May 13, 2026

TOP NEWS

Neuland Laboratories : The company reported consolidated revenue from operations of Rs 776.25 crore in Q4FY26 as against Rs 328.36 crore reported in Q4FY25, registering a sharp growth of 136.3 per cent YoY. Total income for the quarter stood at Rs 788.71 crore compared to Rs 335.82 crore in the corresponding quarter previous year. Profit before Tax came in at Rs 287.49 crore during Q4FY26 as against Rs 39.30 crore reported in Q4FY25, reflecting a growth of 631.5 per cent YoY. Profit after tax stood at Rs 212.67 crore in Q4FY26 compared to Rs 27.81 crore reported in the corresponding quarter last year, registering a sharp growth of 664.7 per cent YoY. Earnings per share for the quarter stood at Rs 165.76 compared to Rs 21.67 reported in Q4FY25.

Hindustan Zinc:  The Company notifies the exchanges that it and Group Nirmal had signed a Memorandum of Understanding (MoU) for the establishment of a zinc wire manufacturing plant at the company's Zinc Industrial Park in Rajasthan's Bhilwara district. The government raised the import tax on silver and gold to 15%. Hindustan Zinc will benefit from this event as the higher import tariff will increase the cost of landing silver imports, support higher silver prices, and boost the company's revenue and profitability. With an annual production capacity of over 800 tons, Hindustan Zinc is the nation's biggest producer of silver.

Sri Lotus Developers : The company delivered a strong FY26 performance with pre-sales rising 137% YoY to Rs. 1,157 crore, revenue increasing 40% YoY to Rs. 769 crore, and PAT at Rs. 243 crore with healthy margins. The company remained net debt-free with gross cash of Rs. 849 crore and added nine new projects with cumulative GDV of around Rs. 8,500–9,000 crore during the year. Project Celestia in Versova saw strong traction with bookings of Rs. 155 crore within seven days of launch. For FY27, management has guided for pre-sales of Rs. 1,800–2,000 crore supported by six planned launches and continued strong demand in the luxury housing segment.

Dr Reddy’s (-ve): Total revenue from operations of the generic drugmaker was lower at Rs.7,546.4 crore (₹8,528.4 crore), according to the results prepared as per Indian Accounting Standards. Result included adverse impact of a Shelf Stock Adjustment (SSA) related to lenalidomide (generic of cancer drug Revlimid) of Rs.453 crore, impairment of CAR-T assets and Eftilagimod Alfa of a total of Rs.227.7 crore, provisions related to VAT liability of Rs.114.1 crore during the quarter. For the full year FY26, consolidated net profit of Dr. Reddy’s declined to Rs. 4,157.6 crore (Rs.5,725.2 crore). Total revenue from operations rose to Rs.33,700 crore (Rs.32,643.9 crore).

Titan: Customs duties on imports of gold, silver, platinum, and jewelry components have been increased by the government from 5% to 10%. Due to an increase in manufacturing costs, jewelry supplies will be under pressure.

JSW Steel: The company reported consolidated Crude Steel production for April’26 at 21.18 Lakh tonnes. Production growth, excluding BF3 production from last year’s base, was about 10%, driven by the full ramp-up of JVML operations. The capacity utilisation of its India operations for the month stood at 83%. Neutral.

MACRO WRAP

Indian Inc: India has increased import duties on gold and silver to 15%, up from 6%, comprising a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess. The move aims to ease pressure on foreign exchange reserves and support the rupee amid elevated energy costs linked to the Iran conflict. India’s current account deficit widened to 1.3% in Q3 FY26, while 2025 imports reached ~660 tonnes, valued at approximately USD 72 billion.

