New Research Reports

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...

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.

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%...

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...

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.

An escalation in geopolitical conflicts has triggered material airspace disruption across critical international corridors, creating a multi-layered impact on IndiGo’s network, revenue, and cost structures, with meaningful implications for the nearterm earnings trajectory and margin resilience.

Bajaj Finserv (BJFIN) is the holding company of India’s largest NBFC – BAF (51.3% stake), third largest general insurer – BGen (77.3% stake) and sixth largest private life insurer – BLife (77.3% stake).

FY26 capex and capitalisation guidance revised upward, supported by project commissioning. INR15trn transmission opportunity anticipated over 202736: INR7.9trn domestic (non-fossil driven), INR3trn...

Bajaj Finance (BAF) is navigating the current credit cycle with a clear focus on balance sheet resilience, consciously sacrificing near-term growth to protect long-term asset quality.

Management has raised FY26 capex/capitalization guidance to INR350b/INR250b, from INR320b/INR220b guided in Feb’26.

ICICI Bank is India's second-largest private sector bank by assets, with a consolidated balance sheet of Rs. 27.5 lakh crores as of December 2025. It operates across retail, SME, business banking, and corporate segments. The bank is supported by a domestic network of 7,385 branches and a limited presence in 14 international markets. The franchise is well-diversified, with a granular loan mix. Retail loans contribute 51% of the book, led by mortgages (32%). Business banking (~21%) and corporate (~20%) form the rest. The rural and overseas portfolios remain relatively smaller. Under MD & CEO Sandeep Bakhshi, the bank has shifted away from earlier growth-led expansion to a more disciplined approach focused on risk-calibrated growth and core operating profitability. The Customer-360 framework aims to deepen relationships across micro-markets and drive cross-sell across products. The operating model is supported by ongoing investment in digital infrastructure,...

HDFC Bank’s part-time chairman, Mr. Atanu Chakraborty, has resigned (link), citing certain practices of the bank to be inconsistent with his personal values and ethics. On investors’ call addressed by the new interim chairman and some Board members, the bank mentioned that the outgoing chairman did not disclose any specifics.

We reiterate our BUY recommendation on the stock with a revised target price of Rs 1,020/share, implying an upside of 28% from the CMP, on reasonable valuations.

Capex programme in domestic business (Aluminium (Al) upstream and Copper) and overseas Novelis business to drive growth

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio....

The Company’s strategic decision is fundamentally anchored in becoming an AI-first enterprise transformation partner, as articulated during its Investor AI Day.