Castrol India's performance was broadly in-line with our expectations. Castrol's sales increased by 6% YoY, led by 9% YoY volume growth on the back of strong volume growth in the industrials segment (double digit) and CV segment (+8% YoY), while Personal Mobility grew 6% YoY. EBITDA increased by 13% YoY to Rs3.2bn, with EBITDA margin expanding by 148bps YoY to 23.7%, primarily aided by a fall in base oil prices and forex volatility, showcasing strong cost management. The Management remains focused on expanding the distribution network and deepening penetration in the Industrials segment and high margin...

Birlasoft reported stable Q2FY26 performance amidst a challenging macro environment, with dollar revenue marginally up 0.1% QoQ to USD 150.7mn and rupee revenue rising 3.4% QoQ. Manufacturing softness was partially offset by sequential growth in BFSI and Lifesciences. EBITDA margin expanded sharply to 16% from 12.4% in Q1, aided by operational efficiencies and one-offs, but the underlying margin excluding these benefits would be around 13.5%. Q2 deal wins totaled USD 107mn, with some committed deals spilling into Q3, which is expected to deliver growth in the seasonally weak quarter. The company...

CCL Products Q2FY26 performance was above our expectations. Sales grew 53% YoY to Rs11.3bn, driven by 20+% YoY volume growth and 33% YoY increase in realization due to improved coffee blends and higher prices. Gross margin contracted by 524bps YoY to 34.5%, primarily due to higher input costs. Consequently, EBITDA margin contracted by 107bps YoY to 17.5%, despite operational efficiencies and a favorable product mix. PAT increased by 36% YoY to Rs1,009mn. CCL maintained its volume and EBITDA growth guidance of 1020% and 15-20%, respectively and expects to close FY26 toward the upper end of this range. We value the stock at a PER of 25x FY27E EPS, arriving at a target...

Cummins India (KKC) delivered robust performance in Q2FY26 which surpassed our estimates. Revenue, EBITDA and PAT for the quarter was higher by 26%, 44% and 39% YoY on consolidated basis. Demand continues to be healthy emanating from verticals such as Quick Commerce, Mission Critical Infrastructure, Real Estate and Data Centres for the PowerGen segment. KKC also clocked in healthy gross margin of ~37% for the quarter. This is a result of the management's assiduous efforts in reducing direct material costs, optimizing product mix and suitable pricing. Guidance is of double digit revenue...

We maintain our HOLD Rating on the stock.

We upgrade our rating on the stock from SELL to HOLD as the stock has corrected significantly since our last report, reflecting right valuations.

Strengthening AI capabilities to spur future growth: Birlasoft continues to invest in AI, automation and data engineering capabilities, positioning itself to capture the next wave of enterprise digital transformation. Its expanding portfolio of agentic AI solutions and domain-specific digital offerings enhances differentiation against peers. As discretionary tech budgets return, these capabilities, backed by an improving deal pipeline & execution strength, should...

Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.

Sun Pharma’s outlook remains strong, driven by high-margin and innovative products. India growth will be led by new launches and upcoming GLP-1 therapies, EM by branded generics, and RoW by complex products. In the U.S., momentum will be supported by LEQSELVI ramp-up, Unloxcyt launch, and continued strength in ILUMYA and CEQUA.

Updater Services (UDS) reported a 2QFY26 revenue growth of 7% YoY to INR7.3b, below our estimate of ~INR7.7b. Core EBITDA margin came in at 4.3% (est. 5.9%), down 130bp QoQ.