• Indian CPI review: India’s April CPI rose less than expected by 3.5% yoy (Bloomberg consensus: 3.8%) vs 3.4% in March. It marked the fifteenth consecutive month that inflation remained below the Reserve Bank of India’s (RBI) 4% mid-point target. In the first four months of the year, inflation averaged 3.2%, below the RBI’s 4.6% forecast for fiscal year 2026-2027 (FY2026-2027). Government policies helped to contain broader inflationary pressures from higher global oil prices. Food inflation rose 4.0% yoy in April vs 3.7% in March, as spring harvest crop yields were partly damaged by heavier-than-expected rainfall.  Sentimentally negative for Inr
• Food prices are expected to remain elevated amid a hotter and drier summer, while supply chain disruptions continue to raise fertiliser costs. Liquefied petroleum gas (LPG), which is used for cooking, rose 3.0% vs 5.3% in March. Although caps on consumer LPG prices were unchanged, commercial LPG prices increased as crack spreads widened. Transport fuel inflation remained benign at 0.1% yoy in April, unchanged from March. Core CPI, which excludes food and fuel prices, rose 3.7% yoy, unchanged from March. Higher precious metal prices partly drove the reading, and, excluding jewellery, it rose 2.2% vs 2.1% previously.
• Global: President Trump arrived in Beijing on Wednesday for a high-stakes summit with Chinese President Xi Jinping on 14-15 May. While China remains the largest purchaser of Iranian oil and a strategic partner to Tehran, President Trump suggested the focus would remain on commercial ties.
• US inflation rose to 3.8% YoY in Apr 2026 (vs 3.3%, above 3.7% forecast), driven by the oil shock. Energy surged 17.9%, led by gasoline (+28.4%) and fuel oil (+54.3%). Shelter (3.3%) and food (2.3%) also firmed. On a monthly basis, CPI increased 0.6% (down from 0.9% in March). Core inflation rose to 2.8% YoY (vs 2.6%, above forecast), with 0.4% MoM growth. Real wages declined for the first time in three years, while the US is issuing over $35.5bn in tariff refunds after a court ruled the policy unlawful.
• the DJIA rose 0.1% while the S&P500 and the Nasdaq Composite Index dropped 0.2% and 0.7% respectively. The Eurostoxx 50 declined 1.5%. The Dollar Index rose 0.4% to 98.30. EUR-USD fell 40 pips to 1.1740. The US 2Y yield rose 4bp to 3.99% and the 10Y yield climbed 5bp to 4.46%. The German 10Y yield rose 6bp to 3.10%. The UK 10Y yield jumped 10bp to 5.10% as political uncertainty intensified following a wave of ministerial resignations that threatened the leadership of PM Keir Starmer. Brent crude oil prices surged 3.4% to USD107.77 amid the protracted Mideast standoff. Gold fell 0.4% to USD4,715.
• we get the producer price index (PPI) for April. The market consensus for PPI is 4.8% yoy vs 4.0% previously, and excluding food and energy, core PPI is expected to rise 4.3% vs 3.8% previously.

INVESTMENT CALL

Stock update: Tata Consumer Products Q4FY26 (Consolidated) result update – Healthy Q4; outlook bright

Reco: Buy                  Reco. Price: Rs. 1,253                 Price Target: Rs. 1,425

• Q4FY26 numbers were good with revenue/adjusted PAT rising 18%/33% y-o-y, respectively. OPM rose by 111 bps y-o-y to 14.6%. Growth was driven by sustained momentum across core and growth businesses.
• Management expects to maintain double-digit revenue growth in FY27, with OPM rising 50-75 bps. Growth businesses to continue growing at 30%.
• Innovation revenue scaled 7x since FY21, with innovation to sales at 4.5% in FY26. Innovation efforts are strategically focused on health and wellness, convenience, and premiumization, aligning with consumer trends.
• Stock trades at 65x/55x its FY27E/FY28E EPS, respectively. We maintain a Buy with an unchanged PT of Rs. 1,425.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

