at 50% discount to consensus target market value. We recently met the management of Finolex Industries (FNXP) to gauge volume growth outlook, market share dynamics, PVC resin availability, and price trends post DGTR's final findings on ADD on PVC resin. The company reiterated its 10% volume growth guidance in Pipes & Fittings (P&F) for FY26 and expects margin improvement ahead. We believe FNXP stands to benefit from 1) imposition of ADD on PVC resin given its backward integration, 2) GST rate revision on agri pipes, 3) expanding dealer/distribution network, and 4) gradual expansion in...
Making significant investments in Databricks partnership & AI-driven analytics We interacted with the CFO of LATENTVIEW (LV). The management is confident of achieving high teens revenue growth with steady margin in FY26. The company is doubling down on scaling focused accounts, especially in the band of USD1mn to USD6mn. The investments in hiring senior personnels and account managers were put in place to connect direct decision makers and CXOs of Fortune 500 clients. The intent is to drive referrals, touch upon multiple business functions, and co-create client solutions with focused accounts,...
Q1FY26 order intake was Rs14.3bn with domestic consultancy/overseas consultancy/turnkey mix of 9%/33%/57%. YTD order intake stood at ~Rs27bn. We cut our FY26/27E EPS estimates by -4.4%/-1.4%, factoring in temporary disruption from the Ramagundam Fertilizer shutdown. Engineers India (EIL) reported a strong quarter with 39.5% YoY growth in revenue and EBITDA margin remaining flattish YoY to 8.3% due to unfavorable revenue mix. margins). Temporary Q1 drag from the Ramagundam Fertilizer maintenance shutdown has been resolved, with operations normalized at ~90% utilization...
Due to the recent correction in stock performance along with strong visibility from ATBS, new product ramp-up, and capacity expansion, we upgraded Vinati Organics (VO IN) to BUY' with a target price of Rs2,091, valuing the stock at 40x FY27 EPS. The company reported revenue of Rs5.4bn in Q1FY26, reflecting a modest 3.3% YoY increase but a sharp 16% sequential decline. Management has guided for ~15% revenue growth in FY26, led by an expected 20% increase in volumes, with EBITDA margins projected at ~27%. ATBS, the company's flagship high-margin product, continued to deliver robust growth and remains...
Indian Oil Corporation (IOCL) reported refining throughput of 18.7mmt with reported GRM of USD2.15/bbl, led primarily by inventory losses. Domestic marketing sales volume stood at 22.4mmt with implied gross marketing margin (GMM) of Rs8.3/lit. Reported standalone EBITDA came in at Rs126.1bn (Ple Rs172bn, BBGe Rs156bn, +46% YoY, -7% QoQ), YoY rise primarily led by rise in GMM. Standalone PAT came in at Rs56.9bn (Ple Rs92.9bn, BBGe Rs86.3bn). Petrochem EBIT stood at a loss of Rs10.2mn. While GRMs remain subdued at...
In May'25, PVC resin prices increased by Rs 1.5 per Kg in the domestic market, marking a reversal after consistent decline over the past five months and PVC resin prices increased by Rs 4.6 per Kg till Aug-25. However, in Q1FY26...
We cut our EPS estimates by 14%/9% for FY26E/FY27E amid persistent volume growth challenges and pricing pressure. TCIEXP IN reported weak set of results as revenues declined 2.1% YoY to Rs2,868mn (PLe Rs2,950mn) with an EBITDA margin of 9.8% (PLe 11.4%) as volumes declined for 7th quarter in a row to 233,000 MT (auto was the key segment facing challenges this time). Pricing pressure was also evident as realization was down 1.3% YoY to Rs12.3 per KG. Given stiff competition, we expect volume and realization CAGR of 4%/1% over...
operational. In addition, election special trains that were ferried in base quarter had a component of bottling business too which was missing this time around. In light of weak performance in 1QFY26, we cut our revenue estimates by ~4%...
Max Healthcare Institute (MAXHEALT) reported healthy EBITDA growth of 23% YoY to Rs 6.14bn; in line with our estimates. The company showed phenomenal growth with ~19% EBITDA CAGR over FY22-25. We expect pick-up in the growth momentum given 1) strong expansion plans (+3700 additional beds over FY25-28E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and Noida. Operational efficiency has also been commendable, especially in competitive markets like NCR. Our FY26E/27E...
