Voltas (VOLT)’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by a 23%/5% dip in UCP/PES segments, while EMPS revenue grew ~10% YoY.

Over the past year, HDB Financial (HDB) has navigated a phase of consolidation, reflected in subdued disbursement momentum, modest AUM growth, and emerging asset-quality pressure across a few of its key product segments.

PNC Infratech (PNC) reported a weak Q2FY26, with revenue at INR 9.8bn as execution was impacted by a prolonged monsoon season and delayed start across HAM projects. EBITDA stood at INR 1.4bn.

In Q2FY26, Nazara recognised an impairment of INR 9.2bn on its investment in Moonshine Technologies due to the regulatory ban on RMG. Nodwin was de-consolidated in Q2FY26.

Afcons reported a subdued Q2FY26 as execution was impacted by: a prolonged monsoon season, delayed project start; and delay in payments (particularly in the water segment).

The company aims to enhance capacity utilization through backward integration, while the introduction of new products is expected to strengthen its near-term revenue outlook. Additionally, contributions from emerging segments such as drones and retail, coupled with improved raw material availability and operational improvements, are likely to support profitability. We therefore maintain our...

Tata Motors has reported the financials of the demerged entity for the first time. Given the restated financials for prior years, these are strictly not comparable to our estimates.

Tata Steel's Q2FY26 performance was above our expectations. Revenue increased 10% QoQ to Rs586bn, driven by 11% increase in volumes, aided by strong growth in India operations. However, this was partially offset by a 1% QoQ decrease in realizations owing to weak steel prices. Consolidated EBITDA increased 20% QoQ to Rs89bn, with EBITDA/t improving 8% QoQ to Rs11,247. UK operations saw EBITDA loss widen to Rs13,510/t in Q2FY26 from Rs7,829/t in Q1FY26, while the Netherland business posted improved EBITDA of Rs5,948/t, up from Rs4,074/t in Q1FY26. The improvement was supported by global cost...

Century Plyboards' Q2FY26 performance was above expectations. Revenue grew 17% YoY to Rs14bn, driven by strong growth in MDF (+28% YoY), Plywood (+15% YoY), and Laminate (+17% YoY), despite a decline in Particle boards (-18% YoY). EBITDA margin expanded by 320bps YoY to 12.6%, supported by margin improvement across MDF and laminates segment. Additionally, the new plywood facility at Hoshiarpur (capacity: 50,000 CBM), commenced operations, taking its plywood capacity to 3,94,800 CBM. Further, new plywood capacity expansion at Puttur has been initiated and is expected to commence operations...

IRCTC delivered a stable and profitable Q2FY26 with profit after tax rising 11% YoY to INR 341cr and strong EBITDA margin improvement to 34.3%. Growth was broad-based, led by Internet Ticketing (INR 386cr revenue, 85% EBITDA margin), robust Catering (INR 520cr, 13% margin) and buoyant Tourism (INR 150cr, 7% margin). Rail Neer volumes remained steady and capacity expansion is underway. Management highlighted disciplined cost control and margin sustainability driving recurrent improvements. Strategic priorities include building a unified travel portal leveraging AI/ML, expanding payment aggregator...

Voltamp Transformers (VAMP) reported performance as per expectations in Q2FY26. While Revenue and EBITDA grew by 21% and 25% respectively, PAT only grew by 4% owing to lower other income. This was on account of much lower mark to market gains YoY. VAMP clocked in sales volume of 3,709 MVA in Q2FY26 which is a rise of ~3% YoY in MVA terms. Voltamp has been a preferred vendor amongst its clients due to its prudent execution track record and working capital management despite the cyclical nature of the business. However, with several credible competitors adding capacity in the transformers...

KNR Constructions reported a disappointing Q2FY26, with consolidated revenue plunging 66.8% YoY to Rs6.5bn, impacted by sluggish execution and delayed project ramp-ups, though modestly up 5.5% QoQ. EBITDA dropped 78% YoY to Rs1.9bn with of margin 29.8%, while PAT fell 82% YoY to Rs1.0bn as monsoon disruptions, high employee cost, and legacy project tapering hurt performance. The standalone business saw sharper margin compression (10.9% vs 18.6% YoY) and weak cash generation amid elevated receivables and working capital of 144 days. Order book stood at Rs87.4bn, with two HAM projects achieving...

Sonata Software demonstrated a resilience performance with reported consolidated revenue at INR 2,119cr, reflecting a 2.3% YoY decline but stable order book growth with a book-to-bill ratio of 1.28x. International services revenue grew 3.2% YoY to USD 82mn, driven by strong demand in Healthcare, BFSI, and TMT verticals. EBITDA margin expanded by 70 bps QoQ to 17.3%, supported by higher utilization (87.3%), planned large-deal offshoring, and AI-led productivity improvements, partially offsetting salary inflation impact. Sonata secured one large multi-year healthcare deal and several mid-sized...

We maintain our HOLD rating on the stock

We recommend a HOLD rating on the stock

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

We maintain our HOLD recommendation on the stock.

The demand environment remains stable with sustained momentum across key verticals, supported by premiumisation, new program wins, and upcoming capacity additions. Electronics-led content growth and a healthy order book continue to provide strong visibility, while softness in European acoustics remains a manageable drag.

Fortis Healthcare (Fortis) delivered a strong beat in EBITDA and PAT led by stronger margins across its hospitals (+140bps) and diagnostic verticals (+510bps).

Eicher Motors’ (EIM) Q2FY26 standalone EBITDAM came in at 24.9%, 80bps below I-Sec estimate. Marketing / brandbuilding efforts and regular product interventions have been driving the outperformance for RE in domestic market.