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Colgate's revenue fell during the quarter due to temporary distribution disruptions following the revision in GST rates on oral care portfolio. However, its business fundamentals remained strong with continued brand investments and steady demand in premium segments. The company's strategic focus on innovation, product diversification and rural penetration is expected to aid recovery in the second half of FY26. Ongoing cost optimization under the funding the growth' program, coupled with innovation-led launches in oral and personal care should...
About the stock: Bharti Airtel (Airtel) is India's second largest telecom operator with ~36.4 crore wireless customers in India and ~17.4 crore subscribers across 14 African countries. It enjoys industry leading ARPU in the wireless business in India. Q2FY26 Performance: Consolidated topline at 52145 crore, was up 5.4% QoQ and up 25.7% YoY. India wireless revenues were up 2.6% QoQ and 13.2% YoY at 27397 crore, driven by heathy Average Revenues per User (ARPU), which came at 256, up 2.2% QoQ and ~9.8% YoY. The key highlight was strong post-paid subscriber addition of ~0.95 mn subscribers at 27.5 mn. It witnessed robust 4G/5G...
Q2FY26 performance: IHCL consolidated revenues grew by 12% YoY to Rs.2,041cr. Hotel business revenues witnessed slower growth on account of factors such as high base, room innovation and intense rainfall in Q2FY26. Standalone room revenues decreased by 3% while F&B revenues grew by just 2% during the quarter. RevPAR stood at Rs.11000. Consolidated EBIDTA margins improved by 49bps YoY to 27.9%. EBIDTA grew by 14% YoY to Rs570.1cr. Overall PBT grew by 17%yoy to...
IHCL reported stellar Q2FY26 results which was in-line with our estimates on key parameters. The company delivered 14th consecutive best ever quarter despite experiencing short-term industry headwinds during Q2. The management guided that the long-term trajectory for the sector remains intact and is driven by structural tailwinds, supporting confidence in achieving double-digit revenue growth guidance for the year. The company reiterated healthy double digit RevPAR growth in FY26E, aided by healthy demand, increasing FTA and higher spending on MICE, weddings etc. IHCL's new business are growing at a robust...
We maintain our constructive view on IndiGo. The key premise has been that a structurally lower supply industry situation in the medium term is a bigger investment thesis, despite any short-term possible demand blip.
We remain constructive on SBI, supported by the upward-revised credit growth guidance of 12–14% for FY26, a healthy corporate pipeline, and stable NIMs (above 3%) and CRR-related tailwind ahead.
HUL's performance during the quarter was stable due to strong execution abilities, *over or under performance to benchmark index GST adjustments and a moderate seasonal environment. GST cuts are expected to support consumption recovery and improve channel momentum during the festive period. HUL's strategic focus on premiumisation, science-led innovation and digital acceleration continues to reinforce brand leadership across key categories. By expanding its e-commerce presence and by using data-led marketing and supply chain digitisation, the company has enhanced execution agility and consumer reach....
Q2FY26- Decent numbers despite flat US growth - Revenues grew ~9% YoY to 14478.3 crore driven mainly by growth in India, global specialty portfolio (now named as Innovative products), RoW and Emerging Markets. India growth was strong at 11% to 4735 crore. The US remained flat YoY with a revenue of 4329 crore due to weakness in generics which was made good by Innovative traction to some extent. RoW markets reported growth of ~23% to 2041 crore, mainly due to growth in both generics and specialty. Emerging markets grew ~16% to 2837 crore,...
Grasim Industries’ (Grasim) Q2FY26 EBITDA, at INR 3.66bn, fared better than our INR 3.26bn forecast – driven by betterthan-expected performance from the CSF and other small segments. For its paints business (Birla Opus), while revenues dipped marginally QoQ, the segment nonetheless gained market share with industry revenues likely having declined, both on a YoY and QoQ basis.
Q2FY26 performance: DLF reported healthy pre-sales booking of 4332 crore for Q2FY26 (up 6.3x YoY, down 62.1% QoQ) led by its maiden project launch in Mumbai The Westpark ( 2316 crore) and healthy contribution from super-luxury project Camellias ( 1624 crore). However, collections were soft at 2672 crore (up 12.7% YoY, down 4.4% QoQ). Lower revenue booking led to 17% YoY decline in consolidated revenues at 1643 crore for Q2FY26. Further, gross margins and EBITDA margins were lower 222 bps and 816 bps YoY at 43.1% and 17.3%. Consolidated net profit of 1180 crore (down 15% YoY, up 55% QoQ) was aided by...
Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150...
Bharti Airtel (Bharti)’s Q2FY26 print was impressive. The company reported a commendable performance across segments, incremental EBITDA margin in the mobile segment, higher consol. FCF (after finance cost) of INR 152bn and pre-tax RoCE at 19.7% in Q2FY26-annualised.
Suzlon Energy's (SUEL) consolidated revenue came in at INR38.7b, exceeding our estimates by 39% (higher than expected deliveries), while EBITDA was 71% above our estimates at INR7.2b.
Indian Hotels (IH IN) has reported a resilient H1FY26 performance with enterprise RevPAR up 9%, consolidated revenue up 20% and EBITDA up 21% despite being impacted by domestic/international geopolitical factors.
Tube Investments’ (TIINDIA) 2QFY26 PAT at INR1.86b came in line with our estimate of INR1.78b, even as EBITDA margin at 13.1% was ahead of our estimate of 12.2%.
