Upgrades

NII (Net Interest Income) rose 5.6% YoY to Rs.7,485cr, while NIM (Net Inter- PAT grew 9.0% YoY to Rs.1,041cr, supported by the highest ever Net Interest Income and operating profit. Despite a 125 bps rate cut, the bank displayed...

ONGC's operating momentum is improving as production stabilises across mature assets and new projects move towards commissioning. Upcoming production drivers, including offshore developments and new well gas, are expected to boost volume and improve the gas mix. The growing contribution of premium-priced new well gas is expected to enhance revenue quality and account for 24% of the company's total natural gas output by FY27. The management said it is taking...

years will weigh on near-term margins but aim to deliver sustainable cost efficiencies and long-term growth. Rising input costs could pressure margins in the coming quarters, though selective pricing and supply-chain optimization should partly offset the...

Coal India reported moderate Q3FY26 results, driven by softer operational stability, improved evacuation infrastructure, higher mechanisation and diversification into renewables and critical minerals, alongside downstream integration initiatives and stronger digital mine management practices. Continued investments in clean energy projects, mineral diversification and logistics optimisation could support medium-term sustainability while maintaining coal's strategic relevance. Looking ahead, an intense early summer is expected to accelerate power demand and drive a sharp recovery in coal offtake, offsetting the subdued performance seen earlier in...

Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...

The ongoing geopolitical challenges, if sustained, are expected to have huge bearings on cost inflation (more specifically on crude derivatives) across most of the FMCG companies.

Building the Metal for Tomorrow

The company reiterated its $400mn revenue target for FY28, supported by over 60 pending low-competition U.S. launches, while management remains constructive on other regulated markets, where an expanding product portfolio and new customer additions are expected to drive stronger growth and eventually scale these markets to revenue levels comparable with the U.S. business....

We met with Eicher Motors (EIM)’s management to gain insight into the business outlook amid the challenging global macroeconomic environment.

pick up in Q4FY26 with a target of ~Rs 23bn (vs. Rs 17.2 bn in Q3FY26) aided by improved salesforce and tech integration. It is targeting ~ Rs 70bn of disbursements in FY27 with an AUM growth of ~18% in FY27E and ~20% in FY28E. Growth is expected to be driven by i) branch expansion (~50 additions in FY27,...

We upgrade the stock rating from HOLD to BUY, supported by its strong growth outlook, well-diversified business mix, and powertrain-agnostic portfolio.

Sagility hosted its first analyst meet (on 25th Mar’26). It highlighted that AI continues to be a key growth driver, woven into most of its solutions and platforms.

We hosted a call with City Union Bank’s Credit Head, Mr Subramanian T R, and Head of IR, Mr Jayaraman, to discuss current growth and asset quality trends, along with any potential impact from the Middle East crisis.

Revenue growth was flat YoY, primarily due to R&D project delays. EBITDA grew by 8% YoY, margins expanded by 80bps YoY to 31.7%, supported by higher margins domestic order execution. Reported PAT declined by 4.5% YoY, despite strong operating performance, as higher depreciation and lower JV profit share offset EBITDA gains....

Narayana Health reported a healthy topline performance in 9MFY26, though EBITDA margins remained under pressure due to the ongoing integration of its U.K. operations. Looking ahead, the planned addition of ~1,500 beds over the next three to five years...

Under the Production-Linked Incentive (PLI) scheme, ARBP constructed the PENG and 6-APA plants within a record three-year period and ramped up production following the start of the PEN-G plant in Jul’25.

Over the last few quarters, CIE had witnessed slower growth in its India business; however, this trend has reversed after GST rate cuts, which have boosted demand across all segments.

We recently visited LGEL's Pune plant in Maharashtra. The management indicated steady demand momentum led by RACs, with premium-led value growth and entrylevel segments supporting volumes. RAC inventory normalized in Q3FY26, but Q4FY26 performance remains contingent on summer intensity....