August 12, 2026

TOP NEWS

War update: President Donald Trump insisted tonight that the United States still has control over the Strait of Hormuz and threatened that Iran would “get blown away” if the country tried to “do something.” The US military disabled a Panama-flagged cargo vessel sailing toward an Iranian port on Tuesday by firing two hellfire missiles into its engine room. Seeing the intense actions Brent has reached $89/ barrel and is almost up 12% for this week. Asian markets flaring well Gift Nifty indicates a slightly positive start with 42 points on the bourses.

Man Industries (India) Limited: Man Industries reported a strong Q1 FY27 performance, with revenue rising 41.9% YoY to Rs. 1,050 crore and net profit more than doubling to Rs. 61.4 crore from Rs. 27.6 crore. EBITDA surged 185% YoY to Rs. 140 crore, while the EBITDA margin expanded sharply by 702 bps YoY to 13.62% from 6.60%, reflecting significantly improved operating profitability.

Manappuram Finance Q1FY27 Results: Profit jumped 4.0x to Rs 585 crore: The company reported a more than four-fold increase in consolidated profit to Rs 585 crore for Q1FY27. NII stood at Rs 1,759 crore in Q1 FY27, registering 25 per cent y-o-y growth. AUM increased 57 per cent to Rs 69,635 crore during the quarter under review driven by gold loan AUM reached Rs 57,006 crore, registering a growth of 97.9 per cent. Asirvad Microfinance reported a profit of Rs. 21 crore during the quarter. Asset quality saw improvement in the quarter thus fell in the credit costs, driving PAT. The company has also appointed Ashish Singh as Managing Director and Chief Executive Officer and Key Managerial Personnel, effective January 1, 2027, for a five-year period, subject to shareholder approval. V.P. Nandakumar will continue as Managing Director and Chairperson of the company until December 31, 2026. The board also declared an interim dividend of 50 per cent or Rs 1 per equity share of face value of Rs 2 each. Strong results, positive for the day.

TD Power systems: Revenue at Rs 640 crore vs Rs 371 crore. EBITDA at Rs 122cr vs 69cr up 77% YoY, PBT at Rs 117cr vs Rs 67cr, PAT at Rs 86cr vs Rs 50cr. Solid Q1FY27 with big QoQ and YoY uptick across all parameters Highest ever revenue, EBITDA, PBT and PAT in comps history. Healthy orderbook Raises revenue guidance from 2400cr to 2600cr.

Landmark cars: The company delivered its strongest ever 1st quarter performance till date, with highest ever turnover (22% y-o-y growth) & EBIDTA (13.7% y-o-y growth). Gross Profit Margin for the quarter is lower on q-o-q and y-o-y basis due to the changed sales and service revenue mix, accounting of annual incentive in the previous quarter and gain in the previous year. The company however maintained its EBIDTA Margins for the quarter similar to FY26 margins by further reducing costs meaningfully which remains a focus area. PAT for the quarter grew by 97.5% y-o-y showcasing better operational efficiency. The upcoming quarters look promising considering the strong market momentum, timely maturing of the newly setup outlets and launch of new models.

Diamond Power Infrastructure: The company has received two orders worth Rs 195.48 crore from Rajesh Power Services for the supply of 11 kV Medium Voltage (MV) underground power cables for projects of Paschim Gujarat Vij Company Limited (PGVCL) under the State Disaster Mitigation Fund (SDMF) scheme and the System Improvement (Urban Underground) programme in Gujarat, with a focus on coastal areas. The orders are to be executed over the next 12 month

Finolex Cables posted revenue of Rs 2,013.15 Cr, up 44.26% YoY, with EBITDA at Rs 244.18 Cr, up 79.04% YoY and 35.32% QoQ. EBITDA margin expanded sharply to 12.13% from 9.77% in Q1FY26. PAT came in at Rs 249.04 Cr, up 53.14% YoY and 10.97% QoQ. The strong performance was driven by significantly higher Optic Fiber Cable volumes and better realisations, which also boosted margins.

