Bata India's (Bata) Q3FY26 result was in-line with our estimate on net sales front, while margins were ahead of our expectation. The management indicated gradual improvement in demand momentum post GST-related disruptions, with consumer hesitancy easing across channels. However, recovery remains uneven, especially at lower price points, though mass segments are showing early signs of stabilization Vs the past 78 quarters. Further, competitive intensity across footwear remains high due to fragmentation at both value and premium ends. Management emphasized that the market structure allows multiple players to...

With an 8% upside from the CMP, we maintain our HOLD rating on the stock.

With a 1% upside from the CMP, we maintain our HOLD rating on the stock.

We maintain our HOLD rating on the stock.

We maintain our HOLD rating on the stock.

About the stock: Hindustan Unilever (HUL) is India's largest FMCG company with presence of more than 90 years. The company has portfolio of 50+ brands spanning to various categories such as detergents, personal wash and skin care & colour cosmetics. 80% of revenues come from products having leadership positioning in the domestic market. 19 out of 50+ brands are clocking Rs1000cr+ revenues. Q3FY26 performance: HUL's consolidated revenues witnessed 5.7% YoY growth to Rs.16,441cr. Volume growth improved to 4%YoY (vs. Flat in Q2FY26) aided by improved demand conditions and policy measures such as GST. Gross margins...

Sales/EBITDA/APAT reported 1.3%/2.4% and -3.4% below our estimates. EBITDA margin reported 25bps lower than estimates at 22.2%

We maintain our HOLD rating.

With a 5% upside from the CMP, we maintain our HOLD rating on the stock.

We assign a HOLD rating from BUY on the stock.

We upgrade our rating on the stock to HOLD from SELL on the stock, indicating limited downside risks and potential recovery.

Revenue and EBITDA decreased by 8.7%YoY and 3.9%YoY, on lower blended realisations offset by volume growth of 2.1%YoY, respectively

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

HUL delivered 4% UVG with broad-based growth across categories; in line with expectations

Hindalco's Indian operations are expected to deliver a steady performance driven by higher aluminium prices. However, Novelis's performance will remain subdued due to one-off impact of fire incident at Oswego operation. Moreover, elevated capex spending to keep debt levels high, weighing on return ratios in the near term. Thus, we maintain HOLD rating on Hindalco...

Prince Pipes' Q3FY26 result was below our estimates on key parameters. The management guided that the demand for piping solutions remains sluggish across core segments like plumbing, agriculture, and infrastructure due to macroeconomic headwinds. Erratic rainfall and delayed government project execution continue to hamper short-term consumption trends. However, on a positive note PVC resin prices are bottoming out following a period of extreme volatility that caused significant channel destocking. The implementation of anti-dumping duties is expected to stabilize domestic pricing and improve sentiment among partners....

Surya Roshni's Q3FY26 performance was below expectations. Revenue grew 3% YoY to Rs19.2bn, driven by a 2% YoY increase in steel pipes revenue, while LCD segment grew by 6% YoY to Rs4.7bn. Consolidated EBITDA margin contracted 49bps YoY to 7.5%, owing to higher employee costs. EBITDA/t for steel pipes decreased by 7% YoY to Rs4,810/t, due to decline in high margin API and 3 LPE pipe segments, and an inventory loss of Rs500/t. Management has further lowered its FY26 volume guidance for the steel pipe segment to 0.93-0.94 mnT Vs 1.1mnT guidance at the start of the fiscal year. We cut FY26E/FY27E EBITDA...

Strong volume-led performance; MHCV up 23% YoY & LCV by 20% YoY, raising revenue by 22% YoY, realisations muted down by 2% YoY

Commodity environment remains supportive with QoQ softening in flour, palm oil and cocoa, aiding margin resilience

About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer FY25 product mix LCV goods 35%, trucks 50%, buses 15% Q3FY26 Results: Company reported healthy operational performance in Q3'26. Standalone revenues for Q3FY26 came in at 11,534 crore, up ~22% YoY amidst 24% growth in volumes to ~58k units. EBITDA for the quarter came in at 1,535 crore with margins at 13.3%, up 120 bps QoQ. Consequent PAT in Q3FY26 came in...