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Sun Pharma’s outlook remains strong, driven by high-margin and innovative products. India growth will be led by new launches and upcoming GLP-1 therapies, EM by branded generics, and RoW by complex products. In the U.S., momentum will be supported by LEQSELVI ramp-up, Unloxcyt launch, and continued strength in ILUMYA and CEQUA.
Tata Consumer Products is poised to maintain strong growth momentum in H2FY26, driven by sustained double-digit performance in India Foods and Beverages.
In 2QFY26, Power Grid Corporation (PWGR) reported a standalone (SA) revenue of INR100b (-3% YoY), 6% below our estimate. EBITDA was 13% below our estimate at INR80.1b (-9% YoY), hit by a 55% YoY surge in other expenses.
Maruti Suzuki’s Q2 FY26 quarterly performance reflected resilient revenue growth led by strong exports and better realizations, although margin softness persisted due to elevated operating costs and higher raw material pricing pressure.
Cipla’s near-to-medium term outlook remains positive, underpinned by strong execution in domestic formulations and a visible ramp-up in complex generics and biosimilars in the U.S. market.
Growth in loans was seen across segments and is expected to continue in the *over or under performance to benchmark index second half of the year due to the festival season and rising credit demand in the small and medium enterprises (SME) segment. It expects to hold on to its market share gain in deposits. Savings rate repricing has led to a decrease in the cost of funds in the quarter. HDFC Bank expects time deposit repricing to become beneficial after six quarters. It is focusing on creating an operational leverage in the long term through investments in distribution and technology. The bank expects...
Ambuja Cements' standalone Q2FY26 results reflected strong operational momentum with revenue of Rs53bn, rising 20% YoY and 4% sequentially, supported by robust demand, improved realizations, and higher premium product contribution. Cement sales volumes stood at 8.8mn tonnes, growing 19% YoY and 3% QoQ. Operating EBITDA increased to Rs10bn, up 32% from Rs7.8bn a year ago and 6% from Rs9.7bn in the previous quarter, driven by lower fuel and power costs, and improved efficiency. EBITDA/t stood at Rs1,167 compared to Rs1,010 in Q1FY26 and Rs988 in Q2FY25. PAT rose sharply to...
The bank has a meaningful presence in international operations with its JVs and subsidiaries. ~17% of total business comes from overseas. Q2FY26 performance: Bank of Baroda reported a steady Q2FY26 performance, with global advances rising 11.9% YoY, led by continued traction in RAM portfolio (Retail 17.6% YoY, Agri 17.4%, MSME 13.9%) even as corporate credit growth remained muted at 3%. Deposit growth up 9.3% YoY was supported by granular accretion while dependence on bulk deposits have increased, while creditdeposit ratio stood at 85.3%. NIM improved 5 bps QoQ to 2.96%, aided by interest on IT...
Vedanta (VEDL) reported a consolidated revenue of INR399b (+6% YoY and +5% QoQ) against our est. of INR371b, driven by higher LME, improved premiums, and forex gains in 2QFY26.
Bank of Baroda (BOB) reported 2QFY26 PAT of INR48.1b (up 5.9% QoQ, down 8% YoY, 12% beat), aided by NII growth (owing to IT refund of INR7.5b), lower provisions and contained opex growth.
Dabur India reported another quarter of too many moving parts, with the outlook likely to get better in the near term. The fact that it gained market share in 95% of its portfolio indicates market growth (also) is to be blamed for the unexciting Q2FY26 revenue print.
Adjusted PAT in 2QFY26 was 4% above our estimate, mainly supported by higher-thanestimated other income. EBITDA missed our estimate as weak power demand led to soft generation trends.
Consolidated EBITDA grew 30.9% YoY to Rs. 7,115cr, with EBITDA margin expanding 210bps to 15.8%, on the back of a favourable product mix and reduced operating costs due to improved operational efficiencies. Profit after tax increased more than fourfold to Rs. 1,646cr, aided by topline growth and an 64% YoY increase in other operating income. JSW Steel reported a strong performance in the quarter despite global uncertainties and a prolonged monsoon. The company is optimistic about a strong performance in the second half of this financial year, driven by rising steel prices and production. JSW has ramped up its production capacity, which is expected to support growth. The outlook for India's steel consumption remains robust, driven by supportive...
About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Higher volumes and domestic steel price stability to support profitability: In Q2FY26, JSL's EBITDA/ton fell to ~11k (vs 15.8k in Q1FY26), mainly due to higher operating costs of ~250 crore from planned maintenance and metallic purchases. While domestic steel prices are currently down 23% QoQ, management expects an improvement in NovDec'25. With higher volumes and potential price recovery, margins are likely to sustain, with EBITDA/ton projected at 12.9k/14k for...
JSL's Q2FY26 operating performance was in-line with our expectations. Revenue declined 5% QoQ to Rs117bn, primarily due to a 3% decline in NSR (owing to weak steel prices) and a 2% QoQ drop in volumes, mainly impacted by planned shutdowns. Despite volume decline, management maintained its FY26 guidance and expects steelmaking capacity to reach 15.6 mtpa by FY26. Consequently, EBITDA declined 31% QoQ to Rs21bn, with EBITDA/tonne decreasing by 30% QoQ to Rs11,129, weighed down by planned maintenance shutdown and weak realizations. JSL incurred capex of Rs31bn in H1FY26. Net debt decreased by...
The company showcased strong strategic progress, marked by record deal wins, healthy client expansion, and increasing enterprise adoption of its proprietary AI and digital platforms. Growing traction in the modernisation programmes, deepened technology partnerships and consistent execution across key verticals highlight its strengthening market position. Management maintains growth and margin guidance, reflecting confidence in the demand environment, a scalable innovation pipeline and...
