence through new launches, portfolio expansion, and biosimilar development, persistent pricing pressure in the U.S. generics business and adverse product mix are expected to remain key headwinds to its overall profitability.

Laurus Labs continues to shift toward a CDMO-led, technology-focused business model, leveraging its ARV portfolio as a steady cash generator.

Acutas Chemicals delivered robust revenue and profit growth, driven by strong performance in API and specialty chemicals segment.

Kotak delivered broadly a steady performance with balanced growth and profitability. Core metrics improved, supported by healthy loan and deposit growth and asset quality gains.

Management expects a gradual demand recovery in H2FY26E, supported by improving macro indicators and internal execution initiatives.

IndusInd Bank is undergoing a strategic recalibration under new leadership, balancing near-term prudence with medium-term growth ambitions.

Rossari Biotech continues to execute well operationally, leveraging R&D intensity and export expansion to offset pricing headwinds.

Poonawalla Fincorp (PFL) delivered a strong quarter, driven by robust growth, margin expansion, and improved asset quality. The company saw healthy growth in AUM, with disbursements nearly doubling YoY.

UltraTech Cement delivered a strong quarter with healthy growth in volumes and improved realizations, supported by cost efficiencies across power and logistics.

We maintain a constructive stance on ICICI Bank’s growth, underpinned by broad-based loan expansion across business, retail, and personal segments, driven by a risk-calibrated lending strategy.

HDFC Bank’s Q2FY26 performance underscores steady earnings delivery and resilient balance sheet strength. Core profitability remains stable, supported by improving asset quality and healthy capital buffers.

While structural growth drivers remain intact, led by the company’s volume-centric strategy and improving demand across rural and urban markets, we prefer to await clearer signs of margin recovery.

Wipro’s valuation remains supported by improving deal momentum, steady margin discipline, and consistent cash generation.

JFSL is well-placed to leverage India’s digital financial expansion, with strong execution across lending, payments, and investments. Its BlackRock JV scaled rapidly to INR 1,59,800 Mn AUM, led by the successful AI-driven Flexi Cap Fund.

Infosys raised its FY26 CC revenue growth guidance to 2–3% while maintaining a 20–22% margin band, reflecting modest growth amid H2 seasonality and macro caution.

Axis Bank’s core profitability remains solid despite transient headwinds from regulatory provisioning and PSLC costs. We expect NIMs to stabilize and credit costs to normalize in H2 FY26, supporting a rebound in RoA/RoE.