Motilal Oswal Broker Research reports

Adjusting for a one-time extraordinary expense, CEAT’s 3QFY26 earnings came in line with estimates at INR1.96b. Healthy volume growth across segments, coupled with stable commodity prices, drove margin beat at 13.6%.

Can Fin Homes’ (CANF) PAT for 3QFY26 grew ~25% YoY to INR2.6b (in line). NII grew 22% YoY to ~INR4.2b (in line). Fee and other income stood at ~INR97m (PY: INR58m).

Suzlon Energy’s (SUEL) share price has been under pressure, declining 15% so far in FY26. Key investor concerns are related to the cannibalization of wind’s share in tenders from the solar + BESS segment, a slow pace of wind installation, and rising competitive intensity in wind.

We attended the TMCV launch event in Delhi, where it launched 17 new trucks spanning 7-55 tonnes across ICE and EV platforms. The new launches have been structured around its three key pillars: Profit, Safety, and Sustainability.

In 3QFY26, revenue stood at INR110b (+28% YoY and QoQ), which was 10% above our estimates. The growth was driven by favorable commodity prices and volume recovery.

Havells India’s (HAVL) 3QFY26 earnings were below our estimate due to the weak performance of Lloyd and lower margins in the cable & wire (C&W) and lighting segments.

Punjab National Bank (PNB) reported 3QFY26 PAT of INR51b (13% YoY/4% QoQ, 7% beat on MOFSLe), aided by higher other income, partly offset by higher-than-expected provisions (floating provisions of INR9.6b).

PNB Housing Finance (PNBHF) continues to deliver a resilient and wellbalanced operating performance versus peers, navigating regional disruptions, intensified bank competition, and NIM pressure in a declining rate environment while sustaining growth and asset quality.

LTIMindtree (LTIM) reported a revenue of USD1.2b in 3QFY26, up 2.4% QoQ in constant currency (CC), above our estimate of 2.2% QoQ CC growth. EBIT margin at 16.1% was in line with our estimate of 16.0%.

JK Cement’s (JKCE) 3QFY26 EBITDA was up 13% YoY to INR5.6b (in line). OPM contracted 70bp YoY to ~16% (-90bp vs. estimate). EBITDA/t declined 7% YoY to INR935 (-6% vs. estimate).

TVS Motor Company (TVS) has been the only two-wheeler player in India to showcase consistent market share gains across its key segments over the past decade and has delivered this with earnings CAGR of 23% and RoCE improvement to 36% (from 22%).

RBL Bank (RBK) reported a 3QFY26 PAT of INR2.1b (20% miss, up 20% QoQ) amid higher-than-expected provisions, partly offset by better other income. NII stood better at 4.6% YoY/6.9% QoQ, reaching INR16.6b (in line with MOFSLe).

ICICI Bank (ICICIBC) reported 3QFY26 PAT of INR113.2b (9% miss on MOFSLe, 4% YoY decline), amid INR12.83b provisions related to Agri assets. NII, PPoP, and Adj PAT stood in line, alongside stable margins.

HDFC Bank (HDFCB) reported 3QFY26 profit of INR186.54b (11% YoY growth, in-line), as lower provisions offset the impact of new labor code.

Tata Technologies (TTL) reported revenue of USD153m in 3QFY26, up 2.3% QoQ in CC terms vs. our estimate of 1.0% QoQ in CC. Services segment revenue stood at USD118.6m, rising 3.8% QoQ in CC (organic 1.0% CC).

Wipro (WPRO) reported 3QFY26 IT Services revenue of USD2.6b, up 1.4% QoQ CC, in line with our estimate of 1.5% QoQ growth. It posted an order intake of USD3.3b (down 30% QoQ), with a large-deal TCV of USD0.9b (down 6.2% YoY).

Tech Mahindra (TECHM) reported 3QFY26 revenue of USD1.6b, up 1.7% QoQ in CC vs. our estimate of 0.5% CC growth. Retail/Technology/Healthcare rose 4.0%/3.0%/3.0% QoQ, whereas BFSI declined 6.2% QoQ (in USD terms).

Total bookings grew 52% YoY/11% QoQ to INR21.2b (29% below estimate). Sobha’s share of bookings was up 45% YoY/18% QoQ to INR18.2b. For 9MFY26, SOBHA clocked total bookings of INR61b, up 37% YoY.

Reliance Industries (RIL) posted a soft 3Q; its consolidated EBITDA was flat QoQ at INR460b (+5% YoY, 4% below estimates), hurt by a weaker performance of Reliance Retail (RRVL).

Poonawalla Fincorp’s (PFL) 3QFY26 PAT grew ~102% QoQ to ~INR1.5b (~21% miss). NII grew ~50% YoY to ~INR9.2b (in line). Other income jumped ~173% YoY to ~INR1.6b, primarily due to higher fee income in the quarter.