With a 5% upside from the CMP, we maintain our HOLD rating on the stock

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer FY25 product mix LCV goods 35%, trucks 50%, buses 15% Q2FY26 Results: Company reported healthy operational performance in Q2'26. Standalone revenues for Q2FY26 came in at 9,588 crore, up 9.3% YoY amidst 8% growth in volumes to 49k units. EBITDA for the quarter came in at 1,162 crore with margins at 12.1%, up 100 bps QoQ. Consequent PAT in Q2FY26 came in at ...

The demand environment remains stable with sustained momentum across key verticals, supported by premiumisation, new program wins, and upcoming capacity additions. Electronics-led content growth and a healthy order book continue to provide strong visibility, while softness in European acoustics remains a manageable drag.

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

The company aims to enhance capacity utilization through backward integration, while the introduction of new products is expected to strengthen its near-term revenue outlook. Additionally, contributions from emerging segments such as drones and retail, coupled with improved raw material availability and operational improvements, are likely to support profitability. We therefore maintain our...

IRCTC delivered a stable and profitable Q2FY26 with profit after tax rising 11% YoY to INR 341cr and strong EBITDA margin improvement to 34.3%. Growth was broad-based, led by Internet Ticketing (INR 386cr revenue, 85% EBITDA margin), robust Catering (INR 520cr, 13% margin) and buoyant Tourism (INR 150cr, 7% margin). Rail Neer volumes remained steady and capacity expansion is underway. Management highlighted disciplined cost control and margin sustainability driving recurrent improvements. Strategic priorities include building a unified travel portal leveraging AI/ML, expanding payment aggregator...

We maintain our HOLD rating on the stock.

UPL is well-positioned to deliver a stronger H2FY26, supported by normalization in LATAM demand, robust growth momentum in North America, and margin tailwinds from low-cost inventory and improved product mix.

Jubilant FoodWorks (JUBI) reported 16% YoY growth in standalone revenue to INR17b in 2QFY26 (in line). Domino’s reported order growth of 15% with LFL growth of 9%.

RVNL posted a disappointing Q2FY26, with weak profitability and cash flow offsetting modest revenue growth. Revenue from operations rose only 1% YoY to Rs49.3bn vs Rs48.7bn in Q2FY25 despite a healthy 26% QoQ rebound from the muted Rs39.2bn in Q1FY26. However, margins deteriorated sharply: EBITDA slipped to an estimated Rs3.9bn, translating to a 7.9% margin, down 120 bps YoY as cost pressures persisted and lower-margin EPC contracts formed a greater revenue share. PBT dropped 27% YoY to Rs3.bn, while PAT plunged 35% YoY to Rs1.9bn, with EPS falling to Rs0.94 vs Rs1.45 YoY. On the positive side,...

ALKEM Laboratories (ALKEM) delivered better-than-expected revenue/EBITDA/PAT, with a beat of 6%/9%/13% for the quarter. The superior performance was driven by broad-based higher revenue growth and lower-than-expected R&D spend for the quarter.

Muthoot Finance’s (MUTH) strong operating performance in 2QFY26 was driven by: strong gold loan growth of ~45% YoY to ~INR1.25t, ~35bp QoQ improvement in GS3 to 2.25%, aided by NPA recoveries, an increase in gold tonnage by ~5% YoY to 209 tons.

It operates in four key segments Industrial Infra (~%48 of revenue), Industrial Products (~38%), Green Solutions (~7%) and Chemicals segment (~7%) Q2FY26 performance: Thermax reported a muted set on impact from legacy orders in Industrial Infra. Revenue EBITDA and PBT declined 3%, 19% and 13% YoY to 2473 crore, 172 crore and 174 crore respectively. EBITDA and PBT Margins at 7% and 4.7% down of 137 bps and 293 bps YoY. The company received 66 crore as Package incentive scheme in Industrial Infra business last year. Thus, Revenue, EBITDA and PBT have been adjusted for the same. Segmentally, Industrial Products (48% of revenue mix), green...

BHFC’s standalone earnings at INR3.15b came in line with our estimate. Revenue came in below our estimate, whereas margins surprised positively.

We maintain our HOLD on the stock and recommend a BUY on dips strategy.

Management expects demand recovery in H2FY26, supported by festive consumption, rural improvement, and easing input costs.

Aurobindo Pharma delivered a steady quarter, with revenue growth driven mainly by formulations, particularly Europe and a stable US base supported by new product launches.

The Ramco Cements’ (TRCL) Q2FY26 EBITDA at INR 3.9bn (up 24% YoY/down 3% QoQ) stood just 4% ahead of our estimates despite a massive volume beat (being 13% ahead of forecast; up 10% QoQ though flattish YoY).

NALCO (NACL)’s revenue stood at INR42.9b (+7% YoY and +13% QoQ) vs. our est. of INR37.1b. The growth was driven by favorable aluminum prices.

National Aluminium Company (NALCO)’s Q2FY26 EBITDA, at INR 19.2bn, was 29% ahead of our estimates, largely driven by a sharp increase in alumina sales volumes.