July 28, 2026

LATEST NEWS

>>3:00 pm

Radico Khaitan Q1FY27: Strong beat on profitability, led by premiumization and sharp margin expansion

• Strong profit-led quarter despite modest volume growth: RKL reported net revenue of Rs 1,683.7 crore, up 11.8% YoY, while EBITDA rose 50.3% YoY to Rs 348.9 crore. 
• Premiumization remained the key growth driver: Total IMFL volume grew 2.8% YoY to 10.00 million cases, but Prestige & Above volumes jumped 35.8% YoY to 5.22 million cases; Prestige & Above net revenue grew 36.0% YoY and contributed 76.8% of total IMFL revenue.
• Margins expanded sharply, supported by mix and raw material tailwinds: Gross margin expanded 610 bps YoY to 49.1%, while EBITDA margin expanded 530 bps YoY to 20.7%; management highlighted premiumization, benign raw material trends and disciplined cost management, despite around Rs 30 crore impact from packing material price volatility.
• View: The quarter reinforces Radico Khaitan’s premiumization story, with Prestige & Above growth meaningfully outpacing total volume growth and driving operating leverage. Near-term focus remains on sustaining 20% EBITDA margin guidance and managing input-cost volatility, but the strong margin delivery, net debt reduction and upgraded P&A volume growth guidance of over 25% for FY27 should keep investor sentiment positive.

INVESTMENT CALL

>> 02:39

First Cut VBL Q2CY26: Revenue broadly in line, margins miss estimates; strategic moves strengthen long-term growth runway

• Q2CY26 was slightly below estimates across key lines: Net revenue came in at Rs 8,451 crore, 1.4% below estimate, while operating profit of Rs 2,343 crore missed by 4.6% and adjusted PAT of Rs 1,530 crore missed by 4.3%.
• Underlying demand remained healthy, led by volume growth: Consolidated sales volume grew 19.8% YoY to 466.7 million cases, driven by 14.4% India volume growth and 38.4% international volume growth; revenue grew 20.4% YoY, aided by volume growth and 1.2% higher realization per case.
• Margin miss was the key negative, partly due to mix and acquisition impact: Gross margin stood at 55.0%, slightly below estimate, while EBITDA margin declined to 27.7%, 94 bps below estimate; management attributed EBITDA margin pressure to consolidation of Twizza, which currently has lower margins, while India margins improved by 38 bps due to operating efficiencies.

View: Operationally, the quarter was healthy on volume and revenue growth, but near-term investor focus may stay on margin delivery as Twizza integration, higher distribution costs, depreciation and finance costs dilute profitability. However, the extension of the PepsiCo India agreement to April 2049, CALPIS franchise entry and Kenya acquisition improve long-term optionality.

>> 11:16

First Cut HUL Q1FY27: Strong quarter led by healthy sales growth and volume recovery, though margins stayed under pressure.

• HUL delivered a strong operating quarter with net revenue up 10% YoY to Rs.17,341 crore, its highest growth in 13 quarters, supported by 10% USG and 5% UVG, while EBITDA grew 8.4% YoY to Rs.3,947 crore with margin at 22.8%, down 30 bps but within guidance; Adj PAT declined 2.8% YoY to Rs.2,755 crore due to a one-off tax credit in JQ’25.
• What worked was broad-based topline acceleration, led by Home Care and Beauty & Wellbeing, with volume recovery improving and premium portfolios performing well across Hair Care, Skin Care, Bodywash, Coffee and Nutrition, supported by continued investments in A&P, omni-channel execution, R&D agility and supply-chain resilience; however,  EBITDA margin declined with low-single digit volume decline in Personal Care due to Skin Cleansing pricing pressure, continued commodity volatility especially palm oil inflation.
• Management expects FY27 to be better than FY26, supported by portfolio and channel transformation. However, HUL will continue to monitor monsoon and geopolitical developments, while commodity inflation is expected to persist in the short term. EBITDA margin is expected to remain around the current guided range.

