Upgrades

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.

Revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included a gain from InvITs & related assets as per fair value measurement and dividend/interest income from InvITs & related assets.

Hero MotoCorp’s (HMCL) 2QFY26 PAT at INR13.9b came in slightly below our est. of INR14.4b, largely due to lower other income. Margins expanded on the back of revenue growth and operational efficiencies.

VMM sustained its strong growth momentum (+22.4% YoY revenue growth), driven by 12.8% SSSG and healthy retail area expansion. Profitability surprised us positively, driven by better revenue mix (higher apparel sales), operational efficiencies and operating leverage.

Power Mech (POWM) delivered a good first half, with its adj. revenue/EBITDA up 10%/13% YoY. Historically, it has been delivering a much better H2 – in a full year, POWM has been doing ~2.5x its H1 revenue (in last three years).

Pfizer’s Q2FY26 revenue grew at a faster pace of 9.1% YoY, surpassing IPM growth of ~8%. Rebound in growth across key brands has helped the company grow faster in the otherwise prevalent sluggish growth scenario for acute therapies.

Lemon Tree Hotels (LEMONTRE) reported muted Q2FY26 consol. revenue of INR 3.1bn (up 8% YoY) – in line with ISec’s estimate – as portfolio ARRs (including Mumbai Aurika) grew 6% YoY.

Astra Microwave’s (AMW) Q2FY26 EBITDA of INR 478mn was lower than consensus estimate. However, EBITDA margin improved YoY/QoQ to 22.3% on better product mix.

Alkem Laboratories (Alkem) delivered a strong Q2FY26 result led by traction across regions. Growth in India biz (+12% YoY) was led by better traction in chronic therapies and recent foray in medical devices segment, while new launches including gEntresto boosted US revenue (+28%).