May 12, 2026

TOP NEWS

War update: President Donald Trump said the US-Iran ceasefire was on “massive life support” after rejecting Tehran’s latest peace proposal, intensifying fears that the critical shipping route could remain effectively blocked for a prolonged period. Reports further suggested that President Trump is expected to meet with his national security team to consider a potential restart of military operations, while also revisiting plans to escort commercial ships through Hormuz. Oil prices slightly extends to around $105/ barrel.  Copper futures in the US surged to $6.4 per pound on Monday, the highest on record, as concerns about supply and the speculative longer-term demand.

Indian Hotels: Consolidated revenues grew by 14% y-o-y to Rs. 2,765 crore, beating our expectation of Rs. 2,668 crore. Hotel segment revenue grew 14% y-o-y to Rs. 2,452 crore, while Air Catering business reported revenue growth of 13% y-o-y to Rs. 315 crore. RevPar grew by 10% y-o-y to Rs. 13,250 crore, with occupancy higher by 100 bps y-o-y to 78%. Within the hotel segment, room revenue grew by 13% y-o-y to Rs. 1,226 crore, F&B revenue grew 9% y-o-y to Rs. 774 crore, management fees rose by 30% y-o-y to Rs. 223 crore and other operating income (including Atmantan revenue) increased by 31% y-o-y to Rs. 229 crore.

Hindustan Zinc: Shares are trading higher, tracking gains in silver prices. The price of silver jumped 7% the most in a single day since February. The price of silver is about $86.60 up about 7%. Positive read through for Hindustan Zinc. Company and reported a 68% year-on-year jump in consolidated net profit at Rs 5,033 crore for Q4FY26, compared with Rs 3,003 crore a year earlier. Positive

Satin Creditcare Network reported strong Q4 FY26 results with consolidated net profit soaring significantly to ₹162 crore from ₹21.9 crore YoY. Consolidated NII was up 54% YoY as NIMs improved to 15.2% from 14.02% QoQ and 11.33% YoY. Assets under management (AUM) grew 19% YoY and 14% QoQ, reflecting strong growth and operational expansion. Asset quality also improved as GNPA ratio declined to 3.1% versus 3.3% QoQ while NNPA stood at 0.9% versus 1.1% QoQ.

Syrma SGS: FY26 revenue growth came in at ~27% YoY slightly below the guided 30% mark but posted a strong beat on EBITDA margins clocking 12% in FY26 vs 10% guided. The beat was led by richer product mix – autos, industrial growing more than 30% YoY and IT and Railways growing more than 70% YoY. Company became Free cash flow positive after a few years which is another positive in our view. Working capital cycle was managed well. However, Syrma and Premier Energy decided not to proceed with the proposed acquisition of K-Solare(operates in solar inverters and ev batteries) which was announced a few qtrs back. Overall Positive

Manorama Industries : Revenue up 68.1% YoY at ₹391.34 Cr, up 7.9% QoQ.  EBITDA up 38.1% YoY at ₹84.60 Cr, down 18.8% QoQ, EBITDA Margin at 21.6% vs 26.3% YoY and 28.7% QoQ. Consolidated Net Profit up 6.1% YoY at ₹42.48 Cr, down 41.2% QoQ and was down as company booked Rs 317 Cr MTM provision on forex hedging contracts due to currency volatility. Company announced Rs 460 Cr capex plan over 2–3 years for integration, refinery expansion, cocoa butter alternative manufacturing, and a new processing plant in Burkina Faso. Operating cash flow remained strong at Rs 259 Cr, with working capital cycle improving to ~125 days in FY26. FY26 revenue came in at ₹1,357 Cr vs guidance of ₹1,300 Cr, thereby surpassing growth expectations.

RESULTS PREVIEW

MACRO WRAP

• Trump remains rhetoric about the re-escalation of war in Middle east after rejecting Iran’s proposal and warned the US–Iran ceasefire was on “massive life support” raising fears Hormuz will stay effectively closed, as Iran seeks an end to the US naval blockade and some sanctions relief. President Trump also voiced support for a gasoline tax holiday to ease costs for domestic consumers as he prepares to meet President Xi Jinping in Beijing on 13 -15 May. Bullish for Oil and Gold prices
• Kevin Warsh’s Fed Board nomination cleared an initial Senate hurdle in a 49–44 vote, with a final confirmation vote to succeed Jerome Powell as chair expected later this week.
• Japan’s household spending fell 2.9% y/y in March 2026, a fourth consecutive drop and worse than the expected 1.3% decline, with broad weakness across food, utilities, clothing, and transport. Spending on housing, household goods, healthcare, and education rose, but overall outlays fell 1.3% m/m, reversing February’s 1.5% gain.
• US existing home sales ticked up 0.2% to a 4.02 million annual rate in April 2026, below the 4.05 million forecast, as higher mortgage rates weighed. Sales fell in the West but rose in the Midwest, while inventory increased 5.8% to 1.47 million (4.4 months’ supply). The NAR cited improved affordability as incomes outpaced home price gains.
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.2%, 0.2%, and 0.1% respectively. The Eurostoxx 50 declined 0.3%. The Dollar Index rose 0.1% to 97.96. EUR-USD was flat at 1.1780. The US 2Y yield rose 7bp to 3.95% and the 10Y yield climbed 6bp to 4.41%. The German 10Y yield rose 4bp to 3.04%. The UK 10Y yield rose 9bp to 5.00%. Brent crude oil prices climbed 2.9% to USD104.21 as concerns grow over a protracted standoff. Gold rose up 0.4% to USD4,736. Silver gained 7.1% to USD86.06.
• Data watch: we have ADP weekly employment change and CPI for April. The market consensus for CPI is 3.7% yoy vs 3.3% previously, and the core CPI is expected to rise 2.7% vs 2.6% previously and Apr’s NFIB small business optimism (est. 96.1 vs. 95.8 prior).

