ICICI Securities Limited Broker Research reports

GAIL India (GAIL) reported 29%/34% YoY dip in Q1FY26 adj. EBITDA/PAT (flat/-13% QoQ) driven by weaker performance of gas trading and petchem. Gas trading performance declined by 47%/11% QoQ/YoY with sharply lower margins offsetting a 6mmscmd YoY jump in volume.

SAIL’s Q1FY26 reported EBITDA, at INR 27.6bn, was c.16% short of consensus estimates. This stemmed from higher other expenses on account of an INR 9.5bn one-time negative impact on inventory valuation.

Zen Technologies’ Q1FY26 numbers undershot consensus estimates. Revenue/EBITDA declined 37.9%/41.9% due to a spillover of INR 600–700mn revenue to the next quarter owing to a change in product specifications.

TTK Prestige reported a soft Q1FY26 with a focus volume-led growth. The company is focussing on new strategy to restructure multiple business functions.

Torrent Pharma’s (Torrent) Q1FY26 results were slightly below our expectations. Addition of MRs and price hikes continue to fuel growth in India (+10.8% YoY).

Premier Energies (Premier) has kicked off FY26 on a strong footing. Volume growth of 10% to ~800MW (as per our estimates).

In May’23, MLIFE had unveiled a strategy of reaching INR 80–100bn of annual residential plus industrial cluster sales by CY28, or 5x in five years (CY23–28E).

Fedbank Financial Services (Fedfina) is best placed in the current cycle by staying ahead of the curve in recognising stress in S-LAP (three quarters ago).

ACME has had an impressive beginning to FY26 with revenue of INR 5.1bn (+65% YoY), EBITDA at INR 4.6bn (+68% YoY), and PAT of INR1.3bn.

Motherson Sumi Wiring India (MSUMI) continued to outperform the underlying industry driven by healthy content growth and new business execution.