New Research Reports

We downgrade to a HOLD from a BUY rating.

1QFY26 revenue came in at INR358b (-2% YoY and -5% QoQ) against our est. of INR372b. Adj. EBITDA (excluding OBR exp) stood at INR111b (-4% YoY and -1% QoQ) against our estimate of INR115b.

Rural Electrification Corp’s (RECL) 1QFY26 PAT grew ~29% YoY to INR44.5b (~8% beat). NII grew ~19% YoY to ~INR55.7b (in line).

We maintain our BUY rating on the stock.

NTPC – the largest thermal power player in India, is looking to add shades of green to its portfolio. It has substantial capacity addition plans on both thermal and renewables front.

BHE’s 1QFY26 PAT exceeded our estimate, driven by better-than-expected margins. Revenue growth was aided by a strong order book, though it was affected to some extent by geopolitical issues.

The management maintained their guidance of ~15% revenue growth with ~27% EBITDA margin and ~Rs270bn+ order intake (ex. QRSAM) in FY26. Bharat Electronics (BEL) reported a modest 5.2% YoY revenue growth, impacted by a revenue deferment of ~Rs2.0bn to the next quarter due to supply chain constraints. EBITDA margin expanded by 576bps YoY to 28.1%. Domestic demand remains strong, supported by a healthy tendering pipeline and a continued push for higher indigenization. Additionally, BEL stands to...

Strong operational performance surprised positively, as margins improved by 555 bps to 27.9%. Revenue growth was muted at 5%, owing to fluctuations in product delivery amid geopolitical tensions.

GAIL reported transmission volume of 121mmscmd, flat QoQ, down from 132mmscmd in Q1FY25. Trading volume stood at 105.5mmscmd, marginally below 106.5mmscmd in Q4FY25 but up from 99.5mmscmd in Q1FY25. Trading EBIT came in at Rs10.7bn, down from Rs12bn in Q4FY25 and Rs20.3bn in Q1FY25. EBITDA stood at Rs33.3bn (Ple Rs32.3bn, BBGe Rs32.6bn, -26% YoY, +4% QoQ). PAT came in at Rs18.9bn (Ple Rs20bn, BBGe Rs20.5bn, -31% YoY, 8% QoQ). The stock trades at 12.5x FY27 EPS. We value the company at 11x adj...

GAIL’s 1QFY26 EBITDA/PAT came in 7%/9% below our estimates at INR33.3b/INR18.9b, as petchem and LPG segments delivered weak performance. 1QFY26 revenue included a one-time settlement gain of ~INR1.3b related to past differential tariff adjustments.