New Research Reports

Nuvama Wealth’s (NUVAMA) 1QFY26 operating revenue grew 15% YoY to INR7.7b (in-line), fueled by 18%/46% growth in the wealth management/asset services businesses.

IndoStar Capital Finance (IndoStar) delivered a weak performance in 1QFY26, with muted disbursements and weak AUM growth, impacted by tighter stringent underwriting and seasonal factors.

TCI Express (TCIE)’s Q1FY26 results were in line with our muted expectations. The company’s efforts to diversify business beyond surface express seem to be fructifying, as international air express/C2C segments registered 33%/14% YoY growth, respectively.

Gulf Oil (GOLI) delivered 8.9%/9.8% YoY growth in EBITDA/PAT to INR 1.27bn/INR 0.97bn (I-Sec: EBITDA/PAT INR 1.28bn/INR 0.99bn).

Alkyl Amines Chemicals (AACL) reported a muted operating performance in 1QFY26 as EBITDA declined 3% YoY. Gross margin contracted 120bp YoY to 45.8%.

IRB’s revenue grew 13% YoY (in line) to ~INR21b in 1QFY26. Revenue included gains on InvIT & related assets as per fair value measurement, and dividend/interest income from InvITs & related assets.

Vinati Organics (VO) reported a strong operated performance in 1QFY26, as EBITDA surged 33% YoY to INR1.7b. Gross margin expanded 710bp to 52%, while EBITDAM expanded 670bp YoY to 30.6%. PAT grew 31% YoY to INR1.1b (our est. INR940m).

TCI Express’s (TCIE) 1QFY26 revenue declined 2% YoY to INR2.9b (-7% QoQ), 9% below our estimate. Volumes declined ~1% YoY in 1QFY25, impacted by slower growth in the SME segment.

Surya Roshni's Q1FY26 performance was below expectations. Revenue declined by 15% YoY to Rs16bn, primarily due to a 20% YoY drop in the steel pipes segment. LCD segment grew by 3% YoY to Rs4bn. Consolidated EBITDA margin contracted 360bps YoY to 4.3%, dragged by both the segments. EBITDA/t for steel pipes fell by 52% YoY to Rs2,922/t, impacted by ~Rs1,000/t inventory loss and ~Rs2,000/t hit from lower volumes, higher fixed cost due to SAP implementation, and a higher share of low margin products. Management guided for 35%-38% YoY revenue growth in steel pipes for Q2FY26 but lowered FY26 sales volume guidance...

Somany Ceramics (SOMC) reported Q1FY26 consol. revenue growth of 4.5% YoY with tile volume rising 3% YoY (6-year CAGR of 5.1%) while tile realisation was largely flat YoY (+1.2% QoQ).