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GLENMARK
Duration:12 Month
Target:2170
buy OIL
Duration:12 Month
Target:400
neutral MAXHEALTH
Duration:12 Month
Target:1360
buy POLICYBZR
Duration: Month
Target:2000
neutral DREAMFOLKS
Duration:12 Month
Target:140
buy DCBBANK
Duration:12 Month
Target:210
buy VIPIND
Duration:12 Month
Target:490
buy RELAXO
Duration:12 Month
Target:370
sell SUNTV
Duration:12 Month
Target:630
neutral DEEPAKNTR
Duration:12 Month
Target:1530
sell
Bank Nifty support is at 58750 then 58500 zones while resistance at 59250 then 59500 zones - Motilal Oswal Wealth Management Nifty Technical Outlook NIFTY (CMP : 25910) Nifty immediate support is at 25800 then 25700 zones while resistance at 26000 then 26100 zones. Now it has to hold above 25800 zones for an up move towards 26000 then 26100 zones while supports can be seen at 25800 then 25700 zones.   Bank Nifty Technical Outlook BANK NIFTY (CMP : 58899) Bank Nifty support is at 58750 then 58500 zones while resistance at 59250 then 59500 zones. Now it has to hold above 58750 zones for a...
Bank Nifty support is at 58750 then 58500 zones while resistance at 59250 then 59500 zones - Motilal Oswal Wealth Management
Bank Nifty support is at 58750 then 58500 zones while resistance at 59250 then 59500 zones - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-11-19 11:36:08 am
Nifty immediate support is at 25900 then 25800 zones while resistance at 26150 then 26277 zones - Motilal Oswal Wealth Management Nifty Technical Outlook NIFTY (CMP : 26013) Nifty immediate support is at 25900 then 25800 zones while resistance at 26150 then 26277 zones. Now it has to hold above 25900 zones for the next up move towards 26150 then 26277 zones while supports can be seen at 25900 then 25800 zones Bank Nifty Technical Outlook BANK NIFTY (CMP : 58962) Bank Nifty support is at 58750 then 58500 zones while resistance at 59500 then 60000 zones. Now it has to hold above 58750 zones for an up move tow...
Nifty immediate support is at 25900 then 25800 zones while resistance at 26150 then 26277 zones - Motilal Oswal Wealth Management
Nifty immediate support is at 25900 then 25800 zones while resistance at 26150 then 26277 zones - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Mangement
2025-11-18 02:51:09 pm
MOSt Market Roundup : Nifty future closed positive with gains of 0.43% at 26061 levels by Motilal Oswal Wealth Management Market Update Nifty : 26,013.45 +103.40 (+0.40%) Sensex : 84,950.95 +388.17 (+0.46%) * Equity benchmark Nifty closed above the 26,000 mark, while Bank Nifty and Nifty Midcap hit record highs, supported by strong quarterly earnings. Market sentiment improved further on the back of the favourable Bihar Assembly election outcome, October’s multi-year low inflation print and record monthly SIP inflows. Fed rate cut next month. Banking, Auto, and Capital Market stocks led today...
MOSt Market Roundup : Nifty future closed positive with gains of 0.43% at 26061 levels by Motilal Oswal Wealth Management
MOSt Market Roundup : Nifty future closed positive with gains of 0.43% at 26061 levels by Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-11-17 05:24:24 pm
Company Update : Glenmark Pharmaceuticals Ltd by Motilal Oswal Financial Services Ltd Weak set of numbers, adjusted for one-time income * GNP sales decreased 30.8% YoY to INR23.8b (our est. INR35.2b). The reported revenue of INR60b comprised one-time income from Abbvie amounting to INR36.7b (USD525m less one-time charge of USD93m). Adjusting for the same, revenue for the quarter was INR23.8b. * Domestic formulation sales decreased by 87.1% YoY to INR1.6b (7% of revenue). GST transition led to a one-time reduction in distributor inventory levels, postponement of orders, a...
Company Update : Glenmark Pharmaceuticals Ltd by Motilal Oswal Financial Services Ltd
Company Update : Glenmark Pharmaceuticals Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 04:18:31 pm
Company Update : Oil India Ltd by Motilal Oswal Financial Services Ltd Higher-than-expected opex leads to a miss * OINL’s revenue came in line with our estimate at INR54.6b. * Oil & gas sales came in 4%/2% below our estimate at 0.83mmt/ 0.66bcm. * Oil production was down 3% YoY at 848mmt. Gas production was flat YoY at 804bcm. * Oil realization was USD68.2/bbl (our estimate of USD67.8/bbl). * Adj. EBITDA was 16% below our estimate at INR18.4b (-16% YoY). * During the quarter, OINL exited from one overseas block in Gabon and booked imp...
