Buy

Power Finance Corporation (PFC) reported better-than-expected PAT at INR 51.1bn, up 21% YoY/down 12% QoQ, aided by negative credit cost.

Apollo Tyres (APTY) Q1FY26 operating performance broadly was in-line. Standalone margin was better than our estimate (on lower RM basket) but was offset by weak margin performance in EU.

Quarterly Update Q1FY26

Signature Global achieved pre-sales of INR26.4b in 1QFY26, down 15% YoY but up 63% QoQ (12% below our estimate), aided by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.

Metro Brands’ (MBL) 1QFY26 revenue grew 9% YoY on a low base (-1% YoY in 1QFY25), driven by a 45% growth in E-commerce and a modest ~4% YoY growth in in-store sales (on the back of ~8% YoY area additions).

Indigo Paints’ (INDIGOPN) standalone sales were flat YoY in 1QFY26 due to consistent demand headwinds and the early onset of monsoon. Apple Chemie’s (subsidiary) sales declined 18% YoY.

Biocon (BIOS) reported lower-than-expected financial performance in 1QFY26, affected mainly by a sharp reduction in generics sales and increased opex related to new facilities.

Apollo Tyres (APTY)’s 1QFY26 consolidated performance was in line with our estimates. However, while standalone performance was much ahead of our estimates, the European business margin was weaker than expected.

National Aluminum (NACL) reported weak operating performance in Q1FY26 on low pricing and higher other expenses. Alumina/metal volumes grew 3x/6% YoY to 304kt/113kt on weak base. Average Q1 alumina NSR declined 37% QoQ to USD 419/t, while that for metal declined 6% YoY to USD 2,791/t. RM costs increased led by an inch up in caustic soda prices, while other expenses were elevated on account of RPO obligation compliance costs and higher repairs/ coal transportation costs, leading to below estimate EBITDA delivery. Mgmt. reiterated FY26 alumina sales guidance at ~1.28mt, supported by higher...