In H1FY26, KEC's order book grew by 15% YoY to Rs.39,325cr, driven by robust order inflows of Rs.16,050cr, reflecting a 19% YoY increase. The company has guided for order inflows in the range of Rs.28,00030,000cr for FY26, supported by strong traction in T&D projects across both domestic and...

Considering the near-term challenges, we maintain our HOLD rating on the stock and revise our TP to Rs 320/share. The TP implies an upside potential of 3% from the CMP.

RITES Ltd delivered a resilient performance in Q2FY26, reflecting strong execution across its consultancy and export segments, robust profitability, and a solid order pipeline that reinforces long-term growth visibility. The company reported standalone revenue of Rs5.1bn, up 0.7% YoY and 12% QoQ, while PAT stood at Rs1bn, marking a healthy 25% YoY growth and 20% sequential rise. Consolidated performance was equally encouraging, with revenue at Rs5.7bn, EBITDA at Rs1.3bn, up 27.6% YoY, and PAT at Rs1.1bn up 32.2% YoY, translating into superior EBITDA and PAT margins of 24.4% and 18.8%, respectively. The...

About the stock: Garden Reach Shipbuilders & Engineers (GRSE) is a shipbuilding company in India under the administrative control of the Ministry of Defence (MoD), The company's extensive product range spans from Warships to Weapons', including Commercial ships, various Deck Machinery, Marine Diesel Engines, Naval...

AAVAS Financiers (AAVAS)’s 2QFY26 PAT grew 11% YoY to ~INR1.6b (~8% beat). PAT in 1HFY26 grew ~11% YoY, and we expect PAT to grow ~19% YoY in 2H. NII in 2QFY26 grew 19% YoY to ~INR2.9b (in line).

Transformers and Rectifiers India Limited (TARIL) has a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along...

Gujrat State Petronet’s (GUJS) 2QFY26 revenue/EBITDA stood 9%/13% below our estimate at INR2.3b/INR1.7b, as total volumes came 8% below our estimate at 28.5mmscmd.

Q2FY26 performance: MCX reported healthy result as expected with revenue of 374 crore, which increased by 31% YoY and was flattish sequentially. Average daily turnover (ADT) for futures segment has increased 55% YoY, 3% QoQ to 41,758 crore while options premium ADT has increased 25% YoY, 4% QoQ to 4096 crore. Sharp surge in price and volatility of gold as well as silver has boosted ADT growth. EBITDA grew 36% YoY and 1% QoQ at 243 crore. EBITDA margins...

Finolex Industries' (FIL) Q2FY26 result was a mixed bag as net sales was marginally below our estimate, while margins were beat to our forecast. Volume decreased by about 6% YoY mainly on account of prolonged heavy monsoon. The management anticipates a rebound in deferred demand once the monsoon recedes and does not foresee a significant overall decline in agri demand. The company faced global structural issues in the VCM market, which it is attempting to manage through long-term contracts to ensure continued supply. The management reiterated that the core focus remains on being a...

Craftsman’s 2QFY26 consol PAT of INR912m was ahead of our estimate of INR863m, aided by better-than-expected revenue growth, especially in the aluminum segment.

NCC’s Q2FY26 reported a decline of 16% in revenues in Q2FY26 (vs I-Sec’s flat expectation). The execution was negatively impacted on account of low execution in existing order book for water segment (due to payment delays), prolonged monsoon and Co delay in start of work on order received during FY25 (40% of current order book).

Amber Enterprises’ (Amber) Q2FY26 performance was marred by subdued margins due to weaker margins of RAC segment.

In 2QFY26, Aegis Logistics (AEGIS) reported EBITDA of INR2.9b, beating our estimate by 13%, as the normalized EBITDA of the gas division came in 68% above our estimate, while that of the liquid division stood 15% below estimates.

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).

Cholamandalam Finance’s (Chola) Q2FY26 performance was impacted by transitional challenges owing to tariff and GST cuts.

MCX’s operating revenue came in at INR3.7b in 2QFY26, up 31% YoY (in line). For 1HFY26, revenue rose 44%, to INR7.5b. Total expenses jumped 23% YoY to INR1.3b, with staff costs up 37% YoY and other expenses up 17% YoY.

Amara Raja’s (ARENM) 2QFY26 PAT at INR2.1b came in line with our estimates. Even at the operating level, EBITDA margin was in line with our estimates at 12% (+50bp QoQ).

Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.

CCL Products Q2FY26 performance was above our expectations. Sales grew 53% YoY to Rs11.3bn, driven by 20+% YoY volume growth and 33% YoY increase in realization due to improved coffee blends and higher prices. Gross margin contracted by 524bps YoY to 34.5%, primarily due to higher input costs. Consequently, EBITDA margin contracted by 107bps YoY to 17.5%, despite operational efficiencies and a favorable product mix. PAT increased by 36% YoY to Rs1,009mn. CCL maintained its volume and EBITDA growth guidance of 1020% and 15-20%, respectively and expects to close FY26 toward the upper end of this range. We value the stock at a PER of 25x FY27E EPS, arriving at a target...

Birlasoft reported stable Q2FY26 performance amidst a challenging macro environment, with dollar revenue marginally up 0.1% QoQ to USD 150.7mn and rupee revenue rising 3.4% QoQ. Manufacturing softness was partially offset by sequential growth in BFSI and Lifesciences. EBITDA margin expanded sharply to 16% from 12.4% in Q1, aided by operational efficiencies and one-offs, but the underlying margin excluding these benefits would be around 13.5%. Q2 deal wins totaled USD 107mn, with some committed deals spilling into Q3, which is expected to deliver growth in the seasonally weak quarter. The company...