July 29, 2026

LATEST NEWS

>> 01: 50 pm

First cut: V-Guard Industries (Standalone),  Q1FY2027 results – Robust performance, Beats estimates

·         Revenues for Q1FY27 grew 24% yoy to Rs 1737 crore far beyond our estimates. Revenue growth was backed by strong performance in Electronics (23%), Electricals (28%), Consumer Durables (19%) business Sunflame (18%).

·         The operating margins were up by 225 bps to 8.9% and also way ahead of our expectations. PAT was higher by 93% yoy. 

·         South markets witnessed a growth of 37% whereas non south markets grew by 12%.

·         View: V-Guard had decent quarter. 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

>> 12:29 PM

Colgate Q1FY27 First Cut: Revenue beat led by strong domestic growth, but margin pressure and higher brand investments led to earnings miss.

• Revenue came in at Rs.1,603.3 crore, 4.0% above estimate, supported by 12% YoY net sales growth and broad-based double-digit domestic growth.
• Profitability missed expectations, with Operating Profit down 1.5% vs estimate and Adjusted PAT down 2.0%, as OPM contracted 167 bps vs estimates despite a healthy gross margin profile.
• Key business events were positive, with premium toothpaste driving robust performance, high-single digit volume growth in toothpaste, new launches in MaxFresh Berry Blast and premium toothbrushes, and continued investment in advertising/category premiumization.

View: Results are operationally healthy on demand and premiumization, but the near-term stock reaction may be capped by the margin and PAT miss. Sustained volume momentum with controlled ad spends will be key for rerating.

TOP NEWS

War update: US Central Command (CENTCOM) says Iran’s Revolutionary Guard launched multiple ballistic missiles in an “attempted surprise attack on US forces based in the Middle East”. U.S. and Saudi Arabian military forces conducted joint strikes targeting "Iran-aligned terrorists" operating in Iraq. The U.S. said the strikes were in retaliation for more than 30 aerial drone attacks that were conducted over the past 72 hours at the direction of the Iranian Revolutionary Guard. Oil prices almost up by 4% to $87/barrel. Gift nifty indicates a positive start with 133 points on bourses where as Asian markets remains mixed.

TruAlt energy: Revenue increased by 106% to Rs 627 crore, EBITDA was higher by 220 % to Rs 133 crore, Margins jumped to 21.7% vs 13.7% yoy, PAT was at Rs 59 crore increased 1000%. Strong Q1 provides a solid foundation ahead of the seasonally stronger second half of FY27.

VST industries (-ve): Revenue was down 14% to Rs 256 crore, operating profit down by 35%, margins dow to 19.4% vs 25% in Q1FY26, PAT was down 24% to Rs 42 crore. Weak set of results.

ONGC: Crude oil up 5% crosses $85+ inches due to Iran launching multiple ballistic missiles, likely to benefit oil refineries such as ONGC.

Graphite India: Following its preliminary affirmative determinations in the countervailing duty (CVD) investigations, the US Department of Commerce has preliminarily imposed a 3.68 percent countervailing duty on exports of large-diameter graphite electrodes from the company.

Tata Capital (-ve): Q1FY27 Net profit rises 56% to Rs. 1,547 crore. The company reported a 56 per cent year-on-year rise in its consolidated net profit to Rs 1,547 crore for the Q1 FY27, supported by healthy loan growth. NII of the NBFC rose 25 per cent year-on-year to Rs 3,571 crore, while total income grew 23 per cent year-on-year to Rs 4,455 crore. Gross loans grew 23 per cent year-on-year to Rs 2.86 trillion at the end of June. Assets under management (AUM) grew 22 per cent year-on-year to Rs 2.90 trillion. Retail and SME loans constituted 85.4 per cent of its net AUM. Gross Stage 3 assets stood at 1.9 per cent as of June 30, 2026, against 2 per cent as of March 31, 2026, while net Stage 3 assets stood at 0.8 per cent against 0.9 per cent as of March 31, 2026. Strong set of results, positive

