Motilal Oswal Broker Research reports

Amara Raja’s (ARENM) 1QFY26 PAT at INR1.9b was below our estimate of INR2.1b due to lower-than-expected other income. Margins remained under pressure at 11.5% due to higher non-lead alloy costs and higher power costs.

Revenue stood in line with our estimate at INR67.4b, rising 25% YoY but declining 4% QoQ. Muted volumes QoQ were offset by healthy NSR.

Glenmark Pharma (GNP) reported a lower-than-expected performance in 1QFY26, as revenue/EBITDA/PAT came in 9%/14%/15% below our estimates.

Aditya Birla Fashion and Retail (ABFRL) delivered a better-thanexpected operational performance in 1QFY26, with revenue growth of 9% YoY (strong performance in Ethnics and TMRW) and EBITDA growth of 25% YoY (~22% beat,) driven by 16-24pp improvement in profitability for Ethnics and Luxury Retail.

Spandana Sphoorty’s (SPANDANA) 1QFY26 loss stood at ~INR3.6b (vs. a loss of INR4.3b in 4QFY25). 1Q NII declined ~70% YoY to ~INR1.3b (~8% miss). Operating loss stood at INR587m (PQ: operating profit of INR251m).

IndoStar Capital Finance (IndoStar) delivered a weak performance in 1QFY26, with muted disbursements and weak AUM growth, impacted by tighter stringent underwriting and seasonal factors.

Ashok Leyland’s (AL) 1Q PAT stood at INR5.9b, marginally ahead of our estimate of INR5.8b, led by a slight beat on margins (30bp) and higher other income.

Deepak Nitrite (DN) reported a muted operating performance in 1QFY26, as EBITDA declined by 39% YoY to INR1.9b.

TCI Express’s (TCIE) 1QFY26 revenue declined 2% YoY to INR2.9b (-7% QoQ), 9% below our estimate. Volumes declined ~1% YoY in 1QFY25, impacted by slower growth in the SME segment.

IRB’s revenue grew 13% YoY (in line) to ~INR21b in 1QFY26. Revenue included gains on InvIT & related assets as per fair value measurement, and dividend/interest income from InvITs & related assets.