Sell

Our meeting with the top management (MD/CEO/CFO) was encouraging. PAG is seeing improving demand trends (post Oct-25), and targets to deliver doubledigit sales growth and retain 19-21% EBITDA margin band in the near term.

ABB India has announced a capex plan of ~USD75mn for CY26 which is aimed at expanding its manufacturing capacity and R&D capabilities for electrification and automation solutions.

Company Update

We downgrade ABB India to REDUCE from Add, while increasing our TP by ~6% to Rs5,600 from Rs5,300. Q4CY25 results were broadly in line with our estimates, supported by steady execution across segments.

29.5% amid inventory provision of Rs543mn. VIP IN has been facing a problem of slow-moving inventory and provision of ~Rs1,219mn has been taken so far in 9MFY26. While large scale provisioning exercise is over, GM of 44.3% in...

VIP reported weak Q3FY26 performance, significantly missing our expectations. We believe the disappointing performance is primarily driven by intense price competition in the industry and aggressive discounts offered on Carlton brand during the quarter. Revenue declined 9% YoY but improved by 12% sequentially to Rs4.5bn. Gross margins contracted by 117bps to 29.5%. Consequently, VIP reported EBITDA loss of Rs768mn, although a significant reduction in losses compared to Q2FY26. Adj. net loss increase to Rs1.2bn, compared to Rs124mn in Q3FY25, primarily due to operating loss and higher depreciation costs (+6% YoY). We value the stock at...

Fine Organic Industries (FINEORG) reported muted operating performance, with an EBITDA growth of 2% YoY, primarily due to gross margin contraction of 140bp YoY to 38%.

Deepak Nitrite (DN) reported a healthy operating performance, with EBITDA growing 25% YoY (on a low base) to INR2b amid persistent macroeconomic challenges.

Eicher Motors’ 3QFY26 consolidated PAT at INR14.3b was largely in line with our estimate. While RE performance was better than expected, VECV performance was below expectations.

Strong tractor momentum continued with volumes up ~14% YoY, driving Agri Machinery EBIT margin higher to 13.5% (+310 bps YoY)

Overall volumes grew 5% YoY. Subdued realisations (+1% YoY) on weak East pricing, kept revenue growth modest at 6% YoY

We maintain a Sell rating on the stock.

MRF’s 3QFY26 Adj PAT at INR7.3b was well ahead of our estimates of INR5.5b. This was largely attributed to strong operating performance, with EBITDA margins expanding 550bp YoY to 17.2% (vs. our estimate of 15.3%).

Thermax (TMX) reported weak revenue and margins across segments in 3QFY26, while inflows improved thanks to large orders. TMX is making inroads into the fastgrowing data center market with two large order wins.

Glenmark’s Q3FY26 revenue growth was led by India biz, while US growth was muted post adjusted for USD 18mn of milestone income. Gross margin was lower by 259bps YoY due to unfavourable product and geographical mix, though cost curbs drove 131bps expansion in EBITDA margin.

Revenue grew by 11.8%YoY, driven by strong volumes growth of 17.0%YoY, offset by price decline. EBITDA/t was lower YoY

Relaxo Footwears’ (RLXF) 3QFY26 performance was impacted by GSTrelated transition effects; however, revenue was flat YoY, arresting a fivequarter streak of decline.

India Cements (ICEM) reported EBITDA of INR795m (~35% beat) in 3QFY26 vs. an operating loss of INR1.9b in 3QFY25. EBITDA beat was led by higher volume and lower opex/t vs. our estimates.

Cyient (CYL)’s DET business reported a 3QFY26 revenue of USD167m, up 1.9% QoQ in constant currency (CC) terms, above our estimate of 1.0% growth.

Inline revenue. Margin surprise on sale of AI Software licenses. The US$2bn FY27 goal may require an acquisition