Macro Wrap

• US-Iran update: Qatar stated that negotiations between Oman and Iran had entered an advanced stage, and Pakistan said the US and Iran were close to reaching an arrangement; but Iran says it will not open unless conditions are met, while the US military is reportedly firing on Iran-linked vessels) kept crude prices volatile after an intraday plunge; , Houthi forces struck Saudi-related targets in Yemen and expressed willingness to engage in dialogue with Saudi Arabia under certain conditions.US tech stocks consolidated (S&P 500 -0.3%, Nasdaq -0.6%). Sentimentally positive for Crude oil and negative for India rupee.
• US CPI Preview: todays US CPI is crucial for markets as “final major test before the verdict” for the September rate hike path, market Consensus: the headline US CPI up 0.1% MoM, up 3.4% YoY (prior: -0.4%/+3.5%); core CPI up 0.2% MoM, up 2.5% YoY (prior: 0%/+2.6%), so If tonight's CPI comes in line with or below expectations-the odds for rate hike will dip further under 45%, but if the CPI comes in above expectations MoM (driven by oil prices) the odds swing back above 65%.
• US ADP showed private payrolls up 8,250 per week to July 25, versus a 23,000 July nonfarm job loss and 103,000 in downward revisions to May–June.
• US existing home sales fell 1.7% in July to 4.05m (vs 4.06m expected), after a 1.4% drop, with declines in the South and Midwest, flat sales in the West, and a 2% rise in the Northeast. Inventory fell 1.9% to 1.54m and the median price rose 2% y/y to $434,100.

INVESTMENT CALL

First Take : PI Industries - Another Subdued Quarter

• CSM exports revenue was down 13.3% YoY (volumes were down) due to soft demand in global agrochemical industry.
• Domestic revenue grew 2.8% YoY (volumes were up 12%) as delayed monsoon led to partial postponement of sales with pricing was still under pressure.
• CDMO revenue was down 25% YoY due to order book phasing and customer order phasing.
• Increase of input material price due to geo-political issues impacted Gross margins, however EBITDA margins were came inline with our expectations.
• We currently have a HOLD on PI Industries.
• We will come out with a detailed report post the concall tomorrow at 12:00PM.
• Key Monitorable from call : Rampup of new molecules

OTHER NEWS

KPIL: KPIL reported revenue of Rs 6,408 Cr, up 4% YoY, with EBITDA at Rs 562 Cr (+7% YoY) and margin expanding 30 bps to 8.8%. PAT grew strongly by 46% YoY to Rs 312 Cr, with margin improving 140 bps to 4.9%. Order inflows stood at Rs 7,668 Cr, taking the order book to Rs 66,607 Cr. Segment-wise, T&D revenue grew 10% YoY on healthy execution, with Rs 4,163 Cr worth of projects secured in FY27. B&F revenue rose 15% YoY on strong project progress, while Oil & Gas revenue climbed 18% YoY, driven by execution of the Saudi project. In Water, the company secured its maiden water treatment project in the Middle East.

Nalco/ Hindalco: Norsk Hydro said that its Alunorte alumina refinery in Brazil has limited output to 50% of capacity owing to a lack of natural gas, pushing aluminum prices to a seven-week high. The Alunorte factory, located in the northern state of Para, can produce 6.3 million metric tons of alumina per year. One ton of aluminium metal requires approximately two tons of alumina, a material processed from bauxite.

Godawari Power & Ispat Ltd.:  GPIL's headline revenue growth of 32.31% YoY to Rs 1750.47 Cr masks a severe operational slowdown. Operating profit grew just 4.60% YoY to Rs 338.92 Cr, while sequentially, operating profit collapsed by 22.80% QoQ. This massive divergence stems from a 513-basis-point YoY compression in operating margins to 19.36%. Rs. 2,000 Cr capex planned across the remainder of FY27 and FY28.