Eicher Motor's financial performance continues to demonstrate steady operational *over or under performance to benchmark index momentum across its key segments, providing a solid base for H2FY26. Royal Enfield is expected to sustain its growth trajectory as the company strengths its franchise through launches, platform upgrades and global market expansion. VECV's healthy performance, market by its record sales volume in the second quarter, reinforces confidence that the commercial vehicles segment will add to growth. The company's focus on enhancing product capability through new models and...
ease and festive demand kicks in. Margin trajectory should improve in H2FY26, supported by stable commodity prices, normalization of pricing actions, and scaling of premium launches. The company's innovation pipeline, including Dr. Wool and Ujala Young & Fresh, along with strong...
Consolidated revenue rose 31% YoY (normalized growth 12% excluding Golden Star & U.S. tariff) to Rs. 2,766cr. North America (~46% revenue mix), grew 47% YoY (16% normalized ), followed by India (30% mix) grew 13% YoY, Europe surged...
while domestic consumption and premiumization trends provide a strong growth runway. TTK is expanding capacity, talent, and distribution, targeting ~1,000 Xclusive stores and leveraging the Judge brand for mass portfolio. We value TTK at...
transformation and green energy investment is expected to sustain efficiency and future growth. Strategic projects such as Bina and Andhra refineries, Mozambique LNG and retail modernisation should enhance scale and margin stability. Continued government support on LPG under...
HPCL exhibits strong operational agility, supported by efficient refinery utilisation, expanding clean energy portfolio and resilient domestic demand trends. A disciplined capex strategy toward refinery upgrades, CNG distribution and renewable integration underpin its structural growth outlook while maintaining prudent leverage...
Based on strong demand for petroleum products, improvement in IOCL's Q3 and Q4 performance is expected, driven by its aligned investments, government support, and cost-reduction initiatives like Project SPRINT. The company's ambitious target of achieving 31GW of renewable capacity by CY30 via Terra Clean, funded through a combination of equity participation and project-level joint ventures, is also a positive...
Despite the increased operating costs impacting profitability, ZEEL remains *over or under performance to benchmark index optimistic about the future, as the costs are expected to stabilise. It hopes to capitalise on increased advertising and subscription revenue across segments, which should drive the performance. The recent GST rationalization is expected to give rise to positive trends, prompting advertisers and consumers to increase their spending. ZEEL trades at a 39% discount to its 5-year average forward P/E, presenting an attractive entry point. Despite an increase in the number of...
EBITDA rose 5.9% YoY to Rs. 1,237cr, while margin contracted 100bps to 21.9% due to an increase in the cost of sales (+16.4% YoY), employee benefit expenses (+7.0% YoY) and other expenses (+5.9% YoY). Reported profit after tax decreased 23.6% YoY to Rs. 753cr, led by an increase in finance costs (+44.0% YoY) and a decrease in other income (-76.1% YoY). The company's financial performance was strong, driven by resilient brand equity, broad-based innovation momentum, expanding manufacturing flexibility and disciplined marketplace execution across channels. Management's strategic focus...
Indian Hotels Company Limited (IHCL), incorporated in 1902, is one of the country's leading hospitality companies. Tata Sons holds a 38.2% stake in the company. IHCL has a vast geographical presence and owns some of the leading brands such as Taj, Ginger...
Star Health reported healthy double-digit growth in net earned premiums in Q2FY26, supported by disciplined underwriting, strong retail traction, and improved digital and agency networks. The management remains focused on long term initiatives, such as AI-enabled claim automation, advanced fraud analytics and wellness-based healthcare expansion, to enhance efficiency and service delivery. It also continues to strengthen the portfolio via annual repricing, new OPD and dental...
*over or under performance to benchmark index Hindalco Industries Ltd, Aditya Birla Group's flagship company in the metals segment, manufactures aluminium products and copper. Its operations include bauxite and coal...
*over or under performance to benchmark index Biocon Ltd is a biopharmaceutical company that develops therapies for chronic diseases such as autoimmune, cancer and diabetes. The company has developed and introduced novel biologics, biosimilars, differentiated small molecules and affordable recombinant human insulin and analogues. Consolidated revenue in Q2FY26 increased 19.6% YoY to Rs. 4,296cr aided by...
We expect the near-term outlook to remain subdued due to continued delays in JJM project payments and challenges in working capital management. However, the strong order book and healthy traction in new project awards provide good revenue visibility. We project a revenue CAGR of 9% over FY25FY27, with a meaningful recovery expected from H2FY26. We maintain BUY rating and value NCC at 11x...
Tata Steel delivered a strong performance, driven by higher deliveries in India and the Netherlands. Margins and profitability saw a significant improvement owing to cost reduction measures. The Indian business is expected to remain supportive, with volumes likely to improve owing to the ramp-up of the Kalinganagar facility. Meanwhile, the Netherlands business is well-positioned to capitalise on the European Union steel policy, which is expected to aid the overall performance. The proposed divestment of the ferro alloys plant and the acquisition of the remaining 50% stake in Tata BlueScope Steel Private Limited are in line with the company's long-term growth strategy. Additionally, the implementation of safeguard duties...
*over or under performance to benchmark index to Rs. 64,562cr, supported by strong credit demand, improved pricing, and sus Pre-provision operating profit decreased 6.8% YoY to Rs. 27,311cr, led by a 12.3%...
Apollo Tyres Ltd manufactures tyres and tubes for cars, trucks, farm equipment and light commercial vehicles under two global brands, Apollo and Vredestein, sold in the Asia-Pacific, Middle East and Africa, and Europe....
Bank of Maharashtra (BoM), established in 1935, is one of India's leading public sector banks, offering a wide range of banking and financial services. The bank plays a vital role in supporting small and medium enterprises (SMEs) and has a...
The NII of SBI Cards grew in double digits, reflecting improved portfolio mix and funding efficiency. It delivered a steady performance due to expanding co-branding partnerships, strong digital engagement and disciplined portfolio management. The management reiterated guidance for steady new account additions and stable margins, aided by improved collections, cost control and declining credit costs. Continued focus on innovation, AI-driven underwriting and UPI-linked card expansion is expected to strengthen customer acquisition and enhance profitability. However, rising competitive intensity in the credit card industry poses...
*over or under performance to benchmark index Delhivery Limited is India's largest fully integrated logistics provider. With a robust network spanning 18,700+ pin codes, 45 automated sort centres, and 73,000+ team...
