Repco Home Finance's AUM growth remain stable at 7% YoY vs 7% YoY (FY25) backed by 22%YoY growth in disbursements. Further, management guided for AUM of Rs.16bn by FY26, and aspires to touch loan book of Rs.250bn by FY28. Disbursements is expected to be Rs.40bn in FY26, with the non-Tamil Nadu states equally contributing to the overall numbers. NIMs remain stable at 5.2% led by decline in cost of funds. Asset quality remain stable during the quarter with GNPA at 3.3% vs 3.3% QoQ backed by higher write offs. NII grew by 10% YoY led by improvement in NIMs. PAT grew by 2% YoY led by lower non-interest income. Thus,...
Manappuram Finance's gold loan portfolio grew by 22% YoY (vs 19% YoY FY25) backed by higher gold prices. However, MFI portfolio declined by 51% YoY (down 23% QoQ) due to strategy change. Thus, overall AUM de-grew by 1% YoY vs +2% YoY (FY25). We expect 13% CAGR (FY25-27E) AUM growth led by gold portfolio. MFI losses declined during the quarter due to decline in provisions. MFI asset quality improved with GNPA at 4.4% vs 8.5% QoQ led by lower slippages. Cons. NII declined by 10% YoY led by lower NIMs; PPoP declined by 33% YoY led by lower other income (down 77% YoY). Reported profit vs loss QoQ led by lower...
RITES reported a largely flat operating performance in Q12026 with consolidated revenue and profit metrics showing marginal YoY increases with consolidated operating revenue of Rs48bn and consolidated PAT of Rs0.9bn for the quarter. Standalone operating revenue was Rs45bn and PAT Rs0.6bn. The company continues to emphasize execution of a large, young order book Rs87bn as Q12026. With a strong order book, cash-rich balance sheet, steady dividends, and a delayed but visible revenue ramp, RITES remains a HOLD rating with a TP of 281. Stable fundamentals limit downside, but near-term upside is capped by...
Indian HRC: Indian HRC prices increased by 1.0% WoW to Rs 50,200/tonne, as major steel manufacturers have raised their prices for August sale, supported by improved global market sentiments. Billet-Ex-Raipur: Billet prices decreased by 0.8% WoW to Rs 37,500/tonne, as market sentiments continue to remain subdued amid...
The month of July was riddled with threats, backtracks and again threats of tariff imposition, which led to a volatile chemicals market. This reflected in July-25 data, where the price movement was a mixed bag, ranging from a 14% decline in Acetone to 7% uptick in Acrylic Acid. Starting with Aniline, the higher supply in the market has led to lower uptake by traders, leading to depressed prices. The...
Cummins India (KKC) delivered robust performance in Q1FY26 which surpassed our estimates. Revenue, EBITDA and Adjusted PAT for the quarter was higher by 26%, 32% and 28% YoY on consolidated basis. The key positive of the management commentary was demand continuing to remain strong and also being broad based across key growth verticals such as Quick Commerce, Government led infra, manufacturing and pharma. KKC also clocked in healthy gross margin of 37% for the quarter. This is a result of the management's assiduous efforts in reducing direct material costs, optimizing product mix and...
During Jul-25, Indian steel prices declined 2% MoM to Rs49,700/tonne, while Chinese steel rose by 10% MoM to $490/tonne. Coking coal prices increased by 9% MoM to $148/tonne, driven by production cuts and a safety crackdown in China. In Jun-25, Indian steel production rose by 1% MoM to 13.7 mn tonnes. Estimated Chinese steel output declined by 4% MoM to 83 mn tonnes, while global steel production contracted by 4% MoM to 151 mn tonnes. Chinese steel exports fell by 8% MoM but rose 11% YoY to 9.6mn tonnes, amid growing speculation of production cuts by Chinese mills. Additionally, USA imposed steep tariffs on imports...
Prince Pipes' Q1FY26 result was below our estimates on key parameters. A major factor influencing the industry was the heightened volatility in PVC resin prices, which negatively impacted both volume growth and profitability across the sector. A sharp correction in these prices further resulted in inventory losses for the company in the trade channel, temporarily compressing margins in Q1FY26. The management has guided high single-digit to low double-digit volume growth for FY26E. EBITDA Margin is projected to improve going forward. Q2FY26 is expected to be better than Q1 on margin front, and the second half of...
VIP's Q1FY26 performance was below our expectations on all fronts. Revenue declined 12% YoY to Rs5.6bn, due to 8% YoY drop in volumes and 4% YoY decrease in NSR. This is due to sudden drop in secondary sales in E-com and intense price competition. Gross margin expanded by 69bps YoY to 45.0%. Despite this, EBITDA margins contracted 330bps YoY to 4.4%, dragged by inventory provision of Rs 150mn for slow moving SL. Adj. net loss stood at Rs150mn. Management refrained from articulating a forward strategy, citing the ongoing promoter-level exchange control situation as a limiting factor during this transition phase. We cut our FY26...
IRCON reported a subdued performance for Q1FY26, marked by a 21.9% YoY decline in consolidated revenue to Rs17bn and a 26.8% fall in net profit to Rs1.6bn. On a sequential basis, the revenue also contracted sharply by 47.7%, reflecting execution delays linked to project mobilization challenges and seasonal impact. Despite the steep revenue drop, the company delivered a robust EBITDA margin of 17.1%, improving 214 bps YoY and 695 bps QoQ. EPS for the quarter came in at Rs1.75, down from Rs2.38 in Q1FY25. While the decline in execution volume was expected due to monsoons and tendering...
