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Krishna Institute of Medical Sciences (KIMS)’s Q2FY26 revenue was in line with our expectation. That said, EBITDA loss at Maharashtra of INR 96mn (-100bps) and Karnataka of INR 255mn (-265bps) coupled with lower margin at Kerala cluster dragged EBITDA margins to a low of 21.2%.

Firstsource (FSOL) reported a largely in-line operating performance in Q2. Revenue grew 2.3% QoQ to USD265mn (2.0% CC), a tad below our estimate.

Poonawalla Fincorp (PFL) delivered a strong quarter, driven by robust growth, margin expansion, and improved asset quality. The company saw healthy growth in AUM, with disbursements nearly doubling YoY.

Cyient logged a steady operating performance in DET, in Q2. DET revenue grew 1.0% QoQ (0.5% CC) to USD164.4mn. DET EBITM expanded by 16bps QoQ to 12.2%.

Cyient’s (CYL) DET business reported 2QFY26 revenue of USD164.4m, up 0.5% QoQ in constant currency (CC) terms, in line with our estimate of 0.5% growth.

We expect yield compression to persist in the medium term as the company pivots toward secured lending to enhance competitiveness and attract high-value clients. Asset quality in the gold loan segment remains stable, supported by strong gold prices. However, risks in the nongold portfolioparticularly MFI, MSME, and vehicle financeremain elevated. Near-term credit cost pressures are likely to continue, though improved employee incentives may support recoveries and offset provisioning risks. As the company navigates its stabilization phase, improvements are expected to unfold gradually. Given the recent price hike and stretched...

We attended RPSG Group’s ‘Investor Day’, to understand Firstsource Solutions (FSOL)’s growth strategy and outlook. FSOL’s growth strategy encompassing the ‘OneFirstsource’ framework with focus on seven strategic
levers and its UnBPO approach (shifts focus from labor arbitrage to tech arbitrage) has started yielding early results, as reflected in the revenue growth acceleration, deal intake, and pipeline.

In Q1FY26, Narayana Hrudayalaya delivered stable topline performance, though EBITDA margins were impacted by losses in the Integrated Care segment. The segment remains dilutive, with elevated costs weighing on consolidated profitability. With a pipeline of...

*over or under performance to benchmark index Management's shift to diversify its exports beyond the US is prudent given ongoing uncertainty in North American markets, which still account for 50% of exports. Focus now turns to domestic demand, led by rail, though mobility and process segments remain mixed. We expect an unfavourable revenue mix to pressure margins, with lower volume leverage impacting EBITDA. Consequently, we reduce our revenue...

FSOL has signed an agreement for acquiring Pastdue Credit Solutions (PDC) – a UK-headquartered debt collection agency serving UK’s several market-leading companies, including banks, utility firms, telecom players, and government bodies – for a cash consideration of £22mn (1.3x P/S on FY24 basis).

Narayana continues to deliver stable performance, driven by improved throughput rather than bed expansion. While the Indian business remained steady in FY25, the Cayman segment outperformed with 50% YoY sales growth and margin gains in Q4FY25. In our...

Global Health (Medanta)’s Q4FY25 print was in line with street/our estimates. The Developing portfolio continued its healthy trajectory, as OBD grew 36% YoY (favorable base) while ARPOBs fell 7% on higher contribution of schemebased patients in both—Lucknow and Patna units.

Carborundum Universal (CUMI) reported an underwhelming set of result. Consolidated revenues were flat YoY at INR 12bn, EBITDA declined by 30% YoY to INR 1.5bn and profit was at INR 301m in Q4FY25.

Firstsource (FSOL) reported inline operating performance in Q4 – revenue grew 2.1% QoQ CC; EBITM expanded by 10bps QoQ to 11.2%. Growth was broadbased across verticals, except Diverse industries that saw seasonal weakness.

Poonawalla reported another patchy quarter (Q4) with elevated credit cost (3.03% of AUM) and opex (4.6% of AUM) pushing profitability materially lower (RoA of 0.76%).

Cyient reported weak operating performance in DET, in Q4. DET revenue degrew 3.0% QoQ (1.9% cc) to USD170mn. DET EBITM declined by 48bps QoQ to 13.0%, lower than our estimate.

Firstsource (FSOL) delivered yet another quarter of strong topline growth in Q3FY25; revenue grew 7.6% QoQ CC, compared to our growth estimate of 6.9%.

Cyient posted inline revenue performance in DET in Q3, while EBITM missed estimates. DET revenue grew 1.3% QoQ (2.4% CC) to USD175.2mn. DET EBITM declined by 70bps QoQ to 13.5%, coming in below our estimate.

DET business reported 3QFY25 revenues of USD175m, up 2.4% QoQ in CC vs. our estimate of 2.3% growth. Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 1.3% QoQ cc).