The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q3FY26 performance: BHEL reported a healthy Q3 FY26 performance, with revenue rising 16.4% YoY to 8,473 crore, driven by growth across both segments. EBITDA increased 79% YoY to 545 crore, with margins expanding by 225 bps YoY to 6.4%, supported by a favorable industrial mix and operating leverage. PAT surged 207% YoY to 382.5 crore, leading to a 280 bps YoY improvement in net profit margin to 4.5%. Segment-wise, Power segment revenue stood at 6,322 crore (+13% YoY),...
EBITDA/ton to improve led by cost savings initiatives over the next 2-3 years: Company's EBITDA/ton stood at 1017/ton in 9MFY26, up ~14% YoY due to improvement in overall cost structure and positive operating leverage. Going ahead, we expect company's operational performance to improve, led by improvement in realisation, focus on cost saving measures primarily led by increase in share of green power to 75% by FY28E from 52% at present, increasing usage of captive coal, optimising logistics cost and positive operating leverage. The company has also guided for 150-200/ton of cost...
Distribution network remains strong with substantial dealer penetration (2500+ dealers in farm equipment & 8500+ tie-ups in 2-wheeler segment) Q3FY26 performance: L&T Finance reported a steady performance in Q3FY26. Strong recovery was witnessed in retail disbursements at 22701 crore (up ~49% YoY, 20% QoQ), driven by urban finance as well as in rural business segment along with addition of gold finance. Retail book expanded 21.4% YoY to 111,990 crore, while consolidated AUM increased 20% YoY to 1,14,285 crore. NIM+Fees grew to 10.41%, driven by stable yields and efficient liabilities management. PAT improved...
Eyeing consolidated revenues/EBITDA CAGR of 38%/30% over FY25FY28E: The management has outlined year-wise guidance (FY26EFY28E) for revenues and EBITDA for both ports and logistics businesses. Ports revenues/EBITDA are expected to grow at 24% CAGR each while logistics is slated to grow at 144%/183% CAGR respectively over FY25FY28E. Ports volumes are expected to grow at ~5%/6-7%/25-35% YoY during FY26E/FY27E/FY28E. Its major greenfield projects (Slurry Pipeline and Jatadhar port) and brownfield expansions at Dharamtar and Jaigarh getting completed by March 2027 is expected to provide an inflexion point in ports business in FY28. Logistics business scale up to achieve 8000 crore revenues by FY30...
2701.3 crore due to sales volume growth of 6.4% YoY (to 5 mtpa, 16.3% QoQ) and 5.5% YoY (-5.5% QoQ) improvement in realization. EBITDA/ton increased by 39.7% YoY (-10.1% QoQ) to Rs 767/ton. On PAT level, the company reported profit of Rs...
Strong quarter with visible RoA expansion in medium term Q3FY26 performance: Federal Bank reported a strong performance in Q3FY26, driven by sustained margin expansion, robust fee income growth and improving asset quality. NIM expanded 12 bps QoQ to 3.18%, supported by lower funding cost, strong CASA accretion and continued shift towards mid-yield segments. Advances grew 10.9% YoY (4.5% QoQ) to 2,55,569 crore, led by commercial banking, business banking and gold loans, while deposits rose 11.8% YoY (3.1% QoQ) to 2,97,796 crore, with CASA ratio improving 106 bps QoQ to 32.07%. Credit...
Q3FY26 Performance: TechM in Q3FY26 reported a revenue of US$1,610 mn, up 1.5% QoQ/ 2.7% YoY (up 1.7% QoQ / 1.3% YoY in CC terms). EBIT margin was up ~ 100 bps QoQ/~300 bps YoY to 13.1%. Adjusted PAT (ex-one-off from new labour...
Q3FY26 performance: South Indian Bank reported healthy Q3FY26 performance, with improvement in margins supported by healthy loan growth and sustained asset quality. Gross advances grew 11.3% YoY (4.9% QoQ) to 96,764 crore, driven by broad-based momentum in the RAM segment, while deposits increased 12.2% YoY (2.2% QoQ) to 1,18,211 crore. NIM improved by 6 bps QoQ to 2.86%, while NII rose 8.9% QoQ to 881 crore. Other income moderated 5.8% QoQ to 486 crore, due to lower treasury gains. Provisions increased to 80 crore (up 27% QoQ), PCR improved 132 bps sequentially to 91.57%. Asset quality continued to strengthen,...
About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio. Largest private sector bank with loan book of ~ 28.5 lakh crore Q3FY26 performance: HDFC Bank reported steady Q3FY26 performance, with advances up 11.9% YoY (2.7% QoQ) to 28.5 lakh crore, driven by MSME and corporate segments, while deposits grew 11.6% YoY (2.1% QoQ) to 28.6 lakh crore, led by term deposits (+12.3% YoY). NII rose 6.4% YoY to 32,615 crore, while NIMs...