Company Update : Oil India Ltd by Motilal Oswal Financial Services Ltd
Company Update : Oil India Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 04:15:47 pm
Company Update : Max Healthcare Ltd by Motilal Oswal Financial Services Ltd Broadly in-line performance * In 2QFY26, Max network revenue (including the trust business) grew 21.4% YoY to INR25.7b (our est. INR26.0b). * EBITDA margin slightly contracted by 10bp YoY to 26.7% (our est. 25.4%). * EBITDA grew 21.2% YoY to INR6.9b (our est. INR 6.6b). * In 2Q, Max recorded a one-time gain of INR1.5b from the merger accounting of CRL and JHL (both WoS). * Adjusting for this one-time gain, ETR would be 21%. * Accordingly, adj. PAT would be INR4.3b (our est: ...
Company Update : Max Healthcare Ltd by Motilal Oswal Financial Services Ltd
Company Update : Max Healthcare Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 04:13:10 pm
Company Update : Relaxo Footwears Ltd by Motilal Oswal Financial Services Ltd Tepid performance continues, revenue/EBITDA decline 7% YoY * Revenue declined ~8% YoY to INR6.3b (8% miss) in 2QFY26, owing to persistent weakness in mass market segments and transitory impact of GST 2.0 implementation. * Volume declined ~5% YoY to 41m pairs, while ASP was stable QoQ (-3% YoY) at INR151. * After GST change, Relaxo is witnessing a revival in demand. * Gross profit declined ~8% YoY to INR3.8b (8% miss) and gross margin was stable YoY at 61% (~25bp miss). * Employ...
Company Update : Relaxo Footwears Ltd by Motilal Oswal Financial Services Ltd
Company Update : Relaxo Footwears Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:38:34 am
Company Update : Apollo Tyres Ltd by Motilal Oswal Financial Services Ltd EBITDA margin beat due to softening RM prices * Consolidated revenues grew ~6.1% YoY to INR68.3b (below estimate of INR70b). * Gross margins grew 50bp YoY (+120bp QoQ) to 45.3% (above estimates of 44.8%) primarily due cooling rubber prices. * EBITDA grew 16.3% YoY to INR10.2b, beating our estimates of INR9.6b. Consequently, margins also beat our estimates coming in at 14.9%, having grown 130bps YoY. Reduced input costs and lower expenses led to the margin beat. * However, due to a...
Company Update : Apollo Tyres Ltd by Motilal Oswal Financial Services Ltd
Company Update : Apollo Tyres Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:34:29 am
Company Update : Voltas Ltd by Motilal Oswal Financial Services Ltd Earnings disappoint; UCP segment suffers loss * VOLT’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by 23%/5% decline in UCP/PES segments. EMPS revenue grew ~10% YoY. EBITDA declined ~57% YoY to INR704m (~33% below our estimates led by loss in UCP segment vs. estimate of ~3% EBIT margin). Overall OPM was at ~3.0%, down 3.2pp YoY (1.7pp below our estimates). PAT declined ~74% YoY to INR343m (~61% below our estimates). * The UCP segment saw muted retail offtake ...
Company Update : Voltas Ltd by Motilal Oswal Financial Services Ltd
Company Update : Voltas Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:32:37 am
Company Update : Vishal Mega Mart Ltd by Motilal Oswal Financial Services Ltd Yet another strong quarter with 20%+ growth and margin expansion 2QFY26 consolidated revenue at INR29.8b grew 22% YoY (our est. +21% YoY), driven by ~12.8% adj. SSSG (vs. 11.4% in 1Q). * Among key categories, Apparel revenue grew 25% YoY, followed by 23%/18% YoY growth in GM/FMCG. * Revenue from private labels grew ~26% YoY, while third-party brands’ revenue grew ~14% YoY. * Driven by the shift in Pujo to 2Q, east markets significantly outperformed, with salience rising to ~...
Company Update : Vishal Mega Mart Ltd by Motilal Oswal Financial Services Ltd
Company Update : Vishal Mega Mart Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:29:57 am
Company Update : Hero Motocorp Ltd by Motilal Oswal Financial Services Ltd Earnings in-line with estimates * Net revenues grew ~16% YoY (in-line with estimates) to INR121.3b. * Net realizations grew 4.2% YoY/ 2.4% QoQ to INR72k (above estimate of 70k). Volumes were up 11.3% YoY and 23.7% QoQ primarily due to festive season and GST rate rationalization. * Gross margins remained flat YoY at 33.3% (ahead of estimated 32.8%). * EBITDA grew 20.3% YoY to INR18.2b, broadly in-line with our estimates. EBITDA margins were also up 50bps YoY to 15% (in line) on acc...
