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Jio Financial Services’ Q3 FY26 marked a meaningful operational inflection, with a visible improvement in core earnings led by stronger lending and fee income, partially offset by higher scaling investments, full consolidation of Jio Payments Bank, and prudent credit provisioning.
ICICI Lombard’s (ICICIGI) gross written premium grew 15% YoY in 3QFY26 to INR74.3b (in-line). NEP grew 13% YoY to INR56.9b, (5% miss). For 9MFY26, it grew 13% YoY to INR165b.
Eicher Motor's financial performance continues to demonstrate steady operational *over or under performance to benchmark index momentum across its key segments, providing a solid base for H2FY26. Royal Enfield is expected to sustain its growth trajectory as the company strengths its franchise through launches, platform upgrades and global market expansion. VECV's healthy performance, market by its record sales volume in the second quarter, reinforces confidence that the commercial vehicles segment will add to growth. The company's focus on enhancing product capability through new models and...
ease and festive demand kicks in. Margin trajectory should improve in H2FY26, supported by stable commodity prices, normalization of pricing actions, and scaling of premium launches. The company's innovation pipeline, including Dr. Wool and Ujala Young & Fresh, along with strong...
Consolidated revenue rose 31% YoY (normalized growth 12% excluding Golden Star & U.S. tariff) to Rs. 2,766cr. North America (~46% revenue mix), grew 47% YoY (16% normalized ), followed by India (30% mix) grew 13% YoY, Europe surged...
while domestic consumption and premiumization trends provide a strong growth runway. TTK is expanding capacity, talent, and distribution, targeting ~1,000 Xclusive stores and leveraging the Judge brand for mass portfolio. We value TTK at...
AI traction strengthens medium-term growth visibility: AI remains a key growth driver, with annualized AI revenues reaching US$1.8 bn (~6% of the revenues), up 17.3% QoQ in CC terms (implying US$ 600 mn for Q3), and strong sequential momentum across all NextGen service lines. Client conversations around AI-led productivity, modernization and efficiency continue to strengthen, supported by a growing skilled workforce of 217,000+ AI-trained employees who possess higher-order AI skills (~3x increase YoY). This positions TCS well to benefit from a gradual demand recovery and rising...
The company has geographically diversified asset base with term loans outstanding across 23 states and 4 union territories across renewable segment. Q3FY26 performance: IREDA delivered strong Q3FY26 performance, sustaining AUM growth at ~28% YoY (4% QoQ) to 87,975 crore, driven by healthy sanctions and robust disbursements across solar, state utilities and ethanol segment. NII grew 39.7% YoY (6.4% QoQ) to 869 crore, supported by balance sheet expansion and improvement in interest spread to 2.63%, while NIM were up 41 bps at 3.74%, aided by a ~61 bps YoY decline in CoB to 7.07%. PAT increased 37.5% YoY to 585...
Avenue Supermarts (DMart) continues to operate as a business focused on stability rather than growth acceleration. Margins delivered a positive surprise, with EBITDA margin at 8.4%, driven by execution discipline and cost control despite an unfavourable mix.
Despite the increased operating costs impacting profitability, ZEEL remains *over or under performance to benchmark index optimistic about the future, as the costs are expected to stabilise. It hopes to capitalise on increased advertising and subscription revenue across segments, which should drive the performance. The recent GST rationalization is expected to give rise to positive trends, prompting advertisers and consumers to increase their spending. ZEEL trades at a 39% discount to its 5-year average forward P/E, presenting an attractive entry point. Despite an increase in the number of...
The promoters and management teams of Devyani International (DIL) and Sapphire Foods (SFIL) jointly held an investor call, to explain the deal contours, potential merger synergies, and planned growth investments.
Indian Hotels Company Limited (IHCL), incorporated in 1902, is one of the country's leading hospitality companies. Tata Sons holds a 38.2% stake in the company. IHCL has a vast geographical presence and owns some of the leading brands such as Taj, Ginger...
Expanding Films segment to create volatile growth by RPSG Group with ~1.75+ lacs songs, which is monetized over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials /(Tamil), creates regional films as well as web series for OTT platforms through Yoodlee Films/Filtercopy...
We expect the near-term outlook to remain subdued due to continued delays in JJM project payments and challenges in working capital management. However, the strong order book and healthy traction in new project awards provide good revenue visibility. We project a revenue CAGR of 9% over FY25FY27, with a meaningful recovery expected from H2FY26. We maintain BUY rating and value NCC at 11x...
Significant tax hike in cigarettes after a brief period of stable tax: Government has announced significant increase in the tax rate on cigarettes in the range of 20-55% (depending on various sizes) after a brief period of stable tax environment over FY22-25. Revised Excise duty on the cigarette stands in the range of Rs2,100/1000 sticks to Rs8,500/1000 sticks depending on the size of the cigarettes. This will be over and above the GST rate hike to 40% from 28% on cigarettes. Tax hike on cigarettes and other tobacco products will be effective from 1st Feb, 2026 with end of...
