Motilal Oswal Broker Research reports

Global Health (Medanta) delivered better-than-expected revenue (9% beat) in 2QFY26. However, it delivered marginally lower-than-expected EBITDA/PAT (3%/2% miss) for the quarter.

Emami’s consolidated revenue declined 10% in 2QFY26 (inline), impacted by GST 2.0-led temporary trade disruptions in Sep’25 and extended monsoon affecting the summer portfolio.

Birla Corporation (BCORP)’s 2QFY26 EBITDA was above our estimates, led by lower-than-estimated opex/t and better performance in the Jute business.

Play on India’s solar scale-up; indigenization of clean power generation: WEL encapsulates the India module story, with national installed solar capacity set to rise from 100GW in 1QFY26 to 160GW by FY28.

NALCO (NACL)’s revenue stood at INR42.9b (+7% YoY and +13% QoQ) vs. our est. of INR37.1b. The growth was driven by favorable aluminum prices.

In 2QFY26, Aegis Logistics (AEGIS) reported EBITDA of INR2.9b, beating our estimate by 13%, as the normalized EBITDA of the gas division came in 68% above our estimate, while that of the liquid division stood 15% below estimates.

Power Finance Corporation (PFC)’s 2QFY26 PAT grew ~2% YoY to INR44.6b (~17% miss). PAT in 1HFY26 grew 11% YoY, and we expect PAT in 2HFY26 to grow by 10% YoY.

Happy Forgings’ (HFL) 2QFY26 PAT at INR734m was largely in line with our estimate. The key highlight of 2Q was its record high margins at 30.7% (+150bp YoY) in a weak demand environment, especially in exports.

Amber Enterprises (AMBER) posted a weak performance in 2QFY26. Weakness was driven by the consumer durable segment, which was impacted by lower demand and delayed purchases owing to GST 2.0.

Hitachi Energy’s 2QFY26 results beat our estimates on the back of a sharp recovery in EBITDA margins and higher other income. Order inflow was healthy for the quarter, and the bid pipeline also remains strong for the company.