August 14, 2026

TOP NEWS

LG Electronics: Revenue grew 16% to Rs 7,233 crore. Operating profit grew 26% to Rs 904 crore, PAT was up by 27.2% to Rs 653 crore. Margins improved by 110bps to 12.5%. Strong summer demand, especially in ACs & refrigerators, along with healthy performance across major appliance categories, supported growth. The key positive is operating leverage — EBITDA and PAT grew much faster than revenue, while margins expanded by ~110 bps.

Honasa Consumer Q1 (Consolidated YoY): Profit surges 118.4% to Rs 90.2 crore Vs Rs 41.3 crore. Revenue jumps 27% to Rs 755.9 crore Vs Rs 595.3 crore. Positive

JSW Cement: JSW Cement reported Q1 FY27 revenue of Rs. 1,896 crore, up 21.6% YoY, supported by strong volume growth. Cement sales volume increased 26.5% YoY to 2.34 MT from 1.85 MT, while realisation improved 1.2% YoY to Rs. 4,951/tonne from Rs. 4,894/tonne. However, EBITDA/tonne declined 19.5% YoY to Rs. 784 from Rs. 974, reflecting higher operating costs, particularly power & fuel, raw materials and freight. Net profit stood at Rs. 161 crore versus a reported loss of Rs. 1,356 crore in Q1 FY26; however, the previous-year loss included a Rs. 1,466 crore exceptional accounting impact related to CCPS valuation, and adjusted Q1 FY26 PAT was around Rs. 100 crore. Profit before exceptional items and tax increased 15.5% YoY to Rs. 190 crore.

Welspun Living: Q1 FY27 was the company's strongest quarter in seven quarters, with revenue rising 23.5% YoY to ₹2,828 crore and EBITDA margin expanding to 12.5%, up 140 bps YoY. PAT margins improved from 3.8% to 5.7%, while home textile exports grew 28.1%. UK and Europe businesses grew 20%+, domestic businesses grew 21.3%, and U.S. onshore pillow revenue grew 2.3x, with Ohio utilization reaching around 81%. Management expects double-digit revenue growth in FY27 with low-teens EBITDA margins, while targeting capacity utilization of around 80% across categories.

Macro Wrap

• Geopolitical risk in the Middle East remains the key swing factor. Iran attacked two vessels affiliated with Abu Dhabi's state energy company as they transited the Strait of Hormuz on Thursday evening, according to a UAE Foreign Ministry statement. The UAE condemned the strikes, describing the use of the strait as a tool of economic coercion as “acts of piracy”. Separately, Iran and Oman remained short of a deal to reopen the waterway despite the upbeat tone earlier in the week, keeping tanker traffic at a trickle and energy markets on edge. The continued disruption to Persian Gulf shipping lanes could keep energy costs elevated.
• Asian markets are trading higher, building on Wall Street's record close. The Kospi opened up 2.7% to 6,995.67, boosted by a surge in memory and chip names following Sandisk's strong investor day targets. Japan's Topix is on track to extend its winning streak to an eighth consecutive session, with futures pointing higher.
• The dominant overnight macro driver was the softer July US PPI reading, which came in below consensus. Headline PPI was flat month-on-month against a consensus of +0.2%, while the year-on year reading decelerated to 4.7% from 5.5% previously. The softer print followed Wednesday's cooler CPI data, cementing a two-day disinflationary signal that pushed markets to price in less than a 40% probability of a September rate hike.
• US Fed funds futures markets are now pricing around a 35% probability of a 25bp increase compared with 52% on Monday. They are pricing in a total hike of 23bp by year-end compared with 32bp on Monday. On the fiscal front, the USD25bn 30Y Treasury auction was weak, clearing at 5.216%, the highest level since 2001 as demand came in slightly softer than expected.
• US initial jobless claims for the week ended 8 August rose 9,000 to 209,000 (vs 202,000 est.), while continuing claims fell 22,000 to 1.777 million.
• UK GDP grew 0.4% in Q2, matching expectations after 0.6% in Q1. June GDP rose 0.3% m/m, beating flat forecasts.
• The DJIA, the S&P500, and the Nasdaq Composite rose 0.1%, 0.7%, and 0.8% respectively. The Euro Stoxx 50 rose 0.2%. The Dollar Index dipped 0.1% to 99.96. EUR-USD was little changed at 1.1530. The US 2Y yield fell 6bp to 4.14% and both 10Y and 30Y yields dropped 5bp to 4.64% and 5.21% respectively. The German 10Y yield fell 3bp to 3.13%. The UK 10Y yield fell 2bp to 4.95%. Brent crude oil prices fell 2.2% to USD87.07 a barrel. Gold fell 1.3% to USD4,350.

