Upgrades

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.