IRB’s revenue grew 13% YoY (in line) to ~INR21b in 1QFY26. Revenue included gains on InvIT & related assets as per fair value measurement, and dividend/interest income from InvITs & related assets.

BPCL’s EBITDA/PAT came in 12%/11% below expectations in 1QFY26, impacted by lower-than-anticipated GRM (USD 4.9/bbl). However, blended marketing margin stood 25% above estimate at INR8.3/litre (up 75% YoY). Refining throughput and marketing volumes came in line with estimates.

Alkyl Amines Chemicals (AACL) reported a muted operating performance in 1QFY26 as EBITDA declined 3% YoY. Gross margin contracted 120bp YoY to 45.8%.

Deepak Nitrite’s (DN) Q1FY26 has shown marginal improvement over adj. Q4FY25 EBITDA; however, overall performance remains subdued.

Revenue from operations rose by 3.8% to INR 1,160cr, driven by strong contributions from Internet Ticketing, Tourism, and Rail Neer segments. EBITDA stood at INR 397cr, up 6% YoY, with an improved EBITDA margin of 34.3%, reflecting enhanced operational efficiency and cost optimization. Internet Ticketing grew by 9% with an 84% EBITDA margin. Tourism posted a 21% revenue growth despite geopolitical challenges. IRCTC delivered a stable and profitable performance with a PAT of INR 330.5cr, marking a 7.4% YoY growth. Rail Neer revenue remained flat due to reduced sales of 500ml bottles and temporary...

Following the recent price correction, we upgrade the stock to HOLD' with a revised target price of Rs1,883, valuing it at 32x FY27E EPS. DN's Q1FY26 adjusted revenue stood at Rs18.7bn, declining to 13.6% YoY and 7% QoQ. Operating performance was impacted by ongoing pricing pressure, oversupply from China, and a decline in spreads. The Advanced Intermediates segment witnessed stable volumes across most products, except agrochemical intermediates, which were affected. The Phenols segment reported steady...

7.1/bbl) and gross marketing margin of Rs8.4/lit (Ple Rs7.6/lit). Better-thanexpected marketing margin compensated worse-than-expected GRM resulting in marginally lower standalone EBITDA of Rs96.6bn (Ple Rs102.6bn, BBGe Rs103.1bn, +71% YoY, +24.4% QoQ). Lower-than-expected depreciation and interest cost bridged the variance on PBT (reported Rs81.6bn, Ple Rs82.7bn)....

Nippon AMC is expected to continue its growth momentum, led by its strong position in the Indian mutual fund industry, diversified product suite and robust growth trajectory. Its ability to capitalise on the growing demand for financial services in India, coupled with its expanding market share and increasing digital presence, positions it for long-term success. Its commitment to launching new products, including alternative investment funds and ETFs, further underscores its growth potential. Although the industry is competitive, we believe Nippon AMC's...

The Chennai park, slated to begin operations by December 2025, is expected to drive substantial footfall growth in the long term. However, due to its soft launch, it is not projected to have a material impact in FY26, with meaningful contribu-...

JSL's Q1FY26 performance exceeded our estimates on all parameters. Revenue declined 7% QoQ to Rs123bn, primarily due to an 11% drop in volumes, attributed to the early onset of the monsoon and inventory replenishment post Q4FY26 drawdown. Despite volume decline, management maintained its FY26 guidance. Additionally, NSR improved 5% QoQ, driven by better steel prices and higher VAP contribution. Consequently, EBITDA grew 32% QoQ to Rs30bn, with EBITDA/tonne increasing by 42% QoQ to Rs15,819, supported by lower coking coal and conversion costs. JSL incurred capex of Rs22bn in Q1FY26 vs Rs23bn in...