SAMHI IN reported a miss at operating level with EBITDA margin of 33.2% (PLe 34.7%) as revenue growth in May-25 dropped to mid-single digit due to geopolitical events. However, recovery was swift in June-25 with same-store RevPAR registering a growth of 10.3% YoY to Rs4,760 in 1QFY26. We expect top-line CAGR of 13% over the next 2 years led by addition of 245 keys with an EBITDA margin of 37.5%/38.8% in FY26E/FY27E. After the fund infusion by GIC...
Following the recent price correction, we upgrade the stock to HOLD' with a revised target price of Rs1,883, valuing it at 32x FY27E EPS. DN's Q1FY26 adjusted revenue stood at Rs18.7bn, declining to 13.6% YoY and 7% QoQ. Operating performance was impacted by ongoing pricing pressure, oversupply from China, and a decline in spreads. The Advanced Intermediates segment witnessed stable volumes across most products, except agrochemical intermediates, which were affected. The Phenols segment reported steady...
We attended the analyst meet of Greenlam Industries (GRLM) to gain comprehensive insights into the woodpanel segment and its demand-supply dynamics. The company has recently completed greenfield and brownfield expansions in laminates, plywood, and chipboards. The management expects...
Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs8.5bn (up 26% YoY), was 6% above our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.2bn), EBITDA was Rs9.7bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business complemented by the fastgrowing omni-channel digital health business. Scale-up in Apollo HealthCo has been on track with likely breakeven in EBITDA of digital business over the next 3-4 quarters. The management guidance of Rs20bn EBITDA of the merged entity by FY28 provides comfort. Further, mgmt. has also announced the...
We cut our EPS estimates by 32%/15% for FY26E/FY27E amid widening losses in Nodwin and PokerBaazi. In 1QFY26, Nodwin/PokerBaazi reported an EBITDA loss of Rs110mn/Rs739mn respectively. NAZARA IN reported an in-line performance with revenues of Rs4,988mn (PLe Rs4,872mn) and EBITDA margin of 9.5% (PLe 10.0%) while PAT was aided by revaluation gain of ~Rs660mn in an investee company, STAN. NAZARA IN's plans to cede control in Nodwin by not participating in the fund raise reflects renewed focus on profitability over scale. Even the latest acquisition of Curve Games (EBITDA...
Jindal Steel & Power (JSP) delivered strong cons operating performance in Q1FY26 despite lower volumes. Volumes declined 9% YoY affected by early monsoon. Avg. NSR rose 4.5% QoQ, driven by higher long & flats product prices and increase in value added products. Lower coking coal and PCI benefited EBITDA/t improving to Rs15,680 (ex-fx gains). Commissioning of BF-2 at Angul is in the final stages and hot metal production is expected to commence this month (delayed again) and BOF-2 is also nearing completion. Mgmt. reiterated its earlier FY26 sales volume guidance of 8.59mt....
JUBI is sustaining focus on aggressive growth through store expansion, digital investment and calibrated price hikes product innovations and digital investments. We expect healthy double digit earnings growth in coming quarters led by 1) improving demand scenario and 2) robust innovation and 3) sustained efforts on providing superior value to...
New Well Gas (NWG) expected at 2.6bcm in FY26 with sharply lower oil price realization of USD66.1/bbl in Q1 vs USD73.7/bbl in Rs322bn). EBITDA of Rs186.6bn (-2% QoQ) was in-line with our estimate of 187.6bn & consensus of Rs182bn. Lower DDA/write-offs of Rs80bn vs Rs111bn in the previous quarter was partially countered by lower other income of...
aided NMDC to deliver an EBITDA/t of Rs2,152. NMDC reported a strong Q1FY26 operating performance, driven by robust volume growth and better-than-expected pricing. Volumes grew 14% YoY supported by strong domestic steel demand supported by increased GoI spending and a lower base (volumes impacted by strike). Realizations rose 7.4% QoQ, led by price hikes undertaken for lump and fines from May'25. Moderate increase in employee cost and lower ramp up of KIOCL pellet plant...
