February 01, 2026

TOP NEWS

R R kabel: Revenue grew by 42% to Rs 2536 crore. Operating profits were higher by 86% as an impact of improvement in margins to the tune of 400 bps to 8.1%. PAT grew by 72%. Wires and cables business grew 48% led by strong domestic and export demand and improved realizations. Margins of the segment improved by 170 bps. FMEG business had a steady growth. Losses reduced on a YTD basis due to tighter cost control and operational improvements. Positive.

Bharat Dynamic Ltd: Net profit down 50.3% at ₹73 cr vs ₹147 cr (YoY) . Revenue down 32% at ₹566.6 cr vs ₹832 cr (YoY) . EBITDA down 79.5% at ₹26 cr vs ₹127 cr (YoY) Margin at 4.6% vs 15.3% (YoY).

Sambav Steel: Revenue at ₹589.1 Crores, Up 60% YoY. Net Profit at ₹24.1 Crores, Up 113% YoY.  EBITDA Margins at 8.68%. Production Volume at 3,19,074 MTPA ~EBITDA per Ton at ₹5,245

Sun Pharmaceutical Industries Ltd.: The company reported 16% year-on-year rise in the consolidated net profit to Rs. 3,369 crore in Q3FY26 from Rs. 2,903 crore. Revenue was at Rs.15,521 crore compared with Rs. 13,676 crore, up 13.5%. Ebitda was reported to be Rs 4,949 crore versus Rs. 4,009 crore, up 23.4%. Margin is seen at 29.3% versus 31.9%.

Hindustan Zinc: The company showed correction on profit booking bets and sharp sell-off in underlying commodity – silver on Friday. Sentimentally negative

INVESTMENT CALL

First cut: Bank of Baroda – Q3FY26: Operationally mixed Bag, healthy on growth and outlook

• NIMs were below estimates, down 17 bps QoQ owing to asset repricing, change in loan mix and elevated wholesale liabilities cost.
• NII was up 0.1% YoY, fee income was also flat and treasury gains supported total income.
• Operating expenses increased modestly while credit costs declined owing to benign asset quality as GNPA ratio was down 12 bps sequentially.

·         Net profit stood at Rs 5055 crore, up 4.5% YoY, ahead of estimates and was driven by lower provisions.

Actual versus estimates

First cut Q3FY26: Cholamandalam Investment and Finance

Q3 on expected line with stable asset quality

• NII, in line with estimates, up by 24% y-o-y and 6.0% q-o-q to Rs. 3,581 crore. NIM expanded by 18 bps y-o-y and 1 bps q-o-q  6.8% (of AUM) driven by faster drop in cost of funds than yield. PPOP up by 24.2% y-o-y and 7.5% q-o-q to Rs. 2,643 crore was reflection of NII growth. Opex /AUM was stable at 3.23%, however employee expenses rose by 22.9% y-o-y and 1.8% q-o-q.
• PAT, almost in line with estimates, up by 18.5% y-o-y and 11.5% q-o-q to Rs.  1,288 crore was reflection of PPOP growth however partially offset by higher credit costs. PBT-RoTA expanded at 3.2% stable on yearly basis and expanded by 20 bps q-o-q.
• Asset quality was stable on sequential basis, with this Gross NPA came in at 3.6% up by 45 bps y-o-y, while Net NPA came in at 1.91%. Stage-2 asset came in at 2.88% by 23 bps q-o-q, showing improvement in asset quality. HAL and CSEL saw healthy improvement in asset quality while SME and SBPL saw deterioration in the asset quality. Credit cost came in at 1.73% (of AUM) up by 21 bps y-o-y however down by 7 bps q-o-q. It also missed our estimates by 8 bps.  
• AUM saw a healthy growth of 22.7% y-o-y and 5.8% q-o-q to Rs. 210,722 crore driven by LAP and HL/AL. VF segment grew by 16.8% y-o-y and 5.0% q-o-q. Gold loan jumped by 110% to Rs. 980 crore q-o-q on low base and expansion. Stress facing CSEL segment declined by 2.9% y-o-y to Rs. 14,393 crore. Disbursements up by 20.7% y-o- and 5.8% q-o-q to Rs. 29,962 crore driven by vehicle finance and LAP. VF segment grew by 16.8% y-o-y and 24.1% q-o-q. We have Buy rating on stock and  come out with detail note post concall.

