New Research Reports

Colgate Palmolive India’s Q1FY26 performance stood below our expectations across the board, reflecting persistent headwinds from tough operating conditions led by muted urban demand and elevated competition intensity.

HDFC AMC logged a strong quarter, driven by steady revenue yields and significant growth in AUM. The debt market's outlook remains positive, aided by the Reserve Bank of India's supportive measures, such as interest rate cuts to boost fixedincome investments. HDFC AMC's improved market standing, diversified product portfolio, launch of new specialised investment funds, strong retail presence and digital initiatives position it for sustained growth and long-term value creation. Furthermore, although there has been a temporary decline in the share of equity AUM, a positive turnaround is anticipated in the near future. Therefore, we upgrade...

Phoenix Mills (PHNX) reported 1QFY26 revenue of INR9.5b, up 5% YoY/down 6% QoQ (15% below estimate), while EBITDA came in at INR5.6b, up 6% YoY/1% QoQ (19% below estimate).

SRF delivered results above our expectations primarily owing to strong performance in specialty chemicals and higher pricing of refrigerant gases. While Revenue grew by 10% YoY, EBITDA and PAT grew by impressive rates of 38% and 71% respectively. The chemicals business registered strong revenue growth of 24% YoY along with ~660 bps of YoY margin improvement to 27.3%. Gradual recovery is being seen in the agrochemical vertical with most of the inventory rationalization complete. The Fluorochemicals part of the business was elevated by stronger pricing and some counter measures employed in the...

Supreme Industries Ltd.'s (SIL) Q1FY26 result was below our estimates on key parameters. During the quarter the Plastic Pipe Systems business growth was adversely affected due to unfavorable PVC resin prices scenario and demand from infrastructure spend not picking. The segment was also affected due to 20 days early break off monsoon. This resulted in loss of agriculture piping system business due to fall in prices in the quarter also there were inventory loss affecting profitability in the quarter. SIL reported net sales of Rs26bn, down by 1% YoY, while EBITDA came in at Rs3.1bn, declined by 17.7% over Q1FY25. It...

Consolidated revenue came in at Rs. 5,169 crore, up 3.9% y-o-y, while operating profit rose 23.3% y-o-y to Rs. 372 crore.

APL's Q1FY26 performance was below our expectations. Revenue grew 4% YoY to Rs51.7bn, driven by 10% YoY volume growth, which was offset by 6% YoY decline in realizations due to a drop in steel prices. EBITDA rose 23% YoY to Rs3.7bn, while EBITDA/t increased by 12% YoY to Rs4,683 but declined by 4% QoQ due to higher employee cost related to ESOP expenses and lower volumes. Management expects performance to improve in H2 with conclusion of monsoon and increased govt. spending boosting money supply. However, management has reduced FY26 volume growth guidance to 10%-15% from 15%20% and expect EBITDA/t to range between Rs4,600-Rs5,000/t. We revise our...

Net Interest Income (NII) for Q1FY26 declined by 8.2% YoY (flat QoQ) to INR 27,572 Mn., below our estimates by 8.2%, mostly led by contraction in NIM margins. Non-interest income for Q1FY26 grew by 37.6% YoY (+3.8% QoQ) to INR 7,259 Mn., above our estimates, led by sharp increase in treasury gains.

We maintain our BUY rating on the stock.

The revenue growth performance (+1.0% QoQ CC) was tad below our estimates (+1.4% QoQ CC), attributed to L&T business (down 46% QoQ) due to client-specific investments, which largely got offset through continued momentum in other parts of the portfolio. More importantly, the Direct business stood on a strong footing, grew 1.6% QoQ CC, led by BFS (+8.1% QoQ) and Insurance (+21.0% QoQ). The record high deal TCV of USD760m (80%+ New Gen) aided by four large deal wins in Q1 of three 100m+ TCV and one...