View: Overall, HUL delivered a strong topline acceleration, better volume recovery and broad-based growth led by Home Care and Beauty & Wellbeing; however, margin delivery was only acceptable given commodity pressure and higher investments, while PAT miss, Personal Care volume decline and the pace of commodity inflation moderation remain key monitorables for stock performance.

TOP NEWS

War update: US President Donald Trump says “we are having good talks” with Iran but added that he was not interested in prolonged negotiations. Oil is down by 9% to $88/ barrel. Asian markets opened in negative reacting to the AI and chip stocks fall in the US markets. Gift nifty indicates a negative start with 69 points cut on the bourses.

AI and chip stocks sell off: Market sentiment wavered over growing concerns of circular financing, with Nvidia (NVDA) shares tumbling more than 4%. Meanwhile, the Information reported that a Chinese state-backed company began mass-producing a key piece of chipmaking equipment, sending shares of ASML (ASML) down by over 5%. Market sentiment wavered over growing concerns of circular financing, with Nvidia (NVDA) shares tumbling more than 4%. Meanwhile, the Information reported that a Chinese state-backed company began mass-producing a key piece of chipmaking equipment, sending shares of ASML (ASML) down by over 5%. The central bank is expected to hold rates steady as officials monitor progress on inflation, though a rate hike is not off the table in one of the least-telegraphed Fed decisions in years.

Tata Chemicals reported a mixed Q1FY27 performance, with revenue rising 14.4% YoY to ₹4,255 crore, driven by higher volumes across products and geographies along with improved pricing. However, profitability remained under pressure as EBITDA declined 14.5% YoY to ₹555 crore, leading to a sharp margin contraction of 441 bps to 13.0% from 17.5% a year ago. The company indicated that lower export pricing, particularly from the US to South-East Asian markets, and higher fixed costs weighed on earnings despite better volume and mix. PAT plunged 81.0% YoY to ₹60 crore, reflecting the severe impact of margin pressure and other below-the-line costs. On a sequential basis, revenue grew 23.8% and EBITDA more than doubled, indicating operational recovery, but overall earnings remained weak amid challenging soda ash pricing dynamic

Aeroflex industries: Revenue up +72.4% YoY, EBITDA up +116% YoY, EBITDA margin 23.04% vs 18.35% PAT up+162% YoY. 72% growth in revenue and 450 bps expansion in EBITDA margin has been driven by the strong growth in sale of SFN Skid Assemblies, which is a high margin segment. Just a year ago it was contributing nothing to revenues. Domestic market witnessed exponential growth. It now contributes to 42% of the total revenue, whereas exports contribute to 58% of the total revenue.

RR kabel: Revenue: Rs 3,168 Cr (+54% YoY), EBITDA: Rs 285 Cr (+99% YoY), PAT: Rs 205 Cr (+129% YoY) , EBITDA Margin: 9.0% (+205 bps). Wires & Cables continues to outperform with 57% YoY growth, backed by strong volumes, execution & favorable industry demand. W&C segment profit jumped 105%, while margins expanded due to better product mix, disciplined commodity management & operating efficiencies. FMEG achieved Operational Breakeven for the first time, driven by premiumization, distribution expansion & operating leverage.

HDFC Bank :  The bank has concluded its internal review into the Maharashtra State Road Development Corporation (MSRDC) deposit arrangement, with the bank's board determining that the conduct of the employees involved amounted to business overreach rather than any mala fide action, personal enrichment or improper motive

Northern Arc Capital Q1 (Standalone YoY): Profit increases 17.6% to Rs 121.8 crore Vs Rs 103.6 crore. Net interest income soars 44.2% to Rs 496.1 crore Vs Rs 344.1 crore

Godfrey Phillips India Q1 (Consolidated YoY): Profit sinks 44.3% to Rs 198.4 crore Vs Rs 356.3 crore. Revenue falls 18.9% to Rs 1,205.5 crore Vs Rs 1,486.2 crore.

