Kirloskar Oil Engines Ltd. (KOEL) posted splendid financial performance in Q2FY26. Power Gen (PG) segment clocked in substantial growth of 41% YoY to come in at ~Rs6.8Bn owing to healthy volume growth and increased HHP contribution. The Industrial segment also clocked in strong growth of 40% YoY emanating from the defense and the railways segment. Demand trends stay positive with infrastructure verticals such as residential and commercial realty exhibiting good demand. Demand also continues to be broad based across various infrastructure verticals. The management wants to focus actively on...
RITES Ltd delivered a resilient performance in Q2FY26, reflecting strong execution across its consultancy and export segments, robust profitability, and a solid order pipeline that reinforces long-term growth visibility. The company reported standalone revenue of Rs5.1bn, up 0.7% YoY and 12% QoQ, while PAT stood at Rs1bn, marking a healthy 25% YoY growth and 20% sequential rise. Consolidated performance was equally encouraging, with revenue at Rs5.7bn, EBITDA at Rs1.3bn, up 27.6% YoY, and PAT at Rs1.1bn up 32.2% YoY, translating into superior EBITDA and PAT margins of 24.4% and 18.8%, respectively. The...
Capillary Technologies is a global SaaS company offering end-to-end loyalty and engagement management solutions to enterprise clients across 47 countries. With a strong presence in India, the United States, the United Kingdom, the UAE, and other Asian markets, the company serves over 410 brands as of September 2025. Its diversified product suite - Loyalty+, Engage+, Insights+, Rewards+, and Customer Data Platform (CDP) - helps businesses design comprehensive loyalty programs, deliver omni-channel engagement, and drive repeat sales through advanced analytics and seamless system integration....
Surya Roshni's Q2FY26 performance was below expectations. Revenue grew 21% YoY to Rs18.4bn, driven by a 24% YoY increase in steel pipes segment, while LCD segment grew by 7% YoY to Rs4bn. Consolidated EBITDA margin expanded 142bps YoY to 6.4%, driven by steel pipe segment. EBITDA/t for steel pipes increased by 73% YoY to Rs5,013/t, led by improved product mix (API pipes), pricing discipline and operational efficiencies despite a Rs500/t inventory loss. Management has further lowered its volume guidance for the steel pipe segment to 0.98 mnT due to the shortfall in Q1 and expects a consolidated...
JK Paper Ltd.'s (JK Paper) Q2FY26 result was broadly in-line with our estimates on key parameters. The management guided that the Paper and Paper Board segment continued to face challenges arising from higher wood cost and lower sales realisation due to cheap imports. This has adversely impacted profitability across the product segments despite increased sales volume over the corresponding period. However, on a positive note the performance of the Company's packaging conversion subsidiaries improved during the quarter. Further, the management cited that the recent changes in GST rates have also had...
Neogen Chemicals (Neogen) delivered a subdued financial performance in the quarter. Profitability was impacted on account of higher employee costs, rise in insurance premiums, increase in finance costs owing to rebuilding of the Dahej MPP (post the fire incident) and lower utilization and startup costs at Neogen Ionics. The demand for Electrolytes and Salts has been delayed by 6 to 12 months owing to the delays in EV ramp up. However we continue to remain positive on the battery chemicals theme as growth from EVs and Battery Energy Storage Systems (BESS) will necessitate the creation of a domestic supply...
Greenpanel's Q2FY26 performance was significantly below our expectations. Revenue grew 18% YoY to Rs3.9bn, driven by robust growth in MDF segment despite weakness in plywood segment. Consolidated EBITDA dropped 17% YoY to Rs248mn, primarily impacted by an EUROINR forex loss of Rs 124mn and higher chemical prices. However, margins were aided by raw material optimization and improved power consumption efficiencies, and an EPCG benefit of Rs60mn. Management expects high teen digit domestic volume growth for MDF segment with high single digit to low double digit EBITDA...
Finolex Industries' (FIL) Q2FY26 result was a mixed bag as net sales was marginally below our estimate, while margins were beat to our forecast. Volume decreased by about 6% YoY mainly on account of prolonged heavy monsoon. The management anticipates a rebound in deferred demand once the monsoon recedes and does not foresee a significant overall decline in agri demand. The company faced global structural issues in the VCM market, which it is attempting to manage through long-term contracts to ensure continued supply. The management reiterated that the core focus remains on being a...
Safari's Q2FY26 performance was in-line with expectations. Sales grew 17% YoY to Rs5.3bn, driven by strong volume growth (up 17% YoY), while realizations remained flat YoY signaling continued price competition. Gross margin expanded by 322bps YoY to 47.1%, aided by softening in polycarbonate prices and backward integration. EBITDA grew by 55% YoY to Rs740mn, with EBITDA margin expanding by 342bps YoY to 13.9%, supported higher gross margins. PAT increased by 58% YoY to Rs469mn, supported by lower finance cost (down 13% YoY). We expect revenue/EBITDA/PAT to grow at a CAGR of 14%/26%/29% over...
