November 13, 2026

 

TOP NEWS

TD Power Systems: Reported strong Q2FY27 performance, with revenue rising 85.9% YoY to Rs. 841 crore and net profit increasing 105.6% to Rs. 12.4 crore. EBITDA margin improved by 237 bps to 20.63%. The company reported a record order book of Rs. 2,319 crore as of September 2026, with Q2 order inflows growing 57% YoY to Rs. 822 crore, of which 88% came from exports. Key orders were secured across gas engines, gas turbines, hydro and steam generators, including data centre applications. The company also announced an interim dividend of Rs. 0.65 per share, with November 18, 2026 as the record date.

Hitachi Energy India’s order backlog rose 13.3% year-on-year to a record Rs 33,335.4 crore at the end of September, as demand for transmission equipment, industrial electrification and data-centre infrastructure drove a sharp increase in new orders during Q2 FY27.The company’s order intake rose 85.9 per cent to Rs 4,120.8 crore during the quarter. Revenue from operations increased 63.5 per cent to Rs 2,996.5 crore, while profit after tax rose 20.5 per cent to Rs 318.5 crore. Profit before tax increased 22 per cent to Rs 430.4 crore from Rs 352.9 crore in the year-ago quarter.

TVS Motor Company is expanding its operations in Brazil, with plans to increase annual production capacity from around 1.1 lakh units in 2026 to 1.3 lakh units by 2027. The expansion includes the opening of its first flagship store in São Paulo, three new dealerships in 2027 and an expanded sales and after-sales network through its local partner Mottu.

Manappuram Finance: The company reported a more than three-fold year-on-year increase in its consolidated profit after tax (PAT) to ₹701 crore for the September quarter of FY27. The company had posted a PAT of ₹217.31 crore in the corresponding quarter of the previous fiscal. On a sequential basis, net profit rose 20 per cent from ₹585 crore in the June quarter.

CleanMax: Signed an MoU with the Andhra Pradesh government to invest approximately Rs. 50,000 crore in an integrated clean energy complex, comprising 3 GW of wind and solar capacity and 1 GW of pumped storage over five years. The project will support a 2 GW AI Compute Factory in Kurnool, being developed in collaboration with Neysa, with CleanMax responsible for power generation, storage and distribution. At least 1.5 GW of renewable capacity is proposed to be developed by 2029.

INVESTMENT CALL

First cut: NMDC Q2FY2027   

  • Revenue: Revenue grew 4% YoY to ₹6,638 crore. Iron ore segment revenue rose 12% YoY to ₹5,957 crore but fell 12% QoQ. Pellets & others rose 18% YoY to ₹885 crore. HR Coil revenue was nil, against ₹300 crore a year ago, because there were no transactions pending approvals.
  • Margins: EBITDA fell 3% YoY despite higher sales, and OPM contracted about 200 bps. Royalty and other levies rose 30% YoY to ₹2,830 crore, and other expenses jumped 70% to ₹975 crore. H1 provisions for bad and doubtful advances were ₹553 crore against ₹52 crore last year, which is likely the ECL on NSL/RINL dues.
  • Profit: Other income rose 29% YoY to ₹494 crore, which cushioned PAT, so PAT fell only 2% YoY to ₹1,669 crore. The share of associates/JVs fell to ₹4 crore from ₹15 crore.
  • Iron ore segment profit: It was ₹2,162 crore, up 7% YoY and down 18% QoQ.
  • View: NMDC’s Volumes and realisations in iron ore held up YoY. However, higher levies, other expenses and receivable provisions compressed margins, and QoQ numbers were weak. We will come out with a detailed note. We currently have a bullish view on the stock.

Results (consolidated)                                  Rs crore

Particulars

Q2FY27

Q2FY26

YoY (%)

Q1FY27

QoQ (%)

Revenue

6,638

6,378

4.1

6,795

-2.3

EBITDA

1,940

1,993

-2.7

2,468

-21.4

Adjusted PAT

1,669

1,699

-1.8

1,976

-15.6

EPS (Rs)

1.9

1.93

-1.6

2.25

-15.6

OPM (%)

29.2

31.3

-202 bps

36.3

-710 bps

NPM (%)

25.1

26.6

-150 bps

29.1

-394 bps

Tax rate (%)

26.3

25.5

+80 bps

25.5

+84 bps

 

OTHER NEWS

Zee Entertainment Enterprises Limited (ZEEL) has approved a Rs 600 crore share buyback program at a price of Rs 91 per share, which represents a roughly 23.8% premium over its previous closing price of ₹73.50. The company plans to repurchase up to 6.59 crore equity shares (6.86% of its paid-up equity capital) via the tender offer route, with promoters opting not to participate. Investors who wish to participate must buy the shares on or before November 24, 2026, to ensure they are held in their demat accounts by the official record date of November 25, 2026.

Godrej Properties: Added a ~31-acre land parcel on Indore-Ujjain Road for a plotted residential development, with an estimated saleable area of ~0.7 million sq. ft. This will be the company’s third project in Indore, expanding its presence in the city. The development will offer residential plots of varying sizes, supported by planned infrastructure, recreational spaces and premium amenities.