May 21, 2026

TOP NEWS

War update: As per Axios, the fresh updates are that President Donald Trump has told Israel’s Netanyahu that the mediators were working on a “letter of intent” to formally bring the war to an end. Once the letter is signed by both parties, there will reportedly be a period of 30 days to discuss Iran’s nuclear programme and reopening the Strait of Hormuz. Oil prices fell about 6% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final stages. Asian markets opened positive with sentiments with indexes like Taiwan, Nikkei and Kospi with 3-5% and gift nifty indicating a positive start with a gain of half a percent.

Apollo Hospitals: Consolidated PAT surged 36% YoY to Rs 529 crore, and revenue increased 18% to Rs 6,605 crore. EBITDA grew 31% to Rs 1,011 crore. The improvement in profitability was underpinned by broad-based growth across Apollo's three engines—hospitals, retail health and digital/pharmacy—alongside lower losses from Apollo 24/7, which helped lift overall EBITDA margins. At the core of this performance remained the hospital business, where operating metrics continued to strengthen. Average revenue per occupied bed (ARPOB) rose 9 percent year-on-year to Rs 1,87,208, while inpatient volumes grew 7 percent and occupancy improved to about 68 percent, reflecting robust demand and better case mix. The average length of stay (ALOS) declined modestly to 3.19 days, signalling operational efficiencies and faster patient turnaround. The company declared a Rs 10 dividend.

JSW energy: Board approves fundraising of up to Rs 4,000 Cr via QIP.  QIP floor price fixed at Rs 534.05 per share Company confirms QIP issue opened on May 20 Fundraise likely aimed at supporting expansion, capex & growth initiatives.

Arvind SmartSpaces: The company reported its highest-ever annual booking value of ₹1,550 crore in FY26, up 22% YoY, while collections rose 17% YoY to a record ₹1,100 crore. Q4FY26 performance was particularly strong, with booking value surging 61% YoY to ₹612 crore and collections rising 65% YoY to ₹355 crore.Q4 PAT more than doubled to ₹44 crore (+103% YoY), while EBITDA grew 26% YoY to ₹56 crore. Operational momentum remained strong with successful launches in Bengaluru and Vadodara, where projects saw strong inventory absorption within days of launch. The company also significantly expanded its pipeline during FY26 by adding projects with an estimated topline potential of ~₹3,140 crore, including entry into Mumbai redevelopment projects and new developments in Bengaluru.

Sansera Engineering Limited has announced its audited financial results for the quarter and year ended March 31, 2026. The company achieved a record annual revenue of INR 34,979 million, marking a 16% year-on-year growth. Profit after tax (PAT) saw a significant surge of 51% to reach INR 3,269 million. This performance highlights the company’s operational resilience and the successful execution of its diversification strategy, particularly within the ADS segment.

Sanghvi Movers: Revenue up by 31% to Rs 351 crore. EBIDTA was up by 27% to Rs 143 crore. Strong order book secured for FY27

Gravita India has expanded the lead recycling capacity at its Phagi, Jaipur unit by 40,500 MTPA, bringing the total capacity to 75,819 MTPA. The expansion specifically targets the facility's lead recycling capacities

PREVIEW

MACRO WRAP

• Global markets cheered the Optimism over a nearing US–Iran peace deal is easing inflation and rate-hike fears, as President Trump told reporters that “We’ll either have a deal or we’re going to do some things that are a little bit nasty. But hopefully that won’t happen.” His remarks carried optimism and an implicit threat, but the markets interpreted them as progress and took an optimistic view. Iran confirmed it is still reviewing the US' draft response to Iran's 14-point proposal, with no formal reply yet issued. President Pezeshkian posted that Iran has "explored every avenue to avert war" and that "all paths remain open". Sentimentally positive for broader market.
• US Fed minutes still flagged a possible rate hike this year if inflation stays above 2%, leaving markets divided on whether the Fed will move by December. Medium to long term negative for Risk assets
• The average US 30-year fixed mortgage rate rose 10 bps to 6.56% in the week ending May 15, 2026, the highest in seven weeks, per the MBA. Rates climbed for a fourth straight week on higher Treasury yields amid inflation and debt concerns. Total mortgage applications fell 2.3%, with purchase applications down 4.1% and refis down 0.1%, pushing overall activity to a five-week low.
• Japan's April exports rose 14.8% year-over-year, beating the estimated 9.2% increase, with exports to the US up 9.5% and exports to the EU rising 26.9%.
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 1.3%, 1.1%, and 1.5% respectively. The Eurostoxx 50 rebounded 2.1%. The Dollar Index fell 0.2% to 99.09. EUR-USD gained 20 pips to 1.1620. The US 2Y yield fell 6bp to 4.06% and the 10Y yield fell 8bp to 4.58%. The US 30Y yield fell 6bp to 5.12%.
• The German 10Y yield fell 10bp to 3.10%. The UK 10Y yield fell 14bp to 4.99%. UK CPI inflation for April was softer-than-expected at 2.8% yoy (Bloomberg consensus: 3.0%) vs 3.3% previously. Brent crude oil prices fell 5.6% to USD105.00. Gold rose 1.4% to USD4,544.
• US crude oil prices dropped $5.89 a barrel to $98.26 after three tankers passed through the Strait of Hormuz and President Trump said the US and Iran are in the final stages of negotiations for a peace deal, with futures now 13% off their recent highs.
• US crude inventories, including strategic reserves, plunged by a record 17.8 million barrels last week as soaring exports started to erode domestic supply cushions, bringing crude inventories to the lowest levels in nearly a year.
• Data watch: we get initial jobless claims, housing starts, building permits, and the S&P Global manufacturing and services PMI.

