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Key triggers to watch for include improvement in bromine realizations as prices stabilize above USD 2.5/kg, faster ramp-up in bromine derivatives with rising utilization and new product additions, and meaningful pickup in SOP volumes from H2FY26E following successful plant-scale trials.
Prudent Corporate Advisory Services (Prudent) has progressed well in terms of AUM growth aided by MTM, traction in SIP and growth in MFDs. AUM/gross SIP flows/MFD count clocked CAGR of 40%/20%/19% between FY20–25 and grew 13.9% QoQ / 27.7% YoY /12.8% YoY in Q1FY26, respectively.
Lupin’s Q1FY26 result was largely in-line with our estimates. Launch of Tolvaptan in US (180 days exclusivity) helped Lupin offset the impact of price erosion in its US portfolio and a muted performance in India.
Bharti Hexacom’s (BHL) Q1FY26 print was weaker than expected due to lower roaming revenue on seasonality, and external events impacting number of inroamers; and higher other expenses on certain USOF site related cost, partly offset by employee cost provision reversal.
PVR INOX reported strong YoY growth in Q1 FY26, with admissions up 12% to 34 mn, ATP rising 8% to Rs 254, and SPH hitting a record Rs 148 (up 10%). Ad revenue grew 17% to Rs 110cr, while adjusted revenue stood at Rs 1,488cr, EBITDA at Rs 114cr, and net loss narrowed to Rs 34cr. Despite losing 67 lakh admissions, the company saw strong footfalls aided by affordable pricing and weekday value offers. It maintained its Rs 400425cr FY26 capex guidance, including Rs 250260cr for new screens and Rs 7075cr for renovations. Net debt reduced to Rs 892cr. The capitallight strategy continues, with 20 screens added (14 under FOCO/asset-light) and 127 signed. "Blockbuster Tuesday" has driven higher weekday traffic, and...
Castrol India's revenue and EBITDA exceeded our expectations. Castrol's sales increased by 7% YoY, led by 8% YoY volume growth on the back of strong volume growth in the industrials segment (+13% YoY) and rural geographies (+12% YoY). Personal Mobility and CVs reported high single digit volume growth. EBITDA increased by 8% YoY to Rs3.5bn, with EBITDA margin expanding by 28bps YoY to 23.4%, primarily due to lower A&P spends and price hikes. Management remain focused on expanding the distribution network and deepening penetration in the Industrials segment. Castrol has gained 40bps...
CCL Products Q1FY26 profitability was below our expectations. Sales grew 37% YoY to Rs10.7bn, driven by 9-10% YoY volume growth and 27-28% YoY increase in realization due to improved coffee blends. Gross margin contracted by 543bps YoY to 32.6%, driven by higher input cost. Consequently, EBITDA margin contracted by 178bps YoY to 15.1%. EBITDA grew 22% YoY to Rs1.6bn, driven by a favorable product mix in B2B and growth in the B2C category. PAT increased by 1% YoY to Rs724mn. CCL maintained its volume and EBITDA growth guidance of 10-20% and 15-20%, respectively. Management expects some price...
Harsha Engineers (Harsha) delivered results above our estimates. Revenue, EBITDA and PAT grew by 6%, 1% and 5% respectively on YoY basis. Green shoots were seen in the way of improvement in industrial demand in Europe which led to 18% YoY revenue growth in Harsha Romania for the quarter. Harsha also witnessed healthy demand improvement for large sized cages as well. Positive signs were also seen in improving demand for bearing cages in India however auto demand remained sluggish. However the management asserted that it will take at least 2 quarters to consider this as a sustainable demand trend. The...
Cera Sanitaryware Ltd.'s (Cera) Q1FY26 performance was in-line with our estimate on net sales front, while margins disappointed. The industry is facing subdued market condition from the last six to seven quarters. Consequently, there has been no price increase in the sector for some time, especially in Sanitary ware. However, the management guided that the long-term outlook is expected to stay strong, supported by continued formalization of the sector, rising aspiration of the consumers, and supporting policy initiatives such as urban redevelopment, housing schemes, and sanitation infrastructure. The...
Gujarat Gas (GUJGA) reported decline of 19% YoY and 5% QoQ in total sales volume to 8.9mmscmd in Q1FY26 (PLe 9.3mmscmd). EBITDA/scm of Rs6.4 was also below our estimate of Rs7.4. EBITDA stood at Rs5.2bn (-3% YoY, +15.7% QoQ, PLe: Rs6.3bn, BBGe: Rs5.2bn) and PAT of Rs3.3bn (-1% YoY, +14% QoQ, PLe: Rs3.9bn, BBGe: Rs3.6bn). Morbi continues to face slowdown. Against vol of 9.6mmscmd in FY25, we build in 9.3mmscmd in FY26E and 10.1mmscmd in FY27E. Against EBITDA/scm of Rs5.4 in FY25, we build in Rs6 and Rs5.8 for...
Rs258bn, BBGe: Rs279.8bn). Adj PAT came in at Rs59.5bn (+73.3% YoY; -46.7% +21.6% YoY and +2.9%QoQ with a stable EBITDA margin of 59.4%. ARPU improved marginally to Rs250 from Rs245 in previous quarter with a net subscriber addition of 1.2mn in Q1. Home services (fixed line + broadband) rev...
Siemens Energy India (SEI) is operating in one of the best plays in energy transition – the ongoing grid expansion. It is amongst the leading players providing transmission equipment.
Alembic Pharma’s (Alembic) Q1FY26 result was in line with our expectations. Revenue growth was mainly driven by US (13% YoY) and ex-US international business (21% YoY). India growth was tepid at 4.7% YoY due to challenges in specialty portfolio (up 1% YoY) and slowdown in acute market.
Finolex Industries' (FIL) Q1FY26 result was below our estimates on key parameters. The company experienced modest growth in pipes and fittings volumes, despite a weak overall demand scenario, however, operating performance was muted mainly due to weaker realization on account of volatility in PVC prices. The management guided that the demand has shown high single-digit growth as of early August 2025. The company expects this high single-digit trend to continue and is hopeful of crossing double-digit growth for FY26. Net sales declined by 8.5% YoY to Rs10.4bn, while EBITDA came in at...
JK Paper Ltd.'s (JK Paper) Q1FY26 result was broadly in-line with estimates on net sales and EBITDA front, while net profit was below our forecast. The Company's core business in Paper and Paper Board continued to face headwinds from cheap imports resulting in depressed sales realization and ongoing high domestic wood prices weighed on operating margin. Despite this, JK Paper improved its profits on a sequential basis. The management believes that packaging conversion business is amongst the fastest growing segments in the Indian Paper and Packaging industry driven by growth in end use industries....
