Buy

PNC’s ~Rs11.4bn/1.4bn Q1 revenue/EBITDA came below ARe’s ~Rs15.4bn/1.8bn and the consensus’ ~Rs16bn/1.9bn.

With 8% y/y revenue growth (vs the Street’s 11%) and Rs582m EBITDA (Rs639m), Mrs Bector Foods’ Q1 was below estimates on muted demand amid high input costs, though growth improved q/q.

SEL’s consolidated revenue rose 17% YoY, led by SCD/DCD (up 6/7.7% YoY). EBITDA fell 5.3% YoY (on higher employee costs due to ongoing restructuring at SCS); SCD (global business) continues to clock double-digit EBITDAM (11.8% in Q1 vs 10.8/11.8% in Q4/Q3FY25).

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

Inox Wind reported revenue growth of 30% YoY in Q1FY26 – execution grew 4% YoY and realisations grew 24% YoY. Thus, EBITDA margins came in at 23.5% (+220bps YoY).

HG Infra (HGIEL) Q1FY26 performance was mixed, with a softer undertone despite healthy standalone revenue growth. On a standalone basis, revenue came in at Rs17,092.4mn, representing a 13.5% YoY increase but a 13.4% sequential decline. Profit after tax fell 10.1% YoY and 40.9% QoQ to Rs1,254.7 mn, as EBITDA margins contracted to 13.8% from 15.9% a year earlier. The fall in profitability was largely driven by a Rs43 crore one-off margin correction in the Ganga Expressway project due to a change in law provision, alongside higher finance costs and impairment provisions on receivables. Standalone PAT...

Spandana Sphoorty’s (SPANDANA) 1QFY26 loss stood at ~INR3.6b (vs. a loss of INR4.3b in 4QFY25). 1Q NII declined ~70% YoY to ~INR1.3b (~8% miss). Operating loss stood at INR587m (PQ: operating profit of INR251m).

Jindal Steel is increasing crude steel capacity from 9.6m tonnes to 15.6m and finished steel capacity from 7.25m to 13.75m by FY27-28, making it the fourth largest steel manufacturer in India.

Astra Microwave Products (AMP) reported a good set of numbers. Consol. EBITDA registered impressive growth of 71% YoY to INR 410mn driven by 29% YoY growth in revenues to INR 2bn, which in-turn was propelled by 71% YoY surge in defence revenues.

IndoStar Capital Finance (IndoStar) delivered a weak performance in 1QFY26, with muted disbursements and weak AUM growth, impacted by tighter stringent underwriting and seasonal factors.