February 04, 2026

LATEST NEWS

>> 02: 49 PM

First Cut: Carysil Q3FY26 Consolidated Results – Strong Performance

·         Carysil reported consolidated net revenues of ₹223 crore for Q3FY26, up 9.6% YoY.

·         Operating profit rose 46.5% YoY to ₹42.2 crore, with OPM expanding 477 bps to 19%.

·         Consolidated net profit increased 68.6% YoY to ₹21.1 crore.

·         We maintain our BUY rating on the stock and will provide a detailed update following our management interaction.

Results (Consolidated)                                                                     Rs cr.

>> 02: 35 PM

First Cut: Century Plyboards Ltd Q4FY25 consolidated  Results – Above Expectations

• Century Plyboards reported consolidated net revenues of ₹1,350 crore for Q3FY26, up 18.4% YoY and 2.2% above our estimates. Revenue from plywood/laminates/MDF/particle board/container freight grew 14.9%/9.6%/19.1%/83.5%/35.9% YoY, respectively.
• Operating profit stood at ₹170 crore (up 31.5% YoY), 7.7% above our estimates. OPM expanded 125 bps YoY to 12.6%, beating expectations by 64 bps.
• Net profit rose 22.3% YoY to ₹71.5 crore, 6.7% above expectations.
• We maintain a positive view on the stock and will provide a detailed update following our interaction with management

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

>> 13:53

Bajaj Finserv – Q3FY26 results: One-offs impact bottom-line, growth remains healthy

• Consolidated net profit was flat on YoY basis at Rs,2229 crore, largely owing to accelerated provisions pertaining to ECL done by lending business and there was one time impact of Rs 379 crore towards new labor code (including other subsidiaries)
• Net impact on consolidated profit of Bajaj Finserv is Rs 540 crore for accelerated ECL provision and~ 167 crore for New Labour Codes. Excluding the same the net profit for Bajaj Finserv would have increased 32% YoY.
• Bajaj General Insurance recorded growth of 12% YoY in gross written premium to Rs 7,389 crore in Q3FY26; excluding bulky tender- driven crop, government health, business growth was strong at 17% YoY.
• Bajaj Life reinstated growth on Retail Weighted Received Premium at 20% YoY and recorded growth of 59% in value of new business due to product restructuring, product mix and cost optimisation.
• General insurance business posted a profit of Rs430 crore vs Rs400 crore YoY, while Life insurance posted a loss of Rs31 crore in Q3FY26 due to loss of input tax credit and labor code impact.

TOP NEWS

V2 Retail Limited: The company  delivered a strong Q3 performance, with net profit nearly doubling (+99.3% YoY) to Rs. 102.06 crore, driven by sharp revenue growth of 57.2% YoY to Rs. 929.2 crore. EBITDA rose 55.8% YoY to Rs. 173.68 crore, while margins remained stable at 18.69%, reflecting disciplined cost control despite rapid scale-up. The company reported 2% YoY same-store sales growth and added 35 new stores during the quarter, strengthening its presence in Tier 2 and Tier 3 cities and supporting continued expansion momentum. V2 Retail Announces Equity Share Split in 1:10 Ratio. Positive

Lloyd metals:Q3 FY26 consolidated revenue from operations jumped 204.48% YoY to ₹5,155.31 Cr, with PAT attributable to shareholders growing 170.45% YoY to ₹1,047.39 Cr. The substantial revenue growth was primarily driven by strong performance in both the Mining and Steel segments, with the Steel segment demonstrating particularly high YoY expansion. A major Second Slurry Pipeline Project from Hedri to Maharashtra Port, estimated at ₹8,000 Cr, with a 2.5-year implementation timeline, was sanctioned. Capacity at Konsari pellet plants will increase from 4 MTPA to 5 MTPA each, requiring ₹300 Cr capex by FY27.

Lloyds Metal: The company incorporated a subsidiary in Maharashtra with an estimated capital outlay of Rs. 252 crores. Also approves its arm to acquire 95% stake in LARPL for $5 million. Also approves its arm to acquire 100% stake in TP Phoenix for $1 million. The company will increase capacity of Pellet plants from 4 MTPA to 5 MTPA. (Positive)

Infosys| Shares of Infosys ADR plunged over 5 percent, as Anthropic released a new AI automation tool that investors worry could eat into much of their core businesses. Anthropic on Tuesday released new AI automation tool and this has created fear that it could eat into the core businesses of data & information services firms. Anthropic included a legal tool on its website that it says it can automate work like contract reviewing and legal briefings. “All outputs should be reviewed by licensed attorneys,” according to the website. The development has added to the already bearish sentiment surrounding software stocks owing to perceived threats to their business models after the emergence of Artificial Intelligence.

Sheela foam: Revenue rose to Rs 1,074.43 Cr registering 11.1% YoY . PBT surged to Rs 65.68 Cr compared with ₹21.99 Cr, reflecting a 198.7% . PAT stood at Rs 52.13 Cr versus Rs 16.71 Cr, marking a robust 212.0% YoY growth.

