SAIL's Q1FY26 performance was below our expectations. Revenue declined 12% QoQ to Rs259 bn, dragged by a 15% QoQ drop in volumes. This includes 0.37 mnT traded volumes from NMDC steel contributing Rs 1.8bn to the topline. NSR improved 4% QoQ to Rs56,970/t due to higher steel prices. EBITDA declined 21% QoQ to 27bn, with EBITDA/tonne at Rs 6,076/t (-7%/10%) QoQ/YoY, impacted by one-offs including a coal re-valuation impact of Rs 1.5bn and Rs 1.73bn hit due to inflated iron ore royalty charges. Management indicated IISCO plant expansion of 4.5mnT will start from FY27, with an estimated capex of Rs 36bn to...
Indian HRC: Indian HRC prices decreased by 1.4% WoW to Rs 48,500/tonne, amid significant slowdown in demand due to seasonal factors and an influx of cheaper steel imports. Billet-Ex-Raipur: Billet prices increased by 3.6% WoW to Rs 37,850/tonne, driven by revival in buying in sponge iron and finished...
SFC AUM growth remain stable at 17% YoY led by 11% YoY growth in disbursements. Management maintained guidance for 15% YoY AUM growth for FY26E. We expect 16% CAGR (FY25-27) AUM growth. NIMs declined by 14bps QoQ led by higher public deposits raised during the quarter. However, NIMs are expected to improve with rate cut and lower liquidity. Asset quality remained stable with GS3 at 4.53% vs 4.55% led by better collections. NII grew by 10% YoY led by lower NIMs; PPoP grew by 9% YoY led by higher operating expenses (up 20% YoY). PAT grew by 9% YoY led by lower provisions (up 8% YoY). We have...
SRF delivered results above our expectations primarily owing to strong performance in specialty chemicals and higher pricing of refrigerant gases. While Revenue grew by 10% YoY, EBITDA and PAT grew by impressive rates of 38% and 71% respectively. The chemicals business registered strong revenue growth of 24% YoY along with ~660 bps of YoY margin improvement to 27.3%. Gradual recovery is being seen in the agrochemical vertical with most of the inventory rationalization complete. The Fluorochemicals part of the business was elevated by stronger pricing and some counter measures employed in the...
APL's Q1FY26 performance was below our expectations. Revenue grew 4% YoY to Rs51.7bn, driven by 10% YoY volume growth, which was offset by 6% YoY decline in realizations due to a drop in steel prices. EBITDA rose 23% YoY to Rs3.7bn, while EBITDA/t increased by 12% YoY to Rs4,683 but declined by 4% QoQ due to higher employee cost related to ESOP expenses and lower volumes. Management expects performance to improve in H2 with conclusion of monsoon and increased govt. spending boosting money supply. However, management has reduced FY26 volume growth guidance to 10%-15% from 15%20% and expect EBITDA/t to range between Rs4,600-Rs5,000/t. We revise our...
DET recorded USD 162.7mn in revenue, reflecting a 1.0% YoY increase in rupee term, although EBIT margins were weighed down by wage increases. The overall group revenue remained flattish, supported by solid growth. Segment-wise, Transportation & Mobility posted a 2.5% sequential growth, while Networks & Infrastructure and Strategic Units faced temporary headwinds. Company has initiated a strategic reorganization, streamlining its operations into four distinct segments: DET, Cyient DLM, Semiconductor, and Others. To ensure meaningful analysis (YoY basis), DET's financials have been restated to exclude the...
Supreme Industries Ltd.'s (SIL) Q1FY26 result was below our estimates on key parameters. During the quarter the Plastic Pipe Systems business growth was adversely affected due to unfavorable PVC resin prices scenario and demand from infrastructure spend not picking. The segment was also affected due to 20 days early break off monsoon. This resulted in loss of agriculture piping system business due to fall in prices in the quarter also there were inventory loss affecting profitability in the quarter. SIL reported net sales of Rs26bn, down by 1% YoY, while EBITDA came in at Rs3.1bn, declined by 17.7% over Q1FY25. It...
