May 08, 2026

LATEST NEWS

>> 3:25 PM

First cut: Intellect Design Arena – Q4FY26 results: Strong performance, margin revived exponentially

• Revenue grew by 16.1% q-o-q (up 17.1% y-o-y) to Rs 851.7 crore, led by strong growth in license fee, AMC, and platform revenue.
• EBITDA grew by 83.6% q-o-q (down 8.6% y-o-y) to Rs 188.0 crore, resulting in margin expansion by 812bps (down 620bps) to 22.1%.
• APAT grew by 102.8% q-o-q (down 11.2% y-o-y) to Rs 120.2 crore.
• Collections for Q4FY26 are INR 791 Cr
• Cash and Cash equivalents are INR 1257 Cr
• eMACH.ai accelerates growth with 15 new customers choosing Intellect for their digital transformation journey
• 25 global financial institutions have transformed their digital journey (Go-Live) on Intellect platforms
• The Board has recommended a final dividend of Rs.4 /- plus a special dividend of Rs. 3/- per share. We currently have a BUY rating on the stock and will come out with detailed note shortly.

>>3:15 PM

First cut: Titan Company Q4FY26 (Consolidated) results – Strong revenue growth; miss on profitability

·       Titan’s consolidated revenue (excluding other income and bullion & digi-gold) grew by 46% y-o-y to Rs. 20,116 crore, in line with our expectation of Rs. 20,199 crore. Revenue of the jewellery business (ex-bullion) grew by 50.2% y-o-y, watches and wearables business grew by 7.8% y-o-y, while eyewear and emerging businesses grew by 17.6% and 20.6% y-o-y, respectively. Titan’s subsidiary – TEAL reported 60% y-o-y revenue growth.

·       Consolidated gross margin and EBITDA margin fell by 601 bps and 311 bps y-o-y to 16.8% and 7.2%, respectively owing to high gold prices and a shift in consumer preference toward lower-margin gold coins. EBITDA margin missed our expectation of 10.9%.

·       EBITDA grew by 26.1% y-o-y to Rs. 1,937 crore and adjusted PAT grew by 30.9% y-o-y to Rs. 1,139 crore, lagging our expectation of Rs. 1,466 crore. Reported pAT grew by 35.3% y-o-y to Rs. 1,179 crore. Titan added 47stores (net) during the quarter, taking the total global network to 3,603 stores. The company has recommended a dividend of Rs. 15.00 per share for FY26.

·       View: In Q4, Titan completed 67% acquisition of Damas Jewellery for Rs. 1,190 crore, significantly expanding its footprint in the GCC region. We shall review our 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

>> 2:54 PM

First cut: State Bank of India – Q4FY26 results: Operational performance subdued, healthy on growth and asset quality

• SBI posted NII growth of 3.8% YoY and down 1.3% QoQ owing to compression in NIM.
• Net interest margin was down sharply by 18 bps QoQ to 2.81% owing to disproportionate fall in yield as compared to cost of deposits.
• Non-interest income declined 28.5% YoY owing to treasury loss while fee income was up 7.95% YoY. Operating expenses were up 10.8% QoQ on rising business volumes
• Operating profit thus owing to subdued topline and increase in opex came in below estimates (down 11.4% YoY and 15.7% QoQ)
• Provisions declined meaningfully (down 55.4% YoY) owing to improvement in asset quality as a result PAT was up 5.6% YoY.
• Loan growth was healthy at 17.2% YoY and 5.4% QoQ, while deposits increased by 11% YoY to Rs59.75 lakh crore
• We currently have a BUY rating on the stock and will come out with detailed note shortly

Actual versus estimates

TOP NEWS

War update: Both the side exchanged the attacks on each other and after that Iran’s Press TV reports that following an exchange of fire earlier between the US and Iranian naval forces, the situation on Iranian islands and in coastal cities along the Strait of Hormuz has now returned to normal. United States forces targeted an Iranian oil tanker in coastal waters and a second vessel near the United Arab Emirates’ Fujairah port, while US air strikes hit civilian areas in Bandar Khamir, Sirik and Qeshm Island in southern Iran. US military’s Central Command (CENTCOM) said its naval forces came under Iranian missile, drone and fast-boat attacks in the Strait of Hormuz and responded by eliminating “inbound threats” and targeting “Iranian military facilities responsible for attacking US forces. Crude risen back to 101/barrel. Asian markets are trading on negative side due to war escalations.

