New Research Reports

Author: Vincent K A - Sr. Research Analyst DBL aims to reach approximately 75 MT by FY28 while maintaining financial discipline with a net debt to EBITDA cap of 2x (currently at 0.33x). DBL is also prioritizing the enhancement of its renewable energy (RE) portfolio, with operational RE capacity (including group captive) reaching 267 MW in FY25, up from 185 MW in FY24. The stock currently trades at 1Yr Fwd EV/EBITDA...

We maintain our BUY rating.

We maintain our BUY rating on the stock with a target price of Rs 380/share, implying an 11% upside potential from the CMP.

Voltas’ Q1FY26 performance was weighed down by softer summer product sales, following an unusually early monsoon.

Hit by an erratic summer, Voltas’ UCP fell 25% y/y in Q1, its market share down to 17.8% (June-end 19.3%). Under-absorption and higher promotions squeezed margins, while inventory was high.

HPCL’s Q1FY26 standalone EBITDA/PAT of INR 76bn/INR 43.7bn rose 3.6/12.3x YoY (+31/+30%QoQ), vs. I-SecE of INR 82/48.4bn, respectively.

HPCL’s 1QFY26 EBITDA was 9% below our est., led by lower-than-estimated GRM (USD3.1/bbl). GRM, adj. for inventory gains, stood at USD6.5/bbl.

Biocon’s Q1FY26 performance was marred by operating cost of new facilities for generic division and lower-thananticipated margins in biologics division.

Voltas (VOLT)’s 1QFY26 earnings were below our estimate. Revenue dipped ~20% YoY to INR39.4b (-10% vs. estimate), due to ~25%/16%/3% YoY decline in UCP/PES/EMPS revenue.