August 06, 2026

TOP NEWS

Biocon : Company posted a consolidated net profit of Rs 141 crore in Q1FY27, up 355 percent from Rs 31 crore a year earlier. Revenue from operations rose 10 percent year-on-year to Rs 4,336 crore, while EBITDA increased 7 percent to Rs 902 crore.  Profit growth was supported by a 17 percent rise in biopharma revenue to Rs 3,615 crore, led by continued momentum in biosimilars and generic drug launches across key markets. Biosimilars revenue increased 16 percent to Rs 2,855 crore, while generics revenue grew 21 percent to Rs 760 crore. Lower interest costs also aided earnings, with finance costs declining 23 percent year-on-year to Rs 213 crore following a series of debt reduction and balance sheet optimisation initiatives.

Neuland Laboratories: The company reported very strong Q1 FY27, with consolidated net profit surging over tenfold to ₹148 crore, backed by a more than doubling of revenues to ₹642 crore. Operational efficiency peaked with EBITDA margins expanding significantly by 2,296 basis points to 34.74%. Consolidated revenue from operations jumped by ≈119% YoY (derived: ₹642 cr vs ₹293 cr). Exponential growth in bottom line was driven by high-margin Custom Manufacturing Solutions and Specialty API businesses.

Savita Oil Technologies Q1 Results: Net profit surges 396% YoY to ₹292 crore: Savita Oil Technologies Limited reported a standalone net profit of ₹292.25 crore for the quarter ended June 30, 2026, driven by robust revenue growth in its petroleum products segment. The surge in profitability follows a 49.7% year-on-year rise in total revenue to ₹1,479.8 crore, reflecting strong operational performance and improved margins

Cummins India Q1 Results: Profit Slips 7% Despite Jump In Revenue; Margin Contracts: Cummins India Ltd posted a mixed set of earnings for the first quarter, with robust top-line growth failing to translate into higher profits as operating margins came under pressure. The company reported a net profit of Rs 543 crore for the quarter ended June, down 7.8% from Rs 589 crore in the corresponding period last year. Revenue from operations, however, rose 17.5% year-on-year to Rs 3,426 crore, compared with Rs 2,916 crore a year earlier, indicating healthy demand across its business segments. Operating performance remained under pressure despite the higher revenue.  Earnings before interest, tax, depreciation and amortisation declined 2.5% to Rs 617 crore from Rs 633 crore in the year-ago quarter. The company's Ebitda margin contracted sharply to 18%, compared with 21.7% in the same quarter last year, reflecting a squeeze in operating profitability. Negative

Hindalco Industries subsidiary Novelis Q1 (Consolidated YoY): Net income surges 71% to $164 million. Net income ex-special items grows 128% to $265 million. Adjusted EBITDA rises 24% to $516 million. Rolled product shipments fall 5% to 916 kilo tonnes. Adjusted EBITDA per tonne shipped zooms 30% to $563.

GMM Pfaudler Q1 (Consolidated YoY): Profit surges 114.3% to Rs 23.9 crore Vs Rs 11.15 crore. Revenue grows 16.4% to Rs 924.8 crore Vs Rs 794.6 crore. Strong quarter.

PB Fintech Q1 (Consolidated YoY): Profit zooms 92.6% to Rs 162.9 crore Vs Rs 84.6 Crore. Revenue surges 40.1% to Rs 1,888.3 crore Vs Rs 1,348 crore.

RMC Switchgears: The company has received orders aggregating Rs 344.10 crore. The largest among them comprises 12 Letters of Acceptance (LoAs) from Paschim Gujarat Vij Company (PGVCL), worth Rs 333.80 crore. The LoAs received from PGVCL are for turnkey contracts covering site surveys, designing, engineering, procurement, supply, loading, transportation, unloading, insurance, delivery to the site, handling, storage, installation, testing, commissioning, and documentation of all items and materials required to complete the works

MACRO WRAP

• US stocks closed near record highs Wednesday, supported by a better macro backdrop and strong earnings. The S&P 500 dipped 0.2% but stayed just below its record, while the Dow hit a fresh high, rising 263 points to 54,349. Banks and other credit-sensitive sectors outperformed. Arista Networks gained 3.6% on a revenue beat, and Eli Lilly jumped 4.9% after topping estimates and raising guidance. The Nasdaq fell 0.8%, with SpaceX down 13.6% and AMD off 7% despite doubling data centre revenue. Sandisk still fell 8% despite beat earnings and issuing strong forecasts this quarter
• Iran and Oman agree to establish a shipping corridor through the strait, raising expectations of higher energy exports from the Middle East. Crude oil extended losses.
• US private businesses added 44K jobs in July 2026, the smallest gain in six months and below the 70K forecast. Services added 47K jobs while goods-producing firms shed 3K. Pay rose 4.4% for job stayers and 7% for job changers, the fastest since August 2025.
• The ISM Services PMI rose slightly to 54.1 in July 2026 from 54 in June, below the 54.5 forecast but still indicating expansion. Business activity and new orders improved, employment slipped back into contraction, and price pressures intensified, led by petroleum-related products and plastics.
• The S&P Global US Services PMI rose to 54.6 in July from 51.2, the fastest growth in nine months and above the flash 53.6. New business jumped, driven by World Cup and Independence Day spending and stronger domestic demand, while exports fell. Firms saw the strongest job growth in eight months, but input costs hit a 14‑month high on tariffs and pricier raw materials, prompting price hikes. Business confidence improved.
• Commodities
• Gold extended its strongest advance in six months as progress on reopening the Strait of Hormuz eased energy-driven pressure on the Fed; bullion rose up to 0.8% to about $4,280 after a 4.1% jump—the biggest since 3 Feb. Silver gained 0.3% to $62.23 after more than 4% the day before.
• Copper futures on Comex climbed to a record high, up approximately 18% year-to-date, as traders positioned ahead of an expected US tariff decision on copper imports. The LME cash-to-3-month spread rose sharply, reaching its highest level since October 2025, reflecting tightening in the physical market as large volumes flow to US ports. Sentimentally positive for Hind Copper Hindalco.