First Cut

Key Operating Ratios

Actual/Estimates

Asset quality

First cut Q3FY26: LIC Housing Finance

Muted Q3: On expected line, though asset quality improved

• NII grew by 5.1% y-o-y and 3.1% q-o-q to Rs. 2,102 crore, though slightly above estimates. NIM at 2.67%, up by 6 bps q-o-q due to drop of the cost of borrowings however it flat on yearly basis.
• PPOP up by 8.4% y-o-y and 1.2% q-o-q to Rs. 1,896 crore was reflection of NII growth. Opex above estimates by 5.3% at Rs. 349 crore due to growth in other operating expenses. However, Other income saw healthy growth. 
• Credit cost came in at 0.2% (of AUM), up by 25 bps y-o-y, and fell by 2 bps on asset quality improvement. GNPA fell by 30 bps y-o-y and 6 bps q-o-q to 2.45% q-o-q. NS-3 fell  by 33 bps y-o-y and 6 bps q-o-q.  PAT grew by 2.2% q-o-q and fell by 3.4% y-o-y to Rs. 1,384 (almost in line with estimates).
• AUM saw continued muted growth of 5.1% y-o-y and 0.8% q-o-q to Rs. 314,286 crore due to higher prepayments/BT outs. Non – housing projects grew by 12% y-o-y, other segments saw muted growth. Disbursement fell by 1.3% q-o-q to Rs. 16,096 crore. We have neutral rating on stock and come out detail note post concall.

First Cut Q3FY2026

Actual/Estimates

Key Operating Ratio

First cut: Relaxo Footwears Q3FY26 (Standalone) results – Weak Q3

·       Relaxo’s revenue stood flat y-o-y at Rs. 668 crore, largely in line with our expectation of Rs. 660 crore. Sales volume stood flat y-o-y at 4 crore pairs, while net realisation fell by 1.2% y-o-y to Rs. 164 per pair.

·       Gross margins improved by 44 bps y-o-y to 57.5%, while EBITDA margin declined by 126 bps y-o-y to 11.2%, mainly due to increased sales promotion expenses and negative operating leverage. EBIDTA margin missed our expectation of 13.2%.

·       EBITDA declined by 9.9% y-o-y to Rs. 75 crore and adjusted PAT fell by 6.6% y-o-y to Rs. 31 crore, lagging our expectation of Rs. 40 crore.

·       View: We shall come out with a detailed note soon. Currently we have a Hold rating on the stock.

Results (Standalone)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First cut: Gokaldas Exports Q3FY26 (Consolidated) results – Wek Q3, miss on all fronts

·       Gokaldas Exports’ (GKEL’s) consolidated revenue slightly declined by 0.9% y-o-y to Rs. 979 crore, missing our expectation of Rs. 1,087 crore.

·       Gross margin rose by 66 bps y-o-y to 54.2%, while EBITDA margin declined by 195 bps y-o-y to 8%, lower than our expectation of 8.9%, impacted mainly due to US tariff rebates.

·       EBITDA declined by 20.3% y-o-y to Rs. 78 crore. This coupled with higher interest and depreciation expenses led to 66.1% y-o-y decline in the adjusted PAT to Rs. 17 crore, against our expectation of Rs. 40 crore.

·       View: 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

Actual vs estimates                                                   Rs. crore

Stock update: Dixon Technologies – Lower mobile volumes impacted performance

Rating: Buy                  Reco. Price: Rs. 10,337               Price Target: Rs. 14,500

·         Revenue grew 2% as mobile volumes fell 18% y-o-y (35% q-o-q) to 6.9 million units.

·         EBITDA rose 6%; margins improved 15 bps to 3.9% via cost optimization and backward integration.

·         FY26 volume guidance cut to 34–36mn units (from 40–42mn); FY27 recovery hinges on Vivo JV approval

·         We retain a Buy rating with Rs. 14,000 PT, factoring 43%/60% revenue/PAT CAGR (FY25–27E). Stock trades at 70x FY26E and 51x FY27E earnings..

  Valuation (Consolidated)                                       (Rs. crore)

Result Summary                                                                                              Rs Crore

Stock update: Vguard – Electricals segment led the growth

Rating: Buy                  Reco. Price: Rs. 335             Price Target: Rs. 430

• Revenue grew 12% y-o-y,  led by strong growth in the electricals, aided by volume growth due to upstocking by retailers and higher copper prices.
• EBITDA rose 16% y-o-y with margins improving of 23 bps to 7.2% on calibrated pricing actions across its product profile.
• Sunflame’s operational integration has been completed and sales integration is under way. The whole integration would take another two quarters.
• We retain a Buy with a revised PT of Rs. 430, given its positive business outlook factoring in the strong growth from Electricals and Electronics business.

