April 30, 2026

TOP NEWS

War update: The global cues have turned negative as the fed kept rates intact, and US president rejected Iran’s proposal and have clearly ruled out long term truce pact if Iran doesn’t give up the nuclear ambitions. US and Tehran are locked in a tense stand-off over both the Strait of Hormuz and Iran’s nuclear ambitions. Despite a fresh Iranian proposal that could ease the blockade of the crucial shipping lane, US President Donald Trump has shown little enthusiasm, fueling uncertainty across global markets and diplomatic circles. Trump looks for continuing its blockade and mentions that Iran has to concede defeat while ruling out any agreement unless it abandons its nuclear ambitions. On the domestic front and with respect to exit polls of West Bengal, BJP is projected to gather around 143 seats and TMC close behind around 142 seats. Therefore, this would be a tough fight. But exit polls projects BJP’s win.  Positive for ONGC, Negative for HPCL

HEG reported a muted performance in Q4FY26. The revenue for the quarter was ₹603 crore, down 8% from the previous quarter. EBITDA for Q4FY26 was ~₹142 crore, including a one-time loss of ₹193 crore due to MTM's investment in Graftech. The company reported a sequential drop in its topline.

Syngene’s FY26 profit falls 20% as biologics client impact weighs on margins: Syngene International reported a 20% decline in FY26 profit despite a 3% rise in revenue, as business from a single large biologics client weighed on performance, with margins also impacted by additional operating costs. Revenue from operations rose to Rs. 3,739 crore in FY26 from Rs. 3,642 crore a year earlier, but operating EBITDA fell 12% to Rs. 918 crore, pulling margins down to 25% from 29%. Profit after tax (before exceptional items) declined to Rs. 380 crore, while reported profit after exceptional items stood at Rs. 317 crore.

Waaree energies: Revenue grew by 112% to Rs 8480 crore. EBITDA up by 71% to Rs 1577 crore. Margin fell by 90bps to 18.6% vs 19.5% in Q4FY25.  PAT grew by 75% to Rs 1126 crore. Installed module capacity now ~25.8 GW Solar cell capacity at 5.4 GW.  FY27 Operating EBITDA guidance: 7,000-7,700 Cr.  Company accelerating upstream integration to reduce dependence & improve margin stability.

IIFL Finance Limited reported a strong financial performance for the quarter ended March 31, 2026. The company achieved a Profit After Tax (PAT) of ₹623 crore, representing a 24% increase on a sequential basis. Consolidated Assets Under Management (AUM) reached ₹1,08,180 crore, reflecting a 38% year-on-year growth. This performance was driven by a strategic emphasis on secured lending, consistent portfolio rebalancing, and significant improvements in asset quality across core business segments.

MTAR technology: MTAR is key long-term supplier to Bloom Energy. Bloom result is a direct bullish validation. If Bloom keeps scaling for Oracle/AI data centers, MTAR can see strong order visibility. Bloom Energy Revenue: $3.6 Bn (vs est. $3.2 Bn)  EPS: $2.05 (vs est. $1.40). Operating Income: $675 Mn (vs est. $470 Mn)  Gross Margin: 34% (vs est. 31%). Positive read through for MTAR.

Brigade Enterprises : The company  has entered into a 50:50 joint venture with Bain Capital to develop a ~2 mn sq. ft. mixed-use project in Whitefield, Bengaluru, with a total investment of ~₹2,200 crore. The project will comprise Grade A office space and a 5-star hotel, strengthening. Brigade’s commercial portfolio and reflecting strong institutional interest in Indian real estate.

PREVIEW

#Ex-ice cream business, hence nos are not comparable y-o-y

*results on 2^nd May 2026

MACRO WRAP

• FOMC Reviews: The Fed kept the Fed Funds Rate (FFR) unchanged at 3.50-3.75% as expected. Four (out of 12) dissenting votes were noted, turning the overall vote hawkish, However, within the Federal Open Market Committee, resistance has grown to signalling the possibility of further rate cuts. In addition, Jerome Powell dropped a bombshell at his final press conference as Fed Chair: Although Kevin Warsh will take over as Chair in May as he won the backing of the Senate Banking Committee in a 13-11 vote, putting him on track to be confirmed by the full Senate as the next Fed Chair by May 15, but Powell will continue to serve as a regular governor for an indefinite period to defend the Fed’s independence against the government’s legal attacks. Negative for broader markets.
• UST yields rose across the curve by 8-11bp, Two-year Treasury yields jumped 11 basis points, the biggest Fed-day move since 2022. The Dollar Index edged higher, while Brent crude oil prices rose over 6% to their highest level since June 2022. Negative for Gold
• Global Energy markets remained the dominant driver of sentiment as oil futures surged on prospects of a prolonged US-Iran standoff. Brent crude rose above USD119 intraday before settling around USD118 a barrel, the highest level since the Iran war began two months ago. President Trump told Axios he will not lift the naval blockade of Iran’s ports until he secures a nuclear deal.

