Downgrades

KEC’s management in its analyst meet highlighted a strong opportunity pipeline across transmission projects, both domestically and internationally.

Container Corporation (CCRI)’s revenue dipped 1% YoY to INR22.5b in 4QFY26 (6% below our estimate). Total volumes grew 6% YoY to 1.4m TEUs, with EXIM/Domestic volumes at 0.107m/0.36m TEUs (+2%/+19% YoY).

Aditya Birla Fashion and Retail (ABFRL) delivered a strong 4QFY26, with ~16% YoY revenue growth and ~29% YoY comparable EBITDA growth, driven by a healthy ~17% YoY growth in Pantaloons, ~380bp YoY ethnic margin expansion, and losses reducing in TCNS and TMRW.

Amara Raja’s (AMRJ) 4QFY26 Adj PAT at INR1.8b came in line with our estimates. The company has recently taken a 5-6% price hike in the lead acid business to pass on input cost pressure.

DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...

Sundaram Finance Limited delivered a strong Q4FY26/FY26 performance, reflecting healthy growth momentum, resilient asset quality and stable profitability despite macroeconomic uncertainty. AUM grew 16.4% YoY, supported by broad-based demand across vehicle financing segments, while FY26 disbursements increased 14% YoY. Management highlighted that collections and repayment behaviour remain stable despite concerns around rising crude oil prices and geopolitical tensions, reflecting the strength of its borrower profile and underwriting standards. Asset quality improved during the quarter, with GNPA...

Surya Roshni's Q4FY26 performance was below expectations. Revenue remained flat YoY at Rs21.6bn, driven by a 9% YoY growth in LCD revenue, while steel pipes segment declined 2% YoY due to export disruptions arising from West Asia conflict. Consolidated EBITDA margin contracted 230bps YoY to 7.1%, impacted by elevated input costs and higher employee costs (+8% YoY). Steel pipes EBITDA/t declined 1% YoY to Rs5,121/t, due to lower realisation. Management reiterated FY27 volume guidance of 1.1mnT, supported by improving export visibility and stronger order book. We cut FY26E/FY27E...

DDev Plastiks Industries Ltd.'s (DDEVPLAS) Q4FY26 result was in-line with our estimates on key parameters. The core polymer compounding business grew 13% YoY driven by robust domestic demand from the wires and cables sector, despite navigating macroeconomic disruptions. EBITDA increased 12% YoY to Rs2,870mn for FY26, maintaining operating margin at 11% by offsetting rising operating costs through commercial adjustments and operating leverage. The management provided a volume guidance of 231,000 MTPA for FY27E and the projected revenue growth for the polymer segment is guided at 13% for FY27, with management maintaining a...

We maintain our BUY rating on the stock.

Reported FY26 EPS of 9.92; missing our estimates by -10.7%, mostly as a result of lower other income and higher depreciation expense

Q4FY26 has seen a pick-up in disbursement growth (+17% YoY) with continued improvement in economic activity following GST 2.0 reforms. Q4 AUM grew 16% YoY to Rs 599.1bn and we build a run-rate of 14/15% for FY27/28E. Calculated NIM was flat QoQ to 5.61%; we expect it to remain steady in FY27/FY28E; lower yield to be offset by a controlled CoF. Asset quality trend improved (GS3/NS3 at 1.44%/ 0.69%) aided by strong collections, improved recoveries and tighter origination standards. We slightly tweak our FY27/ FY28E estimates factoring in stable NIM and normalized credit cost. We roll-forward to FY28, valuing SUF's standalone business at Rs3,978 (2.6x ABV vs....

RAINBOW's reported strong Q4FY26 EBITDA with growth of 26% YoY; more important organic growth was in double digits which is likely to sustain. RAINBOW has added ~780 beds over the past two years, effectively concluding its current expansion cycle. Overall, we see profitability to improve from FY27 with 18.5% EBITDA CAGR over FY2628E vs 13% CAGR over FY24-26 as new capacities ramp up. Company enjoys higher margins, strong FCF generation with net cash B/S, and healthy return ratios because of the asset light hub-and-spoke model, it being the only integrated multi-specialty pediatric hospital chain in India offering comprehensive services, and its full time doctor engagement model. Strategic expansion across its core markets in South India...

premium hotels, commercial office spaces and residential properties in India. The Company's portfolio comprises 11 fully operational hotels representing 3389 keys, across mainstream and luxury segments, and commercial spaces, representing...

Cost savings initiatives to help EBITDA/ton improvement: Company's EBITDA/ton stood at 1013/ton in FY26, up ~1% YoY due to flattish realisations on blended basis. Though the company has guided cost saving of ~50/ton in FY27E from existing operations, company expects total cost inflation of ~150200/ton due to recent increase in fuel and packing costs amid West Asia crisis. However, we expect company's operational performance to improve in FY28E after seeing some cost pressure in FY27E. This will be led by improvement in realisation, focus on cost saving measures primarily led by increase in share of green power to 75% by FY28E from ~52% at present, increasing usage of...

Resilient Q4; better growth outlook for FY27 Q4FY26 performance: Consolidated revenues reported 5.3% YoY growth to Rs.1068.8cr led by 17% YoY growth in Africa business. Sequentially, consolidated revenues reported 9.2% QoQ growth. EBIDTA margins decreased by 157bps YoY to 10.2%. Standalone business EBIDTA margins improved by 218bps YoY to 12.5%. Subsidiary EBIDTA margins were lower at 5.9%. Consolidated EBIDTA decreased by 8.7% YoY to Rs109.5cr. Muted operating performance and lower other income...

Emami Limited reported a weak 4Q FY26 performance, dragged primarily by two external headwinds -- unseasonably delayed summer season that dented the summer portfolio and geopolitical disruptions in Middle East that impacted the international business. Despite these temporary setbacks, the underlying strength of the core domestic portfolio remained intact.

Financial performance: Suzlon Energy (SUEL)’s consolidated revenue missed our estimate by 7% at INR54.9b as deliveries came in at 830MW (8% lower than our est.).

Total sales of petroleum products rose 3.6% YoY (-1.7% QoQ) to 14.21 million metric tonne (MMT) in Q4FY26. Domestic sales increased 3.3% YoY to 13.86 MMT and exports grew 16.7% YoY to 0.35 MMT. Refinery throughput, including at the...

*over or under performance to benchmark index Crompton Greaves Consumer Electricals Ltd (Crompton) is a Mumbai-based electrical equipment company. Its products include lighting and electrical consumer durable...

We maintain a positive view on EIL over the medium to long term, supported by steady demand in the lead-acid business, a soon-to-start lithium-ion cell operation, and a strong debt-free balance sheet. Near-term margins may stay under pressure from input costs, but staggered price hikes and tight cost control should protect profitability....