November 06, 2026

TOP NEWS

When AI chip and data center stocks fall, investors rotate into beaten-down names that missed the AI boom, like Indian IT services firms. In mid-October, a similar global AI sell-off gave Indian software stocks their best week in about 18 years with IT sector likely to benefit. Positive for Infosys, Coforge and negative for ESDS and Netweb

Adani Ports: Agreed to acquire a 100% stake in Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, at an enterprise value of EUR 2.56 billion. The all-cash deal values Evos at 11.7x CY25 EV/EBITDA and will be debt-funded. Evos reported CY25 revenue of EUR 392 million and EBITDA of EUR 219 million (56% margin), with eight terminals across five countries, storage capacity of 6.3 million cubic metres and 99% occupancy. The acquisition will strengthen APSEZ’s global liquids business and expand its presence to 28 ports and terminals across 10 countries.

Airtel: Profit soared 30.9% to Rs 8,887.5 crore Vs Rs 6,791.6 crore. Revenue jumped 16.7% to Rs 60,877.5 crore Vs Rs 52,145.4 crore

Titan Company on Thursday reported a 54% rise in consolidated net profit to Rs 1,722 crore for the September quarter, driven by strong demand for jewellery, premium watches and eyewear, even as the festive season shifted largely to the December quarter. The company had reported a net profit of Rs 1,120 crore in the corresponding quarter last yea

TEXMACO: Secured three orders worth a combined Rs. 428.55 crore, including Rs. 329.53 crore from Jujhar Logistics & Travels, Rs. 68.04 crore from APL Logistics Vascor Automotive and Rs. 30.98 crore from UltraTech Cement. The orders involve manufacturing and supplying railway wagons across multiple rakes, with execution scheduled between February and December 2027.

Aadhar Housing Finance reported a 15.7% year-on-year increase in net profit to ₹308.3 crore for the second quarter of FY27, compared with ₹266.4 crore in the corresponding quarter last year. Total income rose 16.8% to ₹1,048 crore from ₹897 crore in the year-ago period. Aadhar Housing Finance's assets under management (AUM) grew 18% year-on-year to ₹32,643 crore as of September 30, 2026, from ₹27,554 crore a year earlier. Loan disbursements during the quarter rose 22% to ₹2,577 crore from ₹2,110 crore in Q2 FY26. The company's gross non-performing assets (GNPA) stood at 1.34% of AUM at the end of September, improving by 8 basis points from 1.42% a year earlier. Net worth increased 19% year-on-year to ₹8,201 crore.

Glenmark Pharma Q2 (Consolidated YoY): Profit plunges 56.8% to Rs 263.8 crore Vs Rs 610.4 crore. Revenue drops 29.8% to Rs 4,247.3 crore Vs Rs 6,046.9 crore. Negative for the stock

ONGC) reported a 57.3% year-on-year (YoY) surge in standalone net profit to ₹15,489 crore for the quarter ended September, supported by higher realisations from crude oil and natural gas.ONGC’s crude oil realisation rose to $92.33 per barrel from $67.34 a barrel in the year-ago quarter. Gas prices from nominated fields increased to $7 per million British thermal units (MMBTU) from $6.75 per MMBTU.ONGC’s crude oil realisation rose to $92.33 per barrel from $67.34 a barrel in the year-ago quarter. Gas prices from nominated fields increased to $7 per million British thermal units (MMBTU) from $6.75 per MMBTU.

INVESTMENT CALL

First Cut: Mahindra & Mahindra Ltd: Strong results, watchful tractor outlook

Reco: BUY       CMP: Rs 3128       Target: Rs 4120.

• Standalone revenue grew by 26% y-o-y and 6% q-o-q to Rs 44282cr led by a strong volume growth across the auto segment and price hikes. Gross margins declined by 392bps y-o-y as raw material price inflation weighed in heavily during the quarter.
• EBITDA grew 4% y-o-y and 30% q-o-q to Rs6718cr which was a result of operating leverage, internal efficiency and price hikes taken. EBITDA margins grew 290bps q-o-q but reduced 327bps q-o-qto 15.2% allaying fears of margin sustenance during a difficult environment.
• PAT grew 13% y-o-y and 28% q-o-q to Rs5102cr as EV mix started to contribute towards profitability. PAT margins improved 274bps q-o-q but declined 137bps y-o-y to 11.5%
• We believe M&M has built out a strong base and continues to capitalise on demand though capacity expansion, product refreshes and new model introduction. Tractor volumes look depressed and with El-nino effects showing up, industry guidance revised downward to flattish growth, H2 tractor volumes will be a key factor to watch out. We continue to maintain a buy rating on the stock with a target price of Rs 4120.

Results Highlights (Rs. Cr.)

Margin Profile:

First Cut: Bharat Forge Ltd: Growth intact, earnings yet to catch up

Reco: Hold       CMP: Rs 1753       Target: Under Review.

