*over or under performance to benchmark index Dr Lal PathLabs Ltd (DLPL) provides diagnostic tests and services globally. As of December 2024, DLPL had 280 clinical laboratories, including a national reference lab...

The company's impressive Q1FY26 performance, which saw robust revenue growth, was fuelled by higher occupancy rates and ARPOB. This in turn led to an expansion in margins and profitability. The company's ambitious expansion plan to double its capacity over the next 4-5 years remain on track, with plans to add approximately 1,000 brownfield and 500 greenfield beds. The healthy growth and occupancy trends observed in the existing and recently acquired units further reinforce the positive outlook. The stock is trading at elevated valuations therefore we downgrade...

We expect the Company to outperform in H1FY26E over H2FY25, led by stronger volume offtake aided by continued transformation in the and on the back of improving macro tailwinds.

*over or under performance to benchmark index In Q1FY25, inpatient volume was up 15.3% YoY and 6.22% QoQ, while outpatient KIMS ramped up its capacity to 5,499 beds in Q1FY26. However, occupancy...

*over or under performance to benchmark index In Q1FY26, Tata Motors' revenue decreased 2.5% YoY to Rs. 104,407cr, primarily The JLR division's revenue was down 1.2% YoY to Rs. 75,952cr, driven by a 11.3% YoY decrease in volume of Range Rover and Jaguar wholesale by 71.6% YoY, as the 27.5% US trade tariff imposed on UK/EU-produced vehicles and the planned...

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. The company also builds compressors, valves, rectifiers, pumps, capacitors, oil rigs, etc., and undertakes castings and forgings....

HCG is poised to deliver strong top-line growth over the next 23 years, supported by improvements in ARPOB and ongoing bed additions. However, profitability recovery may be gradual given the debt-funded nature of recent capex. Management has indicated plans for a capital infusion, which could help ease the interest burden. With KKR as the new promoter, the business is expected to undergo transformation, enhancing growth and operational efficiencies. Considering the elevated debt levels, we retain our Hold...

JFL delivered robust financial results in Q1FY26, marked by healthy top-line growth and disciplined profitability, despite navigating a challenging demand environment. The demand environment is expected to improve on a QoQ basis. The company has accelerated key initiatives, including menu innovation, expansion of digital assets and enhancements to delivery capabilities, with a focus on achieving 20-minute delivery. Concurrently, Popeyes is being scaled up with the aim to establish it as...

LICHF's financial performance in Q1FY26 was stable. Despite the quarter being relatively subdued, the company is optimistic that discernible signs of progress have emerged, paving the way for an anticipated pickup in growth from Q2 onwards, consistent with its historical pattern. The company is confident about its asset quality and has adequate provisions in place. It has no major concerns on the NPA front and is upbeat about its future performance. However, competition in the industry is expected to increase, particularly from public sector banks, which may lead to pressure on margins due to a rate war. Additionally, the company may need to consider further cut rates to remain...

ting the drag on margins. Resultantly, gross margins stood at 29.1%, registering a 68 bps expansion. Employee costs fell to 13.2% from 15.1% in the same quarter last year, thereby bolstering an EBITDA margin expansion of 194 bps to stand at 13.2%. Profit After Tax registered 31% YoY growth to stand at Rs.805.50cr. Despite higher depreciation (32% increase), finance costs (35% increase), and a jump...

We have revised our FY26E/FY27E EPS estimates by -14.9%/-22.7%, respectively, as we factor in subdued growth traction in Generic API segment, lower other income and higher depreciation expenses on account of higher investments in its facilities.

Coal India Ltd (CIL) is one of the largest coal producer in the world, with its output totalling 781 million tonnes (MT) in FY2025. It aims to increase coal production to 1 billion tonnes by FY2028-29. The company has 14 fully owned subsidiary companies...

We have revised our FY26E/FY27E EPS estimates by -5.7%/-1.9%, as we factor in weaker EBITDA margins led by contraction in gross margins. We reiterate our “ACCUMULATE” rating on the stock, supported by its volume-led growth strategy. We expect margin pressure to remain persistent in the near term
but expect gradual recovery from H2FY26E onwards

Quarterly Update Q1FY26

ee costs (+11.2% YoY) and other operating expenses (+25.2% YoY). Net profit grew 3.2% YoY to Rs. 530cr, as tax expenses came down by 5.5% YoY. Gross stage 3 (GS3) ratio increased from 3.56% in Q1FY25 to 3.85% in Q1FY26,...

We maintain a constructive stance on Vinati Organics’ long-term outlook, supported by the expansion in ATBS capacities, improved utilization in Antioxidant segment and incremental contribution from the Veeral Organics facility, cementing its position in high-margin segments, leading to improved operating leverage and diversified revenue streams.

We have revised our FY26E/FY27E EBITDA estimates by -9.3%/-3.3%, as we factor in more gradual pick-up in consumer demand and higher input costs in FY26, led by online marketing projects undertaken by the Company.

*over or under performance to benchmark index Godrej Properties Ltd (GPL) is a real estate company, with its head office in Mumbai, India. The company is a subsidiary of Godrej Industries Ltd and was established in...

The company has shown impressive YoY revenue growth and improving profitability and margin, particularly aided by the BFSI and healthcare sectors. With expectations of double-digit revenue growth and EBITDA margin between 20-22% in the future, the company's prospects are bright. New transformational initiatives and investments in the GenAI business unit are expected to boost profitability. Additionally, the company's strong performance in the BFSI and healthcare segments, driven by new client acquisitions and a healthy pipeline, will likely...