ICICI Direct Broker Research reports

Expect growth to catch-up in H2; Retain Buy developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end...

Q2FY26 Performance: Mphasis reported revenues of US$ 445 mn, up 1.8% QoQ/ 3.6% YoY (up 2% QoQ/6% YoY in CC terms). Direct Revenue (97.5% of the mix) 2.2% QoQ/ 7.9% YoY in CC terms. The EBIT margin at 15.3%, was flat QoQ/ down ~10 bps YoY. PAT came at 469 crore (up 6.2% QoQ/ 10.8% YoY). It won a broad based...

Structural positives: Low car penetration, GST Rationalization: Although India is the world's third largest passenger vehicle market, car penetration still remains low (at ~30 cars per 1000 people) vs. global average, developed economies in the West & China. With rising per capita income, this represents healthy long term growth longevity for domestic PV space with HMIL a clear beneficiary. Further, Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain. Small cars will now attract...

The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q2FY26 performance: BHEL reported strong Q2FY26 results, turning profitable. Revenues grew 14% YoY to 7511 crore. With a drop in Employee benefits and other expenses by 260 and 310 bps YoY, EBITDA more than doubled to 580 crore vs 275 crore last year. With operational performance and rise in other income, PAT grew 3.5x YoY to 368 crore vs 106 crore last year. On a segmental basis Power (76% revenue mix) and Industry (24%) business revenues grew +13% and +18% YoY to...

Its key strategies have been enhancement in customer engagement with innovative designs, expanding stores, and introducing products like "Phonic." They have also optimized operations via centralized...

About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Higher volumes and domestic steel price stability to support profitability: In Q2FY26, JSL's EBITDA/ton fell to ~11k (vs 15.8k in Q1FY26), mainly due to higher operating costs of ~250 crore from planned maintenance and metallic purchases. While domestic steel prices are currently down 23% QoQ, management expects an improvement in NovDec'25. With higher volumes and potential price recovery, margins are likely to sustain, with EBITDA/ton projected at 12.9k/14k for...

Q2FY26 performance: L&T secured robust order inflows (OI) of 115784 crore up 45% YoY and up 23% QoQ, led by energy business which formed 35% of OI. The current order backlog (OB) stands at 667,047 crore up 31% YoY (49% international). Strong execution in the Energy Projects and Hi-tech manufacturing (revenues up 48% and 34% YoY) led to consolidated revenue growing by 10% YoY to 67984 crore for Q2FY26. Consolidated EBITDA grew 10% YoY to 6806 crore and EBITDA Margins came in at 10% down 30 bps YoY due to margin compression in IT & TS segment and energy projects. Consequently, PAT came in at 3926 crore up 16% YoY. On strong customer collection, the NWC ratio to sales improved significantly (200...

New Business Development to be key monitorable for sustainable highgrowth: The company has yet not closed any new business development in FY26 till date, although it is in advance stages with respect to 30,000 crore GDV projects across its key geographies. It expects to close FY26 with 10,000-15,000 crore GDV additions. Currently, out of its total project portfolio size of ~ 69,900 crore, it has sold ~ 18,700 crore (27%) and left with ~ 51,300 crore sales potential (43% Worli and 19% Thane projects share). Owing to its concentrated large size projects in two key locations, we believe it would require new business developments at diversified...

About the stock: CreditAccess Grameen is one of the largest microfinance companies in India, having over 3 decades of experience, over 25,904 crore AUM and a strong distribution channel to provide financial aid to low-income households. It operates in over 16 states and 1 UT with 2,209 branches, having a growing employee base of 21,701 Q2FY26 performance: CreditAccess Grameen reported a sequential recovery in Q2FY26, driven by margin expansion and lower credit cost. AUM was flat QoQ (3.1% YoY) as disbursements fell 2% QoQ amid weather disruptions and slower...

H1FY26 revenue Mix: ~73% from exports, ~27% from domestic markets Consolidated revenue of the company has grown by ~27% CAGR in the last 4 years during the period FY21-25 while EBITDA and PAT have grown by ~38% CAGR and ~72% CAGR respectively over the same period. Q2FY26 performance: Aeroflex reported healthy Q2FY26 performance with revenue growth of 17% YoY to 111 crore led by recent Hyd-Air business acquisition which grew to 9 crore from 1.5 crore YoY and strong domestic order execution. Favourable product mix and forex movement helped EBITDA margins to improve...