Coforge delivered a stellar quarter with 9.6%QoQ dollar growth and is targeting 14% EBIT for the fiscal year, backed by strong fundamentals including intense execution, deep industry specialization, and engineering excellence. Revenue reached USD 442.4mn (8% QoQ, 51.5% YoY CC), driven by verticals like TTH (up 32.3% QoQ), emerging segments (up 12.7% QoQ), and top 10 client growth (up 15.7% QoQ). The firm secured USD 507mn in new orders, pushing the 12-month executable order book to a record USD 1.55bn, up 46% YoY. AI-led platforms such as Quasar AI and Forge-X, with 20+ proprietary assets, are accelerating delivery...
Infosys began it's first quarter with solid momentum, achieving 2.6% sequential and 3.8%YoY revenue growth in constant currency, driven by consistent performance across sectors and regions. Large deal wins reached USD 3.8bn, a 46% rise from the previous quarter, with 55% of the deals being net new, largely supported by vendor consolidation and strong demand for AI-led services. The company has deployed over 300 enterprise AI agents across various business areas, enhancing client productivity, decision-making, and operational efficiency. Despite headwinds from wage hikes and increased variable pay, Infosys...
PCBL's Q1FY26 revenue and PAT came in below our expectations. Carbon black sales declined 4% YoY, primarily due to 4% YoY drop in realizations driven by weak crude oil prices. Domestic volumes decreased by 1% YoY, while export volumes grew by 2% YoY. Consolidated EBITDA margin contracted 162bps YoY to 15.1%, reflecting margin compression in both carbon black and Aquapharm segments, largely due to increased freight costs and pricing pressures. EBITDA/t for carbon black remained flat QoQ to Rs17,791 impacted by lower realizations amid weak demand and oversupply caused by an influx of Russian supplies in...
Total Card Spends decreased during Jun'25 (stood at Rs 1.83L Cr Vs Rs.1.90L Cr in May'25). Credit Card spends decreased by ~3.6% MoM (v/s Increased ~3% in Apr'25), while it grew ~15% YoY vs ~15% in May'25. Total number of cards in force stood at ~111.2Mn as of May'25 (up by ~7% YoY and ~0% MoM). Net New Cards additions in the month were almost Nil; it is flat on MoM basis (vs 7.6 lakhs in May'25), indicating a cautious or subdued sentiment among lenders towards unsecured loans. New card issuances were majorly led by HDFCB (~2.1 lakhs), SBI (~0.8 lakhs), and Yes Bank (~1 lakh). Volume of transactions decreased by ~2% MoM (vs. up by ~4% in Apr'25),...
Kajaria Ceramic Ltd.'s (Kajaria) Q1FY26 result was broadly in-line with our estimate on net sales front, however, margins were beat to our forecast. The company undertook various cost saving measures which resulted into betterment of operating margin. The management guided no major capex in near term as demand in domestic market remains subdued. Given uncertainty in the domestic market, the company refrained from giving earnings guidance for FY26. Net sales was marginally up by 0.6% YoY to Rs11bn, while EBITDA came in at Rs1.8bn, higher by 9.3% YoY. The company reported net profit of Rs1.1bn, up...
MMFS' NIMs improved by 20bps QoQ led by improvement in yield on assets. Management guided for NIMs to improve from here on with positive impact of rate cut on cost of funds. Asset quality deteriorated with GS3 at 3.85% vs 3.7% QoQ led by higher write offs. Q1 generally is slow quarter with respect to collections. AUM growth slowed down to 15% YoY (17% YoY FY25) led by lower disbursements; we expect 14% CAGR over FY25-27E. NII grew by 20% YoY led by rise in NIMs. PPoP grew by 19% YoY led by lower operating expenses (up 17% YoY). PAT grew slowly by 3% YoY led by higher provisions (up 47% YoY). Thus, RoA...