INVESTMENT CALL

First Cut: JK Lakshmi Cement Q4 FY2026 (Standalone) Results – Weak Quarter, but Better Than Expected

• Standalone revenue remained flat YoY at ₹1,901 crore, coming in 3% above estimates. Operating profit declined 18.4% YoY to ₹286 crore, although it was 8% higher than our forecast. EBITDA margin contracted by 343 bps YoY to 15.0%, but was 74 bps above our estimate.
• Cement volumes increased 8.3% YoY to 0.39 million tonnes; however, realisations per tonne declined 7.5% YoY to ₹4,880, impacting profitability. Consequently, EBITDA per tonne fell 24.7% YoY to ₹734.
• Net profit stood at ₹138 crore, down 18.6% YoY, but 22% above our expectations.
• The company’s phased capacity expansion plans remain on track.

Results (Standalone)                                                    Rs. crore

Actual vs estimates                                   Rs. crore

First Cut: SP Apparels Q4FY26 (Consolidated) result – Miss on all fronts

·     Revenue fell 8.6% y-o-y to Rs. 365 crore, missing our expectation of 392 crore. Garment division (including Young Brands) declined 12.4% y-o-y to Rs. 316 crore, while Retail division fell 23.6% y-o-y to Rs. 18 crore and SPUK division rose 91% y-o-y to Rs. 35 crore.

·     Gross margin declined 151 bps y-o-y to 54.7% and EBITDA margin fell 136 bps y-o-y to 12.2% mainly due to negative operating leverage. EBITDA margin missed our expectation of 13.2%.

·     EBITDA declined 17.7% y-o-y to Rs. 45 crore and adjusted PAT fell 35.3% y-o-y to Rs. 20 crore, lagging our expectation of Rs. 25 crore.

·     View: We shall review our earnings estimates and come out with a detailed report soon. Currently we have a Positive view on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First Cut: Jubilant Foodworks Q4FY26 (Consolidated) results – Domino’s India LFL nearly flat y-o-y; near-term margin pressure expected

·         Consolidated revenue grew 19.3% y-o-y to Rs. 2,500 crore. Better operating leverage and disciplined execution led to a 23.7% y-o-y growth in consolidated EBITDA to Rs. 485 crore and a 69-bps y-o-y rise in EBITDA margin to 19.4%. Adjusted PAT grew 68% y-o-y to Rs. 93 crore led by strong operating performance, stable interest cost and lower tax incidence. Reported PAT grew 67.3% y-o-y to Rs. 94 crore.

·         India business (Standalone) revenue grew 6.4% y-o-y to Rs. 1,680 crore. Domino’s revenue increased 5% y-o-y, with order volume growth at 10.4% y-o-y and LFL growth at 0.2% on a high base. Net addition of 61 stores across all brands during the quarter, ending the period with 2,562 stores in India.

·         Turkey revenue increased 59.2% y-o-y to Rs. 764 crore. Domino’s Sri Lanka/Bangladesh revenue increased 61.4%/29.4% y-o-y to Rs. 37 crore/Rs. 21 crore, respectively. Net addition of 8 stores across all brands during the quarter, ending the period with 1,074 stores in the international markets.

·         View: The board has recommended a dividend of Rs. 1.2 per share for FY26. Management has guided for near term margin pressure owing to volatile commodity and energy prices. We will review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

First Cut: Grasim Q4FY26 Standalone Results: Strong Beat vs. Expectations

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• Standalone revenue reached Rs. 11774 crore (+31.9% YoY), 12.6% above estimates, driven by strong traction in Paints and B2B E-commerce.
• Operating profit surged 145% YoY and 24% above forecasts to Rs. 541 crore, with EBITDA margin at 4.6% (+212 bps YoY; +43 bps above estimates). This was led by superior performance in Cellulosic Fibres and Textiles, partially offset by initial investments in new businesses Birla Opus and Birla Pivot. Net profit was a loss of Rs. 82 crore vs 174 loss in Q4FY25.
• Cellulosic Fibres: Total revenue for the Cellulosic Fibres segment grew by 14% YoY to ₹4,614 Cr. The business EBITDA grew 2x at ₹588 Cr. led by volume growth, operating efficiencies, favorable product mix and benign pulp prices.
• Chemicals: Revenue for Chemicals business segment was up by 7% YoY at ₹2,458 Cr. and EBITDA stood at ₹304 Cr., up 3% YoY led by better profitability in Caustic & Chlorine derivatives.
• Building Materials: The building materials segment reported its highest-ever quarterly revenue at ₹30,042 Cr., up 19% YoY led robust performance across Cement, Paints and B2B E-commerce businesses. EBITDA grew by 22% YoY at ₹5,386 Cr. on the back of higher profitability in Cement business (UltraTech

  Results (Standalone)                                                      Rs cr.

