Supreme Industries Ltd.'s (SIL) Q3FY26 result was in-line with our estimate on net sales front, however fluctuating raw material prices led to inventory loss and weighed on operating margin. The management guided that the plastic piping demand is returning to normalcy after prolonged destocking, supported by good monsoons, improving rural sentiment, and revival in housing, agriculture, and infrastructure activity, particularly in the pre-demand season from January to March. SIL reported net sales of Rs26.8bn, higher by 7.1% YoY, while EBITDA came in at Rs2.3bn, marginally up by 1.6% over Q3FY25. It reported net profit of...
NMDC Ltd (National Mineral Development Corporation) is India's largest iron ore producer and exporter. It operates key mines in Chhattisgarh and Karnataka and has a strategic presence in minerals like diamonds and base metals. It plays a critical role in supplying raw material to the domestic steel industry....
LIC Housing Finance Limited (LICHFL) is one of the largest Housing Finance Companies in India which provides long term housing finance to individuals. LICHFL also provides project finance to developers, Loan against Property (LAP), Lease Rental Discounting (LRD) for Commercial properties as well as...
SRF delivered results which were only marginally below our estimates. While Revenue grew by 6% YoY, EBITDA and Adjusted PAT grew by impressive rates of 26% and 86%. The chemicals business continued to exhibit strong growth owing to higher HFC pricing and placement of higher volumes in domestic and export markets. Although some orders have been deferred on the agro side, the management expects to recoup majority of the same in Q4FY26. Pent up purchase orders are expected to convert in Q4FY26 leading to a robust quarter, a trend which was seen in Q4FY25 as well. Specialty Chemicals Business grew on...
Newgen Software delivered a steady but mixed Q3FY26 performance in a challenging demand environment. Revenue grew modestly at 5% YoY in Q3, mainly impacted by a high base of license sales last year and slower decision-making for large deals in India and the Middle East. However, the business quality continues to improve. Annuity revenues now form over half of total revenues, with subscription revenue growing a strong 29% YoY, providing better visibility and stability. The US, UK, and Australia showed healthy traction, while India & EMEA remain temporarily weak due to...
Ador Welding (AWL) reported favourable financial performance in Q3FY26. Two important points to note are that there is Rs 84.4mn of doubtful receivables from the troubled Kuwait project which has been now recovered and treated as other income and Rs 59mn of exceptional loss which has been charged due to increase in leave encashment and gratuity owing to revised wage definitions due to the new labour code. Adjusting for these items the core performance is more or less similar to the Q2FY26 performance which is still commendable in light of the weak steel prices in the quarter. FY27 should see the start of...
LTIMindtree is showing steady and improving fundamentals, supported by consistent execution and a clear AI-led strategy. Revenue grew 2.4% QoQ and 6.1% YoY in USD terms, despite a seasonally weak quarter, while EBIT margin improved by 20 bps sequentially to 16.1% due to cost discipline under the Fit for Future program. Order inflow remained strong at USD 1.7bn, reflecting healthy deal momentum and increasing wallet share from large global clients, especially in BFSI and manufacturing. Although the top five clients saw a temporary decline due to client productivity initiatives,...
The company's Q3FY26 performance highlighted disciplined execution amid macro uncertainty, with sustained CC growth and FY26 revenue guidance upgraded to 33.5%, reflecting recovery in discretionary spending. Large-deal momentum remains robust at USD 4.8bn with 57% net-new, indicates a strong demand visibility, particularly in financial services where Infosys is a preferred AI partner for 15 of the top 25 banking clients. The company has firmly positioned itself at the forefront of enterprise AI monetization, engaging 90% of its top-200 clients across 4.6k AI projects, supported by its differentiated Topaz and Fabric platforms coupled with...
L&T Technology Services (LTTS) deliberate exit from low-margin and commoditized portfolios in tech, mobility and select India operations led to a 3.2% QoQ revenue decline to USD 326mn, but significantly enhanced profitability, with expanded EBIT margin (up by 120bps to 14.6%). Sustainability, the company's highest-margin segment, delivered consistent double-digit growth with margins expanding to 28.8%, while mobility has bottomed out and is showing early recovery signals supported by large OEM wins and rising traction in software-defined vehicles (SDVs). Tech margins...
Federal Bank reported a healthy Q3 FY26 performance, with advances up ~11% YoY and deposits up ~12% YoY, driven by strong CASA accretion (~19% YoY), strengthening the liability franchise. NIM expanded to 3.18% on liability optimisation and an improving asset mix, supporting healthy profitability with PAT up ~9% YoY and RoA at 1.15%. Asset quality remained strong, with GNPA at 1.72% and NNPA at 0.42%, supported by controlled slippages. Management guided for ~16% loan growth in FY27E and reiterated that margin and profitability gains are structural, driven by CASA mix improvement and lower...
