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*over or under performance to benchmark index Zee Entertainment Enterprises Ltd (ZEEL), a subsidiary of Essel Group, is a mass media company with interests in television, print, films, mobile content, internet and allied businesses. SEBI issued a fresh show-cause notice on February 12, 2026 to ZEEL, its Chairman Emeritus Subhash Chandra, CEO Punit Goenka, and 84 other...
Elgi's strategic business plan envisages ~11% revenue growth CAGR over FY26-31E driven by India (~12% CAGR) and RoW (~10% CAGR). We attended Elgi Equipments' (ELEQ) analyst meet, where management highlighted business performance, product innovation, and its medium-term strategic roadmap. The ISAAME region is expected to remain the key growth engine, supported by strong traction in the Middle East and a recovery in investment activity following tariff normalization. In North America,...
*over or under performance to benchmark index Kajaria delivered resilient operational performance in Q3FY26, due to efficient margins and strategic improvements. 'Kajaria 2.0' emphasises SKU rationalisation to improve plant efficiency, shift toward value-added products through the conversion of manufacturing facilities and tighter go-to-market model via dealer unification that enables cross-selling across product verticals. But sluggish demand, increased freight rates and ongoing geopolitical issues are concerns. Hence, we reiterate our...
Profit Before Tax (PBT) fell 26% YoY due to higher depreciation expense on account of capitalisation of new manufacturing lines at Bharuch, partially offset by lower finance cost. Other income was lower because of a reduction in investable surplus, following...
KIMS delivered strong top-line growth during the quarter, though margins were impacted by initial operating losses at newly launched units, largely due to lower occupancy levels during the ramp-up phase. With improving geographical mix and better capacity utilisation, as well as seven new hospitals launched in 2025, the company is poised for stronger revenue growth. Further, the 7% hike in the allocation for the health sector in Union Budget 2026-27 is a positive development. Strategic investments in technology and a commitment to delivering excellent...
We attended the analyst meet for Navin Fluorine International Ltd (NFIL) and, based on our interaction with the management, the company appears well positioned for a strong multi-year growth trajectory, supported by a robust CDMO pipeline, expansion of key refrigerant gas capacities, and sustained momentum in the agchem segment. The Chemours partnership, with an initial...
EBITDA rose 16.4% YoY to Rs. 179cr, and the margin expanded 140 basis points (bps) YoY to 27.2%, driven by sustained volume growth, network expansion and a favourable mix, combined with the efficient hub-and-spoke model and technology...
Amara Raja’s (ARENM) 3QFY26 PAT at INR1.8b came in well below our estimate of INR2.1b. The earnings miss was due to a slower-than-expected demand and sustained margin pressure.
Gross margin fell by 338 bps YoY to 18.2%, primarily due to the adoption of SAP, which reclassified certain costs as raw materials instead of other expenses. Meanwhile, the EBITDA margin slipped slightly by 53 bps YoY...
NFIL reported robust quarterly revenue of Rs8.9bn, up 47.2% YoY and 17.7% QoQ, driven by strong performance across the 3 business segments. The HighPerformance Products (HPP) segment grew 35% YoY, supported by robust demand, and improved realizations and volumes for refrigerants, with both R32 plants operating at full capacity. The Specialty Chemicals segment posted 60% YoY increase, aided by meaningful contributions from the fluoro-specialty plant commissioned in Dec'24. Strong purchase order pipeline is already in place for Q4 and beyond. The CDMO segment delivered 61% YoY growth, with 94% of revenue derived from exports. The segment is backed by a healthy order...
Strong deal engine and pipeline visibility, but growth quality still evolving: FSL demonstrated solid execution with 4.6% QoQ CC growth healthy doubledigit YoY growth, partially aided by new acquisition. Q3 saw 5 large deals (ACV >US$5 mn), 9 new logos including 5 strategic ones (potential of US$5mn revenue run-rate annually), and an exit pipeline above US$1 bn, while 60% of strategic logos over eight quarters scaled toward US$5mn run-rate relationships. However, BFSI and Healthcare were sequentially soft and nearterm optics are affected by provider account rationalization in healthcare segment (~50 bps FY26 revenue impact), suggesting reported momentum may remain uneven despite healthy underlying demand. Accordingly, we expect...
Resilient performance on margins and business growth Strong presence in South India with 747 out of total 901 branches Advance comprises of MSME (40%) and Agri (16%) segment. Diversifying focus towards other retail segment home loan, personal loan etc. Q3FY26 performance: City Union Bank reported a healthy Q3FY26 performance, with PAT rising 16% YoY to 332 crore, supported by strong business momentum and margin expansion. Advances grew 21% YoY to 60,892 crore, driven by sustained traction in core MSME and gold loans, while deposits increased 21% YoY...
In-line 3Q: Indian Energy Exchange (IEX) reported 3QFY26 standalone revenue of INR1.4b and EBITDA of INR1.2b, both in line with estimates, supported by traded electricity volumes of 34.1BUs, which were also in line with estimates.
Manappuram Finance Limited reported a stable Q3FY26 performance, reflecting steady execution in its core gold loan franchise and continued consolidation across non-gold portfolios. Consolidated AUM up 13.8% QoQ, driven largely by a sharp recovery in gold loans, while profitability remained moderate amid conservative provisioning and portfolio clean-up. Gold loan AUM rose 23% QoQ, supported by favourable gold prices, faster price transmission and healthy customer demand, reinforcing gold loans as the primary growth driver. Consolidated PAT for the quarter was Rs239 crore, while standalone PAT stood...
MGFL consol. PAT declined 14% YoY to INR2.4b in 3QFY26 (in line). NII declined ~18% YoY to ~INR13b (in line) and PPoP declined ~29% YoY to ~INR6.6b (~5% beat).
Cyient DET (CYL-DET) reported better-than-estimated growth in Q3FY26, led by traction in transportation and network & infrastructure. It saw steady traction in large deal wins.
Himadri Specialty Chemical (Himadri)’s Q3FY26 volume rose 11.3% YoY while EBITDA/kg declined 1.3% YoY to INR15.9, likely owing to pressure on specialty carbon black spreads.
