April 24, 2026

TOP NEWS

War update: The standoff between the US and Iran has hit a precarious deadlock as a naval blockade intensifies and diplomatic talks remain stalled. Trump has issued ‘shoot-to-kill’ orders for any vessels laying mines in the Strait of Hormuz, and US forces recently boarded an Iranian supertanker in the Indian Ocean to enforce the blockade. With the Strait effectively closed to commercial traffic and Tehran yet to formally accept a long-term deal, the resulting supply shock has pushed oil prices higher and weighed on equities as markets price in a prolonged period of stagflation and geopolitical risk. Israeli leadership stated they are prepared to resume airstrikes if Iran continues its maritime provocations, which further stresses the risk side of the oil equation. Sentimentally negative for markets

Infosys (-ve): Result came in line with our estimates, with revenue stood at $5,081 million, down 0.4% q-o-q (7.4% y-o-y). Revenue in rupee terms stood at 46,402 crore, up 2.0% q-o-q (up 13.4% y-o-y). EBIT Margin in at 21.0% against our estimate of 20.9%. PAT grew by 27.8% q-o-q (+20.9% y-o-y), largely due to lower tax rate than expected (ETR 21.2% Vs est. 29.5%). Infosys guided for a CC growth of 1.5%-3.5%, broadly in line with analyst expectations, though at the lower end of some estimates., reflecting cautious discretionary spending and possible AI disruption. Large deal wins for the quarter stood at $3.2 billion, within the expected range of $3 billion to $4 billion, albeit towards the lower end. For the full year, the management guided for EBIT margins in the range of 20% to 22%.

LTM (-ve): LTM Ltd reported a steady March quarter, with revenue rising 4.7% sequentially to Rs 11,291.7 crore. Constant currency growth came in at 1.4%. Net profit stood at Rs1,387 crore, up 44.6% quarter-on-quarter and marginally ahead of estimates of Rs 1,375 crore, aided by a low base. Management had earlier indicated that wage hikes would be spread across the March and June quarters, with an estimated 100 basis points impact in each quarter, partly offset by operational efficiencies. On the demand front, the BFSI vertical is expected to stabilise after recent headwinds, while segments such as hi-tech and healthcare are likely to drive growth. Order inflows are expected to remain steady, with large deal ramp-ups, including government-led projects, being closely tracked by investors.

IKS: IKS has entered into a definitive agreement to acquire TruBridge, Inc. (NASDAQ: TBRG) (“TruBridge”), a prominent provider of healthcare technology solutions for rural and community hospitals for upto $565 million. This proposed strategic acquisition underscores a commitment to broaden access to high-quality care and support the clinicians and hospitals that serve communities across the United States. deal, through IKS Health’s US subsidiary, will be funded by a loan of up to $670 million secured for a five-year term from Citibank, Deutsche Bank and JPMorgan Chase, the company said in a regulatory filing. Under the terms of the agreement, TruBridge shareholders will receive $26.25 in cash for each share of common stock. The acquisition has been approved by the boards of IKS Health, IKS, and TruBridge, and is expected to close during the third calendar quarter of 2026, the company said.

Bluestone Jewellery: The company reported a strong Q4 performance, with revenue growing by 47.7% y-o-y to Rs. 681 crore, while EBITDA jumped to Rs. 126 crore from Rs. 27 crore in Q4FY25, with margins expanding sharply to 18.4% from 5.8%. Net profit came in at Rs. 32 crore compared to a loss of Rs. 51 crore in Q4FY25. (stock is not in coverage)

Tata Capital Q4 Results: Net profit jumps 81% to ₹1,182 crore: Non-banking financial company Tata Capital Ltd reported an 80.5% year-on-year increase in net profit to ₹1,182 crore from ₹654.79 crore in the corresponding period last year. Tata Capital reported that in Q4FY26, excluding motor finance, assets under management grew 28% year-on-year to ₹2,51,885 crore as on March 31, 2026, from ₹1,96,942 crore on March 31, 2025. Profit after tax rose 51% year-on-year to ₹1,459 crore in Q4FY26 from ₹964 crore in Q4FY25

Waaree, Premier: sets preliminary antidumping duties on solar imports from India, Indonesia and Laos. the agency calculated ⁠preliminary duty rates, known as dumping margins, of 123.04% for imports from ​India, 35.17% for imports from Indonesia, and 22.46% for imports from Laos. The preliminary determinations confirm that producers in these countries are dumping solar cells and modules into the U.S. market at unfairly low prices, ​undercutting American-made products ​and distorting market ⁠competition at a pivotal moment for the domestic manufacturing sector.

