Geojit BNP Paribas Broker Research reports

JSW Energy delivered a strong Q3FY26 performance, driven by recent capacity additions that boosted generation and improved earnings visibility. The management highlighted a robust and diversified growth pipeline across the thermal, renewable and storage segments, supported by long-term power purchase agreements (PPAs). The company's strategic focus on firm and dispatchable power, including...

KIMS delivered strong top-line growth during the quarter, though margins were impacted by initial operating losses at newly launched units, largely due to lower occupancy levels during the ramp-up phase. With improving geographical mix and better capacity utilisation, as well as seven new hospitals launched in 2025, the company is poised for stronger revenue growth. Further, the 7% hike in the allocation for the health sector in Union Budget 2026-27 is a positive development. Strategic investments in technology and a commitment to delivering excellent...

Revenue grew 6% YoY, and sales volumes increased by 4% YoY in Q3FY26, EBITDA remained flat on a YoY basis, while EBITDA per ton declined ~2.9%, largely due to a 4% increase in raw material costs, including the impact of higher...

Prince Pipes & Fittings Ltd. (PPFL) is one of the leading manufacturers of plastic pipes in India, with 5.5% of the overall market share. Products are marketed under the brand names Prince Piping Systems and Trubore....

With an order book (excluding framework contracts) of Rs.15,079 cr (4.1x TTM revenues), VATW is well positioned to deliver strong growth. Revenues are projected to clock an 18% CAGR over FY2628E, while EBITDA is expected to grow at a 27% CAGR, supported by margin expansion from 12.3% to 14.4%. Although margins are marginally below consensus due to a higher EPC mix, the company stands to benefit from increasing international exposure, improved working-capital cycles, and a healthy pipeline of multilaterally funded projects. Structural tailwinds in desalination, water...

*over or under performance to benchmark index Following a positive geopolitical shift and ongoing capacity expansion, coupled with inorganic opportunities in India, the company is well placed to deliver stronger profitability in H2. Margin resilience, driven by defence, aerospace, and overseas subsidiaries, provides a solid foundation, while any favourable tariff developments could further accelerate growth. We therefore value the stock at 42x FY28E EPS and...

EBITDA rose 16.4% YoY to Rs. 179cr, and the margin expanded 140 basis points (bps) YoY to 27.2%, driven by sustained volume growth, network expansion and a favourable mix, combined with the efficient hub-and-spoke model and technology...

Sun Pharma demonstrated consistent execution in key business segments, driven by robust demand for chronic therapies in India formulations, improved traction in specialty and differentiated products in the US, and stable growth in emerging markets. Furthermore, the management emphasised a continued focus on enhancing the specialty portfolio, expanding presence in complex generics and scaling up innovation-led products. Additionally, ongoing investments in research and development (R&D) and manufacturing capabilities are anticipated to support...

Max Healthcare's prospects are promising, given its steady operational performance. The Lucknow hospital expansion plan remains on track and is expected to support topline growth. The government's renewed focus on healthcare infrastructure upgrade is providing a long-term boost, and the recent revision in Central Government Health Scheme (CGHS) prices is likely to support its revenue in the future. Owing to the solid foundation, promising outlook, and strong track...

Oberoi realty reported a moderate Q3 performance on a YoY basis, however QoQ momentum was softer due to delays in project launches. Looking ahead, performance is all set to improve as multiple deferred launches are likely to come through in Q4FY26 and early FY27. Leasing assets also continue to scale well, with strong footfalls at Sky City Mall and high occupancy across the office portfolio. Despite strong fundamentals, the broader shift in buyer preference to premium and luxury segment has reduced sales volume, creating a short-term sector nervousness and contributing to the recent price correction. With demand trends...

The cement demand outlook remains constructive, supported by a continued infrastructure push and steady housing activity. Moreover, GoI's stimulus measures, like GST rate cuts on several construction materials, including cement, are expected to stimulate demand. While...

ACC posted modest single-digit revenue growth during the quarter. Also, higher cost of sales compressed margins and reduced net profit. That said, the company's amalgamation with Ambuja Cements is expected to considerably improve manufacturing and logistics efficiency and streamline operations, enabling more effective capital allocation and faster decision-making. Also, the Union Budget 202627 raised the government's infrastructure outlay, which is projected to support the company's growth going forward as well. In addition, strong demand, supportive policies, robust consumer spending and increasing strategic investment are...

Steel Authority of India Limited (SAIL), incorporated in 1973 and headquartered in New Delhi, is India's largest government-owned steel producer under the Ministry of Steel. Holding "Maharatna" status, it enjoys significant autonomy and manufactures a broad range of products including hot- and cold-rolled sheets, coils, galvanized and electrical sheets, structural steel, railway products, plates, pig...

pinned by a 61% YoY surge in sales volumes, and the successful ramp-up of additional capacities at Meenakshi & Athena power plants. EBITDA from continuing operations grew 37.0% YoY to Rs. 6,866cr, driven by robust revenue growth and sustained cost optimisation across businesses and EBITDA margin remained flat at 29.9% YoY. Reported PAT climbed 82.4% YoY to Rs. 3,672cr, propelled by combination of higher revenue, better cost efficiencies and improved metal prices. Vedanta's earnings saw robust growth in Q3FY26, supported by operational excellence and key strategic initiatives during the quarter. The period was marked...

In Q3FY26, net interest income grew 8.2% YoY to Rs. 41,246cr supported by a decrease in cost of funds to 4.5% in Q3FY26 from 4.9% in Q3FY25, because of downward re-pricing of term deposits and lower borrowing. However, net interest...

Reported profit after tax fell 11.7% YoY to Rs. 960cr despite strong revenue growth and margin expansion, impacted by a one-time labour code expense of Rs. 590cr. The company delivered a steady performance on the back of robust execution of its AI strategy, workforce upskilling initiatives and expansion of strategic partnerships. The management remains focused on launching next-generation platforms and industryspecific solutions, as well as enhancing operational efficiency and diversifying its global footprint. Ongoing investments in digital transformation and advanced analytics are expected to support growth, although the pace of improvement will depend on broader market dynamics and client adoption. However, we remain cautious on the rapid...

Gross margin fell by 338 bps YoY to 18.2%, primarily due to the adoption of SAP, which reclassified certain costs as raw materials instead of other expenses. Meanwhile, the EBITDA margin slipped slightly by 53 bps YoY...

Renewable energy (RE) usage improved meaningfully, with RE share at 48% and total The 3.6MTPA Umrangso clinker line commenced commercial operations in January 2026, while the Belgaum, Pune and Kadapa projects continue to progress as scheduled....

The company delivered a steady performance, driven by strong execution in core cable operations, deeper dealer-distribution penetration, rising export participation and improved project delivery capabilities. The management is focused on ramping up the newly commissioned Sanand facility, strengthening capabilities in highervoltage cables and scaling up priority dealers alongside sustained brand investment. Continued export market penetration, solar value-chain participation and execution in urban undergrounding projects could support medium-term growth, though...