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Other income to PBT was ~47% in FY26. The valuation multiple (P/E) based on core business earnings, i.e., excluding cash and tax-adjusted other income, stood at 48x on FY26 earnings. Revenue grew 1.4% YoY in FY26; however, EBITDA/PAT declined 12.6%/8.9% YoY due to weak summers and intense competitive activity.
UltraTech Cement (UTCEM) has formally launched its wires and cables business, ‘Ultravolt’. Being under the banner of the Aditya Birla Group, the new segment has an ambitious business plan.
AU SFB has received an in-principle approval to convert into a universal bank, positioning it as one of the fastest-growing retail-focused private sector banks in India.
Ujjivan SFB has announced that Mr. Sanjeev Nautiyal has requested an early retirement due to health concerns. The board has accepted his resignation and appointed Ms. Carol Furtado, the current Executive Director (Whole-Time Director), as the interim MD & CEO, effective 1st Sep’26.
Archean Chemical (ACI) is our top pick in the speciality chemicals space and offers a highly favourable risk-reward profile. ACI is in the advance stages of starting construction on its SiC semiconductor facility and it has partnered with multiple ecosystem players to support its ramp-up.
Crude prices (ATF) have been higher for longer now, with an impact likely in Q2FY27 extending into Q3 (basis Aug’27 trend). As such, there is a downgrade in our earnings estimates for FY27.
Mr. Sashidhar Jagdishan, MD&CEO, of HDFC Bank, has informed the board about his decision to not seek re-appointment (link). The timing of the decision, at the fag end of term renewal, is notable, given that his current term has been accompanied by several regulatory hurdles, alongside the abrupt resignation of former chairman citing ethical incongruence.
Entero has rapidly established its presence in the fragmented pharmaceutical product distribution market in India and, within a span of eight years, has ranked among the top 3 distributors of healthcare products in India.
At its recent analyst meet, Metropolis’ management set forth the company’s three-year business growth targets. The next phase of growth would be led by network expansion (to add 250 own centres, 50 hubs and introduce radiology), scaling up of bundle testing under TruHealth (from 18% of sales to 25%).
Oil India (OINL) continues to build momentum across both core upstream as well as downstream segments. In the standalone business, oil production is on track to reach its oft repeated target of ~4mt in FY27 itself, with the level likely sustaining through FY28–29E as well.
GMR Airport has received the new tariff order for its Hyderabad airport, which contributes 27% to its total airport traffic. The new tariff order provides clarity on aero tariff for the next five years (FY27–31).
We visited HDBFS’ credit branches in Varanasi, Uttar Pradesh (UP), which represents 14% of its total AUM, as on Jun’26. Our visit delves into HDBFS’ market positioning in one of the fastest-growing states in its portfolio, and how the company has been weathering geopolitical uncertainties, fuel price hike and El-Nino.
The Ramco Cements (TRCL) has informed exchanges (Link) about the cessation of Mineral Bearing Land Tax (of INR 160/t of limestone) in Tamil Nadu w.e.f. 22nd Aug’26.
Hexaware showcased its net-new AI-led services and AI for business solutions that could expand its addressable TAM. It also holds a domain-led edge over peers in certain verticals (for example, it won an airline legacy modernisation contract against a larger incumbent).
We visited Akshaya Thanga Maligai (ATM) store on launch day and believe the initiative is less about adding another brand and more about addressing a customer segment that the flagship Kalyan brand does not naturally serve.
Lenskart has turned a strong start into a sustained run, delivering >50% returns since its market debut. The company’s sustained operational outperformance remains the centrepiece of this rerating story.
Crompton is transitioning from the transformation phase of Crompton 2.0 to a more scalable growth phase. We note: Management aims to double its revenue by FY31, implying ~15% CAGR, with new businesses contributing ~20% of sales and exit EBITDA margin of 12%+.
MIDHANI's Q1FY27 revenue beat our as well as street estimate on improved melt-to-sales conversion. EBITDA stood at INR 366mn, with margin at 15.3% contracting 480bps YoY on adverse RM prices and incremental LPG costs (as prices nearly doubled on Middle East disruptions).
Ahluwalia reported a weak Q1FY27 print. Although revenue grew at a healthy 12% YoY, the EBITDA margin nearly halved to 4.3%, translating into an EBITDA decline of 44% YoY.
