New Research Reports

CEAT’s Q1FY26 earnings stood at INR1.15b, below our estimate of INR1.5b, impacted by lower-than-expected margins, higher interest costs, and lower other income.

We maintain our HOLD rating on the stock.

Atul (ATLP) reported in-line revenue at INR14.78b (+12% YoY) in 1QFY26. Revenue of the Performance & Other Chemicals segment increased 14% YoY, while the Life Science Chemical segment posted 6% YoY growth.

The company delivered a subdued Q1FY26, posting revenue of INR 3,207mn, falling short of expectations due to delays in large deal closures and cautious customer spending amid global uncertainty. Despite this, it maintained healthy profitability with a 15.5% of PAT margin, driven by a 19%YoY growth in recurring revenue streams like SaaS, ATS, and AMC. While license revenues declined due to smaller deal sizes and longer decision cycles, the addition of 12 new clients and growing interest from BFSI, insurance, and enterprise sectors show positive demand momentum. Its industry-specific, AI-driven low-code platforms continue...

Newgen reported a sharp miss vs I-Sec estimate on revenue, with growth of 1.9% YoY – much lower than company’s aspiration of 20%+ YoY growth.

Shoppers Stop (SHOP) revenue grew 6% YoY in 1QFY25 (vs. +8%/+2% YoY in 3Q/4Q), led by 5% LFL growth in Departmental format and ~2x growth in INTUNE.

IndiaMART (INMART) reported 1QFY26 revenue growth of 12% YoY vs. our estimate of 10% YoY growth. Deferred revenue rose 16% YoY to INR17b. EBITDA margin was down ~90bp QoQ to 36%, in line with our estimates of 36.4%.

SRIN reported presales of INR6.57b in 1QFY26, up 31% YoY (16% above our estimate). About 92% of total presales in the quarter came from the uberluxury and premium luxury segments.

360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26.

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

This report presents a comprehensive equity research assessment of IndiaMART InterMESH Ltd., detailing its leadership in India’s B2B discovery ecosystem, expansion into SaaS-led productivitysolutions, and its asset-light, cash-rich financial model.

MTAR Technologies (MTARTECH) has been a key player in India’s aerospace industry with a longstanding association with ISRO, supplying critical assemblies for several key space missions.

Just Dial’s Q1FY26 revenue was up 6.2% YoY, while EBITDA margin was flattish YoY (-74bps QoQ) – despite flat headcount – due to higher other expenses.

We initiate coverage of Cera Sanitaryware Ltd. with a BUY recommendation and a target price of Rs 8,500/share, implying a potential upside of 31% from the CMP.

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

Initiating Coverage Report

Fine Organics Americas, a 100% subsidiary of Fine Organic (FINEORG), has acquired ~160 acres of land in South Carolina (USA) to set up a full-scale manufacturing facility.

MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product.

The stock is currently not under our coverage, and we do not have a view on the same. The stock currently trades at 29x of its FY25 EPS.