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Q2FY26- Decent print driven by growth in some power brands- Revenues grew ~8% YoY to 1757 crore. As per IQVIA, some of the power brands such as Thyronorm (Hormonal), Udiliv (GI), Cremaffin Plus (GI) and Duphalac (GI) witnessed decent growth along with some marketed brands of Novo Nordisk and Abbott Healthcare such as Rybelsus (Semaglutide) and Ryzodeg (Insulin). While Mixtard (Insulin) and Novomix (Anti-Diabetic) registered de-growth during the quarter. EBITDA grew ~14% YoY to 502...
Clean Science and Technology (Clean) reported results which were below our expectations. Volumes declined by almost 6% YoY leading to a ~7% decline in standalone revenues. The decline in revenues was owing to drop in sales volumes of established products. This was owing to sharp decline in end product pricing amid high Chinese competitive intensity. End markets of these products for certain customers are also seeing lower demand visibility. The management mentioned that one of the prominent FMCG Chinese customer could also have backward integrated which would mean permanent loss of volumes. However,...
Robust growth ahead aided by OSAT and PCB the stock: Kaynes Technology India (Kaynes) is an Indian integrated electronics manufacturing company offering end-to-end solutions, from design to life-cycle support, for various sectors including Automotive, Industrial, Aerospace, Medical, and IoT. Founded in 1988 and headquartered in Mysore, it provides Electronics System Design and Manufacturing (ESDM) services and has...
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...
Q2FY26 performance: Consolidated revenue increased by 17.9% YoY (-9.9% QoQ) to Rs 3019.2 crores, mainly led by 14.6% YoY growth in blended cement sales volume (to 5 mtpa, -10.7% QoQ) and improvement in blended realization by 2.9% YoY (+0.8% QoQ). EBITDA/ton improved by 37.2% YoY (-27.3% QoQ) to Rs 891/ton. Subsequently, absolute EBITDA is up 57.3% YoY (-35.1% QoQ) to Rs 446.6 crore....
A sequential recovery was visible in AWL’s performance in Q2FY26, with Foods profitability sustaining its strong momentum while edible oils’ growth remained largely price-led amid subdued consumption trends.
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%.
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.
JK Cement’s (JKCE) 2QFY26 earnings were in line with our estimates, with EBITDA growing ~57% YoY to INR4.5b. EBITDA/t surged ~37% YoY to INR894 (vs. est. INR934).
Kaynes Technologies (KAYNES) continued its strong operating performance in 2QFY26, with revenue growth of 58% YoY, while EBITDA grew at a much faster pace of 80% YoY.
Delhivery posted a 17% YoY rise in revenue to INR25.6b in 2QFY26 (in line). During the quarter, the company recognized INR900m of costs related to ecom express integration. The acquisition was formally completed in Jul’25.
Q2FY26- Momentum driven by US and India Business - Revenues grew ~14% YoY to 1354 crore driven by US and India branded business which grew ~48% / ~12% to 344 crore and 432 crore, respectively. Other branded businesses such as Asia and Africa witnessed the growth of 5% / 4% (on higher base) to 310 crore and 221 crore, respectively. On the operational front, EBITDA grew 5.4% YoY to ~328 crore (excluding forex losses of 41 crore, 9 % growth to ~369 crore) with margins at 24.2%...
Gland Pharma (GLAND) delivered in-line revenue in 2QFY26. However, EBITDA/PAT came in below our expectations by 9%/11%. A lowerthan-expected share of milestone income and lower tech transfer/CMO business in ROW markets impacted 2QFY26 performance.
About the stock: Gland Pharma is one of the largest generic injectable-focused Along with its partners, Gland owns 1,748 products registrations globally of which ~490 in US, Europe, Canada, Australia, and New Zealand, ~73 in...
Ajanta Pharma (AJP)’s 2QFY26 revenue was slightly above our expectation (3.5% beat). EBITDA and PAT were largely in line and grew at a lower rate compared to revenue growth for the quarter.
About the stock: Phoenix Mills (PML) is a leading retail mall developer and operator in India. It is into retail-led, mixed-use properties. PML has an operational retail area of ~11.5 msf, spread across 12...
HPCL’s 2QFY26 EBITDA came in at INR76.2b (29% beat), aided by a higher-thanestimated reported GRM of USD8.9/bbl (48% beat). GRM, adj. for inventory gains, stood at USD8/bbl.
