NAM saw a stable quarter as QAAuM and core income were largely in-line. Despite strong equity QAAuM growth of 9.1% QoQ and fall in equity share by 37bps QoQ, blended yields were higher to PLe by 0.9bp since (1) company is still benefitting from commission rationalization and (2) ETF yields improved by 2bps QoQ due to sizable growth in higher yielding AuM. NAM continues to gain market share in equity MAAuM as share in net equity flows (ex-NFO) is healthy at 11.4% in Q1FY26 (10.6% in FY25) which is higher than stock MAAuM...
SAIL delivered weak operating performance in Q1FY26 due to inventory revaluation loss in RM and higher other expenses. Volumes grew 4% YoY (incl NSL's low contribution volumes, total volume growth was 13% YoY). Higher royalties and other expenses negated the benefit of higher steel prices. The average NSR grew 5% QoQ, aided by better flat and long product prices, driven...
Total ~350 beds are expected to become operational in FY26 Rs1.04bn, in line with our estimates. RAINBOW enjoys higher margins, strong asset-light hub-and-spoke model, it being the only integrated multi-specialty pediatric hospital chain in India offering comprehensive services, and its fulltime doctor engagement model. Strategic expansion across its core markets in...
the near term with 1) Growing traction in pharma business with superior EBITDA/kg of ~Rs100 2) Double digit volume growth guidance for paints led by enhanced capacity for Aditya Birla group 3) Asian paint moving towards IML with all four plant IML ready by MTEP and 4) Healthy margin outlook for ( Rs4142 EBITDA/Kg) FY26/27 led by growing traction in food, paints and pharma....
Total volume stood at 220TBtu (Ple 205 TBtu, -16% YoY, +7% QoQ). However, the company took an impairment of Rs1.4bn during the quarter on account of take-or-pay. As a result, despite higher-than-estimated volume, the company...
KMB saw a weak quarter as miss on provisions, fees and NII led to 13.7% lower core PAT. While NII was cushioned as cash was utilized to pay-off borrowings, Q2FY26 would see impact of normal liquidity and 50bps repo cut suggesting NIM decline QoQ. However, H2FY26 NIM could improve due to CRR cut and deposit repricing. While loan growth was healthy at 4.2% QoQ, it was led by SME and mid-market. Barring housing, retail growth was sluggish due to weak demand while unsecured recovery is slower. Hence, we trim loan growth by...
Q1FY26 AUM grew 16.6% YoY to Rs 2,722.5 bn, led by strong growth in the PV, 2W, MSME and Farm Equipment portfolio. NII saw a lukewarm growth of 10% YoY impacted by negative carry from excess liquidity; however CoF has started to reduce and we expect NIM to improve in FY26. While credit cost was controlled (at 2.1%), Stage 2 increased by 40 bps QoQ. We remain conservative and build a higher credit cost of 2.1% for FY26E (vs. guidance of <2%). We marginally tweak our FY26/ FY27 estimates and expect SHFL to deliver RoA/ RoE of 3.3%/ 17.0% in FY27E, led by steady growth in AUM, favourable margin...
BOB saw a weak quarter yet again as core PPoP adjusted for IT refund was 12.4% lower to PLe due to (1) miss on NIM by 8bps led by softer reported yields on loans and investments (2) weaker fee income and (3) higher opex led by other opex. Fall in reported NIM at 6-7bps QoQ was lower to peers (11-18bps decline). NIM may remain under pressure in Q2FY26 due to lead-lag impact of repo rate cut on loans/deposits. However, bank expects 70% of deposits to reprice within 1-2 quarters suggesting that NIM would start improving since...
The acquisition of Damas will enable TTAN to consolidate its presence in USD15bn GCC jewellery market with brands like Damas, Tanishq and Gaia. TTAN will be paying an EV of AED 1038mn, which will be funded through a debt of Rs12bn and small funding from reserves. Damas has debt of ~700mn AED and working capital is funded by gold metal loan....
CIPLA's Q1FY26 EBITDA (Rs17.8bn; 25.6% OPM) was 6% ahead of our estimates. Cipla managed to deliver strong margins during the quarter. During the quarter company witnessed price erosion for its generic products which was offset by new launches such as gAbraxane. Mgmt guided strong US revenues of $1bn for FY27 despite gRevlimid erosion. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...
