Q2FY26 Strong set of numbers; beat across all parameters- Revenues in Q2FY26 stood at 758 crore, up 46% YoY. Segment wise, all three segments reported a strong growth with HPP (Refrigerants +Inorganic Fluoride + HPP, 53% of revenue), up 38% YoY, Speciality Chemical (29% of revenue), up 39% YoY and CRAMS (18% of revenue) witnessing a growth of 97% YoY. EBITDA for the quarter stood at 246 crore, up 129% YoY translating into margins of 32.5%, up ~1200 bps. Relentless expansion based on visibility; Upward margins guidance based...
Favourable ecosystem for domestic defence industry: We believe that the defence electronics market in India is experiencing significant growth, driven by efforts to boost domestic production and reduce dependence on imports. As per the industry reports, defence electronics contribution increased to 30-35% in most platforms and is expected to increase further in the coming years, led by increasing required modernisation in platforms. With having strong capabilities in designing, developing & manufacturing a wide range of strategic electronic products/systems, we believe that BEL...
About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above...
Market leader in each sub-segment - cars (66.9%), UV (25.8%), vans (90%) Q2FY26 Results: MSIL reported steady performance in Q2FY26. Sales volume for the quarter stood at 5.50 lakh units, up 1.7% YoY. Total operating income for Q2FY26 came in at 42,101 crore with ensuing ASPs at 7.3 lakh/unit, up 5% QoQ. EBITDA margins for the quarter came in at 10.5%, up 10 bps QoQ. Consequent PAT...
As of 30 Sep 2025, SHF has a huge presence with 3,225 branches across India and employee count of 78,833, customer base of ~96.6 lakhs. Q2FY26 performance: Shriram Finance reported steady performance in Q2FY26, disbursement growth and asset quality remained broadly steady. Disbursements grew by 10.2% YoY to 49,019 crore, while AUM increased by 15.7% YoY to 2,81,309 crore. NII rose 11.7% YoY 6,266 crore, with margins inching up 8 bps QoQ amid utilization of excess liquidity. Operational efficiency continued to remain strong with credit cost stable at ~1.9% resulting in 11.4% YoY growth in earnings at...
The revenues were largely in line except India which was impacted by lower acute respiratory sales. The management is confident of better performance from India in the ensuing quarters. FY26 is likely to be a year of some consolidation with the genericization of gRevlimid and flattish US sales as major launches are expected to pick up momentum in FY27. On the EBITDA margins front, the management is guiding a range of 22.7524% which is slightly below the H1 exit range, due to lower Lenalidomide sales and higher R&D. The future remains bright as the company expects critical launches such as gAdvair (respiratory) by H2FY26 and also has a...
Q2FY26 Chemicals Business drives growth- Revenues grew 6% YoY to 3,534.5 crore driven by the Chemicals business (46% of the revenues) which reported a growth of 23% YoY to 1,667 crore. While technical textiles (13% of the revenue) and Packaging films (39% of revenues) reported a decline of 11% and 1% to 474.3 crore and 1,408 crore respectively. Consolidated EBITDA stood at 774.2 crore, up 44% YoY, translating to margins of 21.3%, up ~560 bps YoY driven by the Chemical business (EBIT) which stood at 29%, up ~1100 bps YoY. Moreover, PAT for...
About the stock: Nippon Life India AMC (Nippon) is among the largest asset managers in India with total AUM size of 7.6 lakh crore+. Focus on strong distribution network (1,19,200+ distributors) and passive schemes (ETF Market share of ~20% on QAAUM basis) remains key strategy....
Key Development: Federal Bank Board has approved the preferential issuance of up to 27.3 crore warrants to Blackstone affiliate Asia II Topco XIII Pte. Ltd., raising 6,197 crore. Each warrant, priced at 227, is convertible into one equity share with a face value of 2 and a premium of 225. Upon full conversion, the investor will hold a 9.99% stake and gain the right to nominate one non-executive director to the bank's board. The warrants have an 18-month exercise period, with 25% payment due at subscription and the remaining 75% at conversion. The proposal is...
About the stock: ITC is diversified consumption play with presence in businesses such as cigarettes, FMCG, Agri and Paperboard, Paper & Packaging (PPP) in India. Its strategy hinges towards utilising funds generated from cash cow cigarette business in improving the growth of FMCG and other businesses. The company...
