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Delay in generic semaglutide approvals from Canadian regulator may shift the launch timeline by a quarter; however, with a few customers securing the approval in India and approvals in Brazil and Saudi Arabia expected to flow in, OneSource’s management remains confident of the upcoming opportunity, and hence, maintains FY28 guidance for its base business.
Hindustan Aeronautics’ (HAL) Q2FY26 performance was impacted by higher provisioning and an upsurge in other expenditure leading to 70bps/310bps correction in EBITDA margin to 23.5% with EBITDA of INR 15.6bn (-5%/+21% YoY/QoQ).
CONCOR’s Q2FY26 EBITDA of INR 5.7bn rose 33.4% sequentially and was ahead of consensus estimates. Overall volume rose 10.5% YoY (EXIM - 8.7% and domestic - 16.6%); rail freight margin improved to 27.8% (26.2% in H1FY25).
Cello delivered healthy Q2FY26 partially aided by festive buying and favourable base. We note multiple growth drivers are likely to unfold in H2FY26-27 as Re-acquisition of the 'Cello' brand for writing instruments from BIC will allow Cello to leverage its own manufacturing units and distribution to drive market share gains in pens.
Cohance’s Q2FY26 performance was in line with our expectations, though the cut in FY26 guidance was disappointing. While pharma CDMO growth continues to be impacted by inventory destocking for two products, dip in sales of NJ Bio and API+ (-4% YoY) division was a surprise.
Fortis Healthcare (Fortis) delivered a strong beat in EBITDA and PAT led by stronger margins across its hospitals (+140bps) and diagnostic verticals (+510bps).
Eicher Motors’ (EIM) Q2FY26 standalone EBITDAM came in at 24.9%, 80bps below I-Sec estimate. Marketing / brandbuilding efforts and regular product interventions have been driving the outperformance for RE in domestic market.
Century Plyboards (CPBI) reported Q2FY26 consol. revenue growth of 17.1% YoY. Plywood/laminates/MDF and allied revenue grew 14.8%/16.6%/27.9% YoY with volume up 15.6%/1.6%/20.8% YoY.
