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Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.

About the stock: Allied Blenders & Distillers (ABDL), incorporated in 1988, is third largest IMFL company in terms of sales volumes between FY14-22. It has 18 IMFL brands in the portfolio; 4 out of it are Millionaire brands. Premiumisation is core of the long-term growth strategy. Prestige & Above (P&A) brands contribution increased to 40.4% in FY25 vs. 25% in FY18. Q2FY26 performance: ABDL's Consolidated net revenues 14.1% YoY growth to Rs.990.1cr driven by strong 28% volume growth in P&A segment (contributes 47% to overall volumes). Gross margins reported 158bps YoY improvement to 44.4% due...

Clean Science’s (CST) performance was impacted from a dip in volumes owing to demand headwinds and a Chinese customer backward integrating.

Quarterly Update Q2FY26

Net interest income fell 0.5% YoY to Rs. 10,469cr, and consequently, net interest margin (NIM) shrank 30 basis points (bps) to 2.6%, owing to a drop in yield on advances to 7.9% (-40bps YoY) in Q2FY26. Pre-provision profit rose 5.5% YoY to Rs. 7,227cr in Q2FY26, fuelled by drop in...

We maintain our BUY recommendation on the stock.

Strong H1 performance may lead to FY26 guidance beat: The company maintained its revenue/EBITDA guidance for FY26 at 36000-38000 crore/ 21000-22000 crore. Port cargo volume guidance stays at 505515 MMT, trucking revenue to grow 3x-4x YoY and marine revenues by 2x YoY for FY26. The company has already achieved 48%/49%/51% of its average FY26 volume/revenue/EBITDA guidance during H1FY26. We estimate APSEZ's overall cargo volumes to grow at ~15% CAGR over FY25-FY28E. The same is expected to be led by the company's ability in growing its domestic cargo volumes at ~1.6-1.7x of India's trade and...

Well prepated for a long term sustainable growth developer and manufacturer of APIs (~93% of FY25 revenues) with major focus in chronic therapeutic areas such as cardiovascular disease, central nervous system disease, pain management and diabetes. GLS caters to over 700 customers in more...

Q2FY26 Results- well-rounded growth with continued margin expansion- Revenues grew ~13% YoY to 6303 crore, driven by growth across segments. EBITDA grew 15% to 941 crore and EBITDA Margins improved 34 bps to 14.9%, driven by improved profitability at AHLL (Diagnostic and Retail Healthcare) and Healthcare Services (Hospitals). Healthcare services division (Hospitals) revenues grew 9% YoY to 3169 crore on the back of growth in Inpatient Volume (up 2%) and 7% increase in Price & case...

We upgrade our rating on the stock from SELL to HOLD as the stock has corrected significantly since our last report, reflecting right valuations.