February 11, 2026

LATEST NEWS

>> 3:08 PM

First cut: Mrs Bectors Food Specialties Q3FY26 (Consolidated) results – Miss on revenue front; margins in line

• Mrs Bectors Food Specialities’ (MBFSL’s) revenue grew by 8.4% y-o-y to Rs. 533 crore, missing our expectation of Rs. 564 crore.
• Gross margin stood flat y-o-y at 45%, while OPM rose by 35 bps y-o-y to 12.8%, in line with our expectation of 12.8%.
• Operating profit increased by 11.4% y-o-y to Rs. 68 crore. However, higher depreciation charges led to just 10.1% y-o-y growth in PAT to Rs. 38 crore, in line with our expectation of Rs. 38 crore.
• View: We shall review our earnings estimates and come out with a detailed note soon. Currently we have a Positive view on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

TOP NEWS

Apollo Hospitals: The company reported a 35% jump in net profit for the December quarter to Rs 502 crore, driven by strong performance across its hospitals, diagnostics and omni‑channel health‑commerce businesses, even as consolidated revenue and EBITDA delivered double‑digit growth. Consolidated revenue rose 17 percent year‑on‑year to Rs 6,477 crore, supported by broad‑based growth across all business segments. EBITDA expanded 27 % to Rs 965 crore, translating into a margin improvement of 112 basis points to 14.9%, even after absorbing Rs 124 crore of Apollo 24/7 costs including a Rs 38 crore non‑cash ESOP charge. The company attributed the profit surge to higher patient volumes, improved payer mix, and stronger profitability across HealthCo and healthcare services. Apollo also declared an interim dividend of Rs 10 per share.

Eicher Motors Q3 (Consolidated YoY): Profit zooms 21.4% to Rs 1,420.6 crore Vs Rs 1,170.5 crore. Revenue jumps 23% to Rs 6,114 crore Vs Rs 4,973.1 crore. Labour code impact stands at Rs 55.5 crore Vs Nil. Capacity expansion is also on card. Strong quarter for the company. Positive

Aurobindo Pharma : USFDA issued a Form 483 with a total of nine observations post the inspection for the Unit-VII, an oral solid dosage manufacturing unit situated at Special Economic Zone (Pharma), TSIIC, Green Industrial Park. Unit 7 is estimated to house over 150 cumulative ANDA filings (20% of the US portfolio). Negative

Torrent Power Q3 (Consolidated YoY): Profit soars 35.2% to Rs 643.1 crore Vs Rs 475.7 crore. Revenue rises 4.3% to Rs 6,777.9 crore Vs Rs 6,499.4 crore. Positive

Ion Exchange India: The company’s subsidiary, Ion Exchange and Company LLC in Oman, has received a contract from Petroleum Development Oman for a design, build, own, operate, and maintain (DBOOM) agreement for a potable water facility and a sewage treatment facility in the South PDO Concession Area. The contract aggregates to OMR 73.46 million (Rs 1,730 crore) for a period of 20 years. Positive

HEG: Graphite electrode maker HEG Ltd, reported a net profit of ₹207 crore for Q3FY26, about 2.5 times higher than ₹83.4 crore in the corresponding period last year. HEG reported a steady performance in third quarter due to higher graphite earnings and investment gains. Revenue for the quarter came in at ₹656 crore (up 37% YoY and down 6% QoQ). EBITDA for Q3FY26 came in at ~₹143 crore with corresponding EBTDA margins at 21.8%, up 480 bps QoQ. (Positive)

Kirloskar Ferrous: Company reported a muted performance for Q3FY26. On the consolidated basis, total operating income came in at ₹1,618 crore (flat YoY and down 7.8% QoQ). Reported EBITDA for the quarter came in at ~₹186 crore with corresponding EBITDA margins at 11.5% (down ~70 bps QoQ). (Neutral)

JSW Steel: Consolidated crude steel production for January 2026 declined 2% to 24.75 lakh tonne from the previous year. (Neutral)