NMDC Steel: Q3 FY26 reported loss of ₹244 crore despite 42% revenue growth to ₹3,008 crore. Nine-month loss at ₹333 crore. Operating margin have improved in in Q3 FY25 to 3.87% from -30.08% along with net profit margin at -8.11% slightly improved from -35.75%. Recent budgetary mining reforms may add some support to prices. (Slightly negative)

Bharat Coking Coal Ltd:  Company have recorded a standalone net loss of Rs 22.88 crore in the quarter ended December 31, 2025, versus a net profit of Rs 424.99 crore in the corresponding quarter of the last financial year. Revenue at Rs 2782.80 Cr as against Rs 3688.23 Cr (YoY). The net loss is attributable to the owners of the company. (Slightly negative)

MACRO WRAP

• US equities fell on Tue on the back of a tech selloff while investors rotated into sectors more broadly linked to improvements in the economy. The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.3%, 0.8%, and 1.4% respectively. The Eurostoxx 50 dipped 0.2%. The Dollar Index was slightly lower by 0.2% to 97.44. EUR-USD gained 30 pips to 1.1820.
• The US 2Y yield was unchanged at 3.57% and the 10Y yield was just 1bp lower at 4.27%. The German 10Y yield rose 2bp to 2.89%. The UK 10Y yield edged up 1bp to 4.52%. Brent crude oil prices rose 1.6% to USD67.33. Gold rebounded 6.1% to USD4,947. Silver jumped 7.4% to USD85.16. Bitcoin fell 3% to USD76,141.
• China’s services activity showed signs of recovery in January, with the RatingDog China services PMI rising to 52.3 from 52 in December, indicating expansion. Positive for metals
• The Reserve Bank of Australia (RBA), as expected by us and the markets, raised its key interest rate to 3.85% from 3.6%, becoming the first major economy to tighten monetary policy in 2026, after judging inflation pressures were persistent enough to warrant renewed restraint. Negative for commodities
• Data watch: we get the ADP employment change and ISM services, both for January and Eurozone and Germany to release services PMI data.

INVESTMENT CALL

First cut: Dee Development Q3FY2026 (Consolidated) results – Strong results

·         Revenues for Q3FY26 grew by 77% to Rs 287 crore vs our expectations of Rs 230 crore. Revenue growth was driven by healthy execution momentum in the Piping & Fittings segment, supported by strong supplies to the Oil & Gas sector.

·         Operating profit grew by 738% y-o-y to Rs.48 crore. PAT was at Rs 19 crore vs losses in Q3FY25.

·         The Company continues to witness traction in the power sector, with new orders received of ₹251 Crores . Supported by healthy demand from the oil and gas segment and an order book of ₹1,302 Crores.  Company remains well positioned for sustained growth.

·         View: Dee Development Q3FY26 performance was better our expectations. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

First cut: JK Lakshmi Cement Q3FY2026 (Standalone) results – Quarter below expectations

·         Standalone revenue grew 6.1% YoY to ₹1,588 crore, coming in slightly below estimates. EBITDA margin contracted by 52 bps YoY to 13.0%, which was 91 bps lower than our forecast.

·         Cement volumes rose 8.2% YoY to 0.33 million tonnes, while realisation per tonne declined marginally by 2.0% YoY to ₹4,841. Despite this, EBITDA per tonne improved 16.8% YoY to ₹628.

·         Net profit came in at ₹77 crore, down slightly by 1.4% YoY.

·         The company’s phased capacity expansion remains on track.

Results (Standalone)                                                    Rs. crore

Actual vs estimates                                   Rs. crore

First cut: Triveni Turbine Q3FY2026 (Consolidated) results – Order inflows down

·         Revenues for Q3FY26 grew by 24% to Rs 624 crore far higher from our estimates of 14% revenue growth. Operating profit grew by 23% to Rs 134 crore.

·         Order booking was down 26% yoy to Rs 391 crore.  Domestic order bookings were broadly stable at ₹ 1.82 billion and contributed 47% of overall order booking during the quarter. Export order booking declined by 40% y-o-y to ₹ 2.08 billion, impacted by global trade uncertainties and delays in contract closures.

·         The Company is confident of its new product and technology introductions, which in turn provide visibility for healthy growth in the years to come..

·         View: Triveni Turbine Q3FY26 had a decent performance. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

