August 03, 2026

TOP NEWS

Muthoot Finance Q1 profit jumps 43%; gold loan AUM nears ₹2 lakh crore: Muthoot Finance reported a 43% year-on-year rise in consolidated net profit for the first quarter of FY27, driven by strong growth in its gold loan portfolio. The company's consolidated profit after tax (PAT) rose to 43% YOY to ₹2,825 crore. Consolidated loan assets under management (AUM) climbed 43% year-on-year to an all-time high of ₹1,91,532 crore. On a sequential basis, consolidated PAT declined 17% from ₹3,397 crore in the March quarter, while loan AUM increased 5% from ₹1,81,916 crore. The company's core gold loan business continued to power growth, with consolidated gold loan AUM rising 48% year-on-year to ₹1,75,527 crore, an increase of ₹56,767 crore over the year.

National Aluminium Company Ltd (NALCO) announced a 90.87% year-on-year growth in net profit to ₹2,003.14 crore for the first quarter ended June 30, 2026, compared to ₹1,049.48 crore in the previous financial year. Annual revenue from operations increased 39.28% to ₹5,302.38 crore from ₹3,806.94 crore. Quarter-on-quarter revenue rose 5.78%. EBITDA increased by 81.45% year-on-year to ₹2,707.50 crore from ₹1,492.14 crore at the operating level. EBITDA increased 15.24% sequentially. , Nalco's standalone net profit surged to ₹2,002.38 crore in the first quarter, compared with ₹1,063.86 crore in the corresponding period of the previous financial year. The Board recommended a final dividend of ₹1 per equity share (20% on face value of ₹5 each).

Divi's Laboratories:  Net Profit Rises 65.5% with net profit up 65.5% at Rs 902 crore vs Rs 545 crore YoY. Revenue up 27.8% at Rs 3,080 crore vs Rs 2,410 crore YoY. EBITDA up 72.2% at Rs 1,255 crore vs Rs 729 crore YoY EBITDA margin at 40.7% vs 30.2% YoY.

Gujarat Ambuja Exports Limited has delivered an exceptional financial turnaround in the first quarter of FY27 (ended June 30, 2026), with standalone net profit expanding 170.53% year-on-year to ₹176.93 crore. This powerful bottom-line surge was backed by standalone revenue from operations rising 23.47% year-on-year to ₹1,594.27 crore. The strong performance highlights massive operational leverage and a significant margin expansion in its core maize processing divisions.

Tata Motors (CV) sales in the domestic & international markets for July 2026 stood at 39,641 units, compared to 28,956 units during July 2025, up 37% YoY. Domestic sales of MH&ICV in July 2026, was 15,435 units vs 12,378 units in July 2025 (Up 25% YoY). Domestic & International sales for MH&ICV in July 2026, was 16,364 units vs 13,669 units in July 2025 (Up 20% YoY).

Urban Company reported a strong 44% year-on-year growth in operating revenue in Q1 FY27. the company’a loss narrowed to Rs 92 crore during the quarter amid its continued push for InstaHelp. Urban Company's revenue from operations rose to Rs 528 crore in Q1 FY27 from Rs 367 crore in the same quarter last year

Glenmark Pharma posts higher quarterly profit on strong demand: Glenmark Pharmaceuticals posted a 53.6% jump in adjusted ‌first-quarter profit on Friday, led by strong demand ⁠for its drugs that treat long-term illnesses.The company’s consolidated ‌profit before exceptional items and taxes ‌rose to 6.43 ‌billion ⁠rupees ($67.41 million) for ⁠the quarter ended June 30, from 4.19 billion rupees a year ago.

Concord Biotech Q1 (Consolidated YoY): Profit zooms 32.8% to Rs 58.5 crore Vs Rs 44 crore. Revenue grows 26.2% to Rs 257.5 crore Vs Rs 204 crore

Zee Entertainment Enterprises: The Securities and Exchange Board of India (SEBI) has barred Zee Entertainment Enterprises (ZEEL), Punit Goenka, and Essel Group founder Subhash Chandra from the securities market after holding that the company's Hyderabad property was mortgaged to secure loans raised by Essel Group entities without the requisite corporate approvals. SEBI has barred ZEEL from accessing the securities market for two months, while Goenka and Chandra have been restrained for 12 months. The regulator also imposed a cumulative penalty of Rs 1.48 crore, comprising Rs 30 lakh on ZEEL, Rs 58 lakh on Goenka, and Rs 60 lakh on Chandra. Meanwhile, ZEEL is seeking legal advice following the SEBI order. However, the company has maintained that the regulator's order will not impact its ongoing Rs 2,300-crore fundraising exercise. ZEEL is also likely to challenge the SEBI order before the Securities Appellate Tribunal (SAT), which hears appeals against orders passed by the market regulator. Negative

