October 22, 2026

TOP NEWS

War update: There was an attack on King Fahd International Airport in Dammam, eastern Saudi Arabia, by Houthis. The airport also sustained material damage, while flight-tracking service Flightradar24 reported that flights were diverted away from the facility. Oil prices rose early thursday in Asian trading following news that the United States ordered nonessential diplomats and family members to leave its missions in Saudi Arabia amid escalating Houthi attacks on the kingdom. Oil prices reached $110.27/barrel. Asian markets is trading negative and after the mid and small cap sell off yesterday gift nifty indicates a negative start with 66 points cut on the bourses.

Yash high voltage: H1 revenue grew 95% to Rs 195 crore, EBITDA grew by 136% to Rs 55 crore, margins improved by 400 bps to 28.1%. PAT grew by 165% to Rs 36 crore. Profitability is improving faster than revenue, with EBITDA margin expanding 480 bps. Next growth trigger: End-to-end RIP/RIS bushing manufacturing at the Jarod greenfield facility is targeted for commissioning in Q3 FY27.

PC Jewellers: Consolidated revenue up 28% YoY to Rs 1,054 Cr & PAT up 107% YoY.  EBITDA was 74% higher at Rs 310 crore. Margins came in at 29.3% vs 21.3% an improvement of 800 bps. The company achieved debt-free status by repaying all consortium bank dues. It also received ₹142 Cr from export receivables. Plans include launching a new brand for Gen-Z & expanding retail network via franchise model. The stock has already gained almost 30% ovaer last few trading sessions.

IHCL profit grows 23%, company upgrades revenue guidance:  The company reported consolidated revenue of INR 2,566 crores, representing a 21% increase compared to the same period last year. This robust performance has prompted IHCL to upgrade its revenue growth guidance for FY2027 from 12-14% to 15-17%. Positive

International Gemological Institute reported a strong second quarter for FY27, with consolidated net profit rising 43% year-on-year to ₹1,858 million. The result surpassed the market estimate of ₹1,400 million. Revenue for the quarter stood at ₹3,980 million, marking a 31% increase from ₹3,037 million in the corresponding period last year. This top-line growth was accompanied by significant margin expansion, indicating improved operational efficiency alongside volume growth.

• The company said Q2 FY 2027 was its best quarter ever by revenue, EBITDA, profit and report volumes.
• Reports issued rose 26% year on year to 4.35 million.
• Lab-grown diamond certification remained the main growth engine, with loose certification up 37% and jewelry certification up 47%.
• EBITDA margin expanded to 61.4%, up 340 basis points from a year earlier.
• Management said it expects full-year results to outperform its original guidance

Seamec: $55M vessel charter from promoter HAL Offshore for ONGC offshore work, 1,225 days. Related party deal, done at arm's length per filing; promoter holds 70.8%

BEL: Orders worth Rs 1,011 Cr received since Oct 13 (NSE 18:16), incl. ₹770 Cr Defence Ministry contract for Improved Low Level Light Weight Radar for the Army. Rest is communication kit, sonar, jammers, upgrades, spares and services.

INVESTMENT CALLS

First Cut: Mahindra Finance: Strong quarter: policy headwinds are monitorable

• The company’s NII grew by 13.2% y-o-y, in line with estimates
• PPOP, beat estimates by 4.1%, grew by 19.5% y-o-y and 2.0% q-o-q, driven by growth in other income and lower opex.
• Net profit, beat estimates by 9.4%, grew by 54.7% y-o-y
• AUM and disbursement saw strong growth in the quarter. Asset quality improved in the quarter.
• We have a buy rating on stock and come out with detail note soon

First Cut

Actual Vs Estimates

First cut: KEI Industries Q2FY2027 results – Shortfall in margins

·         Revenues for Q2FY27 grew by 39% to Rs 3,776 crore way ahead of our expectations of Rs 3,381 crore. Revenue growth was backed by 405 yoy growth in C&W segment and 16% growth in Stainless steel segment.  

