The revenues were largely in line except US where intensity was tad higher which was offset by higher growth in other geographies. The management is confident of better performance from India and US in the ensuing year with better performance in second half. FY26 was year of some consolidation mainly due to genericization of gRevlimid and problems in some of its Key Products in US geographies. Going forward, the management momentum to really accelerate in the US from H2FY27 with an aspiration to reach US$ 1 billion annual revenue run rate by exit quarter...
Q4FY26 performance: PFC reported a mixed Q4FY26 performance, with moderation in AUM growth at 6.8% YoY (1.8% QoQ) to 5,80,115 crore, on the back of muted traction in disbursements at ~40,009 crore (-41% YoY/ 1.5% QoQ), impacted by elevated prepayments, lower rollover of short-term DISCOM loans and competitive refinancing pressure in a declining rate environment. Spread moderated to 2.46% (12 bps YoY/-10 bps QoQ) and NIM at 3.55% (-9 bps YoY/-10 bps QoQ). PAT rose...
About the stock: Tata Motors Commercial Vehicles (TMCV) is an auto OEM from the house of Tata's, operating in the domestic commercial vehicle (CV) space. Q4FY26 Results: TMCV Q4FY26 results came in healthy. Consolidated topline for Q4FY26 stood at 25,974 crore (up 20% YoY) amid 25% growth in volumes at 132K units. EBITDA for the quarter came in at 3,568 crore and EBITDA margins at 13.7% (up ~120 bps QoQ). PAT in Q4FY26 came in at 1,793 crore (up 34% YoY). For...
Q4FY26- Revlimid void, one-off costs hurt numbers; Outlook optimisticQ4FY26 revenues de-grew 11.5% YoY to 7546.4 crore, pulled down significantly by the US business which de-grew 51% YoY to 1756 crore and PSAI which de-grew 4.5% YoY to 912 crore. The US business declined on account of lower gRevlimid sales and a one-time Shelf Stock Adjustment (SSA) of ~453 crore. The de-growth in US was stabilized by growth in other key geographies. Europe grew 14% YoY to 1452 crore (NRT portfolio in Europe grew 16% YoY to ~695 crore), India Business grew 20% YoY to 1566.3 crore, Russia and Other CIS business grew 19%...
FY26 growth reflects focus on structural changes formulations with a portfolio of more than 125 products that include therapeutics & vaccines. The company has been continuously restructuring its portfolio to...
Q4FY26 performance: Dixon reported modest set of results with revenues at 10,511 cr (+2% YoY, -2% QoQ). Mobile and EMS segment witnessed headwinds due to inflation in memory chip price resulting into subdued revenue of 9485 cr up 4% YoY, -3% QoQ. For FY26, smartphone volumes reported at 32-33 mn. Consumer electronics reported revenue of 697 crore marginally growing 1% YoY impacted by weak consumer demand and input cost inflation while Home appliances...
Q4FY26 Performance: PVR Inox performance was driven by content performance (especially Dhurandhar 2) in Q4. Reported revenue came in at 1547 crore, (up 23.8% YoY) with box office revenue of 819 crore (up 27% YoY). The footfalls were up ~2% YoY at 31 million and (Average Ticket Prices) ATP at 315 was up 22% YoY. Ad revenues were up ~14.8% YoY at 110 crore. F&B revenues were up 26.5% YoY at 482 crore. EBITDA (without impact of Ind AS116) was at 142 crore, vs...
About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...
Mixed bag quarter; AI-led pipeline remains strong About the stock: Sonata Software (Sonata) provides IT services and product licensing services to its clients in BFSI, HLS (Healthcare & Lifesciences), R&M (Retail...
Diversified business verticals with presence across consumer, automotive, industrials, healthcare, IT, railways and defence. Q4FY26 performance: Syrma SGS reported another strong quarter with revenue of 1465 crore up by 58% YoY and 16% QoQ driven by strong growth across segments - Auto segment grew by 62% YoY, 16% QoQ, Consumer: 102% YoY, -1% QoQ, healthcare: 47% YoY, 26% QoQ, Industrials: 21% YoY, 18% QoQ & IT and Railways: 182% YoY, 70% QoQ. Exports (25% of total revenue) witnessed robust growth of 33% YoY. EBITDA margin was healthy at 11.9% (+26 bps YoY / -72 bps...
