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Market leader in each sub-segment - cars (66.9%), UV (25.8%), vans (90%) Q2FY26 Results: MSIL reported steady performance in Q2FY26. Sales volume for the quarter stood at 5.50 lakh units, up 1.7% YoY. Total operating income for Q2FY26 came in at 42,101 crore with ensuing ASPs at 7.3 lakh/unit, up 5% QoQ. EBITDA margins for the quarter came in at 10.5%, up 10 bps QoQ. Consequent PAT...
The revenues were largely in line except India which was impacted by lower acute respiratory sales. The management is confident of better performance from India in the ensuing quarters. FY26 is likely to be a year of some consolidation with the genericization of gRevlimid and flattish US sales as major launches are expected to pick up momentum in FY27. On the EBITDA margins front, the management is guiding a range of 22.7524% which is slightly below the H1 exit range, due to lower Lenalidomide sales and higher R&D. The future remains bright as the company expects critical launches such as gAdvair (respiratory) by H2FY26 and also has a...
Q2FY26 Chemicals Business drives growth- Revenues grew 6% YoY to 3,534.5 crore driven by the Chemicals business (46% of the revenues) which reported a growth of 23% YoY to 1,667 crore. While technical textiles (13% of the revenue) and Packaging films (39% of revenues) reported a decline of 11% and 1% to 474.3 crore and 1,408 crore respectively. Consolidated EBITDA stood at 774.2 crore, up 44% YoY, translating to margins of 21.3%, up ~560 bps YoY driven by the Chemical business (EBIT) which stood at 29%, up ~1100 bps YoY. Moreover, PAT for...
About the stock: Nippon Life India AMC (Nippon) is among the largest asset managers in India with total AUM size of 7.6 lakh crore+. Focus on strong distribution network (1,19,200+ distributors) and passive schemes (ETF Market share of ~20% on QAAUM basis) remains key strategy....
Key Development: Federal Bank Board has approved the preferential issuance of up to 27.3 crore warrants to Blackstone affiliate Asia II Topco XIII Pte. Ltd., raising 6,197 crore. Each warrant, priced at 227, is convertible into one equity share with a face value of 2 and a premium of 225. Upon full conversion, the investor will hold a 9.99% stake and gain the right to nominate one non-executive director to the bank's board. The warrants have an 18-month exercise period, with 25% payment due at subscription and the remaining 75% at conversion. The proposal is...
About the stock: ITC is diversified consumption play with presence in businesses such as cigarettes, FMCG, Agri and Paperboard, Paper & Packaging (PPP) in India. Its strategy hinges towards utilising funds generated from cash cow cigarette business in improving the growth of FMCG and other businesses. The company...
About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above (P&A) contribution has gone up to 67% in Q1FY26 due to strong traction to products. Q2FY26 performance: RKL reported strong set of results in Q2FY26 with net revenues growing by 34% YoY to Rs.1493.9cr. Strong revenue growth was driven by 37% YoY volume growth (P&A segment volumes grew by 22%). Despite stable raw material environment, gross margins stood flat at 43.6% as portfolio mix tilted...
The company's vision is to become a 244 GW+ company by 2037 of which ~120 GW would be contributed by renewable energy. Q2FY26 performance: NTPC reported muted earnings as extended monsoon and grid restrictions impacted coal PLF by 627 bps in Q2FY26 to come in at 66%. The company reported gross standalone generation of 83.2 billion units (BU) down 6% YoY while energy sold declined 6.24% YoY to 77.1 BU. Hence the standalone revenue for the quarter stood at 39167 crore down 3% YoY. The PLF for Q2FY26 at 66% whereas the same for the gas-based stations PLF was at 6.8%. The...
Expect growth to catch-up in H2; Retain Buy developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end...
Q2FY26 Performance: Mphasis reported revenues of US$ 445 mn, up 1.8% QoQ/ 3.6% YoY (up 2% QoQ/6% YoY in CC terms). Direct Revenue (97.5% of the mix) 2.2% QoQ/ 7.9% YoY in CC terms. The EBIT margin at 15.3%, was flat QoQ/ down ~10 bps YoY. PAT came at 469 crore (up 6.2% QoQ/ 10.8% YoY). It won a broad based...
Structural positives: Low car penetration, GST Rationalization: Although India is the world's third largest passenger vehicle market, car penetration still remains low (at ~30 cars per 1000 people) vs. global average, developed economies in the West & China. With rising per capita income, this represents healthy long term growth longevity for domestic PV space with HMIL a clear beneficiary. Further, Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain. Small cars will now attract...
Rubicon Research is a fast-growing research and development-driven pharmaceutical manufacturing company with a focus on regulated markets (particularly the US).
Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.