Ram Ratna Wires : Q1 FY27 performance, Revenue: ₹1,853.3 crore, up 88.6% YoY ,EBITDA: ₹89.6 crore, up 109% YoY, EBITDA margin: 4.8% versus 4.4% last year, PBT: ₹46.1 crore, up 105.8% YoY, PAT: ₹35.2 crore, up 120.8% YoY, PAT margin: 1.9% versus 1.6% last year

Dixon Technologies: The company posts Q1 net profit of ₹663 crore Electronics manufacturing services firm Dixon Technologies has posted consolidated net profit of ₹663.42 crore in the first quarter ended June 30, 2026 up from ₹224.97 crore last year, amid operational changes.

MACRO WRAP

• China’s private sector manufacturing Rating Dog China manufacturing PMI fell to 50.9 in July, down 0.8 percentage points from June, marking the eighth consecutive month of expansion and tying the longest expansion cycle in five years. Expansion continued but slowed: new orders rose and cost pressures eased, while new export orders returned to expansion. Purchasing activity declined and firms’ input inventories continued to accumulate—risks to monitor for downstream demand and production activity.
• Trump said peace talks with Iran will resume today after he cancelled a planned military strike, following appeals from allies like Saudi Arabia to prioritize negotiations. He also renewed his call to quickly reopen the Strait of Hormuz.
• Japan cut its holdings of US Treasuries by $96 billion over the past three months, trimming holdings to $1.14 trillion — the lowest level since April 2025. USD/JPY dropped roughly 70 pips in a brief move and is trading at 157. The DXY ended the week at 99.91, logging its worst weekly performance since early April.
• The University of Michigan's Consumer Sentiment Index was revised up to 55.2 in July 2026 from 54.0, the highest since February, with gains across all groups. Still, sentiment was 11% below a year earlier amid concern over high prices. Year-ahead inflation expectations eased to 4.2% from 4.6%, while long-run expectations stayed at 3.3%. Year-ahead US inflation expectations fell to 4.2% in July 2026 from 4.6% in June, a second straight decline and the lowest since March, but still above February’s 3.4% and any 2024 reading.
• US equities ended the last trading day of Jul on a positive note, boosted by a tech-driven rally. The S&P 500 finished at 7,489.72 (+0.70%), the Dow at 52,485.03 (+0.53%), and the Nasdaq Composite at 25,373.85 (+1.00%). The Magnificent Seven surged +3.2% on the session, though the semiconductor complex ended little changed. Financials lagged, falling -0.1% on the day. The VIX closed at 15.99, a sharp pull back from its 20.88 intra-week high, signalling that much of the selling pressures on US stocks may have dissipated.
• Eurozone inflation rose to 2.9% in July 2026 from 2.8%, above the ECB’s 2% target, mainly due to energy inflation jumping to 10%. Core inflation inched up to 2.5%, with most major economies seeing faster price growth except Italy, where it dipped slightly.
• OPEC+ agreed to raise September crude output quotas by 188,000 b/d, a move that nominally cancels the group's 2023 voluntary cuts. OPEC+ will continue monthly meetings; the next is scheduled for Sept. 6. Sentimentally negative for Crude oil prices

INVESTMENT CALL

First Cut: Maruti Suzuki Q1FY27 Results – Revenue inline but higher raw material costs det profitability.

• Revenue grew by 36% y-o-y to Rs 52,456 crore (inline with consensus) aided by strong volume growth of 29% y-o-y during the quarter while price hikes helped realisations improve 5.5% y-o-y to Rs 7,31,771.
• Raw material costs increased by 46% y-o-y impacting EBITDA, which reduced by7% y-o-y and 30% q-o-q to Rs. 4,311 crore, with EBITDA margins declining 376bps y-o-y and 352bps q-o-q to 8.2% (vs a consensus of 9.7%) which is primarily due to change in billing methodology to compensate suppliers for sharp jump in raw material prices.
• Profitability reduced 12% y-o-y and 8% q-o-q to Rs. 3,352 crore which was due to the trickle down effect of higher input costs. PAT margin reduced by 343bps y-o-y and 58bps q-o-q to 6.4%.
• Management clarified that the price hikes should have a positive effect in coming quarters and Q2 and Q3 to be better than Q1 aided by softening of raw material costs.
• We believe that the increase in capacity will further help the company capture market share across all segments while price hikes will help margin recovery in coming quarters.
• We maintain a Positive rating with a price target of Rs.16,221, implying an upside of 14%.

Results Highlights (Rs. Cr.)

Margin profile (%)

First Cut – APL Apollo Tubes Q1FY27 Consolidated Results: Revenue above expectations; EBITDA/PAT inline.

