GMR Airports Ltd., (GMR), incorporated in 1996, is a leading global airport platform company engaged in the design, construction, and operation of sustainable airports. Under its GMR AERO brand, the company offers integrated aviation solutions spanning retail, aeronautical services, and airport-led real estate development. With a strong footprint in India and Southeast Asia, GMR operates key airports including Delhi, Hyderabad, Goa, Bidar, and Medan, and also provides technical services to...
The outlook remains positive, supported by Divi's strong positioning in custom synthesis and a diversified pipeline, with management highlighting active engagement with global innovator customers and multiple projects progressing through development and validation. Ongoing capacity additions along with a focus on disciplined execution and supply reliability are expected to support future growth, while the nutraceuticals business continues to provide healthy momentum and diversification. The company has also completed construction of a dedicated peptide facility, strengthening its capabilities in this fast-evolving segment, and...
ARBP is accelerating its growth momentum by leveraging its extensive generic portfolio and expanding into high-margin specialty and injectable segments. The company is focusing on the US market with a mix of complex generics and unique products, which is expected to result in a more balanced revenue mix. Additionally, the development of injectable and specialty products is expected to unlock new growth opportunities as they enter the commercialisation stage. The company's...
CCL Products (India) Ltd., established in 1994, is a leading global coffee manufacturer and exporter with operations across India and a presence in over 100 countries. Its diversified product portfolio includes spray-dried and freeze-dried coffee, liquid concentrates, roast and ground coffee, coffee beans, and premixed blends. The company's international footprint is supported by key subsidiaries,...
*over or under performance to benchmark index Tata Motors Passenger Vehicles Ltd (TMPV), a leading automobile manufacturer in India, designs, manufactures and sells passenger vehicles (PVs). The company's revenue declined 25.8% YoY to Rs. 69,605cr in Q3FY26, impacted by...
NII (Net Interest Income) rose 5.6% YoY to Rs.7,485cr, while NIM (Net Inter- PAT grew 9.0% YoY to Rs.1,041cr, supported by the highest ever Net Interest Income and operating profit. Despite a 125 bps rate cut, the bank displayed...
ONGC's operating momentum is improving as production stabilises across mature assets and new projects move towards commissioning. Upcoming production drivers, including offshore developments and new well gas, are expected to boost volume and improve the gas mix. The growing contribution of premium-priced new well gas is expected to enhance revenue quality and account for 24% of the company's total natural gas output by FY27. The management said it is taking...
*over or under performance to benchmark index PVR Inox is positioned for a recovery-led exit from FY26, with Q4FY26 already witnessing a blockbuster slate led by the second instalment of the Dhurandhar franchise, alongside select Bollywood and regional releases, driving significant box-office momentum. FY27 is expected to outperform FY26, supported by a highly anticipated and diverse content slate across languages, translating into sustained growth in footfalls and revenues. Beyond the near term, record box-office collections in CY25 reinforce a clear consumer preference for theatrical viewing over OTT. Management's focus on capital-light expansion, screen rationalisation and...
years will weigh on near-term margins but aim to deliver sustainable cost efficiencies and long-term growth. Rising input costs could pressure margins in the coming quarters, though selective pricing and supply-chain optimization should partly offset the...
Vinati Organics Ltd. (VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2Acrylamindo 2-Methylpropane Sulfonic Acid). In 9MFY26, revenue remained flat YoY, primarily due to lower realizations driven...
Coal India reported moderate Q3FY26 results, driven by softer operational stability, improved evacuation infrastructure, higher mechanisation and diversification into renewables and critical minerals, alongside downstream integration initiatives and stronger digital mine management practices. Continued investments in clean energy projects, mineral diversification and logistics optimisation could support medium-term sustainability while maintaining coal's strategic relevance. Looking ahead, an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in...
Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...
Revenue of the domestic business increased 13.0% YoY to Rs. 3,203cr, led by strong performance of growth businesses such as Tata Sampann (+45% YoY), Ready-to-Drink (RTD; +26% YoY), and Capital Foods and Organic India (+15%...
Varun Beverages demonstrated resilient financial results in Q4CY25, supported by robust volume growth and improved realisations despite earlier weather-related disruptions. The planned acquisition in South Africa is expected to strengthen manufacturing capabilities and deepen distribution networks, unlocking further synergies. The company's focus on operational efficiency and strategic investments, with moderated capital expenditure (capex) requirements in India and focused...
Sagility Ltd. is a healthcare-focused, technology-enabled solutions provider primarily serving U.S. health insurers (payers), along with hospitals, physicians, and medical device companies (providers). Headquartered in Bengaluru, the company operates 33 delivery centers across India, the U.S., and other global markets. In Q3FY26, ~90% of its revenue...
The company reiterated its $400mn revenue target for FY28, supported by over 60 pending low-competition U.S. launches, while management remains constructive on other regulated markets, where an expanding product portfolio and new customer additions are expected to drive stronger growth and eventually scale these markets to revenue levels comparable with the U.S. business....
Revenue growth was flat YoY, primarily due to R&D project delays. EBITDA grew by 8% YoY, margins expanded by 80bps YoY to 31.7%, supported by higher margins domestic order execution. Reported PAT declined by 4.5% YoY, despite strong operating performance, as higher depreciation and lower JV profit share offset EBITDA gains....
Management is focused on diversifying the order book while maintaining a healthy margin profile to support long-term growth. However, given weak execution, elevated debt levels, and uncertainty around the outcome of the CBI investigation, we remain...
