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as well as share price target upgrades are available for companies in Nifty Midcap Select.
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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...
HPCL’s 2QFY26 EBITDA came in at INR76.2b (29% beat), aided by a higher-thanestimated reported GRM of USD8.9/bbl (48% beat). GRM, adj. for inventory gains, stood at USD8/bbl.
Q2FY26 Chemicals Business drives growth- Revenues grew 6% YoY to 3,534.5 crore driven by the Chemicals business (46% of the revenues) which reported a growth of 23% YoY to 1,667 crore. While technical textiles (13% of the revenue) and Packaging films (39% of revenues) reported a decline of 11% and 1% to 474.3 crore and 1,408 crore respectively. Consolidated EBITDA stood at 774.2 crore, up 44% YoY, translating to margins of 21.3%, up ~560 bps YoY driven by the Chemical business (EBIT) which stood at 29%, up ~1100 bps YoY. Moreover, PAT for...
SRF delivered results in line with our expectations primarily owing to healthy performance in specialty chemicals and higher pricing of refrigerant gases. Higher volumes especially in HFCs also contributed to the growth. While Revenue grew by 6% YoY, EBITDA and PAT grew by impressive rates of 44% and 93% respectively. The chemicals business registered strong revenue growth of 23% YoY along with ~1080 bps of YoY margin improvement to 28.9%. Although some orders have been deferred on the agro side, we expect SRF to recoup the same in H2FY26. The Fluorochemicals part of the business was elevated by...
Indus Towers (Indus) reported strong results, with slightly higher revenue than street estimate and 50bps QoQ rise in EBITDA margin, adjusting for provision reversal.
Coforge reported a strong Q2FY26 with consolidated revenue of INR 3,855 crore (USD 462mn), growing 8.1%/26.7% QoQ/YoY in INR terms, driven by robust growth in Travel (+6.4%), Healthcare, Retail & Hi-Tech (+5.9%), Insurance (+1.8%), and BFSI (+4%) sectors. EBIT margin expanded 251bps QoQ to 14%, supported by lower ESOP costs and operating leverage, despite higher hedge losses. PAT margin improved to 9.4%. Order intake reached USD 514mn with five large deals, lifting the executable order book to USD 1.63bn, up 26.7% YoY. Employee strength increased to ~35K with a low attrition rate of 11.4% and...
Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins.
Component strategy execution to be key factor ahead manufacturing services (EMS) company of India offering comprehensive EMS solutions with specialized focus across product verticals including mobile, television, washing machine, refrigerators, laptop, lighting, telecom, wearables and hearables, AC printed circuit boards (PCBs), etc. Q2FY26 performance: Dixon reported revenue of 14,855 crore (up by (29% YoY/15% QoQ). Mobile and EMS division continued its healthy growth with revenue of 13,361 crore (up by 41% YoY/15% QoQ). Company is in-line to achieve 40-42...
Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments.
Strong distribution network with 280 branches and over 1,03,000 empanelled distribution partners Q2FY26 performance: HDFC AMC continues to report healthy set of result as expected. Market share and revenue yields across asset classes were broadly maintained esp. w.r.t. equity-oriented schemes. Closing AUM grew 2% QoQ to 8.8 tn with market share of 11.5%. High yielding equity mix maintained at healthy proportion of 66% vs industry average of 58%. EBITDA margin remains healthy though it declined 190 bps QoQ to 77.9% owing to sharper increase in staff and...
Revenue stood at INR 35,807 Mn, up 7.4% QoQ and 23.6% YoY, outperforming our estimate by ~2.7%, driven by consistent client additions and higher offshore volumes.
AI-Led Transformation for long-term differentiation: Persistent's AI-led transformation through its Sasva platform (filed 20 new patents), enterprise AI readiness offerings, & internal AI deployments is a key differentiator. With 50+ AI agents deployed & partnerships with Anthropic, the company is also embedding AI across delivery, legal, HR, finance, & supply chain. This positions Persistent well to capture next-gen digital transformation opportunities, drive...
HDFC AMC’s operating revenue grew 16% YoY/6% QoQ to INR10.3b (in line) in 2QFY26. Yields came in at 46.6bp vs. 46.8bp in 2QFY25 and 46.7bp in 1QFY26. For 1HFY26, revenue grew 20% YoY to INR20b.
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....
Cummins is experiencing a broad-based demand revival in powergen segment from across sectors such as Real estate, manufacturing, hospitals, datacenters, etc.
IndusInd Bank recorded subdued financial results in Q1FY26. However, it *over or under performance to benchmark index demonstrated resilience as it returned to profitability and its core operations stabilised. It is also aiming for a consistent and predictable improvement in financial metrics every quarter. Leadership transition remains on track, with CEO recommendations submitted for regulatory approval. Demand for vehicle loans continues to hold steady, supported by recovery in rural markets driven by a strong monsoon season and increased government spending on infrastructure. The bank's...