Lupin: The company’s net profit increased by 88% to ₹1,468.67 crore in the fourth quarter from ₹782.38 crore in the previous year.Revenue growth for the quarter stood at 32% to ₹7,474.66 crore compared to ₹5,667.13 crore last year. Its margins expanded to 33.3% from 23.3% in the year-ago period. The drugmaker's sales in the US market were at their highest ever. The US market sales were at $371 million compared to $250 million in the year-ago period and also higher than the $350 million reported in the December quarter.Lupin's India market sales increased by 11% to ₹1,908.2 crore from ₹1,711.3 crore last year. However, it declined sequentially from the ₹2,038.7 crore figure. Other developed markets sales grew by 7.1% to ₹845.3 crore from ₹788.9 crore in the previous year. Emerging markets sales increased by 49.2% to ₹990.6 crore from 663.9 crore last year.

Sandur Manganese & Iron Ores Limited: The company reported strong audited standalone and consolidated financial results for the quarter and year ended 31 March 2026. On standalone basis, Revenue from operations grew to ₹2,01,062 lakh compared to ₹1,93,854 lakh in the previous year. Total income stood at ₹2,07,544 lakh versus ₹2,01,122 lakh in the prior year. Positive  

Vmart – Strong Q4FY26: Revenue grew by 24% y-o-y to Rs. 971 crore, EBITDA margin expanded by 220 bps y-o-y to 10.9% and adjusted PAT rose to Rs. 10 crore, against loss of Rs. 1 crore in Q4FY25. The same store sales growth (SSSG) stood at 12% and footfall growth stood at 47%. The company added 29 new stores and closed 6 stores in Q4, bringing the total store count to 577. (Stock is not in coverage)

RESULTS PREVIEW

MACRO WRAP

• The US and Iran traded fire, which the US said it attacked in response to Iran firing missiles at its warships. However, the US said it doesn’t seek further escalation. Also, Iran is still reviewing the US one-page peace proposal, and peace talks remain possible. US bond yields were higher across the curve by 2-5bp, led by the short-end while the USD was stable. Brent oil prices rebounded from the session low of around USD96 and are holding steady in early Asian hours at around USD100.
• The US Court of International Trade ruled that President Trump's 10% global tariffs were unlawful. It said the tariffs proclaimed under Section 122 of the Trade Act of 1974 failed to identify a qualifying “large and serious” balance-of-payments deficit under Section 122 of the Trade Act of 1974. Instead, it relied on trade and current account deficits. The injunction, for now, only applies narrowly to the two companies and the one state that filed suit. The administration is expected to appeal to the Federal Circuit. Sentimentally negative for USD, DXY.
• US President Donald Trump has given the European Union until July 4 to implement its side of last year’s trade agreement or face “much higher” tariffs, the Financial Times reported, citing people familiar with the matter. Trump also offered a reprieve from threatened higher car tariffs after speaking with European Commission President Ursula von der Leyen. Sentimentally negative USD
• In data releases, US initial jobless claims rose 10k to 205k for the week ending 2 May (consensus: 205k), while continuing claims eased, as a low number of layoffs by US firms continues to anchor labour markets. This comes ahead of non-farm payrolls data for April today (consensus: 62k; March: 178k).
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.6%, 0.4%, and 0.1% respectively. The Eurostoxx 50 fell 0.9%. The Dollar Index was unchanged at 98.07. EUR-USD eased back 20 pips to 1.1730. The US 2Y yield rose nearly 5bp to 3.91% and the 10Y yield rose 4bp to 4.39%. The German 10Y yield was unchanged at 3.00%. The UK 10Y yield was slightly higher by 1bp to 4.95%. Brent crude oil prices fell 1.2% to just above USD100. Gold dipped 0.1% to USD4,686.
• Data Watch: All eyes await for Apr’s  US Non-farm payrolls data tonight (est. 65k vs. 178k) along with related indicators such as unemployment rate (est. 4.3%, similar to Mar’s), average hourly earnings (est. 3.8% y/y vs. 3.5% prior), as well as the labor force participation rate (est. 62% vs. 61.9% prior). May’s preliminary University of Michigan sentiment index will also be released (est. 49.5 vs. 49.8 before) as well as May’s final reading of wholesale inventories (est. unchanged at 1.4% m/m).

INVESTMENT CALL

First cut: Thermax Q4FY26 results: A strong beat on margins and order inflows.