·         Operating profit grew by 44% y-o-y to Rs.377 crore as an impact of growth in revenues. Operating profit margins improved by 9 bps yoy but below our estimates of 11.5%. In line with operating profit growth adjusted PAT grew by 29% y-o-y to Rs. 262 crores against our expectation of Rs. 270 crores.

·         View: KEI Q2FY27 have posted mixed set of results. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a hold rating on the stock.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore

Viewpoint: Oberoi Realty – NCR foray opens fresh growth avenue

View: Positive                CMP: Rs. 1648             Target: 2122

• Pre-sales hit a record Rs. 9,150 crore (up ~7x y-o-y), led by the launch of 360 North in Gurugram.
• Revenue missed our estimate by 7.7%; EBITDA beat by 1.7% and PAT by 1.6%.
• Rental assets near full occupancy, with overall rental portfolio revenue and EBITDA growing at mid-teens.
• We stay positive on the stock and assign a PT of Rs. 2,122. This is based on strong launch momentum, steady rentals and a healthy balance sheet.

Stock update: Ultratech Cement– Q2 braves rising costs

Rec: BUY                CMP: Rs. 10,811             Target: 13,500

• Revenue, EBITDA and PAT were 6.1%, 6.0% and 2.0% above our estimates, helped by better pricing, higher volumes and cost savings.
• Capacity utilisation reached 71% while the consolidated volumes growing 12.9% y-o-y. Domestic grey cement volumes grew 13.8% y-o-y, well ahead of the ~10% industry growth estimated by management.
• Management expects to enter H2FY27 with better prices, enhanced capacity and the benefit of operating leverage. However, fuel cost inflation remains the key risk.
• We maintain Buy with a revised price target of Rs. 13,500, backed by strong volume growth, capacity additions and improving performance of acquired assets.

Other News

Persistent Systems Ltd: PSYS has opened a qualified institutional placement (QIP) to raise up to USD 450 million, or about Rs 4,265 crore, with the floor price set at Rs 5,761 per equity share. The floor price of Rs 5,500 per equity share, disclosed earlier by the firm, was later revised upwards.

Advait energy: The Haryana Electricity Regulatory Commission (HERC) granted an electricity distribution licence to a consortium led by Eleven Power Private Limited; Advait Energy Transitions Limited is a participating member of that consortium. The licence covers electricity distribution in the Gurugram and Nuh revenue districts of Haryana. No deal value is disclosed. Advait's role within the consortium is to supply product solutions in new and renewable energy segments to support decarbonisation in the licensed area. The arrangement opens a new revenue channel in Haryana's power distribution market, though the commercial impact is not yet quantifiable.

Sagility Ltd: Sagility will acquire 100% of Chirok Health, a US-based provider of Clinical Documentation Integrity (CDI), medical coding, coding quality assurance, and revenue cycle optimization services. The acquisition consideration is up to US$32.35mn, comprising US$20mn upfront and up to US$12.35mn contingent on performance milestones. Chirok generated US$9mn revenue in CY2025 and brings specialized expertise in CDI, medical coding, revenue integrity, risk adjustment, and value-based care solutions.

Eternal: Food delivery NOV grew 21.5% YoY to Rs 11,445 crore, with growth accelerating for the fifth straight quarter. Adjusted EBITDA stood at Rs 627 crore (5.5% margin), while management reiterated confidence in sustaining 20%+ long-term NOV growth driven by increasing customer adoption and frequency. Blinkit remained the key growth engine, with NOV surging 79.3% YoY to Rs 20,940 crore. The business reported Rs 184 crore adjusted EBITDA profit versus a loss last year, with margin improving to 0.9% of NOV. Store count increased to 2,751, and management raised its FY27 target to 3,500+ stores (from 3,000 earlier) while reiterating 60% NOV CAGR over the next three years. Going-Out NOV grew 58% YoY to Rs 3,259 crore. Losses continued to narrow, with adjusted EBITDA margin improving to -2.0%. Management remains on track to achieve EBITDA breakeven and its FY30 target of Rs 28,000 crore NOV. Hyperpure revenue grew 22.7% YoY to Rs 1,154 crore and turned profitable with Rs 10 crore adjusted EBITDA. Growth was supported by an expanding restaurant base of ~85,000 customers.