Geojit BNP Paribas Broker Research reports

In H1FY26, VNB rose 14% YoY to Rs. 2,750cr, with VNB margin at 27.8% (vs 26.8% in H1FY25), led by steady protection growth, favourable product mix and stronger 13th-month persistency at 87.1% vs 86.4%, reflecting improved policy...

Net interest income fell 0.5% YoY to Rs. 10,469cr, and consequently, net interest margin (NIM) shrank 30 basis points (bps) to 2.6%, owing to a drop in yield on advances to 7.9% (-40bps YoY) in Q2FY26. Pre-provision profit rose 5.5% YoY to Rs. 7,227cr in Q2FY26, fuelled by drop in...

Consolidated revenue in Q2FY26 rose 5.1% YoY to Rs. 13,995cr on growth across manufacturing (+5.2% YoY), banking, financial services and insurance (BFSI, +6.2% YoY), retail, logistics and transport (+7.2% YoY) segments. However, revenue fell from communications (-2.2% YoY), technology, media and entertainment (-8.8%...

Colgate's revenue fell during the quarter due to temporary distribution disruptions following the revision in GST rates on oral care portfolio. However, its business fundamentals remained strong with continued brand investments and steady demand in premium segments. The company's strategic focus on innovation, product diversification and rural penetration is expected to aid recovery in the second half of FY26. Ongoing cost optimization under the funding the growth' program, coupled with innovation-led launches in oral and personal care should...

HUL's performance during the quarter was stable due to strong execution abilities, *over or under performance to benchmark index GST adjustments and a moderate seasonal environment. GST cuts are expected to support consumption recovery and improve channel momentum during the festive period. HUL's strategic focus on premiumisation, science-led innovation and digital acceleration continues to reinforce brand leadership across key categories. By expanding its e-commerce presence and by using data-led marketing and supply chain digitisation, the company has enhanced execution agility and consumer reach....

Growth in loans was seen across segments and is expected to continue in the *over or under performance to benchmark index second half of the year due to the festival season and rising credit demand in the small and medium enterprises (SME) segment. It expects to hold on to its market share gain in deposits. Savings rate repricing has led to a decrease in the cost of funds in the quarter. HDFC Bank expects time deposit repricing to become beneficial after six quarters. It is focusing on creating an operational leverage in the long term through investments in distribution and technology. The bank expects...

Asset quality experienced slight improvement, with GNPA/NNPA declining to 0.94%/0.48% from 0.98%/0.54% in Q2FY26. The company's credit cost remained very low, with provisioning largely limited to new growth, highlighting effective...

The company recorded its highest-ever profit after tax and retail disbursements, demonstrating its strong positioning was likely to help it capitalise on opportunities and navigate potential headwinds. LTF is expected to improve its asset quality, with operating expenses and credit costs anticipated to decline from current levels, which should help enhance performance. Furthermore, the company remains committed to acquiring high-quality customers through technology-driven underwriting and...

Sobha has a strong inventory level of 10.26msf and ongoing projects of 27.68msf, along with launch pipeline of around 16.69msf expected to launch within the next 4 6 quarters. Sobha delivered a strong quarter, supported by robust pre-sales and record cash collections. Although margins remain under pressure, recovery is expected from Rs.18,000cr of pending revenue with an estimated 33% project-level margin. With a healthy project pipeline and strategic regional expansion, the company is on track to achieve its 30% YoY pre-sales growth...

IPRU displayed a sustainable growth trajectory, driven by its diversified product portfolio, consistent profitability and customer-centric approach. The company is well -positioned to capitalise on the benefits of GST reforms, leveraging its strong brand, innovative products and efficient distribution network to deliver long-term business growth and increase its VNB. The company's focus on cost optimisation initiatives to streamline its operations and align its cost structure with customer demands strengthens its competitive edge. As it deepens its distribution channel and...