ICICI Securities Limited Broker Research reports

Glenmark Pharmaceuticals’ (Glenmark) Q1FY26 performance was below our expectation due to muted show across regions. Rise in other operating income inflated margins and PAT.

We attended NTPC’s analyst meet (on 18 Aug’25). In a bid to play a key role in India’s energy transition, NTPC, a thermal power giant, is transforming itself into a diversified power genco.

Vodafone Idea (VIL) has appointed Mr. Abhijit Kishore as the new CEO. He has been serving as VIL’s COO since Mar’15. Mr Akshaya Moondra’s (outgoing CEO) term of three years expires on 18th Aug’25.

ZF Commercial Vehicle Control Systems India (ZFCV) reported Q1FY26 EBITDA margin of 13.5% (vs. I-Sec estimate 17%), was down ~120bps YoY/380bps QoQ.

TCI Express’ (TCIE) Q1FY26 EBITDA was slightly below consensus estimates. Volume fell 0.9% YoY to 233kte
(235kte in Q1FY25) on subdued demand. EBITDA margin improved QoQ to 9.8% (vs. 8.5% in Q4FY25 and 11.2% in Q1FY25), mainly on account of 75bps price hike and stable variable costs in Q1.

Inox Wind reported revenue growth of 30% YoY in Q1FY26 – execution grew 4% YoY and realisations grew 24% YoY. Thus, EBITDA margins came in at 23.5% (+220bps YoY).

PNC reported a weak Q1FY26 with revenue down 13% YoY to INR 11.4bn (adjusted), EBITDA down 11% YoY to INR 1.4bn, margins stable at 12.4%, and PAT declining 15% YoY to INR 0.8bn.

Order awarding in the road sector has been soft for the past two years, impacting HG Infra’s (HG) order book (OB), now at INR 147bn (2.2x TTM revenues) – part of this (INR 31bn) is yet to receive appointed date.

Astra Microwave Products (AMP) reported a good set of numbers. Consol. EBITDA registered impressive growth of 71% YoY to INR 410mn driven by 29% YoY growth in revenues to INR 2bn, which in-turn was propelled by 71% YoY surge in defence revenues.

Deepak Nitrite’s (DN) Q1FY26 has shown marginal improvement over adj. Q4FY25 EBITDA; however, overall performance remains subdued.

Gulf Oil (GOLI) delivered 8.9%/9.8% YoY growth in EBITDA/PAT to INR 1.27bn/INR 0.97bn (I-Sec: EBITDA/PAT INR 1.28bn/INR 0.99bn).

BPCL’s Q1FY26 EBITDA/PAT of INR 96.6bn/INR 61.2bn jumped 71%/2x YoY (+24%/91% QoQ). This was despite a USD 3/bbl YoY dip in GRMs, as stronger marketing earnings and higher other income have offset the GRM weakness.

Somany Ceramics (SOMC) reported Q1FY26 consol. revenue growth of 4.5% YoY with tile volume rising 3% YoY (6-year CAGR of 5.1%) while tile realisation was largely flat YoY (+1.2% QoQ).

KNR Constructions (KNR) reported a revenue of INR 4.8bn in Q1FY26, down to a five-year trough. The lukewarm execution was primarily rooted in a smaller executable order book (OB).

Zydus Lifesciences (Zydus)’s Q1FY26 print beat our expectations, though its revenue grew a mere 5.9% while EBITDA/PAT shrunk 3.3%/0.7% YoY. US biz sales were flat YoY.

Power Mech reported a muted Q1FY26. Post-adjustment of the exceptional item (INR 2.9bn in revenue), revenue stood at INR 10bn (flat YoY), EBITDA was at INR 1.2bn (+6% YoY) and adjusted profit of INR 0.5bn (-18% YoY). Reported profit grew 31% YoY to INR 0.8bn.

Hindalco (HNDL)’ Q1FY26 operating performance was 6% ahead of consensus estimates despite Novelis’ underperformance. Consol. EBITDA, at INR 80.8bn, jumped 6% YoY.

Suzlon has been delivering strong performance over the last few quarters. It had a very good FY25, wherein it: bagged wind turbine orders worth ~3.6GW – its order book (OB) swelled to >5GW; entered PSU orders, potentially opening the door for further penetration in the fast-growing PSU segment.

JYL’s Q1FY26 performance was subdued with revenue/ volume growth of 1.4%/ 3.6% YoY impacted by heightened competitive intensity across segments.

Honasa started FY26 on steady footing – revenue/ UVG up 7.4%/ 10.5% YoY driven by 20%+ growth in focus categories across brands. Revenue growth was partially impacted by early onset of monsoon (200bps impact on revenue).