Company Update : Hero Motocorp Ltd by Motilal Oswal Financial Services Ltd
Company Update : Hero Motocorp Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:25:41 am
Company Update : LG Electronics India Ltd by Motilal Oswal Financial Services Ltd EBITDA declines ~28% YoY; OPM contracts 3.5pp YoY * LG Electronics India’s (LGEIL) EBITDA declined ~28% YoY and stood at INR5.5b (-24% QoQ). Revenue/PAT was +1%/-27% YoY and stood at INR61.7b/INR3.9b(-1%/-24% QoQ). OPM stood at ~9% (-3.5pp/-2.6pp YoY/QoQ). * Margin contraction was driven by higher commodity costs and increased investments in festive go-to-market initiatives aimed at supporting distributors amid challenging market conditions. The company though, further improved it...
Company Update : LG Electronics India Ltd by Motilal Oswal Financial Services Ltd
Company Update : LG Electronics India Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:22:52 am
Company Update : Mahindra & Mahindra Ltd by Motilal Oswal Financial Services Ltd M&M forays into Life Insurance through a JV. What’s new * Mahindra & Mahindra (M&M) has formed a 50: 50: JV with Manulife, a leading Canadian life insurer and asset manager, to enter the life insurance sector in India. * This JV will primarily target the rural and semi-urban areas where life insurance penetration is currently low. * While the focus will be on rural markets, the JV will also cater to urban areas, although it is unlikely to be among the top players...
Company Update : Mahindra & Mahindra Ltd by Motilal Oswal Financial Services Ltd
Company Update : Mahindra & Mahindra Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:16:32 am
Capital Market : Overall market activities across segments surge MoM by Motilal Oswal Financial Services Ltd Overall market activities across segments surge MoM MAAUM and SIP flows scaled to new highs * In Oct’25, total ADTO rose 16% MoM to INR507t, led by a 16% MoM increase in notional F&O ADTO. The options premium ADTO was up 19% YoY, while the cash segment ADTO remained flat MoM. * Retail participation experienced mixed growth across segments, with retail cash ADTO witnessing flat MoM growth to INR407b, while the retail futures and options premium ADTO rose 20% MoM growth to IN...
Capital Market : Overall market activities across segments surge MoM by Motilal Oswal Financial Services Ltd
Capital Market : Overall market activities across segments surge MoM by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:06:53 am
Financials Banks Sector Update :Ground Zero - Channel check - Boots, branches and beyond by Motilal Oswal Financial Services Ltd Ground Zero: Channel check – Boots, branches and beyond DSA commission rises as focus turns to growth; stress visible in MSME pockets We interacted with various direct loan selling agents (DSAs), covering the corporate and retail segments, to get insights into the credit demand outlook and the incremental asset quality trends. Following are the key takeaways: * Unsecured business loans, particularly mid-ticket MSME loans (INR3.5-4m), are still showing signs of stress, with risi...
Financials Banks Sector Update :Ground Zero - Channel check - Boots, branches and beyond by Motilal Oswal Financial Services Ltd
Financials Banks Sector Update :Ground Zero - Channel check - Boots, branches and beyond by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-17 10:02:27 am
Nifty immediate support is at 25800 then 25750 zones while resistance at 26000 then 26150 zones - Motilal Oswal Wealth Management Nifty Technical Outlook NIFTY (CMP : 25910) Nifty immediate support is at 25800 then 25750 zones while resistance at 26000 then 26150 zones. Now it has to hold above 25800 zones for the next up move towards 26000 then 26150 zones while supports can be seen at 25800 then 25700 zones   Bank Nifty Technical Outlook 11 Investment in securities market are subject to market risks, read all the related documents carefully before investing. BANK NIFTY (CMP : 58517) Bank Nifty su...
Nifty immediate support is at 25800 then 25750 zones while resistance at 26000 then 26150 zones - Motilal Oswal Wealth Management
Nifty immediate support is at 25800 then 25750 zones while resistance at 26000 then 26150 zones - Motilal Oswal Wealth Management
Source: Motilal Oswal Wealth Management
2025-11-17 10:00:49 am
Company Update : Kolte Patil Developers Ltd by Motilal Oswal Financial Services Ltd Muted H1 sets a cautious tone for FY26 Operational performance * KPDL achieved presales of INR6.7b, down 13% YoY while was up by 9% QoQ (41% below our estimates) due to absence of launches in the quarter. In 1HFY26, presales were at INR12.9b, down 13% YoY. * Area sold in the quarter was at 0.86msf, down 17% YoY but up 2% QoQ (45% below our estimates). In 1HFY26, volumes were at 1.7msf, down 15% YoY. * KPDL’s flagship integrated township project, Life Republic (LR) registe...
Company Update : Kolte Patil Developers Ltd by Motilal Oswal Financial Services Ltd
Company Update : Kolte Patil Developers Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 02:33:40 pm
Company Update : Repco Home Finance Ltd by Motilal Oswal Financial Services Ltd Disbursement momentum picks up; NIM expands QoQ Earnings in line; asset quality improved * Repco’s 2QFY26 PAT declined 5% YoY to INR1.07b (in line). NII in 2QFY26 grew ~14% YoY to ~INR1.9b (in line). Other income declined ~46% YoY to INR123m (vs. est. of INR200m). Opex rose ~17% YoY to INR603m (in line). * PPOP grew ~3% YoY to INR1.4b (in line). Provisions write-backs stood at INR15m, translating into annualized credit costs of -4bp (PY: -46bp and PQ: -7bp). * Repco reported...
