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South Indian Bank (SIB) reported a strong Q4FY26 result, characterised by an acceleration in loans/CASA growth and a sharp improvement in slippages, gross and net NPA, while sustaining >1% RoA.

Despite INR 1.6bn of prudential provisioning, Karur Vysya Bank (KVB) reported strong Q4FY26 PAT of INR 7.25bn, up 41% YoY (~8% beat), led by robust NII growth (25% YoY), although FY27 NIM/RoA outlook appears guarded.

Home First Finance (HomeFirst)’s disbursements reached INR 15.7bn in Q4FY26 (up 19% QoQ), breaking multi-quarter average range of INR 11–13bn.

Hexaware (HEXW) reported revenue growth and EBIT margins slightly better than those expected by the company at the start of the quarter in Q1CY26.

Bharat Forge’s (BHFC) consolidated revenue and EBITDA missed our estimate. Nevertheless, management commentary on the outlook remained strong.

We value PFL at 2.8x FY28E P/ABV (ABVPS INR 170), arriving at a TP of INR 476 and 5.3% upside. The multiple reflects a ROA recovery from 1.1% to 2.1% and ROE inflection from 5.9% to ~17%. HOLD.

Bharat Forge’s (BHFC) 4QFY26 standalone adjusted earnings at INR3.7b came in slightly below our estimate of INR3.9b due to lower-thanexpected revenue and an adverse mix.

One 97 Communications (PAYTM) reported better-than-expected revenue (up 18% YoY/3% QoQ) and largely in-line adj. PAT of INR1.6b in 4QFY26.

BSE reported an operating revenue of ~INR15.6b (in line), reflecting a growth of 85% YoY/26% QoQ. This was driven by 114% YoY growth in transaction charges, while revenue from services to corporates declined 5% YoY.

Radico Khaitan (RDCK) continued to deliver robust P&A volume growth and strong operating performance in 4QFY26/FY26. Revenue growth was 15% YoY at INR15.0b, with P&A value growth at 29%.

Home First Finance (HOMEFIRST)’s 4QFY26 PAT grew 43% YoY to INR1.5b (in line). PAT for FY26 grew ~41% YoY to INR5.4b. NII in 4QFY26 grew 37% YoY to INR2.4b (in line). Other income grew 37% YoY to INR730m.

Avalon Technologies (AVALON) reported a robust 4QFY26, with revenue growing 40% YoY, fueled by a strong performance US businesses (up 64%) and healthy performance in Indian business (up 13% YoY).

Bajaj Auto’s (BJAUT) Q4FY26 operational performance surpassed our estimate. Growth in the domestic motorcycle industry is expected to moderate to ~7–9% in the near term due to price hike(s), manpower migration and weakening consumer sentiment.

CESC reported a Q4FY26 EBITDA of INR 12bn (+23% YoY) and a profit of INR 4.4bn (+18% YoY), aided by acquisition of Chandigarh DISCOM and new power tie-up at attractive prices for Chandrapur thermal power plant (effective Apr’25 for two years).

Cummins India (KKC) is India's largest manufacturer of diesel and natural gas engines, generator sets and power solutions, commanding a dominant position across Industrial, infrastructure and data center endmarkets, backed by global technology strength of Cummins Inc. and a strong push towards emissioncompliant platforms, connected digital platforms, and adjacent products in the...

by strong retail disbursement momentum and a better performing business mix. The company is scaling its retail franchise across priority segments, such as gold loans, personal loans and rural finance, supported by branch expansion through the multi-product Sampoorna format. Furthermore, the ongoing deployment of proprietary AI tools, such as Cyclops for underwriting, and strengthened governance and early warning infrastructure continues to support customer...

Voltamp Transformers (VAMP) reported subdued performance in Q4FY26. Revenue, EBITDA and PAT declined by 1%,30% and 51% respectively on YoY basis. Gross margins dipped by 310 bps QoQ coming in at 23% owing to increasing competitive intensity and higher raw material prices. MTM losses in other income also majorly contributed to the decline in PAT. 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...

Birlasoft delivered a mixed FY26, with full-year revenues declining 6% in dollar terms to ~USD 598mn, weighed down by a soft demand environment, clientspecific headwinds in the life sciences/med-tech vertical, deliberate exits from low-margin contracts (~200bps revenue impact), and upfront productivity pass through on AI deals. Margin recovery was remarkable and EBITDA expanded 333bps YoY to 16.3% in FY26, reaching 18.5% in Q4, aided by cost rationalization, forex tailwinds (~170bps), and one-time provision reversals (~170bps). PAT for Q4 surged 47% QoQ to ~INR 1.76bn. Deal wins stayed above USD 200mn TCV for the second consecutive quarter. Management is doubling...

We maintain our BUY rating on the stock.

Revenue/EBITDA grew 27%/13% YoY; W&C drove the top line, but margin contracted 160bps YoY to 13.1%, on an adverse mix