ICICI Securities Limited Broker Research reports

A trifecta of growth drivers – electricity demand, transmission and renewables – is driving demand for conductors, cables and transformer oil.

PTC Industries’ (PTCIL) Q3FY26 EBITDA grew 62% YoY to INR 248mn (-4% YoY) aided by more-than-double sales growth. ATL and TARC registered good top-line growth but margins were under pressure due to product mix.

Ahluwalia Contracts’ (Ahluwalia) Q3FY26 result lagged our estimates and trajectory of the company’s FY26 revenue guidance. It reported revenue/EBITDA/adj. PAT of INR 10.6bn/1bn/0.55bn (YoY growth of 11%/15%/11%), falling short of our revenue estimate of INR 11bn.

Akums Drugs and Pharmaceuticals (Akums) had a strong show in Q3FY26 led by CDMO (~16% YoY) and international (~18% YoY) businesses. Volume for CDMO biz surged ~27.6% YoY, though unfavourable pricing and mix partially offset these gains.

We find the future prospects promising for Manappuram with a new strategic direction for the business, which entails new management, lower MFI mix, better asset quality management and high growth/low yield in core gold business.

Inox India reported a strong quarter with earnings ahead of our estimates. It reported revenues of INR 4.3bn (+29% YoY) and EBITDA of INR 0.9bn, with margins stable at 22%.

Q3FY26 revenues were broadly in-line, as recruitment billings grew 11% despite global macro uncertainties. Growth was driven by premium roles in tech/IT segments, GCC momentum and B2C segment, partially offsetting softness in mid-market white-collar hiring.

Cello continues to disappoint on revenues. While tough macros may be one of the attributable reasons, consensus may have some worries on execution. Q3FY26 print was weaker, as expected, due to post-festive seasonality and pricing pressure in the moulded furniture segment.

Azad Engineering (Azad)’s Q3FY26 EBITDA jumped 45% YoY to an all-time-high of INR 622mn (+18% QoQ), driven by strong revenue execution (+32% YoY) aided by new facilities.

Torrent Pharma (Torrent) posted a strong show in Q3FY26, driven by its businesses in India (+13.7% YoY) and Brazil (27.5%). INR depreciation too played its part in boosting performance of exports.

Beat in Q3FY26 vs our expectation was mainly driven by stellar performance in the US region, posting revenue of USD 350mn (up 46.8% YoY). Apart from a few seasonal products, sales in US were largely led by Tolvaptan, Mirabegron and Spiriva.

GMR reported its first quarter of profit, after several quarters of losses. EBITDA grew by >70% YoY to INR 17bn (+INR 7bn). Adjusted profit came in at INR 3.1bn (vs. loss of INR 1.4bn).

TFS’ Q3FY26 performance surpassed expectations. The beat was driven by recovery in passenger traffic following disruptions in H1 due to geopolitical tensions and aircraft maintenance issues.

ONGC’s Q3FY26 adj. EBITDA/PAT (standalone) came in at INR 168bn/INR 83.7bn (-9%/+2% YoY) vs. I-Sec’s estimate of INR 174/INR 81.7bn. Consol. EBITDA/PAT stood at INR 268.6/INR 99.8bn (+3%/+16% YoY).

Inox Wind saw muted installation of wind turbines in 9M (0.6GW) against guidance of 1.2GW in FY26E. It noted the delays in its existing orders due to right of way and evacuation issues.

Indraprastha Gas (IGL) saw 37.7%/25.5% YoY increase in Q3FY26 EBITDA/PAT to INR 5/INR 3.8bn, above I-Sec’s estimates of INR 4.7/INR 3.6bn.

Indigo saw revenues growing 4.7% YoY on the back of Apple Chemie’s revenue expanding a strong 31.6% (construction chemicals and waterproofing).

Blue Jet Healthcare’s (BlueJet) Q3FY26 print was marred by gross profit margin volatility due to inventory destocking and lower bempedoic acid revenue.

Alkem Laboratories (Alkem) reported decent numbers in Q3FY26 led by its international operations. Domestic biz growth slowed to 5.6% YoY, hit by inventory stocking last year and deceleration in trade generics. Management is confident of posting double-digit growth in FY26 (9MFY26 growth at ~10%).

Amidst weakness in the infrastructure sector, construction equipment companies have been facing headwinds. Contractors are delaying projects due to a lack of cash flow from states (due to elections in some states).