Dilip Buildcon (DBL) reported robust order inflows of ~Rs179bn in YTDFY26, driving its order book to a record high of ~Rs293bn (around 4x TTM revenue). The order book remains well diversified across roads, mining, renewables, transmission, and irrigation. While execution remained subdued in 9MFY26...
expenses increased to Rs19bn from Rs12.9bn YoY led by Rs5bn of one-off items. Consequently, EBITDA declined to Rs13.1bn (-38.7% YoY, -1.2% QoQ; PLe: Rs15.9bn; BBGe: Rs17.0bn), while PAT came in at Rs8.1bn (-33.8% YoY, -22.6%...
BRIT has indicated higher growth in coming quarters as Nov/ Dec has shown double digit sales growth of 12% and GST transition impact (competitors cutting prices rather than grammage increase) will wane off by end of March. We see new management focus on 1) B2C and future platforms 2) market interventions and innovations to gain market share form regional and local players 3) Increased pace of innovations and launches 4) focus on Ecom/ Quick commerce which are growing much faster in non-biscuit segment for BRIT so...
We raise our FY27/FY28 EPS estimates by 1.5%/1.9%, driven by 1) healthy jewellery demand outlook despite volatile gold prices, 2) rising average ticket size across formats, and 3) strong performance in Caratlane and a healthy order book in Teal. However, we trim our FY27/FY28 jewellery EBIT margin (net of bullion) estimates to 10.7% as we expect gold prices to remain firm continue...
Zydus Lifesciences (ZYDUSLIF) Q3 EBITDA was largely in line with our estimates. We believe base business remains steady with mild erosion. 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 FY27E given sales erosion in some of key products and thereby expect flat EPS CAGR over FY25-28E. Mgmt have guided for 2-3 high value launches over...
Aggregate analysis: Since Jul'25, only Oct'25 witnessed net FII inflow. Jan'26 in fact, witnessed sharpest outflow of Rs333bn since Aug'25. FMCG, healthcare and consumer services saw highest outflows in Jan'26. IT is another sector that has been broadly experiencing outflows since Apr'25 except for...
NFIL reported robust quarterly revenue of Rs8.9bn, up 47.2% YoY and 17.7% QoQ, driven by strong performance across the 3 business segments. The HighPerformance Products (HPP) segment grew 35% YoY, supported by robust demand, and improved realizations and volumes for refrigerants, with both R32 plants operating at full capacity. The Specialty Chemicals segment posted 60% YoY increase, aided by meaningful contributions from the fluoro-specialty plant commissioned in Dec'24. Strong purchase order pipeline is already in place for Q4 and beyond. The CDMO segment delivered 61% YoY growth, with 94% of revenue derived from exports. The segment is backed by a healthy order...
from CNG buses to EVs, while upcoming large CNG stations provide medium- volumes, partly offset by a decline in PNG indus/comm volume due to pipeline damage in Mumbai. Full benefit of the Sep'25 price hike and lower Brent-linked gas costs, partly offset by slight increase in HH prices, lifted adj EBITDA/scm...
We downward revise our FY27/28 earnings estimate by 17%/11% with contraction in volume and margin due to increase in commodity prices, and downgrade the rating to Accumulate'. Consumer Products (CP) segment declined 25.2% YoY, driven by de-growth across categories due to channel stock normalization; water heaters, however, reported flattish growth. GP margin contracted by 80bps YoY, due to lower volume across high-margin categories and CP EBIT margin contracted due to lower volumes and operating...
Krishna Institute of Medical Sciences (KIMS) reported EBITDA growth of 6% YoY, led by reducing losses from new greenfield units and improved operating leverage at mature clusters. The turnaround time for greenfield units in new clusters has been impressive and thereby demonstrates strong execution. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership with local doctors/ leadership outside Andhra Pradesh (AP) and Telangana, we...
We increase our FY27/FY28 estimate by3.8%/3.0% led by 1) healthy demand outlook in near term with double digit volume growth guidance. 2) Improving capacity utilization with 70%+ expected for FY27 3) strong demand in pharma and pick up in Lubes from FY27 onwards and 4) healthy order flow outlook from ABG. MTEP revenue were miss on our estimates amidst extended monsoon and shorter festive period while PAT were beat led by healthy GM and lower other...