Zensar delivered a strong Q1FY26 performance despite macroeconomic headwinds, reporting revenue of USD 162mn (up 3.3% QoQ), with AI contributing 30% to the active pipeline and 20% to order bookings. Over 50% of its workforce is now trained in AI/GenAI. Growth was led by TMT, BFSI, and healthcare, while manufacturing and consumer services declined slightly. EBITDA stood at 15.2%, down 40 bps due to higher sales and travel costs, while gross profit improved to 30.5%. Order bookings rose 11.7% YoY to USD 172mn, with employee utilization at 84.3%, up 40 bps YoY. The company launched Zen's AI platform, which received...
ICICI Bank reported slowdown in credit growth to 12% YoY vs 13% YoY (Q4FY25); further deposit growth also declined to 13% YoY (vs ~14% YoY Q4FY25). We expect 13% CAGR (FY25-27E) loan growth. NIMs declined by 5bps QoQ; lower than its peers as well as market estimates. However, need to watch out for impact of rate cut on NIMs during Q2FY26. Asset quality remain stable led by higher write offs. Bank reported strong profitability growth at 16% YoY led by lower operating expenses. PPoP grew by 17% YoY led by higher non-interest income (up 22% YoY). Higher credit costs led by higher write offs resulted in return...
HDFC Bank reported improvement in credit growth to 7% YoY (5% YoY Q4 FY25) while deposit growth stood at 16% YoY (2% QoQ) led by focus on lowering of CD ratio; at 95.1% vs 96.5% QoQ. Management maintained guidance for improvement in credit growth similar to industry average during FY26 and higher than industry during FY27. NIMs declined to 3.35% vs 3.46% led by rate cut impact; however, we need to watch out for further impact of rate cut on NIMs as ~70% loan book is linked to EBLR. Asset quality slightly deteriorated as GNPA stood at 1.4% vs 1.33% QoQ due to seasonality. NII grew by 5% YoY led by...
JSW Steel's Q1FY26 performance was broadly in line with our expectations. Revenue declined 4% QoQ due to 11% QoQ decline in volumes, driven by planned shutdown and seasonality. NSR increased 7% QoQ, led by higher steel prices. EBITDA increased by (19%/37%) QoQ/YoY to Rs75bn, while EBITDA per tonne rose by (33%/26%) QoQ/YoY to Rs 11,324/t, driven by higher steel prices and lower input costs, despite a drag of Rs3.43bn on account of MTM forex loss on euro currency loans. Management expects a recovery in volumes and EBITDA in Q2, backed by higher capacity utilizations, improved demand, and absence of...
Iron Ore Odisha: Iron ore prices increased by 1.4% WoW to Rs 7,250/tonne, as strong demand was registered in the OMC auction for lumps owing to the material shortage due to heavy rainfall in the region....
Wipro's Q1 FY26 results reflect a company navigating short-term headwinds while positioning for long-term growth. Revenues declined 2.0% QoQ and 2.3% YoY in constant currency, mainly due to macro uncertainty and weak discretionary spending, particularly in Europe and sectors like consumer and manufacturing. Despite this, margins improved to 17.3% (IT services), within the aspirational 17% to 17.5% band, showcasing strong cost discipline. The standout positive was a robust USD 5bn in total contract value up 51% YoY, including USD 2.7bn in large deals, driven by AI-led transformation and vendor consolidation. Wipro's AI-first...
LTIMindtree delivered a steady Q1 FY26, reporting 2% QoQ and 5.2% YoY USD revenue growth to USD 1,153mn, with a 50bps EBIT margin expansion to 14.3%, supported by efficiency gains from its Fit4Future program. Growth was broadbased, led by Consumer (+6.2%) and Healthcare & Life Sciences (+4.8%), while BFSI, Tech, and Manufacturing saw modest upticks. Europe stood out with 9.7% QoQ growth, offsetting a 6% decline in ROW. Order inflow rose 17% YoY to USD 1.63bn, marking the 3rd consecutive USD 1.5bn+ quarter, driven by key wins in agribusiness, AI-led programs, and digital transformation. Utilization improved to 88.1% despite a slight drop in headcount, reflecting better operational execution....