Q3FY26 performance: HDFC Life delivered a mixed Q3FY26 performance, with moderation seen in premium growth, though GST-led improvement in protection demand, supported margins. Net premium income grew 8.8% YoY (-2.8% QoQ) to 18,242 crore. Product mix remained skewed towards ULIP (ULIP 43%, Par 27%, Non-par 19%, Term 7%, Annuity 4%). VNB for 9MFY26 rose 7% YoY to 2,773 crore, with VNB margin slightly down by 10 bps QoQ at 24.4% amid GST-related headwinds. PAT grew 7% YoY to 1,414 crore for 9MFY26, embedded value...
About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 10,956 rooms in 121 hotels in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree...
Strong distribution network with 280 branches and over 1,06,000 empanelled distribution partners Q3FY26 performance: HDFC AMC continued to deliver a healthy set of results in Q3FY26, aided by industry tailwind, steady market share and a favourable asset mix. Quarterly average AUM grew 5% QoQ to 9.25 trillion, with market share broadly stable at 11.4%. The high-yielding equity-oriented mix remained strong at ~65% of QAAUM versus the industry average of ~56%. Revenue rose 5% QoQ to 1074 crore, supported by AUM growth while operating profit increased 10% QoQ...
Strong deal momentum improves medium-term visibility: Infosys' strong large-deal performance in Q3, with large-deal TCV of US$4.8 bn (57% net new across 26 deals), improves revenue visibility into FY27. The traction reflects rising client confidence in Infosys' enterprise AI capabilities (Topaz), particularly in Financial Services (+3.9% YoY CC) and EURS (+0.5% YoY CC), where management expects growth acceleration in FY27 vs FY26. Manufacturing and Retail/CPG, however, remain under pressure, implying that deal wins may translate into revenue gradually rather than immediately. Backed by strong YTD...
Iveco Acquisition: rise in global footprint, deal at inexpensive valuation: Tata motors in the recent past have announced the acquisition of 100% stake in a CV manufacturer based out of Italy i.e. Iveco excluding its Defense business for an all-cash offer at 3.8 billion Euros (~ 38,000 crore). Iveco is a significant player in the CV domain and is present across the drivetrain technology namely diesel, CNG, electric etc. and has offerings across LCVs to M&HCVs included buses. The acquisition is being executed at a valuation of ~0.3x P/S & ~2x EV/EBITDA, which we believe is fair given...
Consistent in delivering superior RoA of 2+% and RoE of 13+% Key Development: Kotak Mahindra Bank's 1:5 stock split comes into effect on 14 January 2026, which was earlier announced as the record date. Under the split, each existing equity share of face value 5 has been subdivided into five equity shares of face value 1 each. The move, approved earlier by the board, is aimed at improving share affordability and enhancing liquidity, with no impact on the bank's...
delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. Q3FY26 Performance: HCLTech reported revenue of US$3,793 mn, up 4.1% QoQ/ 7.4% YoY (in CC terms up 4.2% QoQ/ 4.8% YoY). The services business was up by 1.8% QoQ/5% YoY CC. EBIT margin at 18.6% (ex-one-time impact from new labour code of 956 crore), was up ~118 bps QoQ, Services (IT & Business services and ER&D services) margin stood at 16.4%, down ~10 bps QoQ. PAT stood at 4,795 crore, up 13.2% QoQ/ 4.4% YoY while ex-one-time impact from new labour code of...
AI traction strengthens medium-term growth visibility: AI remains a key growth driver, with annualized AI revenues reaching US$1.8 bn (~6% of the revenues), up 17.3% QoQ in CC terms (implying US$ 600 mn for Q3), and strong sequential momentum across all NextGen service lines. Client conversations around AI-led productivity, modernization and efficiency continue to strengthen, supported by a growing skilled workforce of 217,000+ AI-trained employees who possess higher-order AI skills (~3x increase YoY). This positions TCS well to benefit from a gradual demand recovery and rising...
Strong leadership hold across categories: LGEDIA is the market leader across multiple product categories - The company commands strong offline market shares, including ~29.9% in refrigerators, 33.5% in washing machines, 27.5% in panel TVs, 20.6% in inverter ACs, 51.4% in convection microwaves and 40.5% in water purifiers. In premium segments, LGEDIA enjoys a dominant position with ~43.2% share in side-by-side refrigerators, 36.9% in front-load washing machines, 27.2% in 5-star ACs and 62.9% in OLED TVs. Similarly, the company has strong presence in mass market i.e....
headquartered, cloud-native SaaS company providing end-to-end solutions for connected TV (CTV), Free ad-supported streaming TV (FAST) & streaming TV ecosystems. Founded in 2008, it enables content owners to distribute & monetise channels & advertisers to plan, execute & optimise CTV ad campaigns using AIdriven analytics. As of Sep'25, the company served 400+ content partners, ~350 distributors and ~75 advertisers across 40+ countries, with a strong footprint in...
