Well poised to see significant recovery in explosives & exports/overseas segment: With market leading share of ~25% in domestic industrial explosives market, we believe that company is well poised to grow steadily led by healthy demand prospects from segments like mining, housing and infrastructure. Though domestic explosives segment remained muted during the quarter, we expect recovery going ahead led by healthy demand from housing, infra and mining sectors. With an order backlog of 1600+ crore in explosives and stable raw material prices, we expect ~14%...
Q2FY26 performance: Aadhar Housing Finance delivered strong Q2FY26 results, with AUM rising to ~27,553 crore, up 21% YoY. Non-housing loans grew faster, forming 27% of AUM. Disbursements stood at 2110 crore, a growth of 3.6% YoY. PAT rose 17% YoY (up 12% QoQ) to 266 crore, supported by 16% YoY growth in NII at 557 crore. Credit cost remained contained at 13.2 crore, reflecting disciplined underwriting. The company reported GNPA at 1.47% and NNPA steady...
Niche launches in the US drive numbers; future pipeline key for sustainability Earning momentum strong till FY26; apparent slowdown in FY27 but pipeline buildup to continue- Strong growth was attributable US launches under exclusivity (gMyrbetriq, gTolvaptan and gSpiriva) and launches across regions. India was impacted due to lower tender sales in Institutional business. The company has maintained the strong EBITDA margins trajectory mainly driven by strong GPM performance. The...
infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...
Transformers and Rectifiers India Limited (TARIL) has a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along...
Q2FY26 performance: The Anup engineering came out with decent set of Q2FY26 results. Revenue grew 20% YoY to 232 crore, EBITDA grew 19% YoY to 51 crore and PAT declined by 1.5% YoY to 32 crore due to normalisation of the effective tax rate. EBITDA margins down by 27 bps to 22.02% whereas, PAT margins down 304 bps to 13.8%. Company received order inflows of ~197 crore and has an unexecuted order book of 568 crore as of H1FY26. Order wins to get converted from the bid pipeline for growth visibility: Current orderbook 568 crore ensures solid revenue booking for FY26E....
Q2FY26 performance: Wabag reported steady operational performance in Q2FY26 with revenues growing 20% YoY to 834 crore. Material costs (limited by forex gain) impacted EBITDA margins, which fell 30 bps YoY to 14.4%, EBITDA up 17% YoY to 120.5 crore. PAT margins decline to 21 bps YoY at 9.7%. Consequently, PAT came in at 95 crore up 20% YoY. On a segmental basis, India (48% of revenue mix and international business (52%) grew 8% and 25% YoY. EBIT margins for India and International business at 17% and 26%, +280 bps and -1020 bps YoY. Wabag's unexecuted order book stood at ~16020crore with 3477 crore order inflow (80%...
FY25 OEM share of sales- M&M: 27%, Bajaj Auto: 14%, HMSI: 5%, MSIL:8% Q2FY26 Result: Lumax auto technologies posted robust Q2FY26 results. On the consolidated basis, total operating income came in at 1,156 crore (up 37% YoY). EBITDA in Q2FY26 came in at 155 crore with corresponding EBITDA margins at...
We have revised downwards our EBITDA estimates for FY26E/FY27E by 17%/7%, to factor-in delays in commissioning of new capacities along with captive coal blocks. Over FY25-28E, we estimate revenue & EBITDA CAGR...
Q2FY26 performance: MCX reported healthy result as expected with revenue of 374 crore, which increased by 31% YoY and was flattish sequentially. Average daily turnover (ADT) for futures segment has increased 55% YoY, 3% QoQ to 41,758 crore while options premium ADT has increased 25% YoY, 4% QoQ to 4096 crore. Sharp surge in price and volatility of gold as well as silver has boosted ADT growth. EBITDA grew 36% YoY and 1% QoQ at 243 crore. EBITDA margins...
