ICICI Securities Limited Broker Research reports

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).

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.