April 29, 2026

TOP NEWS

War update: The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement doesn’t change anything regarding the blockage of the Strait of Hormuz, it could help lower oil prices after the war if the UAE increases its production capacity. Brent crude oil traded over 50% higher than its prewar price. US Treasury chief says blockade will soon force Iran to reduce oil production. Israel continues its attacks on Suth Lebanon. Oil prices currently at $112/ barrel. Gift nifty indicates a flattish start and the day is expected to be the positive start to negative sentiments.

Emvee Photovoltaic: Rev at Rs 1738 cr 62% higher yoy.  EBITDA at Rs 571cr,  58% higher YoY. OPM at 33% vs 34%.  PAT at 392cr vs 207cr 89% higher yoy. Orderbook increased to 9.4 GW,  1.27 GW inflows during Q4FY26. Module capacity enhanced from 6 GW to 10 GW. Installed capacity: 10.3 GW modules 100% TopCON. 2.94 GW cells with utilization at 79% during Q4.

GRSE: Total income rising 25% to Rs 2190 crore. EBITDA grew by 61% to Rs 355 crore. Net profit grew by 24% to Rs 303 crore. FY 26 order book approx 16000 cr FY27 year end order expected :- 50000- 70000 cr Fy28 Year-end order book expected :- 70000-100000 lac cr.

REC Q4 net profit drops 22% YoY to ₹3,375 crore, loan book at all-time high; dividend recommended: It reported a 22% y-o-y decline in its consolidated net profit to Rs.3,375.08 crore in Q4FY2026. The company's interest income came down to Rs. 14,119.11 crore in the quarter under review, marking a 5.54% YoY fall. The company has registered its highest-ever annual net profit despite challenging macroeconomic situations and geopolitical uncertainty. The company has registered growth in the loan book of around Rs. 17,000 crore during the last year. As a result, the loan book is at an all-time high of Rs. 5.84 lakh crore as on March 31, 2026. The renewable sector loan book increased to Rs. 75,347 crore as on March 31, 2026, reflecting a 30% growth. Total sanctions increased to Rs. 4,09,097 crore from Rs. 3,37,179 crore, up 21% YoY. Disbursement also increased 10% YoY to ₹2,11,189 crore in FY26. The company recommended a final dividend of ₹1.55 per equity share with a face value of ₹10 each for FY26, subject to approval of shareholders in the ensuing Annual General Meeting (AGM). Negative

Skipper: Blockbuster Q4 nos. Revenue 1666Cr, Up 29% YoY & 21% QoQ PAT 78Cr, Up 63% YoY & 48% QoQ, good margin expansion Achieved highest-ever annual revenue, 20% YoY growth Robust order book of Rs 8,502 Cr, highest in company's history Capacity expansion targeting 450,000 MTPA by June 2026 Other EPC players should also post great nos. (Transrail, KEC etc)

CEAT Ltd will invest over Rs 4,500 crore to expand capacity at its Chennai plant from 24,000 tyres per day to 40,000 tyres per day by September 2027, as part of a broader manufacturing ramp-up across plants. The Chennai expansion will take capacity first to 30,000 tyres per day and will focus on tyres for both electric vehicles and internal combustion engine vehicles. For the quarter ended March, the company posted a consolidated net profit of Rs 243.80 crore, up from Rs 98.71 crore in the year-ago period. Growth was driven by steady raw material prices and sustained gross margins. Operating revenue rose to Rs 4,218.89 crore in Q4 FY26 from Rs 3,420.62 crore a year ago. The Board has approved a dividend of Rs 35 per equity share (350%) for FY25-26

BHEL: BHEL has entered into a licensing agreement with NSTL-DRDO to transfer technology for naval vessels. entered into a licensing agreement for transfer of technology (LAToT) with NSTL-DRDO for fabrication, installation and commissioning of the Gas Turbine- Infrared Suppression System (GT-IRSS) for naval vessels.  It will strengthen BHEL's diversification efforts in the defense segment and contribute to the government's 'Make in India' initiative.

Enviro infra: Entered into a Share Purchase Agreement for the acquisition of 100 percent share capital of Suyog Urja in a phased manner for Rs 311 crore. Under this arrangement, EIE Renewables will acquire a 51 percent stake immediately, while the remaining 49 percent stake will be acquired in phases within a period of 27 months.

Fedbank Financial Services announced strong Q4 FY26 results, with profit after tax leaping 40.3% year-on-year to ₹100.52 crore. The company saw healthy growth in its core business, including a 22.6% rise in Net Interest Income. Assets Under Management climbed 27.5% to ₹20,153 crore, while loan disbursements soared 109.1% to ₹11,665 crore, driven by aggressive branch expansion.

