Emkay Broker Research reports

SBI Life delivered an impressive performance during H1FY26, with APE growth at ~10% beating consensus’/our estimate by ~2%/4%, and VNB margin at 27.8% coming in higher than consensus’/our estimate of 27.3%/26.9%, respectively.

Cyient logged a steady operating performance in DET, in Q2. DET revenue grew 1.0% QoQ (0.5% CC) to USD164.4mn. DET EBITM expanded by 16bps QoQ to 12.2%.

Eternal reported better-than-expected revenue growth, aided by strong NOV growth in Quick Commerce (QCom, 137% YoY) and accelerated shift to owned inventory model.

Indian Bank (INBK) maintains its superior performance, with PAT at Rs30bn and RoA at 1.3%, backed by strong growth of ~14% YoY, stable margins (@3.2%), and contained provisions.

Infosys delivered an in-line operating performance in Q2. Revenue grew 2.2% CC QoQ, aided by ~20bps contribution from M&As and improved realizations from Project Maximus amid soft volumes.

We maintain BUY on Kajaria while raising our TP by ~7% to Rs1,550 (from Rs1,450). The company has delivered superior profitability with EBITDA margins significantly expanding by 450bps YoY/110bps QoQ in Q2FY26.

HDBFS posted an overall weak Q2FY26, with AUM growth (13% YoY), asset quality (GS3 +25bps QoQ to 2.81%), and credit cost (2.7%) coming in worse than consensus’ and our estimates.

HDFC Life’s H1FY26 performance was on expected lines, with largely in-line APE at Rs74.1bn (+10.2% YoY), while VNB margin at 24.5% was in line with consensus’ and our estimates.

We maintain BUY on Elecon Engineering Company (EECL), with TP of Rs750. EECL reported a mixed set of results for Q2FY26, with consolidated revenue/EBITDA/PAT growing 14%/12%/flat YoY.

We initiate coverage on LG Electronics India (LG) with BUY and TP of Rs2,050 (80% upside), at 50x Sep-27E PER (at 10% premium to Havells). LG has, over the last 3 decades, built a formidable franchise, which leads in key large appliance categories with premium positioning, leveraging its global R&D strength, brand power, and superior execution.