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We maintain our BUY rating on the stock on reasonable valuations.

Strong Q2; Margin to expand by 200bps in FY27 Q2FY26 performance: India business grew by 35% YoY driven by mix of volume and price led growth. Volume growth stood at 7% YoY continuing its positive growth trajectory for 10th consecutive quarter. International business grew by 20% YoY on constant currency basis. Inflated copra prices (+113% YoY) and high base led to 814bps YoY decline in gross margins to 42.6%. EBIDTA margins declined by...

we maintain a BUY rating on the stock.

We maintain our BUY rating on the stock.

We maintain a BUY rating on Fortis Healthcare with a target price of Rs 1,070/share

UPL is well-positioned to deliver a stronger H2FY26, supported by normalization in LATAM demand, robust growth momentum in North America, and margin tailwinds from low-cost inventory and improved product mix.

VIL’s long-awaited resolution for its AGR demand appears probable post the recent SC order where it has permitted the government to reassess and reconcile all AGR dues, including interest and penalty till FY17.

Ashok Leyland (AL)’s 2QFY26 PAT stood at INR8b. It was 8% ahead of our estimate, primarily driven by a higher-than-expected other income, even as EBITDA came in line.

Biocon (BIOS) delivered in-line revenue/EBITDA for 2QFY26. PAT for the quarter was better than expected, driven by lower minority interest for the quarter.

BSE enjoys strong prospects of volume growth across segments (options, cash as well as MF platform) led by derivatives, which has been our investment thesis for the stock.

Axis Max Life Insurance (MAXLIFE) reported an APE growth of 16% YoY to INR25.1b (in line). For 1HFY26, APE grew 15% YoY to INR41.8b.

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.

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...

BHFC’s standalone earnings at INR3.15b came in line with our estimate. Revenue came in below our estimate, whereas margins surprised positively.

BSE reported operating revenue of ~INR10.7b (5% beat), up 44% YoY/12% QoQ, mainly driven by 57% YoY growth in transaction charges. For 1HFY26, revenue grew 50% YoY to INR20.3b.

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...

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

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.