·         Revenues for Q4FY26 grew by 11% to Rs 3,428 crore vs our expectations of Rs 3,332 crore. The revenue growth was led by Industrial Infra (4.0%), Industrial Products (16%), and Chemical (34%).

·         Operating profit was higher by 25% to Rs.374 crore. OPM improved by 120 bps to 10.9% vs our expectations of Rs 9.0%. PAT grew by 22% to Rs 229 crore.

·         Order booking was surprising an higher by 112% for Rs 4,490 crore. The increase in order booking was driven by a major order secured by Thermax Babcock & Wilcox Energy Solutions Limited (TBWES). The company won a boiler package supply contract worth approximately Rs. 1,600 crore for a 1 x800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company

·         View: Thermax Q4FY26 performance was upbeat on margins and order inflow. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Hold rating on the stock.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore

First Cut: Dabur India Q4FY26 (Consolidated) results – Beat on estimates

·       Consolidated revenues grew by 7.3% y-o-y to Rs. 3,038 crore, beating our expectation of Rs. 2,950 crore. Domestic revenue grew by 9.5%, led by volume growth of 6% (against 4-5% expected), while international business grew by 2.5% on Rupee terms. Rural markets continued to outpace urban consumption with rural demand growing ahead of urban India by 350bps. In India business, F&B segment grew by 3.2% y-o-y, HPC segment grew by 16.8% y-o-y and HC segment grew by 2.2% y-o-y. Within Urban India, e-commerce and Modern Trade have been driving demand, growing by 49% and 19% respectively. Quick Commerce is driving the online business, posting a growth of 54%.

·       Gross margins rose by 164 bps y-o-y to 48.3%, while OPM stood largely flat y-o-y at 15.2%, largely in line with our expectation of 15.4%.

·       Operating profit grew by 8.2% y-o-y to Rs. 462 crore. Higher other income led to 16.1% y-o-y growth in the adjusted PAT to Rs. 363 crore, slightly better than our expectation of Rs. 341 crore.

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

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First cut: Britannia Industries Q4FY26 (Consolidated) results – Miss on all fronts

·       Consolidated revenues grew by 6.5% y-o-y to Rs. 4,719 crore, versus our expectation of Rs. 4,910 crore.

·       Gross margin rose by 203 bps y-o-y to 42.1%, while OPM stood flat y-o-y at 18.1% due to higher other expenses. OPM missed our expectation of 19.1%.

·       Operating profit grew by 5.9% y-o-y to Rs. 853 crore and adjusted PAT grew by 7.1% y-o-y to Rs. 604 crore, missing our expectation of Rs. 654 crore. Reported PAT grew by 21.6% y-o-y to Rs. 680 crore. The board has recommended a final dividend of Rs. 90.5 per share for FY26.

·       View: We shall review our 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: BSE Ltd Q4FY26 - Transaction charges drive top line, operational performance healthy

•    Revenue grew 85% YoY / 26% QoQ to ₹1,563 crore in Q4FY26, driven by 114% YoY surge in transaction charges to ₹1,310 crore, powered by derivatives (+138% YoY), cash (+24% YoY) and STAR MF (+35% YoY).

•    EBITDA more than doubled YoY to ₹1,061 crore; EBITDA margin expanded sharply to 67.9% (vs. 57.2% in Q4FY25), reflecting strong operating leverage on a predominantly fixed-cost base.

•    PAT grew 61% YoY to ₹796 crore in Q4FY26; full-year FY26 PAT at ₹2,475 crore, growing 87% YoY. STAR MF achieved record-high transactions of 82 million in Mar’26.

•    We have positive view on the stock and will come out with detailed note shorty

First cut: Gravita India Q4FY2026       

-       Revenue saw a strong sequential recovery in Q4 (+15% QoQ) driven by volume growth of 5% YoY for the full year.

-       Full-year PAT grew ~21% YoY, outpacing revenue growth of ~10%. Q4 PAT margin compressed sequentially due to higher finance costs (RMIL acquisition debt) and elevated other expenses. RMIL acquisition (copper segment) consolidated from March 12, 2026, adding ~₹52 Cr to Q4 revenue. EBITDA margins held steady in the 9–10% band, consistent with the company's historical track record.

-       The company have announced plans to set up a new Copper Recycling Plant at Mandvi, Gujarat.

-       View: Overall FY26 topline growth was relatively modest, the underlying volume momentum, geographic mix improvement, and the RMIL addition set up a materially stronger revenue trajectory for FY27 and beyond. We will review our estimates and will come out with a detailed note. Currently, we have a buy rating on the stock.

