The operating performance was fairly in line with our estimates of sequential revenue decline of 3.2% CC QoQ and flat QoQ margins. The revenue growth was primarily driven by PV (+3.3% QoQ), while the CV segment (down 2.8% QoQ) saw a ramp down in one of the key accounts. The other element to the slowdown is the re-prioritization or cannibalization of revenues from futuristic...
The management maintained their guidance of ~15% revenue growth with ~27% EBITDA margin and ~Rs270bn+ order intake (ex. QRSAM) in FY26. Bharat Electronics (BEL) reported a modest 5.2% YoY revenue growth, impacted by a revenue deferment of ~Rs2.0bn to the next quarter due to supply chain constraints. EBITDA margin expanded by 576bps YoY to 28.1%. Domestic demand remains strong, supported by a healthy tendering pipeline and a continued push for higher indigenization. Additionally, BEL stands to...
Voltamp Transformers (VAMP) reported a revenue decline of 1.1% YoY due to deferment of Rs470mn in revenue with EBITDA margin contracting by 55bps YoY to 17.1%. Strong demand momentum continues, backed by sustained public and private sector capex across key industries. The company is witnessing strong order inquiries from high-growth segments such as data centers, steel, cement, oil & gas, and green energy. To capitalize on this, the company's 6,000...
D-Mart's annual analyst call reinforced our cautious stance due to 1) Rising land acquisition costs, increasing wage inflation, and a deteriorating product mix which can further pressurize margins in the near to medium term. 2) Structural challenges persist in the apparel segment. 3) stiff competition from quick commerce players (more in top 20 cities). And 4) little visibility on D-Mart...
Q1FY26 order intake came in at Rs16.2bn vs Rs19.1bn in Q1FY25 with 14% from exports and 86% from domestic markets. revenue mix. GE Vernova T&D India (GVTD) delivered a strong quarterly performance, reporting 38.8% YoY revenue growth alongside a significant...
Domestic/export revenue mix stood at 68%/32% (vs 63%/37% in Q1FY25). We revise our FY26/27E EPS estimates by +11.0%/+2.7%, factoring in strong domestic macro tailwinds and further recovery in the demand from the USA and downgrade our rating from Accumulate' to Hold' due to sharp run up in the stock price. Apar Industries (APR) reported 27.3% YoY revenue growth while EBITDA margin declined 53bps YoY to 8.9%. The strong topline...
Management has guided for a ~10% order intake growth and ~15% revenue growth with P&M margin of 8.3%-8.5% in FY26. Larsen & Toubro (L&T) reported consol. revenue growth of 15.5% YoY, while EBITDA margin declined by 27bps YoY to 9.9%. Strong prospects in domestic as well as international markets across key segments such as Hydrocarbon, Transmission & Distribution, Renewable Energy & Heavy Civil continue to drive presence in the Middle East. During the quarter, L&T also acquired the semiconductor power module business from Japan's Fujitsu General and...
National Securities Depository Limited (NSDL) is India's first and largest depository, established in 1996 to facilitate the holding and transfer of securities in electronic (dematerialized) form. It plays a crucial role in the Indian capital market by enabling seamless settlement of trades, reducing paperwork, and enhancing transaction efficiency and security. NSDL works through a network of depository participants and supports services like demat account maintenance, electronic settlement of trades, pledge/hypothecation of securities, and online transaction facilities like SPEED-e. Regulated by SEBI, NSDL has significantly...
GAIL reported transmission volume of 121mmscmd, flat QoQ, down from 132mmscmd in Q1FY25. Trading volume stood at 105.5mmscmd, marginally below 106.5mmscmd in Q4FY25 but up from 99.5mmscmd in Q1FY25. Trading EBIT came in at Rs10.7bn, down from Rs12bn in Q4FY25 and Rs20.3bn in Q1FY25. EBITDA stood at Rs33.3bn (Ple Rs32.3bn, BBGe Rs32.6bn, -26% YoY, +4% QoQ). PAT came in at Rs18.9bn (Ple Rs20bn, BBGe Rs20.5bn, -31% YoY, 8% QoQ). The stock trades at 12.5x FY27 EPS. We value the company at 11x adj...
Torrent Pharma's (TRP) Q1FY26 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA broadly remain unchanged. TRP reported Rs 90bn (80% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. The acquisition of JB Chemicals & Pharma (JBCP) appears strategically compelling, making it the 5th largest player in the domestic pharma market. This will further be strengthening its position in high-margin chronic therapies and opens up many...
