Motilal Oswal Broker Research reports

SUNTV reported yet another weak quarter, with ad revenue declining 12% YoY (vs. -10% for Zee) amid weak consumer sentiment and cutbacks in ad spends on linear TV from the FMCG players.

Aditya Birla Fashion and Retail (ABFRL)’s 3QFY26 performance was a mixed bag. Ethnic & luxury retail delivered strong results, which were offset by the adverse impact of festive calendar shifts in Pantaloons.

State Bank of India (SBIN) reported 3QFY26 PAT of INR210.3b (25% YoY growth, 18% beat) due to higher other income and lower-than-expected provisions. The bank received dividend income of INR22b (SBIMF); despite netting off the one-off, performance remained strong across all fronts.

Prataap Snacks (PSL)’s revenue grew 3.8% YoY to INR4.6b in 3QFY26, supported by 4.0% volume growth. EBITDA/APAT grew 492.2%/255.9% YoY. Namkeen, Extruded and Chips continued to drive growth, while Snack Pellets & Rings declined.

IIFL has undertaken a fundamental repositioning of its business, consciously moving away from a high-beta, unsecured, and fintech-led lending franchise toward a secured retail platform complemented with co-lending partnerships.

Siemens (SIEM) posted weak results in 5QFY26 as revenue (including LVM) came in below our estimates due to weaker-than-expected performance in the smart infra and digital industries segment.

Shree Cement’s (SRCM) 3QFY26 EBITDA at INR9.2b dipped 3% YoY and was ~9% below our estimate, mainly due to lower-than-estimated volume and realization/t. This was, however, partly offset by lower opex/t. EBITDA/t at INR1,049 declined 4% YoY (est. INR1,077).

Repco Home Finance’s (Repco) 3QFY26 PAT grew 2% YoY to INR1.1b (in line). NII grew ~10% YoY to ~INR2b (in line). Other income declined ~40% YoY to INR118m (vs est. of INR150m).

Sapphire Foods India (SAPPHIRE) reported revenue growth of 8% YoY (in line) in 3QFY26, backed by a 7% YoY increase in store count. KFC sales growth was at 11% YoY, with SSSG returning to positive after eight quarters at +1% (est. flat; Devyani at -2.9%).

Kalyan Jewellers’ (KALYANKJ) consolidated revenue reported stellar 42% YoY growth to INR103.4b (est. INR97.9b). The Indian business achieved 42% YoY growth, driven by store additions (added a net of 18 Kalyan Indian stores and 14 Candere stores) and robust 27% SSSG (25% in the South, 29% in the non-South).

Bharti Hexacom (BHL) reported a steady 3Q, with ~1.5-2% QoQ growth in wireless revenue and EBITDA, which remained slightly weaker vs. BHARTI, despite seasonality benefits.

Bharti Airtel (BHARTI) reported a steady performance in 3QFY26, with consolidated EBITDA rising 4% QoQ. India performance (EBITDA +2% QoQ) was broadly in line, while Airtel Africa (+11% QoQ, 4% ahead) continued to benefit from Nigeria tariff hikes and favorable currency movements.

MRF’s 3QFY26 Adj PAT at INR7.3b was well ahead of our estimates of INR5.5b. This was largely attributed to strong operating performance, with EBITDA margins expanding 550bp YoY to 17.2% (vs. our estimate of 15.3%).

Updater Services (UDS) reported a 3QFY26 revenue growth of 10% YoY to INR7.7b, above our estimate of ~INR7.6b. Core EBITDA margin was 5.3% (est. 4.5%), up 70bp QoQ.

KNR Constructions (KNRC)’s revenue declined ~17% YoY to ~INR5.8b during 3QFY26 (14% above our estimate). EBITDA margin contracted 1,140bp YoY to 5.2% (vs. our estimate of 12.5%) in 3QFY26. The margin was hit by a spike in subcontracting expenses.

Data Patterns (DATAPATT) reported a strong quarter, with revenue surging 48% YoY. This growth was fueled by a high contribution from the Production segment (up 2.3x YoY) due to higher execution in 3Q.

VRL Logistics’ (VRL) revenue was flat YoY at INR8.3b (+4% QoQ), in line with our estimate. EBITDA margins stood at 20.6% (+40bp YoY and +160bp QoQ) vs our estimate of 18.9%.

VA Tech Wabag (VATW) reported a healthy in-line result in 3QFY26 as its revenue/adj. EBITDA/adj. PAT grew 19%/25%/37% YoY. Adj. EBITDA margin expanded 67bp YoY to 13.6%, within the guided range of 13-15%. VATW treats forex gains/losses as part of its core operations.

Max Healthcare (MAXH) reported a largely in-line financial performance in 3QFY26. After several quarters of strong YoY growth in EBITDA, MAXH posted a modest 2% YoY growth in 3Q.

Kaynes Technologies (KAYNES) reported a lower-than-expected operating performance in 3QFY26, with EBITDA growth of 27% YoY (est 56%).