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With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q2FY26 performance: Consol. revenue grew 32% to 6529 crore, EBTIDA at 562 crore up 28% YoY and PAT at 237 crore up 89% YoY. EBITDA and PAT margins at 8.6% and 3.6% which expanded -29 bps and +109 bps YoY. EBITDA...
Guidance for FY26 retained led by strong launch pipeline for H2: Maxest retained its launch/pre-sales guidance for FY26 at 9500 crore/ 60006500 crore. It plans to launch three projects (Phase II of Max 36A - 4500 crore out of 9000 crore, Delhi One - 2000 crore and Sector 105, Noida 3000 crore) in H2FY26. Its newly acquired ~1.3 msf sector 59, Golf Course Extension Road project is expected to be launched in H2FY27. The longerterm pre-sales momentum is expected to be sustained by its strong business development plans (aspirational target of 3 msf additions in FY26). It plans to achieve cumulative 21000 crore pre-sales bookings by FY28, of which 17000 crore is acquired and yet to be launched. Annualised rental income of 700+ crore over the next 5 years: Maxest...
Cohance Lifesciences’ (Cohance) Q4FY25 pro forma financial performance was below our expectation. Momentum across its pharma CDMO (+31% YoY) was strong, while specialty chemical CDMO business growth (+75%) is beginning to recover.
Tata Motors JLR reported Q1FY26 wholesale volumes of 87,286 units, a 10.7% decrease YoY and 21.7% down from Q4FY25, reflecting the planned wind down of legacy Jaguar models and US import tariffs.
We upgrade Go Fashion to BUY (from Add) with a TP of INR 1,200 (potential ~40% upside). Gautam exuded confidence about improving macros, store expansion plans for FY26 (after a soft FY25), plans (experiments) for portfolio diversification (women's top wear, men's products), channels (attempting MBO, franchising strategies) and international expansion (opened Dubai store recently).
Updater Services (UDS) reported a revenue growth of 12% YoY/2% QoQ to INR7.1b, in line with our estimate of ~INR7.1b. Core EBITDA margin came in at 5.0%, down 140bp YoY (vs. est. 6.4%). Consolidated adj. PAT stood at INR342m (up 9% QoQ), above our estimates of INR280m.
We attended TTMT’s analyst meet to discuss the upcoming demerger, the IVECO acquisition (refer to our note), updates on JLR after the recent cyber-attack.
We attended JLR’s Annual Investor Day meet to understand its outlook and growth strategy. JLR gave guidance for £28bn revenue with 5-7% EBIT margin in FY26 (vs earlier guidance of 10%; FY25: 8.5%); it maintained its interim/long-term guidance of 10%/15%, led by sustained focus on premiumization (growing share of higher-priced models), pricing discipline, and structural cost reduction.
Go Fashion (GOCOLORS), operating under the brand 'Go Colors', is a pioneer and category leader in the women’s bottom wear market, holding an 8% share of the organized market.