Azaad Engineering: Established a 7,600 sq m advanced lean manufacturing facility in Tunkibollaram, Hyderabad, to support global energy technology company Baker Hughes.

MACRO WRAP

• The situation in the middle East remains tensed as the US-Iran peace talks remain deadlocked. Iranian negotiators have cited President Trump’s social media posts and the naval blockade as the “main obstacles” to genuine negotiations. President Trump said he is under no pressure to make a deal, noting that Iran faces a growing oil storage problem if it cannot resume exports. Iran's parliament speaker Mohammad Bagher Ghalibaf resigned as Tehran's lead negotiator due to interference from the country's Revolutionary Guard, while media report suggested that US military is preparing contingency plans to strike Iran’s defences around the Strait of Hormuz if the ceasefire collapse. Options include targeting fast boats, minelaying vessels, missile systems, and infrastructure in the Strait, Gulf of Oman, and southern Arabian Gulf, along with possible strikes on energy assets and selected Iranian military leaders. The development is negative for broader markets
• Energy Led Risk Off: Brent crude edged up to around USD105/bbl as diplomatic progress stalled and the Strait of Hormuz remained closed. President Trump ordered the US Navy to fire on Iranian vessels laying mines in the Strait. Separately, Trump said Israel and Lebanon would extend their ceasefire by three weeks to pursue a longer-term agreement.
• Japan’s annual inflation rose to 1.5% in March 2026 from 1.3% in February, driven by higher transport and household item costs. Food inflation eased to 3.6%, while electricity and gas prices fell further on subsidies. Core inflation picked up to 1.8%, still below the 2% target. Month-on-month, CPI increased 0.4%, the strongest rise since January 2025.
• Global PMIs Signal Stagflation: April PMIs paint an increasingly stagflationary picture. The euro area was the clear laggard, with the composite PMI slipping into contraction, down 2.1pts to 48.6. Negative for Euro
• The S&P Global flash US Composite PMI rose to 52 in April 2026 from 50.3 in March, indicating modest growth. Services activity was weak despite a move back into expansion, while manufacturing saw its strongest output gain in four years, partly from stockpiling. Input costs and supply delays hit their worst since mid-2022, triggering the largest jump in selling prices since July 2022, and employment increased only slightly.
• US initial jobless claims rose by 6,000 to 214,000 in the week ending April 18, near expectations. Continuing claims edged up by 12,000 to 1.821 million. Both remain below last year’s averages, consistent with low layoff levels. Federal employee claims fell by 60 to 452.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.4%, 0.4%, and 0.9% respectively. The Eurostoxx 50 fell 0.2%. The Dollar Index gained 0.2% to 98.77. EUR-USD dipped 20 pips to 1.1680.
• The US 2Y yield rose nearly 4bp to 3.83% and the 10Y yield gained 2bp to 4.32%. The German 10Y yield was unchanged at 3.01%. The UK 10Y yield rose 3bp to 4.94%. The US Fed funds futures are now pricing in just 6bp of cuts by year-end, down from 14bp on Monday.
• Brent crude oil prices rose 3.1% to USD105.07. It has risen in every session this week, up 16% so far this week. Gold fell 1% to USD4,694.
• Data watch: All eyes will remain today on signals from Washington and Tehran, as well as shipping flows, with any disruption to the Strait of Hormuz likely to keep oil prices elevated and weigh on global growth. The US economic docket tonight rounds out with the release of the final University of Michigan consumer sentiment reading for Apr, alongside the Kansas City Fed services activity index.

INVESTMENT CALL

First Cut: Mahindra Logistics Q4FY26 Consolidated Results – Top line flat, bottom line beats expectations.

