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Quarterly Update Q2FY26

Ashok Leyland enters H2FY26 on a strong footing, supported by improving freight activity, GST-led demand uplift, and a healthy order environment across trucks, buses and LCVs.

*over or under performance to benchmark index Bharat Heavy Electricals Ltd (BHEL), a public sector entity, is India's largest engineering company. It supplies power plant equipment such as gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switchgears, circuit breakers and boilers. It also manufactures compressors, valves, rectifiers, pumps, capacitors and oil rigs, and undertakes castings and forgings. BHEL's Q2FY26 revenue increased 14.1% YoY to Rs. 7,512cr, driven by an 18.0%...

EBITDA grew 36.7% YoY to Rs. 443cr, while EDITDA margin improved 170bps to 15.2%. The bottom line stood at Rs. 248cr, up 29.5% YoY. CG Power performed well due to revenue growth, margin expansion and a robust order inflow. Power system continues to lead growth, supported by sustained demand in transmission and distribution (T&D), renewables and the export market. Industrial system's revenue is likely to rise on the execution of railway projects and...

Eternal Limited delivered a strong result driven by strong execution in quick commerce business, a recovery in food delivery segment, and improved efficiency across its restaurant supply operations. EBITDA margins are expected to strengthen over time, aided by operational leverage, and effective cost control. The quick...

ICICI Bank delivered a satisfactory performance in Q2FY26 supported by healthy loan growth and resilient margin, amid a competitive environment. The bank highlighted continued traction across retail and business banking segments. Asset quality was stable, with prudent provisioning and strong capital buffers ensuring balance-sheet resilience. Its strategic focus on risk-calibrated profitable growth...

Transport Corporation of India Ltd. (TCI) is one of the largest integrated players in the organized logistics industry. Key business segments include freight, supply chain, warehousing solutions & shipping services. In Q2FY26, revenue increased by 7.5% YoY, driven by robust growth in Supply Chain Solutions (SCS) at 17.8% YoY and steady performance in...

We maintain our BUY rating on the stock

We expect growth momentum to sustain over the coming quarters, supported by steady demand across regulated markets, scale-up of the Module E facility, and a stronger mix from high-value therapies.

Quarterly Update Q2FY26

PTC Industries (PTCIL)’s Q2FY26 EBITDA recovered to INR 257mn (+21% YoY), after a dismal Q1, as we believe TARC EBITDA losses would have reduced and ATL performance has improved.

Inox Wind (Inox) reported a good first half (H1FY26) with revenue growth of 42% YoY and EBITDA margins of ~22% (+40bps YoY; higher than its guided level of 18% for FY26).

DCB Bank (DCB) hosted its maiden analyst day. The bank intends to remain focused on the underserved MSME segment through secured and granular loan offerings.

Max Healthcare (MAXH) reported in-line revenue and slightly better-thanexpected EBITDA in 2QFY26. The overall performance was robust, with consistent 20%+ YoY revenue growth and better or in-line EBITDA YoY growth.

We maintain our BUY rating on the stock on reasonable valuations.

We value the stock at 0.95x FY27E ABV to arrive at a target price of Rs 200/share, implying an upside of 14% from the CMP.

Strong Q2; Margin to expand by 200bps in FY27 Q2FY26 performance: India business grew by 35% YoY driven by mix of volume and price led growth. Volume growth stood at 7% YoY continuing its positive growth trajectory for 10th consecutive quarter. International business grew by 20% YoY on constant currency basis. Inflated copra prices (+113% YoY) and high base led to 814bps YoY decline in gross margins to 42.6%. EBIDTA margins declined by...

Q2FY26- Revenues growth a little subdued but margins strongRevenues grew ~9% YoY to 2556.5 crore driven by both domestic formulations and API exports. Domestic formulations grew 8% YoY to 1019 crore, driven by strong traction in pain management but also had some impact on account of GST rate rationalization. Export APIs grew ~45% to 221 crore. Under exports formulations - Branded exports grew ~2% to 145 crore, Institutional exports de-grew 29% YoY to 79.7 crore and generic exports de-grew 6% YoY to 268 crore. EBITDA grew 23.4% YoY to 545 crore while EBITDA margins grew by 257 bps to 21.3% aided...

About the stock: Mishra Dhatu Nigam (Midhani) is one of the key manufacturers of critical metals such as special steels, super alloys (nickel base, iron base and cobalt base), titanium alloys etc. The company primarily cater to the requirements...

About the stock: Engineers India (EIL), established in 1965, is an Indian public sector Navratna company, primarily present into two segments - Engineering Consultancy and LSTK (Lump Sum Turnkey). EIL's business operations span the hydrocarbon value chain as well as diversified areas of Metallurgy, Infrastructure, Bio Fuels & Green Hydrogen. The company is also present in international markets...