ICICI Securities Limited Broker Research reports

FY26 saw Indian Hotels Co. Ltd. (IHCL) delivering resilient performance, with 16%/15% revenue/EBITDA growth against the backdrop of geopolitical disruptions in Q1FY26 and in Mar’26.

Jaguar Land Rover (JLR), at its investor day, laid out its product launch pipeline and market strategy for driving growth in the near term.

We recently met the management of Lemon Tree Hotels (LEMONTRE) to understand the demerger scheme for Lemon Tree and its 59% owned SPV, Fleur Hotels.

We hosted Aadhar Housing Finance in Singapore for an investor roadshow. Competition is intensifying but most players remain focused on the prime (>INR 3.5mn) and mid-income affordable (INR 1.5–3.5mn) housing segments; even so, AHFCs and Aadhar continue to dominate low-income affordable segment (<INR 1.5mn).

Coforge has rebuilt its offerings by embedding agentic AI across all its solutions. This is leading to AI deflation or cannibalisation of revenue, but concurrently is lifting revenue in new areas such as: AI-led application management services; tech modernisation; and AI-native product engineering.

HMIL, we believe, is getting product aggressive and its launch intensity is expected to gain momentum over the medium term. Key whitespaces in its product portfolio (compact E-SUV, off-roader SUV, hybrids, MPV) are likely to be addressed over FY27–30.

Pine Labs (PL) is a diversified payments platform comprising ~30% revenue mix each of subscription, affordability, issuer distribution and processing as of FY26, along with other fast-growing segments like online and credit card processing.

Prudent Corporate Advisory Services (Prudent) has progressed well in terms of AUM growth, aided by MTM, traction in SIPs, and growth in MFDs.

Suzlon has spent three years strengthening its balance sheet and, at its latest investor meet in Jun’26, it set out what comes next.

During its analyst meet, Equitas SFB (Equitas) shared its FY27 and medium-term outlook. It highlighted that it is well placed to ride the credit gap of INR 84trn in the MSME and mortgage segments (in both of these products, Equitas carries a lending experience of >5 years), and hence expects a >20% loan CAGR over FY27-31.

Honasa’s upcoming Analyst Meet is likely to focus less on near-term recovery and more on the sustainability of growth, profitability and the long-term shape of the business.

MIDHANI’s Q4FY26 EBITDA, at INR 1.16bn, undershot estimates. The miss stemmed from lower gross margins (mix and commodity price inflation) despite in-line revenues (46% of annual execution) as MIDHANI executed pent-up order.

LTM targets 2x revenue growth over FY26-31, i.e., a 15% CAGR vs. 6% YoY growth in FY26 and a 12% CAGR delivered over FY21-26—an ambitious target amid current sector headwinds.

HG Infra (HG) has been walking a tight rope, with both execution and ordering falling short of its own guidance, as ordering in the road segment has been weak over the last three years. It had guided for INR 65bn in revenue for FY26 with EBITDA margin of ~14%.

Inox Wind (INOX) reported a muted FY26 result due to delays caused by on-ground execution challenges. As a result, revenue came in at INR 44bn, (+24% YoY) vs. a guidance of INR 50bn.

Asahi India Glass (AIS)’s Q4FY26 EBITDA was 9% above our estimate. Auto/architectural segment EBIT growth stood strong at ~1%/133% YoY, supported by a ramp-up of new float glass capacity.

Loss of exclusivity in gRevlimid took a toll on Natco’s Q4FY26 result, with revenue/EBITDA declining 39.5%/77.7% YoY to INR 7.3bn/INR 1.3bn, respectively.

Lemon Tree Hotels (LEMONTRE) reported stable Q4FY26 consolidated revenue of INR 4.2bn (up 10% YoY), while EBITDA grew 6% YoY owing to GST and renovation/technology costs.

Kotak Mahindra Bank (KMB) hosted analyst interaction with Mr. Ashok Vaswani, MD&CEO. Under Mr. Vaswani’s leadership, KMB has made significant progress on re-orienting itself from a ‘product-focus’ to ‘customer-focus’ organisation.

We recently met with management of Greenpanel Industries (GREENP). Takeaways: 1) Demand trends in the MDF industry would remain healthy (15-16% volume growth) and GREENP is focusing on at least maintaining its market share.