New Research Reports

Godrej Properties (GPL) has clocked robust Q1FY26 gross sales bookings of 6.2msf, worth INR 70.8bn, led by several new launches across Bengaluru and Greater Noida.

Federal Bank (FB) reported 1QFY26 earnings of INR8.6b (6% miss) amid a spike in provisions (up 177% YoY/190% QoQ), partly offset by contained opex.

FB saw a soft quarter due to weaker NII/NIM and asset quality. Agri/MFI stress led to GNPA blip (provisions at 69bps vs avg. 40-45bps). Additional stress may be lower, though credit costs may remain elevated in Q2'26 due to lag effect. While FB is undergoing transition due to focus on improving asset-liability mix, there could be short term challenges due to NIM pressure and elevated credit costs. However, as earlier guided, momentum in fees was intact and asset mix improved QoQ with lower share of EBLR loans which may protect NIM. Fee...

Mankind Pharma (Mankind) reported in-line revenue in 1QFY26. However, EBITDA/PAT came in 5%/7% below our estimates.

UPL Ltd (UPLL) made a decent start to FY26, with EBITDA growing 14% YoY to INR13b, led by a better product mix (EBITDA margin up 150bp YoY), higher capacity utilization, and lower COGS (gross margins up 460bp YoY), despite revenue growth of 2% to INR92b.

Godrej Properties’ (GPL) pre-sales volume for 1QFY26 declined 31% YoY/18% QoQ to 6.2msf (in line with estimates). However, pre-sales value stood at INR71b (-18% YoY/-30% QoQ, 11% below estimates).

Net earnings were in line with expectations at Rs. 529 crore, increasing 3.2% (y-o-y) but declining 6.0% (q-o-q). This was driven by strong PPOP growth, though higher credit costs offset it.

*over or under performance to benchmark index APL Apollo Tubes Ltd (APAT) is a leading manufacturer of structural steel tubes, with an annual production capacity of 4.5mn ton. It has a distribution network spanning 29 cities in India and 20 countries globally. In Q1FY26, its sales mix comprised Apollo structural tubes (~64%), Apollo Z (~32%) and Apollo Galv (~4%), catering to a diverse...

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.

In 1QFY26, IGL’s EBITDA margin of INR6.2/scm came in below our est. of INR6.8/scm. Volumes at 9.13mmscmd stood in line with our estimate.

*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...

The operating performance was fairly in line with our estimates of sequential revenue decline of 3.2% CC QoQ and flat QoQ margins. The revenue growth was primarily driven by PV (+3.3% QoQ), while the CV segment (down 2.8% QoQ) saw a ramp down in one of the key accounts. The other element to the slowdown is the re-prioritization or cannibalization of revenues from futuristic...

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...

*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....

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

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.

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.