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Supreme Industries (SI) reported a muted quarter amid the ongoing challenges of volatile pricing and the early onset of monsoon, affecting demand.

Suzlon Energy (Suzlon) delivered a strong set of results, with deliveries and EBITDA coming in ~15%/38% ahead of our expectations.

We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.

In 1QFY26, Page Industries (PAGE) reported weaker revenue growth of 3% YoY, with volume growth of 2% (est. 9%; 8.5% in 4QFY25) to 58.6m units.

As of May 2025, Suzlon has a strong order book of over 5.5 GW. Keeping inline with the strong guidance by the management, we forecast Suzlon's WTG deliveries to grow at 41% CAGR in FY25-27E period, prompting us to upgrade FY27E revenue estimates. We upgrade our FY27E EBITDA estimates on account of higher contributions coupled with improving profitability in the WTG segment. Despite execution risks, Suzlon's earnings are...

Suzlon ended FY25 on a high with a strong set of result; in Q4FY25, it reported revenue of INR 38bn (+73% YoY), EBITDA of INR 7bn (+94% YoY) and adjusted profit of INR 5.8bn (~2x YoY) - adjusted for deferred tax of INR 6bn. The strong performance was led by execution of 573MW of wind turbines (2.1x YoY).

Suzlon has delivered a robust H1FY26 performance. Its wind turbine deliveries in H1 were ~2x YoY at ~1GW. This spurred its revenue to ~1.7x YoY in H1, while its EBITDA doubled YoY on a low base (non-recurring expenses in H1FY25).

Suzlon has been delivering strong performance over the last few quarters. It had a very good FY25, wherein it: bagged wind turbine orders worth ~3.6GW – its order book (OB) swelled to >5GW; entered PSU orders, potentially opening the door for further penetration in the fast-growing PSU segment.

Colgate’s (CLGT) 2QFY26 performance remained weak as its revenue fell 6% YoY to INR15.2b (in line) on a high base of 10% growth and due to the impact of GST-led transition (trade disruptions).

Supreme Industries (SI) reported muted operating performance (EBITDA down 7% YoY), led by volatile PVC prices, a lower VAP mix, and weak demand (due to extended monsoon).

Colgate’s Q4FY25 performance was muted owing to soft demand in urban markets and heightened competitive intensity. Standalone revenues declined by 1.8% y-o-y to Rs. 1,463 crore, missing our expectation of Rs. 1,520 crore, with toothpaste volumes flat y-o-y.

Suzlon began FY26 on a strong note, with higher capacity utilization driving improved margins in the wind turbine segment. Backed by a robust 5.7 GW order book, we project a 42% CAGR in revenue over FY2527E, supported by management's guidance and strong delivery momentum. Enhanced utilization is expected to unlock volume leverage, leading to a 117 bps margin expansion, primarily from the WTG and forging businesses. With...

Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint
design facility under planning marks Dixon’s strategic pivot toward the ODM model.

Component strategy execution to be key factor ahead manufacturing services (EMS) company of India offering comprehensive EMS solutions with specialized focus across product verticals including mobile, television, washing machine, refrigerators, laptop, lighting, telecom, wearables and hearables, AC printed circuit boards (PCBs), etc. Q2FY26 performance: Dixon reported revenue of 14,855 crore (up by (29% YoY/15% QoQ). Mobile and EMS division continued its healthy growth with revenue of 13,361 crore (up by 41% YoY/15% QoQ). Company is in-line to achieve 40-42...

Godrej Properties’ (GPL) pre-sales volume for 2QFY26 was up 39% YoY/16% QoQ at 7.1msf (31% above estimates). In 1HFY26, volumes stood at 13msf, down 6% YoY.

Godrej Properties’ (GPL) pre-sales volume for 1QFY26 declined 31% YoY/18% QoQ to 6.2msf (in line with estimates). However, pre-sales value stood at INR71b (-18% YoY/-30% QoQ, 11% below estimates).

GPL has delivered a strong presales CAGR of 50% over FY21-24 and outperformed all its peers. However, its presales are estimated to clock an 8% CAGR over FY25-27 due to the high base effect.

About the stock: Supreme Industries Ltd. (SIL) is the largest domestic Q2FY26 performance: Supreme Industries reported consolidated revenue of 2,409 crore (up 5.3% YoY, down 8.2% QoQ) for Q2FY26, led by 12% YoY volume growth (down 16% QoQ) at 1,54,431 MT (Plastic piping volumes were up 17% YoY at 1,19,860 MT). EBITDA margins came in lower than estimates at 12.4% (lower 170 bps YoY, almost flat QoQ) at 12.4%. Consequently, EBITDA and net profit declined 7% YoY and 20% YoY at 297 crore and 165 crore. Share of revenues from value added products increased to 45% at 1073 crore (up 18.3% YoY) from...

Suzlon Energy's (SUEL) consolidated revenue came in at INR38.7b, exceeding our estimates by 39% (higher than expected deliveries), while EBITDA was 71% above our estimates at INR7.2b.