MACRO WRAP

• Asian markets faces the memory selling route  as SK Hynix’s earnings miss and an Iran-driven oil spike weigh on sentiment ahead of the Fed, the rotation away from AI-related stocks gathered further momentum. Chinese manufacturers have begun mass-producing cheap domestic DUV lithography systems, fuelling concerns that future supply could expand much faster than previously expected. China’s memory champion, ChangXin Memory Technologies (CXMT), stunned investors with a 466% first-day gain following its Shanghai IPO, reigniting fears that Beijing is rapidly closing the technology gap in memory chips. Sentimentally negative for DC and Semi-conductor related stocks.
• South Korea's KOSPI plunged about 4% intraday, slipping below 5,800 to 5,781.28 points; SK Hynix fell nearly 10% and Samsung Electronics dropped more than 3%. Japan's Nikkei 225 was down about 1% intraday. The Philadelphia Semiconductor Index fell another 4.5%, down for the fourth consecutive session., SanDisk has tumbled over 50%, SK Hynix has dropped about 47%, Micron and Western Digital are each down more than 32%, and Seagate has lost about 30%.
• Renewed Middle East hostilities have revived geopolitical and energy-supply concerns. The US intercepted a surprise Iranian attack on its troops, while Iran-backed militias in Iraq hit Saudi oil facilities with drones for a second day. Iran also rejected Oman’s proposal for shared control of the Strait of Hormuz. Separately, API data showed a 3.3 million-barrel drop in US crude inventories, highlighting tight supply. Oil futures prices rose significantly, with WTI up 4.2% to $82.58 a barrel and Brent up 4.3% to $87.70 a barrel.
• The US Senate advance a major Russia-Iran Sanctions Bill, Senate has until August 7 to pass the bill before Congress adjourns for its August recess. The bill would allow President Donald Trump to impose tariffs on the top five purchasers of Russian oil and natural gas. It has the support of the White House but has divided Democrats, some of whom are wary of granting Trump additional tariff authority. Sentimentally negative for OMC’s
• The DJIA and the S&P500 gained 1% and 0.2% respectively while the Nasdaq Composite Index fell 0.2%. The Eurostoxx 50 edged up 0.1%. The Dollar Index dipped 0.1% to 101.42 and EUR-USD was slightly higher by 20 pips to 1.1390. The US 2Y yield fell 4bp to 4.29% and the 10Y yield fell 4bp to 4.61%. The US 30Y fell 5bp to 5.09%. The German 10Y yield fell 3bp to 3.10%. The UK 10Y yield fell 5bp to 4.94%. Brent crude oil prices fell 4.8% to USD84.09. Gold fell 1.1% to USD4,030.
• FOMC Preview: The Fed is expected to leave the target range unchanged at 3.50-3.75%. followed by Chair Kevin Warsh’s press conference, the key focus will be whether Fed Chief signals that a September hike remains on the cards despite easing energy prices and softer inflation data. The Fed funds futures are pricing in a 34% probability of a 25bp hike today. They are pricing in a total hike of 26bp by September and 43bp by year-end. After today, there are three remaining meetings for this year, in September, October, and December.

INVESTMENT CALL

Stock Update: Larsen & Toubro Stock update- Order inflows and PAT surprised

Rating: Buy           Reco Price: Rs 3,852       PT: Rs 4,700

•              Results were broadly in line, with revenues rose 7% y-o-y and margins at 9%. PAT which grew 14% was well supported by 75% increase in other income and 31% decrease in depreciation cost.

•              Order inflows surprised, rising 14% y-o-y, o Rs 1.08 lakh crore, with international orders contributing 56%. Order book stood at a record Rs 7,78,954 crore up 5% y-o-y, providing strong revenue visibility.

•              Amid the geopolitical tensions for FY27 management reiterated its order inflow guidance at 10-12%, revenue growth at 10-12% and core PP&M margins at 7.8%. L&T expects a execution heavy H2FY27. 

•              We maintain a Buy rating with a revised PT of Rs. 4,700, on strong order prospects and healthy earnings growth outlook. Order prospect pipeline seen at Rs. 17.8 lakh crore for FY27.

