May 25, 2026

TOP NEWS

War update: Negotiations between the United States and Iran entering a crucial phase, uncertainty has resurfaced over what had appeared to be a breakthrough agreement to end the conflict. US President Donald Trump said the deal was not “fully negotiated yet,” signalling caution despite earlier suggestions that a framework was close. US President Donald Trump said he has instructed negotiators not to rush an agreement with Iran despite signs that a deal to end the conflict may be close. Trump said talks were progressing in an “orderly and constructive” manner and stressed that the blockade on Iran would remain until an agreement is finalised and signed. Iranian officials meanwhile said both sides were moving closer to a framework understanding. Oil prices has take an hit of 5% to $ 98/ barrell. With the optimism gift nifty indicates a gap up opening of 271 pts and Asian markets such as Taiwan and Japan are up by 2-3%.

Indian Railways is expected to soon float a mega wagon procurement tender worth around ₹40,000 crore for procurement of nearly 1 lakh freight wagons over the next 3–4 years. Annual procurement is likely to be around 35,000–40,000 wagons, with the first set of orders expected in Q2FY27. Positive for Titagarh.

Sarda Energy & Minerals Q4FY26 Highlights: Net Profit Up 45.9% At Rs. 158 crore Vs Rs. 108.3 crore YoY .Revenue Up 1.2% At Rs. 1,253.6 crore Vs Rs. 1,238.8 crore YoY. Ebitda Up 28.5% At Rs. 347.6 crore Vs Rs. 270.5 crore YoY. Ebitda Margin At 27.7% Vs 21.8% YoY.

Sterlite Technologies: Achieved a major milestone by securing a multi-year Product Award Letter (PAL) valued at $1.11 billion (approximately ₹10,000 crore). for supply of specialized optical connectivity products to a global hyperscale partner to support AI-driven data center expansions in the United States. The order reinforces STL’s position as key vendor in US AI infra landscape.

Century Plyboards (India) Ltd : The company reported a strong Q4FY26 performance driven by robust demand in plywood and laminates. Consolidated net profit increased 49% YoY to ₹78 crore, while revenue rose 25% YoY to a record high of ₹1,492 crore.EBITDA grew 32% YoY to ₹177 crore, with EBITDA margin improving to 12% from 11% last year. The company highlighted continued strong growth in the plywood segment along with a sharp recovery in the laminates business, which saw healthy revenue growth and margin expansion after a relatively weak phase over the past two years.

Lupin Limited : The company received approval from China’s National Medical Products Administration for Oseltamivir Phosphate Oral Suspension in partnership with Yabao Pharmaceuticals. This marks Lupin’s first product approval and entry into the China market, a key milestone in its global expansion strategy. The product is indicated for treatment and prevention of Influenza A and B, particularly for paediatric patients. Lupin said the launch will strengthen its global footprint and expand access to affordable medicines in one of the world’s largest pharmaceutical markets.

Hindalco: In 4QFY26, Hindalco maintained a consistent level of performance. The total operating income for the quarter was ₹78,133 crore, representing a 20% year-over-year increase and an 18% quarter-over-quarter increase. Downstream volumes of aluminium in India were 124 kt, representing an 18% year-over-year increase, while upstream volumes were 339 kt, representing a 2% year-over-year increase. The volumes of the India coper segment decreased by 5% year-over-year to 128 kt. The consolidated EBITDA for the quarter was ₹10,176 crore, a 6% increase year-over-year. The corresponding EBITDA margins were 13%, an increase of approximately 104 basis points quarter-over-quarter. In Q4FY26, the company's standalone EBITDA margin increased 50 basis points to 15%, primarily due to higher aluminium prices. Neutral

INVESTMENT CALL

First cut: Indigo Paints Q4FY26 (Consolidated) results – Operating performance slightly better than expected

·       Consolidated revenues grew by 9.7% y-o-y to Rs. 425 crore, slightly above our expectation of Rs. 416 crore.

·       Gross margin rose by 122  bps y-o-y to 48%, while OPM stood flat y-o-y at 22.5%, slightly higher than our expectation of 22.3%.

·       Operating profit grew by 9.3% y-o-y to Rs. 96 crore. Higher depreciation charges led to 3.1% growth in the adjusted PAT to Rs. 59 crore, largely in line with our expectation of Rs. 61 crore. The board has recommended a final dividend of Rs. 5 per share for FY26.

