IndiGo plans to add 158 pilots by Feb and 742 pilots by end-2026, which could escalate hiring costs amid intense industry competition Management has revised Q3 capacity growth guidance to high single digits for the peak season. However, near-term flight cancellations and elevated cost pressures are expected to weigh on FY26 earnings. IndiGo is expected to face heightened regulatory scrutiny and stricter compliance requirements in the near term, while the government is likely to promote greater competition and ensure operational stability. We downgrade our FY27E & FY28E earnings estimates by 43.1% & 10% to factor in the near term headwinds related to 10% cut in schedule, near...
The management expects LNG demand to increase in India, on the back of a rise in the sourcing of natural gas across industries. Also, the expansion of the Dahej capacity is on track, with commissioning by March 2026, and discussions are underway with existing and new suppliers to secure additional volume. KochiBengaluru pipeline connectivity is expected to be completed in FY26 as well, which should gradually improve utilisation levels. The company anticipates a significant acceleration in the execution of a petchem project in H2FY26 as well. Its Gopalpur terminal project is also progressing well, with land acquisition nearing completion;...
The management expects NIM to improve from Q4 onwards driven by the benefits from lower costs of term deposits. The EEB segment saw a sequential decline in SMA-1 and SMA-2 balances, indicating initial signs of improvement in asset quality, which is expected to reflect in the coming quarters. The bank is also focusing on strengthening its digital and government ecosystem partnerships, driving Current Account Savings Account (CASA) growth and enhancing customer engagement to...
However, blended realization/tonne declined by 6.4% YoY due to continued volatility in input prices, impacting margins. EBITDA margin contracted by 160 bps YoY to 12.2%, primarily due to inventory losses, product mix and elevated operating costs, resulting in a 20.3% YoY decline in net profit. We revise our EPS estimates downward by 18% for FY26E and 10.3% for FY27E, factoring in lower-than-expected EBITDA margins in H1. PVC prices are expected to stabilize, and with improving affordability; volume momentum in piping segment is expected to continue H2FY26....
In domestic sales, premium bikes and commercial vehicles demonstrated strong performance owing to the festive season. This trend is expected to continue along with benefits due to a reduction in GST rates. Demand for transportation in middle India is surging, and the company anticipates the three-wheeler strategies to continue to drive growth, enabling Bajaj Auto to outperform the industry. The recently launched e-rickshaw, along with the fit-for-purpose' portfolio, is expected to further enhance profit and drive revenue in the future. However, supply-chain...
Kotak's consolidated AUM grew 12% YoY to Rs. 7,60,598cr, driven by diversified assets expansion, while book value per share increased 14% to Rs. 844, reflecting strong capital accretion and franchise strength. business diversification, digital advancement, and strong customer engagement initiatives. Management has reiterated its commitment to sustaining healthy growth in advances at 1.5x-2x times nominal GDP growth, while maintaining a credit-todeposit (CD) ratio in the range of 8587%. Strategic priorities include strengthening the deposit franchise, scaling Kotak 811 for digital-led acquisition, and expanding the microfinance platform posts for the Sonata-BSS merger. Continued investments...
Voltas delivered steady performance in Q2FY26, driven by its diversified portfolio, disciplined project execution and strengthening presence in commercial cooling and appliances. Overall performance remained subdued due to demand deferment, seasonal weakness and softer traction in core cooling. Management expects conditions to gradually improve, supported by GST-led affordability, the Bureau of Energy Efficiency transition, upcoming product refreshes, stronger channel activation and localisation-led efficiency gains. Expansion in Commercial Air Conditioning (CAC), refigeration, Voltbek and infrastructure solutions should provide...
During the quarter, Berger's revenue growth was impacted by the prolonged monsoon season, resulting in a modest increase in revenue. The company's margin and profitability were also affected by higher costs and expenses. However, the company continued to expand its retail presence, adding new stores and increasing its overall footprint. The sector's competitive landscape has stabilised, and demand is expected to pick up in the coming months, driven by improved weather conditions and the release of pent-up demand. This is expected to contribute to the company's overall revenue growth,...
The company delivered a steady performance, driven by resilient core category *over or under performance to benchmark index traction, improving product mix and sustained brand strength. The management said while the GST rationalisation is supporting demand revival across discretionary categories, the company's pricing action is expected to stabilise the margin. Continued order momentum in new growth engines, expanding premium portfolios, distribution upgrades and execution of strategic transformation initiatives are expected to enhance competitiveness and operating efficiency. With a focus on...
*over or under performance to benchmark index Grasim Industries Ltd, a subsidiary of Aditya Birla Group, is a diversified company with interests in cements, textiles, retail and chemicals. It is also the world's largest...
Britannia's performance was steady owing to resilient brand traction, stable demand and sustained momentum across core categories and adjacencies. The management commentary highlights a sharper focus on regional competitiveness, innovation-led refreshes and stronger execution in rural markets, supported by an expanding pipeline of biscuits, dairy and value-added adjacencies. Emphasis on distribution efficiency, premium offerings, channel-specific launches and cost discipline is expected to result in steady but moderated growth as the company...
One 97 Communications Ltd, i.e. Paytm, provides payment solutions, hotel bookings, mobile phone top-ups, gaming and mobile content and bill payment services, as well as data processing services globally. In Q2FY26, the company's consolidated revenue grew 24.2% YoY to Rs. 2,061cr, driven by higher merchant additions, strong growth of gross merchandise value...
Trent Ltd is a leading Indian retail company that operates stores under the Westside, Zudio and Star Bazaar brands, specialising in apparel, footwear, accessories, toys, games and other lifestyle products....
United Spirits continues to demonstrate resilient growth, led by sustained momentum in the P&A portfolio, an improving product mix and steady volume recovery across key markets. Management remains focussed on strengthening the premium portfolio and sharper brand execution, which should continue to support margin traction. With commodity inflation largely stabilised and productivity programme delivering measurable benefits, the margin framework is expected to be stronger into H2FY26. The company expects healthy demand, driven by festive...
HCG is well-positioned to deliver strong revenue growth over the next 23 years, driven by improving ARPOB and continued bed additions. However, profitability recovery is expected to be gradual due to the debt-funded nature of recent capital expenditure. The management's plan for a capital infusion is likely to ease the interest burden. With KKR as the new promoter, the company is set for a transformative phase that should enhance growth and operational efficiency. We, therefore upgrade our rating to Accumulate with...
*over or under performance to benchmark index H1FY26 consolidated revenue increased 18.2%YoY to 1,569cr, driven by strong growth in EPC municipal projects (+45%) and a sharp uptick in O&M industrial activity (+93%),...
Sundram Fasteners delivered a healthy Q2FY26 performance despite macro headwinds, supported by cost discipline and diversified revenue streams. It posted revenue of 1,521cr, up 2.3% YoY, with EBITDA at 252cr and margins at 17%. PAT stood at 153cr,...
