Alembic Pharma’s (Alembic) Q2FY26 result beat our expectations – led by formulations exports (up 25.1% YoY) while India continued to grow at a modest pace (4.9% in Q2FY26).

The Ramco Cements’ (TRCL) 2QFY26 EBITDA grew 24% YoY to INR3.9b (12% beat), led by higher-than-estimated volume (5% beat) and lower-thanestimated opex/t. EBITDA/t rose 22% YoY (down 12% QoQ) to INR851 (6% beat).

In 2QFY26, Power Grid Corporation (PWGR) reported a standalone (SA) revenue of INR100b (-3% YoY), 6% below our estimate. EBITDA was 13% below our estimate at INR80.1b (-9% YoY), hit by a 55% YoY surge in other expenses.

One 97 Communications (Paytm) reported a strong operational performance with adj. net profit of INR2.1b (vs. our estimate of INR1.3b). However, its reported PAT stood at INR210m due to a one-time impairment of INR1.9b on its loan to JV First Games.

ABLBL reported a modest 4% YoY revenue growth (vs. 11% for Arvind Fashion) in 2QFY26, as strong 12% LTL retail growth was offset by the adverse impact from recent store rationalization and GST-related transition on wholesale primary sales.

Aditya Birla Fashion and Retail (ABFRL) reported a weak 2Q as higher A&P spends (up 200bp YoY) and losses in TMRW led to a 14% decline in reported EBITDA (37% miss). Pre-Ind AS EBITDA for 1HFY26 declined ~12% YoY.

Maruti Suzuki’s Q2 FY26 quarterly performance reflected resilient revenue growth led by strong exports and better realizations, although margin softness persisted due to elevated operating costs and higher raw material pricing pressure.

We roll forward our valuation to Sept’27 and value Navin Fluorine at 46.0x Sept’27E EPS, implying a target price of INR 6,182.

Escorts’ 2QFY26 PAT at INR3.2b was below our estimate of INR3.7b due to a lower-than-expected margin improvement and lower other income. Both tractor and construction equipment margins were below our estimates.

Growth in loans was seen across segments and is expected to continue in the *over or under performance to benchmark index second half of the year due to the festival season and rising credit demand in the small and medium enterprises (SME) segment. It expects to hold on to its market share gain in deposits. Savings rate repricing has led to a decrease in the cost of funds in the quarter. HDFC Bank expects time deposit repricing to become beneficial after six quarters. It is focusing on creating an operational leverage in the long term through investments in distribution and technology. The bank expects...