New Research Reports

Q4FY26 revenue at INR 70,698 Cr (+5.4% QoQ reported, +1.2% QoQ CC), marking the third consecutive quarter of sequential growth after a prolonged deceleration.

TCS reported 4QFY26 USD revenue of USD7.6b, up 1.2% QoQ in CC (0.8% in organic cc terms), largely in line with our estimate of 1.5% growth. FY26 revenue declined 2.4% YoY CC.

JLR: not out of the woods yet demand & margins will take time to recover: While JLR's near-term performance has been impacted by the cyber incident, global macro pressures, and weakness in China's luxury auto market, the underlying brand strength and product strategy remain intact. The production disruption in Q3 resulted in temporary volume and profitability pressure; however, management indicated that production across key plants has already normalized and as a result Q4 volumes rose significantly with a 61% QoQ growth. Importantly, JLR is entering a...

Bosch approved the acquisition of 100% stake in its sister concern, Bosch Chassis Systems India (RBIC), which is one of the market leaders in automotive safety and braking systems.

COAL’s production in FY26 declined 1.6% YoY to 768mt, while offtake was down 3% YoY at 735mt, the muted volume was primarily attributed to increased competition from captive/merchant coal producers, subdued thermal power plant demand and high inventory levels.

Wipro has secured a large 8-year strategic transformation deal with Olam Group. The contract is expected to exceed USD1bn in total value, including a committed spend of USD800mn (annual spend of USD100mn; ~55-60% of total annual spend by Olam Group on tech and shared services).

Avenue Supermarts (DMart)’s revenue growth trajectory improved to 19% YoY in 4QFY26 (vs. 15% YoY in 9MFY26), driven by acceleration in store additions (though most of it was back-ended) and likely recovery in SSSG (vs. ~6% in the last few quarters).

The outlook remains positive, supported by Divi's strong positioning in custom synthesis and a diversified pipeline, with management highlighting active engagement with global innovator customers and multiple projects progressing through development and validation. Ongoing capacity additions along with a focus on disciplined execution and supply reliability are expected to support future growth, while the nutraceuticals business continues to provide healthy momentum and diversification. The company has also completed construction of a dedicated peptide facility, strengthening its capabilities in this fast-evolving segment, and...

The first ATF price revision after the start of the Middle East (ME) conflict saw high frenzy—OMCs (IOCL) initially hiked domestic/international rates by 115%/107% MoM to Rs207/USD1.7 per ltr, followed by announcement of domestic scheduled airlines’ rate revision by only ~25% to Rs105/ltr as GoI action was aimed at shielding domestic air travelers from high fares (international fares unchanged).

*over or under performance to benchmark index Tata Motors Passenger Vehicles Ltd (TMPV), a leading automobile manufacturer in India, designs, manufactures and sells passenger vehicles (PVs). The company's revenue declined 25.8% YoY to Rs. 69,605cr in Q3FY26, impacted by...

ONGC's operating momentum is improving as production stabilises across mature assets and new projects move towards commissioning. Upcoming production drivers, including offshore developments and new well gas, are expected to boost volume and improve the gas mix. The growing contribution of premium-priced new well gas is expected to enhance revenue quality and account for 24% of the company's total natural gas output by FY27. The management said it is taking...

We initiate coverage on Hyundai Motor India Limited (HMIL) with a BUY rating and a TP of INR 2,150 (based on 25x FY28E EPS).

Building the Metal for Tomorrow

Revenue of the domestic business increased 13.0% YoY to Rs. 3,203cr, led by strong performance of growth businesses such as Tata Sampann (+45% YoY), Ready-to-Drink (RTD; +26% YoY), and Capital Foods and Organic India (+15%...

Varun Beverages demonstrated resilient financial results in Q4CY25, supported by robust volume growth and improved realisations despite earlier weather-related disruptions. The planned acquisition in South Africa is expected to strengthen manufacturing capabilities and deepen distribution networks, unlocking further synergies. The company's focus on operational efficiency and strategic investments, with moderated capital expenditure (capex) requirements in India and focused...

Coal India reported moderate Q3FY26 results, driven by softer operational stability, improved evacuation infrastructure, higher mechanisation and diversification into renewables and critical minerals, alongside downstream integration initiatives and stronger digital mine management practices. Continued investments in clean energy projects, mineral diversification and logistics optimisation could support medium-term sustainability while maintaining coal's strategic relevance. Looking ahead, an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in...

The disruption at the Strait of Hormuz has caused a setback in global shipping, leading to slower cargo movement and rerouting. Indian ports are facing challenges such as unscheduled cargo inflows from diverted vessels, resulting in congestion and export backlogs.

We met with Eicher Motors (EIM)’s management to gain insight into the business outlook amid the challenging global macroeconomic environment.

Infosys has signed definitive agreements to acquire Optimum Healthcare IT (up to USD465mn; ~1.7x P/S) and Stratus Global LLC (up to USD95mn; ~2.2x P/S), with a combined cash consideration of ~USD560mn.