Tech Mahindra's Q3FY26 performance signals a meaningful turnaround, underpinned by improving growth momentum, sustained margin expansion and strong deal visibility. Revenue grew 1.7% QoQ in CC term, driven by broad-based traction across communications, manufacturing, retail and healthcare, while Europe posted robust 11% YoY growth aided by large deal ramps. EBIT margin expanded sharply to 13.1%, up 290 bps YoY, led by fixedprice productivity gains, pricing discipline and better revenue mix, with management confident of reaching ~15% margins by FY27. Deal wins hit a fiveyear high at USD 1.1bn TCV, up 48% YoY on an LTM basis, anchored by a landmark +USD 500mn European telecom mega-deal that materially enhances...
ICICI Bank delivered a steady Q3FY26 performance, with advances growing ~12% YoY driven by business banking momentum and stable retail growth. Deposits rose ~9% YoY, supported by balanced CASA and term deposit traction, ensuring comfortable liquidity. PAT declined ~4% YoY due to higher provisions, largely from excess standard asset provisioning on certain agricultural loans following the RBI's supervisory review related to PSLC compliance. Asset quality remained strong, with GNPA improving to 1.53% (vs 1.58% QoQ) and NNPA declining to 0.37% (vs 0.39% QoQ), supported by controlled slippages and steady recoveries....
HDFC Bank reported a steady Q3 FY26 performance, with NII growing ~6% YoY. NIM stood at 3.35%, flat sequentially but down ~8 bps YoY. Non-interest income rose ~16% YoY, though declined ~8% QoQ, resulting in operating income growth of ~9% YoY. Operating expenses increased ~10% YoY, led by higher staff costs, keeping the cost-to-income ratio broadly stable at ~41%. Lower provisions supported profitability, with PAT rising ~11% YoY and remaining flat sequentially. Balance sheet growth remained healthy, with advances up ~12% YoY, while deposits grew ~12% YoY, indicating improving business momentum....
Indian HRC: Indian HRC prices increased by 2.4% WoW to Rs 52,000/tonne, driven by seasonal push and improved inventory drawdown, however the exports remain muted. Billet-Ex-Raipur: Billet prices increased by 4.5% WoW to Rs 41,500/tonne, as manufacturers quoted higher prices despite limited market activity in semi-finished steel segment. Chinese HRC: Chinese HRC prices increased by 1.7% WoW to Rs 42,887/tonne, aided by supportive monetary policies and targeted...
Wipro is slowly stabilizing after a long weak phase, but the recovery is gradual. Q3 FY26 showed modest improvement with 1.4% QoQ revenue growth in CC term, driven by better traction in BFSI, healthcare, Europe, and APMEA, while consumer and EMR remain soft due to macro uncertainty and delayed client spending. Operating margin improved to 17.6%, supported by tight cost control, restructuring benefits, and lower attrition, though near-term margin upside may be limited due to wage hikes, integration costs from the Harman DTS acquisition, and continued investments in growth. Deal momentum remains healthy with USD...
TCS demonstrated operational resilience amid macroeconomic headwinds through disciplined execution and strategic AI positioning. Revenue witnessed a muted 0.8% CC QoQ, reflecting cautious global spending. Topline grew 4.9% YoY, signaling the underlying recovery momentum driven by Consumer, EN&U, and Life Sciences verticals. Operating margin stood at 25.2% (excluding one-offs) backed by 80bps productivity gains which were neutralized by 50bps wage hikes and 50 bps brand partnership investments, indicating management's deliberate prioritization of longterm competitive positioning over near-term profitability expansion. AI revenue surged to USD 1.8bn annualized with 17.3% QoQ growth, backed by rapid -build projects delivering tangible value across industries rather than exploratory initiatives,...
HCL Technologies delivered a standout Q3FY26, driven by resilient growth, strong deal bookings, and expanding AI leadership. Revenue rose 4.8% CC YoY to USD 3.8bn, supported by balanced momentum across services including engineering & software. ER&D services remained the key growth engine, reflecting rising demand for advanced AI, Physical AI, and custom silicon solutions. Net new bookings surged to USD 3bn, the highest in four years, highlighting sustained client confidence. Margins improved sequentially, backed by disciplined cost management and operating leverage which were partially offset by wage hikes and restructuring...
Diversified & Others added Rs11.47bn in December, ending the year with Rs192.56bn of CYTD inflows, while Media & Telecommunication remained flat in December (-Rs0.86bn) but emerged as the strongest CY25 performer with Rs485.23bn of CYTD inflows....
