Zydus Lifesciences (ZYDUSLIF) Q1 EBITDA beat our estimates by 5%. We believe gRevlimid + gMirabegron contributes +45% to total FY25/Q1FY26 EPS which will see erosion from H2FY26. Though, company is working on a robust pipeline of complex products, including injectables, 505(b)2, transdermals, NCE, biosimilars and vaccines, they are expected to materialize over the next 23 years. We expect US sales to decline in FY27 given sales erosion in some of...
was weak with 4.3% OPM; impacted by certain one offs and price erosion in certain products. Mgmt. reiterated its FY26 guidance of 9-10% revenue growth however 75bps margin expansion vs 100 bps earlier. Our FY26E and FY27E EPS...
AAVAS saw a weak quarter as disbursal growth fell by 43% QoQ (usually Q1 sees a 25-30% QoQ dip) and overall stress increased. Disbursals were ~17% lower to PLe since the company transitioned to a realization-based model for disbursal recognition to adopt a more conservative approach, also aligning with regulatory expectations. Credit flow for Jul'25 has normalized to Rs5.56.0bn vs avg. Rs3.8bn in Q1'26. While AAVAS has guided for an AuM growth for FY26E of 18-20%, we have factored an AuM CAGR of 17% due to the Q1'26...
Astral Ltd (ASTRA) has reported flat volume growth of 0.5% in the plastic pipe segment due to weak demand scenario and delays in ADD on PVC resin. Its plumbing EBITDA margin contracted by 150bps YoY to 16.4%, with EBITDA per kg for the plastic pipe segment at Rs 27.9 after inventory loss of Rs 250mn in Q1FY26. During the quarter, PVC prices declined by 14% YoY. However, from Q2FY26, prices stabilized, and volumes began to recover. In July'25, the company recorded a 30% YoY volume growth. We anticipate ASTRA will...
Novelis EBITDA is expected to improve on higher MJP, stable scrap prices and mitigation efforts taken by mgmt. Hindalco Industries (HNDL) delivered in-line cons operating performance aided by lower operating costs in India aluminium business and copper. Aluminium cost of production declined 3% QoQ on higher linkage coal from NCL while improving product mix at downstream business aided EBITDA/t. Mgmt. guided similar inch up in Q2 costs and consistent improvement in downstream volumes...
25.8mmscmd to 29.65mmscmd during the quarter QoQ led primarily by power from Rs332 to Rs149. As a result of higher volume QoQ and lower opex, EBITDA grew a sharp 62% QoQ to Rs2bn (Ple Rs1.5bn, BBGe Rs1.6bn). PAT came in at Rs1.4bn (Ple Rs1.2bn, BBGe Rs1.1bn). The stock is currently trading at 20.6x...
We revise our FY26/27E EPS estimates by -37.8%/-20.6% and downgrade the stock from Buy' to Hold' amid delayed order booking and execution due to tariff related uncertainties and liquidity challenges in domestic market. The company delivered a weak quarterly performance, with revenue declining 8.4% YoY and EBITDA margin contracting 685bps YoY to 5.6%, primarily due to execution delays. Tariff-related uncertainties affected order finalization, while funding constraints among customers halted dispatches in the domestic market straining working capital of the company and elongating the execution...
EBITDA margins contracted by 166bps YoY to 23.5% due to subdued revenue performance further aided by weaker operating leverage commands an 18% share of the domestic air compressor market, with incremental capacity from its upcoming Gujarat plant expected to further strengthen its position. However, commissioning has been deferred to Q3 FY26...
Increase in the company's contribution to the Pension Scheme for Executives has led to higher employee costs. 26.6%. HAL continues to strengthen its position as a key player in India's defence and aerospace, backed by robust prospect pipeline of ~Rs1.0trn over the next few years. Ongoing investments in capacity, capability, and...
Topline down 7.3% YoY: Topline decreased by 7.3% YoY to Rs1,026mn (PLe Rs1,052mn). The revenue decline was driven by shift in content licensing (AI dataset) revenues from 1QFY26 to 2QFY26E, resulting in lower billings. GM at 67.1%: Gross profit decreased 14.2% YoY to Rs689mn (PLe Rs749mn) with a GM of 67.1% (PLe 71.2%) as against 72.5% in 1QFY25. Lower syndication revenue...
