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Near-term profitability is likely to remain constrained by elevated input costs and subdued pricing in key regions. Nonetheless, a post-monsoon recovery in demand, improving plant utilization, and commissioning of new capacities are expected to support a gradual earnings rebound.
Although the company continues to strengthen its presence through new launches, portfolio expansion, and biosimilar development, persistent pricing pressure in the U.S. generics business and adverse product mix are expected to remain key headwinds to its overall profitability.
Per media reports, the Supreme Court (SC) has permitted the Centre to reconsider the issue of reassessment for Vodafone Idea (VI)’s AGR dues. This allows the government (GoI) to grant significant relief on AGR dues to VI.
The 2QFY26 margin performance of Dr Reddy’s was marginally weaker than our expectations (in line with street estimates; adjusted for one-offs), with the gross margin (GM) decline being sharper than our expectations (at 55%, GM logged at its lowest since the launch of gRevlimid) and largely a consequence of lower-than-expected gRevlimid sales.
SBI Cards (SBIC) has been focusing on credit cost improvement and the results are becoming visible now. However, this has also led to a calibrated credit growth and directionally lower revolver mix, impacting earnings.
Wipro (WPRO) reported 2QFY26 IT Services revenue of USD2.6b, up 0.3% QoQ CC, in line with our estimate of 0.3% QoQ growth. It posted an order intake of USD4.7b (down 5.7% QoQ), with a large-deal TCV of USD2.8b (up 7% QoQ).
Dmart’s Q2FY26 results were in line and soft. Standalone Rev/GP/EBITDA/APAT came in at 15.4/15.9/11.3/5.1% YoY. We believe Rev was impacted by monsoons, store cannibalization, shift to Qcom and price deflation.
regard to US tariffs and geopolitics could affect the growth prospects. Therefore, we downgrade our rating on the stock to SELL, with a revised target price of Rs. 35,169, based on 37x FY27E earnings per share....
Dr. Reddy’s Laboratories Ltd. has entered into a definitive agreement with Janssen Pharmaceutica NV, an affiliate of Johnson & Johnson, to acquire the STUGERON® brand along with its leading local brands STUGERON® FORTE and STUGERON® PLUS.
JSP reported adjusted EBITDA of Rs29.8bn (+14.0% vs Emkay estimate; +15.6% vs consensus; +20.3% QoQ).The sequential improvement was mainly led by a reduction in coking coal cost by USD11/t and QoQ better realization, which was partially offset by a 10.8% sequential decline in sales volume (owing to early onset of monsoons and intentional rebuilding of inventories).
We maintain REDUCE, lowering our Jun-26E TP by 6% to Rs5,500, based on 48x P/E (revised from 50x, now aligned with the 5Y average forward P/E). Q1 results were in line, adjusting for the Phantom Stock Option Scheme expenses.
Wipro reported a flat revenue growth in Q1FY26 owing to decrease in revenue in BFSI and consumer sector. Total bookings and large-deal bookings witnessed an increase in the quarter. However, the revenue guidance for Q2FY26 remains weak. Challenges faced in the macroeconomic environment, discretionary spending and client-specific challenges led to a decrease in revenue from Europe. The company...
IndusInd Bank's asset quality deteriorate further with GNPA in consumer banking segment inch up to 4.7% vs 4.1% QoQ. MFI portfolio which remains key concern segment reported rise in GNPA (@16% vs 13% QoQ). Credit growth de-grew by 4% YoY (down 3% QoQ); similarly deposit growth de-grew by 3% QoQ. MFI portfolio de-grew by 5% QoQ along with sequential decline in corporate book resulting in 6% QoQ decline in loan growth. We have revised down the credit growth to 8% CAGR (FY25-27) vs 11% earlier. NIMs remain flat at 3.5% vs 3.5% QoQ (if adjusted for one-offs during Q4FY25). Bank reported profit of Rs.6bn vs loss last...
Revenue: For Q1FY26, the revenue increased by 11.4% YoY (+0.5% QoQ) to INR 85,721 Mn, below our estimates by 3.0%, led by weakness in North America, which was partially offset by higher momentum across Europe and the Emerging markets.
Dr. Reddy's (DRRD) Q1FY26 EBITDA adjusted for licensing income was in line with our estimate. The base business margins and US sales ex of gRevlimid continued to remain weak. We have scale up base business margins from the current level of 15-16% to +21-22% in FY27E. Our FY26 and FY27E EPS broadly remain unchanged. DRRD have been investing cash flow from gRevlimid to build pipeline across peptides, biosimilars and GLP products; benefits of that may take some time. Further thin US pipeline in near term and competition in...
LTIM reported in-line revenue growth led by a recovery in consumer and healthcare segments, and healthy momentum in BFSI. EBIT margin improvement of ~50bps QoQ was on expected lines, enabled largely by LTIM’s focused margin improvement program.
Wipro (WPRO) grew marginally better than expected at -2% CC, within its guided range for Q1FY26. Growth was led by the healthcare and technology verticals. Guidance for Q2FY26 is flat at the midpoint.
Wipro reported steady operating performance in Q1, though one-off restructuring costs led to a miss on reported EBITM. IT Services revenue declined 0.3% QoQ to USD2.59bn (down 2% CC), in line with our expectations.
