October 23, 2026

LATEST NEWS

>> 12:41 PM

First Cut: Shree Cement Q2FY27 Standalone Results – Performance above Expectations

• Standalone revenue stood at ₹5,107 crore, up 18.7% YoY, above our expectations by10.4%, aided by a 17.8% YoY increase in volumes to 9.31 MTPA (including clinker sales). However, cement realizations remained flat YoY,.
• EBITDA per tonne declined 15.3% YoY to ₹912, due to elevated fuel and raw material costs, , although 10.3% above forecast (Rs.827/tn).
• Net profit declined 25.9% YoY to ₹205.3 crore, impacted by weaker operating margins and higher input costs. however above our estimates by 15.5%
• Sales of premium products in India operations jumped to 28.7% of total trade volume via-a-vis 21.1% in the corresponding quarter of previous year.

Results (Standalone)                                                                     Rs cr.

TOP NEWS

War update: US President Donald Trump accused Iran of making up reports of attacks, mines and other incidents to push up oil prices. Iran’s state television reported that seven oil tankers were damaged or caught fire in the Strait of Hormuz overnight on Thursday after being targeted or striking naval mines. There has been consistent attacks from Houthis on Saudi infrastructure. Recently Saudi has intercepted the ballistic missile which was attacking Riyadh. Already US government has ordered the departure of non emergency government employees from its mission in Saudi Arabia. Israeli Prime Minister Benjamin Netanyahu said US President Donald Trump backed him to “finish the job” in the war against Iran. Oil prices have now reached $ 114/barrel. US markets went down and Nasdaq was also donw by 2.6% due to AI sell off. Keep an eye on IT stocks which will benefit from anti AI trade. Asian markets are all down due to AI concerns, Gift nifty indicates a positive opening with 100 points gap up on bourses.

Blue stone Jewelry: Revenue Rs 745.03 Cr vs Rs 513.63 Cr (+45.05% YoY),  EBITDA Rs 94.90 Cr vs Rs 41.68 Cr (+127.67% YoY),  EBITDA Margin 12.74% vs 8.12% YoY. PAT loss at 4.3 cr vs Rs 52 crore losses in Q2Fy26.  same-store sales growth (SSSG) stood at 28% vs 11.1% YoY. Customer base grew 19.3% YoY to 10.24 lakh.  Repeat revenue contribution increased to 56.3% vs 51.4%.  Average order value grew approximately 29% YoY to ₹77,290.

Colgate Palmolive India: Revenue grew 12.2% YoY while PAT growth was weak at 4.3% YoY. Gross margin expanded by 40 bpsy-oy to 69.6% in Q2 while Ebitda margin declined 280 bps. This raises concerns about earnings quality and operating profitability. The toothpaste portfolio delivered high single digit volume expansion led by premium toothpaste range and Colgate MaxFresh. The company recommended first interim dividend of Rs.24 and fixed November 2 as the record date. Negative

Swiggy: B2C GOV grew 24.6% year-on-year to INR 20,793 crore, while Consolidated Adjusted Revenue grew 33.8% to INR 7,909 crore, led by a rebound in quick commerce. Consolidated Adjusted EBITDA loss widened to INR 760 crore (INR 651 crore in Q1 FY27) as Swiggy invested in quick commerce growth, while food delivery posted a record profit. Net loss stood at INR 922 crore against INR 1,092 crore a year earlier. Negative

Nuvoco Vistas: Q2FY27 revenue rose 13.5% YoY to Rs. 2,790 crore, while PAT increased 78% to Rs. 64.5 crore and EBITDA grew 11% to Rs. 411 crore. Cement volumes increased 9% to 4.7 MT, supported by premiumisation and a better sales mix. The company commissioned a 2 MTPA grinding unit at Limla, Surat, and targets 35 MTPA cement capacity by FY28. It also partnered with CleanMax for a 46.4 MW wind-solar hybrid project in Rajasthan to reduce power costs.

Sagility: Q2FY27 revenue stood at $213 million, up 2.3% q-o-q (12.2% y-o-y) in CC and USD terms, driven by continued business momentum in the payer segment. Excl. the Careseed, Sagility posted growth of 11.9% y-o-y CC. Profitability remained healthy, with EBIT rising to Rs 380 crore, up 22.5% q-o-q (+29.4% y-o-y), beating our estimates by 4%, resulting in an EBIT margin of 18.7% (+290bps q-o-q/100bps q-o-q).

INVESTMENT CALLS

First Cut : HPCL - 2QFY27 Strong Quarter

• HPCL reported a sharp earnings turnaround, with EBITDA at Rs9,075cr versus a loss of Rs16,141cr in Q1FY27 (+32% YoY), while PAT recovered to Rs3,483cr from a loss of Rs11,526cr in Q1FY27.
• Refining performance improved materially, with GRM rising to US$32.2/bbl (+35% QoQ, +262% YoY), despite lower throughput of 6.2mmt (-5% QoQ, -6% YoY), indicating a margin-led recovery.
• Market sales remained healthy at 12.7mmt (-3% QoQ, +5% YoY), while gross profit improved to Rs15,063cr from a loss of Rs10,657cr in Q1FY27, reflecting a sharp improvement in refining and marketing economics.

