Prabhudas Lilladhar Broker Research reports

Rs258bn, BBGe: Rs279.8bn). Adj PAT came in at Rs59.5bn (+73.3% YoY; -46.7% +21.6% YoY and +2.9%QoQ with a stable EBITDA margin of 59.4%. ARPU improved marginally to Rs250 from Rs245 in previous quarter with a net subscriber addition of 1.2mn in Q1. Home services (fixed line + broadband) rev...

Eris Lifesciences' (ERIS) Q1FY26 EBITDA was broadly in line with our estimate (Rs2.75bn; up 11% YoY). Though Q1FY26 revenue growth (up 7.4% YoY) was muted, we see pick up in coming quarters as insulin shortages stabilize, export pick up and likely additional market share gain from human insulin market. Eris has opted for inorganic route to diversify and scale up existing portfolio. This has been implemented without diluting margins. We expect margins to scale up from the current level of 35% in FY25 as revenue scales up from recent...

Aurobindo Pharma's (ARBP) Q1FY26 EBITDA of Rs16.1bn (down 1% YoY) was 5% below our estimate led by lower US sales. Resultant our FY26 and FY27E EPS stands reduced by 5-10%. The company has maintained its 20-21% OPM guidance for FY26E despite gRevlimid sales loss. We expect margins and revenues to improve from H2FY26/FY27 with ramp up in PenG facility, Vizag pant commercialization and launches in US. We believe ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars...

ADSEZ reported a strong cons operating performance in Q1FY26, driven by a healthy 11% cargo volume growth and robust growth in logistics and marine business. Domestic cargo volume growth was tad weaker at 6% due to geopolitical issues during the quarter and lower iron ore volumes at Dhamra. International volume growth was underpinned by the commencement of...

We revise our FY26/FY27 EPS estimates by -10.6%/-15.8% accounting for slippage of orders and execution due to geopolitical uncertainties. Triveni Turbine (TRIV) reported a weak quarter, with revenue declining 19.9% YoY and EBITDA margin contracting 81bps YoY to 19.8%. Performance was impacted by geopolitical uncertainties, which led to inspection delays, affecting dispatches, revenue recognition, and export order bookings. Despite a subdued quarter, the management remains optimistic about FY26, supported by a strong increase of ~130% YoY in domestic enquiry pipeline, driven by demand...

SRCM reported a weak operating standalone performance in Q1FY26, impacted by a 7% YoY decline in volumes impacted by geopolitical issues in May'25. Blended NSR rose 3.8% QoQ, supported by significant price hikes in the East and South regions post Mar'25. Power and fuel costs continued to decline, aided by a higher share of renewable energy, helping SRCM achieve an EBITDA of Rs1,373/t, though other expenses remained elevated. As cement pricing across regions remain sticky aided by relatively better demand, we expect SRCM to deliver strong Q2 on a weak base. With its focus on value over volume,...

schedule, we upgrade the stock to HOLD' with a revised target price of revenue from operations of Rs12.8bn, marking an increase of 8.9% YoY and 4.6% QoQ. The topline growth was driven by the Fluoropolymers segment, which grew 16% YoY and 12% QoQ, supported by higher volumes and a...

Q1 has seen soft disbursement growth (+6% YoY) due to low government spending/ general slowdown in economic activity. We build a growth of 15.5% in FY26, anticipating a pick-up in economic activity in H2. Calculated NIM stood largely stable at 5.2%; we expect a similar trend in FY26 supported by a lower CoF. Asset quality trends have deteriorated in the quarter (GS3/NS3 at 1.91%/ 1.08%) due to payment pressures in the MSME segment; however collection activity remains healthy. We marginally tweak our estimates and...

expansion, IP enhancement, and backward integration, while segments like Aerospace, Railways, OSAT and PCBs are expected to fuel margin expansion. We are maintaining our HOLD rating' due to the significant uptick in the stock...

industrial paints which is 45% of its sales (highest industrial paints share in sustained gains from paint+ innovations and 3) guidance of steady 13-14% EBITDA margin led by better product mix and improving demand scenario....