First Cut: Bajaj Finance – Q3FY2026: Core Growth Steady, One-Offs Impact Profit

• Net interest income (NII), in line with estimates, grew by 20.6% y-o-y and 4.9% q-o-q to Rs. 11,318 crore. NIM fell by 8 bps y-o-y due to higher drop in yield than cost of funds, though almost flat on sequential basis.  
• Other income rose by 11.7% y-o-y and 7.3% q-o-q to Rs. 2,558 crore led by strong growth in fee income (up by 29.8% y-o-y and 10.2% q-o-q). Opex/AUM came at 3.76% (annualized), down by 13 bps, but higher by 4 bps due to one-time employee expenses related to labor code. PPOP, in line with estimates, rose by 19.4% y-o-y and 5.1% q-o-q to Rs. 9,322 crore.
• Annualised credit cost came in at 2.99% (of AUM) up by 94 bps y-o-y and 103 bps q-o-q due to creating additional provisions (ECL) of Rs. 1,406 crore. The management considers  expenses as one-time which will strengthen the balance sheet. Without this, it came in at 1.83% down by 22 bps y-o-y and 13 bps q-o-q.
• Operational performance could not reflect into the profitability (reported) on creating additional provisions for ECL and one-time expenses related to labour code, thus PAT fell by 5.6% y-o-y and 17.8% q-o-q though adjusted PAT rose by 23.4% and 7.5% q-o-q to Rs. 5,317 crore, slightly above estimates.
• Asset quality improved, as GNPA reduced by 3 bps q-o-q to 1.21% while net NPA fell by 1 bps y-o-y and 13 bps q-o-q as the company created additional provisions, thus improving PCR.
• AUM grew by 21.7% y-o-y and 4.8% q-o-q to Rs. 484,477 crore, in line with estimates. The growth is driven by Gold, car, mortgages, rural, urban and commercial loans. Two-three wheeler loans dropped by 28.4% y-o-y 4.8% q-o-q due to running down captive business while SME loans dropped by 1.1% q-o-q.
• The company reported healthy operating performance which was in line with estimates however creating additional provisions for ECL and one-time expenses related to labour code impacted overall profitability though adjusted profit was above estimates.  We have a buy rating on stock and come out with detail note today. 

Q3 Results table

Key Ratios

Actual Vs. Estimates                

Asset quality (%)

First cut: Aditya Birla Capital Q3FY26: Continued strong quarter

Consolidated profit up by 35% y-o-y and 11% q-o-q to Rs. 945 crore led by strong performance by across the segments.

NBFC business

• AUM rose by 24.1% y-o-y and 6.2% q-o-q to Rs. 148182 crore driven by healthy demand driven by unsecured business loans and personal and consumer loans.
• NII rose by 22.7% y-o-y and 6.7% q-o-q.
• PAT up by 28.7% y-o-y and 8.1% q-o-q. RoA improved by 24 bps y-o-y and 5 bps q-o-q to 2.25%.
• Asset quality improved by 76 bps y-o-y and 17 bps q-o-q to 1.15%.

HFC business

• NII (including other income) grew by 63% y-o-y and 12% q-o-q to Rs. 472 crore.
• NIM expanded by 28 bps y-o-y 15 bps q-o-q 5.22%.
• PAT grew by 111% y-o-y and 18% q-o-q to Rs. 177 crore.
• RoA improved by 54 bps y-o-y and 14 bps q-o-q to 1.96%.

AMC Business

• PAT grew by 21% yoy and 12%  to Rs. 270 crore
• Total equity fund stood at Rs. 208059 crore, up by 6.0% y-o-y and 3.0% q-o-q

Insurance business also saw healthy growth in the quarter

Consolidated performance business

NBFC business     

HFC Business

Stock update: City Union Bank Q3FY26 result update – Strong performance on all fronts

Reco: Buy                  Reco. Price: Rs. 298                 Price Target: Rs. 350

• NII grew 28% y-o-y as NIMs expanded by 26 bps q-o-q to 3.89%, beating our estimates on the back of deposit repricing and yield improvement.
• Provisions rose due to balance sheet strengthening and write-offs. Net profit was up 16% y-o-y at Rs. 332 crore.
• Loan and deposit growth at 21% y-o-y was healthy and outlook remains sanguine.
• The bank is well placed to deliver an over 1.5% RoA on a sustainable basis along with ~18% CAGR loan growth for FY25-FY28E. We upgrade our rating to Buy with a revised PT of Rs. 350.

Stock update: KEC International – Decent Q1- Non T&D segment contribution to improve

Rating: Buy                  Reco. Price: Rs. 617              Price Target: Rs. 830

·         Revenues grew 12%, lagging our 15% estimate, mainly led by the T&D business, which grew 31% y-o-y. EBITDA margins rose ~16 bps y-o-y to 7.2%. Reported PAT remained flat due to exceptional item. 

·         YTD FY26 order inflows stood at Rs 19,265 crore down 13% y-o-y particularly reflecting a slowdown in tendering activities. Order book stands at Rs 41,000 crore.

·         Management lowered margin guidance to 7-7.5% from 8-8.5% earlier, with revenue growth guidance at 15% and order inflows for FY26 at 30,000 crore.

·         Stock trades at 14x/12x its FY2027/FY2028 EPS, respectively. We retain a Buy with a revised PT of Rs. 830.

  Valuation (Consolidated)                                                         (Rs. crore)

Source: Company Data; Sharekhan estimates

MACRO WRAP

NBCC (India) Limited: The company has secured new work orders worth ~Rs. 271.32 crore, including construction of ICMAI buildings in Chandigarh, Ranchi, Baroda and Jaipur, a headquarters building at Lodhi Road, and a Rs. 232.13 crore Namami Gange Aquarium & Discovery Learning Centre at Rishikesh for the Uttarakhand Fisheries Department.