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CROMPTON's ECD segment gained market share in its core categories, despite overall industry decline. TPW fans, coolers, and agri and residential pumps reported a decline in sales, while solar pumps delivered 2x revenue growth and small domestic appliances registered double-digit growth. Lighting segment reported flat growth, despite industry slowdown, and its EBIT margin expanded by 380bps due to improved product mix and operational efficiencies. Butterfly business reported a moderate quarter, while the management has guided for double-digit growth in FY26. CROMPTON has amended its MoA to...

Krishna Institute of Medical Sciences (KIMS) reported EBITDA growth of 7.4% YoY, below our estimates impacted by higher losses from new units. Our FY26E EBITDA stands reduced by 5%, however FY27E EBITDA broadly remains unchanged as new units are likely to ramp up. The company is on track to commercialize greenfield expansions at Bengaluru markets by Q2FY26. New leadership team hiring across Karnataka and Kerala provides comfort for faster ramp-up in these clusters. Given its lean cost structure and partnership...

Amidst the subdued demand environment, Cera Sanitaryware reported a stable performance. Revenue grew 5.4% y/y to Rs4.2bn, largely supported by faucets as sanitaryware revenue was flat.

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%.

Raymond Lifestyle (RLL) posted a 17% YoY revenue growth (5% beat), albeit on a low base. Growth was led by textile & apparel, though garmenting faced headwinds due to uncertainty around the US tariffs.

Godrej Consumer’s (GCPL) consolidated revenue rose 10% YoY to INR36.6b (est. INR36.8b), while volume growth stood at 8%. EBITDA declined 4% YoY (est. +4%) due to weak India and Indonesia margins.

Kalyan Jewellers’ (KALYANKJ) consolidated revenue grew 31% YoY to INR72.7b (in line). The Indian business achieved 31% YoY revenue growth, driven by store additions (added net nine Kalyan Indian stores and eight
Candere stores) and 18% SSSG (20% in South, 16% in non-South).

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 1QFY26. Standalone jewelry sales (excl. bullion) rose 17% YoY, driven by an increase in ticket size (16% YoY) due to rising gold prices.

Cummins India (KKC) delivered robust performance in Q1FY26 which surpassed our estimates. Revenue, EBITDA and Adjusted PAT for the quarter was higher by 26%, 32% and 28% YoY on consolidated basis. The key positive of the management commentary was demand continuing to remain strong and also being broad based across key growth verticals such as Quick Commerce, Government led infra, manufacturing and pharma. KKC also clocked in healthy gross margin of 37% for the quarter. This is a result of the management's assiduous efforts in reducing direct material costs, optimizing product mix and...