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Strong Q2 with double digit volume growth; Upgraded to Buy Q2FY26 performance: Consolidated revenues grew by 6.3% YoY Rs.8,531.3cr. Decorative paint business registered a volume growth of 11% while revenues grew by 6% YoY. Consolidated gross margins improved by 242 bps YoY to 43.2% while EBITDA margins improved by 218bps YoY to 17.6%. EBITDA grew by 21.3% YoY to Rs.1503.4cr. This coupled with lower interest cost and higher other income led to...
L&T's performance in Q2FY26 was robust, with strong growth in order inflow and revenue increase in all segments, except for infrastructure projects. The company anticipates healthy revenue growth and a significant increase in order inflow, indicating a promising performance in the future. Furthermore, its healthy order book is expected to drive strong performance in the upcoming quarters. The government's continued investment in infrastructure and the manufacturing sector is likely to provide substantial growth opportunities for the company, bolstering its prospects for sustained success. Recent strategic MOUs and partnerships in the...
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.
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.
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...
concepts. Its primary customer propositions include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive...
*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...
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...
Apollo Hospitals Enterprises (APHS) delivered largely in-line revenue for the quarter. It delivered better-than expected EBITDA/PAT, led by improved profitability in the hospitals/Healthco business.
Trent’s revenue growth continued to decelerate in 2QFY26 (+17% YoY), as ~43% YoY area addition growth was offset by sharp ~17% YoY decline in revenue per square foot, indicating store-level sales cannibalization.
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...
Consolidated revenue in Q2FY26 rose 5.1% YoY to Rs. 13,995cr on growth across manufacturing (+5.2% YoY), banking, financial services and insurance (BFSI, +6.2% YoY), retail, logistics and transport (+7.2% YoY) segments. However, revenue fell from communications (-2.2% YoY), technology, media and entertainment (-8.8%...
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...
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.
