May 05, 2026

LATEST NEWS

>> 2:34 PM

First cut: Marico Q4FY26 (Consolidated) results – Strong revenue growth, margin decline as expected

·      Marico’s revenue grew by 22.1% y-o-y to Rs. 3,333 crore, against our expectation of Rs. 3,330 crore. India business reported revenue growth of 21% y-o-y (9% y-o-y volume growth), while international business grew by 19% y-o-y in CC terms.

·      Gross margin and OPM fell by 363 bps y-o-y to 44.9% and 114 bps y-o-y to 15.6%, respectively. OPM came in lower than our expectation of 16.1%.

·      Operating profit grew by 13.8% y-o-y to Rs. 521 crore. In line with operating profit growth, adjusted PAT grew by 18.3% y-o-y to Rs. 408 crore, better than our expectation of Rs. 392 crore. The board has recommended a final dividend of Rs. 4 per share for FY26.

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

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

>> 1:44 PM

First cut: Punjab National bank – Q4FY26: Prima facie mixed bag

• PNB posted net interest income decline of 3.5% YoY (4% below estimates) mainly on account of margin compression.
• NIM declined by 34 bps YoY and 5 bps QoQ to 2.47% as impact of repo rate cut in December 2025 kicked in.
• Other income was also lower due to adverse yield movement impacting treasury profits.
• The bank during the quarter saw sharp fall in Opex, this was due to sharp decline in employee expenses which was a most probably a result of lower provisions on employee benefits due increase in yields.
• Owing to sharp fall in Opex the bank posted a 10.7% YoY growth in PPoP (7.1% higher than our estimates)
• Provisions also declined 63.2% QoQ due to reversal of standard asset provisions worth Rs673 crore. GNPA and NNPA ratios were down 24 bps and 3 bps QoQ respectively.
• PAT thus on account of lower opex and provisions came in at Rs5225 crore up 14.4% YoY (ahead of estimates)
• Advances momentum improved to 13.7% YoY to Rs12.25 lakh crore and deposits were up 9.2% YoY to Rs17.11 lakh crore.

Results Table

Actual versus estimates

TOP NEWS

War update: Tensions in the Strait of Hormuz continue to escalate, with multiple countries reporting military action and sharp exchanges as concerns grow over the stability of a fragile ceasefire.  United Arab Emirates said it intercepted 15 missiles and four drones launched from Iran, calling the strikes 'treacherous' and asserting its right to retaliate. At the same time, US forces reportedly sank six Iranian small boats attempting to disrupt commercial shipping under 'Project Freedom,' a US-led mission aimed at reopening the Strait. Tehran, however, has denied these claims. US President Donald Trump struck a more aggressive tone, warning that Iran would be 'blown off the face of the earth' if it targets US vessels. Oil prices remain at elevated levels of $ 113/ barrel.

KEI Industries:  Q4 revenues broadly met our estimates for a growth of 19% but margins surprised our numbers. We expected almost flattish margins at 10.2% but it was higher by 77bps for 11%. Overall company for FY26 has beaten on both the guidance metrics of 20% revenue growth and 10.5-11% margins.  Positive

Sobha : The company reported strong Q4FY26 performance with net profit up 124% YoY to ₹92 crore. Revenue grew 60% YoY to ₹1,908 crore, while EBITDA rose 62% YoY with stable margins at 8%.Operationally, the company reported record FY26 pre-sales of ₹8,136 crore, up ~29% YoY, driven by strong demand across key markets. Bengaluru contributed 55% of sales, while NCR also saw strong traction from new launches. Demand remained robust in the ₹2–3 crore segment. Positive

Manappuram Finance: The company reported a consolidated PAT of Rs 404 crore in Q4FY26 from the year-ago period's loss of Rs 191 crore. Profit also jumped 69% y-o-y from Rs 238.55 crore in Q3FY26, indicating strong quarterly momentum. Positive

Aarti Industries posted a handsome beat on key headline nos. Revenues were up 13.2% at Rs 2,206 cr . EBITDA was up 24% at Rs 343cr. EBITDA margin at 15.5% beat our and street estimates by 150bps. Net profit was up 42.7% at Rs 137cr. The beat was led by strong UTR across all business segments. Positive