INVESTMENT CALL

First Cut: IKS Q1FY27: Revenue slightly below expectation but a miss on PAT

• Revenue performance was broadly in line, with Reported USD revenue of US$97.0mn (Est. US$97.9mn).
• Revenue from Operations at Rs 893.6 Cr, up 20.7% y-o-y (+4.2% q-o-q), but 2.3% below our estimate of Rs 914.9 Cr.
• Realized USD/INR was approximately Rs 92.1/USD (Rs 893.6 Cr revenue / US$97.0mn revenue), compared with our implied estimate of ~Rs 93.5/USD, indicating a modest realization shortfall.
• Margins came in weaker than expected. EBITDA stood at Rs 294.9 Cr (EBITDA margin 33.0%), declining 1.8% q-o-q (+24.1% y-o-y). EBITDA was 7.6% below our estimate of Rs 319.3 Cr, while margin missed expectations by ~190 bps (33.0% vs. 34.9% est.).
• EBIT was also below expectations, at Rs 260.7 Cr with an EBIT margin of 29.2%. EBIT was 8.9% below our estimate of Rs 286.0 Cr, with margin lower by ~209 bps (est. 31.3%).
• PAT came in lower than expectation at Rs 193.7 Cr, down 5.9% q-o-q (+27.8% y-o-y). Consequently, PAT margin stood at 21.7%, missing our estimate of 23.8% by ~216 bps.

First Cut:  Navin Fluorine- Continues to fire on all cylinders

• NFIL posted another strong qtr, with EBITDA margins staying resilient at 34.2% despite some softness in GPM.
• We expect some benefit of old inventory and fx cushioning the EBITDA margins.
• HPP benefited from higher realisations in R32, project nectar rampup and higher sales from nubeqa benefiting the CDMO segment.
• We have a concall scheduled at 6:30 PM today. We have a BUY on NFIL with a TP of Rs 7800.
• Key Monitorable: Direction of CDMO sales trajectory beyond FY28, nectar project rampup and ref gas realisations.  

Stock Update: Transport Corporation of India Ltd– Multimodal expansion to drive growth

Reco: BUY                CMP: Rs. 912             Target: 1,160

• Revenue rose 9.6% y-o-y to Rs. 1,248.5 crore, operating profit up 11.7% y-o-y to Rs. 135.2 crore.
• Freight business is guided to grow at 10-12%, and supply chain business at 12-15%. Near-term earnings stay exposed to fuel price volatility, capex-led depreciation.
• Gradual shift toward higher-margin LTL freight and better warehouse utilisation would hold the key levers to margin expansion going ahead.
• We maintain our Buy rating with a revised PT of Rs. 1,160, owing to a steady earnings-growth trajectory in next 2-3 years as new ships and contracts ramp up

OTHER NEWS

Aurobindo Pharma reported a consolidated net profit of ₹1,032 crore for Q1FY27, a 25.2% increase from ₹824 crore in the same period last year. Revenue from operations grew 16.3% year-on-year to ₹9,150 crore, driven by robust volume gains in Europe and the US, alongside new product launches. The company maintained an operating EBITDA margin of 21.0%, expanding by 60 basis points compared to Q1FY26, while generating free cash flow of US$ 98 million despite significant capital deployment for acquisitions and buybacks.

JK Lakshmi Cement Limited: JK Lakshmi Cement reported a mixed Q1 FY27 performance, with revenue increasing 9.4% YoY to Rs. 1,905 crore, supported by a 8.2% YoY rise in cement sales volume to 35.98 lakh tonnes. However, net profit declined 28.1% YoY to Rs. 108 crore, while EBITDA fell 16.9% YoY to Rs. 259 crore, with the EBITDA margin contracting to 13.6% from 17.9% due to higher fuel and energy costs. The company is expanding its Durg plant with a 2.3 MTPA clinker unit and 4.6 MTPA cement grinding capacity, along with a railway siding project to improve logistics. The expansion is expected to be completed by March 2028.

Waaree Renewable Technologies Limited: Waaree Renewable Technologies has secured a turnkey EPC contract for a 210 MWp (150 MWac) ground-mounted solar project, along with two years of operation and maintenance services, from Solaris Horizon Energy Private Limited. The project is scheduled for completion in FY28. The order is a related-party transaction, as Solaris Horizon Energy is a step-down subsidiary of Waaree Energies Limited.