August 07, 2026

LATEST NEWS

>> 2:40 PM

First Cut: SBI Q1FY27: Delivers a Stellar Quarter, Beat Estimates

• PAT beat estimates by 6.8% to reach Rs. 21,121 crore, a growth of 10.2% y-o-y and 7.3% q-o-q, primarily driven by robust operational income and lower credit costs.
• PPOP, beat estimates by 7.1% to stand at Rs, 33,529 crore, demonstrating strong momentum with a 9.8% y-o-y and 21.0% q-o-q increase.
• NII registered steady top-line expansion, growing 14.7% y-o-y and 5.7% q-o-q.
• Total advances expanded by 18.6% y-o-y and 2.3% q-o-q to Rs. 50,47,222 crore, with broad-based growth across segments led by the SME portfolio and agri portfolio . While total deposit growth lagged overall advances growth, increasing 9.7% y-o-y.
• Asset quality metrics improved further as the Gross Non-Performing Assets (Gross NPA) ratio fell by 36 bps y-o-y and 2 bps q-o-q to 1.47%.

The bank reported strong performance in the quarter, we will come out with a detailed analysis note post the conference call.

Actual Vs Estimates

Key Financials

Advances and Deposit Growth

Asset Quality

TOP NEWS

War update: U.S. President Donald Trump said on Monday (August 3, 2026) that negotiations with Iran were ongoing despite Tehran’s denials and the Islamic Republic was facing a “last chance before decapitation. He told reporters they would likely learn about the status of the negotiations “today or tomorrow. Oil prices remained flattish at $83/barrel. Asian markets remain mixed and gift nifty indicates a 100 points cut on bourses.

Siemens Energy: Revenue grew 39.3% YoY to Rs 2,485.6 Cr, driven by strong order backlog execution. PAT grew 67.8% YoY to Rs 440.9 Cr, with EPS rising to Rs 12.38 from Rs 7.38.  EBITDA margin expanded 416 bps YoY to 23.57%, while operating margin improved 437 bps to 21.95%. Strong set of results

Lupin : The company reported 27% year-on-year increase in standalone net profit after tax (PAT) to ₹27,146 million for the quarter ended June 30, 2026, driven by strong revenue growth across its core pharmaceutical business. The company’s consolidated revenue from operations surged 32% to ₹82,769 million, while consolidated PAT rose 16% to ₹14,170 million. These results reflect sustained momentum in the US generics market and effective cost management, positioning the firm for continued expansion in FY26.

KOEL: Revenue: Rs 1,999.53 Cr (+13.49% YoY) .EBITDA: Rs 300.33 Cr (-8.05% YoY). - EBITDA Margin: 15.02% vs 18.54% in Q1FY26 and 17.79% in Q4FY26.  PAT from Continuing Operations: Rs 111.06 Cr (-17.23% YoY, -28.45% QoQ). Margins remained weak.

Premier Energies: Revenue: Rs 2,463 Cr (+35.3% YoY),  Operating EBITDA: Rs 714 Cr (+30.3% YoY), EBITDA Margin: 29.0% vs 30.11% YoY, PAT: Rs 472 Cr (+53.3% YoY). BESS: Rs 600 billion annual opportunity. 44 GWh of tenders announced, 16 GWh awarded and 52 HWh under construction. Data centers and AI driving surge in power demand, creating opportunities for renewable energy. Very strong results

SCI: Revenue Rs 1846.56 Cr (+40.31% YoY), EBITDA Rs 882.44 Cr (+80.47% YoY ) EBITDA Margin 47.79% vs 37.15% YoY. PAT Rs  619.34 Cr vs Rs 354.17 Cr (+74.87% YoY┃+53.07% QoQ). Shipping Corp posted strong results and planned Rs 15,000 Cr capex n upcoming 59-vessel joint venture with state-run oil majors is next big thing to watch !!

Life Insurance Corporation of India Q1 (Standalone YoY): Profit surges 22.81% to Rs 13,492 crore Vs Rs 10,986 crore. Total Annual Premium Equivalent (APE) jumps 8.22% to Rs 13,692 crore Vs Rs 12,652 crore. Value of new business (VNB) zooms 61.3% to Rs 3,136 crore Vs Rs 1,944 crore. Strong quarter, positive .

Vijaya Diagnostic Centre Q1 (Consolidated YoY): Profit soars 37.6% to Rs 53.1 crore Vs Rs 38.6 crore. Revenue spikes 22.8% to Rs 231 crore Vs Rs 188 crore. Strong quarter, Positive

Premier Energies Q1 (Consolidated YoY): Profit jumps 50.4% to Rs 463.1 crore Vs Rs 307.8 crore. Revenue increases 35.3% to Rs 2,462.6 crore Vs Rs 1,820.7 crore. Strong Quarter, positive