Company Update : Repco Home Finance Ltd by Motilal Oswal Financial Services Ltd
Company Update : Repco Home Finance Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:27:50 pm
Company Update : Laxmi Dental Ltd by Motilal Oswal Financial Services Ltd Revenue in line; profitability miss due to adverse impact of US tariff policy * Revenue for 2QFY26 grew 26.5% YoY to INR723m (our est: INR697m). * Laboratory business grew 30% YoY to INR410m. International lab business grew 39% YoY to INR185m. Domestic lab business grew 23.6% YoY to INR225m. * Aligners business grew 5% YoY to INR200m. Vedia business grew 33% YoY to INR97m. Bizdent declined 12% YoY to INR103m. * Scanner sales zoomed 95% YoY to INR89m for the quarter. * EBITDA ma...
Company Update : Laxmi Dental Ltd by Motilal Oswal Financial Services Ltd
Company Update : Laxmi Dental Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 02:26:21 pm
Company Update : Senco Gold Ltd by Motilal Oswal Financial Services Ltd Muted revenue growth; healthy margin expansion * Senco’s consolidated revenue grew only by 2% YoY to INR15.4bn (est. INR18.0b). Revenue dipped sharply after clocking 30% growth in 1Q. * As per Senco’s 2QFY26 business update, the retail revenue growth was at 6%, impacted by gold price inflation, high base and extended monsoons. * Titan (jewelry standalone, ex-bullion), Kalyan, and P N Gadgil (retail) delivered revenue growth of 19%, 31%, and 29% in 2Q, respectively. * C...
Company Update : Senco Gold Ltd by Motilal Oswal Financial Services Ltd
Company Update : Senco Gold Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:24:21 pm
Company Update : KNR Construction Ltd by Motilal Oswal Financial Services Ltd Dismal performance yet again Earnings snapshot: 2QFY26 * Revenue declined 42.4% YoY to ~INR4.9b in 2QFY26 (16% below our estimate). * EBITDA margin contracted 520bp YoY to 10.9% in 2QFY26 (vs our estimate of 13.4%). * EBITDA declined 61% YoY to INR536 (against our estimate of INR785m). * In line with weak operating performance, APAT decreased 81% YoY to INR279m (against our estimate of INR 550m). * Current order book stands at ~INR78b. * During 1HFY26, Revenue/EBITDA/APAT...
Company Update : KNR Construction Ltd by Motilal Oswal Financial Services Ltd
Company Update : KNR Construction Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:21:28 pm
Company Update : EPL Ltd by Motilal Oswal Financial Services Ltd Operating performance below our estimates * EPL’s consolidated revenue grew 11% YoY to INR12b (est. in line). * Gross margin stood at 59.6% (up 50bp YoY) * EBITDA margin expanded ~60bp YoY to 20.9% (est. 21.9%). EBITDA stood at INR2.5b (est. in line), up 14% YoY. * Adj. PAT grew 20% YoY to INR1b (est. INR1.3b), Adj. PAT misses estimates due to higher finance costs and taxes. * For 1HFY26, EPL’s revenue/EBITDA/adj. PAT grew 11%/18%/35% to INR23b/ INR4.8b/INR2b. *...
Company Update : EPL Ltd by Motilal Oswal Financial Services Ltd
Company Update : EPL Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 02:21:20 pm
Company Update : Galaxy Surfactants Ltd by Motilal Oswal Financial Services Ltd Earnings below our estimate * Consol. revenue grew 25% YoY to INR13.3b (est. INR12.5). * Gross margins contracted 850bp YoY to 24.5%, while EBITDA margin stood at 8.3% (est. of 10.6%), down 370bp YoY. * EBITDA declined 13% YoY to INR1.1b (est. INR1.3b). * Adj. PAT declined 22% YoY to INR665m (est. INR824m). * In 1HFY26, GALSURF’s revenue grew 28% YoY to INR26b, while EBITDA/Adj. PAT declined 7%/11% to INR2.3b/INR1.5b. * Gross debt stood at INR1.9b as of Sept’25 v...
Company Update : Galaxy Surfactants Ltd by Motilal Oswal Financial Services Ltd
Company Update : Galaxy Surfactants Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:19:06 pm
Company Update : P N Gadgil Jewellers Ltd by Motilal Oswal Financial Services Ltd Retail growth at 30%; miss in operating margin on high opex Revenue * PNGJ’s consolidated sales rose 9% YoY to INR21.8b (est. INR21.5b) in 2QFY26. * The company has stopped HO Bullion accounting from 3QFY25 thereby reported numbers are not comparable and are lower than the underlying performance. * Total revenue (ex-bullion) grew by 31% YoY. * Retail segment (72% of revenue) grew 29% YoY to INR15.7b, reflecting stable store-level operations. * SSSG is 29% QoQ. * Com...