MACRO WRAP

• Iranian and Omani officials are trying to reach an agreement to restart shipping through the Strait of Hormuz. Oil prices fell sharply on these developments. Meanwhile, US Treasury yields continued to decline despite interest rate swaps still pricing in roughly a one-in-three chance of a Federal Reserve rate hike later this week. Wall Street closed mixed, weighed down by a sharp selloff in semiconductor stocks, while the broad US dollar reversed earlier losses to finish marginally higher amid expectations of a hawkish Fed. Asian markets are under significant pressure this morning, South Korea's KOSPI plunged 9% intraday to 6,143.85, with SK Hynix down more than 12% and Samsung Electronics down over 10%.
• The S&P 500 closed little changed at 7,413.18 on Monday, with the Dow Jones rising 0.5% to 52,210 while the Nasdaq Composite slipped 0.2% to 24,932. The Philadelphia Semiconductor Index fell 2.2% for a third consecutive session — its lowest close since May 19 — dragged by ASML ADRs (-8.5%) on reports a Chinese state-backed firm began mass-producing DUV chipmaking tools, and Nvidia (-5%) amid concerns over $750bn in AI financing deals. Workday (+9%) was the top S&P 500 gainer. After hours, Cadence Design rose ~4.8% on a beat-and-raise, Welltower gained 3.9%, and Universal Health slumped 5.3% on a miss.
• UK shop price inflation slowed to 0.9% year-on-year in July 2026, below the 1.2% forecast and June’s 1.2%, the weakest since December 2025. Food inflation eased to 2.2% and non-food to 0.2%. Prices fell 0.1% on the month amid heavy World Cup and summer discounting, though retailers still face rising costs. Sentimentally positive for GBP
• US durable goods orders rose 0.3% in June 2026 to $334.8 billion, rebounding from May’s 4% drop but below the 1.6% forecast. Ex-transportation, orders increased 0.6%. Core capital goods (non-defense ex-aircraft), a key investment gauge, climbed 0.9% after a revised 1.9% gain, driven by strong AI-related and defense spending.
• Key data releases tonight from the US will include June’s preliminary wholesale inventories (est. 0.4% m/m vs. 0.1%  prior), May’s FHFA house price index (0.1% m/m vs. -0.1% prior), July’s Conference Board Consumer Confidence (est. 92.4 vs. 91.2 before), ADP weekly employment change for week ending 11 July (prior reading of 16.5k), and  July’s Dallas Fed Services Activity (est. 3.8 vs. 2.9 before).

INVESTMENT CALL

First cut: Gravita India Q1FY2027 results

• In Q1FY27, the revenue growth was 42% year-over-year and 26% quarter-over-quarter, with copper (RMIL) playing a significant role. The segment generated Rs. 376 crore in revenue, compared to Rs. 51.78 crore in Q4FY26.
• EBITDA experienced a 29% year-over-year and 28% quarter-over-quarter increase. However, the margin experienced a slight compression year-over-year (9.8% vs 10.74%) despite a slight increase in quarter-over-quarter growth. This is consistent with the fact that copper/turnkey is lower margin than the core lead business, which diluted the blended margin.
• PAT experienced a slower growth rate of 14% year-over-year and 16% quarter-over-quarter growth than EBITDA, reflecting higher finance costs (Rs. 11.48 cr, up sharply from Rs. 4.37 cr
• View: Gravita's top-line growth numbers look healthy, but they're increasing more blended story. The PAT-margin compression that was first observed in Q4FY26 (on finance costs) has persisted into Q1FY27 and has been further exacerbated by a second driver (mix dilution from copper). We will review our estimates and send a detailed note. Currently, we have a buy rating on the stock.

