New Research Reports

Quarterly Update Q2FY26

About the stock: Firstsource Solutions (FSL) provides business process services to BFSI, communication, media, tech and healthcare. FSL is a domain driven BPM services company which has 200+ global clients, including several Fortune-500...

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.

MSWIL's revenue growth in 2QFY26 exceeded our estimate, though PAT of INR1.6b was in line with our estimate as margins continued to be under pressure due to the impact of start-up costs of the new greenfield plants.

We roll forward our valuation to Sept’27 and value Navin Fluorine at 46.0x Sept’27E EPS, implying a target price of INR 6,182.

City Union Bank reported a higher-than-estimated earnings growth in Q2, aided by a healthy 18.7% y/y credit growth and a strong 11.3% y/y growth in core PPoP.

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

Advance comprises of MSME (40%) and Agri (16%) segment. Diversifying focus towards other retail segment home loan, personal loan etc. Q2FY26 performance: City Union Bank reported strong performance in Q2FY26, with PAT rising 15% YoY to 328.6 crore, aided by healthy loan growth and margin expansion. Advances grew 18% YoY to 57,561 crore, led by robust traction in MSME and retail segments, while deposits increased 21% YoY to 69,486 crore, supported by a 16% rise in CASA. NIM improved 9 bps QoQ to 3.63%, owing to moderation in the cost of deposits and a favourable change in asset mix. Other...

Tata Chemicals (TTCH)’s 2QFY26 consolidated EBITDA declined 13% YoY, led by subdued performance in America (TCNA)/Africa (TCAHL)/Rallis, with EBITDA down 65%/58%/5% YoY due to a weak demand-supply scenario.

Q2FY26 Strong set of numbers; beat across all parameters- Revenues in Q2FY26 stood at 758 crore, up 46% YoY. Segment wise, all three segments reported a strong growth with HPP (Refrigerants +Inorganic Fluoride + HPP, 53% of revenue), up 38% YoY, Speciality Chemical (29% of revenue), up 39% YoY and CRAMS (18% of revenue) witnessing a growth of 97% YoY. EBITDA for the quarter stood at 246 crore, up 129% YoY translating into margins of 32.5%, up ~1200 bps. Relentless expansion based on visibility; Upward margins guidance based...

About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above...

Sustained broad-based growth across geographies: Affle reported 19% YoY revenue growth with robust traction across India (74% of mix; +20% YoY supported by early festive spending) and international markets (26% of mix; +16.8% YoY). The ban on real money gaming did impact the company this quarter (expected to extend into Q3) but was offset by better demand and early festive spending. Converted users rose 1.5% QoQ/ 15% YoY to 109 million while CPCU remained stable at 58, underscoring strong advertiser demand despite temporary real money gaming impact. Moreover,...

We maintain our BUY rating on the stock.

IIFL Finance (IIFL)’s 2QFY26 NII grew 7% YoY and ~11% QoQ to ~INR14.4b (in line). Other income stood at ~INR4.9b (PQ: INR3.8b). This was primarily due to higher assignment income of ~INR3.5b (PQ: INR2.3b).

We revise our rating to BUY from HOLD.

About the stock: Radico Khaitan (RKL) is one of the recognised IMFL company in India with portfolio of 8 millionaire brands. It has one of the largest liquor manufacturers in India with a capacity of 321mn litres p.a. Prestige & Above (P&A) contribution has gone up to 67% in Q1FY26 due to strong traction to products. Q2FY26 performance: RKL reported strong set of results in Q2FY26 with net revenues growing by 34% YoY to Rs.1493.9cr. Strong revenue growth was driven by 37% YoY volume growth (P&A segment volumes grew by 22%). Despite stable raw material environment, gross margins stood flat at 43.6% as portfolio mix tilted...

In-line result; robust volume growth trends continue: Indian Energy Exchange (IEX) reported 2QFY26 standalone revenue of INR1.5b and EBITDA of INR1.3b, both in line with estimates, supported by traded electricity volumes of 35.2BUs, which were also in line with expectations.

Kalpataru Projects’ (KPIL) 2QFY26 performance was in line with our estimates as strong execution offset the impact of slightly lower margins. Revenue growth was driven by strong execution across T&D, B&F, and the oil & gas division.

MGFL reported consol. PAT of INR2.2b in 2QFY26 (12% beat). NII declined ~16% YoY to ~INR13.8b (in line) and PPoP declined ~35% YoY to ~INR6.7b (in line). Operating expenses grew 6% YoY to ~INR7.4b (in line).