Buy

Lupin remains well-positioned to sustain its strong growth trajectory, supported by a healthy specialty pipeline in the U.S., improved product mix, and operating leverage gains.

ACC reported revenue of INR 59,317 Mn in Q2FY26, up 28.6% YoY but down 2.6% QoQ, reflecting continued market share gains despite the seasonal monsoon impact. Growth was driven by a 16% YoY volume increase to 10.0 Mn tons, improved realizations, and stronger premium cement mix.

ONGC’s Q2FY26 adj. EBITDA/PAT (standalone) came in at INR 175bn/INR 98.5bn (-3%/-18% YoY) vs. I-Sec’s estimate of INR 179.7/INR 96.5bn. Slightly lower-than-estimated realisation and higher opex drove the underperformance.

Tata Power (TPWR) is present across the power value chain – generation, transmission and distribution. TPWR has diversified its presence over the years – from its conventional thermal power and integrated Mumbai distribution business, the company is now building up its renewables portfolio with notable backward integration via in-house solar EPC and module/cell manufacturing.

Solar Industries India Limited (SOIL)’s Q2FY26 EBITDA of INR 5.5bn rose 24%/3% YoY/QoQ; though, slightly lower than consensus estimate of INR 5.7bn.

Jindal Stainless (JSL)’s Q2FY26 EBITDA was 5% better than our estimates at INR 13.9bn (+17%/+6% YoY/QoQ) driven by better sales volumes.

Well poised to see significant recovery in explosives & exports/overseas segment: With market leading share of ~25% in domestic industrial explosives market, we believe that company is well poised to grow steadily led by healthy demand prospects from segments like mining, housing and infrastructure. Though domestic explosives segment remained muted during the quarter, we expect recovery going ahead led by healthy demand from housing, infra and mining sectors. With an order backlog of 1600+ crore in explosives and stable raw material prices, we expect ~14%...

Jindal Stainless’ (JDSL) revenue for 2QFY26 came in line with our estimates at INR109b, up 11% YoY and 7% QoQ. The growth was primarily led by healthy sales volume of 648KT, which recorded 15% YoY and 4% QoQ growth in 2QFY26.

Niche launches in the US drive numbers; future pipeline key for sustainability Earning momentum strong till FY26; apparent slowdown in FY27 but pipeline buildup to continue- Strong growth was attributable US launches under exclusivity (gMyrbetriq, gTolvaptan and gSpiriva) and launches across regions. India was impacted due to lower tender sales in Institutional business. The company has maintained the strong EBITDA margins trajectory mainly driven by strong GPM performance. The...

TPWR’s consolidated EBITDA/adj. PAT came in at INR33b/INR9.2b, below our estimates by 12%/13%. The weakness in results was largely attributable to Mundra plant shutdown in 2Q, which offset the stronger performance at Odisha distribution and the solid ramp-up at TP Solar on a YoY basis.

Power Finance Corporation (PFC) reported PAT at INR 44.6bn, up 2% YoY and flat QoQ, aided by higher dividend income and contained opex in Q2FY26.

In H1FY26, VNB rose 14% YoY to Rs. 2,750cr, with VNB margin at 27.8% (vs 26.8% in H1FY25), led by steady protection growth, favourable product mix and stronger 13th-month persistency at 87.1% vs 86.4%, reflecting improved policy...

PLNG’s 2QFY26 revenue/EBITDA came in line with our estimate at INR110b/11.2b. The company booked additional provisions of INR1.3b against UoP dues during the quarter.

Q2FY26- Muted numbers on expected lines Revenues grew ~6% YoY to 8286 crore due to softness in the US (44% of the revenues) which grew 3% to 3638 crore. Europe (30% of the revenues) grew 18% to 2480 crore and ARV (~4% of the revenues) grew 68% to 325 crore. Growth Markets (~10% of the revenues) grew ~9% YoY to 882 crore (including India formulations). APIs de-grew at 17% YoY to 961 crores. EBITDA grew 7% YoY to 1678 crore while EBITDA margins increased 16 bps to 20.3%. EBITDA de-growth was mainly driven by increase in employee expenses....

Bajaj Auto’s (BJAUT) Q2FY26 operational performance was broadly in line with our estimate. Domestic 2W industry growth is expected to pick-up pace (~6-8% volume growth) going ahead led by the benefit of GST rationalisation and strong festive season.

With an upside of 10% from the CMP, we maintain our BUY rating.

*over or under performance to benchmark index In Q2FY26, ITC's standalone revenue declined 2.7% YoY to Rs. 19,148cr, due to a sharp drop in agri business exports. However, core segmentscigarettes and...

We maintain our BUY rating on the stock.

JSW Infrastructure (JSWINFRA) has consistently outperformed major ports in terms of volume, posting growth of ~15%/~9% in FY24/FY25, against major ports’ growth of ~8%/~5%.