January 13, 2026

TOP NEWS

Kalpataru Limited : In Q3 FY26, Kalpataru’s pre-sales declined 14% YoY to Rs. 870 crore, mainly due to a high base in Q3 FY25 and fewer large new launches during the quarter. However, collections rose 17% YoY to Rs. 1,101 crore, supported by strong execution, construction progress, and customer payments from earlier sales. For 9M FY26, performance remains strong with pre-sales up 23% and collections up 30% YoY, indicating healthy demand and cash flow momentum despite a softer Q3 on new sales. Negative 

WABAG : The company wins 'Large' order from BPCL for Industrial Water Treatment Facilities. Project part of Bina Petchem and Refinery Expansion in Madhya Pradesh Order value: INR 250-600 Crores

Biocon: The company opens Qip (Qualified Institutional Placement) on Jan. 12. Approved floor price at Rs 387.74 per share. The floor price is at a premium of 4% from the last trading price. The company at its discretion offers a discount of not more than 5% on the floor price for the issue.

Anand Rathi (Cons, YoY): Revenue 289.62 crore vs 237.04 crore (+22.18% YoY & -2.60% QoQ). PAT 100.19 crore vs 77.30 crore, (+29.61% YoY & +0.29% QoQ). AUM And Inflows - AUM: Rs 99,008 crore, +30% YoY. Mutual fund distribution revenue: Rs 366 crore, +21% YoY. Net inflows: Rs 10,078 crore, +10% YoY (Equity MF: Rs 6,082 crore, +4% YoY).

Hindustan Zinc: Silver prices surged to record highs amid global uncertainty and a weaker US dollar. On MCX, silver jumped over 4% to hit a lifetime high of ₹2,71,352 per kg, up sharply from the previous close of ₹2,52,725 per kg. In the international market, silver prices climbed nearly 6% to around $85 per ounce, after rising almost 10% last week. The rally was driven by supply constraints and safe-haven demand as legal developments involving the US Federal Reserve and ongoing geopolitical tensions.

KP Green Engineering (KP Group): The company has signed an MoU with the Government of Gujarat to develop renewable energy projects worth ~Rs. 4,000 crore in the state. The plan includes ~855 MW of solar and wind–solar hybrid projects across locations like Dwarka and Kutch, to be executed in phases, with potential employment for over 4,000 people. The Gujarat government will support approvals and clearances, reinforcing KP Group’s expansion in clean energy. Positive 

25% tariff on business with Iran: US President Donald Trump has announced a 25 per cent tariff on any country trading with Iran, ramping up pressure on the theocratic government in Tehran over its violent crackdown on a wave of protests that have left nearly 600 dead and led to the arrests of thousands across the country. The sanctions will also significantly impact India which is also one of the trading partner of Iran. Negative read through for stocks such as KRBL, Tea Stocks, GAIL, Tata Steel, ONGC, Oil India, Cipla, Sun Pharma, DRL, Lupin

·         According to the Indian Embassy in Tehran, India exported goods worth $1.24 billion to Iran in fiscal year 2024-25, while it imported goods worth $0.44 billion, taking total trade to $1.68 billion (approximately Rs 14,000 - Rs 15,000 crore).

·         Among these, the biggest share was that of organic chemicals worth $512.92 million, followed by edible fruits, nuts, peels of citrus fruits, and melons at $311.60 million, and mineral fuels, oils, and distillation products at $86.48 million, according to a report by Trading Ecomonics.

TVS Supply Chain Solution: secured a contract from Daimler India Commercial Vehicles (DICV) to manage their in-plant warehouse operations at its manufacturing facility in Chennai. Under the agreement, TVS SCS will handle end-to-end warehouse operations within the facility, ensuring smooth material flow, optimised inventory, and improved operational efficiency. Positive

Shares of listed basmati rice exporters such as LT Foods, KRBL and Chaman Lal Setia Exports are expected to remain in focus on Tuesday, January 13, after the US announced a 25% tariff on countries doing business with Iran.

PREVIEW

MACRO WRAP

• India Inc: India’s headline CPI inflation came in at 1.3% yoy Vs consensus: 1.4% vs 0.7% in November and Core CPI, which excludes food and fuel prices, rose 4.6% yoy vs 4.3% in November, the highest since August 2023, however excluding gold/silver the CPI rose 2.3% vs 2.4%. on positive side the food index remained in deflationary pressure falling 1.8% yoy vs -2.8% in November, marking the fourth consecutive month of deflation. The good autumn harvest alongside the GST 2.0 reform continues to cap food inflation.
• The DJIA and the S&P500 rose 0.2% overnight while the Nasdaq Composite Index rose 0.3%. The Eurostoxx 50 gained 0.3%. The Dollar Index fell 0.3% to 98.86 and EUR-USD rose 30 pips to 1.1670.
• The US 2Y yield closed flat at 3.53% and the 10Y yield edged up 1bp to 4.18%. The German 10Y yield fell 2bp to 2.84%. The UK 10Y yield was unchanged at 4.37%. Brent crude oil prices rose 0.8% to USD63.87 and gold jumped nearly 2% to USD4,598. Silver rose 6.6% to USD85.10.
• The geo-political risk remained elevated due to US Justice department serving criminal investigation into the Fed, while in a joint statement published yesterday, former US Fed chairs and others who served as chairs of the Council of Economic Advisers denounced the probe. The next Fed meeting is on 27-28 January. On 21 January, the US Supreme Court will hear oral arguments in the Trump v. Cook, the case over President Trump’s attempt to fire Fed Governor Lisa Cook. The administration appealed the lower court’s ruling to block Cook’s dismissal. All this weakens the Fed independence and would broadly be negative for USD.
• US President Trump imposed 25% tariffs on countries doing business with Iran with immediate effect". However, there are no details on whether it will be on top of existing tariffs. This could complicate the existing tariffs on countries that have trade with Iran, such as China, India, and Turkey. Tariffs on imports from India are already at 50%. Sentimentally Negative for Indian markets, Positive for crude oil prices.
• Eurozone Sentix investor confidence survey for Jan remained in the negative territory but improved materially to -1.8 (versus Bloomberg est. -4.9, and from -6.2 in Dec).
• Data Watch: we get the NFIB Small Business Optimism Index, CPI inflation, new home sales, and building permits. The market consensus for headline inflation is 2.7% yoy, unchanged from the previous month. The consensus for core inflation is 2.7% vs 2.6% previously.

