Emkay Broker Research reports

SBI continues to report sector-beating credit growth of 13% YoY and margins of 2.97% (up 7bps QoQ), which, coupled with the higher other income, led to a strong 7.4% PAT beat at Rs202bn/1.2% RoA.

TVSL logged a healthy Q2, with 29% YoY revenue growth and 12.7% EBITDAM (vs 11.7/12.5% YoY/QoQ). Per the management, the domestic 2W industry grew 24% during the festive season (urban/rural: ~26/22%), with TVSL outpacing peers with ~32% growth.

KFINTECH reported healthy performance during Q2FY26, with revenue at Rs3.1bn (+13% QoQ), ahead of consensus’/our estimates by ~2%, whereas EBITDA margin at 43.9% beat estimates of 42.3%.

Shree Cement (SRCM) reported standalone EBITDA (adjusted) at Rs8.75bn (up 48% YoY, albeit down 29% QoQ), which came in ~10% below our estimate. In contrast to its weak YoY volume growth (-8%) in Q1FY26, SRCM reported ~4% growth in Q2FY26 which is in line with the industry growth estimate.

IOCL reported Q2FY26 EBITDA/APAT of Rs167.3/76.2bn, beating our estimates by 28%/52% on the back of better refining margins and lower opex. Core GRM of USD8.9/bbl was better than our estimate of USD7/bbl, while blended marketing margin seems largely inline.

MMFS reported a steady quarter, with PAT at ~Rs5.7bn (+8% QoQ/+54% YoY), ahead of Street and our estimates. Credit costs remained elevated at 2.2% (vs 1.9% in Q1), though the management expects moderation in coming quarters with full-year levels contained at ~1.7%.

GODIGIT delivered a largely in-line performance during Q2FY26, with combined ratio at 111.4% (down by 70bps YoY) vs our estimate of 111%. However, PAT at Rs1.17bn (+30% YoY) was lower than our estimate of Rs1.2bn.

Indus Towers (Indus) reported strong results, with slightly higher revenue than street estimate and 50bps QoQ rise in EBITDA margin, adjusting for provision reversal.

Per media reports, the Supreme Court (SC) has permitted the Centre to reconsider the issue of reassessment for Vodafone Idea (VI)’s AGR dues. This allows the government (GoI) to grant significant relief on AGR dues to VI.

The 2QFY26 margin performance of Dr Reddy’s was marginally weaker than our expectations (in line with street estimates; adjusted for one-offs), with the gross margin (GM) decline being sharper than our expectations (at 55%, GM logged at its lowest since the launch of gRevlimid) and largely a consequence of lower-than-expected gRevlimid sales.