·       View: We shall review our earnings estimates post the conference call and come out with detailed note. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First Cut: Colgate-Palmolive (India) Q4FY26 (Standalone) results – Revenue beat; miss on margin front

·       Colgate’s standalone revenue grew by 9.1% y-o-y to Rs. 1,595 crore, beating our expectation of Rs. 1,531 crore largely driven by the premium portfolio.

·       Gross margin declined by 76 bps y-o-y to 69.9%, largely due to higher raw material prices, while OPM fell by 211 bps y-o-y to 31.9%, missing our expectation of 32.5%.

·       Operating profit grew by 2.3% y-o-y to Rs. 510 crore and adjusted PAT increased by 3% y-o-y to Rs. 366 crore, largely in line with our expectation of Rs. 358 crore. The board has declared a dividend of Rs. 24 per share.

·       View: We will review our earnings estimates and come out with a detailed report soon. Currently we have a Buy rating on the stock.

Results (Standalone)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

Stock Update: Dee Development Ltd Q4FY26 results update – Growth prospects remain strong

Rating: Buy    Reco Price: Rs 523    Price Target: Rs 650

• Revenue grew strongly by 26% led by execution of oil & gas orders. Margins declined by 448 bps to 17.6% due to the impact of labor code charges and a higher base.
• Order book is strong at Rs. 1,940 crore and is distributed across oil & gas (Rs. 900 crore), power (Rs. 1,200 crore) FY26 order inflows of Rs. 1,870 crore.
• Management has reiterated growth guidance at Rs 1,500 crore with margins of > 19% and order inflows of Rs 2000 crore.
• Company with its recent order inflow gains is rapidly emerging as highly specialized and critical energy infra provider and enjoying sector tailwinds in HRSG, Thermal and Oil and gas based solutions.
• We expect the company to deliver a strong revenue/PAT CAGR growth of 29%/62% respectively over FY26-28E.  At CMP, the stock trades at a P/E of 27x/18x its FY2027E/FY2028E EPS, presenting an attractive investment opportunity. At the base case estimates, we remain positive and assign a PT of Rs. 650.

Valuation                                                                                                          Rs Crore

Stock Update: Grasim– Paints biz in focus; long-term outlook robust

Reco: BUY                CMP: Rs. 3,154            Target: 3,530

• Revenue and EBITDA strongly beat expectations by 12.6%/24.1% while PAT loss, was below our expectations too.
• Birla Opus expanded revenue market share by around 90 bps q-o-q in Q4FY26 and 370 bps over FY25.
• Birla Pivot more than doubled revenue y-o-y and is close to its Rs.8,500 crore annual revenue guidance and expects to exit FY27 with an EBITDA breakeven or possible sooner.
• We retain Buy with a revised SOTP-based PT of Rs. 3,530, supported by sustained momentum in paints and improving operating leverage

OTHER NEWS

Hariom Pipe reported a consistent performance in the fourth quarter of fiscal year 26. The total operating income was ₹507 crore on a consolidated basis, representing a 27% year-over-year increase. The EBITDA margins for the quarter were 12.6%, with a reported value of approximately ₹64 crore. This represents a rise of approximately 10 basis points from the previous quarter.

Maharashtra Seamless: In the fourth quarter of fiscal year 2026, Maharashtra Seamless disclosed an average performance. The total operating income was ₹1,280 crore on a consolidated basis, representing a 10% year-over-year decrease and a 17% quarter-over-quarter increase. The reported EBITDA for the quarter was ₹238 crore, with corresponding EBITDA margins of 18.6% (an increase of approximately 460 basis points year-over-year).

The Ramco Cements:  The company reported strong profit growth in Q4FY26, although EBITDA came below street expectations. Revenue increased 9% YoY to ₹2,606 crore, while EBITDA rose 16% YoY to ₹373 crore. EBITDA margin improved to 14.3% from 13.4% last year. PAT surged 372% YoY to ₹146 crore, supported partly by exceptional gains of ₹74 crore. The company highlighted cost pressures from Tamil Nadu’s mineral-bearing land tax, which increased limestone costs, though lower fuel costs, higher green power usage, and better operational efficiencies supported margins. Green power usage increased to 40% from 36% last ye

RBL Bank: Emirates NBD Bank has announced an open offer to acquire up to 41.55 crore shares of RBL Bank from public shareholders, representing 26 percent of the expanded voting share capital, at Rs 282.38 per share. The total offer size is valued at Rs 11,735.3 crore.

Federal Bank: Reserve Bank of India has approved the appointment of Elias George as Part-Time Chairman of Federal Bank for a period of three years, effective May 23.