Global macro-Data

• China’s official manufacturing PMI came in at 50.3% in April, down 0.1ppt from March but remaining in expansion for a second straight month, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing. The reading signals overall stable manufacturing activity and continued solid operating conditions.
• China’s RatingDog general manufacturing PMI rose to 52.2 in April, the highest since 2021, signaling solid expansion in both production and demand, growth was driven by stronger new orders — including sustained expansion in export orders — alongside rising prices, which supported output and inventory rebuilding.  Firms increased purchasing for a fourth straight month, with input inventories rising for five consecutive months. Rising input costs — driven by higher raw material and oil prices — pushed output prices higher at the fastest pace in over four years, with cost pressures increasingly passed on to customers.
• US March advance goods trade deficit came in at USD87.9bn (Bloomberg consensus: USD88.0bn) vs USD83.5bn previously. US durable goods orders rose 0.8% in March 2026 to $318.9 billion, beating the 0.5% forecast and rebounding from a 1.2% drop. Despite war-related energy and shipping disruptions, orders gained across computers and electronics (3.7%), machinery, primary metals, electrical equipment, and transportation.
• Germany’s CPI rose to 2.9% YoY in April 2026, up from 2.7% and just below the 3% forecast, driven by a 10.1% jump in energy. Core inflation fell to 2.3%, the lowest since June 2021, and the EU-harmonized rate also hit 2.9%, above the ECB’s 2% target. Negative for Industrial commodities and Euro
• The DJIA fell 0.6%, while the S&P 500 and the Nasdaq Composite Index were flat yesterday. The Eurostoxx 50 declined 0.3%. The Dollar Index rose 0.3% to 98.96. EUR-USD fell 40 pips to around 1.1680. The US 2Y yield rose 11bp to 3.95% and the 10Y yield climbed 8bp to 4.43%. The German 10Y yield rose 4bp to 3.11%. The UK 10Y yield advanced 7bp to 5.07%. Brent crude oil prices surged 6.1% to settle at USD118.03 a barrel as concerns grew over a protracted standoff. Gold fell 1% to USD4,550.
• Data watch: Today we have the advance estimate of US Q1 GDP, March PCE inflation, initial jobless and continuing claims, personal income, and personal spending. The market consensus for Q1 GDP is at 2.3% qoq annualized vs 0.5% in Q4 2025. The expectations for headline and core PCE inflation are at 3.5% and 3.2% yoy respectively vs 2.8% and 3.0% previously.

INVESTMENT CALL

First Cut: Bajaj Finance Q4FY2026: Slightly missing on profitability, asset quality improved

• NII, in line with estimates, grew 20.1% y-o-y and 4.1% q-o-q to Rs. 11,781 crore. NIM (% of AUM) fell by 18 bps y-o-y and 10.4% q-o-q due to higher drop in yield than cost of funds.
• Other income rose by 15.1% y-o-y and dropped by 5.1% q-o-q to Rs. 2,428 crore led by strong growth in fee income (up by 46% y-o-y and 14% q-o-q).
• Opex/AUM came at 3.77% (annualized), down by 3 bps y-o-y, and also flat on q-o-q basis due to lower operating expenses.
• PPOP grew by 18.1% y-o-y and 0.9% q-o-q to Rs. 9,407 crore driven by NII however partially offset by lower other income.
• Annualised credit cost stood at 1.57% (% of AUM) down by 66 bps y-o-y and 142 bps q-o-q due to improvement in asset quality.
• PAT grew by 22.2% y-o-y and 36.6% q-o-q to Rs. 5553 crore driven by lower credit cost and PPOP growth.
• Asset quality improved, as GNPA reduced by 20 bps q-o-q to 1.01% while net NPA fell 6 bps y-o-y and 3 bps q-o-q to 0.41%.
• AUM crossed Rs. 5.0 lakh crore milestone, growing by 22.4% y-o-y and 5.3% q-o-q driven by Urban, Rural Sales, gold loans Car Loans , commercial lending, mortgages, and MFI while two wheeler and three wheeler reduced by 27.7% yoy and 7.0% qoq due to running down own capitive two wheelers and three wheeler lending business while SME business just grew by 2%. The company reported healthy performance We have buy ratings on stock and we will come out with detailed reports today.

