SRF delivered results in line with our expectations primarily owing to healthy performance in specialty chemicals and higher pricing of refrigerant gases. Higher volumes especially in HFCs also contributed to the growth. While Revenue grew by 6% YoY, EBITDA and PAT grew by impressive rates of 44% and 93% respectively. The chemicals business registered strong revenue growth of 23% YoY along with ~1080 bps of YoY margin improvement to 28.9%. Although some orders have been deferred on the agro side, we expect SRF to recoup the same in H2FY26. The Fluorochemicals part of the business was elevated by...
Shree Cement reported a resilient performance in Q2FY26 despite seasonal headwinds, supported by premiumization and cost discipline. Revenue rose 15% YoY to Rs43bn down 12% QoQ driven by stronger realizations and an improved product mix, while EBITDA increased 46% YoY to Rs8.5bn, translating to Rs1,049/t up 44% YoY. PAT surged 198% YoY to Rs2.8bn, underscoring robust margin recovery. Cement volumes grew 6.8% YoY to 7.9mn tonnes, though sequentially lower due to extended monsoons and softer North India demand. Realizations improved to Rs4,840/t, aided by the premium segment's share...
Coforge reported a strong Q2FY26 with consolidated revenue of INR 3,855 crore (USD 462mn), growing 8.1%/26.7% QoQ/YoY in INR terms, driven by robust growth in Travel (+6.4%), Healthcare, Retail & Hi-Tech (+5.9%), Insurance (+1.8%), and BFSI (+4%) sectors. EBIT margin expanded 251bps QoQ to 14%, supported by lower ESOP costs and operating leverage, despite higher hedge losses. PAT margin improved to 9.4%. Order intake reached USD 514mn with five large deals, lifting the executable order book to USD 1.63bn, up 26.7% YoY. Employee strength increased to ~35K with a low attrition rate of 11.4% and...
Acutaas Chemicals registered a superlative performance in Q2FY26. Revenue, EBITDA and PAT registered strong growth of 24%,95% and 94% respectively on YoY terms. We believe the company will can clock in revenue CAGR of 25-30% for the next 2 years with margins upwards of 29%. The growth will be propelled by strong growth in the advanced pharma intermediates business owing to strong traction in CDMO business and targeting of more molecules which will go off patent. We believe that strong traction in key molecules will continue along with further scale up of CDMO business with the increasing ramp up of the...
JSW Steel's Q2FY26 performance was broadly in line with our estimates. Revenue increased by 5% QoQ, driven by 10% volume growth as Dolvi, JVML and BPSL capacities ramped up. NSR decreased 4% QoQ, owing to a decline in steel prices. EBITDA decreased by 6% QoQ to Rs71bn, while EBITDA per tonne fell by 14% QoQ to Rs 9,693/t, driven by lower realization, partly offset by $6 savings in coking coal costs, savings in power costs and higher volumes. Management expects a recovery in steel prices in Nov-Dec'25 as they trade below the import price parity. JSW has announced two section mills to produce...
PCBL's Q2FY26 profitability was below our expectations. Carbon black sales declined 3% YoY, primarily due to an 11% YoY drop in realizations driven by weak demand amid global uncertainty. Domestic volumes increased by 10% YoY, while export volumes grew by 6% YoY. The Consolidated EBITDA margin contracted 450bps YoY to 12.3%, reflecting margin compression in both the carbon black and Aquapharm segments, largely due to pricing pressure on falling crude prices. EBITDA/t for carbon black segment fell 24% QoQ to Rs13,489 amid high input tariffs imposed by US. Consequently, we revise our...
L&T Technology Services (LTTS) reported a resilient performance as revenue stood at INR 2,980cr, up 4% /15.8% QoQ/YoY, while USD revenue rose 10.4% YoY in CC term and margin improving to 13.4%. The company secured record large deals worth USD 292mn, primarily from the Sustainability and Tech segments, which both reported double-digit growth. LTTS's proactive push towards AI-driven solutions is evident in its 216 GenAI patents and successful monetization of platforms like PLxAI and QGuard.ai. Operational discipline led to stronger cash flows and reserves, while management remains optimistic...
LTIMindtree delivered strong results in Q2FY26, with revenue reaching USD 1.18bn, up 2.3% & 4.8% QoQ/YoY. EBIT margin expanded by 160bps to 15.9%. The company secured USD 1.59bn in orders, driven by significant deals across key sectors like media, financial services, and manufacturing. AI-driven digital transformation remains central, with projects leveraging their Blueverse platform, cloud migration, and AI governance solutions. Headcount increased by ~2.5K, with extensive AI reskilling of over ~80K employees. LTIMindtree targets near double-digit growth in H2FY26, balancing productivity gains and...
Wipro Limited reported Q2FY26 IT services revenue of USD 2.6bn, with 0.3% sequential growth in constant currency and a 17.2% adjusted operating margin, reflecting operational discipline despite one-off impacts. Americas 1 and Europe markets grew sequentially, supported by BFSI, healthcare, and technology sectors. The company closed USD 4.7bn in contract value with 13 large deals, including two megadeals in healthcare and BFSI, driven by AI-powered transformations and vendor consolidations. Wipro launched "Wipro Intelligence," a unified AI platform suite accelerating client digital transformation...
Cyient reported Q2 FY26 results with DET revenue rising 3.3% QoQ and 4.5% YoY in rupee term, while EBIT margin improved 16 bps sequentially to 12.2%. Despite wage hikes and restructuring costs (200 bps impact), cost optimization offset the pressure. PAT stood at INR 137cr, down 16% QoQ. Transportation and Network & Infrastructure units grew 3.9% and 3.6% QoQ respectively, while the semiconductor business rebounded 12% QoQ, aided by strong order intake and a USD 100mn pipeline. DLM reported strong momentum in (with 130% YoY) order-intake and double-digit margins. The group expects to be EBIT-neutral in...
