Emkay Broker Research reports

We expect sharp earnings recovery for SAIL, with EBITDA/t rising to Rs7,000-7,500 in the next two quarters (vs ~Rs4,500/t in Q3). This would be driven by inventory unwind and improved realization (QTD average at +11% for flats and +17% for longs vs Q3), partly offset by higher coking coal costs (+18% QoQ).

We downgrade ABB India to REDUCE from Add, while increasing our TP by ~6% to Rs5,600 from Rs5,300. Q4CY25 results were broadly in line with our estimates, supported by steady execution across segments.

We upgrade IndusInd Bank (IIB) to BUY from Reduce while hoisting our TP by ~38% to Rs1,100 from Rs800. This is on the back of reinforced confidence on the new management’s decisive push on fixing structural gaps—reorienting the asset-liability mix, strengthening governance/internal controls, and rebuilding leadership, thus setting the stage for a sustained turnaround.

We attended Investor AI Day hosted by Infosys, where the management outlined its strategy of unlocking value from AI with the ongoing tech transition.

KFINTECH’s Q3FY26 performance was impacted by the consolidation of Ascent Fund Services. The company delivered strong ~28% YoY and ~20% QoQ revenue growth at Rs3.7bn (largely in line with our estimate).

Overall credit growth remains sub-par for Union Bank (UNBK) at 8% YoY, but the bank managed to report a ~11% PAT beat at Rs50bn (RoA of 1.3%), mainly due to lower provisions as banks paused to build provisions towards ECL in Q3.

Infosys delivered a mixed operating performance in Q3, with beat on revenue estimates albeit margin missing expectations. Revenue grew 0.6% CC QoQ. Adjusted EBITM declined by 20bps QoQ to 20.8%, missing our estimate.

The promoters and management teams of Devyani International (DIL) and Sapphire Foods (SFIL) jointly held an investor call, to explain the deal contours, potential merger synergies, and planned growth investments.

We upgrade BJAUT to BUY from Add and roll forward our TP to Dec-27E, hoisting it ~17% to Rs11,100 (from Rs 9,500).

According to media reports, the Union Cabinet has granted Vodafone Idea (VI) a 5-year interest-free moratorium on its Rs 877bn AGR dues before FY18 which will be payable over FY32-41.

SHFL hosted an analyst call to highlight its strategy for growth and utilization of the funds as a consequence of its announcement of the mega deal of Rs 396.2bn with MUFG. The deal is expected to close by end-FY26, subject to regulatory approvals.

Kajaria Ceramics (KJC) has reported fraud in its step-down subsidiary Kerovit Global (Kerovit) following investigations; the Rs200mn fraud is substantial, considering that it is 13% of Kerovit’s total assets as of FY25.

We met Bank of Baroda (BoB)’s CFO, V Inumella Sridhar, to discuss the management outlook on growth, margin strategy, and the ongoing noise around PSB consolidation.

VBL has acquired 100% stake in Twizza (Pty), which manufactures and distributes own branded NARTD beverages in South Africa. With this acquisition, VBL’s volume market share is set to increase to ~20% in the geography by CY27E (vs ~10% now).

Waaree Energies announced acquisition of 5.37mn Series B Preferred Shares of United Solar Holding Inc (USH) for USD30mn, which would provide it stake in USH’s major advanced 100ktpa polysilicon plant in Oman, along with likely anchor customer status, thereby backward integrating it upstream in the PV value chain.

Cyient Semiconductors, a wholly-owned subsidiary of Cyient, has signed a definitive agreement for acquiring majority stake exceeding 65% (with full control expected by the end of four years) in Kinetic Technologies—leader in power management as well as high-performance analog and mixed-signal ICs— for a total consideration of USD93mn (~3x P/S on CY24 basis vs median multiple of ~5x).

We attended Voltas’s analyst meet, to gain deeper insight into its growth roadmap/demand environment. The management indicated prebuying activity ahead of the BEE rating changes wef 1-Jan-26 and inventories gradually depleting from 60 days (in Q2FY26) to 45 days (currently) vs 20-25 days (in Q3FY25).

We visited Hindustan Zinc (HZ)’s Rampura Agucha (RA) mine and interacted with the management. HZ contributes 40% to VEDL’s consolidated EBITDA. The management reiterated its strong medium-term visibility on earnings, supported by a secure mine life, high structural entry barriers, and renewablesled cost tailwind.

We met Gunender Kapur, Investor CEO - Vishal Mega Mart (VMM), to assess the progress on our thesis around sustenance of double-digit SSG, 2.5x expansion opportunity, and retention of best-in-class RoIC (~40%) for VMM.

We met MD & CEO R Subramaniakumar of RBL Bank (RBK), to understand the progress on the Emirates NBD (ENBD) deal and the growth outlook, particularly in view of the huge capital boost post-deal.