• Consolidated revenue grew by 21% y-o-y and 5% q-o-q to Rs 4870cr led by a strong growth across all segments like forgings and defence which grew 16%y-o-y and 20% y-o-y respectively. Gross margins declined by 205bps y-o-y and 130bps q-o-q as cost of materials increased 29% y-o-y and 19% q-o-q.
• EBITDA grew 6% y-o-y and 8% q-o-q to Rs768cr which was a result of operating leverage and internal efficiency. EBITDA margins grew 47bps q-o-q but reduced 223bps q-o-q to 15.8%.
• PAT declined 7% y-o-y and 410% q-o-q to Rs279cr as costs weighed in heavily eating into profitability. PAT margins improved 766bps q-o-q but declined 170bps y-o-y to 5.7%.
• The stock is under review

Results Highlights (Rs Cr)

First Cut: Exide Industries Ltd: Capex expansion done, growth follows

Reco: Hold       CMP: Rs 362       Target: Under Review.

• Standalone revenue grew by 20% y-o-y but declined 5% q-o-q to Rs 5026cr led by a supported by healthy demand, continued benefits of GST 2.0 reforms, lower base and stronger execution of the ‘One Exide’ operating model. Gross margins improved by 75bps y-o-y and 105bps q-o-q on back of operational efficiency.
• EBITDA grew 54% y-o-y to Rs606cr while EBITDA margins grew 262bps y-o-y on back of cost optimisation initiatives, along with calibrated price increase and volume growth
• PAT grew 75% y-o-y but declined 5% q-o-q to Rs386cr while PAT margins improved 241bps y-o-y and remained flay q-o-q at 7.7%
• The stock is under review

Results Highlights (Rs Cr)

First Cut: Balkrishna Industries Ltd: Input costs impact profitability

Reco: Hold       CMP: Rs 2402       Target: Under Review.

• Consolidated revenue grew by 45% y-o-y and was flat q-o-q at Rs 3472cr as volumes grew 30% y-o-y to 91397MT. Sales grew across segments, geographies and channels where India demand out shadowed all other regions. Gross margins saw a significant decline of 824bps y-o-y and 640bps q-o-q to 43.6% as costs grew by 78% y-o-y and price hikes remained limited.
• EBITDA grew 24% y-o-y to Rs634cr while EBITDA margins declined 311bps y-o-y and 330bps q-o-q to 18.2% as crude related products and rubber price remained significantly elevated.
• PAT grew 7% y-o-y but declined 35% q-o-q to Rs293cr while PAT margins shrunk 299bps y-o-y and 462 q-o-q at 8.4% signalling impact of cost inflation.
• The stock is under review

Results Highlights (Rs Cr)

OTHER NEWS

Signature Global: Reported a turnaround in Q2FY27, with net profit of Rs. 70 crore against a loss of Rs. 50 crore in Q2FY26, while revenue from operations surged 148% YoY to Rs. 820 crore. Adjusted EBITDA margin improved to 18% from -7%. However, pre-sales declined 9% YoY to Rs. 1,830 crore, while collections increased 9% to Rs. 1,010 crore. Average sales realisation rose 12.3% to Rs. 17,122 per sq. ft., supported by the launch of Tonino Lamborghini Residences in Sector 71, Gurugram. For H1FY27, revenue grew 14% to Rs. 1,370 crore, with net profit of Rs. 50 crore against a loss of Rs. 10 crore in H1FY26.

Britannia Industries Q2 (Consolidated YoY): Profit grows 10.2% to Rs 721 crore Vs Rs 654.5 crore. Revenue jumps 15.6% to Rs 5,597.8 crore Vs Rs 4,840.6 crore.

NCC Q2 (Consolidated YoY): Profit rises 19.1% to Rs 184.3 crore Vs Rs 154.7 crore. Revenue grows 32.4% to Rs 6,014.7 crore Vs Rs 4,543 crore

KNR Construction: The company has received a Letter of Acceptance (LoA) from the Hyderabad Metropolitan Development Authority (HMDA) for the construction of an elevated corridor from ICCC, Banjara Hills, to Shilpa Layout Flyover Road in Hyderabad, Telangana. The project is worth Rs 1,396.54 crore and has a construction period of 24 months.

Ashoka Buildcon: The company has been declared the L1 bidder by the National Highways Authority of India (NHAI) for the balance work of constructing an eight-lane, access-controlled expressway on the Vadodara–Mumbai Expressway (Karvad to Jujuwa section) in Gujarat, under the Engineering, Procurement and Construction (EPC) mode. The quoted EPC price for the project is Rs 865.90 crore.

Astral | The firm reported a 5.9% year-on-year decline in net profit to ₹127 crore in Q2, while revenue grew 26.1% to ₹1,988 crore. EBITDA rose marginally by 1.6% to ₹261 crore, while EBITDA margin contracted to 13.1% from 16.3% a year earlier.

Bharti Hexacom: The reported a 34.4% year-on-year rise in net profit to ₹566 crore in Q2, while revenue grew 11.4% to ₹2,582 crore. EBITDA increased 14% to ₹1,377 crore, with EBITDA margin improving to 53.3% from 52.1% a year earlier.

Prestige Estates Q2: Net Profit (RD) 47.9% At ₹224 Cr Vs ₹430 Cr (YoY). Revenue (RD) 15.3% At ₹2,060 Cr Vs ₹2,432 Cr (YoY). EBITDA (GU) 1.8% At ₹926 Cr Vs ₹910 Cr (YoY). EBITDA Margin At 45% Vs 37% (YoY).