New Research Reports

ONGC's operating momentum is improving as production stabilises across mature assets and new projects move towards commissioning. Upcoming production drivers, including offshore developments and new well gas, are expected to boost volume and improve the gas mix. The growing contribution of premium-priced new well gas is expected to enhance revenue quality and account for 24% of the company's total natural gas output by FY27. The management said it is taking...

Coal India reported moderate Q3FY26 results, driven by softer operational stability, improved evacuation infrastructure, higher mechanisation and diversification into renewables and critical minerals, alongside downstream integration initiatives and stronger digital mine management practices. Continued investments in clean energy projects, mineral diversification and logistics optimisation could support medium-term sustainability while maintaining coal's strategic relevance. Looking ahead, an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in...

FY26 capex and capitalisation guidance revised upward, supported by project commissioning. INR15trn transmission opportunity anticipated over 202736: INR7.9trn domestic (non-fossil driven), INR3trn...

Management has raised FY26 capex/capitalization guidance to INR350b/INR250b, from INR320b/INR220b guided in Feb’26.

Despite short-term challenges, GAIL has demonstrated its ability to adapt and recover, with its natural gas transmission volume showing improvement. The company's growth prospects are promising, driven by its strategic plans to expand its city gas distribution network, increase its presence in the power and fertiliser sectors, and enhance its liquefied natural gas sourcing portfolio. Furthermore, GAIL's commitment to investing in its infrastructure and capabilities, including pipeline projects and initiatives towards renewable energy, is expected to drive longterm growth. With a solid strategy in place and a proven track record of execution,...

We upgrade the stock from HOLD to BUY rating.

Despite a recent slowdown in volume, Coal India is positioning itself for long-term sustainable growth through strategic diversification into coal gasification, critical minerals, and renewable energy. This is further supported by a robust net-cash-positive B/S and a strong dividend yield of ~7%. Consequently, we maintained a BUY rating on Coal India, thereby...

Power Grid's strong operating momentum was driven by a growing project pipeline that aligns with India's transmission expansion plans for renewable energy and green hydrogen. Additionally, management expects robust project execution over the next few years, supported by planned capital deployment, which will enable continued asset-based expansion and provide visibility into regulated returns. Furthermore, the company's foray into battery energy storage and a robust HVDC (high voltage direct current) project pipeline solidifies its strategic position in...

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, nuclear, hydro, solar, wind and other renewable energy sources. It has an installed...

Oil & Natural Gas Corporation (ONGC) has confirmed a decisive breakout from a well-formed rounding bottom pattern on the weekly timeframe, signaling a structural trend reversal from accumulation to expansion. The stock has reclaimed its key moving averages (20, 50, 100, and 200 EMA), indicating strong improvement in medium- to long-term momentum. Price action has also moved above the...

IRCTC delivered a strong Q3 FY26 performance with revenue growing 18% year-on-year to INR 1,449cr and PAT rising 15.5% to INR 394cr, supported by balanced growth across ticketing, catering, Rail Neer and tourism. The internet-ticketing segment remains the key profit engine, with very high 85% EBITDA margin and 89% of reserved railway tickets booked online, giving stable cash flows and strong operating leverage. Growth in Catering business was driven by addition of new trains, especially Vande Bharat, and 260 more train sets planned over time create medium-term visibility. Tourism showed...

ONGC’s Q3FY26 adj. EBITDA/PAT (standalone) came in at INR 168bn/INR 83.7bn (-9%/+2% YoY) vs. I-Sec’s estimate of INR 174/INR 81.7bn. Consol. EBITDA/PAT stood at INR 268.6/INR 99.8bn (+3%/+16% YoY).

We increase our EPS estimates by 3%/4% for FY27E/FY28E as we fine tune our top-line growth assumptions for internet and catering division. IRCTC IN reported strong performance in 3QFY26 with revenue/EBITDA/PAT beat of 8%/4%/5% respectively led by healthy traction in catering division and nonconvenience fee income. Catering division reported a 19.2% YoY growth with a topline of Rs6,614mn led by introduction of 40 trains while traction in nonconvenience fee income was aided by 86%/42% growth in ad-revenue/loyalty...

ONGC’s 3QFY26 revenue came in line at INR315.5b. Crude oil/gas sales were in line at 4.7mmt/3.9bcm. Crude oil production declined marginally QoQ/YoY, while natural gas production remained flat QoQ/YoY.

fell sharply to USD61.6/bbl from USD72.6/bbl YoY. Consequently, revenue fell 4.5% QoQ and 6.4% YoY to Rs315.5bn (PLe: Rs309.8bn; BBGe: Rs316.8bn). EBITDA stood at Rs173.2bn (PLe: Rs158.7bn; BBGe: Rs160.1bn), declining 2.1%...

Order pipeline remains robust; longer-term growth outlook intact: We believe that orders pipeline remains robust for HAL in both defence and civil aerospace segments including MRO. Company has already signed an MoU with Russia's United Aircraft Corporation (UAC) for the production of SJ-100 civil aircrafts in India. Also, the Indian Air Force plans to induct 120 Tejas Mk2 (along with indigenous engines in collaboration with GE), for which the prototype is expected to be completed by HAL in coming period. The Sukhoi upgrade project approval is also in final stages and...

Performance above expectations, given better-than-expected performance of refinery subsidiaries (HPCL and MRPL)

Revenue for 3QFY26 came at INR349b (-5% YoY and +16% QoQ) against our est. of INR345b. The decline was mainly led by muted volume during this fiscal.

We maintain our HOLD rating.