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Quarter of milestones, EV and exports to fuel growth About the stock: Bajaj Auto (BAL) is the second largest motorcycle manufacturer and largest 3-W OEM domestically. It also has a presence in export markets. Strong momentum across core and new growth drivers: Bajaj Auto saw broad-based recovery across domestic, export, and EV segments, reflecting the company's strategic agility and diversified portfolio. Exports reached an all-time high, supported by geographical diversification and local assembly initiatives in Latin America, ensuring resilience against...
Sun Pharma’s outlook remains strong, driven by high-margin and innovative products. India growth will be led by new launches and upcoming GLP-1 therapies, EM by branded generics, and RoW by complex products. In the U.S., momentum will be supported by LEQSELVI ramp-up, Unloxcyt launch, and continued strength in ILUMYA and CEQUA.
Q2FY26 Results- well-rounded growth with continued margin expansion- Revenues grew ~13% YoY to 6303 crore, driven by growth across segments. EBITDA grew 15% to 941 crore and EBITDA Margins improved 34 bps to 14.9%, driven by improved profitability at AHLL (Diagnostic and Retail Healthcare) and Healthcare Services (Hospitals). Healthcare services division (Hospitals) revenues grew 9% YoY to 3169 crore on the back of growth in Inpatient Volume (up 2%) and 7% increase in Price & case...
Strong H1 performance may lead to FY26 guidance beat: The company maintained its revenue/EBITDA guidance for FY26 at 36000-38000 crore/ 21000-22000 crore. Port cargo volume guidance stays at 505515 MMT, trucking revenue to grow 3x-4x YoY and marine revenues by 2x YoY for FY26. The company has already achieved 48%/49%/51% of its average FY26 volume/revenue/EBITDA guidance during H1FY26. We estimate APSEZ's overall cargo volumes to grow at ~15% CAGR over FY25-FY28E. The same is expected to be led by the company's ability in growing its domestic cargo volumes at ~1.6-1.7x of India's trade and...
About the stock: Bharti Airtel (Airtel) is India's second largest telecom operator with ~36.4 crore wireless customers in India and ~17.4 crore subscribers across 14 African countries. It enjoys industry leading ARPU in the wireless business in India. Q2FY26 Performance: Consolidated topline at 52145 crore, was up 5.4% QoQ and up 25.7% YoY. India wireless revenues were up 2.6% QoQ and 13.2% YoY at 27397 crore, driven by heathy Average Revenues per User (ARPU), which came at 256, up 2.2% QoQ and ~9.8% YoY. The key highlight was strong post-paid subscriber addition of ~0.95 mn subscribers at 27.5 mn. It witnessed robust 4G/5G...
HUL's performance during the quarter was stable due to strong execution abilities, *over or under performance to benchmark index GST adjustments and a moderate seasonal environment. GST cuts are expected to support consumption recovery and improve channel momentum during the festive period. HUL's strategic focus on premiumisation, science-led innovation and digital acceleration continues to reinforce brand leadership across key categories. By expanding its e-commerce presence and by using data-led marketing and supply chain digitisation, the company has enhanced execution agility and consumer reach....
Q2FY26- Decent numbers despite flat US growth - Revenues grew ~9% YoY to 14478.3 crore driven mainly by growth in India, global specialty portfolio (now named as Innovative products), RoW and Emerging Markets. India growth was strong at 11% to 4735 crore. The US remained flat YoY with a revenue of 4329 crore due to weakness in generics which was made good by Innovative traction to some extent. RoW markets reported growth of ~23% to 2041 crore, mainly due to growth in both generics and specialty. Emerging markets grew ~16% to 2837 crore,...
Grasim Industries’ (Grasim) Q2FY26 EBITDA, at INR 3.66bn, fared better than our INR 3.26bn forecast – driven by betterthan-expected performance from the CSF and other small segments. For its paints business (Birla Opus), while revenues dipped marginally QoQ, the segment nonetheless gained market share with industry revenues likely having declined, both on a YoY and QoQ basis.
Tata Consumer Products is poised to maintain strong growth momentum in H2FY26, driven by sustained double-digit performance in India Foods and Beverages.
We remain constructive on SBI, supported by the upward-revised credit growth guidance of 12–14% for FY26, a healthy corporate pipeline, and stable NIMs (above 3%) and CRR-related tailwind ahead.
We maintain our constructive view on IndiGo. The key premise has been that a structurally lower supply industry situation in the medium term is a bigger investment thesis, despite any short-term possible demand blip.
Powergrid transmits ~45% of the total power generated in India on its transmission network & owns ~84% of Inter-State transmission system. It also undertakes transmission related consultancy to more than 150...
Q2FY26 performance: Titan's consolidated net revenues grew by 22%yoy to Rs16,461cr (total revenues grew by 29%). This was driven by 18% growth in the domestic jewellery business, 32% growth in Caratlane and 84% growth in the international business while TEAL (subsidiary) revenues grew by 2x during the quarter. Its watches and eyewear business had a soft quarter with revenues growing by 13% and 8% in Q2. Consolidated gross margins decreased by 127bps YoY affected by higher gold prices and inferior mix. EBIDTA margins decreased by...
Maruti Suzuki’s Q2 FY26 quarterly performance reflected resilient revenue growth led by strong exports and better realizations, although margin softness persisted due to elevated operating costs and higher raw material pricing pressure.
Bharti Airtel (Bharti)’s Q2FY26 print was impressive. The company reported a commendable performance across segments, incremental EBITDA margin in the mobile segment, higher consol. FCF (after finance cost) of INR 152bn and pre-tax RoCE at 19.7% in Q2FY26-annualised.
GRASIM’s 2QFY26 EBITDA was above our estimate, fueled by outperformance in the chemical business, while the VSF performance was in line. EBITDA increased ~13% YoY to INR3.7b (~14% beat).
