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Tata Steel's Q2FY26 performance was above our expectations. Revenue increased 10% QoQ to Rs586bn, driven by 11% increase in volumes, aided by strong growth in India operations. However, this was partially offset by a 1% QoQ decrease in realizations owing to weak steel prices. Consolidated EBITDA increased 20% QoQ to Rs89bn, with EBITDA/t improving 8% QoQ to Rs11,247. UK operations saw EBITDA loss widen to Rs13,510/t in Q2FY26 from Rs7,829/t in Q1FY26, while the Netherland business posted improved EBITDA of Rs5,948/t, up from Rs4,074/t in Q1FY26. The improvement was supported by global cost...
Bajaj Finserv reported a resilient Q2 FY26, supported by steady performance across lending and insurance businesses. Bajaj Finance and Bajaj Housing Finance recorded healthy AUM growth and solid profitability, while Bajaj Life delivered its highest-ever VNB and margin expansion.
Asian Paints (APNT) reported a 6% YoY growth in consolidated revenue (base -5%), with standalone sales up 6% YoY, marking growth after six consecutive quarters of decline.
delivered consistent robust growth with consolidated AUM touching ~4.62 lakh crore. Harnessing its large franchise base digitally offers a huge opportunity. Q2FY26 performance: Bajaj Finance reported a stable Q2FY26 performance with strong AUM (consolidated) growth of 24% YoY to 4,62,261 crore, driven by 1.21 crore new loans (up 26% YoY) and a customer addition of 41.3 lakh, taking the franchise to 11.1 crore. Net Interest Income rose 22% YoY to 10,785 crore, supported by 27-bps QoQ decline in cost of funds to 7.52%. Consolidated PAT grew 22% YoY to 4,948 crore, translating to healthy RoA of 4.5% and RoE of 19.1%....
In Q2 FY26, Bajaj Finance continued to demonstrate robust business growth. The company booked 12.2 million new loans during the quarter, up 26% from 9.7 million in Q2 FY25. The customer franchise expanded to 110.6 million as of 30 September 2025, compared to 92.1 million a year earlier, marking a 20% increase, with an addition of 4.13 million customers during the quarter.
in the financing business (Bajaj Finance), life insurance (Bajaj Life Insurance), general insurance (Bajaj General Insurance) and securities business. Consistent, faster business growth and profitability remain in focus momentum sustaining and improvement in life insurance profitability, while general insurance remained subdued. Consolidated revenue grew 11% YoY to 37,403 crore. NBFC AUM rose 24% YoY to 4,62,261 crore, with PAT from lending up 22% YoY to 4,876 crore, reflecting robust disbursement and broadly stable asset quality (GNPA at 1.24%, NNPA at 0.6%). In GI premium grew 9% YoY to...
Bajaj Finance (Bajaj)’s Q2FY26 financial performance was impacted by elevated credit cost in MSME and captive 2W/3W loan segments. 2W’s share of captive stands at 1.5% of total AUM; however, it contributes 9% to total credit during Q2FY26.
Bajaj Finance (BAF)’s PAT grew 23% YoY to ~INR49.5b in 2QFY26 (in line). PAT in 1HFY26 grew at ~23% YoY and we expect PAT in 2HFY26 to grow at ~19% YoY.
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.
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.
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...
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.
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...
Kotak delivered broadly a steady performance with balanced growth and profitability. Core metrics improved, supported by healthy loan and deposit growth and asset quality gains.
About the stock: Hindustan Unilever (HUL) is India's largest FMCG company with presence of more than 90 years. The company has portfolio of 50+ brands spanning to various categories such as detergents, personal wash and skin care & colour cosmetics. 80% of revenues come from products having leadership positioning in...
We maintain a constructive stance on ICICI Bank’s growth, underpinned by broad-based loan expansion across business, retail, and personal segments, driven by a risk-calibrated lending strategy.
