It operates in four key segments Industrial Infra (~%48 of revenue), Industrial Products (~38%), Green Solutions (~7%) and Chemicals segment (~7%) Q2FY26 performance: Thermax reported a muted set on impact from legacy orders in Industrial Infra. Revenue EBITDA and PBT declined 3%, 19% and 13% YoY to 2473 crore, 172 crore and 174 crore respectively. EBITDA and PBT Margins at 7% and 4.7% down of 137 bps and 293 bps YoY. The company received 66 crore as Package incentive scheme in Industrial Infra business last year. Thus, Revenue, EBITDA and PBT have been adjusted for the same. Segmentally, Industrial Products (48% of revenue mix), green...
Capex completion expands addressable market; sets the stage for strong medium-term growth trajectory: The company has completed greenfield expansion for plywood and chipboard categories along with brownfield expansion for the laminate, incurring total ~1,450 crore capex over the last three years, apart from recently announced 2 Mn MSM addition (~70 crore capex) in Laminates by FY27 end. This has expanded its addressable market (largely plywood led) to ~ 49,000 crore vs. 11,000 crore in FY22. It expects the overall revenues to reach 4,500 crore...
delivered consistent robust growth with consolidated AUM touching ~4.62 lakh crore. Harnessing its large franchise base digitally offers a huge opportunity. Q2FY26 performance: Bajaj Finance reported a stable Q2FY26 performance with strong AUM (consolidated) growth of 24% YoY to 4,62,261 crore, driven by 1.21 crore new loans (up 26% YoY) and a customer addition of 41.3 lakh, taking the franchise to 11.1 crore. Net Interest Income rose 22% YoY to 10,785 crore, supported by 27-bps QoQ decline in cost of funds to 7.52%. Consolidated PAT grew 22% YoY to 4,948 crore, translating to healthy RoA of 4.5% and RoE of 19.1%....
Diversified business verticals with presence across consumer, automotive, industrials, healthcare, IT, railways and defence. Q2FY26 performance: Syrma SGS reported all-round strong set of result with revenue of 1146 crore which increased 37.1% YoY and 20.2% QoQ. IT and railways grew by 298% YoY on small base while healthy growth was seen in consumer, auto and healthcare segment. EBITDA grew by strong 62% YoY, 33% QoQ growth with margins recorded at 10.1% (up 154 bps YoY, 88 bps QoQ) on the back of operating...
Well poised to see significant recovery in explosives & exports/overseas segment: With market leading share of ~25% in domestic industrial explosives market, we believe that company is well poised to grow steadily led by healthy demand prospects from segments like mining, housing and infrastructure. Though domestic explosives segment remained muted during the quarter, we expect recovery going ahead led by healthy demand from housing, infra and mining sectors. With an order backlog of 1600+ crore in explosives and stable raw material prices, we expect ~14%...
Q2FY26 performance: Aadhar Housing Finance delivered strong Q2FY26 results, with AUM rising to ~27,553 crore, up 21% YoY. Non-housing loans grew faster, forming 27% of AUM. Disbursements stood at 2110 crore, a growth of 3.6% YoY. PAT rose 17% YoY (up 12% QoQ) to 266 crore, supported by 16% YoY growth in NII at 557 crore. Credit cost remained contained at 13.2 crore, reflecting disciplined underwriting. The company reported GNPA at 1.47% and NNPA steady...
Niche launches in the US drive numbers; future pipeline key for sustainability Earning momentum strong till FY26; apparent slowdown in FY27 but pipeline buildup to continue- Strong growth was attributable US launches under exclusivity (gMyrbetriq, gTolvaptan and gSpiriva) and launches across regions. India was impacted due to lower tender sales in Institutional business. The company has maintained the strong EBITDA margins trajectory mainly driven by strong GPM performance. The...
infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...
Transformers and Rectifiers India Limited (TARIL) has a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along...
Q2FY26 performance: The Anup engineering came out with decent set of Q2FY26 results. Revenue grew 20% YoY to 232 crore, EBITDA grew 19% YoY to 51 crore and PAT declined by 1.5% YoY to 32 crore due to normalisation of the effective tax rate. EBITDA margins down by 27 bps to 22.02% whereas, PAT margins down 304 bps to 13.8%. Company received order inflows of ~197 crore and has an unexecuted order book of 568 crore as of H1FY26. Order wins to get converted from the bid pipeline for growth visibility: Current orderbook 568 crore ensures solid revenue booking for FY26E....
