Motilal Oswal Broker Research reports

Cholamandalam Investment and Finance (CIFC) appears to be emerging from a cyclical slowdown, with a recovery in growth momentum and early signs of asset quality improvement.

The expanded strategic partnership between Oracle and Bloom Energy (Bloom) to 2.8GW (from 1.2GW) underscores Bloom’s capability to provide fast and reliable power suited for AI workloads, which require rapid, load following support that traditional grids were not designed to deliver.

Rubicon Research (Rubicon) aims to make inroads into the central nervous system (CNS) therapy in India’s branded market (DF) through Arinna Lifescience (Arinna).

ICICI Lombard (ICICIGI)’s gross written premium grew 17% YoY in 4QFY26 to INR80.7b (in line). NEP rose 11% YoY to INR57.9b (6% miss) in 4Q, while it grew 13% YoY to INR222.6b in FY26.

ICICI Prudential Life Insurance (IPRU) reported APE of INR38.3b (6% beat), reflecting growth of 9% YoY in 4QFY26. For FY26, APE grew 2% YoY to INR106.4b.

ICICI Prudential AMC’s (IPRU) operating revenue grew 20% YoY (flat QoQ) to INR15.2b (in line) in 4QFY26. Yields came in at 55bp vs. 57.7bp in 4QFY25 and 56.3bp in 3QFY26. For FY26, revenue grew 23% YoY to INR57.6b.

We interacted with the management of Hero MotoCorp (HMCL) to discuss demand trends in the domestic 2W market and the outlook ahead amid ongoing geopolitical headwinds.

Anand Rathi Wealth (ARWM) posted an operating revenue of ~INR2.9b in 4QFY26 (in line), up 30% YoY but flat QoQ, primarily driven by a 35%/24% YoY growth in revenue from the distribution of financial products/MF.

LTFOODS' US business (~46% of revenue) has successfully passed on the majority of the 50% US tariff burden to customers, underscoring the brand stickiness of Daawat and Royal in its most important market.

TCS reported 4QFY26 USD revenue of USD7.6b, up 1.2% QoQ in CC (0.8% in organic cc terms), largely in line with our estimate of 1.5% growth. FY26 revenue declined 2.4% YoY CC.

Bosch approved the acquisition of 100% stake in its sister concern, Bosch Chassis Systems India (RBIC), which is one of the market leaders in automotive safety and braking systems.

IEX's Board had granted in-principle approval in Mar'26 to explore a coal exchange, tapping into a nascent opportunity backed by the Ministry of Coal's Draft Coal Exchange Rules (published in Dec'25).

COAL’s production in FY26 declined 1.6% YoY to 768mt, while offtake was down 3% YoY at 735mt, the muted volume was primarily attributed to increased competition from captive/merchant coal producers, subdued thermal power plant demand and high inventory levels.

Avenue Supermarts (DMart)’s revenue growth trajectory improved to 19% YoY in 4QFY26 (vs. 15% YoY in 9MFY26), driven by acceleration in store additions (though most of it was back-ended) and likely recovery in SSSG (vs. ~6% in the last few quarters).

Arvind Fashions (AFL) is demonstrating a steady operating momentum, with its 9MFY26 performance—highlighted by a robust 8% same-store sales growth (SSSG)—underscoring the strength of its execution across retail, online, and brand portfolios, despite broader demand conditions remaining soft.

MBL continues to guide a 15-18% long-term revenue CAGR. However, the confidence in delivering the growth guidance has improved, driven by early signs of replacement demand kicking in (after a lumpy wardrobe refresh postCovid in FY23).

JKCE management highlighted a healthy domestic demand trend in 4QFY26 led by broad based demand across key segments. The pricing environment remains mixed, with stronger traction in non-trade segment relative to trade.

Cera Sanitaryware (CRS) continued to witness healthy demand momentum in 4QFY26 after clocking a healthy 11% revenue growth in 3Q, following a <5% growth since 2HFY24.

Domestic CV demand, which had revived post-GST rate cut, has sustained even in Mar’26. Demand revival has been positive across all CV segments.

The disruption at the Strait of Hormuz has caused a setback in global shipping, leading to slower cargo movement and rerouting. Indian ports are facing challenges such as unscheduled cargo inflows from diverted vessels, resulting in congestion and export backlogs.