INVESTMENT CALL

First Cut: Indian Hotels Company Q4FY26 (Consolidated) results – Strong Q4; beat on all fronts

·       Consolidated revenues grew by 14% y-o-y to Rs. 2,765 crore, beating our expectation of Rs. 2,668 crore. Hotel segment revenue grew 14% y-o-y to Rs. 2,452 crore, while Air Catering business reported revenue growth of 13% y-o-y to Rs. 315 crore. RevPar grew by 10% y-o-y to Rs. 13,250 crore, with occupancy higher by 100 bps y-o-y to 78%. Within the hotel segment, room revenue grew by 13% y-o-y to Rs. 1,226 crore, F&B revenue grew 9% y-o-y to Rs. 774 crore, management fees rose by 30% y-o-y to Rs. 223 crore and other operating income (including Atmantan revenue) increased by 31% y-o-y to Rs. 229 crore.

·       EBIDTA margin stood largely flat y-o-y at 35.2% as change in Airport levy method negatively impacted Air catering business operating margins by 110 bps. EBITDA margin came in higher than our expectation of 20.9%. EBITDA grew by 13.5% y-o-y to Rs. 973 crore and adjusted PAT grew by 14.3% y-o-y to Rs. 645 crore, beating our expectation of Rs. 558 crore.

·       During Q4, IHCL operationalised 14 hotels with 795 rooms. At FY26-end total inventory (operational + signed) stands at ~630 hotels with ~64,400 rooms. The board has recommended a dividend of Rs. 3.25 per share for FY26.

·       View: We shall review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

Stock Update: Thermax Q4FY26 Results – Recovering order inflows- Maintain Hold

Rating: Hold     Reco Price: Rs 4,550       Price Target: Rs 4,900

• Revenues grew 11% y-o-y led by industrial products (up 16% y-o-y) and industrial Infra (up 4% y-o-y) segments. Net profit grew 23% y-o-y.
• Operating profit rose 25% to Rs 374 crore, led by growth in sales and gross margins. OPM rose 120 bps.
• Order bookings rose 112% y-o-y, owing to a large supercritical order of Rs. 1,630 crore from a private player. order book grew by 27% to Rs 13,600 crore.
• With stock prices, order book visibility and premium multiples having already run up, we maintain a Hold rating;. Thermax trades at ~64x/49x its FY2027E and FY2028E EPS.

Valuation (Consolidated)                                                           (Rs. crore)

Result Summary                                                                                                Rs. Crore

Stock update: Titan Company Q4FY26 (Consolidated) result update – Good Q4; positive guidance maintained

Reco: Buy                  Reco. Price: Rs. 4,205                 Price Target: Rs. 4,950

• Consolidated revenue (ex-other income and bullion & digi-gold)/adjusted PAT grew 46%/31% y-o-y, respectively. EBITDA margin fell 311 bps y-o-y to 7.2%.
• Revenue CAGR guidance maintained at 15-20% for the next 3 years. Margin largely due to an adverse mix; margins to remain steady if gold prices remain stable.
• PM’s announcement on curtailing gold purchases for a year is a short-term sentiment shock. However, Titan is better positioned to weather the same owing to its strong balance sheet, superior competitive positioning and business moat.
• Stock trades at 62x/48x its FY27E/FY28E earnings, respectively. We maintain a Buy with an unchanged PT of Rs. 4,950.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

Stock update: Intellect Design Arena Q4FY26 (Consolidated) result update – AI focus to broaden growth horizons

Reco: Buy                  Reco. Price: Rs 760                 Price Target: Rs. 885

• Revenue rose 16.1% q-o-q (up 17.1% y-o-y) to Rs 851.7 crore, largely led by sequential improvement in license fees.
• Management reiterated long-term margin vision of 20–25% EBITDA, on near term fluctuations due to upfront investments.
• We are optimistic on Intellect Design Arena’s valuation, given improving margins, rising share of high margin platform revenues, and visible operating leverage as recent investments scale.
• Accordingly, we increase our price target to Rs 885 at 24x P/E on FY28E EPS with a Buy rating.

Valuation (Consolidated)                                                                                                                          Rs. crore

Results (Consolidated)                                                                               Rs. crore         

Stock update: Britannia Industries Q4FY26 (Consolidated) result update – Soft Q4; recovery to be gradual

Reco: Buy                  Reco. Price: Rs. 5,520                 Price Target: Rs. 6,550

• Q4FY26 missed the mark on all fronts, with revenue rising just 6.5% y-o-y, OPM flat y-o-y at 18.1% (versus 19.1% expected) and adjusted PAT rising 7.1% y-o-y.
• Performance was hit by disruptions arising from the West Asia conflict and prevalence of dual prices in the trade channel for LUP among players.
• Company expects to undertake calibrated price hikes in Q1FY27 and continue cost optimisation measures to offset RM inflation.
• Stock trades at 47x/40x its FY27E/FY28E EPS, respectively. We maintain Buy on the stock with a revised PT of Rs. 6,550.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

 OTHER NEWS

Shyam Metalics and Energy reported a 45.87% year-on-year (YoY) increase in consolidated net profit to Rs 319.09 crore in Q4 FY26, compared with Rs 218.75 crore in Q4 FY25. Revenue from operations jumped 26.34% YoY to Rs 5,240.36 crore for the quarter ended 31 March 2026.