Go Digit General Insurance Q4 (YoY): Profit jumps 29.2% to Rs 149.4 crore Vs Rs 115.6 crore. Gross written premium increases 6.2% to Rs 2,735.7 crore Vs Rs 2,576.4 crore. Net premium earned rises 2.4% to Rs 2,301 crore Vs Rs 2,246.9 crore. Net commission falls 5.3% to Rs 566.7 crore Vs Rs 598.3 crore. Operating profit soars 42.4% to Rs 611 crore Vs Rs 429 crore. Underwriting loss widens to Rs 199.7 crore Vs Rs 179.3 crore. Strong Quarter

Star Health and Allied Insurance Company Q4 (YoY): Profit surges 218.3x to Rs 111.3 crore Vs Rs 0.51 crore. Net premium earned grows 13.9% to Rs 4,327.2 crore Vs Rs 3,798.3 crore. Net commission rises 4.3% to Rs 792.6 crore Vs Rs 759.8 crore. Underwriting loss widens to Rs 154.3 crore Vs loss of Rs 275.17 crore. Operating profit stands at Rs 63.98 crore Vs operating loss of Rs 86.9 crore. Better performance but not confident about stock price reversal.

Five-Star Business Finance Limited Q4FY2026 Results: The company achieved an AUM growth of 11% year-on-year to Rs. 13,225 crore. With operational improvements and a new collection vertical, the company maintains a positive outlook for the upcoming fiscal year, targeting an AUM growth of approximately 20% for FY27. In Q4, the company recorded a PAT of Rs. 269 crore, with a disbursement volume of Rs. 1,213 crore, reflecting a 24% growth compared to the previous quarter. Management noted that aggressive collection strategies and the deployment of a new, full-fledged collection vertical have significantly stabilized key metrics. Notably, the unique customer collection efficiency reached 98.1%, the highest in the company’s history, while the slippage ratio improved from 1.09% in Q3FY26 to 0.70% in Q4FY26. Weak Quarter

Federal Bank Preview:

MACRO WRAP

• President Donald Trump has instructed aides to prepare for an extended blockade of Iran, aiming to squeeze the country’s economy and oil exports, US officials said. The move follows discussions in the Situation Room, with Trump viewing the blockade as less risky than renewed military action or disengagement. A senior official said the measures are straining Iran’s ability to store unsold oil and prompting renewed outreach to Washington. Suzanne Maloney of the Brookings Institution said Iran may bet it can withstand the pressure longer than the US. broadly negative for equity markets as Crude oil prices will remain elevated
• President Trump approval continued to decline, hitting lowest level of his term amid cost-of-living worries and Iran war. In the survey, 34% of Americans approve of Trump’s job performance, down from 36% in mid-April while only 22% of Americans approve of Trump’s handling of cost of living, down from 25% in prior poll.
• UAE announced it will quit OPEC and OPEC+, as of the 1st of May. UAE is the 4th largest OPEC producers accounting for nearly 3% of global output, the decision is expected to see hinger oil flows in coming months, in a "gradual and measured manner, aligned with demand and market conditions”. Sentimentally negative for crude oil.
• US private payrolls rose an average of 39,250 per week in the four-week period ending April 11, according to ADP Research and the Stanford Digital Economy Lab.
• The Bank of Japan left its key interest rate unchanged at 0.75% in a split 6-3 vote, with Governor Kazuo Ueda refraining from giving a decisive signal about the timing of a rate hike.
• the American Petroleum Institute reported US crude inventories fell 1.8 million barrels last week, with gasoline stockpiles declining 8.5 million barrels and distillate inventories dropping 2.6 million barrels. The London Brent oil futures ended the day higher by US$ 3.03 (2.8%) to settle at US$ 111.26/bbl, the seventh straight increase with a cumulative gain of nearly 23% over that period while the NY WTI was up by US$3.56 (3.7%) to US$ 99.93/bbl.
• The DJIA, the S&P500 and the Nasdaq Composite Index fell 0.1%, 0.5% and 0.9% respectively. The Dollar Index edged up 0.2% to 98.64. EUR-USD dipped 10 pips to around 1.1710. The US 2Y yield rose 4bp to 3.84% and 10Y edged up 1bp to 4.35%. The German 10Y yield rose 3bp to 3.07%. The UK 10Y yield rose 3bp to 5.01%. Gold fell 1.8% to USD4,597.
• US Treasury yields rose to the highest levels in several weeks, with the two-year note's yield topping 3.85% for the first time since late March and the 10-year yield climbing about 2 basis points to near 4.36%, as climbing oil prices drove up inflation expectations and curbed expectations for Federal Reserve interest-rate cuts.
• Data watch: For today, we have housing starts, the FOMC rate decision, durable goods orders, and trade. The Fed is expected to leave the Fed funds rate unchanged at 3.50-3.75%. The focus will be on the press conference. Bank of Canada is expected to stay on hold at 2.25%.

