August 11, 2026

TOP NEWS

War update: President Trump seeks compensation from Iran for casualties of war after Tehran demanded that Washington pay for damages from the five-month conflict as a condition for reopening the Strait of Hormuz. Oil prices jumped by 5% to $88/ Barrel as both the countries looks divided over opening of Strait of Hormuz. Asian markets remained positive with Gift nifty indicating 15 points cut on bourses.

Gland Pharma: Gland Pharma reported consolidated net profit for June quarter rose 47% year-on-year (YoY) to ₹317 crore. It came on a 20% YoY increase in revenue from operations to ₹1,800.3 crore. On a sequential basis, net profit was 14% lower and revenue 3% higher. Growth was driven by recent product launches from CDMO (Contract Development and Manufacturing Organization) portfolio and strong customer demand. The company is investing in differentiated technologies and capacity expansions as part of a focus on a developing a robust CDMO pipeline, Executive Chairman Srinivas Sadu said.

Lloyds Metals and Energy: The company reported a revenue jump of 209% to Rs 7,354.4 crore Vs Rs 2,383.5 cr.Profit surged 165% to Rs 1,726.6 crore Vs Rs 651.9 crore. The company reported standalone Q1FY27 Revenue of Rs. 5,412.9 Crore (+127% YoY) and EBITDA of Rs. 2,120.2 Crore (+172% YoY). Operational highlights include record iron ore output, ramp-up of the pellet plant reaching 100% capacity utilisation, and significant logistics cost savings via new slurry pipelines.  The headline numbers show a massive operational expansion, but the real story lies in the structural shift of the revenue mix. The steel and value-added pellet segment has rapidly scaled to become a major driver, contributing ₹2,269.25 Cr in revenue at a highly lucrative 36.0% operating margin. This forward integration, supported by the fully utilised ₹1,218.00 Cr QIP proceeds for the Konsari pellet plant, is successfully reducing the company's reliance on merchant iron ore sales.

KSH International: Revenue grew 108.4% YoY to Rs 1,164.24 Cr, the highest quarterly revenue ever. PAT grew 86.15% YoY to Rs 42.22 Cr. EBITDA margin improved sequentially from 5.53% to 6.39%. This growth was primarily driven by capacity additions at the newly commissioned Supa plant, higher throughput in specialized magnet winding wires, and strong order execution across high-voltage transmission and transformer sectors.

KEC International: Net profit down 41.7% at Rs72.6 Cr vs Rs 124.6 Cr YoY . Rev broadly flat at Rs 5,023.5 Cr vs Rs 5,022.8 Cr YoY. EBITDA down 16.9% at Rs 290.8 Cr vs Rs 350.1 Cr YoY EBITDA margin falls to 6% vs 7% YoY. The sharp decline indicates that the company has not been able to convert its revenue base into profits at the same level as last year. The next results need to demonstrate a meaningful recovery in earnings before the negative Q1 impact can be considered temporary. Negative

Triveni Turbines: Revenue at Rs 443 cr, up 19.2% YoY QoQ, EBITDA at Rs 80 cr, down 16.6% yoy ,PAT at Rs 51 cr down 20.7%. The margin was impacted by an unfavorable mix, price escalation, and the delivery phasing of some strategic orders. Weak set of results.

BSE: Inclusion of BSE on Nifty-50, inflows may be $700 million: BSE's inclusion on the Nifty 50 comes nearly a decade after it made its stock market debut in February 2017. Shares of the Bombay Stock Exchange Ltd. (BSE) will be in focus on Tuesday, August 11, as shares of Asia's oldest stock exchange will now be a part of the benchmark Nifty 50 index from September 30 onwards. The announcement was made by the National Stock Exchange (NSE) on Monday evening, as part of the bi-annual rejig of its indices. BSE will replace Wipro on the Nifty 50 index.

Macro Wrap

• Uncertainty over a US–Iran deals to end the war and reopen the Strait of Hormuz has grown after Trump demanded compensation for victims of Iranian-backed conflicts, responding to Tehran’s reparations demands. The tougher stance lowers chances of a near-term agreement and keeps markets wary, as Iran ties any Hormuz deal with Oman to a broader accord with the US and Trump opts for economic pressure over new strikes. Sentimentally Bullish for Crude Oil, Negative for Inr
• The DJIA, the S&P500, and the Nasdaq Composite fell 0.1%, 0.1%, and 0.3% respectively, with the Philadelphia Semiconductor Index the notable laggard, falling 2.9%. The Euro Stoxx 50 rose 0.2%. The Dollar Index rose 0.3% to 99.81. EUR-USD fell 20 pips to around 1.1540. The US 2Y yield rose 5bp to 4.24% and the 10Y climbed 6bp to 4.71%. Brent crude oil prices rose 5.0% to USD87.72, as the Strait of Hormuz standoff showed no sign of resolution. Gold rose 1.1% to USD4,391. Silver gained 3.4% to USD65.74.