RESULTS PREVIEW

MACRO WRAP

• The DJIA rose 0.1% while the S&P500 and the Nasdaq Composite Index fell 0.3% and 0.6% respectively. Euro Stoxx 50 dipped 0.2%.
• The Dollar Index held steady at 96.80. EUR-USD dipped 20 pips to around 1.1890. The US 2Y treasury yield 3bp to 3.45% and the 10Y yield fell 6bp to 4.14%. The German 10Y fell 3bp to 2.81%. The UK 10Y fell 2bp to 4.51%.
• Brent crude oil prices were just slightly lower by 0.4% to USD68.80. Gold fell 0.6% to USD5,025. Silver fell 3.1% to USD80.81. Bitcoin fell 2.5% to around USD68,610.
• China’s annual CPI increase at 0.2% in January, reflecting the timing of the Lunar New Year and a sharper decline in energy prices driven by global oil volatility. Producer price deflation also moderated, with PPI falling 1.4% from a year earlier—its smallest drop since July 202. Sentimentally positive for Commodities
• US retail sales stalled, missing the expected 0.4% gain after November's 0.6% increase. Gains in sectors like building materials and sporting goods were offset by declines in miscellaneous retail and furniture stores. Excluding autos and gasoline, sales were flat, while GDP-related sales fell 0.1%, the first drop in three months. Negative for USD
• NFP Preview: market consensus is an increase of 65k vs 50k previously. The unemployment rate is expected to be unchanged at 4.4%. any higher side reading on unemployment would be positive for Gold.

INVESTMENT CALL

First Cut: Grasim Q3FY26 Standalone Results: Strong Performance, Above Forecasts.

• Standalone revenue reached Rs. 10,432 crore (+28.5% YoY), 6.7% above estimates, driven by strong traction in Paints and B2B E-commerce.
• Operating profit surged 77.1% YoY and 21% above forecasts, with EBITDA margin at 4.6% (+126 bps YoY; +54 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. 127 crore.
• Cellulosic Fibres: Revenue at Rs. 4,298 crore (+9% YoY), driven by volume growth and favorable product mix. Phase-1 expansion (55 KTPA out of 110 KTPA) is progressing well, with commissioning targeted for mid-2027.
• Chemicals: Overall revenue at Rs. 2,345 crore (+5% YoY). Specialty Chemicals grew 10% YoY, though profitability declined due to higher input prices.
• Building Materials: Revenue at Rs. 25,173 crore (+30% YoY), supported by strong performance across Cement, Paints, and B2B E-commerce.

  Results (Standalone)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

First cut: Titan Company Q3FY26 (Consolidated) results – Strong Q3; beat on estimates

·       Titan’s consolidated revenue grew by 43.3% y-o-y to Rs. 25,416 crore, beating our expectation of Rs. 23,993 crore. Jewellery business grew 42% y-o-y to Rs. 22,517 crore (including Caratlane and excl. Bullion and Digi-gold soles) driven by blockbuster festive collections, impactful brand campaigns and powerful exchange initiatives, underscoring strong festive demand amid high gold prices. Watches business grew 13.9% y-o-y clocking revenue of Rs. 1,295 crore. Eyecare grew by 17.9% y-o-y to Rs. 231 crore, while Emerging businesses grew by 14.9% y-o-y to Rs. 135 crore. Titan’s subsidiary – Teal grew by 67% y-o-y to Rs. 323 crore.

·       Gross margin declined by 225 bps y-o-y to 19.8%, while EBITDA margin fell by 19 bps y-o-y to 10.7%, higher than our expectation of 10.2%.

·       EBITDA grew by 40.8% y-o-y to Rs. 2,713 crore and adjusted PAT grew by 45.7% y-o-y to Rs. 1,798 crore, ahead of our expectation of Rs. 1,578 crore. Titan added (net) 56 stores during the quarter.

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

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First Cut: Jubilant Foodworks Q3FY26 (Consolidated) results – Good Q3; broad based performance

·       Consolidated revenue grew by 13.3% y-o-y to Rs. 2,437 crore, in line with expectations. Operating leverage and a disciplined execution led to 20% y-o-y growth in EBITDA to Rs. 482 crore and EBITDA margin expansion of 110 bps y-o-y to 19.8%, missing our expectation of 20.5%. Adjusted PAT grew 90.6% y-o-y to Rs. 97 crore, lagging our expectation of Rs. 116 crore. The store network increased by 114 net new stores, taking the total store count to 3,594 across brands and geographies.

·       The India business reported 11.8% y-o-y revenue growth to Rs. 1,802 crore driven by a 5.0% LFL growth in Domino’s, high double-digit growth in Popeyes, new additions to the menu and rapid expansion of store network in India. EBITDA increased 18.1% y-o-y to Rs. 369 crore and margin expanded by 109 bps y-o-y to 20.5%. Adjusted PAT grew by 67.3% y-o-y to Rs. 79 crore. In Q3, JFL launched Cheese Lava Pull Apart Pizza in Domino’s and executed pan India roll out of Flavour Burst Burgers in Popeyes. During Q3, JFL added 78 net new stores across all brands, ending the quarter with 2,528 stores in India.

·       The Turkey business reported 15% y-o-y revenue growth to Rs. 580 crore and 2x y-o-y growth in the PAT to Rs. 36 crore. Sri Lanka and Bangladesh businesses reported revenue growth of 65.9% and 26.6% y-o-y, respectively.