Ambuja cement: Ambuja’s Q4FY26 concall reflects a clear reset in expectations, with capacity, cost, and demand outlook all weaker than earlier guided. The company ended FY26 at 109 MTPA vs 118 MTPA target, with timelines pushed out and even the 140 MTPA milestone likely delayed to FY30, effectively diluting the earlier 155 MTPA FY28 ambition. On costs, there was a significant miss, with FY26 at ~₹4,400/t vs ₹4,000/t target and Q4 peaking at ₹4,500/t, driven by higher freight, fuel, and inefficiencies in acquired assets; the ₹3,650/t target remains but is delayed. EBITDA/ton came in weak at ~₹887/t, and management avoided giving forward guidance. Demand outlook has also been cut to ~5–5.5%, with FY27 growth largely dependent on utilisation ramp-up of acquired assets rather than industry demand. Near-term outlook remains cautious with soft demand trends, monsoon risks, and persistent cost pressures, indicating that recovery will be gradual and largely cost-led. Negative

PREVIEW

Marico Q4FY26

Punjab National Bank Q4FY26

MACRO WRAP

• Global markets were rocked on Monday on news that Iran had attacked an oil port in the UAE, as well as several ships in the Straits of Hormuz, sending oil prices sharply higher and equities broadly lower. US Treasury yields rose 6-7bp across the curve on bets that the Fed may be forced to reverse course and hike to curb inflation. Brent oil prices surged nearly 6% to above USD114.
• Tensions escalated in the Middle East yesterday after Iran launched a missile and drone attack on the United Arab Emirates’ (UAE) Fujairah oil terminal, which caused a large fire. The UAE Ministry of Defense said on social media that 15 missiles were launched from Iran, including 12 ballistic missiles, three cruise missiles, and four drones. It was the first strike from Iran since the US-Iran ceasefire took effect on 8 April. The renewed strikes from Iran came after President Trump announced plans to escort vessels through the Strait of Hormuz, potentially breaking the Iranian blockade. Separately, an oil tanker owned by a company in Abu Dhabi was struck by Iranian drones outside the Strait of Hormuz.
• US factory orders rose 1.5% m/m in March 2026, beating the 0.5% forecast after a 0.3% gain in February. Durable orders were up 0.8%, led by a 3.6% jump in computers and electronics on strong AI and data-center demand, and higher transport equipment. Nondurable orders rose 2.1%, the highest since October 2022. Orders ex-transport were up 1.6%, ex-defense 0.9%. Sentimentally positive for USD
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 1.1%, 0.4%, and 0.2% respectively. The Eurostoxx 50 fell 2%. The Dollar Index gained 0.2% to 98.37. EUR-USD fell 30 pips to 1.1690. The US 2Y yield rose 7.5bp to 3.95% and the 10Y yield rose 7bp to 4.44%. The German 10Y yield rose 5bp to 3.09%. The UK gilts market was closed yesterday for the May Day holiday. Brent crude oil prices jumped 5.8% to USD114.44. Gold fell 2% to USD4,522
• Global markets were rocked on Monday on news that Iran had attacked an oil port in the UAE, as well as several ships in the Straits of Hormuz, and this morning,
• Data watch: we get the trade deficit, the final reading for the S&P Global PMI services, ISM services, building permits, and the job openings and labour turnover survey (JOLTS).

INVESTMENT CALL

First cut: KEI Industries Q4FY2026 results – marginally beats expectations

Q4 revenues broadly met our estimates for a growth of 19% but margins surprised our numbers. We expected almost flattish margins at 10.2% but it was higher by 77bps for 11%. Overall company for FY26 has beaten on both the guidance metrics of 20% revenue growth and 10.5-11% margins.  

1.        Cables and Wires: The growth was driven by cables and wires business which grew by 17.9%. EBIT margins surprisingly higher by 148 bps to 12.45% indicating a strong pricing power and cost discipline measures.

2.        Stainless Steel Wire: A standout Q4, EBIT margin at 8.94%, up 352 bps YoY. From a small base, but the trajectory is strong. Revenues for the segment grew by 21.5%.

3.        EPC business: Revenue was flat due to high margin Gambia project getting placed in FY25 numbers.

Sanand Facility is catalyst: Medium voltage cables are scheduled for commissioning July/August 2026. It has contributed zero revenue in FY26. When it ramps, it adds capacity on top of a business already growing 20%+. Guidance of 20%+ revenue growth, ~11% EBITDA margin for FY27. With Q4 exit rate and the incoming capacity, that guidance looks conservative and easily achievable.

