New Research Reports

We expect moderate multiple expansion as the bank sustains mid-teen RoE, stable margins, and continued balance sheet strengthening.

Quarterly Update Q2FY26

Gateway Distriparks (GRFL)’s Q2FY26 EBITDA was in line with consensus estimates. Rail volume grew
9.2% YoY while CFS volume grew 2.6% YoY.

In Q2FY26, Blackbuck’s core revenues grew ~37% YoY led by 55% QoQ growth in fuel sensors. New businesses grew >2x YoY and 19% QoQ led by Superloads and vehicle financing.

India Shelter (ISFC)’s Q2FY26 financial performance is testament to its business resiliency and niche in the AHFC space. The company has sustained its 17% RoE and flat credit cost QoQ at 50bps (within guided range of 40–50bps in FY26).

Vinati Organics (VO) reported a strong operating performance in 2QFY26, as EBITDA surged 33% YoY to INR1.8b. Gross margin expanded to 56.5% from 45.8% in 2QFY25, while EBITDAM expanded 850bp YoY to 32.7%. PAT grew 22% YoY to INR1.3b (est. in line).

About the stock: Arvind Fashions Ltd. (AFL) is a multi-brand apparel company. The company operates high value global brands such as US Polo, Tommy Hilfiger, Arrow and Calvin Klein under license agreement while it has its own in-house leading denim brand Flying Machine. The company operates through 998 Retail...

TeamLease’s (TEAM) 2QFY26 revenue growth of 8.4% YoY was below our estimate of 13% YoY growth. General Staffing (GS) grew by 4% QoQ, while Specialized Staffing grew 8% QoQ.

With an 11% upside potential from the CMP, we maintain our BUY rating on the stock.

SCL reported a robust performance in 2Q FY26, driven by strong volume growth and margin expansion. The Company remains optimistic about a gradual recovery in the global agrochemical market, noting that inventories have normalized across distribution channels.

We upgrade our rating from HOLD to BUY on the stock as the current valuations appear attractive considering the company's long-term growth prospects.

Westlife Foodworld (WESTLIFE) reported revenue growth of 4% YoY to INR6.4b in 2QFY26. Same-store sales growth (SSSG) declined 2.8% YoY (estimate -1.5%) even on a favorable base (-6.5% in 2QFY25), with demand remaining muted in August and September.

Capacity addition, new order wins to fuel growth About the stock: Azad Engineering (AEL) is one of the key manufacturers of qualified product lines supplying to global original equipment manufacturers (OEMs) in the energy, aerospace & defence and oil & gas industries, manufacturing highly...

Mahindra Lifespaces (MLDL) achieved bookings of INR7.5b, rising 89% YoY and 67% QoQ (in line with estimates). In 1HFY26, presales stood at INR12b, declining 15% YoY.

Healthy, 35% y/y, volume growth and market-share gains in its key regions drove Sharda Cropchem’s Q2 results. Growth improved on better demand particularly in NAFTA and Europe coupled with near complete de-stocking across major regions.

Less than the consensus but in line with ARe, Dhanuka Agritech’s Q2 revenue/EBITDA/PAT fell 9/14/20% y/y.

Equitas SFB (EQUITASB) reported 2QFY26 PAT at ~INR241m (87% YoY, miss to our estimate) vs. loss of INR2.2b in 1QFY26, owing to higher-than-expected provisions.

Restaurant Brands Asia (RBA) posted revenue growth of 16% YoY for its Indian business (in line), led by a 15% YoY rise in store additions. Same-store sales rose 2.8%, led by healthy traction across both the channels and value offerings.

Near-term performance is expected to remain muted, as pricing pressure in key product categories and elevated input costs continue to weigh on margins.

FIL's expansion into the four-wheeler segment, supported by orders from Force Motors and Mahindra, along with investments in SMT (surface mount technology) lines, an EMC/ EMI (electromagnetic compatibility/ Interference) validation lab, and a growing RFQ...