Sharekhan Broker Research reports

PVC pipe demand is expected to rebound from Q2FY26 after a subdued start in Q1, which was hit by declining PVC prices, early monsoons, lower government spending and inventory losses.

A shift to complex drugs in recent times in the US led to revenue and PAT CAGRs of 21.93% and 64.18% over FY22 to FY25.

Dabur’s consolidated revenues grew 1.7% y-o-y to Rs. 3,405 crore hit by unseasonal rains during peak summer months which impacted the performance of summer-centric portfolio.

JFL clocked an 11.6% LFL growth (delivery LFL growth of 20.1%) in Domino’s’ India in Q1FY26 amid subdued demand.

Net profit slightly beat estimates by 1.4% (up by 12.1% y-o-y and down by 4.3%) to Rs. 224 crore driven by AUM and NII growth, however partially offset by higher credit cost.

Britannia’s consolidated revenues grew 8.8% y-o-y to Rs. 4,622 crore, largely in line with ours and the street’s average expectation of Rs. 4,609 crore. Gross margins fell 310 bps y-o-y to 40.3%, while OPM declined 135 bps y-o-y to 16.4% due to higher input costs and higher employee costs.

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.

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.

Consolidated revenues fell 20% y-o-y to Rs. 371 crore as dispatches were delayed by geopolitical tensions across India, Iran and Israel.

Q1FY26 standalone adj. PAT of Rs. 4,414 crore rose 5% y-o-y inline with the 4% y-o-y increase in the regulated equity base.

ZWL’s Q1FY26 numbers were soft, with muted revenue growth and lower margins that dragged down PAT. Consolidated revenue grew by 2.4% y-o-y to Rs. 861 crore, in line with our expectation of Rs. 858 crore.