October 29, 2026

TOP NEWS

War update: Iran says in close and ongoing contact with mediators to implement 7 day plan to reopen the Strait of Hormuz. Trump denies any sought of peace talks with Iran. Oil prices declined to $114.barrel The fall pares the previous day’s gains and comes amid hopes for peace talks even as concerns remain over supply disruptions from escalating hostilities, including in Yemen. Asian markets trades with mixed reactions gift nifty indicates a 47 points cut on bourses.

Aeoflex industries: Rev at Rs 207cr vs Rs 111cr, PBT at Rs 50cr vs Rs 20cr, PAT at Rs 37cr vs Rs14cr. Strong operating performance with accelerated growth and margin expansion.

Titagarh Rail Systems: has received an additional order worth ₹1,716.90 crore, plus goods and services tax (GST), from the Ministry of Railways for the manufacture and supply of 4,955 BOXNHL wagons. The order was placed under the option clause of the original contract, at the same price, terms and conditions. With the additional quantity, the total number of BOXNHL wagons under the contract has increased to 9,994. The total amended contract value stands at ₹10,404.10 crore, inclusive of GST.

JSW Energy: JSW Energy reported a 49.8% year-on-year increase in consolidated net profit to ₹1,056.4 crore for Q2FY27. Revenue from operations rose 23% YoY to ₹6,368.5 crore from ₹5,177 crore in Q2FY26. JSW Energy added 813 MW of capacity in the September quarter, including 513 MW of renewable energy capacity through organic additions. In the first half of FY27, total capacity additions stood at 1,686 MW, of which 1,386 MW came from renewable energy projects added organically. The company also acquired the 300 MW Maruti Thermal Power Plant at an enterprise value of ₹1,410 crore. The plant has a long-term power purchase agreement covering 195 MW of net capacity with Rajasthan's distribution companies, with 14 years remaining. It also has 64 MW of net merchant capacity.

HCG: NPPA revises prices of 543 anti-cancer drug formulations. Price cuts exceed 90% for select brands and the revised rates are effective from Nov 9^th, 2026. Direct manufacturer impact is expected to be limited while trade margin rationalisation targets distribution margins. This could lead to possible renegotiation of terms with hospital pharmacies. HCG is amongst the most exposed to oncology (higher CONGO) and hence could be the most impacted. (Negative)

INVESTMENT CALLS

First Cut: PNB HFC Q2FY27

Strong Results, beat PAT estimates

• PAT beat estimates by 4.7% to Rs. 617 crore, up by 6.0% y-o-y and 10% q-o-q driven by strong NII growth and lower credit costs.
• NII, beat esimates, grew by 16.5% y-o-y an d 9.3% q-o-q to Rs. 875 crore.
• The company met its loan book growth guidance, achieving 19% year-over-year growth.
• AUM at Rs. 98210 crore, up by 17.1% y-o-y and 5.6% q-o-q driven by robust disbursement growth.
• Disbursements were up by 54.3% y-o-y and 63.8% q-o-q  to Rs. 9,250 crore.
• Asset quality improved in the quarter, GNPA fell by 13 bps yoy and 4 bps qoq
• Overall strong Q2, the company maintains AUM guidance of 18-20% for FY27, contribution of affordable and emerging segment is expectd to go up. NIM is expected to have no impact of rise in the borrowing costs as the company will pass on and lower cost of funding due to rating improvements. The management expects RoA of 2.4%. We have positive view on stock with PT of Rs. 1350 and maintain our positive view. We will come out with detail note soon.

First cut: Karnataka Bank Q2FY27 result: Strong YoY earnings led by NII/margin expansion and low provisions

• NII grew 34.9% YoY and 4.7% QoQ to Rs982 crore. The driver was a 43 bps YoY fall in cost of funds to 5.15%. NIM rose 45 bps YoY to 3.17% but slipped 3 bps QoQ.
• Other income fell 15.5% YoY and 18.4% QoQ to Rs290 crore. Treasury gains dropped to Rs7 crore (from Rs69 crore YoY and Rs48 crore QoQ), while fee income was flat YoY at Rs207 crore.
• Opex rose 6.2% YoY and fell 6% QoQ, with employee costs down 11.6% QoQ. Cost/income improved 626 bps YoY to 52.7%. Operating profit grew 36.9% YoY to Rs602 crore, and core PPP grew 71.5% YoY.
• Asset quality improved as GNPA was 2.27% ( down 31 bps QoQ) and NNPA 0.74% (down 13 bps QoQ), with PCR at 68% (+102 bps QoQ). Slippages eased to Rs96 crore, and provisions were only Rs15 crore (credit cost near nil). As a result, PAT grew 36.6% YoY and 4% QoQ to Rs436 crore, with RoA at 1.26%.
• Advances grew 25.5% YoY and 6.4% QoQ, and deposits grew 12% YoY and 4.3% QoQ. The CD ratio rose to 78.7%, while CASA ratio dipped 62 bps QoQ to 31.8%.
• We have a BUY rating on the stock and would come out with a detailed note post the management concall.

