January 07, 2026

TOP NEWS

Lodha Developers: The company reported its best-ever quarterly pre-sales of Rs. 5,620 crore in Q3 FY26, up 25% YoY and 23% QoQ, and remains confident of achieving its FY26 guidance of Rs. 21,000 crore, supported by strong sustenance sales and a healthy Q4 launch pipeline. Collections stood at Rs. 3,560 crore, declining YoY due to the absence of one-off land and office sale inflows in Q3 FY25, but are expected to scale up in the coming quarters. During the quarter, the company added five projects with a GDV of Rs. 33,800 crore across MMR, NCR, and Bengaluru, taking 9M FY26 business development to Rs. 58,800 crore (2.35x annual guidance), providing strong growth visibility. Net debt remained comfortable at Rs. 6,170 crore, well below the 0.5x Net Debt/Equity ceiling.

Hindustan Zinc: Silver prices on India's Multi-Commodity Exchange (MCX) hit a fresh record high after surging more than Rs 10,200 per kilogramme. The MCX silver prices for the March 2026 contract surged 4.18% or Rs 10,295 per kilogram to its new record high of Rs 256,450 per kilogram on Tuesday, compared to Rs 246,155 per kilogram. All the other metals like Gold, Copper and Nickel are also on run so will be positive for Hindustan Copper, Hindustan Zinc and other metal companies.

Godrej Consumer Q3FY26 update:

• Demand conditions in India strengthened progressively during the quarter. Standalone (domestic) business is well positioned to deliver double-digit revenue growth in Q3, led by close to double-digit underlying volume growth (UVG).
• Home Care segment is expected to deliver double-digit value growth supported by sustained consumer demand and effective in-market execution.
• Personal Care is expected to record mid-single-digit value growth, driven by a marked recovery in the soaps category.
• Standalone EBITDA margins to revert to the normative range aided by favourable input costs, disciplined cost management, calibrated pricing actions, and improved operating leverage.
• At the consolidated level, GCPL expects to report close to double-digit revenue growth in INR terms and double-digit EBITDA growth.
• View: Strong India business performance in Q3 with close to double-digit volume growth and margins reverting to normative range. Positive.

Titan Q3FY26 update:

• Consolidated revenue growth at 40% y-o-y, led by domestic business growth of 38% and international business growth of 79%.
• Within the domestic business
• Jewellery grew 41% y-o-y (Tanishq, Zoya, Mia, beYon grew by 40% and  CaratLane  by 42%)
• Watches grew 13% y-o-y (Analog Watches up 17%, while Smart Watches declined 26%)
• Eyecare grew 16% y-o-y
• Emerging businesses grew 14% y-o-y (Fragrances grew 22%, Women’s Bags grew 111%, Taneira declined 6%)
• The company added 56 stores (net) during Q3 expanding Titan’s combined retail network presence to 3,433 stores.
• View: Strong update driven by good domestic jewellery business performance. Positive

Jubilant Foods Q3FY26 update:

• Consolidated revenue grew by 13.4% y-o-y to Rs. 2,438.7 crore, while standalone revenue grew by 11.8% y-o-y to Rs. 1,801.5 crore.
• Domino’s India recorded a LFL growth of 5.0%, while Domino’s Turkey recorded a LFL growth of 6.3%.
• During the quarter, net 114 stores were added to the JFL group network (Domino’s India: 75, Domino’s Turkey: 15, other brands: 24), taking the network to 3,594 stores at Q3FY26-end.
• View: India business LFL growth moderated to single-digits after several quarters of double-digit LFL growth. Negative

Senco Gold Q3FY26 update:

• Revenue grew by 51% y-o-y in Q3, led by retail business growth of ~49% and SSSG of ~39%.
• Diamond jewellery sales continued to maintain strong growth momentum reporting ~36% y-o-y growth in Q3.
• The company launched 4 new franchise showrooms in Q3, taking the total showroom network to 196 (inclusive of 8 Sennes and 2 international showrooms).
• Gold prices continued to rise in Q3 with ~23% q-o-q and ~65% y-o-y (on average) growth, leading to major demand from global central banks, investment-led demand for ETFs, but muted volume rise.
• View: Strong Q3 led by over 50% y-o-y revenue growth. Positive.

Kalyan Jewellers Q3FY26 update:

• Consolidated revenue grew by ~42% y-o-y in Q3, with India business growing by ~42% and international business growing by ~36%.
• India business performance was driven primarily by strong festive demand, with same-store-sales-growth at ~27%.
• Middle East region grew by ~28% y-o-y driven majorly by same-store-sales-growth.
• The company’s digital-first jewellery platform, Candere, recorded a y-o-y revenue growth of ~147%.
• During Q3, the company launched 21 Kalyan showrooms in India, 1 Kalyan showroom in the United Kingdom and 14 Candere showrooms in India, taking the total network to 469 stores across India and international markets (Kalyan India – 318, Kalyan Middle East – 38, Kalyan USA – 2, Kalyan UK – 1, Candere – 110).
• View: Good performance across geographies led to strong growth in Q3. Positive.

Biocon Limited: The company’s subsidiary is set to introduce three new oncology biosimilars at an upcoming healthcare conference in the United States, marking a strategic expansion of its oncology portfolio. The move is aimed at strengthening Biocon’s presence in the global biosimilars market and addressing growing demand for accessible cancer therapies.

