JSW Cement’s (JSWC) 1QFY26 revenue/EBITDA increased ~8%/39% YoY to INR15.6b/INR3.2b. EBITDA/t surged ~29% YoY/45% QoQ to INR975. OPM was up 4.6pp YoY at ~21%.
LTF began FY26 on a stable footing, despite ongoing asset quality challenges in the MFI industry (more residual in nature), unsecured business loans and micro-LAP.
During FY15-25, PHNX’s retail portfolio witnessed an 11% CAGR in consumption, supported by ~7% like-for-like growth in the existing malls and the opening of new malls in Lucknow, Indore, Ahmedabad, Pune, and Bengaluru.
We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.
In the FY25 AGM speech, RIL’s chairman, reiterated his ambition to double RIL’s EBITDA by 2027 (vs. 2022 levels), set a timeline of 1HCY26 for the IPO of Jio Platforms (JPL), targeted 20%+ Retail revenue CAGR over the next three years, and unveiled AI and FMCG as the new growth drivers.
SRF is set to benefit from regulatory shifts and evolving global consumption patterns, particularly under the Kigali Amendment. This will be led by its fully backwardintegrated operations, robust supply chains, and strong international presence.
India’s real GDP growth surprised positively as it accelerated to 7.8% YoY in 1QFY26 (highest in five quarters), up from 6.5% in 1QFY25 and well above our expectations of 6.5% (Exhibit 1).
The proposed GST rate rationalization has created uncertainty among consumers, leading to the postponement of purchase decisions, most noticeably in the PV segment, and to a lesser extent in 2Ws.
The banking sector’s earnings growth has been increasingly driven by non-core treasury gains even as NII growth has decelerated significantly due to sharp loan repricing and elevated funding costs.
Results and management commentaries of the key 25 companies across industrials, defense, and railways demonstrated sustained base ordering activity, along with a strong prospect pipeline for transmission, defense, and renewables, despite the absence of large orders during the quarter.
The banking sector’s earnings growth has been increasingly driven by non-core treasury gains even as NII growth has decelerated significantly due to sharp loan repricing and elevated funding costs.
The proposed merger of Dr. Agarwal Eye Hospital (AEHL) with Dr. Agarwal Healthcare (AHCL) would consolidate the businesses of AHCL and AEHL into a single entity.
We recently met with Coforge’s management to discuss the company’s outlook on growth, margins, and cash flow conversion. The team highlighted that while industry-wide demand remains mixed, budgets are opening up for vendors that can deliver outcome-driven solutions.
Our widespread consumer coverage universe, with a combined revenue of ~INR4,800b and a market cap of ~INR35,000b, registered aggregate revenue and EBITDA growth of 12%/5% in 1QFY26 and 8%/2% in FY25.
Adani Ports & SEZ (APSEZ) has transformed from a pure-play port operator into India’s most diversified transport and logistics platform, with strong growth visibility across ports, logistics, and marine services.
Godrej Consumer (GCPL)’s FY25 strategy focused on expanding the existing categories by innovating products across various sizes and price points while broadening distribution to enhance consumer reach, streamlining operations through radical simplification by reducing SKUs, personnel, and processes.