Company Update : P N Gadgil Jewellers Ltd by Motilal Oswal Financial Services Ltd
Company Update : P N Gadgil Jewellers Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:16:56 pm
Company Update : Lemon Tree Hotel Ltd by Motilal Oswal Financial Services Ltd Operating performance misses estimates * Revenue grew ~8% YoY to INR3.1b (est. in line) * EBITDA remained flat YoY to INR1.3b (est. INR1.4b). * EBITDA margin contracted 330bp YoY to ~42.7% (est.~44.5%) * Adj. PAT grew ~17% YoY to INR346m (est. in line) * For 1HFY26, revenue/EBITDA/adj. PAT grew 13%/10%/47% to INR6.2b/INR2.7b/INR729m * Gross debt stood at INR16.1b as of Sept’25 vs INR16.9b as of Mar’25, Further, CFO stood at INR2.3b as of Sep’25 vs INR2.0b a...
Company Update : Lemon Tree Hotel Ltd by Motilal Oswal Financial Services Ltd
Company Update : Lemon Tree Hotel Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:13:19 pm
Company Update : Kirloskar Oil Engine Ltd by Motilal Oswal Financial Services Ltd Strong results with a beat across all parameters * 2QFY26 revenue at INR16.0b (+34% YoY) was above our estimate of INR14.4b. On consolidated basis, B2B segment revenue increased 34% YoY, while B2C revenue was up 23% YoY. * EBITDA at INR2.1b was 15% ahead of our estimate of INR1.9b. EBITDA margin stood at 13.4%. 2QFY25 EBITDA included INR174m worth of provision reversals for overdue receivables made for a customer toward sales made in earlier years. Excluding the reversal, 2QFY25 EBITDA...
Company Update : Kirloskar Oil Engine Ltd by Motilal Oswal Financial Services Ltd
Company Update : Kirloskar Oil Engine Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 02:13:11 pm
Company Update : Deepak Nitrite Ltd by Motilal Oswal Financial Services Ltd Operating performance in line * Revenue came in at 19b (est. of INR19.3b), down 6% YoY, +1% QoQ. * Gross margin stood at 27.6% (-440bp YoY,-40bp QoQ). * EBITDAM came in at 10.7% (-390bp YoY, +70bp QoQ). * EBITDA stood at INR2b (est. of INR1.9b), down 31% YoY, +8% QoQ. * Adjusted PAT was INR1.2b (est. of INR1.1b), down 39% YoY, +6% QoQ. * In 1HFY26, its revenue/EBITDA/Adj.PAT declined 10%/35%/42% to INR38b/INR4b/INR2b.   Segmental EBIT details * Phenolics’...
Company Update : Deepak Nitrite Ltd by Motilal Oswal Financial Services Ltd
Company Update : Deepak Nitrite Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:11:39 pm
Company Update : IRB Infrastructure Ltd by Motilal Oswal Financial Services Ltd In-line performance Earnings snapshot: 2QFY26 * IRB Infrastructure’s revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included: a) gains on InvITs & Related Assets measured at fair value, and b) dividend/interest income from InvITs & Related Assets. * EBITDA margin came in at 52.8% (vs our estimate of 48.5%) in 2QFY26 (+450bp YoY and +740bp QoQ). EBITDA grew ~21% YoY to INR9.2b (8% above our estimate). * APAT grew 41% to INR1.4b (in line). * Construct...
Company Update : IRB Infrastructure Ltd by Motilal Oswal Financial Services Ltd
Company Update : IRB Infrastructure Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:09:29 pm
Company Update : Indraprastha Gas Ltd by Motilal Oswal Financial Services Ltd EBITDA/scm margin below our estimate; volume growth disappoints * Total volumes were slightly below our estimate at 9.31mmscmd (our est.: 9.66mmscmd), up 3% YoY. * CNG and PNG volumes stood 4%/3% below our estimate. * EBITDA/scm came in 9% below our estimate at INR5.2. * Realization decreased ~INR0.1/scm QoQ; gas costs rose ~INR1.5 per scm QoQ, while opex declined ~INR0.6 per scm QoQ. * The resulting EBITDA was 13% below our est. at INR4.4b (-17% YoY). * IGL’s PAT came...