INVESTMENT CALL

First cut – Maruti Suzuki Q4FY26, GST rate cut boost demand in H2

• Total sales volumes for the company grew by 8% YoY for FY26 to 24.22lakh units while they grew by 12% YoY for Q4FY26. Higher exports and benefits of GST rate cuts helped realizations grow by ~15%YoY to Rs.7,40,629 for Q4FY26. Realizations for the full year grew by 11% to Rs.7,56,656.
• Consolidated revenue for the company in Q4FY26 grew by 28% YoY and 5% QoQ to Rs.52463cr aided by strong volumes performance and improvement in realizations.
• EBITDA for the quarter grew by 27% YoY and 11% QoQ to Rs6,158cr while EBITDA margins remained largely flat. While consolidated EBITDA grew by 6% YoY to Rs.20,156cr for FY26 with margins contracting by 148bps to 11.7%
• PAT for the quarter saw a decline of 6% YoY and QoQ to Rs.3,659cr while margins declined by 258bps to 7%. This was attributed to higher than anticipated dip in other income by 68%YoY and 54%QoQ to Rs.484cr. For FY26, PAT was largely flat at Rs.14,680cr while PAT margins declined by 14bps YoY to ~8%.
• Baring the dip in other income, overall, the results were largely in-line with our expectations.
• The board has approved a final dividend of Rs140/share

Our Call: Maruti continues to show strong growth aided by continued demand, government push (GST rate cut) and rising contribution of exports to overall mix. The company’s recent announcement of capacity expansion funded by internal accruals bolsters its prospects aided by new launches in SUV and EV segments. We maintain a Positive rating with a price target of Rs.16,221, implying an upside of 24%.

Risk: The ongoing geopolitical issues could impact raw material cost and create margin pressure. But price hikes could mitigate these pressures to some extent.

Results Highlights                                                                                                                                                                                   (Rs. Cr.)

First Cut : CEAT : Acquisition boosts performance

• Consolidated revenue grew by 23% YoY and 1% QoQ to Rs.4219cr in Q4FY26, and 19% YoY in FY26 to Rs.15,678cr.
• EBITDA grew by 53% YoY and 5% QoQ to Rs593cr while margins expanded by 270bps YoY and 50bps QoQ to 14% for Q4FY26. For full year, EBITDA grew 39%YoY to Rs.2047cr while margin expanded by 191bps to 13%.
• PAT grew by 156%YoY and 3%QoQ to Rs238cr in Q4FY26 while margin expanded by 292bps YoY and 202QoQ to 6%. For FY26, PAT grew by 52%YoY to Rs.681cr while PAT margins expanded by 95bps YoY to 4%.  
• The company acquired Camso brand for off highway portfolio from Michelin last year and the current results include the effect of consolidation and hence the financials are not directly comparable.
• Capex outflow for the quarter was Rs407cr. Net working capital increased QoQ by ~Rs.108 Cr
• View: We shall review our estimates and come out with a detailed note soon

First Cut: Dalmia Bharat Q4FY26 Consolidated Results –. Top line slightly below estimates, EBITDA and PAT above forecast.

• Revenue stood at Rs. 4245 crore, up 3.8% YoY (below our estimates by 1.6%), driven by 2.3% YoY growth in volumes and 1.4% YoY improvement in realizations.
• EBITDA margin at 21.2%, expanding 186 bps YoY above estimates by 215 bps. EBITDA/tonne improved to Rs. 1,025 (up 11.2% YoY) on the back of good volume growth, improved in realisation and cost optimisation initiatives.
• Net profit down by 8.5% YoY to Rs. 388 crore. The company’s total operational renewable energy capacity to 449 MW at end of FY26. The management highlighted the recent improvement in cement prices is expected to help offset cost pressures arising out of geo-political uncertainties.
• We will release a detailed report shortly.

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

Mahindra Finance – Q4FY2026 Results update : Strong Q4 - Created management overlays for short-term uncertainties

Reco: Buy, CMP Rs. 313, TP Rs. 400

• PPOP grew 41.9% y-o-y and 3.9% (beat the estimates) on NII growth, lower opex run rate and growth in other income. RoA (as a % of AUM) rose 72 bps y-o-y and 9 bps q-o-q to 2.6%.
• NIM rose 69 bps y-o-y to 7.1% as borrowing costs fell. NII growth was also strong. 

