ICICI Securities Limited Broker Research reports

BSE enjoys strong prospects of volume growth across segments (options, cash as well as MF platform) led by derivatives, which has been our investment thesis for the stock.

Amidst tough macro environment, SBI reported yet another steady quarter with ~12% YoY growth in loans, deposits and PAT.

Solar Industries (SOIL)’s operating performance was in line with consensus’ estimate. EBITDA, at INR 5.3bn, jumped 19% YoY driven by robust defence and exports, compensating for the subdued performance in mining and infra segments, which were impacted on account of monsoon arriving early.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

PTC Industries’ (PTCIL) Q1FY26 EBITDA of INR 88mn was subdued, primarily on account of underperformance at Trac Precision Solutions (Trac; reported EBITDA-level loss due to execution delays, spillover of some contracts to Q2, leading to negative operating leverage).

India Shelter reported >17% RoE in Q1FY26, sustaining eight straight quarters of steady performance; RoA climbed from 5.5% to 6% despite leverage (asset/equity) worsening from 2.6x to 2.9x in Q1FY26.

HPCL’s Q1FY26 standalone EBITDA/PAT of INR 76bn/INR 43.7bn rose 3.6/12.3x YoY (+31/+30%QoQ), vs. I-SecE of INR 82/48.4bn, respectively.

Afcons reported a steady Q1FY26. Revenues stood at INR 34bn, EBITDA came in at INR 4.3bn (+23% YoY) and margins swelled 170bps YoY to 12.9%.

Equitas SFB (Equitas)’s financial performance continues to be marred by elevated credit cost and a >20% QoQ decline in the high-yielding MFI portfolio.

Ceigall India (Ceigall) reported a muted Q1FY26 with revenue increasing by 6% YoY to INR 8bn – lower than estimates on account of early monsoons and an extended delay in receiving the appointed date for its four HAM projects (46% of order book).