ICICI Securities Limited Broker Research reports

We believe Star Health (Star) is on a steady earnings growth trajectory driven by better incremental balance between volume growth and profitability, as witnessed in its Q1FY26 result (14% YoY growth in GEP while IFRS PAT grew 44% YoY).

JK Cement (JKCE) has embarked on an express growth track, offering strong visibility of 16% CAGR capacity creation over FY25-30 (vs. FY15–25’s 9%).

ABDL has set ambitious FY28 targets of mid-teens revenue growth with double-digit volume growth, P&A share at 50%, gross margin of 45%+ and EBITDA margin of ~17%; and improve ROCE to 23–25%.

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.