New Research Reports

transformation and green energy investment is expected to sustain efficiency and future growth. Strategic projects such as Bina and Andhra refineries, Mozambique LNG and retail modernisation should enhance scale and margin stability. Continued government support on LPG under...

HPCL exhibits strong operational agility, supported by efficient refinery utilisation, expanding clean energy portfolio and resilient domestic demand trends. A disciplined capex strategy toward refinery upgrades, CNG distribution and renewable integration underpin its structural growth outlook while maintaining prudent leverage...

Based on strong demand for petroleum products, improvement in IOCL's Q3 and Q4 performance is expected, driven by its aligned investments, government support, and cost-reduction initiatives like Project SPRINT. The company's ambitious target of achieving 31GW of renewable capacity by CY30 via Terra Clean, funded through a combination of equity participation and project-level joint ventures, is also a positive...

End-to-end defence electronics capabilities with deep institutional trust and long-term national relevance

BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.

On 27th Nov’25, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued a tariff order for GAIL’s integrated natural gas pipeline network.

NTPC is reportedly planning a large coal-to-synthetic natural gas (SNG) facility with a capacity of 5-10m tonnes per year (link). Producing SNG from its own coal would lower dependence on imported LNG, which is prone to price and supply volatility.

*over or under performance to benchmark index NTPC Ltd owns and operates electricity generation plants that supply power to state electricity boards in India. The company generates power from coal, gas, liquid fuel,...

of higher material costs and product mix. However, operating efficiencies cushioned the impact, limiting margin erosion to 90 bps, at 29.4%. strong earnings visibility for the next 3 years. product mix, rising indigenous content and cost optimisation. We forecast...

*over or under performance to benchmark index Bharat Heavy Electricals Ltd (BHEL), a public sector entity, is India's largest engineering company. It supplies power plant equipment such as gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switchgears, circuit breakers and boilers. It also manufactures compressors, valves, rectifiers, pumps, capacitors and oil rigs, and undertakes castings and forgings. BHEL's Q2FY26 revenue increased 14.1% YoY to Rs. 7,512cr, driven by an 18.0%...

Oil India’s (OINL) 2QFY26 revenue came in line with our estimate at INR54.6b. However, oil/gas sales were 4%/2% below our estimate at 0.83mmt/0.66bcm.

IRCTC delivered a stable and profitable Q2FY26 with profit after tax rising 11% YoY to INR 341cr and strong EBITDA margin improvement to 34.3%. Growth was broad-based, led by Internet Ticketing (INR 386cr revenue, 85% EBITDA margin), robust Catering (INR 520cr, 13% margin) and buoyant Tourism (INR 150cr, 7% margin). Rail Neer volumes remained steady and capacity expansion is underway. Management highlighted disciplined cost control and margin sustainability driving recurrent improvements. Strategic priorities include building a unified travel portal leveraging AI/ML, expanding payment aggregator...

RVNL posted a disappointing Q2FY26, with weak profitability and cash flow offsetting modest revenue growth. Revenue from operations rose only 1% YoY to Rs49.3bn vs Rs48.7bn in Q2FY25 despite a healthy 26% QoQ rebound from the muted Rs39.2bn in Q1FY26. However, margins deteriorated sharply: EBITDA slipped to an estimated Rs3.9bn, translating to a 7.9% margin, down 120 bps YoY as cost pressures persisted and lower-margin EPC contracts formed a greater revenue share. PBT dropped 27% YoY to Rs3.bn, while PAT plunged 35% YoY to Rs1.9bn, with EPS falling to Rs0.94 vs Rs1.45 YoY. On the positive side,...

CONCOR’s Q2FY26 EBITDA of INR 5.7bn rose 33.4% sequentially and was ahead of consensus estimates. Overall volume rose 10.5% YoY (EXIM - 8.7% and domestic - 16.6%); rail freight margin improved to 27.8% (26.2% in H1FY25).

Solid order-book underpins growth as execution accelerates About the stock: Hindustan Aeronautics (HAL), one of the largest Defence PSU in India, is engaged in design, development, manufacture, repair, overhaul, upgrade...

Hindustan Aeronautics’ (HAL) Q2FY26 performance was impacted by higher provisioning and an upsurge in other expenditure leading to 70bps/310bps correction in EBITDA margin to 23.5% with EBITDA of INR 15.6bn (-5%/+21% YoY/QoQ).

Hindustan Aeronautics’ (HAL) 2QFY26 revenue/PAT came in line with our estimates. Lower-than-expected margins were offset by higher other income.

Container Corporation (CCRI)’s 2QFY26 revenue grew 3% YoY to INR23.5b (in line). Total volumes grew 11% YoY to 1.4m TEUs, with EXIM/domestic volumes at 0.109m/0.34m TEUs (+9%/+17% YoY).

ONGC’s Q2FY26 adj. EBITDA/PAT (standalone) came in at INR 175bn/INR 98.5bn (-3%/-18% YoY) vs. I-Sec’s estimate of INR 179.7/INR 96.5bn. Slightly lower-than-estimated realisation and higher opex drove the underperformance.

ONGC’s 2QFY26 revenue came in line with our est. at INR330b. Crude oil/gas sales were in line with our est. at 4.8mmt/3.9bcm. VAP sales stood at 592tmt (est. 681.5tmt).