Strong launch pipeline built for FY27: The company has built a strong launch pipeline for FY27 which includes 1) 360 North, Gurugram (maiden project), 2) Oceanic, Carter road 3) Fairview, Malabar Hill 4) Tower D, Forrestville 5) Tower A, Jardine 6) Ralliwolf Mulund, 7) Enigma commercial strata sale 8) Pedder road 9) Adarsh Nagar, Worli, 10) Alibaug 11) Bandra, RLDA and 12) Borivali SRA project. The company acquired ~4 msf across MMR comprising 1) RLDA, Bandra east (19.5 lsf) 2) three redevelopment projects 1) Aram Nagar, Versova (17.18 lsf) 2) Pedder road (1.40 lsf) 3)...
Strong Q4; Double digit growth to sustain in FY27 About the stock: Indian Hotels Company (IHCL) and its subsidiaries bring Rs.2,765.3cr driven by ~12.5% YoY growth in the standalone business and ~16% YoY growth in the subsidiaries business. Standalone growth was boosted by 12% RevPar growth. Consolidated EBITDA margins stood almost flat at 35.2%. Operating EBIDTA grew by 13.5% YoY to Rs972.7cr. This along with higher other...
The company also markets some leading brands of Novo Nordisk and Abbott Healthcare for which it receives distribution margins. Some of the leading distributed brands- Human Mixtard, Ryzodeg, Novomix and...
Q4FY26 performance: MCX reported strong set of Q4 results, led by significant spike and volatility in commodity prices, both on bullion and energy side. Revenue was recorded at 889 cr, increasing by 205% YoY and 34% QoQ. EBITDA reported at 666 cr with EBITDA margin of 74.9%, up 54 bps QoQ, 1995 bps YoY. Strong revenue growth resulted in massive operating leverage and margin expansion. PAT...
Domestic markets contribute ~70% of total revenues while exports contribute the balance ~30%. In domestic markets, company cater mainly to automobile industry including 2W, PV, CV. Company exports its products to about 45 countries worldwide including...
EBITDA/ton expected to improve led by operational efficiencies: Company's EBITDA/ton improved considerably in FY26 by 15.4% on YoY basis to Rs 777/ton (vs Rs 673/ton in FY25), primarily led by improvement in premiumization and cost efficiencies. Company expects total cost inflation of ~150175/ton in Q1FY27 (due to recent increase in fuel, packing, and raw material costs amid West Asia crisis). Going forward, we believe that overall cost structure will improve due to benefits of various cost efficiency measures which includes increase in share of green power, fuel cost optimisation (led by ramp-up of...
About the stock: Affle 3i Ltd. (erstwhile Affle (India) Ltd.) is a global ad-tech company specializing in consumer intelligence and engagement solutions. It has built a strong presence in programmatic digital advertising for mobile devices with...
Q4FY26 performance: Titan's Q4FY26 consolidated performance is not exactly comparable on y-o-y basis due to consolidation of Damas jewellery (acquired 67% stake) during the quarter. Its consolidated net revenues grew by 48% YoY to Rs20,607cr driven by 48% YoY growth domestic jewellery (ex-bullion) and 22% YoY growth in Caratlane. Bullion sales stood at Rs6,804cr in Q4FY26 vs. Rs1,141cr in Q4FY25. Higher gold prices, unfavourable jewellery mix and lower margins in the international jewellery business led to 601bps decline in the gross margins to 16.8% and 311bps decline in the EBIDTA margins to 7.2%. EBIDTA grew by 26.0% YoY to...
AI-led strategy driving differentiation and deal momentum: The company's AI-first approach, built on engineering hyper productivity, business process optimization and enterprise data readiness, is gaining strong traction across clients. Persistent has built a differentiated ecosystem with 500+ AI agents and partnerships across hyperscalers, strengthening its positioning in next-gen deals. Strong ACV growth of 27.1% YoY and continued large deal wins reflect increasing relevance in AI-led transformation programs. Management's continued investments in AI capabilities and platforms are expected to drive...
Q4FY26/FY26 performance: JIL reported decent set for Q4FY26/FY26 with Consolidated Revenue growth of 19% /20% YoY growth (up 13% QoQ) at 1522/ 5361 crore respectively. The port volume grew 1% and 4% YoY for Q4FY26 (-1.2% QoQ) and FY26. Ports revenues were up 12%/10% YoY at 1295 / 4647 crore for Q4FY26/FY26 respectively. Logistics business reported Q4FY26/FY26 revenue growth of 93%/41% YoY (+14% QoQ) to 201 /687.5 crore. Consolidated EBITDA for Q4FY26/FY26 grew 20%/15% YoY (up 19% QoQ) at 769/ 2604 crore respectively. The Q4FY26 EBITDA margins of 50.5% (+58 bps YoY/+283 bps QoQ)...
