Upgrades

CreditAccess Grameen’s Q3 reflected a decisive shift from asset quality repair to growth as Management highlighted a sharp improvement in collections and early delinquency trends, supporting a recovery in profitability and operating momentum.

Supreme Industries Ltd.'s (SIL) Q3FY26 result was in-line with our estimate on net sales front, however fluctuating raw material prices led to inventory loss and weighed on operating margin. The management guided that the plastic piping demand is returning to normalcy after prolonged destocking, supported by good monsoons, improving rural sentiment, and revival in housing, agriculture, and infrastructure activity, particularly in the pre-demand season from January to March. SIL reported net sales of Rs26.8bn, higher by 7.1% YoY, while EBITDA came in at Rs2.3bn, marginally up by 1.6% over Q3FY25. It reported net profit of...

Infosys delivered robust financial results in Q3FY26, reflecting resilient demand and effective execution across key business verticals. The quarter saw notable developments, including robust deal wins, strategic artificial intelligence (AI) partnerships and successful execution of its largest-ever buyback. The company benefited from strong momentum in AI adoption, improved employee retention and continued expansion in core business segments. The management's focus on upskilling and talent retention further strengthened its position. Consistent success in securing significant fresh deals has enabled the company to steadily expand its...

Adjusting for a one-time extraordinary expense, CEAT’s 3QFY26 earnings came in line with estimates at INR1.96b. Healthy volume growth across segments, coupled with stable commodity prices, drove margin beat at 13.6%.

Consistent growth engine with strong deal visibility: Persistent continues to demonstrate a structurally strong growth profile (+4.1% QoQ CC) and robust booking momentum. Rising TCV (US$674.5 mn - up 11% QoQ/13.5% YoY) and ACV (US$501.9 mn - up 12% QoQ/17% YoY) reflects improving revenue visibility, driven by deeper participation in large, strategic client programs. Demand remains healthy across verticals, supported by application and data modernization themes in BFSI and healthcare. The management noted that it remains firmly on track toward its US$2 bn revenue aspiration by FY27,...

Poonawalla Fincorp reported a strong quarter, driven by sharp growth in AUM and a significant improvement in profitability. Asset quality continued to improve, with lower stress levels and a higher proportion of standard assets.

Can Fin Homes’ (CANF) PAT for 3QFY26 grew ~25% YoY to INR2.6b (in line). NII grew 22% YoY to ~INR4.2b (in line). Fee and other income stood at ~INR97m (PY: INR58m).

We attended the TMCV launch event in Delhi, where it launched 17 new trucks spanning 7-55 tonnes across ICE and EV platforms. The new launches have been structured around its three key pillars: Profit, Safety, and Sustainability.

The company's consolidated revenue grew on account of robust performance in both domestic and international markets. The government's reduction of Goods and *over or under performance to benchmark index Services Tax (GST) on tyres is expected to improve overall auto demand, enhance competitive advantages and increase market share, benefitting JK Tyre in the future. The company has passed on 100% of the GST reduction benefit to its customers, which is expected to further aid overall demand. With improved operational performance, increased operational efficiencies and a streamlined distribution...

Despite higher revenue, reported PAT declined 13.9% YoY to Rs. 10,720cr, primari- ly due to exceptional one-off items totalling Rs. 3,391cr, including restructuring expenses, the impact of new labour code and legal claim provision. TCS reported a TCV of $9.3bn in Q3FY26, of which $4.9bn came from North America. BFSI accounted for $3.8bn and the consumer business group $1.4bn. TCS displayed stable financial results in Q3, marked by healthy client engagement, strong deal momentum and growing leadership in AI-led solutions. Despite a challenging macro environment with geopolitical uncertainty and cautious spending, the company secured large contracts, enhanced its digital and cloud offerings and...

Ador Welding (AWL) reported favourable financial performance in Q3FY26. Two important points to note are that there is Rs 84.4mn of doubtful receivables from the troubled Kuwait project which has been now recovered and treated as other income and Rs 59mn of exceptional loss which has been charged due to increase in leave encashment and gratuity owing to revised wage definitions due to the new labour code. Adjusting for these items the core performance is more or less similar to the Q2FY26 performance which is still commendable in light of the weak steel prices in the quarter. FY27 should see the start of...

LTIMindtree is showing steady and improving fundamentals, supported by consistent execution and a clear AI-led strategy. Revenue grew 2.4% QoQ and 6.1% YoY in USD terms, despite a seasonally weak quarter, while EBIT margin improved by 20 bps sequentially to 16.1% due to cost discipline under the Fit for Future program. Order inflow remained strong at USD 1.7bn, reflecting healthy deal momentum and increasing wallet share from large global clients, especially in BFSI and manufacturing. Although the top five clients saw a temporary decline due to client productivity initiatives,...

We maintain our BUY recommendation on the stock.

We recommend a BUY rating on the stock.

We revise our rating from HOLD to BUY and roll over our estimates to FY28.

The stock is well placed to gain from the need for building base load thermal coupled with strong revenue visibility in the medium term. Q3FY26 performance: BHEL reported a healthy Q3 FY26 performance, with revenue rising 16.4% YoY to 8,473 crore, driven by growth across both segments. EBITDA increased 79% YoY to 545 crore, with margins expanding by 225 bps YoY to 6.4%, supported by a favorable industrial mix and operating leverage. PAT surged 207% YoY to 382.5 crore, leading to a 280 bps YoY improvement in net profit margin to 4.5%. Segment-wise, Power segment revenue stood at 6,322 crore (+13% YoY),...

EBITDA/ton to improve led by cost savings initiatives over the next 2-3 years: Company's EBITDA/ton stood at 1017/ton in 9MFY26, up ~14% YoY due to improvement in overall cost structure and positive operating leverage. Going ahead, we expect company's operational performance to improve, 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 captive coal, optimising logistics cost and positive operating leverage. The company has also guided for 150-200/ton of cost...

Distribution network remains strong with substantial dealer penetration (2500+ dealers in farm equipment & 8500+ tie-ups in 2-wheeler segment) Q3FY26 performance: L&T Finance reported a steady performance in Q3FY26. Strong recovery was witnessed in retail disbursements at 22701 crore (up ~49% YoY, 20% QoQ), driven by urban finance as well as in rural business segment along with addition of gold finance. Retail book expanded 21.4% YoY to 111,990 crore, while consolidated AUM increased 20% YoY to 1,14,285 crore. NIM+Fees grew to 10.41%, driven by stable yields and efficient liabilities management. PAT improved...

HDFC Bank delivered a resilient Q3 performance characterized by steady balance- sheet expansion and stable asset quality, albeit with margin pressures.

In 3QFY26, revenue stood at INR110b (+28% YoY and QoQ), which was 10% above our estimates. The growth was driven by favorable commodity prices and volume recovery.