May 18, 2026

TOP NEWS

War update:  Trump has issues fresh warning  against Iran and said clock is ticking for them. The UAE defence ministry on Sunday said it dealt with three drones on Sunday, one of which hit near Barakah Nuclear Plant. Iran on Hormuz said that transit will flow through once the conflict with the US and Israel is over, but the sides are no closer to resolving their differences or finding a path to achieve it. Amid the tensions Brent has reach $112/ barrel.  Also, the US 10 year bond yields have reach 4.6% vs 4.16% reflecting increasing strain of US borrowing program as US debt nears $ 40 trn. Asian markets have started with muted performance and flaring red with around -1% to -1.5%.

KEC International: Net profit declined by 28% yoy to Rs 193 crore. Revenue degrew by 7% to Rs 6390 crore. Operating profit declined by 17% to Rs 448 crore. Weak set of numbers.

CUPID Q4 CONS RESULTS: Net Profit at ₹36.26 Cr ↑ 215.0% YoY, ↑ 10.4% QoQ, Revenue at ₹120 Cr ↑ 112.4% YoY, ↑ 28.3% QoQ, EBITDA at ₹37.52 Cr ↑ 180.0% YoY, ↑ 9.4% QoQ, Margins at 31.3% vs 23.7% YoY | 31.3% vs 36.7% QoQ. Positive

Afcons Infrastructure Limited : The company informed that two road construction tenders worth ~Rs.7500 crore in Croatia, for which the company was earlier declared L1 bidder, have been cancelled by the client due to higher project cost versus allocated financial resources. Negative

Tata Steel: The company reported marginally above-expected numbers in 4QFY26, driven by higher blended steel realisations amid safeguard-duty-led increase in domestic steel prices. It posted healthy revenue up 12% (YoY). The consolidated operating income for the quarter was ₹63,270 crore, up 13% YoY and 11% QoQ. Steel sales volume increased by 5% YoY and 6% QoQ to 8.7 MT. Also, operational performance remains positive on the profitability of UK and Netherlands operations.

Hindustan Copper:  In Q4FY26, Hindustan Copper reported a strong performance. Consolidated operational income was ₹1,156 crore (up 68% QoQ). The quarter's reported EBITDA was ₹628 crore, with margins of 54.3% versus to 35.6% in Q3FY26. The final PAT for the fourth quarter stood at ₹444 crore.

Premier Energies: Revenues up by 40% yoy. Operating profits up by 21% to Rs 713 crore with margins decline of 300 bps to 31.44%. Solar module production climbed 37.01% year-on-year to 918 MW in Q4 FY26 compared with 670 MW in Q4 FY25. Solar cell production also jumped 59.38% to 722 MW in Q4 FY26 from 453 MW in Q4 FY25. order book stood at Rs 14,010 crore, up 2.09% yoy.

MACRO WRAP

• India Inc: The Government of India has placed imports of silver bars with 99.9% purity and all other semi-manufactured products and powder under restricted category with immediate effect. The measure were taken as India spent $12 billion on silver imports in FY-26 up 157% from  FY-25 in values term and volumes of imports jumped to 7335 tons up by 42%. Sentimentally positive for domestic silver ETF’s.
• Global: The Trump-Xi summit concluded with potential trade agreements (especially on agriculture) and some mutual tariffs cut, although specific details remain unclear given the differing meeting readouts by US and Chinese authorities.
• US equity markets posted their worst session since Mar on Fri, driven by a sharp rise in Treasury yields. The US DJIA, the S&P500, and the Nasdaq Composite Index fell 1.1%, 1.2%, and 1.5% respectively. For the week, the DJIA fell 0.2%, the S&P500 edged up 0.1%, while the Nasdaq Composite Index dipped 0.1%.
• The global bond selloff was broad and severe. The US 2Y yield rose 5bp to 4.07% last Friday and jumped over 18bp for the week. The US 10Y yield rose 11bp to 4.59% last Friday and shot up 24bp for the week. The US 30Y yield rose 9bp to 5.12% last Friday and gained 18bp for the week.
• Brent crude oil prices climbed 3.4% to USD109.26 last Friday and gained 7.9% for the week. Gold fell 2.4% to USD4,540 last Friday and dropped 3.7% for the week.
• Data watch: For this week, we get the NAHB Housing Market Index today. On Tuesday, we get the ADP weekly employment change and pending home sales. On Wednesday, we get the FOMC minutes for the 28-29 April meeting

RESULTS PREVIEW

INVESTMENT CALL

First cut: SAIL Q4FY2026     

-       Steel Authority of India reported its highest-ever revenue from operations at ₹1,10,810 crore for FY26, with crude steel production growing 1.4% to 19.43 million tonnes and sales volume rising 11.4% to 19.93 million tonnes. Stronger revenue & sales volume data driven by higher NSR as revenue rose 5.1% YoY to ₹30,813 crore, aided by improved domestic steel prices, better product mix, aggressive inventory liquidation, improved market outreach and stronger dispatches in H2FY26.

-       SAIL's standalone net profit increased 43% YoY to ₹1,680 crore in Q4 FY26, from ₹1,178 crore in Q4 FY25. Profit increased by 280% sequentially, from ₹442 crore in Q3 FY26.

-       The debt reduction of ₹8,148 crore and improving DSCR to 3.84x signal that SAIL's balance sheet is in its strongest position in years. Finance cost reduced by -22.7% (YoY) and with net debt/EBITDA improving, the risk of a credit event has materially diminished.

-       The Board of Directors has recommended a final dividend of Rs. 2.35/- per share of Rs. 10/- each for the year ended 31st March 2026.

-       View: Overall, the company recorded a strong performance above estimates across all key metrics in FY26, underscoring the robustness and resilience of its core business operations. Improved sales volumes, alongside a reduction in inventory and borrowings, and better techno-economic parameters - such as enhanced blast furnace productivity and optimised energy consumption - have significantly strengthened operational efficiency and profitability. We will review our earnings estimates for FY27, incorporating the safeguard duty tailwind and lower finance costs, and will publish a detailed note shortly. We maintain our Buy rating on SAIL.

Results (consolidated)                                                                                                       Rs crore

Viewpoint : DLF - Launches lined up for FY27

View: Positive                CMP: Rs.583            Target: Rs. 800

·         Revenue/EBITDA/PAT exceeded our estimates by 2.1%/17.4%/16.4%, respectively.

·         Q4 pre-sales rose 95% y-o-y to Rs. 3,967 crore, in line with the management’s guidance, enabling DLF to achieve its full-year pre-sales target of ~Rs. 20,000 crore.

·         FY27 launch pipeline is strong at ~Rs. 20,000 crore, with pre-sales likely to remain at similar levels. FY27 exit rental income is guided at Rs. 8,200 crore (vs. Rs. 7,400 crore in FY26).

·         We stay Positive on the stock and revise the price target to Rs. 800, led by sustained residential momentum and continued scaling up of the rental portfolio.

Valuations                                                                               Rs. In Crore 

OTHER NEWS

Delhivery Limited: The company reported a mixed Q4FY26 performance. Net profit remained largely flat at ₹72 crore, while total income increased 26% YoY to ₹2,909 crore, driven by strong growth in shipment volumes and operating scale.

Ratnamani Metals & Tube reported a muted performance in Q4FY26. On the consolidated basis, total operating income came in at ₹1,085 crore (up 2% QoQ).

Coal India informed the exchanges that the government has authorised a request to list its subsidiary, Mahanadi Coalfields, and sell up to a 25% interest through an initial public offering. The IPO will be a combination of new stock issuance and Coal India's stake sale via an offer for sale.