Ambuja Cements' standalone Q2FY26 results reflected strong operational momentum with revenue of Rs53bn, rising 20% YoY and 4% sequentially, supported by robust demand, improved realizations, and higher premium product contribution. Cement sales volumes stood at 8.8mn tonnes, growing 19% YoY and 3% QoQ. Operating EBITDA increased to Rs10bn, up 32% from Rs7.8bn a year ago and 6% from Rs9.7bn in the previous quarter, driven by lower fuel and power costs, and improved efficiency. EBITDA/t stood at Rs1,167 compared to Rs1,010 in Q1FY26 and Rs988 in Q2FY25. PAT rose sharply to...
During Oct-25, Indian steel prices fell 3% MoM to Rs47,000/tonne, while Chinese steel prices declined by 2% MoM to $460/tonne as rising domestic inventories, indicating supply outpacing demand. Coking coal prices increased 6% MoM to $174/tonne, supported by stronger Chinese buying interest. In Sep-25, Indian steel production declined by 3.5% MoM to 13.6 mn tonnes, while estimated Chinese steel output fell by 5% MoM to 74 mn tonnes, in-line with Chinese anti-involution policy and mill production cut due to negative margins. Global steel production also contracted 2% MoM to 142 mn tonnes. Furthermore, Chinese steel exports increased by 10% MoM and...
In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for October, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of improved ADR aided by festive season. Despite prolonged rainfall in many states, domestic travel picked up during festive season. We anticipate the uptrend in ADR to continue for upcoming months as wedding season will kick start post Diwali. We remain positive on domestic hospitality space led...
Bata India's (Bata) Q2FY26 result was below our estimates on key parameters. The management cited GST 2.0 transition caused significant and acute disruption during the quarter, impacting the overall top line. The period between the rate rationalization announcement and the effective date saw substantial consumer and channel partner deferral in buying. However, the company anticipates structural benefits from the GST reduction, especially aiding the lower price point segment (below Rs1,000) which has been under stress for the past two years. Further, there is a structural shift in consumer...
BILLIONBRAINS GARAGE VENTURES LTD is a direct-to-customer digital investment platform that enables individuals to invest and trade across stocks (cash, F&O, IPOs), bonds, and mutual funds (including Groww Mutual Fund schemes), along with providing margin trading facilities and personal loans. The company leverages an in-house technology stack and intuitive design to simplify investing and improve user experience. As of June 30, 2025, Groww is India's largest and fastest-growing investment platform by active NSE users, with a presence across 98.36% of India's pin codes. Founded in 2016 by former Flipkart...
Navin Fluorine International (NFIL) delivered a solid performance in the quarter. Revenue for HPP, Specialty Chemicals and CDMO grew by 38%,39% and 98% respectively on YoY basis. Margins increased by ~ 12 percentage points YoY to ~33% majorly owing to volume led growth. All the 3 business verticals of HPP, Specialty Chemicals and CDMO have strong revenue visibility for FY26 and FY27. With R32 demand environment remaining tight, the management is expanding R-32 capacity by 15,000 MTPA which we believe is a step in the right direction We fine tune our FY26 and FY27 estimates to bake in higher growth. We upgrade...
APL's Q2FY26 profitability was ahead of our expectations. Revenue grew 9% YoY to Rs52bn, driven by 13% YoY volume growth, mainly supported by improved utilizations at Raipur and Dubai plant, despite a challenging macro environment APL posted highest ever EBITDA, rising 223% YoY (on a low base) to Rs4.5bn, while EBITDA/t increased by 187% YoY and 12% QoQ to Rs5,228, driven by better realizations, operational leverage, and absence of ESOP expenses. Management expects H2FY26 performance to be stronger than H1FY26. Also, APL aims to set-up a plant in Abu Dhabi to cater the EU region. Management has reiterated the FY26 volume growth guidance of 10%-15% and expects to achieve...
JSL's Q2FY26 operating performance was in-line with our expectations. Revenue declined 5% QoQ to Rs117bn, primarily due to a 3% decline in NSR (owing to weak steel prices) and a 2% QoQ drop in volumes, mainly impacted by planned shutdowns. Despite volume decline, management maintained its FY26 guidance and expects steelmaking capacity to reach 15.6 mtpa by FY26. Consequently, EBITDA declined 31% QoQ to Rs21bn, with EBITDA/tonne decreasing by 30% QoQ to Rs11,129, weighed down by planned maintenance shutdown and weak realizations. JSL incurred capex of Rs31bn in H1FY26. Net debt decreased by...
Mold-tek packaging's (MPL) Q2FY26 result was in-line with our estimates on net sales and EBITDA front, while PAT was below our forecast. The quarter was heavily impacted by lot of rains, which slowed the movement of goods and affected the sale of certain food products (ice creams and yogurts) and paints. The Paint segment growth was muted at about 3% volume growth in Q2FY26, a steep decline from the 21% growth posted in Q1FY26. The overall EBITDA per kg margin dipped in Q2FY26 to Rs39.4. This was primarily due to a reduction in capacity utilization, which fell sharply from 74% in Q1FY26 to 63% in Q2FY26....