Q2FY26 performance: Interarch reported strong Q2FY26 performance with consolidated revenues growth of 51.9% YoY (up 29% QoQ) at 491 crore led by strong execution aided by new capacities and improved productivity across old capacities. Consolidated EBITDA margins were up 70 bps YoY (up 20 bps QoQ) at 8.5%. Overall, its consolidated EBITDA/PAT were up 65.1%/56.2% YoY at 42...
Firm expansion plans in place- In the US, the company is optically transitioning to B2C model to focus on high margin products. The company is also looking for third party ANDAs (4 already acquired, 5 more to come) as well as outsourcing some in-house products to the CMOs for optimal plant utilisation. This, we believe is a part of larger strategy where the company wants to increase the offerings via front-end and at the same time focusing on margin expansion. The legacy LatAm growth was slower seemingly on account of some saturation in the existing markets and focus...
concepts. Its primary customer propositions include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive...
Q2FY26 performance: Protean reported revenue of 251 crore which increased by 14% YoY and 19% QoQ, mainly led by new business segment which reported revenue of 43 crore (up by 513% YoY). Tax services i.e pan card related business reported revenue of 107 crore (declined 10% YoY), CRA services i.e. pension related business revenue: 78 crore (up by 12% YoY), Identity services i.e. related to PAN and Aadhar authentication revenue: 22 crore (declined 6% YoY). EBITDA reported at 29 crore with EBITDA margin of 11.7%, up 480 bps YoY while it...
Q2FY26- Muted numbers on expected lines Revenues grew ~6% YoY to 8286 crore due to softness in the US (44% of the revenues) which grew 3% to 3638 crore. Europe (30% of the revenues) grew 18% to 2480 crore and ARV (~4% of the revenues) grew 68% to 325 crore. Growth Markets (~10% of the revenues) grew ~9% YoY to 882 crore (including India formulations). APIs de-grew at 17% YoY to 961 crores. EBITDA grew 7% YoY to 1678 crore while EBITDA margins increased 16 bps to 20.3%. EBITDA de-growth was mainly driven by increase in employee expenses....
Footfalls sustain despite heavy rains; H2 might witness some uptick: WHL reported 12.1% YoY growth in overall footfalls majorly driven by Kochi (+38% YoY, grew by 4% compared with Q2FY24). Other parks such as Bengaluru and Hyderabad reported flat footfalls despite heavier rainfall while Bhubaneshwar despite of heightened rainfall activity this season, reported 3% YoY growth in footfalls which signals stable consumer sentiments. The management expects the footfalls to continue growing in single-digits among mature parks while it expects newer parks to lead the...
Q2FY26 performance: Revenue declined by 1.6% YoY (+14% QoQ) to 744 crore as the revenue of cranes, construction equipment & material handling segment (94% of total revenue) was flat YoY (+15% QoQ). Agri equipments revenue (~6% of total) stood at 49 crore (-20% YoY, +6% QoQ). EBIDTA margin improved to 14.6% (+30 bps YoY, +41 bps QoQ). EBITDA was flat (+0.4% YoY) at 109 crore. However, PAT declined 5% YoY (8% QoQ) to 90 crore as other income declined by 14% to 29 crore. PAT Margins declined 35 bps YoY to 11.6%. Company saw 18% decline in volumes in cranes, construction equipment segment to 2348 units vs 2863 units last...
Valuations at 9.1x EV/EBITDA & $70 EV/ton on FY27E, looks attractive, looking at company's strategic plan of achieving 30 mtpa by FY30E with favourable market mix. We maintain BUY on JKLC with TP of 1050 (based...
CPVC piping in India. As of FY25, it has 26 manufacturing units with an aggregate capacity of 5.49 lakh TPA (3.8 lakh TPA Pipes, Water tanks & Bathware, 1.3 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.5...
About the stock: Chalet Hotels Ltd (Chalet) is an owner, developer and operator of premium hotels, commercial office spaces and residential properties in India. The Company's portfolio comprises 11 fully operational hotels representing 3359 keys, across mainstream and luxury segments, and commercial spaces, representing...
