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Quarterly Update Q2FY26

In Q2FY26, Blackbuck’s core revenues grew ~37% YoY led by 55% QoQ growth in fuel sensors. New businesses grew >2x YoY and 19% QoQ led by Superloads and vehicle financing.

SCL reported a robust performance in 2Q FY26, driven by strong volume growth and margin expansion. The Company remains optimistic about a gradual recovery in the global agrochemical market, noting that inventories have normalized across distribution channels.

We upgrade our rating from HOLD to BUY on the stock as the current valuations appear attractive considering the company's long-term growth prospects.

Acutas Chemicals delivered robust revenue and profit growth, driven by strong performance in API and specialty chemicals segment.

Acutaas Chemicals registered a superlative performance in Q2FY26. Revenue, EBITDA and PAT registered strong growth of 24%,95% and 94% respectively on YoY terms. We believe the company will can clock in revenue CAGR of 25-30% for the next 2 years with margins upwards of 29%. The growth will be propelled by strong growth in the advanced pharma intermediates business owing to strong traction in CDMO business and targeting of more molecules which will go off patent. We believe that strong traction in key molecules will continue along with further scale up of CDMO business with the increasing ramp up of the...

We maintain our BUY recommendation on reasonable valuations.

SRIN reported pre-sales of INR7b in 2QFY26, up 34% YoY/7% QoQ (19% above estimate). In 1HFY26, presales were INR13.6b, up 32% YoY.

Rallis India Q2FY26: Weak topline performance, Margins remain stable Revenues stood at 861 crore, down 7.2% YoY on account of erratic and prolonged rains which impacted field activities and spray applications. The crop care business (88% of the revenues) reported a decline of 3% YoY at 760 crore, as growth in B2B business (14% YoY) was undone by 10% degrowth in B2C business due to weather disruptions. The seeds business (12% of the revenues) reported a decline of 28% YoY, at 101 crore. EBITDA for the quarter stood at 154 crore, down 7% YoY translating into margins of 18%, up ~220 bps QoQ/ flat YoY. EBITDA for the crop care...

Thyrocare Technologies (Thyrocare) Q2FY26 revenue/EBITDA/PAT was ~1%/14%/26% ahead of our expectations. Both the pathology divisions continue to boost growth with partnership/franchise segment posting 35%/20% growth driven by an uptick in volumes (up ~24%/11%, respectively).

BUY with a target price of Rs 702 implying an upside of 10% from the CMP

De-risking legacy book and building healthy portfolio: South Indian Bank's pre2020 defaults in corporate exposures and Covid related delays spiked NPAs to 5.9% in FY22, forcing large provisions that hammered profitability. The bank has since derisked sharplylegacy stressed book down from 65,349 crore (63% of advances in FY22) to 16,973 crore (19% in FY25) via recoveries/exitsdriving GNPA to 3.2%, NNPA to 0.9%, and PCR to 85%, with ~98% of corporate book now being AAA/A+ rated. Newly originated granular retail/MSME and selective corporate lending shines pristine (GNPA 0.46%), backed by tighter underwriting, digital platforms, and robust collections, with fresh slippages easing to 1.5% for sustained turnaround. Recalibrating the mix remain core strategy: Management is driving a structural...

We initiate coverage on AGI Greenpac (AGI) with BUY and Sep-26E TP of Rs1,520 based on DCF method, implying 19x Sep-27E EPS. AGI is a leader in the Indian container glass (CG) industry with >20% market share.

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

ICIL 2.0 scaling the core + expanding brands + entering utility segment: ICIL 2.0 emphasises on strengthening the core, expand into high margin segments such as utility/fashion bedding and expand the branded product portfolio to build a sustainable business model in long run. Over the past 1215 months, it has invested significantly in value enhancement projects from acquisitions and capacity expansion to brand building and talent development, laying a solid foundation for its next phase of growth. The company expects the branded portfolio to add US$100mn and utility...

We reiterate our BUY recommendation on JK Lakshmi Cement Ltd., with a TP of Rs 1,050/share, offering an upside of 16% from the CMP.

We interacted with Tushar Bhajanka, Deputy MD of Star Cement, to understand the company’s growth plans and the demand-supply outlook in the Northeast.

Retention of clients by sacrificing margins in the near term: In the backdrop of higher tariff of 50%, Gokex management has given more impetus on client retention by providing discounts of 15-18% rather maintaining the EBIDTA margins. It has good order book outlook for Spring summer season till Q4FY26. With this strategy management expects revenues to remaining at Rs900-1000crore (after discount of 18% on additional tariff of 25%) per quarter, while consolidated EBIDTA margins...