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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.
SAIL’s Q2FY26 reported EBITDA, at INR 25.2bn, was 23% better than our estimates, driven by higher sales volumes, better by-product sales and operating leverage.
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.
MMFS reported a steady quarter, with PAT at ~Rs5.7bn (+8% QoQ/+54% YoY), ahead of Street and our estimates. Credit costs remained elevated at 2.2% (vs 1.9% in Q1), though the management expects moderation in coming quarters with full-year levels contained at ~1.7%.
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.
Colgate’s Q2FY26 result reaffirms that business remains structurally fatigued, with no visible triggers for a turnaround. Revenue declined 6.2% YoY, implying a 7-8% volume decline amid GST-led destocking and continued competitive intensity.
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.
We have revised our FY26E/FY27E EPS estimates by 0.4%/-0.8% as we maintain a cautious near-term outlook, given the temporary impact of the cybersecurity incident, moderation in media and communications growth, and slower recovery in healthcare.
TATA Elxsi (TELX) reported better-than-expected Q2FY26 performance on both revenue and margins fronts. However, signs of structural recovery in demand are yet to emerge.
Tata Elxsi (TELX) reported revenue of USD105m in 2QFY26, up 1% QoQ in CC terms, in line with our estimate. Growth was led by Media and Communications (up 3.7% QoQ CC), whereas Transportation/HLS declined 0.5%/4.6% QoQ CC.
*over or under performance to benchmark index Biocon Ltd is a biopharmaceutical company that develops therapies for chronic diseases such as autoimmune, cancer and diabetes. The company has developed and introduced novel biologics, biosimilars, differentiated small molecules and affordable recombinant human insulin and analogues. In Q1FY26, Biocon's consolidated revenue grew 14.8% YoY to Rs. 3,942cr, driven...
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....
The stage-3 asset ratio in the gold loan portfolio declined to 2.58% in Q1FY26 from 3.98% a year earlier, supported by customer-led repayments aided by rising gold prices and flexible repayment options....
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.
Glenmark Pharmaceuticals’ (Glenmark) Q1FY26 performance was below our expectation due to muted show across regions. Rise in other operating income inflated margins and PAT.
