Buy

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,...

Quarter of milestones, EV and exports to fuel growth About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically. It also has a presence in export markets. Strong momentum across core and new growth drivers: Bajaj Auto saw broad-based recovery across domestic, export, and EV segments, reflecting the company's strategic agility and diversified portfolio. Exports reached an all-time high, supported by geographical diversification and local assembly initiatives in Latin America, ensuring resilience against...

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...

We expect moderate multiple expansion as the bank sustains mid-teen RoE, stable margins, and continued balance sheet strengthening.

Strong H1 performance may lead to FY26 guidance beat: The company maintained its revenue/EBITDA guidance for FY26 at 36000-38000 crore/ 21000-22000 crore. Port cargo volume guidance stays at 505515 MMT, trucking revenue to grow 3x-4x YoY and marine revenues by 2x YoY for FY26. The company has already achieved 48%/49%/51% of its average FY26 volume/revenue/EBITDA guidance during H1FY26. We estimate APSEZ's overall cargo volumes to grow at ~15% CAGR over FY25-FY28E. The same is expected to be led by the company's ability in growing its domestic cargo volumes at ~1.6-1.7x of India's trade and...

We maintain our BUY recommendation on the stock with a TP of Rs 1,345/share.

Q2FY26 Results- well-rounded growth with continued margin expansion- Revenues grew ~13% YoY to 6303 crore, driven by growth across segments. EBITDA grew 15% to 941 crore and EBITDA Margins improved 34 bps to 14.9%, driven by improved profitability at AHLL (Diagnostic and Retail Healthcare) and Healthcare Services (Hospitals). Healthcare services division (Hospitals) revenues grew 9% YoY to 3169 crore on the back of growth in Inpatient Volume (up 2%) and 7% increase in Price & case...

We maintain our BUY recommendation on the stock.

With a 17% upside from the CMP, we maintain our BUY rating on the stock.

We remain constructive on Zydus Lifesciences given its improving business mix, continued progress on complex launches, and stable performance in India formulations.

With healthy volume growth and healthy improvement in EBITDA/ton over FY25-28E, we expect revenue to grow ~15% CAGR over FY25-28E while EBITDA & PAT are expected to grow at ~30% & ~50% CAGR respectively. We recommend BUY on Star Cement with a revised target price of Rs 300...

Quarterly Update Q2FY26

We maintain our BUY rating on the stock.

Q1FY26 business performance: CSB Bank reported healthy growth in Q1FY26, with gross advances up 31% YoY (3.3% QoQ) to 32,552 crore, led by gold loans (36% YoY), corporate (32%), SME (31%) and retail ex-gold (19%), while deposits rose 20.1% YoY (-2.5% QoQ) to 35,935 crore, supported by 22.3% YoY growth in term deposits. However, margin pressure persisted, with NIM contracting 21 bps QoQ to 3.54% due to excess liquidity and higher funding costs. Other income rose 42% YoY, with fee-based income up 22% YoY. Asset quality optically weakened, with GNPA rising 27 bps QoQ to 1.84%, though one large account has been...

Quarterly Update Q2FY26

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...

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,...

We recommend a BUY on the stock.

Quarterly Update Q2FY26

About the stock: Allied Blenders & Distillers (ABDL), incorporated in 1988, is third largest IMFL company in terms of sales volumes between FY14-22. It has 18 IMFL brands in the portfolio; 4 out of it are Millionaire brands. Premiumisation is core of the long-term growth strategy. Prestige & Above (P&A) brands contribution increased to 40.4% in FY25 vs. 25% in FY18. Q2FY26 performance: ABDL's Consolidated net revenues 14.1% YoY growth to Rs.990.1cr driven by strong 28% volume growth in P&A segment (contributes 47% to overall volumes). Gross margins reported 158bps YoY improvement to 44.4% due...