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We downward revise our FY26/FY27E earnings estimate by 18.5%/6.2% factoring in correction in aggregate volume in UCP while margins are expected to be at 5% due to promotional offers aimed at liquidating inventory, high fixed costs from low plant utilization, and increases in cost due to BEE norms. Anticipating strong demand, Voltas's trade partners had built up inventory; however, softer secondary sales led to slower off-take and elevated stock levels, prompting the company to temporarily scale back production. UCP EBIT margins contracted due to focus on driving volumes through aggressive pricing...
National Aluminum (NACL) reported weak operating performance in Q1FY26 on low pricing and higher other expenses. Alumina/metal volumes grew 3x/6% YoY to 304kt/113kt on weak base. Average Q1 alumina NSR declined 37% QoQ to USD 419/t, while that for metal declined 6% YoY to USD 2,791/t. RM costs increased led by an inch up in caustic soda prices, while other expenses were elevated on account of RPO obligation compliance costs and higher repairs/ coal transportation costs, leading to below estimate EBITDA delivery. Mgmt. reiterated FY26 alumina sales guidance at ~1.28mt, supported by higher...
Biocon (BIOS) reported lower-than-expected financial performance in 1QFY26, affected mainly by a sharp reduction in generics sales and increased opex related to new facilities.
Jindal Stainless (JDSL) reported in-line standalone operating performance in Q1FY26 supported by steady domestic volume growth. Overall volumes grew 8.3% YoY to 626kt driven by 9.5% YoY domestic volume growth across segments such as automotive, metro, white goods, lifts and elevators. Exports volume decline is moderated as new base sets in; which should improve depending upon geopolitical issues. Average realization disappointed with 1.6% QoQ decline (despite tad inch up in domestic SS prices) due to continued pressure from imports and inch up in series 400 volumes. Mgmt. reiterated its...
Under-recovery of Rs21.5bn on sale of LPG in Q1FY26 Hindustan Petroleum Corporation (HPCL) reported refining throughput of 6.66mmt during the quarter with a reported GRM of USD3.08/bbl and implied gross marketing margin (GMM) of Rs7/lit (Rs3.0/lit in Q1FY25). Due to better GRM and GMM, standalone EBITDA grew 261% YoY to Rs76bn (Ple Rs89bn, BBGe Rs81bn) but came in lower-than-estimate due to poorer-than-estimated GRM (Ple USD6.2/bbl). We believe GRMs will rebound to the long-term average...
Blue Star’s room AC (RAC) business was hit by unexpected tailwinds of early rains. UCP segment clocked a decline of 13%, which is ideally lower as compared to peers. Management highlighted that they have gained market share that is slightly above 14%.
CROMPTON's ECD segment gained market share in its core categories, despite overall industry decline. TPW fans, coolers, and agri and residential pumps reported a decline in sales, while solar pumps delivered 2x revenue growth and small domestic appliances registered double-digit growth. Lighting segment reported flat growth, despite industry slowdown, and its EBIT margin expanded by 380bps due to improved product mix and operational efficiencies. Butterfly business reported a moderate quarter, while the management has guided for double-digit growth in FY26. CROMPTON has amended its MoA to...
Axis Max Life Insurance (MAXLIFE) continued to report better-than-industry performance in 1QFY26, with new business APE growth of 15% YoY to INR16.7b (in line).