RBI issues stricter loan recovery rules to protect borrowers from harassment:  RBI has mandated strict recovery norms for lenders applicable form January 1st. Recovery agents may only contact or visit borrowers between 08:00 and 19:00 hours, strictly avoiding inappropriate occasions such as family bereavements or medical emergencies. Lenders must implement internal policies, penalty provisions, and call recording requirements to prevent information misuse or harassment, while prohibiting abusive language, intimidation, or publicizing borrower details on social media. Lenders must also establish clear, board-approved recovery policies covering recovery triggers, escalation matrices, ethical agent conduct, deceased borrower protocols, and financial distress assistance. Additionally, incentive structures must not encourage coercive tactics, and loan agreements must explicitly detail repossession, repayment, and asset recovery procedures. Regarding technology-enabled recovery, lenders cannot restrict or disable mobile devices unless they directly financed them through a loan. Furthermore, no device functionality may be restricted until the account is at least 30 days past due despite proper notice. Essential features—such as incoming calls, SMS, and emergency SOS—must remain active, with full restrictions permitted only after 60 days past due. If a lender wrongfully restricts a device or delays restoring functionality after clearance, it must compensate the borrower at Rs. 250 per hour, capped at the total disbursed loan amount. Broadly negative for all lenders, more impact on MFIs, unsecured and consumer durable financiers namely Credit Access Gramin, Spandana, LT Finance,  Ujjivan SFBs, Bandhan,  Jana Small SFB, AU SFBs and IDFC among others

Bluestar: Revenue grew strongly by 13% to Rs 3378 crore and EBITDA degrew 12%. Margins came in at 5.18% vs 6.71%. PAT degrew by 15%.  Weak results

INVESTMENT CALL

First Cut: Apollo tyres consolidated results : Well managed quarter.

• While revenue and EBITDA were inline with results, PAT was a surprise beat.
• Revenue for the company grew 12.8% y-o-y to Rs. 7398 crores led by the improving mix and higher ASP. Gross profit declined 116bps y-o-y and 405bps y-o-y due to an accelerated increase in prices of raw materials like crude and its derivatives and rubber. But price hikes helped manage the inflated costs.
• EBITDA for the quarter was reported at Rs. 868 crore which was flat y-o-y but reduced 18.8% q-o-q inline with seasonality trend. EBITDA margins reduced by 149bps y-o-y and 284bps q-o-q which was lower than most competitors and managed through strong control of costs, inventory management and operational efficiency.
• PAT grew considerably to Rs 349 crores in Q1FY27 but saw a sequential drop which is typical of seasonality. Slower finance costs and higher other income help company beat consensus and estimated.
• We continue to remain positive on the overall growth prospect of the company on back of reducing costs, higher ASP, better mix of products and high replacement demand. The new capacity expansion will help cater to resilient domestic demand and help increase topline. We have a target price of Rs.501, implying an upside of 11% but may revise it post the Concall scheduled at 03:30pm.

Results Highlights (Rs. Cr.)

Margin Profile

First Cut: Hero Motocorp ltd: Inline revenue, operational efficiency and higher other income help growth

• Revenue for the quarter increased by 36% y-o-y and 2% q-o-q to Rs12,999 crore led by a strong domestic demand momentum which helped overall volumes grow by 23% y-o-y to 16.77 lakh units. Price hike undertaken during the quarter did not entirely mitigate costs resulting in a gross margin decline of 475bps y-o-y and 297bps q-o-q.
• Controlled costs and operational efficiency helped the EBITDA grow 25% y-o-y to Rs. 1,727 crore while EBITDA margins declined by 144bps y-o-y and 122 bps q-o-q to 13.3%.
• PAT grew by 29% y-o-y and 4% q-o-q to Rs. 1,454 crore on back of effective cost management and higher other income (45% y-o-y growth) while margin decline was limited to 56bps y-o-y drop and 24bps q-o-q gain to 11.2%.
• Revenue from the Company's Parts, Accessories, and Merchandising (PAM) business stood at Rs. 1,689 Crore - a growth of 30% over previous year.
• Strong domestic demand continues to aid deliver a robust performance while operational efficiency and price hike will help mitigate raw material inflation. We continue to maintain a positive rating in the stock.

Results Highlights

Margin Profile:

Stock Update: Pondy Oxides & Chemicals Ltd - Supply-chain challenges weigh on volumes; long-term outlook intact

Reco: BUY                CMP: Rs. 511           Target: Rs. 680

• Lead volumes remained under pressure due to supply-chain disruptions, with volumes down 35% Y-o-Y/24% Q-o-Q. However, a higher 85% VAP mix drove record lead EBITDA/tonne of Rs 21.6k
• Copper remained the key growth driver, with volumes rising over 3x Y-o-Y and EBITDA/tonne improving to Rs 48.5k.
• The copper cathode project remains on track and is expected to be a key earnings catalyst, with targeted EBITDA/tonne of Rs 60-65k versus >Rs 40k currently in the copper recycling business.
• We maintain our BUY rating on POCL with a TP of Rs 680.

Stock Update: Navin Fluorine International Ltd - Building for the next leg of growth

Reco: BUY                CMP: Rs. 7,601           Target: Rs. 8,850

• CDMO, HPP and specialty chemicals delivered strong growth, driving consolidated revenue growth of 44% y-o-y, with EBITDA margin rising 566 bps y-o-y to 34.2%.
• Strong pipeline in CDMO and cooling products, participation in new specialty chem molecule and expanded R32 capacity coming online would drive medium-term growth.
• Advanced materials has the potential to emerge as a meaningful contributor to growth over the medium term.
• We maintain our BUY rating on NFIL and raise our TP to Rs 8,850.

OTHER NEWS

Britannia Industries Q1 (Consolidated YoY): Profit jumps 13.6% to Rs 591.4 crore Vs Rs 520.7 crore. Revenue rises 8.2% to Rs 5,000 crore Vs Rs 4,622.2 crore.