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 Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q2FY26 performance: LTHL consolidated revenues witnessed 7.7% YoY growth to Rs.306.3cr. Growth was aided by 8% RevPAR growth. RevPAR growth was driven by 6% YoY growth in ARR and 140bps YoY improvement in occupancy. EBIDTA...
GST Rationalization: Structural boost for the industry: Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain, small cars, 2-W's up to 350cc, and 3-Ws will now attract 18% GST vs. 28% earlier which enables the 2W domain to expect healthy volume growth in FY26E led up upbeat demand sentiments in the rural economy amid healthy farm produce and positive 2025 monsoons. Domestically, RE dominates in the premium segment, where it has a ~84% market share in the 250-750cc category. RE drives...
Healthy order-book & robust pipeline gives strong visibility; Increasing share of higher-margin domestic contracts to drive profitability: Consolidated order backlog of 2209 crore as of Sep-25 (2x TTM revenue) provides healthy revenue visibility. Order inflows remained strong at 320 crore during H1FY26 and management is optimistic about order inflows worth ~ 1000 crore for the remaining quarters. With a strong emphasis on improving product mix and getting orders with higher complexity, company guides revenue at ~ 1150-1200 crore in FY26E (which implies...
Q2FY26 Performance: International IT services (IITS) revenue came at US$ 82 mn, up 1% QoQ/ down 2.9% YoY in CC terms. IITS EBITDA margin at 17.3%, up ~70 bps QoQ. Consol revenue came at US$ 242.8 mn, down 30% QoQ while in rupee terms it stood at 2,119.3 crores, a decline of 28.5% QoQ and 2.3% YoY with EBITDA...
Expansion in data centre business and energy transmission sector tailwinds to drive long term incremental growth. Q2FY26 performance: Techno Electric reported mix Q2FY26 performance with a strong revenue growth of 91% YoY to 843 crore, EBITDA grew 58% YoY to 111 crore, EBITDA margins declined by sharp 270 bps YoY to 13.2%. Consequently, PAT came in at 104 crore, up 10.4% .PAT margins sharply decline by 900 bps to 12.3%....
Their products find applications across multiple sectors such as chemicals, petrochemicals, fertilizers, carbon black, pharma, food, oil & gas, power (including nuclear), metals and cement etc. The company has strategically transitioned from a product supplier to a comprehensive solution provider resulting in Revenue and PAT CAGR of 38% and 44% over FY23-25, respectively. Q2FY26 performance: Kilburn Engineering Limited reported a strong Q2FY26 performance, with consolidated revenue rising 48% YoY to 153.6 crore and EBITDA...
Capacity expansion across segments to steer growth beyond FY26Xanthine segment primarily witnessed the growth on account of capacity debottlenecking of ~1000 MTPA thereby taking overall capacity to 6000 MTPA from 5000 MTPA. The company remains on track to expand its capacity to 9000 MTPA by Q4FY26. Prices of xanthine remained stable, as per management. We believe APL to focus more on grabbing the larger wallet share across Pharma and beverage customers (higher margin opportunities). On the CDMO front, the management is confident of achieving its guidance of 30-40% growth on back of strong order book...
Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~48% in FY25) Q2FY26 performance: Elgi reported a decent set of numbers with amid US tariff for Q2FY26. Revenues grew 11.4% to 968 crore. EBITDA declined 1.2% YoY to 140 crore. EBITDA margins at 14.5% down 184 bps YoY (+50 QoQ). Consequently, PAT for the quarter came in at 121 crore up 28% YoY...
About the stock: Gokaldas Exports (Gokex), incorporated in 1979, is one of India's largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands. Following the acquisition of Atraco and Matrix, Gokex currently has over 34 production units that can produce about 90mn garments per annum (p.a). Q2FY26 performance: Gokex consolidated revenues grew by 6% YoY to Rs.984.4cr. Sales volume were down by ~13.2% to 12.7mn pieces while average realisation grew by 20% YoY to Rs.700 per piece in Q2FY26. Gross margins stood flat at 47.8%....
Longer term orders pipeline remains robust from both domestic and export markets: Electronic warfare, Radars & Avionics remain the key product segments for company (contributed ~81% to total FY25 revenue and ~71% of total order backlog) for both domestic and exports markets. Moreover, company sees sizable opportunity in other key product segments also like ATE (automated test equipment), Check-out systems, Fire control systems & seekers for existing & future Brahmos missile programs. Upcoming BrahMos-II program, which is also expected to...
