Relaxo Footwears Ltd.'s (Relaxo) Q1FY26 result was below our estimates on key parameters. The company had yet another quarter of weak performance as sales volume declined. We believe there is no major uptick in demand environment post muted performance in Q4FY25 as well. The management's prudent cost cutting has been detrimental in operating margin improvement in Q1FY26. We believe Relaxo's earnings may remain under pressure in near term as sales volume may remain muted. However, the management is taking strategic steps such as the Retailer Parivar App, broadening the ecommerce...
Tata Steel's Q1FY26 performance was above our expectations on all fronts. Revenue declined 5% QoQ to Rs532bn, impacted by a 5% QoQ drop in volumes due to maintenance shutdowns at Jamshedpur and NINL. However, this was partially cushioned by a 11% QoQ increase in realizations. Consolidated EBITDA increased by 13% QoQ to Rs74bn, with EBITDA/t improving 32% QoQ to Rs10,432. The UK operations significantly reduced their EBITDA loss to Rs7,772/t in Q1FY26 from Rs13,758/t in Q4FY25 while Netherland business reported EBITDA of Rs4,080/t up from Rs712/t in Q4FY25, supported by global cost...
DCB Bank's NIM declined by 9bps QoQ to 3.2% led by decline in yield on assets. Management targets improvement in NIMs to 3.2% with 20% liability book growth planned. Asset quality remain stable with GNPA at 2.98% vs 2.99% QoQ led by higher write offs. However, slippage ratio inched up led by stress in MFI and unsecured portfolio. Banks deposits growth remained strong at 20% YoY; credit growth too witnessed strong growth at 21% YoY. We expect 18% CAGR (FY25-27E) credit growth. NII grew by 17% YoY led by decline in margins. Core fee income grew by 18% Yoy; while one time gain during the quarter supported higher other income....
CUB reported further improvement in credit growth during Q1FY26 as sequentially strong growth vs historically slow quarter. Credit growth improved to 16% YoY (vs 14% YoY Q4FY25) led by gold loan and MSME segment. Further, management guided credit growth to be better than industry average for FY26 by 200-300bps. NIMs declined by 6bps QoQ to 3.54% led by increase in cost of funds. Asset quality improved as GNPA stood at 2.99% vs 3.09% led by higher write offs. PAT grew by 16% YoY led by higher non-interest income. NII grew by 15% YoY led by decline in NIMs. Thus, RoA remained stable at 1.5%; management guided for...
Greenply's Q1FY26 Revenue grew 3% YoY to Rs6bn, driven by healthy growth in MDF segment. EBITDA increased by 6% YoY to Rs616mn, with EBITDA margin expanding by 34bps YoY to 10.3%, driven by improved margins in the MDF segment. Adj. PAT declined by 28% YoY to Rs204mn, (excluding Rs 44.3mn received on liquidation of 30% stake in GMEL-Dubai). Net debt increased by Rs74mn to Rs5.4bn, due to inventory build-up in preparation for MDF plant capacity extension in the month of Aug'25. Also, Greenply plans to set up PVC & WPC windows facility with a capex of Rs 550mn, which can achieve revenue of...
Sonata delivered a steady Q1 FY26 performance, with international services revenue at USD 81.8mn (up 0.6% QoQ, down 1.1% YoY) and EBITDA at 16.6%. USD105mn order book and USD 46mn in AI-led deal wins, including three large deals across BFSI and TMT, reflect strong momentum. Seven new enterprise clients were added, and BFSI and Healthcare & Life Sciences now contribute over 34% of revenue. Sonata's modernization strategy has anchored in AI, data platforms, and engineering which continues to scale, supported by strategic partnerships with Microsoft, AWS, Wharton, and IISc. AI now drives 20% of the...
Navin Fluorine International (NFIL) delivered strong performance in the quarter. Revenue for HPP, Specialty Chemicals and CDMO grew by 45%,35% and 22% respectively on YoY basis. Higher volumes and pricing of R32 led to strong growth in HPP segment. Specialty Chemicals segment is witnessing healthy capacity utilization with NFIL focusing on volume led growth. Order book prospects for CDMO are sanguine with continued pipeline of RFQs and orders. We fine tune our FY26 and FY27 estimates to bake in higher growth. We maintain our HOLD rating with revised TP of Rs 5,001 at 45xFY27 expected earnings....
Acutaas Chemicals registered a strong performance in Q1FY26. Revenue, EBITDA and PAT registered strong growth of 17%,73% and 218% respectively on YoY terms albeit from a weak base. We believe the company will can clock in revenue CAGR of 25-30% for the next 2 years with margins upwards of 23%. 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...
Voltamp Transformers (VAMP) reported a soft operational performance in Q1FY26. Revenue and EBITDA declined by 1% and 4% while PAT remained flat on YoY basis buoyed by higher other income led by higher mark to market gains. VAMP clocked in sales volume of 3,260 MVA in Q1FY26 which is a decline of ~8% YoY in MVA terms. Voltamp has been a preferred vendor amongst its clients due to its prudent execution track record and working capital management despite the cyclical nature of the business. We believe growth will be soft over FY26 owing to capacity constraints. However, we expect significant pick up in volume...
IndusInd Bank's asset quality deteriorate further with GNPA in consumer banking segment inch up to 4.7% vs 4.1% QoQ. MFI portfolio which remains key concern segment reported rise in GNPA (@16% vs 13% QoQ). Credit growth de-grew by 4% YoY (down 3% QoQ); similarly deposit growth de-grew by 3% QoQ. MFI portfolio de-grew by 5% QoQ along with sequential decline in corporate book resulting in 6% QoQ decline in loan growth. We have revised down the credit growth to 8% CAGR (FY25-27) vs 11% earlier. NIMs remain flat at 3.5% vs 3.5% QoQ (if adjusted for one-offs during Q4FY25). Bank reported profit of Rs.6bn vs loss last...
