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Quarterly Update Q2FY26

PFL continues to deliver on its stated ambition of building a digitally enabled, multi-product, and high-ROA retail lending franchise.

Divi’s enters the second half of FY26 with a healthy execution pipeline across Custom Synthesis, supported by multiple projects progressing through validation and expected to commercialize over the next 1–2 years.

Reliance Industries (RIL) continues to progress on the 40GWh battery GIGA factory, which is set to commence operations in early CY26. We raise the New Energy business valuation for RIL to INR174/sh (earlier INR 116/sh) as we incorporate value for the battery manufacturing segment.

We recently interacted with Mr. S. N. Subrahmanyan, Chairman and MD of Larsen & Toubro (LT), to get insights into the company’s long-term growth strategy for domestic and international geographies, capital allocation and future focus areas.

BoB's Q2FY26 operations were supported by prudent liability management and *over or under performance to benchmark index strong asset quality. The management has guided for healthy credit expansion, led by the retail, MSME and agriculture segments, with corporate disbursements expected to strengthen in the second half as well. Margins are projected to remain stable, on the back of disciplined pricing and an improved asset mix. The bank continues to also scale up its digital ecosystem, deepen co-lending partnerships and expand international operations. A growing focus on cross-selling insurance,...

of higher material costs and product mix. However, operating efficiencies cushioned the impact, limiting margin erosion to 90 bps, at 29.4%. strong earnings visibility for the next 3 years. product mix, rising indigenous content and cost optimisation. We forecast...

Order inflow grew 13.6% YoY to Rs. 2,217.10cr, due to a 16% growth in the railway and metro segment, 40% in the renewables (wind and solar) segment and 10% in the industries segment. However, order inflows declined 43% in the transmission...

Tube Investments posted resilient performance in Q2FY26, underpinned by strong growth across key segments. Management reiterated that diversification remains a core advantage, with momentum supported by new specialised bike launches and the scaling up of EV platforms. The upcoming railway business and the addition of new verticals under TI Medical further enhance long-term visibility. With capex planned across both established and emerging divisions, TII is well-placed to maintain double- digit growth and reinforce its position in the industrial, power systems, and clean mobility markets....

Quarterly Update Q2FY26