• APL Apollo reported consolidated net revenue of Rs. 5,606.7 crore, up 8.5% YoY and 11% above expectations. Revenue growth was supported by a 15.6% YoY improvement in realisation per tonne, partially offset by a 6.2% YoY decline in volumes. The company delivered another strong quarter, with EBITDA per tonne at Rs. 5,521, up 17.8% YoY, aided by brand strength, premiumisation, and a better product mix.
• PAT stood at Rs. 263 crore, up 10.9% YoY and slightly above expectations.
• The company’s capacity expansion plan remains on track, with total capacity expected to increase from 5 MTPA currently to 8 MTPA by FY28.

OTHER NEWS

NCC received Rs. 1,053cr order: NCC shares will be in focus on August 3 after the infrastructure company announced that it secured three orders worth ₹1,052.71 crore (excluding GST) during July 2026. Of the total order value, ₹590.38 crore pertains to the company's Buildings Division, while ₹462.33 crore relates to its Water Division, strengthening its order book across key business segments.  Positive

Central Depository Services-CDSL Q1 (Consolidated YoY): Profit grows 14.8% to Rs 117.5 crore Vs Rs 102.4 crore. Revenue rises 13.1% to Rs 292.8 crore Vs Rs 258.8 crore.

NMDC: State-owned miner NMDC Ltd. reported a sharp improvement in iron ore production during July 2026, producing 4.06 million tonnes (MT) compared with 3.09 MT in the same month last year with an increase of over 31%. However, sales remained almost unchanged at 3.40 MT, slightly lower than 3.46 MT a year ago. This suggests that while mining activity accelerated, dispatches did not grow at the same pace during the month. The production growth significantly outpaced sales growth, indicating that the company has expanded output faster than customer offtake so far this financial year.

MSP Steel & Power: Revenue from operations: ₹8,265.16 lakh (~₹826.5 crore), up from ₹7,108.61 lakh in Q1 FY26  a ~16.9% YoY increase.Net profit after tax: ₹2,196.52 lakh (~₹21.97 crore), up from ₹1,784.17 lakh in Q1 FY26  a ~23.6% YoY increase. EPS (basic): Re 0.39 for the quarter, up from Re 0.31 in Q1 FY26. Reasonable YoY top-line and bottom-line growth, but the Q4 FY26 base included an exceptional one-off gain, so the QoQ decline is largely a normalisation rather than a genuine deterioration

Coal India: Coal India Limited (CIL) recorded a robust operational performance in July FY 26-27, registering an 8.44% growth in coal production to 50.36 million tonnes (MT) and 18.38% increase in coal supplies to 64.19 MT, over the corresponding period last year. The coal supplied in July FY'27 marks the highest-ever coal offtake for the month of July in any financial year. The previous highest July supply stood at 60.5 MT, achieved in FY 24-25. The strong operational momentum follows another record performance in June FY’27, when CIL supplied 65.95 MT of coal, its highest-ever supply for the month of June. Positive

Maruti Suzuki: In July 2026, Maruti Suzuki India Limited sold a total of 241,421 units. Domestic sales reached an all-time high of 200,123 units. The sales to other OEM were at 11,242 units and exports were at 30,056 units. Strong growth in Small car segment was observed where volumes crossed 1lakhs.

Mahindra and Mahindra’s : overall auto sales for the month of July 2026 stood at 1,03,860 vehicles, a growth of 26% including exports. In the Utility Vehicles segment, Mahindra sold 60,048 vehicles in the domestic market, a growth of 20% and overall, 60,887 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 25,204, a growth of 23%. The total vehicle sales stood at 103860, a 26% YoY growth reflecting all-round demand traction across the portfolio. Total tractor sales (Domestic + Exports) during July 2026 were at 34,420 units, as against 28,708 units for the same period last year. Exports for the month stood at 1,777 units. Domestic sales in July 2026 were at 32,643 units, as against 26,990 units in July 2025, reflecting a 21% year-on-year growth. Significant recovery in rainfall, improved reservoir levels, accelerated kharif sowing aided by Government support and healthy farm cashflows has led to positive rural & farmer sentiment.

Hero MotoCorp: The company maintained its upward growth trajectory in July 2026, reporting total dispatches of 533,416 units. This compares to 449,755 units during the same period last year, reflecting a robust 19% year-on-year growth. The Company's domestic ICE business recorded dispatches 478,689 units in July 2026, compared to 401,171 units in the same period last year, reflecting approximately 19% year-on-year growth. Global Business unit recorded dispatches of 32,013 units in July 2026, driven by aggressive international expansion. Strengthening its global presence, the company officially entered Ecuador and Germany. VIDA sustained its strong performance in July 2026 with dispatch of 22,714 units.