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Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.

IPRU displayed a sustainable growth trajectory, driven by its diversified product portfolio, consistent profitability and customer-centric approach. The company is well -positioned to capitalise on the benefits of GST reforms, leveraging its strong brand, innovative products and efficient distribution network to deliver long-term business growth and increase its VNB. The company's focus on cost optimisation initiatives to streamline its operations and align its cost structure with customer demands strengthens its competitive edge. As it deepens its distribution channel and...

Consolidated EBITDA grew 30.9% YoY to Rs. 7,115cr, with EBITDA margin expanding 210bps to 15.8%, on the back of a favourable product mix and reduced operating costs due to improved operational efficiencies. Profit after tax increased more than fourfold to Rs. 1,646cr, aided by topline growth and an 64% YoY increase in other operating income. JSW Steel reported a strong performance in the quarter despite global uncertainties and a prolonged monsoon. The company is optimistic about a strong performance in the second half of this financial year, driven by rising steel prices and production. JSW has ramped up its production capacity, which is expected to support growth. The outlook for India's steel consumption remains robust, driven by supportive...

*over or under performance to benchmark index Reliance Industries Ltd (RIL) manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarns and polyester staple fibres. Its petroleum refinery-cum-petrochemicals complex in Jamnagar, Gujarat, produces gasoline, superior kerosene oil and liquefied petroleum gas, among other products....

JSL's Q2FY26 operating performance was in-line with our expectations. Revenue declined 5% QoQ to Rs117bn, primarily due to a 3% decline in NSR (owing to weak steel prices) and a 2% QoQ drop in volumes, mainly impacted by planned shutdowns. Despite volume decline, management maintained its FY26 guidance and expects steelmaking capacity to reach 15.6 mtpa by FY26. Consequently, EBITDA declined 31% QoQ to Rs21bn, with EBITDA/tonne decreasing by 30% QoQ to Rs11,129, weighed down by planned maintenance shutdown and weak realizations. JSL incurred capex of Rs31bn in H1FY26. Net debt decreased by...

SAIL's Q2FY26 performance was above our expectations. Revenue increased by 3% QoQ to Rs267 bn, driven by an 8% QoQ increase in volumes. This includes 0.30 mnT traded volumes from NMDC steel, contributing Rs 15bn to the topline. NSR decreased by 5% QoQ to Rs54,387/t, impacted by a fall in steel prices, though Rs 11.4bn was earned from sale of scraps and byproducts. Consequently, EBITDA declined 9% QoQ to 25bn, with EBITDA/tonne declining by 15% QoQ to Rs 5,114/t, primarily due to loss in volumes owing to repair works. Management indicated IISCO plant expansion of 4.5mnT will begin in FY27, with an estimated...

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We change our rating from SELL to HOLD

About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Higher volumes and domestic steel price stability to support profitability: In Q2FY26, JSL's EBITDA/ton fell to ~11k (vs 15.8k in Q1FY26), mainly due to higher operating costs of ~250 crore from planned maintenance and metallic purchases. While domestic steel prices are currently down 23% QoQ, management expects an improvement in NovDec'25. With higher volumes and potential price recovery, margins are likely to sustain, with EBITDA/ton projected at 12.9k/14k for...

Q2FY26 performance: L&T secured robust order inflows (OI) of 115784 crore up 45% YoY and up 23% QoQ, led by energy business which formed 35% of OI. The current order backlog (OB) stands at 667,047 crore up 31% YoY (49% international). Strong execution in the Energy Projects and Hi-tech manufacturing (revenues up 48% and 34% YoY) led to consolidated revenue growing by 10% YoY to 67984 crore for Q2FY26. Consolidated EBITDA grew 10% YoY to 6806 crore and EBITDA Margins came in at 10% down 30 bps YoY due to margin compression in IT & TS segment and energy projects. Consequently, PAT came in at 3926 crore up 16% YoY. On strong customer collection, the NWC ratio to sales improved significantly (200...

Star Health (STARHEAL)’s net earned premium grew 10% YoY to INR40.8b (in-line) in 2QFY26. For 1HFY26, NEP grew 11% YoY to INR80b.

Rural Electrification Corp’s (RECL) 2QFY26 PAT grew ~10% YoY to INR44.3b (in line). PAT in 1HFY26 grew 19% YoY and we expect PAT in 2HFY26 to grow by 13% YoY.

2QFY26 revenue stood at INR63.8b (vs. our est. of INR60.2b), up 30% YoY but down 5% QoQ, primarily affected by muted volumes.

Jindal Steel (JINDALST)’s revenue for 2QFY26 stood at INR117b (+4% YoY vs. our estimate of INR107b), declining 5% QoQ due to muted realization.

The management said that NIM is expected to bottom out by Q3FY26, assuming there are no further rate cuts and the balance sheet mix improves. businesses. The management guided that margin is likely to bottom out in the coming quarters as anticipated repo rate cuts exert near-term yield pressure. The bank is focused execution excellence, expanding its distribution network across 2,740 branches and accelerating digital transformation through pioneering agentic AI-powered payment solution for UPI and multiple CBDC initiatives. Company's management is focused on its GPS strategy for building a resilient franchise....

EBITDA surged by 40% y/y to Rs15.1bn, broadly in-line with our estimate. Our positive stance on the stock is backed by expected upturn in 2W volume (domestic/exports), led by GST relief and better financing availability.

TVSL logged a healthy Q2, with 29% YoY revenue growth and 12.7% EBITDAM (vs 11.7/12.5% YoY/QoQ). Per the management, the domestic 2W industry grew 24% during the festive season (urban/rural: ~26/22%), with TVSL outpacing peers with ~32% growth.

IOCL reported Q2FY26 EBITDA/APAT of Rs167.3/76.2bn, beating our estimates by 28%/52% on the back of better refining margins and lower opex. Core GRM of USD8.9/bbl was better than our estimate of USD7/bbl, while blended marketing margin seems largely inline.