IDBI Capital Broker Research reports

Indian HRC: Indian HRC prices increased by 0.6% WoW to Rs 47,300/tonne, rebounded after an 11-week downtrend, supported by mill-led price revisions amid rising raw material costs, improved export...

Emmvee is one of India's leading integrated solar photovoltaic (PV) manufacturers, engaged in producing high-efficiency solar modules and cells. With over 18 years of operational experience, the company ranks as the secondlargest pure-play integrated solar PV module and cell manufacturer in India as of March 31, 2025, with an installed capacity of 7.80 GW for modules and 2.94 GW for solar cells. While the current utilisable capacity is relatively lower due to plant ramp-up phases and ongoing efficiency optimization, the company's management has outlined a clear roadmap to enhance utilization levels over the next few quarters. This aligns with its long-term strategy to expand total...

Prince Pipes' Q2FY26 result was below our estimate on net sales, however, EBITDA and PAT were beat to our estimates. The management reiterated that the market continued to face a challenging environment primarily due to volatility in PVC resin prices and weak overall demandr conditions. Key end-user segments like infrastructure and real estate saw subdued activity, largely affected by an extended and uneven monsoon season that disrupted construction schedules. The agriculture segment also experienced softer demand as erratic rainfall patterns impacted farmrelated activities. Further, the delay in implementing the anti-dumping duty created uncertainty among channel partners, adding pressure on domestic PVC prices....

Astral Ltd.'s Q2FY26 result was above our estimates on key parameters. The management guided that overall demand was weak in the industry, and the second quarter was particularly challenging due to very high and extended monsoon, low government spending, and slow construction activity. Despite challenging business environment, Astral delivered healthy performance in Q2FY26, achieving 20% volume growth and 15% value growth on a consolidated basis. The company's decentralized plant structure helped gain market share and resulted in strong growing demand, despite the overall industry weakness....

Clean Science and Technology (Clean) reported results which were below our expectations. Volumes declined by almost 6% YoY leading to a ~7% decline in standalone revenues. The decline in revenues was owing to drop in sales volumes of established products. This was owing to sharp decline in end product pricing amid high Chinese competitive intensity. End markets of these products for certain customers are also seeing lower demand visibility. The management mentioned that one of the prominent FMCG Chinese customer could also have backward integrated which would mean permanent loss of volumes. However,...

Harsha Engineers (Harsha) delivered a good set of results. While Revenue grew by 7% YoY, EBITDA grew by 28% YoY to Rs535Mn. EBITDA margin also increased by 220 bps YoY to 14.1%. India Engineering business continues to be steady aided by healthy demand momentum. The most positive aspect of the result was the continued improvement in the overseas subsidiaries with steady performance in the Chinese subsidiary and a considerable improvement at Harsha Romania. Harsha Romania reported positive EBITDA post several quarters with revenue growth of 38% on YoY basis in Q2FY26.The management...

Castrol India's performance was broadly in-line with our expectations. Castrol's sales increased by 6% YoY, led by 9% YoY volume growth on the back of strong volume growth in the industrials segment (double digit) and CV segment (+8% YoY), while Personal Mobility grew 6% YoY. EBITDA increased by 13% YoY to Rs3.2bn, with EBITDA margin expanding by 148bps YoY to 23.7%, primarily aided by a fall in base oil prices and forex volatility, showcasing strong cost management. The Management remains focused on expanding the distribution network and deepening penetration in the Industrials segment and high margin...

Birlasoft reported stable Q2FY26 performance amidst a challenging macro environment, with dollar revenue marginally up 0.1% QoQ to USD 150.7mn and rupee revenue rising 3.4% QoQ. Manufacturing softness was partially offset by sequential growth in BFSI and Lifesciences. EBITDA margin expanded sharply to 16% from 12.4% in Q1, aided by operational efficiencies and one-offs, but the underlying margin excluding these benefits would be around 13.5%. Q2 deal wins totaled USD 107mn, with some committed deals spilling into Q3, which is expected to deliver growth in the seasonally weak quarter. The company...

CCL Products Q2FY26 performance was above our expectations. Sales grew 53% YoY to Rs11.3bn, driven by 20+% YoY volume growth and 33% YoY increase in realization due to improved coffee blends and higher prices. Gross margin contracted by 524bps YoY to 34.5%, primarily due to higher input costs. Consequently, EBITDA margin contracted by 107bps YoY to 17.5%, despite operational efficiencies and a favorable product mix. PAT increased by 36% YoY to Rs1,009mn. CCL maintained its volume and EBITDA growth guidance of 1020% and 15-20%, respectively and expects to close FY26 toward the upper end of this range. We value the stock at a PER of 25x FY27E EPS, arriving at a target...