Results (consolidated)                                                                          Rs crore

Actual vs estimates                                                   Rs. crore

First Cut: Escorts Kubota Ltd Q4FY26 Standalone Results – Best performance yet

• Revenue for the quarter grew by 21% YOY to Rs2951cr and for full year grew by 13% YoY to Rs.11472cr. This strong topline growth was driven by best ever volumes for tractors and construction equipment sold by the company which grew 21% YoY and 31.8% YoY respectively.
• EBITDA grew 32%YoY to Rs386cr for Q4FY26 and grew 28%YoY to Rs 1513cr for the full year FY26. This strong operational performance helped margins grow by 103bps YoY to 13.1% and 162bps YoY to 13.2% for Q4 and FY26 respectively.
• PAT for the company improved 30% YoY to Rs325cr for the quarter while it grew 24% QoQ to Rs1381cr for FY26. PAT margins improved by 69bps YoY to 11% for the quarter and 114% to 12% for FY26
• Our View: While tractor industry grew to new highs, Escorts could not keep up with the pace of industry growth despite record high dispatches. With a high single digit growth guidance for FY27 volumes on a high base of FY26, Escorts with its strong operational efficiency, could play catch up or even excel industry growth. We are reviewing our estimates and will release a report shortly.

Stock Update: Polycab India – On a consistent growth trajectory

Rating: Buy     Reco Price: Rs 8.339       Price Target: Rs 9,800

• Revenue grew 27% y-o-y, beating our estimates. The revenue growth was backed by C&W growth of 29% (~15% volume growth) and FMEG business growth of 39%. 
• OPM fell 158 bps to 13.1% vs 14.7% in Q4FY25. Higher institution sales, lower and exports and unfavourable product mix led to margins decline.
• FMEG segment grew 41% y-o-y on a 2x growth in solar category business, which was the leading growth contributor for the segment.
• Continued momentum in government and private capex, besides real estate sector’s growth augurs well. We expect revenue/PAT to clock a CAGR of 25%/31%, respectively from FY26-28, with a good RoCE of 35%. Hence, we maintain a Buy rating with a PT of Rs 9.800.

Valuation                                                                                                Rs Crore

Stock Update: Shree Cement– Volume Recovery Gaining Traction

Reco: BUY                CMP: Rs. 25,670             Target: 28,300

• Revenue/EBITDA/PAT beat our estimates by 5%/6.8%/12%, respectively in Q4FY26, as volumes recovered and operating leverage benefits flowed in.
• After prioritising value over volume over the past two years, the company is now shifting gears towards volume growth, as its pricing gap with peers has narrowed.
• In Q4FY26, the company commissioned a 3.65 MTPA clinker and 3.50 MTPA cement capacity at Kodla, Karnataka. Consequently, the company’s installed capacity in India has risen to 69.3 MTPA.
• We raise our price target to Rs. 28,300 on better earnings visibility and management’s focus on margin discipline, cost efficiency, and volume growth.

Stock update: Godrej Consumer Products Q4FY26 (Consolidated) result update – Homecare drives domestic show; cost stress to persist

Reco: Buy                  Reco. Price: Rs. 1,036                 Price Target: Rs. 1,260

• Consolidated revenues grew 11% y-o-y (volumes grew 6% y-o-y), OPM was flat y-o-y at 21.6%, while adjusted PAT increased by 18% y-o-y.
• In the medium term, while India biz to deliver continued, calibrated growth at normative margins, Indonesia would see a meaningful pick-up in performance and GAUM would continue delivering double-digit revenue and profit growth.
• RM basket has become pricier by 7-10% and company hiked prices by 5-7% across portfolio in April’26. Margins are likely to be under pressure in H1FY27, while H2 margins are expected to normalise.
• Stock trades at 44x/38x its FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 1,260.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

OTHER NEWS

Kirloskar Ferrous:  Company’s standalone net profit recorded at Rs 4.5 Crore against a loss of 6.5 Crore (YoY), Q4 revenue Rs 201 Crore against Rs 132 Crore (YoY). Positive.

NOCIL: Posted weak set of results. Sales was down 2.8% YoY to 330cr. EBITDA fell 38.5% YoY to 21.1.cr and EBITDA margins came in at 6.6% vs 10% in Q425. PAT was down 18.3% at 17cr.