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JYL’s Q1FY26 performance was subdued with revenue/ volume growth of 1.4%/ 3.6% YoY impacted by heightened competitive intensity across segments.

Honasa started FY26 on steady footing – revenue/ UVG up 7.4%/ 10.5% YoY driven by 20%+ growth in focus categories across brands. Revenue growth was partially impacted by early onset of monsoon (200bps impact on revenue).

Hindustan Aeronautics Limited (HAL’s) Q1FY26 performance was broadly in line with the management guidance. EBITDA surged 29% YoY mainly on higher revenue and lower provisioning.

Astral reported a lower-than-expected Q1FY26 with pipe volume growth of 0.5% YoY (6-year CAGR of 10%). Consol. revenue fell 1.6% YoY with pipes/adhesives segments being -6.7%/+8.6% YoY. Pipes’ reported EBITDA/kg declined 14.3% YoY to INR 27.9/kg (adjusted for inventory losses of INR 250mn, it was flat YoY).

Ashoka Buildcon (Ashoka) reported a weak Q1FY26 with execution impacted amid early monsoons. As a result, revenue came in at INR 13bn (-30% YoY), its lowest in the last 10 quarters.

Alkem Laboratories (Alkem)’s Q1FY26 performance exceeded our expectations on all fronts. The outperformance was led by a strong showing in India (up 12%) and improved momentum across US (+8.8%) and other international markets (+9%).

Quarterly Update Q1FY26

Quarterly Update Q1FY26

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...

Consumerware revenue (69.1% of total revenue) reported soft growth due to early onset of rains, which affected hydration category, while glassware products grew 50%. Writing Instruments faced weak demand in both export and domestic markets, though the company expects demand improvement in FY26 driven by new launches, higher advertising spends to drive market share...