Results (consolidated)                                                                                             Rs crore

Actual vs. estimates                                                Rs. Crore

Source: Mirae Asset Sharekhan Research

Manappuram Finance Q4FY26 : Reported strong profitability

• Strong Profitability: The company reported a consolidated PAT of Rs 404 crore in Q4FY26 from the year-ago period's loss of Rs 191 crore. Profit also jumped 69% y-o-y from Rs 238.55 crore in Q3FY26, indicating strong quarterly momentum.
• NII Growth: Net interest income was largely unchanged at Rs 1,404 crore, versus Rs 1,406 crore in the corresponding quarter last year.
• Opex: Operating expenses remained well-contained, contributing to the improved bottom-line performance despite a competitive lending environment.
• Asset Quality Performance: Asset quality trends showed resilience, with provisions for bad loans declining on a year-on-year basis.
• Segmental performance: Gold loans delivered strong growth, surging to Rs 2,331 crore in Q4, more than double the Rs 990.43 crore recorded in the same period last year, supported by higher gold prices and robust demand. However, the microfinance segment saw a steep decline in revenue to Rs 294 crore from Rs 1,372 crore year-on-year.
• Full-year Performance: On a standalone basis, the company reported a net profit of Rs 1,524.65 crore for the year. The consolidated figure stood lower at Rs 1,003.30 crore.Total income on a consolidated basis came in at Rs 9,524.68 crore. The numbers indicate steady business activity through the year rather than a sharp one-time spike.
• Business mix remains unchanged: Gold loans continue to form the base of the business, while microfinance is gradually expanding its share. The company increased its stake in Asirvad Microfinance Limited to 98.97 per cent during the year following a rights issue. This move gives it tighter control over the subsidiary and aligns with its long-term focus on the segment.
• Dividend: The company also announced fourth interim dividend of Rs 0.50 per share. With this, the total payout for the year stands at Rs 2 per share.
• The company reported strong quarter as gold loan segment performed well, asset quality improved, contained opex led for strong profitability. The Stock was up by ~4% today and closed at Rs. 305. 

Cholamandalam Investment and Finance (CIFC) Q4FY26 Results update :  Strong Q4; growth momentum to sustain high return ratios

Reco – Buy, CMP Rs. 1640, PT Rs. 1900

Quick Snapshot

• PAT surged 29.5% y-o-y and 27.4% q-o-q. NIM expanded 26 bps y-o-y and 8 bps q-o-q to 6.9% led by lower cost of funds.
• Credit costs eased to 1.51%, down 22 bps q-o-q, as GNPA fell to 3.05% on healthy recoveries. Consequently, RoA grew 48 bps q-o-q to 2.93%.
• Disbursements rose 24.6% y-o-y and 9.8% q-o-q driven by vehicle finance and emerging businesses.
• AUM/PAT CAGR seen at 23%/20.4% through FY28 driven by healthy demand, branch expansion, steady margins, lower credit costs. Hence, we maintain a Buy rating with an unchanged PT of Rs. 1,900, valuing the stock at 3.1x FY28E P/BV.

Valuation

Source: Mirae Asset Sharekhan Research

Stock update: HUL Q4FY26 (Consolidated) result update – Steady Q4; outlook positive

Reco: Buy                  Reco. Price: Rs. 2,309                 Price Target: Rs. 2,690

• Consolidated revenue grew 8% y-o-y led by a 6% y-o-y volume growth, with OPM lower by 33 bps y-o-y to 23.5%, driving up adjusted PAT by 8%.
• Company expects FY27 to be better than FY26, maintaining a mid-term OPM guidance of 22.5-23.5% by balancing pricing, cost savings, and media investments to mitigate near term effects of the West Asia crisis.
• A Rs. 2,000 crore capex has been committed for premium formats in beauty, homecare, and personal care, to expand capacity and build future businesses.
• Stock trades at 48x/43x its FY27E/FY28E EPS, respectively. We retain a Buy with a revised PT of Rs. 2,690.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

 Source: Mirae Asset Sharekhan Research

OTHER NEWS

Jindal Stainless maintained consistent performance in Q4 FY26, with revenue and EBITDA increased by double digits as margins grew due to improved operating performance, despite the company citing import pressure and global trade interruptions. Consolidated operating income was ₹11,337 crore (up 11% YoY and 8% QoQ). Jindal Stainless reported a 42.74% increase in consolidated net profit to ₹844 crore for the quarter ended March 31, 2026, compared to ₹591 crore the year before. Positive

The government introduced an investigation into the potential extension of countervailing taxes on Malaysian aluminium wire imports. This follows the introduction of these duties on September 24, 2021, for a five-year period, with the present levy slated to expire on September 23, 26.