New Research Reports

Store expansion and execution remain strong, but demand recovery still lacks enough depth to materially improve earnings quality.

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South Indian Bank (SIB) reported a strong Q4FY26 result, characterised by an acceleration in loans/CASA growth and a sharp improvement in slippages, gross and net NPA, while sustaining >1% RoA.

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Arvind Fashions (AFL) ended FY26 on a strong note, with 4Q/FY26 LFL growth of 8%, led by robust performance in US Polo and Flying Machine.

Avalon Technologies (AVALON) reported a robust 4QFY26, with revenue growing 40% YoY, fueled by a strong performance US businesses (up 64%) and healthy performance in Indian business (up 13% YoY).

Westlife Foodworld (WESTLIFE) reported a revenue growth of 9% YoY to INR6.6b in 4QFY26 (est. INR6.4b). The same-store sales growth (SSSG) stood at 1.5% YoY (in line).

Raymond Lifestyle (RLL) reported a weak 4QFY26 performance, with EBITDA at INR1.2b missing estimates due to lower gross margins and higher operating costs.

Voltamp Transformers (VAMP) reported subdued performance in Q4FY26. Revenue, EBITDA and PAT declined by 1%,30% and 51% respectively on YoY basis. Gross margins dipped by 310 bps QoQ coming in at 23% owing to increasing competitive intensity and higher raw material prices. MTM losses in other income also majorly contributed to the decline in PAT. Voltamp has been a preferred vendor amongst its clients due to its prudent execution track record and working capital management despite the cyclical nature of the business. However, with several credible competitors adding capacity in the transformers...

Alkyl Amines Chemicals (AACL) reported a steady operating performance with EBITDA growth of 4% YoY in 4QFY26. The company successfully mitigated raw material cost pressures through price pass-throughs, driving a 70bp YoY improvement in EBITDA margin to 18.3%.

Q1FY26 business performance: CSB Bank reported healthy growth in Q1FY26, with gross advances up 31% YoY (3.3% QoQ) to 32,552 crore, led by gold loans (36% YoY), corporate (32%), SME (31%) and retail ex-gold (19%), while deposits rose 20.1% YoY (-2.5% QoQ) to 35,935 crore, supported by 22.3% YoY growth in term deposits. However, margin pressure persisted, with NIM contracting 21 bps QoQ to 3.54% due to excess liquidity and higher funding costs. Other income rose 42% YoY, with fee-based income up 22% YoY. Asset quality optically weakened, with GNPA rising 27 bps QoQ to 1.84%, though one large account has been...

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Jyothy Labs’ (JYL) Q4FY26 performance reflects a robust, volume-led recovery, validating management's strategy to defend and expand market share.

We maintain our HOLD rating on the stock and revise our TP to Rs 280/share. The TP implies an upside potential of 4% from the CMP.

INDIASHL outlined a strong strategic roadmap focused on high-growth visibility, operational scalability and disciplined risk management. The company is targeting AUM of 30,000 crore by FY30, with loan growth guided at ~2530% over the next 3 years and disbursement growth of ~20%+. Leverage is expected to increase from ~3x to ~4.5x, enabling balance sheet expansion without nearterm equity dilution. Profitability remains robust with spreads guided at >6% and ROE at ~17.6%, reflecting a strong return profile. Credit cost guidance remains conservative at ~4050 bps, indicating prudent underwriting standards. Operating efficiency is expected to improve with Opex/AUM declining ~1520...

India Shelter’s (ISFC) Q4FY26 performance reinforces our investment thesis, with RoE reaching 18% and sustained YoY growth of 29%, effectively neutralising investor concerns regarding margin compression from competition and the sustainability of its >25% AUM growth trajectory.

Godrej Agrovet (GOAGRO) reported recurring EBITDA/PAT of INR 1.4/INR 0.8bn in Q4FY26, down 5%/up 14% YoY. Strong YoY improvement in animal nutrition and foods segments helped offset YoY weakness seen in crop protection and vegetable oil segments.

We maintain our BUY recommendation.

Jana Small Finance Bank (Jana) reported a strong Q4FY26 with a 1.3% RoA and RoE of 13%, meeting management guidance. Recovery in the unsecured portfolio helped Jana recover lost ground on the fee and revenue front, thereby recouping profitability.

Equitas SFB (Equitas) delivered a robust Q4FY26 financial performance, highlighted by a multi-quarter high RoA of 1.5%, well exceeding its 1% guidance.