Khambatta Securities Broker Research reports

JNK India’s performance in 3Q FY26 was robust. The company remains well-positioned to capitalize on India’s projected 7% GDP growth and government’s Rs 12 lakh crore capital expenditure focus on infrastructure and clean energy.

Emami's performance in 3Q FY26 showed broad-based recovery. Management is optimistic about 4Q FY26 and beyond. They are targeting double-digit growth for their brand teams, particularly as GST rates have now stabilized at 5% for ~88% of the portfolio and trade channels.

Sharda Cropchem Limited (SCL) reported a solid revenue growth of 38.7% y-o-y in 3Q FY26, reaching Rs 1,288.8 crore. This growth was primarily driven by volume growth of 14.4% and change in the product mix.

Established in 2010, JNK India is a leading combustion equipment provider for the oil/gas, petrochemical, and fertilizer sectors, recently diversifying into green hydrogen and waste gas systems.

Emami's performance in 2Q FY26 was impacted by external, non-recurring factors primarily related to the GST rate changes. Management is optimistic about a rebound in the second half of FY26.

SCL reported a robust performance in 2Q FY26, driven by strong volume growth and margin expansion. The Company remains optimistic about a gradual recovery in the global agrochemical market, noting that inventories have normalized across distribution channels.

Emami's performance in 1Q FY26 was impacted by external factors like
unseasonal weather which particularly affected its summer-focused portfolio.
Despite these challenges, the company's core domestic business, excluding
talc, demonstrated resilience with a 6% y-o-y revenue growth.

Sharda Cropchem Limited (SCL) reported a 25% y-o-y increase in total revenue for 1Q FY26, reaching Rs 984.8 crore.

EFC reported strong growth in 1Q FY26. In it’s core division, managed office space, the company expanded its seat portfolio to 63,389 from over 60,000 at the end of FY25.

EFC reported robust results in FY25. For it’s core division, Leasing, Management aims to expand their capacity by 22,000-25,000 new seats in FY26 at Rs 6,500-7,000 per seat and expects 90% occupancy.

Emami reported healthy sales growth in 4Q FY25 despite tepid urban mass demand. In FY25, the company's domestic business launched over 25 new products.

Sharda Cropchem Limited (SCL) reported solid growth in 4Q FY25 as revenues increased by 39.4% y-o-y to Rs 1,828.5 crore. This robust quarterly growth was mirrored by a strong overall top-line performance for the entirety of FY25.

Krsnaa Diagnostics Limited’s (KDL’s) revenue decreased due to seasonal
factors and temporary operational issues. The Mumbai BMC project ended
earlier than expected, and the Maharashtra city and Madhya Pradesh MRI
installations experienced delays due to site handover issues which led to a
temporary dip in revenues.

Varroc Engineering reported healthy revenue growth of 10.1% y-o-y in 3QFY25. This was driven primarily by a strong showing by the company’s India business, which achieved 9.5% growth despite headwinds in the 2W, 3W and PV markets.

Century Plyboards (India) Limited (CPIL) reported robust revenue of Rs 1,140.5 crore (+21.7% y-o-y) in 3Q FY25, driven by volume expansion in MDF (+19.0% y-o-y) and Plywood (+16.0% y-o-y). The Particle Board (1.2% y-o-y) and Laminates (-9.4% y-o-y) segments witnessed volume de-growth.

? Krishna Institute of Medical Sciences (KIMS) reported a robust 29.7% y-o-y increase in total income to Rs 790.2 crore in 3Q FY25.
? Calculated blended occupancy rate (basis total bed capacity) was 50.7% in 3Q FY25, compared to 56.8% in 2Q FY25.

Raw material costs, especially for palm oil and potatoes, continued to rise in the third quarter as expected. The reinstatement of import duties on crude and refined palm oil exacerbated the RM cost issue and its consequent impact on margins.

Subros reported a revenue growth of 12.1% y-o-y in 3Q FY25, while 9MFY25 sales increased 9.8% y-o-y, led by higher volume and Start of Production (SOP) of a new business award. Quarterly EBITDA increased 27.4% y-o-y while EBITDA margin expanded 111 bps to 9.2%.

EFC reported modest results in 3Q FY25. The company has lowered its revenue growth forecast for FY25 from a potential doubling of FY24 revenue to a more conservative target of at least 50% growth.

Home First Finance Company (HFFC) reported robust 3Q FY25 results driven by continued growth in disbursals (Rs 1,193 crore, +18.4% y-o-y, +1.4% q-o-q). AUM reached Rs 11,945 crore (+32.6% y-o-y, +6.4% q-o-q).