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ACC reported revenue of INR 59,317 Mn in Q2FY26, up 28.6% YoY but down 2.6% QoQ, reflecting continued market share gains despite the seasonal monsoon impact. Growth was driven by a 16% YoY volume increase to 10.0 Mn tons, improved realizations, and stronger premium cement mix.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

We maintain our BUY rating on the stock.

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...

Shyam Metalics & Energy’s (SMEL) Q2FY26 EBITDA of INR 5.4bn was 6%/4% below our/consensus’ estimates. EBITDA surged 32.7% YoY, largely driven by strong growth in steel/semi sales volumes of 12%/44% to 544Kte/370Kte.

Niche launches in the US drive numbers; future pipeline key for sustainability Earning momentum strong till FY26; apparent slowdown in FY27 but pipeline buildup to continue- Strong growth was attributable US launches under exclusivity (gMyrbetriq, gTolvaptan and gSpiriva) and launches across regions. India was impacted due to lower tender sales in Institutional business. The company has maintained the strong EBITDA margins trajectory mainly driven by strong GPM performance. The...

Craftsman Automation’s (CFTM) consolidated revenue grew 65% YoY to INR 20bn, 10% higher vs. I-Sec est. EBITDA margin of 15.1% in Q2FY26 (up 20bps QoQ), was largely in line with I-Sec est. of 15.0%. Margin expansion was led by operating leverage and cost optimisation.

We maintain our HOLD on the stock and recommend a BUY on dips strategy.

CPVC piping in India. As of FY25, it has 26 manufacturing units with an aggregate capacity of 5.49 lakh TPA (3.8 lakh TPA Pipes, Water tanks & Bathware, 1.3 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.5...

Management expects demand recovery in H2FY26, supported by festive consumption, rural improvement, and easing input costs.

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).

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.

NALCO (NACL)’s revenue stood at INR42.9b (+7% YoY and +13% QoQ) vs. our est. of INR37.1b. The growth was driven by favorable aluminum prices.

National Aluminium Company (NALCO)’s Q2FY26 EBITDA, at INR 19.2bn, was 29% ahead of our estimates, largely driven by a sharp increase in alumina sales volumes.

GlaxoSmithKline Pharmaceuticals (GSK) reported weak Q2FY26 result. Revenue growth was negatively impacted due to supply-led issues at a CMO (~INR 400mn) and temporary impact of GST rate cut (~INR 300); adjusting for it, growth in general medicines segment stood at 6-7%.

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

Kalyan reported a strong Q2FY26 with broad-based growth across India and the Middle East, supported by healthy SSSG and continued FOCO-led expansion.

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.

Q2FY26- Decent print driven by growth in some power brands- Revenues grew ~8% YoY to 1757 crore. As per IQVIA, some of the power brands such as Thyronorm (Hormonal), Udiliv (GI), Cremaffin Plus (GI) and Duphalac (GI) witnessed decent growth along with some marketed brands of Novo Nordisk and Abbott Healthcare such as Rybelsus (Semaglutide) and Ryzodeg (Insulin). While Mixtard (Insulin) and Novomix (Anti-Diabetic) registered de-growth during the quarter. EBITDA grew ~14% YoY to 502...