Buy

We maintain our BUY recommendation on the stock.

We recommend a BUY on the stock with a target price of Rs 1,900/share, implying an upside of ~10% from the CMP

About the stock: Apollo Tyres (ATL), is a leading tyre manufacturer, having operations in India & Europe. In India, ATL has substantial presence in TBR (~30% market share) and PCR space (~20% market share). India contributes ~67% of sales Q2FY26 Results: ATL reported healthy performance in Q2'26. Revenues on consolidated basis in Q2FY26 stood at 6,831 crores, up 6% YoY. EBITDA for the quarter stood at 1,021 crore with EBITDA margins at 14.9%, up ~170 bps QoQ. Consequent PAT for Q2FY26 came in at 258 crores, down 13% on YoY basis (include one-time exceptional charge on account of closure of Netherland plant)....

Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~48% in FY25) Q2FY26 performance: Elgi reported a decent set of numbers with amid US tariff for Q2FY26. Revenues grew 11.4% to 968 crore. EBITDA declined 1.2% YoY to 140 crore. EBITDA margins at 14.5% down 184 bps YoY (+50 QoQ). Consequently, PAT for the quarter came in at 121 crore up 28% YoY...

About the stock: KPR Mills (KPR), established in 1984, is one of the largest vertically integrated textile manufacturing companies in India. It has 6 spinning mills with a capacity of 1,00,000 MT of yarn and 4 garment facilities with capacity of 204 million knitted garments. The company also entered the sugar business with a sugar capacity of 20,000 TCD and ethanol capacity of 470KLPD p.a. Q2FY26 performance: KPR's consolidated revenues grew by 10.3%yoy to Rs1,632cr in Q2FY26. Textile business revenues grew by 4% YoY while sugar business revenues grew by 38% YoY (on base) during the quarter. Consolidated...

Welspun Corp's U.S. subsidiary secured $715 million in line pipe orders for natural gas and NGL (Natural Gas Liquids) projects, ensuring business visibility through FY28. With a record 23,500cr order book and rising demand from AI-driven data centers, the company...

infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...

We maintain our BUY rating on the stock.

We maintain a BUY rating on the stock.

KEC posted good execution growth of 19% YoY and margin improvement of 80bp YoY in 2QFY26. The slight miss in PAT was attributed to higher interest expenses, which moved up due to higher debt and higher working capital.

Global Health (Medanta) delivered better-than-expected revenue (9% beat) in 2QFY26. However, it delivered marginally lower-than-expected EBITDA/PAT (3%/2% miss) for the quarter.

About the stock: Amber Enterprises India (Amber) is a leading manufacturer and solution provider for room air-conditioner (RAC) industry, commanding leadership with market share of 26-27%. It has capabilities to manufacture ~70% BoM for RACs. Its electronics division (PCBA, Bare PCB and Box-build) serves customers...

Trusted Solutions Across the Power Value Chain

Amber Enterprises (AMBER) posted a weak performance in 2QFY26. Weakness was driven by the consumer durable segment, which was impacted by lower demand and delayed purchases owing to GST 2.0.

Weak Quarter; Most of the pain priced in! About the stock: NCC is one of the leading infrastructure companies with Well-diversified order backlog, robust execution capabilities, and a strong focus on working capital to be key over next few years Q2FY26 Performance: NCC on standalone basis, reported a weak set of numbers for Q2FY26, with revenue at 3,726 crore, down 16.2% YoY, impacted by sluggish execution owing to extended monsoon. EBITDA declined 30.8% YoY to 277.5 crore, while margins contracted by 158 bps YoY to 7.4%. PAT stood at 101 crore,...

NCC Limited reported a soft quarter as execution headwinds and workingcapital strain weighed on results. Consolidated revenue declined 12% YoY to Rs45.8bn vs 52.2bn in Q2FY25 with EBITDA at Rs3.9bn, reflecting a margin of 8.7% versus 8.5% last year. PAT stood at Rs1.55bn with a net margin of 3.4%. On a standalone basis, revenue fell 16% YoY to Rs37.7bn while PAT dropped 37% YoY to Rs1.bn. H1 FY26 revenue was Rs97.9bn, down 9.3% YoY, reflecting a calibrated execution approach amid delayed project mobilization, extended monsoons, and elongated client payment cycles. Management cited heavy rainfall across multiple states, ROW delays, and slower receipts in water/JJM...

Quarterly Update Q2FY26

Piramal Pharma (PIRPHARM) delivered in-line revenue for 2QFY62. However, it delivered a miss on EBITDA/PAT for the quarter. Higher operational costs impacted the quarter’s performance.

We are enthused with RBL Bank’s (RBL) proposed transaction with Emirates NBD (ENBD) as it brings strong parentage to RBL, opens huge secular growth runway and solves frequent capital needs (pro forma CET 1 >35%).

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.