First Cut: CIE Automotive India Ltd: India business remains robust, Macro concerns linger for European business

View: Positive       CMP: Rs 363     Target: Rs 518

·         Consolidated revenue grew 11% y-o-y to Rs. 2,633crores led by robust India business (18% y-o-y growth) supported by strong market demand across segments (ex-tractors), turnaround in Europe business post restructuring.

·         Raw material inflation pushed COGS higher by 18% y-o-y while better inventory management and lower employee cost helped EBITDA/EBIT/EBT increase by 5%/5%/14% y-o-y. EBITDA margin decline 80bps y-o-y and 67bps q-o-q marginally helped by improvement in margins of European business. 

·         Profitability improved by 14% y-o-y and 4% q-o-q to Rs. 243 cr led by a higher other income while PAT margins increased marginally by 23bps y-o-y and 27bps q-o-q to 9.2%.

·         At CMP, the stock trades at 12.7x,11.5x,10.6x its CY26E, CY27E, CY28E earnings, respectively. We maintain a positive rating on the stock with the PT of Rs. 518.

·         Our View: India business continues to be the bright spot with Europe now contributing to profitability as restructuring exercises start to yield results. Cost concerns linger as RM prices remain indexed. With stalled customer projects restating, capex linked organic growth remains at forefront of company’s turnaround. At CMP, the stock trades at 12.7x,11.5x,10.6x its CY26E, CY27E, CY28E earnings, respectively. We maintain a positive rating on the stock with the PT of Rs. 518.

Stock update: SRF Ltd– Soft Q2; Specialty chemicals to support H2 growth

Rec: BUY                CMP: Rs. 2,330             Target: 2,950

• Q2FY27 numbers missed our estimates, on reversal of gains in PFB business, while chemicals business’ growth met estimates on stable ref gas prices, though low specialty chemical continued to face pricing pressure.
• Management reiterated FY27 growth guidance for chemicals segment at the higher end of 15–20%, with specialty segment volumes showing green shoots.
• Board approved a Rs 600-crore investment for 12 KTPA battery-grade aluminium foil capacity; Rs 300 crore phase-I to be commissioned by September 28, with balance capacity by September 30.
• We retain a Buy on SRF with a SOTP TP of Rs 2,950

First Cut: Nippon Life Asset Management Q2FY27 - Core earnings at record high; one-off dents PAT

• NAM India's core operating profit hit a record ₹523 crore (+25% YoY, +6% QoQ) on revenue of ₹796 crore (+21% YoY). Reported PAT fell 6% YoY to ₹324 crore, hit by a ₹96.8 crore exceptional SEBI settlement (Yes Bank AT-1 case) and lower other income (₹23 crore vs ₹170 crore in Q1) on MTM reversal.
• MF QAAUM grew 20% YoY to ₹7.87 lakh crore; market share rose 51bps YoY to 9.02% (flat QoQ), equity share up 27bps YoY to 7.40%. Blended yield slipped to ~37bps (38bps in Q1) on telescopic pricing.
• Systematic flows at ₹11,150 crore (+4% YoY), annualized book ~₹44,500 crore; equity net sales share eased to high single digits. ETF market share rose 135bps YoY to 21.12%.
• Opex growth guidance of 18-20% maintained, with AIF-subsidiary hiring adding costs; interim dividend of ₹9.5/share (Total AUM ₹8.68 lakh crore).
• We have a BUY rating on the stock and will come out with detailed note shortly.

Other News

Balkrishna Industries: Pirelli and BKT have formed a strategic partnership to capitalize on the growing Indian passenger car tyre market, with BKT set to manufacture up to 800,000 Pirelli-branded tyres by 2030 under Pirelli’s technology and quality standards. The agreement also lays the foundation for a potential 50:50 joint venture and a dedicated high-value tyre plant, strengthening Pirelli’s presence in India while supporting BKT’s entry into the passenger car tyre segment and expanding opportunities in both domestic and export markets.

Allied Blenders & Distillers: DRI visits Mumbai office and Sambhajinagar manufacturing unit; says no impact on operations or financials. Commences operations at malt distillery in Telangana; unit has capacity of over 4.4 million barrels per annum.

Saatvik Green Energy: Launches TOPCon 3.0 dual-glass bifacial solar module; module delivers output of up to 745W.

Cyient: IT services firm Cyient posted a 7.7% quarter-on-quarter increase in revenue to ₹2,235 crore in the September quarter, compared with ₹2,075.7 crore in the preceding quarter. Net profit climbed 22% sequentially to ₹132.5 crore from ₹108.7 crore.

CreditAccess Grameen Q2 (Standalone YoY): Profit spikes 299% to Rs 501.6 crore Vs Rs 125.8 crore. Revenue grows 31.3% to Rs 1,350.7 crore Vs Rs 1,028.8 crore