Motilal Oswal Broker Research reports

PI Industries (PI) reported a muted quarter as revenue declined 16% YoY due to 13%/18% YoY drop in domestic agrochem/CSM revenue.

Axis Max Life Insurance (MAXLIFE) reported an APE growth of 16% YoY to INR25.1b (in line). For 1HFY26, APE grew 15% YoY to INR41.8b.

Laxmi Dental (LAXMIDEN) delivered better-than-expected revenue in 2QFY26, whereas EBITDA and PAT came in lower than expectations.

KPDL achieved presales of INR6.7b in 2QFY26, down 13% YoY and up 9% QoQ (41% below our estimate), due to the absence of launches in the quarter.

Kirloskar Oil Engines (KOEL)’s 2QFY26 result was sharply above our expectations, driven by strong growth in the powergen, industrial, and export sectors.

Hindustan Aeronautics’ (HAL) 2QFY26 revenue/PAT came in line with our estimates. Lower-than-expected margins were offset by higher other income.

Gujrat Gas’ (GUJGA) volumes came in line with our estimate at 8.7mmscmd in 2QFY26, as both CNG/I&C-PNG volumes were in line with our estimate.

EPL reported a revenue of INR12b (+11% YoY) in 2QFY26, in line with estimates. This was driven by revenue growth across the Americas/EAP (up 27%/11%), while AMESA declined 1% to INR3.9b during the quarter.

Ellenbarrie (ELLEN) delivered a muted performance in 2QFY26 as EBITDA declined 8% YoY to INR335m. YoY growth was impacted by a one-time revenue of INR150m from Project Engineering in 2QFY25.

Container Corporation (CCRI)’s 2QFY26 revenue grew 3% YoY to INR23.5b (in line). Total volumes grew 11% YoY to 1.4m TEUs, with EXIM/domestic volumes at 0.109m/0.34m TEUs (+9%/+17% YoY).