Upgrades

Bank of Baroda reported a healthy performance in Q2 FY26, led by improved operating performance and pick-up in credit growth.

BPCL’s EBITDA/PAT came in 32%/40% above expectationsin 2QFY26, driven by higher-than-anticipated GRM (USD10.8/bbl). Blended marketing margin also stood 35% above our estimate at INR7.2/lit (up 25% YoY).

Vedanta (VEDL) reported a consolidated revenue of INR399b (+6% YoY and +5% QoQ) against our est. of INR371b, driven by higher LME, improved premiums, and forex gains in 2QFY26.

In 2QFY26, Lodha Developers (LODHA)’s presales rose 7%/3% YoY/QoQ to INR45.7b (in line). In 1HFY26, its presales grew 8% YoY to INR90.2b.

JSL's Q2FY26 operating performance was in-line with our expectations. Revenue declined 5% QoQ to Rs117bn, primarily due to a 3% decline in NSR (owing to weak steel prices) and a 2% QoQ drop in volumes, mainly impacted by planned shutdowns. Despite volume decline, management maintained its FY26 guidance and expects steelmaking capacity to reach 15.6 mtpa by FY26. Consequently, EBITDA declined 31% QoQ to Rs21bn, with EBITDA/tonne decreasing by 30% QoQ to Rs11,129, weighed down by planned maintenance shutdown and weak realizations. JSL incurred capex of Rs31bn in H1FY26. Net debt decreased by...

About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Higher volumes and domestic steel price stability to support profitability: In Q2FY26, JSL's EBITDA/ton fell to ~11k (vs 15.8k in Q1FY26), mainly due to higher operating costs of ~250 crore from planned maintenance and metallic purchases. While domestic steel prices are currently down 23% QoQ, management expects an improvement in NovDec'25. With higher volumes and potential price recovery, margins are likely to sustain, with EBITDA/ton projected at 12.9k/14k for...

Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.

TVS Motor Company’s (TVS) 2Q PAT at INR9.1b was below our estimate of INR9.9b, even as the EBITDA miss was just 2%. PAT miss was largely driven by higher interest and depreciation expenses, along with a loss on the fair valuation of its investment in TVS Supply Chain.

About the stock: Shree Cement is the 3rd largest cement producer in India with Continuous focus on operational efficiencies to further improve EBITDA/ton: Company's EBITDA/ton improved substantially YoY to 1235/ton in H1FY26, primarily due to better realizations as company remains focused on increasing share of premium product portfolio (reached 21% of trade sales in Q2FY26). Going ahead, though we expect company's EBITDA/ton to remain flattish in H2FY26 (as compared to H1FY26), but full year FY26E EBITDA/ton would be significantly better on YoY basis. Moreover, profitability is expected to improve...

We maintain our BUY rating on the stock.