Company Update : Indraprastha Gas Ltd by Motilal Oswal Financial Services Ltd
Company Update : Indraprastha Gas Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:07:46 pm
Company Update : Endurance Technologies Ltd by Motilal Oswal Financial Services Ltd Earnings miss due to higher depreciation and tax rate * 2QFY26 consol. revenue grew 23% YoY to INR35.8b (in line with estimates), driven by ~17% YoY growth in standalone (India) business (outperforming industry sales growth of 9.5%) and ~47.1% YoY growth in Europe (in INR; +33% in EUR terms). Europe growth was aided by Stoferle acquisition and tooling sales. Organic growth would be in line with EU new car registration growth of 7.7% in 2Q. Maxwell revenue jumped 1.3x YoY (on a low base) to...
Company Update : Endurance Technologies Ltd by Motilal Oswal Financial Services Ltd
Company Update : Endurance Technologies Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:05:51 pm
Company Update : Prestige Estates Projects Ltd by Motilal Oswal Financial Services Ltd Strong 1H launches push presales past FY25 benchmark Aggressive business development in 1H of INR331b * Presales: PEPL reported a 50% YoY growth and 50% QoQ decline in presales to INR60.2b (52% beat to our estimates) due to the stellar launches in NCR and Bengaluru. In 1HFY26, the company reported INR181b in presales surpassing total FY25 presales in 1HFY26 itself thus growing at 157% YoY. * Area sold: Total area sold in the quarter was at 4.4msf, up 47% YoY while it was down 54% QoQ...
Company Update : Prestige Estates Projects Ltd by Motilal Oswal Financial Services Ltd
Company Update : Prestige Estates Projects Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 02:02:58 pm
Company Update : Tata Steel Ltd by Motilal Oswal Financial Services Ltd Slightly better than estimates Highlights of standalone results * Revenue stood in line with our estimate at INR347b (+7% YoY and 12% QoQ). The increase was aided by a rise in domestic deliveries, which was partly offset by a drop in realizations. * Steel production stood at 5.4mt (+7% YoY and QoQ), whereas deliveries were in line with our estimates at 5.55mt, up 9% YoY and 17% QoQ. This was supported by resumed operations of Jamshedpur and NINL post maintenance shutdowns. * ASP r...
Company Update : Tata Steel Ltd by Motilal Oswal Financial Services Ltd
Company Update : Tata Steel Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 01:56:55 pm
Healthcare Monthly Sector Update : Strong YoY growth in Oct`26; sustainability remains the key By Motilal Oswal Financial Services Ltd Strong YoY growth in Oct’26; sustainability remains the key * The Indian Pharma Market (IPM) grew 11.7% YoY in Oct’25 (vs. 5% in Oct’24 and 6.1% in Sep’25). Notably, October was the first month following the GST transition. We will await the performance of the subsequent months to assess the sustainability of this growth. * The growth was driven by strong performance in the Cardiac/Respiratory/AntiDiabetic/Neuro therapies, which outperformed IPM by 4.9%/4.7%/3.4%...
Healthcare Monthly Sector Update : Strong YoY growth in Oct`26; sustainability remains the key By Motilal Oswal Financial Services Ltd
Healthcare Monthly Sector Update : Strong YoY growth in Oct`26; sustainability remains the key By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-15 01:46:07 pm
Company Update : Thermax Ltd by Motilal Oswal Financial Services Ltd Weak set of results * Thermax reported a miss on all parameters in 2QFY26. * Revenue declined 5% YoY to INR24.7b (vs our est. INR28.9b) mainly due to a 24% YoY decline in industrial infra revenue. * Gross margin expanded ~230bp YoY and contracted ~360bp QoQ to 47.1%. Lower margins in industrial infra segment led to an overall EBITDA margin contraction of ~360bp YoY to 7.0%, while EBITDA at INR1.7b (-38% YoY) missed our estimate by 38%. * With a lower margin in industrial infra du...
Company Update : Thermax Ltd by Motilal Oswal Financial Services Ltd
Company Update : Thermax Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 01:45:40 pm
Company Update : Container Corporation of India Ltd by Motilal Oswal Financial Services Ltd Slightly better than estimates Earnings snapshot: 2QFY26 * Revenue grew 3% YoY to INR23.5b during 2QFY26 (in line). Total volumes grew 11% YoY to 1.4m TEUs, with EXIM/Domestic volumes at 0.109m/0.34m TEUs, respectively (+9%/+17% YoY). Blended realization declined ~7% YoY to INR16,321/TEU. EXIM/Domestic realization stood at INR14,426/INR22,286 per TEU, respectively (-5%/- 12% YoY). * EBITDA margins came in at 24.2% (vs our estimate of 21.6%). EBITDA declined ~1% YoY and was 12% above...