·       View: 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

Actual vs estimates                                                   Rs. crore

First cut: Britannia Industries Q3FY26 (Consolidated) results – Steady Q3

• Britannia’s consolidated revenues grew by 8.2% y-o-y to Rs. 4,970 crores, versus our expectation of Rs. 4,999 crore. Revenue growth is driven by strong momentum across both the biscuits and adjacent categories.
• Gross margin rose by 454 bps y-o-y to 43.3% aided by stable raw material prices, while OPM expanded by 230 bps y-o-y to 20.7% due to sharp 57% y-o-y rise in the employee cost. OPM beat our expectation of 19.4%.
• Operating profit grew by 21.7% y-o-y to Rs. 1,029 crore. In line with rise in operating profit, adjusted PAT grew by 23.4% y-o-y to Rs. 719 crore, beating our expectation of Rs. 677 crore. Adjusting for exceptional item relating to change in labour code, reported PAT stood at Rs. 682 crore. 
• View: We shall review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

Stock update: Zydus Wellness Q3FY26 (Consolidated) result update – Mixed Q3; long-term outlook intact

Reco: Buy                  Reco. Price: Rs. 408                 Price Target: Rs. 552

• ZWL’s Q3FY26 numbers were a mixed bag with 109% y-o-y revenue growth on consolidation of the Comfort Click acquisition while higher overheads on acquisition and ad spends led to an adjusted loss of Rs. 34 crore.
• Comfort click (CC) performed in line with the management’s expectations, while Ritebite Maxprotein outperformed.
• Management has guided for a consolidated gross margin of 66-67% and domestic OPM of 16-18% (>14% margin in CC) in the near term. Further, it guided FY26 as a bottom and expects PAT-level accretion from FY27.
• Stock trades at 44x/25x/22x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with an unchanged PT of Rs. 552.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

Stock update: Transport Corporation Of India– Q3FY26 Results update – Long-term outlook intact.

Reco: Buy                  Reco. Price: Rs. 1,104                 Price Target: Rs. 1,350

·         Consolidated revenues rose 8.9% y-o-y to Rs. 1,249 crore, while operating profit rose 7.2% y-o-y to Rs. 127 crore, supported by festive demand.

·         Management reiterated FY26 guidance of a 10–12% growth in consolidated topline and ~15% growth in the consolidated bottom line on strong demand outlook and improving operating efficiencies.

·         Capex seen at Rs. 350–375 crore (Rs. 266 already spent) for FY26, and Rs. 450–500 crore for FY27.

·         We retain a Buy rating with a PT of Rs. 1,350, supported by a healthy earnings growth trajectory in 2–3 years.

Viewpoint: Varun Beverages Q3FY26 (Consolidated) result update – Steady growth momentum

View: Positive                  Reco. Price: Rs. 456                 Upside Potential: 27%

• VBL’s Q4CY25 numbers were good, with volume-led revenue growth of 14% y-o-y and adjusted PAT rising by 33.7% y-o-y driven by higher other income and lower interest cost. OPM fell 52 bps y-o-y to 15.2%.
• Management expects CY26 domestic volume growth to be in double digits, with margins sustained at 22–23%.
• No major capex lined up in India in CY26 due to adequate capacity, while international capex would be limited to small brownfield additions, mainly in South Africa.
• Stock trades at 44x/36x its CY26E/CY27E EPS, respectively. We stay Positive and expect an upside of 27% over the next 12 months.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

OTHER NEWS

Ather Energy (Block Deal): National Investment and Infrastructure Fund II (NIIF) is likely to sell up to a 1.92 percent stake in Ather Energy via a block deal, with the offer size estimated at Rs 533.5 crore. The offer size is estimated at ₹533.5 crore, with the deal price expected in the range of ₹705.7 to ₹727.55 per share. The floor price for the block sale is set at a discount of up to 3% to the current market price. Shares of Ather Energy Ltd ended at ₹725.10.Ather already reduced stake by 2.28%  out of 4.7% in November and now 1.93 % selling

Landmark Cars Q3 (Consolidated YoY): Profit zooms 24.9% to Rs 14.2 crore Vs Rs 11.4 crore. Revenue rises 12.6% to Rs 1,345 crore Vs Rs 1,195 crore.  Positive

Karnataka Bank Q3 (Standalone YoY): Profit rises 2.5% to Rs 290.8 crore Vs Rs 283.6 crore. Net interest income dips 0.1% to Rs 792.1 crore Vs Rs 792.8 crore. Provisions & contingencies increase 13.2% to Rs 94.9 crore Vs Rs 83.8 crore. Gross NPA falls to 3.32% Vs 3.33% (QoQ). Net NPA declines to 1.31% Vs 1.35% (QoQ).