Indian Hotels Company Limited (IHCL), incorporated in 1902, is one of the country's leading hospitality companies. Tata Sons holds a 38.2% stake in the company. IHCL has a vast geographical presence and owns some of the leading brands such as Taj, Ginger...

Star Health reported healthy double-digit growth in net earned premiums in Q2FY26, supported by disciplined underwriting, strong retail traction, and improved digital and agency networks. The management remains focused on long term initiatives, such as AI-enabled claim automation, advanced fraud analytics and wellness-based healthcare expansion, to enhance efficiency and service delivery. It also continues to strengthen the portfolio via annual repricing, new OPD and dental...

We revise our rating to HOLD on the stock with an upside potential of 8% from the CMP.

Expanding Films segment to create volatile growth by RPSG Group with ~1.75+ lacs songs, which is monetized over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials /(Tamil), creates regional films as well as web series for OTT platforms through Yoodlee Films/Filtercopy...

*over or under performance to benchmark index Biocon Ltd is a biopharmaceutical company that develops therapies for chronic diseases such as autoimmune, cancer and diabetes. The company has developed and introduced novel biologics, biosimilars, differentiated small molecules and affordable recombinant human insulin and analogues. Consolidated revenue in Q2FY26 increased 19.6% YoY to Rs. 4,296cr aided by...

Significant tax hike in cigarettes after a brief period of stable tax: Government has announced significant increase in the tax rate on cigarettes in the range of 20-55% (depending on various sizes) after a brief period of stable tax environment over FY22-25. Revised Excise duty on the cigarette stands in the range of Rs2,100/1000 sticks to Rs8,500/1000 sticks depending on the size of the cigarettes. This will be over and above the GST rate hike to 40% from 28% on cigarettes. Tax hike on cigarettes and other tobacco products will be effective from 1st Feb, 2026 with end of...

The government in its recent notification has increased taxes on cigarettes, effective from 1st Feb’26. New rates will increase the taxes on cigarettes by ~50% (assuming NCCD continues).

*over or under performance to benchmark index to Rs. 64,562cr, supported by strong credit demand, improved pricing, and sus Pre-provision operating profit decreased 6.8% YoY to Rs. 27,311cr, led by a 12.3%...

Apollo Tyres Ltd manufactures tyres and tubes for cars, trucks, farm equipment and light commercial vehicles under two global brands, Apollo and Vredestein, sold in the Asia-Pacific, Middle East and Africa, and Europe....

KFintech remains a dominant, cash-generative market infrastructure platform with leadership across domestic MF investor solutions and issuer services, underpinned by deep AMC relationships (~54% of AMCs; ~32% industry AAUM), strong annuity visibility and consistently high mandate win rates.

The NII of SBI Cards grew in double digits, reflecting improved portfolio mix and funding efficiency. It delivered a steady performance due to expanding co-branding partnerships, strong digital engagement and disciplined portfolio management. The management reiterated guidance for steady new account additions and stable margins, aided by improved collections, cost control and declining credit costs. Continued focus on innovation, AI-driven underwriting and UPI-linked card expansion is expected to strengthen customer acquisition and enhance profitability. However, rising competitive intensity in the credit card industry poses...

Nippon AMC delivered strong Q2FY26 financial performance, driven by robust revenue growth, improving profitability and expanding margins. The growth drivers included growing financialisation of savings, gains in market share and growth in the digital business, which are expected to continue propelling growth. Expansion into new product categories and growing presence in global markets are expected to drive growth as well. Also, SEBI's recent consultation paper on mutual funds is likely to have only a minimal financial impact, with Nippon AMC well-positioned to...

*over or under performance to benchmark index coolers resulted in deterioration in gross margin. Revenue of GSK China, though, rose 31% YoY to Rs. 32cr, on account of sustained strong sales, with the accrued cash directed towards repaying debt. Revenue of its now discontinued operations of IMPCO in Mexico also rose 69% YoY to Rs. 17cr, owing to an expanding washing machine distribution network in the country and Climate Holding in Australia increased 17% YoY to Rs. 35cr on account of its transition to an asset-light model, expansion of the product slate and cost optimization measures....

The company's performance during the quarter was disappointing, due to unfavorable market conditions. Its key segments underperformed, impacted by weak demand for its products across regions, except for India. However, the European business has shown encouraging margin improvement, driven by a favorable product mix. The company expects this momentum to continue, with the business poised to achieve profitability in the near future. Furthermore, the company's prudent capital expenditure investments in expanding its Indian capacity...

UPL's strong Q2FY26 performance was characterised by broad-based operational improvement and margin accretion. With volume driving growth in both Global Protection and Advanta, the company enters H2FY26 with a healthier demand backdrop, normalised channel inventories and improved cost competitiveness. Management highlighted sustained traction in herbicidies and fungicidies, Advanta's integration with the post-harvest business continues to accelerate synergy benefits, and Superform's rising share of speciality chemicals strengthens diversification....

FSN E-Commerce Ventures (Nykaa) is a leading specialty platform for beauty and personal care (BPC) products, bringing brands, consumers and discovery together in one focused ecosystem.

Cipla Ltd delivered a steady Q2FY26 performance, supported by strong branded generics in India and continued leadership in its US respiratory business (albuterol MDI). The company's strategic focus on high-growth therapies such as obesity and diabetes (exclusive launch of Tirzepatide Yurpeak in India) underpins its long-term growth potential. However, near-term challenges remain, including the anticipated revenue erosion from the Revlimid cliff, increased R&D intensity weighing on margins, and execution risk related to timely approvals, which could limit earnings visibility and margin recovery in the medium term, thereby warranting a more...

The current order backlog is at Rs.1,916cr, which is ~1.6x FY26E projected sales. Anticipated order inflow for H2FY26 is at Rs1,000cr, while on a YTD basis, order inflow is Rs.376cr. The order pipeline looks promising, with potential opportunities within AMPL's total addressable market of Rs.25,000cr by FY28....

We expect CGCL’s valuation multiple to remain stable, supported by improving return ratios, adequate capital buffers, and earnings visibility. The assigned multiple aligns with current trading levels and reflects a balance between growth and regulatory discipline inherent to NBFCs.

VOLT highlighted that RAC volume remained under pressure in 3QFY26 due to higher channel inventory (~45 days) and a strong winter, though the YoY decline has moderated and there are multiple levers (GST rate cut increase affordability, energy label changes) to drive demand going forward.