Results Table

Key Ratios

Source: Company and Mirae Asset Sharekhan Ltd

Asset quality (%)

Source: Company and Mirae Asset Sharekhan Ltd

First Cut: Schaeffler India Q1CY26 Consolidated Results – In-line results, sequential decline due to west Asia crisis

• Consolidated revenue grew by 19% YoY Rs2,585cr. on back of growth across its business segments. Automotive technologies and vehicle lifetime solutions segments grew by ~31%YoY and 19%YoY respectively.
• EBITDA was reported at Rs478cr which is a growth of ~22%YoY while EBITDA margins expanded by 43bps YoY and 73bps to 18.5%.
• PAT rose by ~26%YoY to Rs316cr with margins expanding by 65bps YoY and 39% QoQ to 12.2%.
• Sequentially, the results were lower impacted by the ongoing west Asia conflicts.
• Our View: We shall review our estimates and publish a detailed report soon.

Stock Update: Dalmia Bharat– Cost Discipline and Capacity Expansion Remain Intact

Reco: BUY                CMP: Rs. 1,958             Target: 2,350

• Consolidated revenue grew 3.8% y-o-y to Rs. 4,245 crore, up 3.8% y-o-y, as volumes rose 2.3% and per tonne realisation grew 1.4%. EBITDA/tonne rose 11.2% y-o-y to Rs. 1,025, on steady cost optimisation and better operating leverage.
• Q4 volumes were hit by a one-off breakdown in East India, that shrunk clinker and cement volumes. Management remains confident of outpacing industry growth in the medium term.
• Capacity expansion roadmap remains on track, with Dalmia eyeing a 75 MTPA cement capacity by FY28 from 45.5 MTPA currently.
• We retain a Buy rating with a price target of Rs. 2,550; At CMP, the stock trades at a reasonable 12.8x/11.1x FY27E/FY28E EV/EBITDA.

NFIL: All Round Beat   TP: 7,800    CMP: 6800

•       NFIL reported an all-round beat with EBITDA/PAT 11%/17% ahead our estimates, driven by strength in CDMO and Speciality Chemical segment.

•       Firm commercial contracts in CDMO/speciality chemicals, ramp-up of Chemours project and new R32 capacity coming up provide good earning visibility for FY27/FY28.

•       Net Debt/Equity at 0.3x is at comfortable levels and gives the company ample room to expand.

•       We project the sales/Eps to grow at a CAGR of 19% over FY26-28 and value the stock at 28X FY28EV/EBITDA to arrive at a TP of Rs7,800 implying 15% upside from current levels.

OTHER NEWS

Fino Payments Bank Q4 (YoY): Profit sinks 70.4% to Rs 7.1 crore Vs Rs 24 crore. Net interest income grows 31.5% to Rs 35.2 crore Vs Rs 26.8 crore

MAS Financial Services Q4 (Standalone YoY): Profit jumps 23.4% to Rs 99.7 crore Vs Rs 80.8 crore. Net interest income soars 29.1% to Rs 292.2 crore Vs Rs 226.3 crore.

Jana Small Finance Bank Q4 (YoY): Profit grows 13.2% to Rs 139.8 crore Vs Rs 123.5 crore. Net interest income surges 26.5% to Rs 735.6 crore Vs Rs 581.5 crore. Net NPA falls to 0.92% Vs 0.94% (QoQ). Gross NPA declines to 2.46% Vs 2.59% (QoQ)

Motilal Oswal Financial Services (MOFSL) widened its consolidated net loss to Rs 221 crore in the March-ended quarter from Rs 65 crore in the year-ago period despite reporting a stellar 125% year-on-year growth in its revenue from operations. The topline stood at Rs 2,676 crore in Q4FY26 versus Rs 1,190 crore in the corresponding quarter of the last financial year.

Vedanta reported healthy performance in Q4FY26. On the consolidated basis, the total operating income stood at ₹52,851 crore (up 31% YoY). Reported EBITDA stood at ₹18,447 crore with corresponding EBITDA margins at 34.9% (up ~238 bps QoQ). Performance also backed by Aluminium business segment due to higher aluminium prices. Positive