ICICI Direct Broker Research reports

Q4FY26 & FY26 Performance: Revenues came at US$ 283 mn, up 3.3% QoQ/ 13.2% YoY (3% QoQ & 11.6% YoY in CC terms). EBIT margins 12.2%, was up ~30 bps QoQ. Reported PAT at 205.2 crore, was up 70.6% QoQ/27.7% YoY. For FY26, revenue stood at US$ 1,081 mn, up 13.6% YoY CC. EBIT margins at 11.7% was up ~70 bps...

Q4FY26 & FY26 Performance: Coforge reported revenue of US$489.1 mn, up 1.7% QoQ/ 21.2% YoY in US$ terms (+2% QoQ CC/ +28.7% YoY CC). EBITDA margin came at 20.6%, up ~232 bps QoQ while EBIT margin stood at 16.6%, up ~231 bps QoQ. Reported PAT (continuing business) stood at 612.3 crore, up 144.8% QoQ/135.7% YoY. For FY26, revenue stood at US$1.87 bn, up 29.1% YoY. EBITDA margins came at 18.6%, up ~430 bps YoY while EBIT margin stood at 14.4%, up...

Cement volume growth expected at ~8% CAGR over FY26-28E: After a muted 9MFY26, company's volume growth picked-up sharply in Q4FY26 (+9.5% YoY, +23.8% QoQ), leading to 1.3% YoY growth for FY26. Capacity utilisation stood at ~66% in Q4 (vs ~54% in Q3FY26). Though the focus remains on profitability, company guides 9-10% volume growth for FY27E led by better demand, capacity expansions and further improvement in utilisation levels. Management stated that they have already benefited from its pricing strategy and closed the pricing gap with top players. On capacity front, company is expanding in...

Q4FY26- Slowdown in Chemicals impact revenues- Revenues in Q4FY26 grew 7.5% YoY to 4,532 crore. Segment wise, Chemicals business (53% of the revenues) reported a growth of 4% YoY to 2,448.3 crore. Performance films (35% of revenues), was up 13% YoY to 1,595 crore and Technical Textiles (10% of revenues) reported an uptick of 5.3% to 482 crore. GPM, for the quarter stood at 50.5%, up 200 bps YoY. EBITDA stood at 1,026 crore, up 7% YoY, translating to margins of 22.2%, flat YoY. PAT for the quarter stood at 582 crore, up 11% YoY. For FY26, the revenues stood at...

About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically. It also has a presence in export markets. Structural Growth from Exports, EVs and Strong Cash Generation: Bajaj Auto's diversified earnings base provides strong downside protection and structural growth optionality. Exports crossed 600,000 units in Q4 (+25% YoY), marking the highest level in four years and reflecting broad-based recovery across key markets driven by sustained momentum in Latin America and improving stability in Africa with an aim to step-up to...

FY26 revenue Mix: ~69% from exports, ~31% from domestic markets Consolidated revenue of the company has grown by ~25% CAGR in the last 5 years during the period FY21-26 while EBITDA and PAT have grown by ~35% CAGR and ~56% CAGR respectively over the same period. Q4FY26 performance: Aeroflex Industries Limited delivered record Q4FY26 and FY26 performance, with Q4FY26 revenue rising 37% YoY to 125.8 crore, EBITDA increasing 59% YoY to 30.0 crore (margin 23.86%, +326 bps YoY) and PAT growing 57% YoY to 17.6 crore. For FY26, revenue stood at 442 crore (+17.5% YoY), EBITDA...

About the stock: Established in 2010, Aadhar is the largest player in affordable housing space with AUM of 30,866 crore. Diversification in terms of business mix, Business mix remains well balanced and granular with home loans comprising ~73% of AUM, while LAP constitutes remaining 27%. Salaried...

Branded generics traction, US momentum key differentiators- Branded business growth in India was significantly above the trendline and without one-offs, driven by 26 new launches over the last 12 months and improved coverage. The US also maintained the growth tempo on account of 8 new launches over the last 15 months and market share gain in the existing products. US traction is contrary to the existing industry trend as the focus remains on specific launches. Africa branded continued to be driven by new launch. Asia branded witnessed negative growth due to geopolitical...

About the stock: Jindal Stainless (JSL), founded in 1970, is India's leading stainless-steel company and top five stainless steel makers globally (Ex China). Operates integrated stainless-steel plant capacity of ~4.2 million tons per annum (India- 3 MTPA & Indonesia- 1.2 MTPA). Q4FY26 Results: JSL reported a steady performance in Q4FY26. Consolidated topline stood at 11,337 crore (up 11% YoY) with stainless steel sales volume stood at 6.42 lakh tons, flat YoY. Reported EBITDA was at 1,455 crore with EBITDA margins at 12.8% (down 55 bps QoQ). EBITDA/tonne stood at 22,670 vs 21,665...

Revenues to grow in double digit; to cross Rs15000cr in FY27: Marico's revenues grew by 26% in FY26 driven by 22% growth in India business (volume growth of 8%) and 20% constant currency growth in the international business. Management expects consolidated revenues to grow in double digits (to cross Rs15,000cr) in FY27 with Value-added hair oil (VAHO) expected to maintain double digit volume led growth, expected recovery in the volume growth of Parachute, steady growth momentum in the international busoiness (barring MENA region) and strong scale up in...

Near term headwinds; Long term growth story intact About the stock : Larsen & Toubro (L&T) is India's largest engineering & construction (E&C) Infrastructure segment contributes ~47% of consolidated revenue followed by...

