Geojit BNP Paribas Broker Research reports

*over or under performance to benchmark index FY26 consolidated revenue rose 15% YoY to a record Rs. 2,74,944cr, supported Q4FY26 Aluminium Downstream revenue grew 35% YoY to Rs. 4,867cr, led by...

growth in interest income, fees and commission income across core businesses. Net interest income grew 48.4% YoY and reached Rs. 720cr, led by robust loan-book growth and higher interest income from Jio Credit's expanding lending operations....

The company reiterated its FY28 revenue target of $400 million, supported by a pipeline of 60+ pending low-competition U.S. product launches. Management also remains optimistic about other regulated markets, where portfolio expansion and new customer additions are expected to drive stronger growth and gradually scale revenues to levels comparable to the U.S. business....

Tata Steel's performance during the strong quarter reinforced its strategic transformation and operational resilience amid a challenging environment. The company focused on controlling costs, optimising capacity and shifting its product mix towards higher-value segments, which gradually strengthened its earnings. Strategic investments in new projects and ongoing cost transformation have helped the company absorb input cost pressures, while boosting operational margin. Efforts to improve supply chain efficiency and proactive engagement with regulators further support the company's long-term growth potential. Progress in optimising both downstream and brownfield operations is...

*over or under performance to benchmark index Glenmark Pharmaceuticals Ltd, which has a presence in over 80 countries, focuses on the generics, specialty and over-the-counter (OTC) segments, with a strong presence in diabetes, cardiovascular and oral contraceptives. In Q4FY26, Glenmark's normalized revenue grew 11.1% YoY to Rs. 3,616cr, driven...

The company's performance in Q4FY26 was encouraging as it reported steady topline growth, stronger profitability and robust cash generation despite a cautious demand environment. The management highlighted sustained leadership in the recruitment segment, improved market share for 99acres and Jeevansathi and disciplined execution across businesses. Info Edge appears well-placed to benefit from ongoing investment in AI, which is bringing about improvement in matching, recommendations, recruiter productivity and product innovation across verticals....

*over or under performance to benchmark index JSW Steel Limited (JSW Steel) is an integrated steel producer that makes products such as hot-rolled and cold-rolled coils, wire rods and galvanised coils and sheets. It...

Vi's latest result shows better operating traction, underpinned by network investments translating into a better customer experience. The management highlighted priorities around reducing customer churn, strengthening the subscriber mix and driving monetisation through differentiated propositions alongside wider 4G/5G expansion. The enterprise segment continues to build momentum across connectivity and digital solutions, supported by broader capabilities and go-tomarket initiatives. The management also reiterated its focus on cost discipline and efficiency to support profitability as scale improves. But key risks include delays in...

LICHF delivered steady performance, driven by resilient domestic mortgage *over or under performance to benchmark index demand, improved asset quality, and strategic diversification into the higher-margin loan against property (LAP) and lease rental discounting (LRD) segments. Management's focus on establishing a dedicated affordable housing vertical, leveraging co-lending partnerships, engaging business aggregators and deploying automated underwriting technology is expected to enhance operational efficiency and market reach. The new business retention department and expanded marketing...

premiumization trend and improving retail demand. Additionally, calibrated price increases across select categories are likely to aid value realization. However, rising raw material costs and elevated marketing expenditure may constrain margin expansion in the near term. Accordingly, we maintain our HOLD rating and value the...

The latest quarter indicates that SAMIL's positive business story remains intact, backed by steady execution, wide diversification and an ability to stay resilient in a difficult environment. The company is handling inflation and supply disruption better than many peers as its production bases are comparatively closer to the market it serves, its superior supply arrangements and continued focus on efficiency. Emerging businesses such as consumer electronics and aerospace are becoming meaningful growth drivers, supported by growing operations, improving visibility...

Cement demand outlook remains strong, driven by the GoI's continued focus on infrastructure and housing. Pricing pressures have eased, with realisations improving since Q4FY26. Margins are expected to strengthen further on higher utilisation, cost efficiencies, and rising green energy.

Torrent Pharmaceuticals Ltd is engaged in the research, development, manufacturing and marketing of generic pharmaceutical formulations.

mitigated through the addition of 182 MW of renewable energy capacity in FY26 and logistics optimization. In addition to the price hikes implemented at the end of Q4 FY26 across all regions, the ongoing easing of fuel costs is expected to further support margins to recover in H2FY27. The stock currently trades at a 1-year forward EV/EBITDA of 10x. We value DBL at...

*over or under performance to benchmark index Apollo Hospitals delivered strong revenue growth driven by robust operational momentum across healthcare services, expanding diagnostics footprint, and improving digital platform efficiency. The company is well-positioned with its aggressive bed expansion pipeline, strategic demerger of Apollo HealthCo to unlock value, and imminent digital health platform breakeven. Management's guidance on sustained mid-teen hospital growth, margin expansion in established units, and digital profitability reinforces...

Author: Vincent K A - Sr. Research Analyst sharper focus on home delivery as the preferred channel. The accelerated pace of store additions is expected to temporarily stretch inventory days and result in moderately higher debt; however, the company is expected to maintain its everyday-low-discount model strategy. DMart currently trades at 71x 1Yr Fwd PE (3yr avg =76x). We maintain our BUY rating with a target price of Rs.5,063 by valuing at 70x based on FY28 EPS....

Airtel delivered strong double-digit revenue growth, driven by sustained portfolio premiumisation, robust customer additions across mobile and homes segments, and *over or under performance to benchmark index deepening penetration in enterprise digital services. The management's strategic focus on scaling adjacencies, including 1GW data centre capacity, non-banking financial company (NBFC)-led financial services expansion and sovereign cloud offerings, positions Airtel to capitalise on India's digital transformation. Accelerated fibre deployment, artificial intelligence (AI)-driven operational efficiencies, convergence-led...

Endurance remains well positioned to benefit from healthy domestic demand, rising premiumisation in motorcycles and scooters, and increasing safety content per *over or under performance to benchmark index vehicle. Management highlighted strong traction in key growth products such as inverted front forks, mono-shocks, ABS, alloy wheels, braking systems and driveshafts, along with rising contribution from newer segments including battery packs, BMS, 4W castings and solar actuators. The company is also scaling up capacities across major growth areas such as brakes (Channai plant), AURIC...

Jash Engineering Ltd is a global engineering company specializing in water and wastewater equipment such as water control gates (62% of revenue), screening systems (~16.5%), and valves (~13.5%). Over 55% of revenue comes from exports, with strong presence across the...

Apollo Tyres' outlook remains constructive, supported by sustained momentum in domestic demand, continued premiumisation, and improving execution across key segments. Strong traction in replacement markets and healthy OEM growth provide clear visibility for volume expansion, while ongoing brand investments and product upgrades are enhancing realisations. The company's high capacity utilisation reflects robust demand, and its strong balance sheet positions it well to fund planned capacity additions and capitalise on market share gains. Margins are expected to remain under pressure due to higher input costs; however, management actions,...