INVESTMENT CALL

HCLT Q3FY26 Consolidated Results – HCL Software powers revenue and earnings beat

·         HCL Tech reported revenue of USD 3,793 Mn, up 4.1% q-o-q (+7.4% y-o-y) against our estimate of USD 3,704 Mn, beating our estimates mainly driven by stronger than expected HCL Software business.

·         Revenue (in Rs.) came in at 33,872 Cr, up 6.0% q-o-q (+13.3% y-o-y), driven by strong performance in manufacturing, technology & services and Retail.

·         EBIT came in ahead of our estimates by 4.2% to Rs. 6,285 Cr (+13.2% q-o-q/ +8.0% y-o-y) while EBITMargin registered a sequential jump of 118bps to 18.6 against our projection of 18.4%.

·         Excluding the impact of restructuring costs of 81bps in Q3FY26, the EBIT Margin stands at 19.4%, well above our estimates.

·         PAT stood at Rs. 4,795 Cr, up 13.2% q-o-q (+4.4% y-o-y).

·         Company has revised its revenue growth guidance to 4.0%-4.5% y-o-y in CC from 3.0%-5.0% y-o-y in CC.

·         Services Revenue growth expected to be between 4.75%-5.25% y-o-y in CC from 4.0%-5.0% y-o-y in CC.

·         EBIT Margin to be between 17.0%-18.0%*. Excludes the one-time impact of New Labour Codes: Rs. 956 Cr (USD 109M) at EBIT and Rs 719 Cr (USD 82M) at Net Income in Q3FY26.

Actual vs Estimates

TCS Q3FY26 Consolidated Results – Revenue Meets Expectations; Adjusted PAT Exceeds Estimates Driven by Lower Depreciation and Favourable Effective Tax Rate

·         Company reported revenue of USD 7,509, in line with our estimates, up 0.8% CC q-o-q ( down 2.6% CC y-o-y).

·         Revenue (in INR) stood at INR 67,087 Cr, up 2.0% q-o-q (+4.9% y-o-y), in line with our estimates.

·         EBIT came in at INR 16,889 Cr, slightly higher than expected due to lower than expected COR and depreciation. EBIT Margin came in at 25.2%, stable sequentially, beating our estimates by 21bps against our estimates of 25.0%.

·         PAT (excl. exceptional items) came in at INR 13,438 Cr, up 4.1% q-o-q (+8.5% y-o-y) while PAT Margin came in at 20.0% (+42bps q-o-q/ +68bps y-o-y).

·         TCS recorded an extra one-time cost of ₹2,128 crore (₹1,816 crore for gratuity + ₹312 crore for compensated absences). This was shown as a special "Statutory impact of new Labour Codes" under Exceptional Items in the profit & loss statement.

·         TCS believes it has a strong case against Computer Sciences Corporation (CSC, now part of DXC) and will fight further, but on a safe basis, it recorded a provision of $112 million (~₹1,010 crore) for the claim under Exceptional Items, plus $38 million (~₹342 crore) for interest under other costs.

Sector Preview – Q3FY26E Pharmaceuticals and Healthcare - : Eyeing a mixed bag Q3

• Our universe of pharmaceutical companies is likely to clock~13% y-o-y revenue growth in Q2FY2026.
• Domestic market remains strong and our coverage universe is expected to outperform the IPM while price erosion in the US and lack of new product launches in the region will weigh down the performance of some of the export reliant companies.
• Overall EBITDA growth seen at 12% y-o-y with companies such as torrent, Laurus, Divis and Lupin to witness significant margin expansion.
• Sun Pharmaceuticals, Dr Reddy’s to lag on account of gRevelimid impact and lack of significant launches in the near term.

OTHER NEWS

Retail inflation inches up to 3-month high of 1.3% in December* :  retail inflation, as measured by the consumer price index (CPI), rose an annual 1.3%, higher than the 0.7% in Nov and below the 5.2% in Dec 2024. Food inflation contracted 2.7% in Dec and there is an increase of 120 basis points compared to Nov. Rural inflation was at 0.8% while urban was at 2%.

Sical Logistics: The company has received a domestic contract from South Eastern Coalfields Limited (SECL) worth Rs. 4,038.18 crore for execution of work as per the specified tender. The project will be executed in Raigarh, Chhattisgarh, with a contract period of 4,214 days.

Silver Touch Technologies: The company has won a national-level digital transformation project from a Government of India enterprise to build and maintain a common digital platform for government websites and portals. The platform will help standardise, secure and improve government digital services, making them citizen-friendly, multilingual and compliant with government norms, strengthening India’s overall digital governance ecosystem.