First Cut: Hero MotoCorp Ltd: Inline results, high costs hamper profitability growth

Reco: BUY       CMP: Rs 5322       Target: Rs 6700.

• Revenue grew 21% y-o-y and 13% q-o-q to Rs. 14687crores led by a strong volume growth of 10.5% y-o-y and 11.4% q-o-q.
• EBITDA grew 8% y-o-y and 14% q-o-q to Rs 1968crores led by cost and inventory management and price hikes undertaken during quarter. EBITDA margin declined 164bps y-o-y to 13.4%.
• PAT grew 5% y-o-y and remained flat q-o-q to Rs 1456 crores while margins declined by 157bps y-o-y and 127bps q-o-q to 9.9%.
• Hero continues to remain a key beneficiary of the domestic demand momentum, but recent slowdown in core commuter segment and fears of rural slowdown due to El-Nino effect coupled with high RM cost weigh heavily on growth prospects.

Results highlights (Rs Cr.)

First Cut: TVS Motors Ltd: Inline results, strong all-round performance

Reco: BUY       CMP: Rs 4,329       Target: Rs 4,408.

• Revenue grew by 44% y-o-y and 23% q-o-q to Rs. 17103cr led by a strong volume performance with total units sold 50% y-o-y and 27% q-o-q.
• EBITDA grew by 47% y-o-y and 25% q-o-q to Rs. 2219crore while the company was able to maintain margins signalling effective cost management and operating oeverage
• PAT grew 52% y-o-y and 17% q-o-q to Rs1377crore while PAT margins also remained stable at 8.1% during the quarter.
• The company also announced the carving out of Its credit arm into a separate company which will help unlock value potential for shareholders.
• Our View: TVS emerges as a key player making the most of the current themes of premiumisation, electrification, CVs and exports. We maintain a BUY on the stock

First Cut: Sundram fasteners: Results beat expectation

Reco: BUY       CMP: Rs 1,080       Target: Rs 1,251.

• Revenue grew 30% y-o-y and 7% q-o-q to Rs.1985 crore led by a strong revival in projects from OEMs as well as domestic demand momentum
• EBITDA grew 17% y-oy and 4% q-o-q to Rs296crore while margins remained stressed due to raw material price inflation impact
• PAT grew by 13% y-o-y and 2% q-o-q to Rs173crore with PAT margins at 8.7% which remain under pressure.
• Overall we believe that company now has started to reap in benefits of programmes with OEMs that it was involved with and with sustained demand momentum will continue to grow challenged by raw material price inflation.

Results Highlights:

Other News

Polycab India: MSCI will defer the deletion of POLYCAB INDIA from the MSCI Indexes pending further developments and clarifications from relevant authorities. MSCI will continue to monitor the security's status on the Insolvency Resolution Process list and any subsequent orders issued by the NCLAT. Positive read through for the company.

Sudeep Pharma: The company reported a 12.7% year-on-year increase in net profit to Rs.52 crore for the second quarter of the financial year 2026-27, compared with Rs.45.7 crore in the corresponding quarter of the previous year. The company's revenue increased 20.9% year-on-year to Rs.197 crore from Rs.163 crore in the year-ago quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 32% to Rs.73.2 crore from Rs.55.5 crore. Sudeep Pharma's EBITDA margin improved to 37.2% in the September quarter, compared with 34.1% in the corresponding period last year, marking an expansion of 310 basis points.

Fortis Healthcare has acquired Suguna Hospital, a 110-bed facility in Bengaluru, for approximately Rs 277 crore. The hospital has the potential to expand its capacity to around 150 beds.