INVESTMENT CALL

Max Financial Services: Q1FY27 - Margin beat on yield-curve tailwind and protection-led mix

●      Q1FY27 APE grew 15% y-o-y to Rs 1,921 crore, led by protection (up 44%), annuity (up 116%) and par (up 48%); Axis Bank grew 14% while non-Axis partnerships surged 72%.

●      VNB margin expanded 310 bps y-o-y to 23.2% (~70% from yield curve, ~30% from product mix), driving 33% y-o-y VNB growth to Rs 446 crore.

●      Embedded value grew 15% y-o-y to Rs 30,415 crore; annualised operating RoEV improved to 14.9% (vs 14.3% last year)

●      Solvency comfortable at 198% post Axis Bank's Rs 381 crore infusion; AUM crossed Rs 2 lakh crore, up 11% y-o-y.

●      We have a BUY rating on the stock and will come out with detailed note shortly

First Cut – Tata Motors Ltd – Revenue, EBITDA inline but PAT softer than estimates

• Revenue grew by 9.3% y-o-y (inline with our estimates) to Rs. 95,799 crore led by a strong performance in domestic market.
• EBITDA declined by 24.3% y-o-y and 45% q-o-q to Rs. 6176 crore while EBITDA margin declined by 286 bps y-o-y and 423 bps q-o-q to 6.4% due to commodity pressure and supply chain headwinds.
• PAT declined by 66.9% y-o-y and 85.4% q-o-q to Rs. 859 crore while PAT margin echoed EBITDA margins and declined by 207bps y-o-y and 468 bps q-o-q to 0.9%.  
• The domestic business delivered a strong revenue growth of 65% y-o-y, however elevated Commodities & FX moderated improvement in margins. EV business continues to shine with Vahan market share at 39% (industry leading). Overall Vahan registration suggests a 14.3% market share in Q1FY27.
• Wholesales for JLR were down .2% YoY on account of temporary supply constraints, including a fire at a key component supplier, Middle east conflict and planned Jaguar wind-down. In addition to the impact of reduced volumes, JLR’s y-o-y profitability was impacted as VMEs continued to remain elevated, partially offset by favourable structural costs.
• India business continues to be in a strong position with strong demand pull across all categories and powertrains while exports are adding a feather to the cap. Luxury environment remains challenging for JLR across China and US but efforts are on to stay resilient and grow on back of new launches and manufacturing partnerships with Stellantis. Price hikes will help reduce some pressure of commodity inflation but competitive edge needs to be maintained via operational efficiency. We have a buy rating on the stock with a target price of Rs 419.

Results Highlight (consolidated):

Margin profile:

Stock Update: Carysil– On a strong growth path

Reco: BUY                CMP: Rs.1,189             Target: 1,428

• Revenue rose 15.5% y-o-y to Rs. 262 crore. EBITDA rose 21.8% y-o-y, with margins expanding 105 bps y-o-y to 20.4%, led by operating leverage, a better product mix, higher realisations and the reversal of earlier US customer discounts.
• Domestic business was the key growth driver, with sales rising ~40% y-o-y to Rs. 56 crore, backed by a ~25% volume growth and a ~12% higher average realisation.
• Management indicated that Carysil is currently sitting on its highest-ever export order book, supported by Home Depot, Lowe's, Amazon and other OEM/customer additions.
• Stock trades at 28.7/21.7 FY27/FY28 EPS. We remain positive on the stock and revise our target price to Rs. 1428.

OTHER NEWS

KRBL Q1 (Consolidated YoY): Profit zooms 73.2% to Rs 260.7 crore Vs Rs 150.6 crore. Revenue falls 5.6% to Rs 1,495.9 crore Vs Rs 1,584.4 crore

Indigo Paints Q1 (Consolidated YoY): Profit soars 61% to Rs 41.7 crore Vs Rs 25.9 crore. Revenue grows 19.7% to Rs 369.7 crore Vs Rs 308.9 crore. Positive

Aditya Birla Real Estate : The company's subsidiary, Birla Estates, announced its entry into the Navi Mumbai market with the redevelopment of Shiv Sai Co-operative Housing Society in Vashi, undertaken jointly with an affiliate of Priyanka Group. The project has a total revenue potential of approximately Rs 2,600 crore. Positive