First Cut: Max financial services Q4FY26 – On a strong growth footing

• Max Financial Services reported a strong Q4 FY26 on growth metrics, with Total APE at ~Rs.3,594 crore (FY26: Rs.10,502 crore vs 9M: Rs.6,908 crore), while Individual APE stood at ~Rs.3,489 crore.
• Gross Written Premium for the quarter was robust at ~Rs.13,682 crore, supported by renewal premium of ~Rs.8,823 crore, indicating stable persistency.
• On the value front, Q4 saw healthy traction with Value of New Business (VNB) of ~Rs.1,014 crore (FY26: Rs.2,647 crore vs 9M: Rs.1,633 crore), aided by improvement in new business margins to ~25.2% for FY26 (vs 23.6% in 9M). Policy sales remained strong at ~297k in Q4, while sum assured added was ~Rs.1.75 lakh crore, reflecting solid distribution momentum and demand across segments.
• However, profitability lagged the strong business momentum, with Q4 Profit Before Tax at only ~Rs.71 crore (FY26: Rs.319 crore vs 9M: Rs.248 crore), indicating pressure from higher acquisition costs and product mix.
• Operating RoEV stood at 18.7% for FY26 (vs 16.9% in 9M), while expense ratio improved to 14.6% from 15.8% in 9M, suggesting better cost control in Q4.
• Embedded Value increased to Rs.28,871 crore (vs Rs.28,110 crore in 9M), while solvency moderated slightly to 194% (vs 201%). Overall, despite muted quarterly profitability, the company delivered strong growth with improving margins and VNB, indicating a continued focus on long-term value creation.
• We currently have a BUY rating on the stock and will come out with detailed note shortly

Stock update: Wonderla Holidays Q4FY26 (Standalone) result update – Good Q4; Chennai ramp-up on track

Reco: Buy                  Reco. Price: Rs. 480                 Price Target: Rs. 650

• Q4FY26 numbers were strong, beating estimates on all fronts, with revenue growing 40% y-o-y, EBITDA margin up 784 bps y-o-y to 29.6% and adjusted PAT rising 14.4% y-o-y.
• FY27 growth outlook is strong, led by full-year contribution from Chennai Park, improving traction across existing parks and continued focus on differentiated guest experiences.
• Management has maintained guidance of adding 2-3 parks over the next 4-5 years and expanding from five parks currently to ~10 parks in the long term.
• Stock trades at 10x/7x its FY27E/FY28E EV/EBIDTA, respectively. We maintain a Buy with a revised PT of Rs. 650.

Valuation (Standalone)                                                   Rs. crore

Results (Standalone)                                                                               Rs. crore                                                   

First cut: V-Guard Industries (Standalone),  Q4FY2026 results – decent performance

·         Revenues for Q4FY26 grew 14% yoy to Rs 1687 crore marginally below our estimates. Revenue growth was backed by strong performance in Electronics (22%), Electricals (16%), Consumer Durables (4%) business Sunflame (9%).

·         The operating margins were up by 30 bps to 8.5% and also way ahead of our expectations. PAT was higher by 22% yoy. 

·         South markets witnessed a growth of 16.2% where as  non south markets grew by 11.8%.

·         View: V-Guard had decent quarter. We shall review our earnings estimates and come out with a detailed note post the conference call.  Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore

First Cut: Dr Reddy’s Laboratories Q4FY26 – Weak quarter on expected lines

·       Total revenue from operations of the generic drugmaker was lower at Rs.7,546.4 crore (₹8,528.4 crore), according to the results prepared as per Indian Accounting Standards.

·       Result included adverse impact of a Shelf Stock Adjustment (SSA) related to lenalidomide (generic of cancer drug Revlimid) of Rs.453 crore, impairment of CAR-T assets and Eftilagimod Alfa of a total of Rs.227.7 crore, provisions related to VAT liability of Rs.114.1 crore during the quarter.

·       For the full year FY26, consolidated net profit of Dr. Reddy’s declined to Rs. 4,157.6 crore (Rs.5,725.2 crore). Total revenue from operations rose to Rs.33,700 crore (Rs.32,643.9 crore).

·       View: We shall review our estimates and come out with a detailed note soon. Currently we have a HOLD rating on the stock.

Results (Consolidated)                                                                         Rs. crore