MACRO WRAP

·        US stocks closed at a new record high on Tue amid optimism over the AI-led rally and expectations of a further easing in monetary policy from the US Fed. The S&P 500 finished up 0.6% to top a closing high hit in late Dec, while the tech- heavy Nasdaq climbed 0.6% and the small-cap focused Russell 2000 notched a 1.4% gain. The Dow gained 1% overnight.

·        The US 2Y and 10Y yields edged up 1bp to 3.46% and 4.17% respectively. The German 10Y yield fell 3bp to 2.84%. The UK 10Y yield also dropped 3bp to 4.48%.

·        Brent crude oil prices fell 1.7% to USD60.70 and erased all the gains made on Monday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output. Gold gained 1% to USD4,495.

·        Gold climbed more than 1% to close just a touch below the USD4,500/oz mark as the rally in precious metals extended, while silver rose 6%. The metal's dizzying 177% climb since the start of 2025-including 15% this year- bring the ratio to around a 13-year low of about 55. Sentimentally positive for gold load stocks.

·        Geopolitical tensions are likely to remain elevated. As President Trump said that he won't rule out the use of military force to acquire Greenland. This may ramp up tension with fellow NATO member Denmark. Medium to long term positive for Gold.

·        Focus now turns to the US Supreme Court, which has designated Friday as an opinion day, marking the earliest opportunity for a ruling on President Trump’s global tariffs. A potential strike‑down of IEEPA‑based tariffs could revive fiscal concerns and temporarily pressure the USD.

·        Data watch: US Dec’s ADP employment change (est. 50k vs. -32k prior), Dec’s ISM services index (est. 52.2 vs. 52.6 before), Nov’s JOLTS job openings (est. 7,648k vs. 7,670k in Oct), Oct’s factory orders (est. -1.2% vs. 0.2% in Sep), and Oct’s final durable goods orders (est. unchanged at -2.2).

INVESTMENT CALL

Sector Preview – Q3FY26E IT Preview - Q3 Muted by Seasonality; Eyes on CY26 Demand Outlook

• Following a robust performance in Q2FY26, Q3FY26E results are expected to face headwinds from seasonal weakness, leading to muted sequential growth.
• Investors are likely to keenly eye the pace of synergy realisation from recent AI-driven capability enhancements and the inorganic acquisition, early indications on CY26 budget allocations, and revenue generated from the AI pipeline.
• We expect revenue growth of -0.3% to 2.0% for Tier-1 IT companies while Tier-2 IT companies would continue to outperform ranging from 0.2% to 3.5% in CC q-o-q. EBIT margin is likely to be a mixed bag, with currency benefits likely to be offset by wage hikes for selective companies.
• In a notable shift, companies are increasingly providing granular disclosures on AI-driven revenue streams. Investor scrutiny is expected to center on the evolution of AI-related deal pipelines, particularly the velocity of conversion from promising opportunities into booked revenue. In the near term, however, management emphasis is likely to focus on cost-takeout deals and vendor consolidation, which continue to drive incremental wins amid a cautious spending environment.
• Companies expected to deliver strong results: HCL Tech, Persistent Systems, and Coforge. Likely laggards: Infosys, Birlasoft, and Tech Mahindra.
• Preferred picks: Large caps: TCS, Infosys, and HCLTech.  Mid-caps: Coforge Persistent Systems, and LTIM

OTHER NEWS

Shakti Pumps (India) Limited: The company has invested Rs. 3 crore in its wholly owned subsidiary Shakti Energy Solutions Limited (SESL) to set up a 2.20 GW Solar DCR cell and solar PV module manufacturing plant at Pithampur, Madhya Pradesh. SESL, which reported FY25 turnover of Rs. 216.53 crore, operates in solar structures and rooftop solutions.

Gujarat Kidney And Super Speciality Limited: The board approved two major healthcare acquisitions - purchasing the remaining 49% equity stake in Harmony Medicare Private Limited for ₹107.80 crores to make it a wholly owned subsidiary, and approving ₹124 crores payment for the previously acquired Ashwini Medical Centre. Both transactions are expected to complete within two months and align with the company's healthcare sector expansion strategy.

Fino Payments Bank: The bank announced the implementation of a new next-generation Core Banking System as part of its ongoing digital transformation programme. The migration of the Core Banking System to the new Finacle platform is planned from January 8 to January 10. During this period, all banking services will not be available.

CreditAccess Grameen: As per provisional numbers for Q3FY26, the lender saw its disbursements up 9% at Rs 5,805 crore (QoQ) while borrower additions were at 2.1 lakh Vs 2.2 lakh (QoQ) in Q3FY26, for 9MFY26 total new borrower addition stood at 6.5 lakh. Overall Gross loan portfolio increased by 2.6% QoQ to Rs26,566 crore. PAR (Portfolio at Risk) 0-30 shrank from 100 bps to 60 bps led by lower new PAR accretion.

Steel stocks: As per media reports, Competition ‍Commission of India (CCI) has found market leaders Tata Steel, JSW Steel, state-run SAIL, and 25 other firms breached antitrust law by colluding on steel selling prices, a confidential document shows, putting the companies and their executives at risk of hefty fines. Stocks to be in focus today.