Sharekhan Broker Research reports

Blue Star’s room AC (RAC) business was hit by unexpected tailwinds of early rains. UCP segment clocked a decline of 13%, which is ideally lower as compared to peers. Management highlighted that they have gained market share that is slightly above 14%.

Emami’s Q1FY26 performance beat estimates on all fronts, despite a weak summer which hit revenue growth of summer-centric portfolio.

Q1FY26 standalone revenue of Rs. 9,928 crore was down 1.4 y-o-y due to 90% mix of RTM projects in transmission revenue.

Consolidated revenue stood at Rs 49,463 crore, rising 3.3% q-o-q/ 28.5% y-o-y beating our estimates of Rs 48,205 crore, driven by strong performance in India and rebound in Africa on reported currency.

Reported revenue stood at $150.7 million down 1.8% q-o-q/6% y-o-y in constant currency (CC), in-line with our estimates due to macroeconomic headwinds, project completions, and some insourcing by clients.

Standalone numbers were strong with a revenue growth of 35% led by higher T&D sales though water and railways business slowed down.

Net earnings were in line with estimates (rising 20.6% y-o-y and down 10.3% q-o-q) to Rs. 1,136 crore driven by growth in NII & other income and a lower opex run rate, however higher credit costs partially offset growth.

CESC’s Q1FY26 consolidated revenue/operating profit/profit grew by -2.2%/ 3.1%/ 2.2% y-o-y to Rs. 5,430/ 1,092 / 387 crore. The earnings were aided by the standalone and Noida profits and dragged down by the losses in Malegaon DF.

RKL’s Q1 numbers were robust, beating estimates on all fronts. Consolidated net revenue grew by 32.5% y-o-y to Rs. 1,506 crore, higher than our and average street expectation of Rs. 1,346 crore and Rs. 1,355 crore, respectively, aided by y-o-y IMFL volume growth of 37.5%.

Standalone revenue grew by 11.3% y-o-y to Rs. 1,740.9 crore in Q1FY26, supported by a 1.2% rise in blended realisations to Rs. 5,234/tonne and a 10% increase in volumes to 33.26 lakh tonnes.