Downgrades

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.

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...

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...

We maintain our BUY rating on the stock.

KPIT reported revenue and EBIT margin in line with our estimates in Q2FY26. Management expects growth to stabilise in Q3 (flat to 1% QoQ CC) and pickup from Q4.

infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...

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...

With a 37% upside from the CMP, we maintain our long-term BUY rating on the stock.

We maintain a BUY rating on the stock.

Standalone EBITDA increased 7.8% YoY to Rs. 4,426cr as production costs fell, byproducts' realisations went up and the prices of input commodities softened. Reported PAT increased 14.5% YoY to Rs. 2,632cr owing to a growth in improved EBITDA and a fall in finance costs. HZL's revenue growth in the quarter was partially offset by a decline in production due to delay in commissioning of Roaster 6, which has impacted the availability of Calcine *over or under performance to benchmark index affecting company's production. Strong private consumption, capital expenditure and favourable government policies have helped create a positive demand environment that is...

Krishna Institute of Medical Sciences (KIMS)’s Q2FY26 revenue was in line with our expectation. That said, EBITDA loss at Maharashtra of INR 96mn (-100bps) and Karnataka of INR 255mn (-265bps) coupled with lower margin at Kerala cluster dragged EBITDA margins to a low of 21.2%.

Power Finance Corporation (PFC) reported PAT at INR 44.6bn, up 2% YoY and flat QoQ, aided by higher dividend income and contained opex in Q2FY26.

About the stock: Crompton Greaves Consumer electricals (CGCE) is one of the leading fast moving electrical goods (FMEG) companies with presence in electrical consumer durables (ECD). With a legacy spanning over 85+ years and robust distribution backbone of 2800+ distributors, 236,000+ retail touchpoints and over 860 service centres, CGCE is well positioned to capitalize its network for existing segments as well as provide a runway for its newer businesses to scale. Q2FY26 performance: CGCE reported modest Q2 with revenue of 1915 crore, up 1.0% YoY / -4.2% QoQ. Fans segment reported single digit de-growth YoY owing...

Q2FY26 performance: Revenue declined by 1.6% YoY (+14% QoQ) to 744 crore as the revenue of cranes, construction equipment & material handling segment (94% of total revenue) was flat YoY (+15% QoQ). Agri equipments revenue (~6% of total) stood at 49 crore (-20% YoY, +6% QoQ). EBIDTA margin improved to 14.6% (+30 bps YoY, +41 bps QoQ). EBITDA was flat (+0.4% YoY) at 109 crore. However, PAT declined 5% YoY (8% QoQ) to 90 crore as other income declined by 14% to 29 crore. PAT Margins declined 35 bps YoY to 11.6%. Company saw 18% decline in volumes in cranes, construction equipment segment to 2348 units vs 2863 units last...

With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Firm expansion plans in place- In the US, the company is optically transitioning to B2C model to focus on high margin products. The company is also looking for third party ANDAs (4 already acquired, 5 more to come) as well as outsourcing some in-house products to the CMOs for optimal plant utilisation. This, we believe is a part of larger strategy where the company wants to increase the offerings via front-end and at the same time focusing on margin expansion. The legacy LatAm growth was slower seemingly on account of some saturation in the existing markets and focus...

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.

GCPL is set for a stronger H2FY26 with recovery in Personal Wash post-GST cut and continued momentum in Household Insecticides and Hair Colour.

Amber Enterprises (AMBER) posted a weak performance in 2QFY26. Weakness was driven by the consumer durable segment, which was impacted by lower demand and delayed purchases owing to GST 2.0.