New Research Reports

ACC reduced its kiln fuel costs by 10% by optimising its fuel mix, using cheaper imported petcoke, and improving the coal supply chain and partnerships with other companies in the group. As a result, fuel cost per unit of energy decreased from...

operational. In addition, election special trains that were ferried in base quarter had a component of bottling business too which was missing this time around. In light of weak performance in 1QFY26, we cut our revenue estimates by ~4%...

Revenue stood in line with our estimate at INR67.4b, rising 25% YoY but declining 4% QoQ. Muted volumes QoQ were offset by healthy NSR.

The company aims to enhance capacity utilization through backward integration, with the launch of new products is expected to strengthen its near-term revenue outlook. New segments such as drones and retail, along with stabilized raw material prices and operational improvements, are likely to support profitability going forward. Accordingly, we revise our rating on the stock to ACCUMULATE, with a revised...

Deepak Nitrate’s Q1FY26 EBITDA at Rs1.7bn (down 44% YoY; up 11% QoQ) was in line with our estimate, albeit below consensus estimate.

Ashok Leyland’s (AL) 1Q PAT stood at INR5.9b, marginally ahead of our estimate of INR5.8b, led by a slight beat on margins (30bp) and higher other income.

Deepak Nitrite (DN) reported a muted operating performance in 1QFY26, as EBITDA declined by 39% YoY to INR1.9b.

Deepak Nitrite’s (DN) Q1FY26 has shown marginal improvement over adj. Q4FY25 EBITDA; however, overall performance remains subdued.

Nippon AMC is expected to continue its growth momentum, led by its strong position in the Indian mutual fund industry, diversified product suite and robust growth trajectory. Its ability to capitalise on the growing demand for financial services in India, coupled with its expanding market share and increasing digital presence, positions it for long-term success. Its commitment to launching new products, including alternative investment funds and ETFs, further underscores its growth potential. Although the industry is competitive, we believe Nippon AMC's...

We downgrade our rating from BUY to HOLD on the stock as the challenges are expected to continue in the near term, and we await clear signs of a sustained recovery.