Highest Upside

4QFY25 consolidated proforma sales were 11.4% above our estimates; EBITDA/APAT was -0.4% and -5.9% below estimates

Suzlon Energy (Suzlon) delivered a strong set of results, with deliveries and EBITDA coming in ~15%/38% ahead of our expectations.

The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24.

In line with our estimates, J Kumar’s Rs14.8bn/1.03bn Q1 revenue/PAT with ~15/19% y/y growth displays strong execution and improved margins.

Strategic Expansion and High-Margin Export Dominance

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

Quarterly Update Q1FY26

Five Star Business Finance’s (FIVESTAR) 1QFY26 PAT grew 6% YoY to INR2.7b (in line). 1QFY26 NII grew ~20% YoY to INR5.8b (in line), while PPoP rose ~14% YoY to INR4b (in line).

We revise our FY26/FY27 EPS estimates by -7.4%/-8.8% accounting for elongation of order finalization and back ended U.S. revenue. Triveni Turbine (TRIV) reported a healthy quarter with revenue growth of 17.5% YoY while EBITDA margin improved by 277bps YoY to 22.4%. Despite muted order booking (ex. CO2 battery storage order) during the quarter, the inquiry pipeline saw a robust growth up 120% domestically and 30% in exports driven by rising demand across key sectors such as steel, cement, and oil & gas, and expanding presence in international markets including the Middle East, Europe,...