RR Kabel's net profit for the second quarter of fiscal 2027, was up 56% to Rs 181 crore. The firm saw a PAT of Rs 116 crore in the preceding financial year. The company's revenue saw a 52% uptick to Rs 3,284 crore, compared to Rs 2,164 crore in the year-ago period . The company's EBITDA increased 61% to Rs 284 crore from Rs 176 crore in the previous fiscal. The EBITDA margin expanded to 8.6% from 8.1% YoY.

Meesho Q2 results: Net loss narrow to Rs 132 crore in Q2 FY27 vs loss of Rs 133 crore in Q1 FY27. Revenue rises 11.3% QoQ to Rs 4,132 crore vs Rs 3,713 crore in Q1 FY27. EBITDA loss at Rs 229 crore in Q2 FY27 vs loss of Rs 225 crore in Q1 FY27.

Bandhan Bank Q2 results: Net profit up 23.9% QoQ at Rs 622 cr in Q1 FY27 vs Rs 502 cr. Net Interest Income up 1.3% QoQ at Rs 2,960.4 cr in Q2 FY27 vs Rs 2,921 cr in Q1 FY27. Gross NPA at 3.11% in Q2 FY27 vs 3.15% in Q2 FY26. Net NPA at 0.92% in Q2 FY27 vs 0.93% in Q1 FY27. Provisions at Rs 717.5 cr in Q2 FY27 vs Rs 683 cr in Q1 FY27 vs Rs 1,152.7 in Q2 FY26.

Vedanta Aluminum recorded a strong performance in Q2FY27. The combined operating income for the quarter was ₹22,324 crore (up 40% YoY), with an aluminum sales volume of 649 KT (up approximately 5% YoY). The reported EBITDA for the quarter was ₹10,113 crore, with an EBITDA margin of 45.3% (down ~284 basis points QoQ). In Q1FY27, EBITDA/tonne was ₹1,779/tonne, whereas this quarter's figure was $1,644/tonne. Consolidated PAT for the quarter was ₹6,187 crore, up 105% YoY. This includes an unusual expense of ₹485 crore due to bauxite provision recognition.

Vedanta : Revenue from Operations came at Rs. 26356 Cr (8.9% QoQ, -33.9% YoY) vs expectation of Rs. 24598.7 Cr, QoQ Rs. 24205 Cr, YoY Rs. 39868 Cr. EBIDTA came at Rs. 9915 Cr (16.6% QoQ, -13% YoY) vs expectation of Rs. 8912.9 Cr, QoQ Rs. 8501 Cr, YoY Rs. 11397 Cr, EBITDA Margin came at 37.6% vs expectation of 36.2%, QoQ 35.1%, YoY 28.6%.

Hyundai Q2 results: Profit down 23.9% YoY at Rs 1,196 crore vs Rs 1,572 crore. Revenue down 18.5% YoY at Rs 20,696 crore vs Rs 17,460 crore. EBITDA down 18.7% YoY at 1,974 crore vs Rs 2,429 crore. EBITDA margin at 9.5% vs 13.9% YoY.

Craftsman Auto Q2 results: Net Profit up 68.6% YoY at Rs 153 cr, revenue rises 47.1%. Revenue up 47.1% at Rs 2,945 cr vs Rs 2,002 cr. EBITDA up 30% YoY at Rs 392 cr vs Rs 302 cr. Margin at 13.3% vs 15.1% YoY.

Awfis Space Solution: announced the launch of its new centres in Pune, Bengaluru, and Mumbai. The company has added ~1,45,000 sq. ft. of chargeable area with the latest design versions to cater to modern enterprises, GCCs, and large corporates. All the new centres are built on Awfis’ latest design version and add to its growing portfolio of premium, Grade A+ inventory. These additions are over and above the ~ 1,00,000 sq. ft. of premium workspace of the recently launched Elite Centre in Aerocity, New Delhi, taking the cumulative chargeable area across these launches to ~ 2,45,000 sq. ft.

PVR Inox Q2 results: Profit zooms 148% YoY to Rs 263 cr, revenue rises 16.9%. Profit after tax (PAT) at Rs 263 cr in Q2 FY27 vs Rs 106 cr in Q2 FY26, up 148% YoY. Revenue: Rs 2,105 cr in Q2 FY27 vs Rs 1,800 cr in Q2 FY26, up 16.9% YoY. EBITDA:Rs 770 cr in Q2 FY27 vs Rs 615 cr in Q2 FY26, up 25.2% YoY. EBITDA Margin: 36.6% in Q2 FY27 vs 34.2% in Q2 FY26, up 240 bps YoY