Company Update : Container Corporation of India Ltd by Motilal Oswal Financial Services Ltd
Company Update : Container Corporation of India Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 12:53:02 pm
Company Update : Biocon Ltd by Motilal Oswal Financial Services Ltd Operationally in line; lower minority interest leads to better than expected PAT * BIOS 2QFY26 revenue grew 20% YoY to INR43.0b (est. INR41.4b). ** Revenue growth was led by Biosimilars (62% of sales), up 25% YoY to INR27.2b; Research services (21% of sales), up 2% YoY to INR9.1b; Generics (17% of sales), sales up 24% YoY to INR7.7b. * Gross margin (GM) contracted 280bp YoY to 61.6%. * EBITDA margin expanded 30bp YoY to 19.4% (est: 20.2%), led by better operating leverage (employ...
Company Update : Biocon Ltd by Motilal Oswal Financial Services Ltd
Company Update : Biocon Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 12:47:41 pm
Company Update : Max Financial Services Ltd by Motilal Oswal Financial Services Ltd Protection and non-par share improve; VNB margin beat by 150bp * MAXF’s gross premium income grew 18% YoY to INR91b (in line). Renewal premium grew 19% YoY to INR56.3b (in-line). For 1HFY26, the premium increased 18% YoY to INR154.9b. * Total new business APE grew 16% YoY (in-line) to INR25.1b. For 1HFY26, APE grew 15% YoY to INR41.8b. * VNB grew 25% YoY to INR 6.4b (7% beat), resulting in a VNB margin of 25.5% (150bp beat) vs 23.6% in 2QFY25. For 1HFY26, VNB grew 27% YoY to I...
Company Update : Max Financial Services Ltd by Motilal Oswal Financial Services Ltd
Company Update : Max Financial Services Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 12:43:06 pm
Company Update : Pi Industries Ltd by Motilal Oswal Financial Services Ltd Operating performance above our estimates * Revenue stood at INR18.7b (est. INR17.7b), down 16% YoY. * Agrochemicals business revenue was down 17% YoY to INR18.1b, while pharma business revenue was up 54% YoY to INR634m. * EBITDA stood at INR5.4b (est. INR4.3b), down 14% YoY.  * EBITDA margins contracted by 60bp YoY to 28.9% (est. 24.5%); gross margins: 57.3% (up 550bp YoY); employee expenses up 300bp YoY to 11.8%; other expenses up 190bp YoY to 16.6% of sales. * The EBIT ...
Company Update : Pi Industries Ltd by Motilal Oswal Financial Services Ltd
Company Update : Pi Industries Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-11-15 12:37:58 pm
Company Update : Prince pipes Ltd by Motilal Oswal Financial Services Ltd Healthy operating performance due to higher gross margins Earnings beat our estimates * Consolidated revenue declined 4% YoY and grew 2% QoQ to INR5.9b (est. INR6.3b). * Total volume declined 1%/2% YoY/QoQ to 42.8KMT. * Consolidated EBITDA grew 21% YoY/39% QoQ to INR551m (est. INR501m).EBITDA margin stood at 9.3% (est. 7.9%), which expanded 190bp YoY/250bp QoQ. * EBITDA/kg stood at INR13/kg (up 22%/42% YoY/QoQ). * Adj. PAT remained flat YoY and grew 3x QoQ to INR146m (est. I...
Company Update : Prince pipes Ltd by Motilal Oswal Financial Services Ltd
Company Update : Prince pipes Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:30:08 pm
Company Update : VA Tech Wabag Ltd by Motilal Oswal Financial Services Ltd Healthy 2Q; revenue/Adj. EBITDA/PAT up 19%/17%/20% YoY Result highlights: 2QFY26 * Revenue/Adj. EBITDA/PAT rose 19%/17%/20% YoY – beating our estimates by 2-14%, largely driven by forex gains. * EBITDA margin adjusted to forex gain stood high at 14.4% while it was 10.7% on a reported basis. * The company treats forex gains/losses as part of its core operations; hence, analyzing adjusted margins is more meaningful.   Result highlights: 1HFY26 * Revenue/Adj. EBIT...
Company Update : VA Tech Wabag Ltd by Motilal Oswal Financial Services Ltd
Company Update : VA Tech Wabag Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:28:20 pm
Company Update : Birla Corporation Ltd by Motilal Oswal Financial Services Ltd EBITDA beat; EBITDA/t at INR717 (est. INR559) * Birla Corporation’s (BCORP) 2QFY26 performance was above our estimates, driven by lower-than-estimated opex/t and better performance in the Jute business. EBITDA increased ~72% YoY to INR3.0b (~31% above our estimates). OPM expanded 4.7pp YoY to ~14% (est. ~11%). EBITDA/t increased ~61% YoY to INR717 (est. INR559). The company reported a PAT of INR905m (~139% above our estimate, aided by higher other income and lower interest cost). ...
