ICICI Securities Limited Broker Research reports

Metropolis’ Q1FY26 result was largely in line with our expectations. Consolidation of the three recently acquired businesses led to robust revenue growth of ~23% YoY (organic growth of ~13% YoY).

Biocon’s Q1FY26 performance was marred by operating cost of new facilities for generic division and lower-thananticipated margins in biologics division.

Power Finance Corporation (PFC) reported better-than-expected PAT at INR 51.1bn, up 21% YoY/down 12% QoQ, aided by negative credit cost.

Apollo Tyres (APTY) Q1FY26 operating performance broadly was in-line. Standalone margin was better than our estimate (on lower RM basket) but was offset by weak margin performance in EU.

Dynamatic Technologies (DTL)’s Q1FY26 EBITDA of INR 3.78bn shrank 5.7% YoY. Revenue expanded 7.1% YoY, as: aerospace grew 27.3%, hydraulics slipped 10.9%; and metallurgy remained stable.

Century Plyboards (CPBI) reported Q1FY26 consol. revenue growth of 16.3% YoY. Plywood / laminates / MDF and allied revenue grew 14.5% / 12.8% / 23.7% YoY with volume up 10.6% / 6.8% / 19% YoY (6-year CAGR of 9.9% / 4.5% / 12.6%), respectively.

NCC has a strong orderbook at INR 701bn with book-to-bill ratio of 3.7x TTM revenue – one of the highest in the industry. It has already bagged orders worth INR 65bn in FY26-YTD with guidance of INR 220bn OI for FY26.

In Q1FY26, PVR Inox’s revenue grew 23.4% YoY/ 17.5% QoQ, driven by successful Bollywood and Hollywood releases as well as initiatives like Blockbuster Tuesday and F&B combo offers.

CONCOR’s Q1FY26 EBITDA of INR 4.26bn missed consensus estimates by ~9%. Overall volume grew 11.3% YoY (EXIM- 12% and domestic- 9.1%), EBITDA was impacted due to volume discount reconciliation and increase in employee cost (one time performance bonus) of INR 180mn.

Bajaj Auto’s (BJAUT) EBITDA margin at 19.7% was in-line with I-Sec estimate. Demand in international market has been driving the growth momentum and the company has guided for 15-20% YoY volume growth in exports in nearto-medium term.