·         Consolidated revenue rose 14.1% YoY to Rs 1,791 crore (in line with estimates), driven by broad-based growth across 3PL, Freight Forwarding, Mobility, and Express businesses.

·         Express Business revenue grew 25% YoY. Freight Forwarding showed resilience with 14% YoY growth amid a tough global trade environment. Mobility revenue rose 22% YoY. Last Mile Delivery (LMD) swung to EBITDA of Rs 2.2 crore from a Rs 1 crore loss in Q3FY26.

·         EBITDA margin expanded 132 bps YoY to 6.3% (72 bps above estimates), fueled by operating leverage, automation-driven productivity, and cost discipline. Adjusted PAT hit Rs 20.2 crore, 149% above estimates—marking a return to profitability after two loss-making years.

·         We maintain our Buy rating and will share a detailed update post-management interaction today.

Results (Consolidated)                                             Rs cr.

First Cut: CIE Automotive Q1CY26 Results – Strong all-round performance,

·         Total revenue for the company grew by ~15%Y-o-Y and 9% Q-o-Q to Rs.2,612cr led by strong demand despite geopolitical uncertainty and strong Europe performance which grew by 17.6% Y-o-Y and 18.6% Q-o-Q to Rs949cr.

·         EBITDA improved by ~20%Y-o-Y and ~20%Q-o-Q to Rs.401.9cr while EBITDA margins expanded by ~63bps Y-o-Y and ~141bps Q-o-Q to 15.4%.

·         India business saw margin contraction to due to the west Asia conflict. Europe business was in-line with the market growth but was assisted by positive exchange rate impact of +17%.

·         PAT for the company grew by 20.4% Y-o-Y and 23.5% Q-o-Q to Rs.248cr, while PAT margin expanded by 43bps Y-o-Y and 110bpsQ-o-Q to 9.5%.

·         View: We continue to remain optimistic of the company’s growth opportunities. We shall review our estimates and recommendation post the concall hosted by the company.

Stock update: Trent Q4FY26 (Standalone) result update – Strong Q4

Reco: Buy                  Reco. Price: Rs. 4,249                 Price Target: Rs. 5,070

• Trent’s Q4FY26 profitability beat estimates, with EBITDA margins rising 263 bps y-o-y to 18.6% (versus 16.1% expected) and PAT rising 30% y-o-y to Rs. 455 crore (as against the expected Rs. 399 crore). Revenue grew 20% y-o-y to Rs. 4,937 crore.
• LFL growth improved to low single digits (from marginally negative in Q3). Trent added 122 net stores - Zudio (109)/Westside (22)/other concepts (-9) in Q4FY26 taking the total fashion format network to 1,286 stores.
• Board has approved a 1:2 bonus issue, recommended dividend of Rs. 6 per share and approved a Rs. 2,500-crore rights issue to support future growth and store expansion.
• Stock trades at 31x/26x its FY27E/FY28E EV/EBITDA, respectively. We maintain a Buy with a revised SOTP-based PT of Rs. 5,070.

Valuation (Standalone)                                                   Rs. Crore

Results (Standalone)                                                                               Rs. crore                                                   

OTHER NEWS

United Breweries - India operations Q4 update

- Heineken India saw revenue grow in the low single digits, with volumes increasing in the mid-single digits.

- Premium beer growth reached the mid-teens, largely driven by the Ultra brand.

- 'Kingfisher Smooth' was officially launched in India in Q4.

Mining: The Indian government earmarked Rs 5,000 crore as incentives for accelerating reforms and boosting production in the mining sector, with a strong focus on faster operationalisation of mines and improved governance. As it attempts to address long-standing obstacles in land acquisition, environmental approvals, and logistics that impede production, this is a supportive move for the mining industry, helping businesses like Coal India and NMDC.

Himadri specialty chemical posted decent results with sales growing 13.5% YoY/ 8.8% QoQ and net profit rising 33% YoY to 201 cr. EBITDA margins came in at 21.7% up 120bps YoY . After 3 qtrs of degrowth in carbon black , 4Q carbon black sales were up LSD YoY.