ICICI Securities Limited Broker Research reports

Hindustan Aeronautics Limited (HAL’s) Q1FY26 performance was broadly in line with the management guidance. EBITDA surged 29% YoY mainly on higher revenue and lower provisioning.

Astral reported a lower-than-expected Q1FY26 with pipe volume growth of 0.5% YoY (6-year CAGR of 10%). Consol. revenue fell 1.6% YoY with pipes/adhesives segments being -6.7%/+8.6% YoY. Pipes’ reported EBITDA/kg declined 14.3% YoY to INR 27.9/kg (adjusted for inventory losses of INR 250mn, it was flat YoY).

Ashoka Buildcon (Ashoka) reported a weak Q1FY26 with execution impacted amid early monsoons. As a result, revenue came in at INR 13bn (-30% YoY), its lowest in the last 10 quarters.

Alkem Laboratories (Alkem)’s Q1FY26 performance exceeded our expectations on all fronts. The outperformance was led by a strong showing in India (up 12%) and improved momentum across US (+8.8%) and other international markets (+9%).

Lemon Tree Hotels (LEMONTRE) reported Q1FY26 consolidated revenue of INR 3.2bn (up 18% YoY) – in line with I-sec estimates – as portfolio ARRs (including Mumbai Aurika) grew 10% YoY, while occupancy for the quarter stood at 72.5%, which increased 591bps YoY.

Eureka Forbes reported strong set of numbers for 7th straight quarter. Eureka saw double-digit growth in the product business both in value and volume terms, despite a subdued demand backdrop.

Bajaj Consumer (BaCo) posted a muted Q1FY26 performance, with revenue up 7.4% YoY (+3.7% ex-Banjara’s acquisition) led by 4% value growth in Almond Drops Hair Oil (ADHO) and flat volumes.

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.

Novelis’ (Hindalco’s 100% subsidiary) Q1FY26 (adj.) EBITDA of USD 416mn (and ~USD 432/te) has missed consensus estimates (~USD 445–450/te), mainly on account of negative tariff impact of USD 28mn; and change in product mix.

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20–25 and 28% in Q1FY26 on a comparable basis (without 1/n).