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Q2FY26- Muted numbers on expected lines Revenues grew ~6% YoY to 8286 crore due to softness in the US (44% of the revenues) which grew 3% to 3638 crore. Europe (30% of the revenues) grew 18% to 2480 crore and ARV (~4% of the revenues) grew 68% to 325 crore. Growth Markets (~10% of the revenues) grew ~9% YoY to 882 crore (including India formulations). APIs de-grew at 17% YoY to 961 crores. EBITDA grew 7% YoY to 1678 crore while EBITDA margins increased 16 bps to 20.3%. EBITDA de-growth was mainly driven by increase in employee expenses....
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.
Cummins India (KKC) delivered robust performance in Q2FY26 which surpassed our estimates. Revenue, EBITDA and PAT for the quarter was higher by 26%, 44% and 39% YoY on consolidated basis. Demand continues to be healthy emanating from verticals such as Quick Commerce, Mission Critical Infrastructure, Real Estate and Data Centres for the PowerGen segment. KKC also clocked in healthy gross margin of ~37% for the quarter. This is a result of the management's assiduous efforts in reducing direct material costs, optimizing product mix and suitable pricing. Guidance is of double digit revenue...
Aurobindo’s Q2FY26 performance was steady, helped by its Europe (+17.8%) and ARV (68.4%) verticals. US sales, at USD 417mn, beat our expectation; though, gRevlimid sales slipped sequentially.
Suzlon Energy's (SUEL) consolidated revenue came in at INR38.7b, exceeding our estimates by 39% (higher than expected deliveries), while EBITDA was 71% above our estimates at INR7.2b.
About the stock: IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India. The bank has full product suite with strong moat in vehicle and micro finance business. The bank has a strong presence with pan India branch network of 3,116...
We estimate revenue/earnings CAGR of 14.6%/15.5% over FY25-FY27E respectively, led by healthy inflows, consistent market share gains, rebound in other income driven by improved investor sentiment and consistent yield on overall AUM.
PSYS’ revenue growth of 4.2% QoQ CC was ahead of our optimistic estimates. Growth was led by the BFSI and technology verticals. Healthcare vertical has improved, post two quarters of muted growth from client-specific offshoring.
Persistent Systems (PSYS) reported 2QFY26 revenue of USD406m (vs. est. USD404m), up 4.2% QoQ in USD terms and 4.4% in CC (est. +3.5%). EBIT margin stood at 16.3% (est. 15.7%).
The regulator is considering measures to increase the tenure of the options segment. One of the measures could be shifting from weekly to monthly expiries for index contracts.
The stage-3 asset ratio in the gold loan portfolio declined to 2.58% in Q1FY26 from 3.98% a year earlier, supported by customer-led repayments aided by rising gold prices and flexible repayment options....
We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.
Bharat Heavy Electricals Ltd (BHEL), a public sector entity, is India's largest engineering company. It supplies power plant equipment such as gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switchgears, circuit breakers and boilers. The company also builds compressors, valves, rectifiers, pumps, capacitors, oil rigs, etc., and undertakes castings and forgings....
Suzlon began FY26 on a strong note, with higher capacity utilization driving improved margins in the wind turbine segment. Backed by a robust 5.7 GW order book, we project a 42% CAGR in revenue over FY2527E, supported by management's guidance and strong delivery momentum. Enhanced utilization is expected to unlock volume leverage, leading to a 117 bps margin expansion, primarily from the WTG and forging businesses. With...
SRF Ltd manufactures and sells textiles, chemicals, films and polymers through four business segments Technical, Chemicals, Packaging and Others with diverse product offerings and operations. In Q1FY26, revenue from operations grew 9.9% YoY to Rs. 3,739cr, supported by...
strong demand across segments. In Powergen, CPCB IV+ compliant products accounted for ~60% of domestic sales, with overall volumes reaching CPCB II drive Powergen growth. The Industrial segment maintained steady momentum, supported by strong execution and growing aftermarket services across Railways, Construction, Mining, and Compressors. New product launches and deeper market penetration further bolstered the Distribution segment. On the export front, Latin America and Europe remained primary growth drivers, although management remains cautiously optimistic amid global...