  Valuation (Consolidated)                                       (Rs. crore)

Result Summary                                                                                              Rs Crore

Stock update: ITC Q3FY26 (Standalone) result update – Healthy Cigarette and FMCG biz performance

Reco: Buy                  Reco. Price: Rs. 322                 Price Target: Rs. 400

• ITC’s Q3FY26 performance was driven by better-than-expected cigarette volume growth and healthy performance by FMCG-others business.
• Standalone net revenue grew 5.7% y-o-y and OPM rose by 63 bps y-o-y to 34.8%, driving up adjusted PAT by 5.9% y-o-y.
• Cigarette volumes and margins to be under pressure in the near term, offsetting factors such as soft tobacco prices, recovery in FMCG and paper businesses and comfort on valuation.
• Stock trades at 20x/18x/17x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 400.

Valuation (Standalone)                                                   Rs. crore

Results (Standalone)                                                                    Rs. crore

Stock update: Colgate Palmolive (India) Q3FY26 (Standalone) result update – On a recovery path

Reco: Buy                  Reco. Price: Rs. 2,120                 Price Target: Rs. 2,640

• Colgate’s Q3FY26 revenue grew 1.7% y-o-y, OPM fell 134 bps y-o-y to 29.7% and adjusted PAT declined by 2.8% y-o-y to Rs. 314 crore.
• Core portfolio reported early green shoots, while the premium segment sustained strong performance.
• A better demand environment and strong focus on execution would drive growth going ahead.
• Stock trades at 42x/39x/36x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 2,460.

Valuation (Standalone)                                                   Rs. crore

Results (Standalone)                                                                               Rs. crore

Viewpoint : Lodha Developers– Healthy pre-sales momentum: long-term visibility improves.

View: Positive               Reco. Price: Rs. 971            Price Target: 1,400

• Revenue rose 14% y-o-y to Rs. 4,673 crore (8% above estimates); EBITDA grew 8.4% to Rs. 1,415 crore(11.4% above expectations).
• Pre-sales hit Rs. 5,620 crore (+24.6% y-o-y), reaching 70% of the Rs. 21,000 crore FY26 target. Collections fell 17% to Rs. 3,560 crore.
• Company added 11 projects (GDV Rs. 58,800 crore), exceeding annual guidance by 2.35x.
• We maintain a "Positive" view with a revised PT of Rs. 1,400, on strong pipelines and demand.

Consolidated                                                               Rs. In crore

OTHER NEWS

MedPlus Health Services Ltd:

·         The company  reported a strong financial performance for the third quarter of FY26, supported by steady revenue growth, margin improvement, and continued store expansion across markets beyond tier I cities. The company’s net profit for the December quarter rose 26.2% year on year to ₹57.8 crore, compared with ₹45.8 crore recorded in the same period of the previous financial year. Revenue from operations grew 15.7% year on year to ₹1,806 crore during the quarter, up from ₹1,561.4 crore in Q3 FY25, reflecting higher store throughput and improving demand trends.

·         The company also disclosed that its subsidiary Optival Health Solutions Private Limited received a 25-day drug license suspension order from Maharashtra's Food & Drug Administration for a store in Bhandara. The suspension, imposed under Rule 65 of Drugs and Cosmetics Act, 1940, carries a potential revenue loss of Rs 7.53 lacs. The company made this disclosure under SEBI listing regulations, with the order received on January 30, 2026.

Lemon Tree Hotels Limited (LTHL): The company has announced that its material subsidiary, Fleur Hotels Limited (Fleur), has entered into a License Deed for a Heritage Hotel at Varanasi for a term of 28 years. Pursuant to this agreement, Fleur will repair and reconstruct a Heritage Hotel comprising ~47 rooms, which will be branded as Aurika Varanasi. This hotel will be the sixth owned/leased hotel under the upper upscale Aurika brand. Positive

Chalet Hotels: The company has announced that Courtyard By Marriott Aravali Resort, NCR, which is a 158-room hotel owned by the company’s wholly-owned LLP i.e. Ayushi and Poonam Estates LLP, has being upgraded and rebranded as Aravali Marriott Resort & Spa, Delhi NCR with effect from January 31, 2026.