First cut: Coal India Q1FY2027 results

• In Q1FY27, consolidated PAT rose 0.7% but was down 18.87% to Rs. 8,850 crore, while revenue from operations rose ~8% to Rs. 46,254.8 crore, driven by higher e-auction volumes and realisations and other income. However, a sharp rise in expenditure kept PBT down 0.5% to Rs. 11,719 crore and EBITDA effectively flat.
• Overall, CIL coal production fell 7% year on year to 169.63 MT in Q1FY27, while offtake rose 4% year on year to 197.86 MT; overall average realisation improved 3% year on year to Rs. 2,276.62/tonne, aided by a 6% rise in e-auction realisation and a 34% jump in e-auction volumes.
• EBITDA margin on revenue from operations moderated to 31% in Q1FY27, down from 33% a year earlier and slightly below the 32% seen in Q4FY26, due to a sharp rise in total expenses.
• The company’s board had declared an interim dividend of Rs 5.50 per equity share for 2026-27.
• View: CIL Q1FY27 results have reported mixed earnings as top-line growth has slowed sharply, PAT is essentially flat, and margins have given back some of the Q4FY26 improvement as cost pressures. We will review our estimates and send a detailed note. Currently, we have a buy rating on the stock.

First Cut: HUDCO – Strong Q1 FY27: Solid AUM Growth & Operational Risk Management Outweigh Margin Pressure

• Net Interest Income (NII): Below estimates; rose 21% YoY and 0.6% QoQ to Rs. 1,149 crore. Net Interest Margin (NIM) dropped by 17 bps YoY and 12 bps QoQ to 2.65% of AUM.
• Pre-Provision Operating Profit (PPOP): Above estimates; up 41.4% YoY and 70% QoQ to Rs. 1,066 crore, driven by a lack of losses on fair value changes as short-term foreign borrowing risks were actively managed.
• Profit After Tax (PAT): Above estimates; up 35% YoY to Rs. 851 crore, supported by strong PPOP growth.
• Asset Quality: Continued to improve, with Gross NPA (GNPA) reducing by 38 bps YoY and 8 bps QoQ to 0.96%.
• Assets Under Management (AUM): Grew 29% YoY and 5.1% QoQ to Rs. 1,73,101 crore. Disbursements reached Rs. 15,509 crore, up 54.1% YoY and 19.1% QoQ.

Results Table

Actual Vs Estimates

Five-Star Business Fin: Asset quality stress easing; AUM growth to speed up

Reco/View: Buy,   CMP Rs. 541       Price Target Rs. 620

• Disbursements hit a record high of Rs. 1,496 crore (16% y-o-y and 23.4% q-o-q), driving AUM expansion of 10.2% y-o-y.
• PAT reached Rs. 271 crore (up 1.9% y-o-y), supported by PPoP but affected by higher credit costs, lowering RoA to 7.91% (down 70 bps y-o-y and 23 bps q-o-q).
• Asset quality continued to slip, with GNPA rising to 3.46% (up by 100 bps y-o-y and 9 bps q-o-q), keeping credit costs elevated.
• Management targets a 20% AUM growth for FY27. Normalising asset quality (GNPA <3 by FY27, and stable yield will support steady earnings. Hence, we upgrade to Buy from hold with a price target of Rs. 620, trading an attractive 1.6x FY26 P/BV.

Valuation Table

Stock Update: Coromandel International Margin Pressure Persists Amid Subsidy and Raw Material Headwinds

Reco: BUY                CMP: Rs. 2,003             Target: 2,380

Quick Snapshot

• Revenue grew 15.9% y-o-y to Rs 8,165 crore, led by higher fertiliser realizations and steady growth in crop protection and allied businesses. Crop protection remained a key bright spot, led by strong exports, B2B demand and favourable product mix.
• However, EBITDA fell 3.4% y-o-y to Rs 756 crore and EBITDA margin shrunk 185 bps y-o-y to 9.3%, owing to elevated raw materials coupled with inadequate subsidy.
• Recently commissioned phosphoric acid and sulphuric acid plants are expected to improve raw material security, enhance backward integration benefits and support margin recovery over the medium term.
• We maintain a Buy rating with a PT of Rs 2,380 based on 25x FY28E EPS, led by a better business mix, rising contribution from crop protection and specialty businesses, and benefits from recent integration-led investments.

