New Research Reports

With a deal pipeline across business verticals, new partnerships, and higher adoption of new-age technologies, the company is expected to show better recovery. Hence, we resume our coverage with a BUY rating on the stock.

Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.

Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.

*over or under performance to benchmark index Polycab India Ltd is one of India's largest wire and cable manufacturers. It provides electrical solutions to households and industries. Polycab's consolidated revenue from operations grew 25.7% YoY to Rs. 5,906cr in Q1FY26, mainly due to the performance of the wires and cables (W&C) segment. The W&C segment's revenue rose 30.9% YoY to Rs. 5,229cr, supported by 25% volume growth during the quarter. The fast-moving electric goods (FMEG) segment's revenue rose 17.8% YoY to Rs....

*over or under performance to benchmark index Tata Communications operates in 190+ countries, serving 7,000+ clients, including 300+ Fortune 500 companies. It is a major global network services provider, offering software-defined networking solutions. In Q1FY26, Tata Communications' revenue grew 6.6% YoY to Rs. 5,960cr, led by...

HZL's revenue was impacted by the decline in sales volume and prices of zinc and lead, *over or under performance to benchmark index with additional pressure coming from planned maintenance work. However, its future growth trajectory is expected to be supported by a favourable outlook for silver prices, a robust cash and cash equivalent and a strategic investment plan. Furthermore, the implementation of cost-saving measures is expected to bolster the company's resilience in a challenging operating environment. While global economic uncertainties persist, the company's exposure to the Indian market, which is exhibiting strong domestic...

Revenue: Persistent Systems Q1FY26 revenue came in at INR 33,336 Mn, up 21.8% YoY (+2.8% QoQ), in-line with our estimates, primarily driven by robust performance in the BFSI segment, with incremental contributions from Software, Hi-Tech, and Emerging Markets verticals, partially offset by softness in healthcare and Life Sciences.

SAIL’s Q1FY26 reported EBITDA, at INR 27.6bn, was c.16% short of consensus estimates. This stemmed from higher other expenses on account of an INR 9.5bn one-time negative impact on inventory valuation.

We maintain our HOLD rating on the stock.

Premier Energies (Premier) has kicked off FY26 on a strong footing. Volume growth of 10% to ~800MW (as per our estimates).

SBI Cards (SBIC)’s Q1FY26 results remained modest with 60bps higher credit cost QoQ and lower receivables growth guidance of ~10–12% vs. 12–14% earlier.

Total volume stood at 220TBtu (Ple 205 TBtu, -16% YoY, +7% QoQ). However, the company took an impairment of Rs1.4bn during the quarter on account of take-or-pay. As a result, despite higher-than-estimated volume, the company...

PLNG’s 1QFY26 revenue came in line, while EBITDA was 5% below our estimate at INR11.6b. Marketing margins missed our estimate as spot volumes were nil for the quarter, owing largely to muted power demand. PAT came in line with our estimate as other income was above estimate.

UPL Limited announced that its Rights Issue Committee has approved the second and final call of INR 180 per partly paid-up equity share (INR 1 face value + INR 179 premium), representing 50.0% of the issue price of INR 360.

SAIL delivered weak operating performance in Q1FY26 due to inventory revaluation loss in RM and higher other expenses. Volumes grew 4% YoY (incl NSL's low contribution volumes, total volume growth was 13% YoY). Higher royalties and other expenses negated the benefit of higher steel prices. The average NSR grew 5% QoQ, aided by better flat and long product prices, driven...

We revise our rating from HOLD to BUY

SAIL's Q1FY26 performance was below our expectations. Revenue declined 12% QoQ to Rs259 bn, dragged by a 15% QoQ drop in volumes. This includes 0.37 mnT traded volumes from NMDC steel contributing Rs 1.8bn to the topline. NSR improved 4% QoQ to Rs56,970/t due to higher steel prices. EBITDA declined 21% QoQ to 27bn, with EBITDA/tonne at Rs 6,076/t (-7%/10%) QoQ/YoY, impacted by one-offs including a coal re-valuation impact of Rs 1.5bn and Rs 1.73bn hit due to inflated iron ore royalty charges. Management indicated IISCO plant expansion of 4.5mnT will start from FY27, with an estimated capex of Rs 36bn to...

In Q1FY26, LTF's interest income grew 13.37% YoY to Rs. 3,915 cr, driven by momentum in the retail segmentpersonal, SME, urban finance, and gold loans. However, interest expenses surged 21.03% YoY to Rs. 1,636 cr, resulting in a...

IDFC First Bank (IDFCFB) reported broadly in-line set of numbers with Q1FY26 PAT of INR 4.6bn and RoA rising to ~50bps. Higher-than-expected slippages and credit costs were offset by strong treasury gains.

Reported revenue stood at $442.4 million, up 8% q-o-q in constant currency (CC) terms, beating our estimates of 6.3% q-o-q growth in CC terms.