Motilal Oswal Broker Research reports

LODHA’s presales are expected to clock a 22% CAGR, supported by healthy collections and debt at comfortable levels of 0.25x by the end of 1HFY26, despite aggressive BD additions of INR250b.

Shree Cement (SRCM) has been comparatively slower than its peers in terms of capacity expansion in one of its core markets in the north region, which led to market share loss for SRCM and also risks its pricing strategy over the medium term.

PB Fintech is a dominant digital marketplace in both insurance and consumer credit—two sectors benefiting from rising financial awareness, digitalization, and significant under-penetration.

INOX Wind’s (IWL) 2QFY26 deliveries at 202MW were in line with our estimate, whereas revenue came in below our estimate by 8% at INR11.2b (+53% YoY, +35% QoQ).

Oil India’s (OINL) 2QFY26 revenue came in line with our estimate at INR54.6b. However, oil/gas sales were 4%/2% below our estimate at 0.83mmt/0.66bcm.

EXID's 2QFY26 PAT of INR2.2b came in well below our estimate of INR3.2b on account of lower-than-expected revenue. Revenue was mainly affected by channel destocking in segments like auto replacement, UPS and solar and weak demand in home UPS due to extended monsoon.

Max Healthcare (MAXH) reported in-line revenue and slightly better-thanexpected EBITDA in 2QFY26. The overall performance was robust, with consistent 20%+ YoY revenue growth and better or in-line EBITDA YoY growth.

Glenmark Pharma (GNP) delivered a miss on 2QFY26 earnings, adjusted for a one-time upfront payment received from Abbvie. The miss was largely driven by a severe impact on the domestic formulation (DF) business following the GST transition.

Tata Motors Passenger Vehicles Ltd (TMPV) delivered one of its worst financial performance in recent times recording a consolidated loss of INR 55b largely due to significantly weak performance at JLR (EBITDA margin at - 1.6% Vs our estimate of 7%) even as India PV business performance was largely in line.

VIP Industries’ 2QFY26 print was below our estimates. Consolidated revenue declined 25.3% YoY and the company reported losses at the EBITDA/PAT level.