Sell

The company may continue to see gradual improvement in volumes and operations over the coming quarters; however, sustaining the recent margin improvement could remain challenging as chemical spreads normalize from elevated levels.

Company has announced an additional accelerated capex of ~Rs20bn towards setting up a large power transformer facility in Vadodara, taking the cumulative announced capex to ~Rs40bn almost doubling transformer capacity Exports contributed ~25% to total ex-HVDC revenue, while...

GFCL EV targets 2x asset turn and 25% EBITDA margin FLUOROCHEM reported consolidated revenue from operations of Rs13.6bn in Q4FY26, up 11.8% YoY and 20.5% QoQ. The Fluoropolymers segment grew 19% YoY, driven by higher volumes and improved realizations across key products. Existing capacities are operating at optimal utilization levels, the company had announced a Rs2.5bn capex for expanding its new fluoropolymer portfolio. Near-term growth is expected to be supported by increasing applications in semiconductors, EVs/BESS, and clean energy sectors. The Fluorochemicals segment declined by 2% YoY but grew 63% QoQ, aided...

JUBLINGR reported consolidated revenue of Rs11.8bn in Q4FY26, broadly in line with our estimates. The Chemical Intermediates segment grew 10% QoQ and 15% YoY, driven by higher acetic acid prices following supply disruptions in the Middle East. Acetic Anhydride volumes increased YoY, while remaining stable sequentially. The Nutrition & Health Solutions segment reported growth of 15% QoQ and 21% YoY, supported by double digit QoQ and YoY volume growth, led by Niacinamide. In the Specialty Chemicals segment, revenue growth was driven by a recovery in volumes across business lines, with Fine Chemicals and Agro Chemicals leading the overall...

Profitability under pressure: Q4FY26 revenue grew 6% YoY, but EBITDA margin declined to 4.0% Execution visibility intact with Order book at Rs993bn (~4.9x revenue), valuation limits upside Rail Vikas Nigam (RVNL) reported a weak Q4FY26 performance, with modest revenue growth of 6% YoY offset by a sharp decline in profitability as EBITDA margin contracted to 4.0% (vs 6.0% YoY and 4.7% QoQ). As per RVNL, Margin pressure was driven by nonrecurring factors: an onerous contract provision, JV reconciliation adjustments. Management expects underlying profitability to improve in FY27E versus the reported...

We remain cautious on Ramco Cements due to mounting cost pressures and a challenging operating environment that could weigh on profitability over the near term. Management has guided for cement demand growth of 6–7% in FY27; however, demand in Q1FY27 remained muted due to state elections across Tamil Nadu, Kerala, and West Bengal.

Volume growth in lower single digits at ~4% YoY. Eastern exposure helps pricing recovery ~5% YoY (2% QoQ), supports revenue growth

Revenue & EBITDA declined by 2.4%YoY and 58.9%YoY respectively impacted by Gas-transmission volumes and LNG prices volatility

Volume growth resilient at 8.3% YoY, but a sharp 7.5% YoY decline in realisations led to flat revenue and margin contraction

Paperboard to expand margins due to benefits of MIP Agri exports to take a knock in 1Q/1H27 ITC reported in line numbers enabled by strong growth in FMCG and Paperboard even as Cigarette sustained profitability while Agri business suffered as west Asia war affected exports. We expect cigarette business to show severe pressure on volumes and profitability as full impact of sharp increase in excise and subsequent price hikes play out. We expect downtrading in Kings and RSFT which can deteriorate sales mix also. We expect gradual but delayed recovery, once a base is settled. We expect ITC to...

SAIL's Q4FY26 performance was above our expectations, driven by stronger NSR and improved operational efficiency. Revenue increased by 13% QoQ to Rs308bn, driven by a 3% QoQ increase in volumes and 9% rise in NSR to Rs57,898/t amid by elevated steel prices. EBITDA surged 92% QoQ to Rs44bn, with EBITDA/t improved 86% QoQ to Rs 8,279/t, led by higher NSR and lower employee cost, partly offset by elevated coking coal prices. Management has guided for FY27 sales of volumes of 22mn tonnes, including 0.6-0.7mn tonnes from RINL, along with capex of Rs150bn. SAIL also liquidated 0.9mn tonnes of...

Top-line falls by 11.7% YoY: Top line decreased 11.7% YoY to INR4,362mn (PLe YoY to INR1,625mn with margin of 37.2% (PLe of 38.4%). Adjusted EBITDA/PAT loss at INR292mn/INR764mn: EBITDA loss widened to INR822mn as against an EBITDA of INR65mn (1.3% margin) in 4QFY25. Adjusting for the one-time costs of INR230mn and inventory liquidation support expenses of INR300mn, EBITDA loss stood at INR292mn (PLe EBITDA loss INR445mn). After adjusting for...

We expect the company to grow its Revenue/EBITDA/PAT at a CAGR of 44% / 50% / 84% for the period of FY26-FY28. The company is currently trading at 18x FY28E and we value the company to trade at a PE of 17x FY28E EPS, implying a target price of INR 489 with the downside of 4%.

Carborundum Universal (CUMI) reported a mixed Q4FY26 performance with consolidated revenue growth of 15.4% YoY to driven by broad-based growth across Abrasives (+13.4% YoY), Ceramics (+18.6% YoY) and Electrominerals (+14.0% YoY) while EBITDA margins contracted by 171bps due to weakness Rhodius abrasives, Awuko abrasives and Foskor Zirconia. The Abrasives segment witnessed healthy...

Revenue grew 5.1% YoY, driven by higher realisations (+5.7% YoY); EBITDA increased 26.5% YoY on better operational efficiency

Volume growth slow at ~9% YoY on sustained mechanisation, rural liquidity and improving financing penetration

Tanla Platforms Ltd. is the largest Communication Platform as a Service (CPaaS) player in India. Tanla has two major businesses: Enterprise (91%) and Platform (9%), both using blockchain technology to reduce spam and fraud activities and make it easy to...

*over or under performance to benchmark index Bharat Forge Ltd. (BFL) is a leading player in the forging industry. The company serves in several sectors, including automobile, power, oil and gas, rail & marine,...

Volume growth of 21% was offset by weak realisations (-9% YoY). EBITDA margin contracted owing to lower realisations

Store expansion and execution remain strong, but demand recovery still lacks enough depth to materially improve earnings quality.