New Research Reports

SAIL’s Q1FY26 reported EBITDA, at INR 27.6bn, was c.16% short of consensus estimates. This stemmed from higher other expenses on account of an INR 9.5bn one-time negative impact on inventory valuation.

Among other segments, stainless steel wire revenue dipped 3.6% YoY to Rs. 52cr. Engineering, procurement and construction (EPC) project revenue significantly declined 56.0% YoY to Rs. 99cr, largely because of a high base effect due to the...

We revise our rating from HOLD to BUY

Total volume stood at 220TBtu (Ple 205 TBtu, -16% YoY, +7% QoQ). However, the company took an impairment of Rs1.4bn during the quarter on account of take-or-pay. As a result, despite higher-than-estimated volume, the company...

PLNG’s 1QFY26 revenue came in line, while EBITDA was 5% below our estimate at INR11.6b. Marketing margins missed our estimate as spot volumes were nil for the quarter, owing largely to muted power demand. PAT came in line with our estimate as other income was above estimate.

Nippon Life India AMC’s (NAM) operating revenue grew 20%/7% YoY/QoQ to INR6.1b (in line) in 1QFY26. Yields declined to 39.6bp from 40.7bp in 4QFY25 and 41.8bp in 1QFY25.

SAIL delivered weak operating performance in Q1FY26 due to inventory revaluation loss in RM and higher other expenses. Volumes grew 4% YoY (incl NSL's low contribution volumes, total volume growth was 13% YoY). Higher royalties and other expenses negated the benefit of higher steel prices. The average NSR grew 5% QoQ, aided by better flat and long product prices, driven...

UPL Limited announced that its Rights Issue Committee has approved the second and final call of INR 180 per partly paid-up equity share (INR 1 face value + INR 179 premium), representing 50.0% of the issue price of INR 360.

SAIL's Q1FY26 performance was below our expectations. Revenue declined 12% QoQ to Rs259 bn, dragged by a 15% QoQ drop in volumes. This includes 0.37 mnT traded volumes from NMDC steel contributing Rs 1.8bn to the topline. NSR improved 4% QoQ to Rs56,970/t due to higher steel prices. EBITDA declined 21% QoQ to 27bn, with EBITDA/tonne at Rs 6,076/t (-7%/10%) QoQ/YoY, impacted by one-offs including a coal re-valuation impact of Rs 1.5bn and Rs 1.73bn hit due to inflated iron ore royalty charges. Management indicated IISCO plant expansion of 4.5mnT will start from FY27, with an estimated capex of Rs 36bn to...

In Q1FY26, LTF's interest income grew 13.37% YoY to Rs. 3,915 cr, driven by momentum in the retail segmentpersonal, SME, urban finance, and gold loans. However, interest expenses surged 21.03% YoY to Rs. 1,636 cr, resulting in a...