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About the stock: Apollo Tyres (ATL), is a leading tyre manufacturer, having operations in India & Europe. In India, ATL has substantial presence in TBR (~30% market share) and PCR space (~20% market share). India contributes ~67% of sales Q2FY26 Results: ATL reported healthy performance in Q2'26. Revenues on consolidated basis in Q2FY26 stood at 6,831 crores, up 6% YoY. EBITDA for the quarter stood at 1,021 crore with EBITDA margins at 14.9%, up ~170 bps QoQ. Consequent PAT for Q2FY26 came in at 258 crores, down 13% on YoY basis (include one-time exceptional charge on account of closure of Netherland plant)....

TSL's Indian operations will benefit from capacity expansion and the likely extension of the 12% safeguard duty, supporting domestic prices. Moreover, the EU import-control measures should also aid European steel pricing and strengthen Netherlands performance. On that note, we maintain BUY rating on Tata Steel with SOTP-based target price of 210...

MIDHANI’s Q2FY26 performance was disappointing. EBITDA fell 33% YoY to INR 328mn, following a 20% YoY fall in revenues to INR 2.1bn as some of the dispatches shifted to H2.

Indraprastha Gas (IGL) saw YoY ~17.4%/13.6% dip in Q2FY26 EBITDA/PAT to INR 4.4/INR 3.7bn, below I-Sec’s estimates of INR 5.6/INR 4bn, driven by higher gas cost with a reduction in APM and NWG’s share in Q2.

Apollo Tyres (APTY)’s Q2FY26 operating performance beat our estimate. Decline in RM basket drove strong margin improvement. Domestic replacement demand is expected to pick pace going ahead.

BDL’s Q2FY26 performance beat consensus expectation as EBITDA grew 90% YoY driven by strong sales (+114% YoY). EBITDA margin fell 180bps YoY to 16.3%, implying an adverse product mix (gross margin was lower) and potentially higher R&D expenses (other expenses were higher).

Voltas (VOLT)’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by a 23%/5% dip in UCP/PES segments, while EMPS revenue grew ~10% YoY.

Vishal Mega Mart (VMM) delivered another strong quarter, with ~22% YoY revenue growth, led by 25 net store additions (+15% YoY) and robust ~12.8% adjusted SSSG, benefiting from an early festive season.

Marico (MRCO) reported a consolidated revenue growth of 31% YoY (in line) in 2QFY26. Domestic revenue growth was 35% YoY with volume growth of 7%.

LG Electronics India’s (LGEIL) 2QFY26 revenue inched up ~1% YoY to INR61.7b. However, EBITDA declined ~28% YoY to INR5.5b.