Upgrades

We met the management of Radico Khaitan. Dilip Banthiya, CFO, and Saket Somani, Vice President – Finance and Investor Relations, shed light on the company’s aspirations, growth path, and margin development.

In Q2FY26, Lupin reported a consolidated revenue of Rs. 7,048cr, up 24.2% YoY, Lupin's India segment revenue rose 3.4% YoY to Rs. 2,078cr, led by an 8.8% growth in Rx business, strong chronic therapy momentum and robust volume growth,...

Gas volume rose 9.2% YoY to 4.593 million metric standard cubic metres per day (mmscmd), comprising the supply of 3.255 mmscmd compressed natural gas (CNG; +7.1% YoY) and 0.582 mmscmd domestic piped natural gas (PNG; +9.8%),...

Q2FY26 Result: Standalone revenues for the quarter came in at 1,947 crore down 13% YoY, amidst an 12% de-growth in tonnage at 56,457 tonnes. Standalone EBITDA in Q2FY26 stood at 551 crore, with consequent margins placed at 28.3%,...

Vishnu Chemicals (VCL) completed the acquisition of the chrome ore mine for ~USD10mn on a debt-free, cash-free, and liability-free basis on 21-Nov-25. VCL’s wholly owned subsidiary would own 74% of the mining entity and 100% of the chrome beneficiation plant, along with mining and infrastructure assets.

We interacted with the senior management of Star Cement (Star), for a deep dive into their growth plans and competitive scenario in the Northeast.

EBITDA increased 28.8% YoY to Rs. 667cr. EBITDA margin expanded 340bps YoY to 59.8%, driven by strong growth in revenue. Phoenix Mills delivered a strong performance in Q2FY26, driven by resilient retail consumption, improving occupancy across office assets and strong traction in *over or under performance to benchmark index residential sales. A strategic focus on experiential retail through concepts such as Gourmet Village, along with expansions into new geographies, is expected to further enhance footfalls and brand visibility. The office portfolio is witnessing robust...

Vedanta Ltd. had a healthy financial performance in Q2FY26 due to robust revenue growth and disciplined execution across its diversified segments. Despite a mixed macro environment, there was healthy traction in the aluminium, zinc and power segments. Its focus on environmental stewardship, community development and sustainable growth is expected to enhance its reputation. With multiple growth...

Tatva Chintan is transitioning into a stronger growth phase primarily driven by SDA recovery, clearer electrolyte-salt commercialization, scalable agro/pharma pipelines, and a structurally high-entry-barrier semiconductor opportunity.