Valuation                                                          Rs Crore

Stock Update: Bharat Electronics Ltd Q1FY27 Results – Sustained growth guidance

Rating: Buy     Reco Price: Rs 407     Price Target: Rs 510

• Revenue beat our estimates, rising 25% y-o-y, on strong order execution but margins were impacted by the product mix though the management does not see a major impact of supply chain constraints.
• EBITDA grew 12% y-o-y, margins declined by 286 bps to 25%, reaching the lower end of the 25-28% guidance for the full year. Margins were hit due to product mix and management sees not a major impact of supply chain constraints. Q1FY27 order inflows came in at Rs 3,754 crore indicating a decline y-o-y as the base was stronger.
• Management reiterated a 15%+ revenue growth with margins of over 28% and order inflows of Rs 55,000 crore, including QRSAM orders worth Rs 30,000 crore.
• With a promising order pipeline, we retain a Buy rating with a revised PT of Rs. 510. At CMP, the stock trades at 41x/35x its FY2027/FY2028 earnings estimates.

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Valuation                                                                                                                          Rs Crore

Stock update: NTPC Q1FY27 result – Capacity additions and strong demand led the growth

Rating: Buy                  Reco. Price: Rs. 334            Price Target: Rs. 398

• Results broadly met estimates. Consolidated PAT rose 23% y-o-y to Rs. 6,897 crore as operating margins rose and there was a reversal in deferred tax credit.
• About 35.7 GW of capacity is under construction, comprising 15.7 GW of coal, 3.5 GW of hydropower and 16.4 GW of renewable energy projects. The company added 1.8GW of capacity leading to cumulative capacity of 90GW.
• NTPC plans to add 1GW and around 1.6GW of thermal capacity in FY27/ FY28, respectively, additionally 8GW of renewable capacity for FY27 and FY28.
• We maintain a Buy rating with an unchanged PT of Rs. 430; valuations are reasonable given strong long-term growth prospects; Stock offers a decent dividend yield as well.

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Valuation (Consolidated)                                               Rs. crore

Stock Update: Dalmia Bharat – JP integration starts; capacity expansion plans on track

Reco: BUY                CMP: Rs. 1,822             Target: 2,350

• Consolidated revenue rose 7.0% y-o-y to Rs. 3,890 crore, as volumes rose 8.6% while realisation/tonne fell 1.5%. EBITDA/tonne declined 16.0% y-o-y to Rs. 1,055, though it improved 3% q-o-q.
• Surge in fuel costs hit profitability, with petcoke prices peaking at $160/tonne before easing to $130–135/tonne, still above the pre-conflict level of $110–115/tonne. Procurement, sourcing and fuel-mix actions offset the decline in profitability.
• Company to expand capacity to 66.7 MTPA committed by Q3FY28(current 54.7 mtpa); and longer term milestone of expanding to 110-120 mtpa remains intact.
• We maintain a Buy rating with a price target of Rs. 2,350; At CMP, Dalmia trades at a reasonable 11.7x/9.8x FY27E/FY28E EV/EBITDA.

OTHERS

Meesho: Elevation Capital is likely to sell a stake worth Rs 1,200 crore in Meesho through a block deal, CNBC-TV18 reported, citing sources. As of June 2026, Elevation Capital held a 12.04 percent stake in the company. Hangover will start begin.

Usha Martin Q1 (Consolidated YoY): Profit zooms 40.7% to Rs 142 crore Vs Rs 100.9 crore. Revenue grows 16.4% to Rs 1,033 crore Vs Rs 887.2 crore. Strong quarter

HomeFirst reported its Q1FY27 financial results delivering strong operational and financial numbers.  AUM at ₹ 16,938 Cr; growth of 25.7% y-o-y and 6.7% q-o-q.  Disbursal reaches record ₹ 1,628 Cr, delivering 31.0% y-o-y and 3.6% q-o-q growth. Stable Asset Quality maintained in line with Mar’26: 1+DPD at 4.7%, 30+DPD at 3.2%, 90+DPD at 1.8%. PAT grows by 34.5% y-o-y and 7.0% q-o-q to ₹ 160 Cr. RoA at 4.2%.