May 07, 2026

LATEST NEWS

>> 3:12 PM

First Cut: Wonderla Holidays Q4FY26 (Standalone) results – Strong operating performance on a low base

·       Revenue grew by 40.4% y-o-y to Rs. 136 crore (on a low base of 3% y-o-y decline in Q4FY25), beating our expectation of Rs. 100 crore.

·       EBITDA margin improved by 784 bps y-o-y to 29.6% (on a low base of 21.7% in Q4FY25) versus our expectation of 18.4%.

·       EBITDA grew by 91% y-o-y to Rs. 40 crore, while adjusted PAT increased by 14.4% y-o-y to Rs. 14 crore due to a sharp 79% y-o-y rise in depreciation. PAT came in much higher than our estimate of Rs. 2 crore. Board has recommended final dividend of Rs. 2 per share for FY26

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

Results (Standalone)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

>> 11:42 AM

Emami: The company has announced strategic acquisition of 60% stake in IncNut Digital Pvt. Ltd. (IncNut) for Rs. 321 crore, with plans to increase its holding over the next 4.5 years, based on a performance-linked valuation. IncNut is the parent company of personalized skincare brand Vedix and dermatology-based brand SkinKraft. Vedix integrates time-tested Ayurvedic principles with modern data analytics to offer formulations tailored to individual prakriti and lifestyle parameters. SkinKraft adopts a dermatology-led approach, leveraging clinically validated ingredients to address specific skin and hair concerns. This move expands Emami’s digital-first footprint in the high-growth beauty and personal care (BPC) market. The transaction is expected to be completed within 30 days of announcement. Positive.

TOP NEWS

War update: US President Donald Trump said he had very good talks with Iran, adding that it’s very possible we’ll make a deal. Iran’s Foreign Ministry said a US proposal to end the war is still under review and Tehran will convey its response to mediator Pakistan after finalising its views. Israel continues to bomb Lebanon. Brent futures is playing volatile moves with down almost 11% in a single session yesterday and back again to 100 $ amid speculation over US-Iran peace deal. Optimism around deal flairs positive for the markets.

PB Fintech (Policybazaar parent) reported strong Q4 FY26 results with net profit surging 54% YoY to ₹261 crore and consolidated operating revenue rising 37% to ₹2,061 crore, driven by robust growth in its core insurance business. For the full FY26, profit jumped 115% to ₹670 crore, with total insurance premiums rising 42%

Birlasoft (-ve): Revenue remained flat sequentially (2.4% y-o-y) to $1,349 million. In CC terms, revenue declined 3.7% q-o-q (down 5.1% y-o-y). During Q4FY26, the Energy & Utilities vertical (up 1.8% QoQ in dollar terms) delivered a sequential growth while the other verticals registered a decline. The company is prioritizing revenue quality by pruning non‑profitable scale accounts and exiting engagements that lack meaningful long‑term growth or scalability potential. EBIT grew 2.3% q-o-q (up 51.3% y-o-y) to Rs 230 crore, resulting in EBIT margin expansion by 37bps q-o-q (up 551bps y-o-y) to 17.0% (Est 13.3%) on the back of better operating efficiencies and exchange rate tailwinds. On margins, Q4 benefited from one‑off tailwinds totalling ~340 bps, comprising ~170 bps from favourable forex movements and ~170 bps from operational items, including reversal of performance‑based compensation provisions, lower leave and cash provisions, and reduced employee equity compensation expense following senior exits. Management clarified that these one‑offs are not baked into steady‑state margin expectations and are not expected to recur. Adj. PAT came in at Rs 175.9 crore, up 9.6% q-o-q (up 44.1% y-o-y).

Godrej Consumer Products (positive): 10% rise in consolidated net profit at Rs 452 crore, up from Rs 412 crore, reported in the same quarter last year. Consolidated revenue from operations rose 11% to Rs 3,884.9 crore in the quarter on the back of underlying volume growth of 6%. Consolidated EBITDA margin was flat at  21.17% in Q4. On a standalone basis, net profit rose 70% to Rs 421.61 crore in the quarter, while revenue from operations rose 9.5% to Rs 2,339.1 crore. India revenue rose to Rs 2,360.6 crore in Q4, up from Rs 2,160.8 crore, however it declined from Rs 2,465.8 crore from the previous quarter. strong sales in the home care segment with 12% sales growth amid robust demand across Household Insecticides, Air Fresheners and Fabric Care. Meanwhile, personal care sales grew 3% YOY in Q4.

Avalon Tech: Revenues came in at Rs 480 crore up 40% yoy. PAT grew by 69.5% to Reach Rs 41 crore. Avalon’s order book reached a substantial Rs 2,196 crore marking a 25% year-on-year increase. Positive

Home First Finance Company (HFFC) reported strong Q4FY26 results with a consolidated net profit of ₹149.4 crore, marking a 42.8% YoY increase from ₹104.6 crore in Q4FY25. Key highlights included a 24.9% YoY growth in Assets Under Management (AUM) to ₹15,878 crore and a record quarterly disbursement of ₹1,572 crore, with a recommended dividend of ₹5.20 per share.

Mahindra Lifespace Developers Ltd. has launched Mahindra BeaconHill, an ultra-premium residential development in Mahalaxmi, South Mumbai, with a projected gross development value (GDV) of ₹1,650 crore. The 58-storey tower will offer 198 residences, marking the company's strategic return to the prime South Mumbai market. This launch follows robust FY26 sales growth and a cash-surplus balance sheet for the company. The stock saw a modest gain on the announcement.

