DDev Plastiks Industries Ltd (DDEVPLAS) reported a robust Q1FY26 earnings on key parameters. The company reported 9% YoY increase in NSR at Rs148/Kg, while sales volume increased by ~13% YoY to 51,733MT. The management remains committed to its long-term objective, targeting volume growth of approximately 10-15% and revenue growth of 12-13%. On a conservative basis, the company aims to achieve a revenue of about Rs4,500crs- Rs5,000crs by FY30. We believe DDEVPLAS is well poised to benefit from healthy demand outlook of domestic wires and cables industry. Given promising outlook by the...
Lemon Tree Hotels Ltd.'s (LTH) Q1FY26 result was in-line with our estimates on key parameters. The company continued its outperformance and reported yet another the best ever Q1 performance. The management anticipates continued growth in demand, driven by the addition of approximately 1,800 planes in India and improving connectivity through Vande Bharat trains, growing airports, and ambitious highway construction. LTH aims is to complete renovations for the entire portfolio of owned hotels by FY27, with about 65-70% of 4,300 rooms already completed in the last two and a half years. The company is confident of...
Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q1FY26 was in-line with our estimate on net sales and EBITDA front, while net profitability disappointed. The company during the quarter witnessed an increase of 13% YoY in ARR at Rs7,335, and 11.5% in RevPAR at Rs6,751. While occupancy for Q1FY26 stood at 92%. Total Revenue from the F&B segment stood at Rs660mn during Q1FY26, contributing 42% to the total revenue. Revenue from management contracts in Q1FY26 was Rs40mn. This division is expected to generate over Rs200mn in revenue by year-end, potentially reaching Rs250mn with new additions. The...
Rolex Rings (Rolex) exhibited an improved performance in Q1FY26. The slowdown in their main segment of bearings is particularly impacting performance. Exports revenue for bearing rings and automotive components declined 21% and 15% YoY respectively owing to lower off take amid tariff related uncertainties. An important aspect to note is that of an audit qualification with qualified opinion of Rs2,278.6mn from the banks for Right to Recompense (RoR) against which the company has provided Rs506mn till date. The company has secured legal opinion and there remains a probability of...
Century Plyboards' Q1FY26 profitability missed our expectations. Revenue grew by 16% YoY to Rs12bn, driven by strong growth in Plywood (+15% YoY) and MDF (+24% YoY), despite a decline in Particle boards (-7% YoY). EBITDA margin contracted by 10bps YoY to 11.0%, due to margin pressure across all segments except for MDF. Century's new particle board facility in Chennai, with revenue potential of Rs5bn+ and EBITDA margins of 15.0%, commenced operation in Q1FY26 and is expected to drive volume growth from Q2FY26 onwards. Additionally, the plywood facility at Hoshiarpur, with a capacity of 50,000 CBM,...
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...