Valuation (Consolidated)                            (Rs.  Crore)

Result Summary                                                                               Rs Crore

First cut: CITY UNION BANK Q1FY27 - Steady execution continues; RoA and asset quality trending well

• NII grew 31.2% y-o-y to Rs. 820 crore, aided by 26% y-o-y loan growth; NIM rose 24 bps y-o-y to 3.78%, though it moderated 9 bps q-o-q as term deposit costs firmed up.
• Other income was flat y-o-y at Rs. 244 crore (down 16.1% q-o-q on lower treasury/fee contribution versus a strong Q4). Cost discipline drove operating profit up 28.8% y-o-y to Rs. 581 crore, with cost-to-income improving 270 bps y-o-y to 45.4%.
• Provisions rose 11.4% y-o-y but fell sharply 35.0% q-o-q; PAT grew 25.1% y-o-y and 6.4% q-o-q to Rs. 383 crore – the bank's highest-ever quarterly profit.
• Asset quality improved further, with GNPA/NNPA at 1.73%/0.61% (down 126 bps/59 bps y-o-y and 18 bps/7 bps q-o-q); GNPA fell below 2% for the first time in over a decade, and recoveries (~Rs. 206 crore) continued to outpace slippages (~Rs. 195 crore).
• The bank is set to post healthy return ratios on a sustainable basis. We have BUY rating and will come out with detailed note shortly.

Viewpoint: Lodha Developers – Residential demand Intact; Palava data center to unlock long-term value

View: Positive                CMP: Rs. 1,311             Target: 1,465

• Pre-sales grew 4.0% y-o-y to Rs. 4,629 crore, despite no major launches during the quarter. Collections rose 46% y-o-y to Rs. 4,205 crore, generating OCF of around Rs. 1,890 crore.
• FY27 pre-sales guidance of ~Rs. 24,000 crore retained, backed by a launch pipeline of 21 projects and phases worth ~Rs. 24,000 crore of GDV, including the first NCR foray.
• Digital Edge India became the third global operator at the 660-acre Palava data center park, buying land at ~Rs. 42.5 crore/acre versus ~Rs. 21 crore/acre in CY25.
• We maintain a "Positive" view with a revised PT of Rs. 1,465, on a strong pipeline and steady demand.

OTHER NEWS

Netweb Technologies: Revenue Rs 819.69 Cr (+172.13% YoY), Operating Profit: Rs 120.52 Cr (+169.02% YoY),  Operating Margin (OPM): 14.70% (vs 14.87% YoY),  PAT: Rs 85.32 Cr (+179.95% YoY), EPS: ₹14.98 (vs ₹5.38 YoY). Strong demand for AI, HPC and data centre infrastructure solutions. Healthy execution of large enterprise and government orders.  Expanding product portfolio and increasing manufacturing capabilities. Rising adoption of AI infrastructure and digital transformation continue to support long-term growth were the key highlights of the results.

Dynacons systems: Secured a significant project from the National Payments Corporation of India (NPCI) valued at Rs 267.58 crores (excluding GST). The project involves augmenting NPCI's data center with enterprise server infrastructure, including 24x7 support

The Phoenix Mills Limited: Phoenix Mills reported a 23.3% YoY increase in Q1 FY27 consolidated net profit to Rs. 296.9 crore, while revenue rose 12.8% YoY to Rs. 1,074.9 crore. EBITDA increased 13.7% YoY to Rs. 641.5 crore, with the EBITDA margin improving to 59.7%. Retail consumption surged 32% YoY to Rs. 4,730 crore, while retail rental income and retail EBITDA each grew 17% YoY. The commercial office business also remained strong, with office income rising 44% YoY to Rs. 75 crore and occupancy improving to 84%. The company aims to expand its retail portfolio to over 18 msf GLA and office portfolio to around 9 msf GLA by 2030.

DCM Shriram Q1 (Consolidated YoY): Profit zooms over 6-fold to Rs 692.8 crore Vs Rs 113.4 crore. Revenue increases 9.5% to Rs 3,784.7 crore Vs Rs 3,455.2 crore. Exceptional gains of Rs 79.42 crore Vs Nil. Tax write-back at Rs 418.02 crore Vs tax expenses of Rs 56.34 crore