• Asset quality improved GS-3 reduced 28 bps y-o-y and 39 bps q-o-q to 3.41%. Annualised credit cost rose 14 bps y-o-y and 21 bps q-o-q to 1.67% as the company created a management overlay of Rs. 217 crore amid war-related uncertainties and a weak monsoon.
• We maintain a Buy rating with a revised PT of Rs. 400 on steady AUM growth, improvement in return ratio and steady asset quality; Stock trades reasonably at 1.5x its FY28E BV.

Valuation

Source: Mirae Asset Sharekhan Research

Results Table

Source: Company and Mirae Asset Sharekhan Ltd

Key Ratios

Source: Company and Mirae Asset Sharekhan Ltd

Asset Quality

Source: Company and Mirae Asset Sharekhan Ltd

Stock update: Coal India: Strongest quarter in FY26 led by better realizations and volume growth 

Reco: Buy                  Reco. Price: Rs. 467                 Price Target: Rs. 530

-          Q4FY26 was the strongest quarter of FY26, meeting expectations, with consolidated PAT rising 13.7% y-o-y and revenue up 36% y-o-y, driven by higher e-auction volumes, better realisations, lower employee cost and higher other income.

-          Overall, CIL production and offtake in FY26 both down 2% y-o-y, but blended NSR rose 6% to Rs. 2,289.58/tonne

-          For FY26, EBITDA margin shrunk to 20.6% but improved sharply to 32% in Q4 FY26 versus 26% a year ago.

-          At CMP, CIL trades at a valuation of 4.9x/4.2x for FY27E/FY28E EV/EBITDA. We maintain a Buy rating with a revised PT of Rs. 520.

-           

Valuation (Consolidated)                                                   Rs. Crore

Results (Consolidated)                                                              Rs. Crore                                                   

Viewpoint: Lodha Developers – GDV additions provided strong medium-term visibility.

View: Positive                CMP: Rs.880             Target: 1,237

• Pre-sales rose 22.5% y-o-y to Rs. 5,890 crore in Q4, hitting FY26 pre-sales to Rs 20,530 crore, missing by ~2% full year target of Rs.21,000 attributable to select deferral of sales in March due to the Iran conflict.
• Company added 12 projects with a GDV of Rs. 60,000 crore, with this total cumulative GDV now exceeds Rs. 2 lakh crore, show strong medium outlook.
• DevCo launch pipeline of Rs. 21,800 crore GDV for FY27, and management targeting a debt-free DevCo in the next few years  with only RentCo to carry debt going forward.
• We maintain a "Positive" view with a revised PT of Rs. 1,237, on strong pipelines and demand.

Stock Update: Ultratech Cement– Growth Trajectory Intact

Reco: BUY                CMP: Rs. 12,013             Target: 14,800

• Consolidated revenues rose 11.9% y-o-y to Rs.25,799 crore, on a 9% y-o-y volume growth and a 2.6% y-o-y rise in realisation per tonne.
• EBITDA per tonne rose stood at Rs.1,253, up 11.3% y-o-y, driven by cost discipline, premiumisation, and benefits from brand transition.
• Domestic grey cement capacity has crossed 200 MTPA milestone as of April 2026 - A first for any company outside China.
• We maintain a Buy rating with a PT of Rs.14,800, on strong growth visibility.

OTHER NEWS

Bandhan Bank: Profit zooms 68% to Rs 534.1 crore Vs Rs 317.9 crore. Net interest income rises 1.4% to Rs 2,795.6 crore Vs Rs 2,755.9 crore. Provisions and contingencies fall 46.3% to Rs 677 crore Vs Rs 1,260.2 crore. Gross NPA falls to 3.27% Vs 3.33% (QoQ). Net NPA declines to 0.97% Vs 0.99% (QoQ). View: Strong growth in profitability on lower credit costs, Operational performance is still not strong, hence no view.

Canara HSBC Life Insurance Company Q4 (YoY): Profit increases 8.2% to Rs 34.7 crore Vs Rs 32.1 crore. Net premium income soars 13.2% to Rs 3,060.7 crore Vs Rs 2,703.5 crore. Net commission jumps 15.3% to Rs 196.1 crore Vs Rs 170.2 crore.

Go Digit General Insurance Q4 (YoY): Profit jumps 29.2% to Rs 149.4 crore Vs Rs 115.6 crore. Gross written premium increases 6.2% to Rs 2,735.7 crore Vs Rs 2,576.4 crore. Net premium earned rises 2.4% to Rs 2,301 crore Vs Rs 2,246.9 crore. Net commission falls 5.3% to Rs 566.7 crore Vs Rs 598.3 crore. Operating profit soars 42.4% to Rs 611 crore Vs Rs 429 crore. Underwriting loss widens to Rs 199.7 crore Vs Rs 179.3 crore.