Actual vs. Estimates                                     Rs cr.

Stock Update: Amber Enterprises – Near term margin headwinds

Rating: Buy     Reco Price: Rs 7054      Price Target: Rs 8,800

• Revenues grew 11% y-o-y, lagging estimates on a tepid show by the consumer durables segment. Electronics and railways divisions grew 21% and 22% y-o-y.
• Operating profit grew 22% y-o-y, in turn driving up margins by 78 bps to 8.6% led by margin improvement in electronics segment.
• Management expects RAC industry to grow 13%, electronics by ~40%, and Railways to grow 30-35% for FY27.
• We reduce our estimates due to a lower-than-expected guidance but maintain a Buy rating with a lower price target of Rs 8,800..

Valuation                                                                                                          Rs Crore

Stock update: Devyani International Q4FY26 (Consolidated) result update – KFC drives growth; Pizza Hut weighs on performance

Reco: Hold                  Reco. Price: Rs. 119                 Price Target: Rs. 135

• Consolidated revenue grew 18.5% y-o-y, driven by KFC’s strong show, international business’ double-digit growth and Sky Gate acquisition, while EBITDA margin fell 59 bps y-o-y owing to weak Pizza Hut margins. PAT loss narrowed to Rs. 13 crore versus Rs. 17 crore in Q4FY25.
• KFC’s SSSG stood at 4.9% and margins rose, while Pizza Hut’s SSSG fell 3.7% and margins declined.
• DIL had 2,256 stores as of FY26-end, with -12/217 net additions in Q4FY26/FY26. DIL plans to add 200-225 net new stores in FY27 (KFC: 100-110; Costa Coffee, Biryani By Kilo, and international businesses: remaining, no net additions in Pizza Hut).
• Stock trades at 12x/9x its FY27E/FY28E EV/EBITDA, respectively. We maintain Hold with a revised PT of Rs. 135 on near-term concerns.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

Stock update: Zydus Wellness Q4FY26 (Consolidated) result update – India biz hit by muted seasonal demand

Reco: Buy                  Reco. Price: Rs. 512                 Price Target: Rs. 595

• Consolidated revenue (including Comfort Click) grew 63% y-o-y, while OPM fell 300 bps y-o-y to 17.9% (despite a ~1,000 bps rise in gross margin) owing to high acquisition costs. Adjusted PAT grew 19% y-o-y.
• Domestic business grew 2% y-o-y hit by weak performance of seasonal portfolios, while international business grew 31% y-o-y. Management expects recovery in seasonal demand in Q1 if summer intensity sustains.
• Long-term OPM guidance maintained at 17-18% under normal seasonal conditions.
• Stock trades at 33x/27x its FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 595

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

Stock update: PI Industries Ltd Q4FY26 result update – On a weak footing

Reco: Hold                  Reco. Price: Rs. 2,901                 Price Target: Rs. 3,100

• PI posted an all-round miss in Q4FY26 led by declining CSM export volumes and that of the domestic agrichem business. Pharma business is still in the ramp-up stage.
• Management eyes stable gross margins as seen in FY26 and is focusing on managing EBITDA margins without compromising the long-term trajectory or market share.
• We expect near term challenges in the agri-chem space to weigh on the overall performance.
• We maintain a Hold rating with a PT of Rs 3,100.

OTHER NEWS

Embassy Developments : The company reported a strong operational performance in FY26 with pre-sales rising 128% YoY to ₹4,631 crore, while Q4FY26 pre-sales surged 89% QoQ to a record ₹2,632 crore. Area sold during FY26 increased 62% YoY to 3.58 mn sq. ft. The strong momentum was driven by key launches including Embassy Citadel in Mumbai and Embassy Verde 2 in Bengaluru, which together generated ₹1,385 crore of pre-sales in Q4. The company also saw strong traction in the premium ₹10 crore+ housing segment in Bengaluru, led by Embassy Eden. Collections for FY26 stood at ₹1,673 crore, while net institutional debt remained comfortable at ~₹3,000 crore with net debt/equity at 0.3x. Management guided for FY27 pre-sales of ~₹6,000 crore (+30% YoY) and collections of ~₹3,000 crore (+75% YoY), backed by an 11-project launch pipeline with estimated GDV of ₹19,400 crore.