MACRO WRAP

• The new US proposal was the key trigger overnight, the agreement would include a moratorium on nuclear enrichment, with details to follow. President Trump said the war has “a very good chance of ending” and noted the possibility of a resolution before his summit with Chinese President Xi Jinping in Beijing on 14-15 May. Sentimentally positive for broader risk assets
• Iran is expected to deliver its response to the latest US proposal through Pakistani mediators in the coming days. However, Iranian state-linked media and officials have indicated that parts of the proposal remain unacceptable to Tehran.
• Wall Street jumped on optimism that the US-Iran war may soon conclude amid news flow indicating that agreement to end the war is nearing. The DJIA, the S&P500, and the Nasdaq Composite Index rose 1.2%, 1.5%, and 2% respectively. The Eurostoxx 50 rose 2.7%. The Dollar Index fell 0.4% to 98.02 and EUR-USD gained 50 pips to 1.1750. The US 2Y yield fell 7bp to 3.87% and the 10Y yield fell 7.5bp to 4.35%. Brent crude oil prices fell 7.8% to USD101.27. Gold rallied 3% to USD4,691.
• US companies boosted payrolls in Apr by the most in over a year, the latest evidence of stabilization in the labour market. Private-sector payrolls rose 109,000 (est. 120k) in Apr after a revised 61,000 advance in the prior month.
• Data watch: we get the Challenger job cuts, non-farm productivity, and unit labour costs for Q1, initial jobless claims, construction spending, and the New York Fed 1-year inflation expectations.

INVESTMENT CALL

First Cut: Bajaj Auto Ltd Q4FY26 Standalone Results – A record breaking performance!

• Revenue for Q4FY26 increased by 32% YoY and 5% QoQ to Rs16006cr for Q4FY26. The company reported all time high revenues in FY26 which grew 17% YoY to Rs58733cr. This was on back of highest ever volume growth (>5mn units) across Domestic motorcycles, three wheelers (crossed 5lakh mark) and exports (most products at record highs achieving best ever sales).
• Company saw its best ever EBITDA for any year. EBITDA for the quarter grew by 36% YoY and 5% QoQ to Rs3323cr while it grew by 19% YoY to Rs12017cr for the full year. EBITDA margins largely remain stable at 20.8% for Q4 and 20.5% for FY26. Richer sales mix, operational efficiencies and better currency realizations helped company mitigate cost pressures and grow.
• PAT for the company grew by 34%YoY and 10%QoQ to Rs2746cr in Q4FY26 and 21% YoY to Rs9825cr for FY26. PAT margins grew 29bps YoY and 71bps QoQ to 17.2% while it grew 43bps to 16.7% for the full year.
• We are reviewing our estimates and will release a report shortly

Results (consolidated)                                                                                             Rs crore

Source: Mirae Asset Sharekhan Research

First cut: Blue star,  Q4FY2026 results – Upbeat on margins

• Revenues for Q4FY26 marginally grew by 2% yoy to Rs 4,073 crore below our estimates . All the segments broadly grew in single digits.
• The operating margins improved by 107bps to 8.0% vs our expectations of 7.0%.  Operating profit was higher by 17%.
• PAT was higher by 17% to Rs 228 crore.  
• View: Bluestar had a upbeat on Margins. We shall review our earnings estimates and come out with a detailed note post the conference call.  Currently we have a Hold rating on the stock.

Results (consolidated)                                                                                                                  Rs crore

Actual vs. estimates                                                                       Rs. Crore

Source: Mirae Asset Sharekhan Research

First Cut: Shree cement Q4FY26 Standalone Results – Performance above expectations.

• Standalone revenue stood at ₹5,643 crore, up 7.7% YoY (5% above estimates), supported by volume growth of 9.45% YoY to 10.7 MTPA (including clinker sales). However, realizations declined by 1.61% YoY. Cement volumes alone grew 11% YoY in Q4FY26.
• EBITDA margin came in at 22.2%, contracting 420 bps YoY, largely in line with our estimates. EBITDA per tonne declined by 17.3% YoY to ₹1,161; however, on a QoQ basis, it increased sharply by 20.7%.
• Net profit declined by 4.3% YoY to ₹532 crore, but was 12% above estimates.
• During the quarter, the company commissioned its integrated project at Kodla, Karnataka, with a clinker capacity of 3.65 MTPA and cement capacity of 3.50 MTPA. With this addition, the company’s installed cement production capacity in India (including wholly owned subsidiaries) has increased to 69.3 MTPA.
• Management indicated a strategic shift toward volume growth, moving away from its earlier focus on value over volume. This follows the company’s success in narrowing the price gap with its competitors over the past few quarters.

Results (Standalone)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

Source: Mirae Asset Sharekhan Research

OTHER NEWS

Midwest Limited: Company selected as Lead Consortium Partner by Kerala Minerals and Metals Ltd. (KMML) for Strategic Rare Earth Elements Pilot Project. This milestone reinforces the Company’s diversification strategy to establish a meaningful presence in the rare earth ecosystem. This marks one of the first collaborations between the state and the private sector in this domain strengthening capabilities in critical minerals, especially rare earth elements. Positive

TD power systems: Considering split on May 14^th 2026.

Biocon Limited: The company has denied reports of any succession planning or leadership change following exchange queries over a news report. The clarification comes after a report suggested Kiran Mazumdar-Shaw had chosen her niece as successor.