ICICI Securities Limited Broker Research reports

Cyient DET (CYL-DET) reported better-than-estimated growth in Q3FY26, led by traction in transportation and network & infrastructure. It saw steady traction in large deal wins.

In Q3FY26, subscription revenue grew 7% YoY, driven by Zee5 and the renewal of B2B broadcast contracts. Zee5 turned EBITDA positive this quarter, reporting EBITDA of INR 564mn.

Ujjivan Small Finance Bank (USFB)’s Q3FY26 RoA improved to 1.5% (four straight quarters of RoA expansion), driven by a strong uptick in revenue, aided by NIM expansion and subsiding stress in MFI (gross slippages moderated to INR 2.2bn vs. INR 2.8bn QoQ).

Orient Electric (Orient) delivered a resilient performance in Q3FY26 despite macro headwinds. Growth was driven by favourable product mix, cost discipline and portfolio diversification.

Jindal Stainless (JSL)’s Q3FY26 EBITDA was in line with our estimate at INR 14.1bn (+17%/+1% YoY/QoQ), driven by better sales volume at 650Kte (+11%/+0% YoY/QoQ).

We maintain our constructive view on IndiGo. The key premise has been that of a structurally lower industry supply situation in the medium term which we believe may be a bigger investment thesis despite any short-term possible demand blip.

Bandhan Bank (Bandhan) reported muted Q3FY26 PAT of INR 2.1bn (RoA of 0.4%), pulled down by elevated provisioning, though there was a sharp improvement in reported gross NPA.

Shoppers Stop (SHOP)’s modest Q3FY26 revenue growth despite its ongoing strategic initiatives – to drive growth in both premium and value segments – casts a shadow over near-term growth momentum.

Himadri Specialty Chemical (Himadri)’s Q3FY26 volume rose 11.3% YoY while EBITDA/kg declined 1.3% YoY to INR15.9, likely owing to pressure on specialty carbon black spreads.

Tatva Chintan Pharma Chem’s (TATVA) Q3FY26 print showed further signs of recovery, particularly in two key segments – SDA and PASC. Revenue in SDA grew 132% YoY driven by volumes while prices were stable.

Tata Communications’ (TCom) Board has approved the appointment of Mr Ganesh Lakshminarayanan as new MD & CEO with impending retirement of Mr AS Lakshminarayanan in Apr’26.

HPCL’s Q3FY26 standalone EBITDA/PAT of INR 70.2bn/INR 40.8bn rose 17.6%/34.7% YoY (+2/+6% QoQ) vs. I-Sec est. of INR 73.7/INR 41.6bn.

Quick commerce (QC) profitability improvement was significantly ahead of estimate (adj. EBITDA INR 40mn vs. consensus INR -1.3bn). We think this was aided by the move to inventory model.

Execution is improving as consumption recovers for Bajaj Consumer, with Q3FY26 delivering a positive earnings surprise. This was aided by the GST-led transition, sharper distribution execution and improving channel productivity.

Persistent Systems’ (PSYS) strong revenue growth of 4.1% QoQ CC in a furlough quarter (Q3FY26) was aided by an increase in software license sales (up 44% QoQ USD) and healthy growth in services business (+2.6% QoQ USD).

Newgen reported subdued revenue growth of -0.1% QoQ/ 5% YoY in Q3FY26, impacted by lower large license deal wins in key markets of India and EMEA.

AUSFB reported strong PAT growth of 19% QoQ during Q3FY26, benefitting from NIM expansion and sustained improvement in asset quality, especially in MFI and credit card. As a result, RoA crossed 1.5% after three quarters and management sounded upbeat about sustaining the improving trajectory in profitability in the near term.

CA Grameen’s (Grameen) Q3FY26 financial performance indicates faster-than-anticipated recovery, with collections nearing pre-disruption levels (X-Bucket CE at 99.71% in Dec’25) and a sharp revival in disbursements with 26% MoM growth in Dec’25 volume.

In Q3FY26, ITC Hotels (ITCHL) reported 13% YoY hotel revenue growth and 15% YoY hotel EBITDA growth led by 12% YoY RevPAR growth along expected lines.

Healthy traction in replacement business, strong underlying OE volumes and recovery in exports drove double-digit revenue growth for CEAT in Q3FY26 (+3% I-Sec est.).