Motilal Oswal Broker Research reports

Britannia Industries (BRIT) posted consolidated net revenue growth of 9.5% YoY in 3QFY26 (est. 12.5%, 2QFY26 4%). GST-led trade disruptions weighed on performance in October.

Bandhan has endured a long and painful asset quality cycle over the past many years. After delivering a stellar ~4% average RoA over FY17-20, the profitability has declined sharply, with the average RoA shrinking to 1% over the past five years.

Ashok Leyland (AL)’s 3QFY26 PAT of INR 10.3b was ahead of our estimate of INR9.6b, led by better-than-expected margins and higher other income. EBITDA margin improved 50bp YoY to 13.3% despite input cost pressure, and it was primarily driven by the operating leverage benefit.

Apollo Hospitals Enterprises (APHS) delivered a strong beat on revenue/EBITDA/PAT (6%/6%/13%) in 3QFY26. The performance was largely driven by both hospitals and Healthco (digital health and offline pharmacy).

Eicher Motors’ 3QFY26 consolidated PAT at INR14.3b was largely in line with our estimate. While RE performance was better than expected, VECV performance was below expectations.

United Breweries (UBBL) reported a 4% YoY revenue growth in 3QFY26 (est. +1%). However, volumes dipped 1% YoY (est. -1%; +8% in 3QFY25) due to higher excise duties in some states, affordability pressures, and an early winter.

Oil India’s (OINL) 3QFY26 revenue came in line with our estimate at INR49.2b. However, oil/gas sales came in 3%/1% below our estimate at 0.82mmt/0.66bcm. Oil realization was USD62.84/bbl (our estimate of USD62.1/bbl).

Safari Industries’ (SII) 3QFY26 print misses our estimate; revenue grew 15.7% to INR5.1b, supported by ~20% YoY volume growth. EBITDA/PAT grew 10.5%/5.6% YoY.

PRIVI delivered a healthy performance in 3QFY26 as EBITDA grew 34% YoY tov INR1.5b. EBITDA margins expanded 200bp YoY to 25.0% (est. 23.1%), led by lower power & fuel costs (down 50bp) and other expenses (down 400bp).

PFC’s 3QFY26 PAT grew ~15% YoY to INR47.6b (in line). 3Q NII grew ~19% YoY to ~INR56.1b (~5% higher than est.). Other operating income grew ~14% YoY to ~INR6.8b (~16% higher than est.), which included dividend income of ~INR6.7b.