KNR Constructions (KNRC) is likely to see muted growth during FY26E27E after a sustained decline in revenue over the last 2 years (FY2325). Revenue in Q3FY26/9MFY26 declined by 21%/38% YoY, reflecting weak execution. While KNRC recorded order inflow of over Rs40bn in 9MFY26, equivalent to ~2x its annual revenue, lifting the order book to Rs88bn (5.7x TTM revenue) as of Q3, more than 50% of the backlog remains at an early stage, with a meaningful pick-up in execution expected only toward the end of FY27E. The management has guided for near-term EBITDA margin of 910%, with a return to 1314% now...
Multiple levers to unlock growth from existing capacity, normalization of payor mix, CGHS benefit flow-through, and commissioning of new beds. Max Healthcare Institute (MAXHEALT) reported muted EBITDA growth of 4% YoY to Rs 6.5bn. The growth was impacted due to weak seasonality and certain offs. Further delay in bed addition also impacted growth in FY26. We expect growth to improve from FY27 with benefit of new bed addition, CGHS price revision benefit and further ramp up across Noida and Dwarka unit....
JUBLINGR reported a consolidated revenue of Rs10.5bn, broadly in line with our estimates. The Chemical Intermediate segment de-grew 14% QoQ and 2% due to pricing pressure across core products. Nutrition & Health Solution segment grew by 11% QoQ and 6%YoY, driven by increased volume of Vitamin B3. In the Specialty segment, the pharma portfolio saw improved demand and stable pricing; however, the Agrochemical segment remained weak due to softening...
MEDANTA's Q3FY26 EBITDA was largely in line with growth of 9% YoY. MEDANTA's EBITDA growth over FY24-26E is likely to be moderate at 8% CAGR, due to issues at Lucknow unit and start-up losses related to Noida unit in FY26. It has a total bed capacity of ~3,579 and intends to add ~2,800 beds over the next 4 years. With Lucknow unit issues largely resolved and ramp-up in Noida to be visible from Q2FY27E, EBITDA is expected to clock ~19% CAGR over FY26-28E. Maintain BUY' rating on MEDANTA with TP of Rs1,375/share,...
Capex for FY26/27/28 expected to be Rs23bn/20bn/20bn respectively. Q3FY26, aided by robust 17% YoY GGBS volume growth and 7% in cement. trade prices. P&F costs declined on increase in RE share and operational efficiencies, other expenses declined sharply led by strong operating leverage and lower branding spend while RM costs were elevated due to higher OPC mix,...
Collections in the Water segment have begun to improve, with 9MFY26 collections at Rs12.5bn and Jan'26 collections of Rs2.2bn. Kalpataru Projects International (KPIL) reported healthy 19.9% YoY revenue growth and flattish YoY EBITDA margin of 8.3%. Backed by sustained momentum in T&D and B&F, a healthy L1 position of ~Rs70bn underpins management's FY26 order intake guidance of ~Rs260bn. Improving collections in the water segment further support growth visibility and strengthening...
Dealers expect prices to further improve in February as demand strengthens on the back of Government spending. We interacted with cement dealers across regions in India to assess the demand and pricing trends in Jan'26. Our discussions indicate that demand showed a gradual improvement across select markets, supported by easing...
We have downgraded our ratings to Hold' from Accumulate' with a revised TP of Rs87 (earlier Rs91) valuing it at multiple of 5x EV of Sep'27E EBITDA due to lower price and volume assumptions. NMDC reported weak Q3FY26 operating performance, driven by lower NSR following the price cuts undertaken in Oct'25 and lower premiums received over ore pricing. Volumes grew just 6% YoY to 12.7 mt, with growth constrained by an extended monsoon and increased imports by steel companies. Average realizations declined 4.7% QoQ due to price cuts in both lumps (-Rs550/t) and fines (-Rs500/t). Blended...
