Sell

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

Tata Technologies (TTL) reported revenue of USD153m in 3QFY26, up 2.3% QoQ in CC terms vs. our estimate of 1.0% QoQ in CC. Services segment revenue stood at USD118.6m, rising 3.8% QoQ in CC (organic 1.0% CC).

Overall credit growth remains sub-par for Union Bank (UNBK) at 8% YoY, but the bank managed to report a ~11% PAT beat at Rs50bn (RoA of 1.3%), mainly due to lower provisions as banks paused to build provisions towards ECL in Q3.

Tata Elxsi’s Q3 performance was driven by growth in Transportation, supported by large deal ramp-ups, recovery of a strategic client and expansion into adjacencies, with margins improving materially on higher utilization.

According to media reports, the Union Cabinet has granted Vodafone Idea (VI) a 5-year interest-free moratorium on its Rs 877bn AGR dues before FY18 which will be payable over FY32-41.

Cyient Semiconductors, a wholly-owned subsidiary of Cyient, has signed a definitive agreement for acquiring majority stake exceeding 65% (with full control expected by the end of four years) in Kinetic Technologies—leader in power management as well as high-performance analog and mixed-signal ICs— for a total consideration of USD93mn (~3x P/S on CY24 basis vs median multiple of ~5x).

announced to acquire entire minority shareholder stake of 23.3% in Biocon Biologics held by Viatris (Mylan Inc.), Serum Institute, True North and Tata Capital for US$ 1.173 billion, making it a wholly-owned subsidiary and valuing BBL at US$ 5.5 billion. Biocon will issue its shares worth US$ 773 million and make a cash payment to Viatris for the balance US$ 400 million. Cash payment to be paid by bridge / interim funding and a...

Strong Fundamentals, but Valuation leaves little room to run

Pine Labs reported 17.8% YoY revenue growth, with strong growth in the Issuing and Acquiring business (up 32.5% YoY) offsetting the weakness in Digital Infrastructure and Transaction Processing (DITP) business (up 11.9% YoY).

*over or under performance to benchmark index We retain a cautious stance on Muthoot Finance despite its solid operating performance. The company continues to benefit from its strong gold-loan franchise and supportive industry tailwinds; however, intensifying competition in the segment...