INVESTMENT CALL

First Cut: Lumax Auto Technologies Ltd consolidated results : Costs well managed to improve bottom line.

·         Revenue for the quarter grew 33% y-o-y to Rs1,364 crores led by s strong growth across segments, increasing wallet share with existing OEMs and premiumisation trend across industry.

·         EBITDA grew by 52% y-o-y to Rs 190 crores vs Rs. 125 crores in Q1FY26, led by cost efficiency, better product mix and operational excellence. EBITDA margins grew 178 bps y-o-y to 13.9% (vs our estimate of 13.5%). Company continues to expand towards its long-term growth guidance of 20% EBITDA margin by FY31.

·         PAT grew 83% y-o-y and 2% q-o-q to Rs. 99 crore led by a strong technological advancement and improving asset utilisations. PAT margin grew 197 bps y-o-y and 41bps q-o-q to 7.2% suggesting a stable return pattern.

·         With multiple factors like strong industry demand, robust orderbook, disciplined operational excellence, strategic partnerships, etc. we believe Lumax Auto is well-placed to capitalise on resilient demand aided by new products despite commodity headwinds. While margins growth could be stressed, price hikes could ease off pressure. We have factored in a revenue/EBITDA/PAT CAGR growth of 17%/25%/28% respectively over FY26-FY28E. We value the company at 13x its FY28E EBITDA to arrive at a price target of Rs. 2,130.

Results Highlights:

Margin Profile:

Q1FY27 result update - State Bank of India: Growth, margins and profitability all click

●      NII growth was aided by a rise in domestic NIM; operating profit rose 9.8% y-o-y/21.0% q-o-q, ahead of our estimate by ~5%, helped by healthy NII, steady fee income and a q-o-q drop in opex.

●      PAT rose 10.2% y-o-y/7.3% q-o-q to a record Rs. 21,121 crore, despite a q-o-q rise in provisions.

●      Advances growth remained robust at 19% y-o-y while deposit growth trailed at 9.7% y-o-y, pushing credit-deposit ratio to 83.1%.

●      Overall, Q1 was strong across most parameters. We maintain a Buy with a revised PT of Rs. 1,265.

Results update Q1FY27 – Power Finance Corporate (PFC): Soft Q1- profitability stays resilient

View Positive:        Recommendation buy     PT Rs. 500

• High pre-payments dragged down disbursements by -44.2% y-o-y and -49.6% q-o-q), keeping AUM growth modest at 3.7% y-o-y and decline of -1.7% q-o-q.
• NIM shrunk to 3.67% down by -31 bps y-o-y, yet PPoP rose 10.9% y-o-y on the back of jump in other income.
• However, PAT beat estimates by 7.2%, on negative credit costs (-Rs. 556 crore) following key provision reversals.
• Although operational momentum remains soft in Q1FY27 that prompted modest EPS revisions. However, profitability remains resilient. Benign credit costs, ongoing recoveries, and steady asset quality continue to safeguard earnings, supporting for strong return ratios, RoA >3.0% and RoE ~17% for FY28. The stock trades at an attractive valuation of 0.6x FY28E P/BV, it also offers a healthy dividend yield. Hence, we maintain buy rating with revised SoTP based PT of Rs. 500.

Valuation Table

OTHER NEWS

Yatharth Hospital and Trauma Care Services Limited reported its earnings for the first quarter of FY27, with a massive revenue jump and growth in its net profit. The company posted a 12.1% rise in its Q1FY27 net profit to Rs 47.1 crore from Rs 42 crore in the year-ago period. The company's revenue from operations in the quarter ended June 2026 grew 51.5% to Rs 393 crore from Rs 259 crore, year-on-year (YoY). At the operational level, EBITDA grew 39% to Rs 92 crore from Rs 66 crore, while EBITDA margin was down 210 bps at 23.3% from 25.4% YoY. The Board of Directors also approved and declared an interim dividend of Rs 0.50 per equity share of face value Rs 10 each with the record date for determining entitlement to this dividend has been fixed as August 14, 2026. Additionally, the company approved the “Yatharth Hospital & Trauma Care Services Employees Stock Option Scheme – 2026.