ICICI Securities Limited Broker Research reports

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).

We put Manappuram Finance (Manappuram) in this framework to upgrade the stock, from Hold, to BUY. We find future prospect promising with a new strategic direction for the business, which entails new management, lower MFI mix, better asset quality management and high growth and low yield in core gold business.

LIC saw APE/VNB grow 9.4%/20.7% YoY in Q1FY26. Strategic initiatives have tracked well consistently in terms of pushing product mix towards non-participating (30% of individual APE in Q1FY26 vs. 9%/18%/28% in FY23/FY24/FY25) and revision in pricing/product strategy should maximise value for all stakeholders with changes such as hike in surrender value, re-designing of products, higher ticket sizes.

Happy Forgings’ (HFL)’s Q1FY26 performance was broadly in line with our estimates. HFL continued to outperform peers in Q1. While PV / industrial / domestic farm segment continues to do well, domestic CV may likely pick up going ahead.

Grasim Industries (Grasim) has kicked-off FY26 on a strong footing. Its standalone entity’s (SA) Q1FY26 EBITDA has not only beat our estimate (at INR 3.85bn, up 18% YoY; I-Sec: INR 2.55bn), revenues of the new business segments (paints/B2B ecommerce) too have pleasantly surprised; also, EBITDA losses are in check.

Akums Drugs and Pharmaceuticals (Akums)’s Q1FY26 revenue was muted due to slowdown across verticals; however, better product mix aided gross margin expansion (+170bps YoY).

Voltas’ Q1FY26 performance was weighed down by softer summer product sales, following an unusually early monsoon.

Siemens had an eventful Q3FY25; it concluded the demerger and separate listing of its energy business in the quarter. Further, it won a signalling and telecom contract worth INR 12bn for India’s first bullet train.