New Research Reports

We downgrade our rating from Accumulate' to HOLD' given the persistent execution challenges, valuing the core business (excl. Green Solutions) at PE of 40x Mar'27E (same as earlier) with SoTP-derived TP of Rs3,633 (Rs3,629...

GlaxoSmithKline Pharmaceuticals (GLXO) delivered lower-than-expected revenue/EBITDA (8%/5% miss) in 1QFY26.

Delhivery reported a 6% YoY increase in revenue to INR22.9b in 1QFY26. EBITDA surged 53% YoY to INR1.5b, resulting in an improved EBITDA margin of 6.5%.

In Q1FY26, Delhivery beat estimates in terms of growth and profitability. Express parcel volume grew 13.7% YoY, improving from FY25’s 2–3% volume growth trend.

UPL Ltd (UPLL) made a decent start to FY26, with EBITDA growing 14% YoY to INR13b, led by a better product mix (EBITDA margin up 150bp YoY), higher capacity utilization, and lower COGS (gross margins up 460bp YoY), despite revenue growth of 2% to INR92b.

*over or under performance to benchmark index APL Apollo Tubes Ltd (APAT) is a leading manufacturer of structural steel tubes, with an annual production capacity of 4.5mn ton. It has a distribution network spanning 29 cities in India and 20 countries globally. In Q1FY26, its sales mix comprised Apollo structural tubes (~64%), Apollo Z (~32%) and Apollo Galv (~4%), catering to a diverse...

Relaxo Footwears Ltd.'s (Relaxo) Q1FY26 result was below our estimates on key parameters. The company had yet another quarter of weak performance as sales volume declined. We believe there is no major uptick in demand environment post muted performance in Q4FY25 as well. The management's prudent cost cutting has been detrimental in operating margin improvement in Q1FY26. We believe Relaxo's earnings may remain under pressure in near term as sales volume may remain muted. However, the management is taking strategic steps such as the Retailer Parivar App, broadening the ecommerce...

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).

Revenue: Consolidated revenue for the quarter increased by 31.4% YoY (-8.8% QoQ) to INR 15,696 Mn., significant beat on our estimates (+15.0%), driven by strong outperformance in the Custom Synthesis and the Generic FDF segment.

Net earnings were in line with expectations at Rs. 529 crore, increasing 3.2% (y-o-y) but declining 6.0% (q-o-q). This was driven by strong PPOP growth, though higher credit costs offset it.