Downgrades

EXID's 2QFY26 PAT of INR2.2b came in well below our estimate of INR3.2b on account of lower-than-expected revenue. Revenue was mainly affected by channel destocking in segments like auto replacement, UPS and solar and weak demand in home UPS due to extended monsoon.

Glenmark Pharma (GNP) delivered a miss on 2QFY26 earnings, adjusted for a one-time upfront payment received from Abbvie. The miss was largely driven by a severe impact on the domestic formulation (DF) business following the GST transition.

Happiest Minds is expected to sustain double-digit revenue growth over the next three to four years, supported by steady execution and resilient margins. The Generative AI *over or under performance to benchmark index Business Services (GBS) and Net New (NN) unit continue to scale well, driving strong client additions and deeper artificial intelligence (AI)-led engagements. Growth visibility remains healthy across key verticals, with BFSI poised for recovery and healthcare gaining traction owing to modernisation and AI-driven programmes. Strategic investments in talent, vertical depth and sales capabilities are enhancing scalability and...

Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and the Middle East. Sector-wise, Government and Education lead with 39%, Healthcare contributes 25%, while Retail, Manufacturing, and...

With a 4% upside from the CMP, we maintain our HOLD rating on the stock.

With a 5% upside from the CMP, we maintain our HOLD rating on the stock

We recommend a BUY on the stock with a target price of Rs 1,900/share, implying an upside of ~10% from the CMP

The YoY numbers for the quarter are not comparable due to low base of FY25. Post the Gagillapur USFDA warning letter, the company has focused on developing other facilities and also focused on incremental flings across markets. Besides CNS and ADHD, it is also focusing on Oncology as a segment with dedicated API and formulations block at Vizag. The management expects full revival of Gagillapur facility post clearance from the USFDA (Management meeting with USFDA scheduled in Jan 26) by filing new products. On the margins front, the numbers continued to...

Q2FY26 Performance: PNC Infratech reported a muted performance in Q2FY26, with standalone revenue from operations at 983 crore, down 14.5% YoY, impacted by a weak executable order book as delay in appointed dates in 4 projects impacted...

Well placed to fund HAM equity: The total equity requirement for 11 HAM projects stands at 1,709 crore, of which 1,165 crore has already been infused as of September 2025. With a major portion already funded and additional liquidity expected from upcoming asset monetization (1,384 crore in net cash proceeds for equity investment, likely to complete by FY26 end), the...