Portfolio attributes unchanged, best bet in OEM space About the stock: Mahindra & Mahindra (M&M) is a conglomerate with presence in auto, IT, financial services, logistics, hospitality and real estate among others. for the quarter came in at 39,554 crore (up ~26% YoY) with automotive segment volumes growing ~21% YoY at 3.06 lakh units and tractor sales volume at 1.19 lakh units (up ~36% YoY). EBITDA in Q4FY26 came in at 5,564 crore with corresponding EBITDA margins at 14.1% (down ~65 bps QoQ). Resultant PAT for...

Q1FY26 business performance: CSB Bank reported healthy growth in Q1FY26, with gross advances up 31% YoY (3.3% QoQ) to 32,552 crore, led by gold loans (36% YoY), corporate (32%), SME (31%) and retail ex-gold (19%), while deposits rose 20.1% YoY (-2.5% QoQ) to 35,935 crore, supported by 22.3% YoY growth in term deposits. However, margin pressure persisted, with NIM contracting 21 bps QoQ to 3.54% due to excess liquidity and higher funding costs. Other income rose 42% YoY, with fee-based income up 22% YoY. Asset quality optically weakened, with GNPA rising 27 bps QoQ to 1.84%, though one large account has been...

Diversification across geography, product and revenue levers to aid sustained business momentum: Capri Global is well-positioned for sustained growth, targeting 50,000 crore AUM by FY28E, implying 2730% CAGR. Strategic expansion in South India across MSME, housing and gold loans will diversify footprint beyond North and West markets. Micro-LAP (introduced in 2023) is gaining early traction with strong momentum anticipated. Meanwhile, fee income streams like insurance distribution (73 crore in FY25), car loan origination (96 crore), and co-lending (165 crore) are scaling well with growing partner...

Order pipeline remains robust; longer-term growth outlook intact: Order pipeline remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like six nextgeneration submarines under P-75I (expected value ~ 99,000 crore) and additional three Kalvari class submarines (expected order size 30,00040,000 crore) have already been cleared from govt and expected to be concluded in coming months. Other major contract like next-generation corvettes is also likely to be signed in coming months (MDL's associate company) - Goa Shipyard is L2 with share of ~ 13500 crore). Moreover, next-generation frigates (P-17B) & next generation destroyers (P-18) with...

Company's consolidated cement capacity stands at ~109 mtpa at present (including Sanghi Industries, Penna Cement & Orient Cement) Q4FY26 performance: Revenue was up 10.4% YoY (+6.2% QoQ) to Rs 10915.5 crore led by 7.5% YoY (+5.8% QoQ) growth in sales volume (20.1 mtpa) and improvement in blended realisation by 2.7% YoY (flattish QoQ). Total cost/ton increased by 9.6% YoY (flattish QoQ), mainly due to increase in power & fuel, freight and higher others cost. EBITDA/ton stood at Rs 728/ton (-27.1% YoY, +2.3% QoQ). Subsequently, EBITDA was down by 21.6% YoY (+8.2% QoQ) to Rs 1463.9 crores....

Adani Group holds 34.4% and is part of promoter group. Q4FY26 Performance: PSP Projects reported revenue of 1,012 crore, up 54.4% YoY, owing to healthy execution. Operating EBITDA was 64 crore with an EBITDA margin of 5.4%, up 79 bps YoY; albeit affected by an Expected Credit Loss (ECL) of 29 crore (~2%). PAT was reported at 21.2 crore, up 327.2% YoY on a benign base. For FY25, standalone revenue stood at 2,989.5 crore, up 21.1% YoY. EBITDA was...

The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q4FY26 performance: Bharat Heavy Electricals Limited reported a strong Q4 FY26 performance with revenue rising 37% YoY to 12,310 crore, driven by robust execution, while EBITDA more than doubled to 1,753 crore with margin expanding ~498 bps YoY to 14.2% (vs 9.3% in Q4FY25). PAT surged ~154% YoY to 1,282.7 crore, reflecting operating leverage and improved project mix. Segment-wise, Power segment revenue stood at ~9,510 crore with EBIT of 1,869.9 crore (EBIT margin ~19.7% vs 5% YoY),...

Strong quarter ; Weakness in license persists About the stock: Incorporated in 1992, Newgen is a low code application Q4FY26 & FY26 Performance: Newgen reported revenue of 452.7 crore, up 13% QoQ/ 5.3% YoY. Product/ License revenue (19% of mix) de-grew by 13% YoY to 86 crore and Implementation revenues (23% of mix) de-grew by 6.9% YoY to 104 crore. Subscription revenues (ATS/AMC +SaaS) reported 29.6% YoY revenue growth wherein SaaS revenue grew 52.1% YoY while ATS/AMC grew 17.7% YoY. Annuity revenues (ATS/AMC+ SaaS+ Support) grew 19.8% YoY to 262.5 crore....

Q4FY26 & FY26 Performance: Mphasis reported revenues of US$ 463 mn, up 2.5% QoQ/ 7.1% YoY in CC terms. Direct Revenue (98.6% of the mix) grew 3.3% QoQ/ 9.2% YoY in CC terms. The EBIT margin stood at ~ 15.4%, up 20 bps QoQ. The company reported PAT of ~ 510 crore, up 15% QoQ/ 14% YoY. For FY26, revenue stood at US$ 1796 mn, up 6.7% YoY CC. EBIT margin came at 15.3%, flat YoY while...