Company Update : Birla Corporation Ltd by Motilal Oswal Financial Services Ltd
Company Update : Birla Corporation Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:22:58 pm
Company Update : Signature Global Ltd by Motilal Oswal Financial Services Ltd Operating metrics likely to miss on full-year guidance Operating performance * Signature Global (SIGNATUR) recorded presales of INR20.1b, down 28% YoY and 24% QoQ (in line with our estimates). This was attributed to the absence of any material launches during the quarter. In 1HFY26, presales stood at INR46.5b, down 21% YoY. * Area sold during the quarter stood at 1.3msf, down 44% YoY and 17% QoQ (9% above our estimates). In 1HFY26, volumes were 3msf, down 33% YoY. * Average sales ...
Company Update : Signature Global Ltd by Motilal Oswal Financial Services Ltd
Company Update : Signature Global Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:18:01 pm
Company Update : Craftsman Automation Ltd by Motilal Oswal Financial Services Ltd Better than expected revenue growth drives earnings beat * Consolidated revenues grew 65% YoY to INR 20b (9% ahead of our estimates). Even on a standalone basis, revenue was about 12% ahead of our estimates * Beat in standalone revenue was largely driven by a strong 24% QoQ revenue growth from the Aluminum segment * Consolidated margins have largely come in line with our estimates at 15.1% * However, given the better than expected revenue growth, EBITDA grew 14% to INR 3b even on ...
Company Update : Craftsman Automation Ltd by Motilal Oswal Financial Services Ltd
Company Update : Craftsman Automation Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:15:57 pm
Company Update : JSW Cement Ltd by Motilal Oswal Financial Services Ltd Beat estimates; EBITDA/t at INR860 (est. INR657) * JSW Cement (JSWC)’s 2QFY26 EBITDA was above our estimates, driven by higher volume and lower opex/t vs. our estimates. EBITDA increased 114% YoY to INR2.7b (~40% beat). EBITDA/t surged ~86% YoY to INR860 (vs. est. INR657). OPM increased 8.4pp YoY to ~19% (vs. est. ~14%). It reported PAT of INR864m (+115% beat) vs. a loss of INR644m in 2QFY25. * The company has commissioned a 1.0mtpa GU in Sambalpur, Odisha, in Sep’25, for wh...
Company Update : JSW Cement Ltd by Motilal Oswal Financial Services Ltd
Company Update : JSW Cement Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:13:58 pm
Company Update : Anant Raj Ltd by Motilal Oswal Financial Services Ltd Strong financials backed by growth in real estate and data centers Operational highlights * Real Estate: The company has received additional approvals and is in the advanced stages of launching its luxury high-rise residential project, The Estate One, located on Golf Course Extension Road, Sector-63A, Gurugram. The project spans 5.1 acres with a total development area of approximately 1.1msf. * Phase-N of Anant Raj Estate has commenced at Golf Course Extension Road, Sector-63A, Gurug...
Company Update : Anant Raj Ltd by Motilal Oswal Financial Services Ltd
Company Update : Anant Raj Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:10:23 pm
Company Update : Global Health Ltd by Motilal Oswal Financial Services Ltd Performance broadly in line * In 2QFY26, sales grew 15% YoY to INR11b (vs our est: INR10.1b). * EBITDA margin was largely stable at 21% YoY (our est: 23.5%). * Medanta’s EBITDA declined 1.5% YoY to INR2.3b (in line). * The company had a one-time gain of INR160m on account of reversed stamp duty payable to the Government of Delhi NCR due to the merger of Medanta Holding Private Limited and the Holding Company. * Adjusting for the same, PAT grew 11.4% YoY to INR1.5b (in lin...
Company Update : Global Health Ltd by Motilal Oswal Financial Services Ltd
Company Update : Global Health Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:06:50 pm
Company Update : Petronet LNG Ltd by Motilal Oswal Financial Services Ltd UoP provisioning and waiver weigh on 2Q performance * PLNG’s 2QFY26 revenue was in line with our estimate at INR110b. * EBITDA fell 7% YoY to INR11.2b (4% below our estimate). * The company booked additional provisions of INR1.3b against UoP dues during the quarter. UoP trade receivables of INR289m were waived off during 2Q. EBITDA adjusted for UoP provisioning and waiver stood 10% above our estimate. * Reported PAT was in line with our estimate at INR8.1b, down 5% YoY, supp...
Company Update : Petronet LNG Ltd by Motilal Oswal Financial Services Ltd
Company Update : Petronet LNG Ltd by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 05:03:28 pm
The Economy Observer : Rural rules, urban follows by Motilal Oswal Financial Services Ltd Rural rules, urban follows We had an opportunity to meet more than 40 investors in the last one month. The key area of interest among investors was the consumption trends in the rural and urban markets after the implementation of GST 2.0. We have composed a proprietary monthly rural and urban consumption tracker to simplify the analysis for our readers. Key Takeaway: We observed that rural consumption continues to outperform urban consumption despite the income tax cuts and GST 2.0 refo...
The Economy Observer : Rural rules, urban follows by Motilal Oswal Financial Services Ltd
The Economy Observer : Rural rules, urban follows by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-11-14 04:48:18 pm