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Major refinery expansion projects to be completed in FY27 Refining throughput increased marginally to 19.7mmt from 19.4mmt QoQ, while domestic sales volumes grew 6.0% YoY to 23.3mmt. Management did not disclose Q4FY26 and FY26 GRMs due to ongoing volatility arising from West Asia disruptions. Standalone EBITDA improved sharply to INR226.1bn, significantly ahead of estimates (PLe: INR161.4bn; BBGe: INR146.5bn), compared with INR212.9bn in Q3FY26 and INR137.1bn in Q4FY25. Standalone PAT also rose sharply to INR113.8bn (PLe: INR86.4bn; BBGe: INR85.4bn) vs INR121.3bn in Q3FY26 and INR72.6bn in Q4FY25....
The company is sharpening its focus on operational efficiency through higher utilisation, deeper premium-cement penetration and logistics optimisation across its network. The management reiterated that stabilising the acquired Sanghi and Penna assets remains a key priority, with initiatives underway to enhance plant reliability and operational performance over the coming quarters. Further, a calibrated capacity expansion plan, higher green-power adoption and sustained costoptimisation efforts are expected to support performance. We recommend HOLD rating on the stock with a rolled-forward target price of Rs. 475 using a target...
EBITDA increased by 10.8% YoY to Rs. 841cr, driven by cost control measures, calibrated pricing, and operating leverage. This growth was partly offset by higher media spending in the Africa, US, and Middle East businesses. However, the...
Muted performance (ex-residential) in Q4; Q1FY27 expected to be better on low base: ITC Hotel's consolidated hotel segment revenues reported mid-single digit growth of 6% YoY to Rs.1104cr in Q4FY26 impacted by the West Asia crisis. RevPAR grew by 3% YoY with ADR growing by 5% YoY and occupancy declining by ~160-170bps YoY to 74%. Q1FY27 is expected to report good growth in the hotel segment due to low base of Q1FY26 (impacted by Operation Sindoor). Further, H2FY27 is expected to witness further recovery if the geopolitical conditions subside led by line-up of MICE...
GCPL appears well-positioned for a multi-year earnings re-rating, supported by accelerating India category expansion, improving mix toward higher-margin Home Care, and early signs of recovery in Indonesia.
Execution recovery and manufacturing ramp-up to drive growth ahead: Company continues to maintain strong long-term growth visibility backed by record order book of ~2.5 lakh crore (7.6x FY26 revenue). Company is entering a stronger execution phase supported by improving engine supplies, ramp-up in manufacturing programs and record order visibility. Management expects FY27 revenue growth of ~1012% with stable EBITDA margins of ~3031%, driven primarily by higher manufacturing contribution from LCA Tejas Mk1A, HTT-40 trainers and helicopter...
FY27 outlook implies strong ~42% revenue growth as defence business enters accelerated growth phase: Solar Industries continues to witness strong momentum in defence business driven by robust execution, product commercialisation and expanding manufacturing capabilities. With defence order backlog remaining strong at ~18,000 crore and FY26 defence revenue growing ~94% YoY to ~2,634 crore, management expects the segment to scale further to ~4,500 crore in FY27. Key growth drivers include increasing execution in Pinaka ammunition, guided...
Vedanta, led by promoter Anil Agarwal, is one of India's largest natural resources companies with operations across zinc, silver, copper, ferrochrome and critical minerals. The company supplies to industries such as infrastructure, construction, automobiles, renewable energy, electronics, defence and manufacturing across both domestic and global markets. India contributes 65% of revenues, while the balance comes from international operations and exports across markets such as China, UAE, Malaysia, Korea and Japan. Zinc is primarily used for galvanising steel in buildings, bridges and automobiles. Silver demand is increasingly coming from solar panels, electronics and electrification, while copper products are supplied to cable and wire manufacturers and ferrochrome is used in stainless steel production. The core of the business is its 61% stake in Hindustan Zinc, one of the...
Energy transition tailwind continues to support growth About the stock: Siemens Energy India Ltd. (SEIL) is a leading player that provides Power transmission and power generation portfolio each contributed 55.8 & 44.2%...
The Indian CV cycle remains structurally favorable, supported by improving freight activity, regulatory-driven replacement demand, and sustained infrastructure spending.
FY27 pre-sales guidance flattish, to focus on execution & cashflows: DLF conservatively guided for launch and pre-sales of 20,000 crore for FY27 (FY26 - 20,143 crore). FY27 launch pipeline projects include 1) Arbour Senior living 2) Hamilton II 3) Goa 4) Westpark phase II. Overall FY27 presales bakes in 1) 13000-14000 crore from 20,000 project launches and 2) 5000-6000 crore from Dahlias. Its current launch pipeline of 1.14 lakh crore has over 60,000 crore projects which are yet to be launched, while it would unlock future phase of launch pipeline as per market demand and its execution strategy. Instead to chasing pre-sales, management...
Muthoot Finance delivered an exceptional FY26 performance, driven by strong gold loan demand, higher yields and sharp improvement in profitability. Consolidated AUM grew ~49% YoY, led by ~54% growth in gold loan AUM, while standalone PAT surged ~95% YoY. Management highlighted that the business has entered a structurally stronger growth phase, supported by elevated gold prices, rising average ticket sizes and sustained demand from self-employed and MSME borrowers. Yields improved to ~20.8%, aided by selective pricing hikes and auction-related recoveries, helping offset higher borrowing costs and...
PFC reported a soft Q4 in terms of AUM growth and disbursement, but delivered strong profitability led by higher recoveries and provision writeback. Loan book grew 6.8% YoY; the management attributed the soft growth to high prepayments and resolution in stressed assets.
To increase capacity by 1.5mn units to 8.3mn in 12 months TVSL reported a mixed set of Q4 numbers with in-line revenue, beat on margins (that expanded), and miss on PAT. The management aims to outperform industry in the scooter segment, in e2Ws, and in exports which it expects to drive FY27 growth. TVSL continues to invest in technology, R&D, innovation and brand building and is taking riskcalibrated growth measures across categories amid geopolitical uncertainties. We estimate volume/realization CAGR of 10.3%/4.6% over FY26-28E translating to revenue/EBITDA/adj. EPS CAGR of 15.4%/16.0%/20.4%. Retain ACCUMULATE' rating with TP of INR3,950 (previously INR4,150), valuing the stock at 35x P/E based on...
Q4FY26 performance: PFC reported a mixed Q4FY26 performance, with moderation in AUM growth at 6.8% YoY (1.8% QoQ) to 5,80,115 crore, on the back of muted traction in disbursements at ~40,009 crore (-41% YoY/ 1.5% QoQ), impacted by elevated prepayments, lower rollover of short-term DISCOM loans and competitive refinancing pressure in a declining rate environment. Spread moderated to 2.46% (12 bps YoY/-10 bps QoQ) and NIM at 3.55% (-9 bps YoY/-10 bps QoQ). PAT rose...
