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Surya Roshni's Q1FY26 performance was below expectations. Revenue declined by 15% YoY to Rs16bn, primarily due to a 20% YoY drop in the steel pipes segment. LCD segment grew by 3% YoY to Rs4bn. Consolidated EBITDA margin contracted 360bps YoY to 4.3%, dragged by both the segments. EBITDA/t for steel pipes fell by 52% YoY to Rs2,922/t, impacted by ~Rs1,000/t inventory loss and ~Rs2,000/t hit from lower volumes, higher fixed cost due to SAP implementation, and a higher share of low margin products. Management guided for 35%-38% YoY revenue growth in steel pipes for Q2FY26 but lowered FY26 sales volume guidance...
Muthoot Finance (MUTH) reported robust gold loan growth at 40% YoY vs 41% YoY (FY25) led by higher gold prices and new customer additions. Overall AUM growth stood at 42% YoY vs 43% YoY (FY25). Management maintained guidance at 15% gold loan growth for FY26. We revised upwards gold loan growth to 15% vs 12% CAGR (FY25-27E) earlier. NIMs improved QoQ led by increase in yield on advances. NII grew strongly by 51% YoY led by rise in margins; PPoP grew by 63% YoY led by higher other income (up 135% YoY). Further, provisions declined by 81% YoY due to recovery from NPA accounts; thus PAT grew by 90% YoY. Stage...
We downgrade our rating from BUY to HOLD on the stock as the challenges are expected to continue in the near term, and we await clear signs of a sustained recovery.
We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.
Zydus Lifesciences (Zydus)’s Q1FY26 print beat our expectations, though its revenue grew a mere 5.9% while EBITDA/PAT shrunk 3.3%/0.7% YoY. US biz sales were flat YoY.
Power Mech reported a muted Q1FY26. Post-adjustment of the exceptional item (INR 2.9bn in revenue), revenue stood at INR 10bn (flat YoY), EBITDA was at INR 1.2bn (+6% YoY) and adjusted profit of INR 0.5bn (-18% YoY). Reported profit grew 31% YoY to INR 0.8bn.
We cut our EPS estimates by 32%/15% for FY26E/FY27E amid widening losses in Nodwin and PokerBaazi. In 1QFY26, Nodwin/PokerBaazi reported an EBITDA loss of Rs110mn/Rs739mn respectively. NAZARA IN reported an in-line performance with revenues of Rs4,988mn (PLe Rs4,872mn) and EBITDA margin of 9.5% (PLe 10.0%) while PAT was aided by revaluation gain of ~Rs660mn in an investee company, STAN. NAZARA IN's plans to cede control in Nodwin by not participating in the fund raise reflects renewed focus on profitability over scale. Even the latest acquisition of Curve Games (EBITDA...
Jindal Steel & Power (JSP) delivered strong cons operating performance in Q1FY26 despite lower volumes. Volumes declined 9% YoY affected by early monsoon. Avg. NSR rose 4.5% QoQ, driven by higher long & flats product prices and increase in value added products. Lower coking coal and PCI benefited EBITDA/t improving to Rs15,680 (ex-fx gains). Commissioning of BF-2 at Angul is in the final stages and hot metal production is expected to commence this month (delayed again) and BOF-2 is also nearing completion. Mgmt. reiterated its earlier FY26 sales volume guidance of 8.59mt....
JUBI is sustaining focus on aggressive growth through store expansion, digital investment and calibrated price hikes product innovations and digital investments. We expect healthy double digit earnings growth in coming quarters led by 1) improving demand scenario and 2) robust innovation and 3) sustained efforts on providing superior value to...
