Motilal Oswal Broker Research reports

Galaxy Surfactants (GALSURF) delivered a weak quarter, with EBITDA declining 13% YoY. EBITDA/kg stood at ~INR17, down 11% YoY in 2QFY26, primarily due to global tariff headwinds, reformulation within the performance segment, and lower domestic volumes following GST-driven inventory adjustments.

Endurance Technologies (ENDU) delivered an in-line operational performance in 2QFY26. PAT miss was largely driven by higher-thanexpected depreciation and a higher tax rate in 2Q.

Bharat Dynamics (BDL) delivered a strong performance in 2QFY26 as supply chain issues started easing out, resulting in a sharp execution ramp-up. However, margins were affected by project mix during the quarter.

Apollo Tyres’ (APTY) 2QFY26 consolidated PAT (adjusted for one-offs) at INR3.9b was broadly in line with our estimate of INR3.7b.

Thermax’s (TMX) 2QFY26 results came in sharply below our expectations on lowerthan-expected order inflows, execution and margins.

Jyothy Laboratories (JYL) posted flat YoY sales growth in 2QFY26, with volumes rising 3% (est. 4%; 1QFY26 4%). The difference between value and volume growth was primarily due to MRP reductions, higher grammage, and promotional price-offs in select categories.

Info Edge’s (INFOE) standalone revenue stood at INR7.4b in 2QFY26, up 13.7% YoY/1.3% QoQ, in line with our estimate of ~INR7.4b.

Eris Lifesciences (ERIS) reported in-line revenue/EBITDA for the quarter. However, there was a slight miss on earnings due to higher interest costs and tax rate for the quarter.

Asian Paints (APNT) reported a 6% YoY growth in consolidated revenue (base -5%), with standalone sales up 6% YoY, marking growth after six consecutive quarters of decline.

Triveni Turbine’s (TRIV) 2QFY26 PAT beat our estimate on better-than-expected margins. Domestic order inflows have started improving and enquiry levels too have remained broad-based.