May 04, 2026

LATEST NEWS

>> 3:27 PM

First cut: Jyothy Labs Q4FY26 (Consolidated) results – Double digit volume growth drives performance

·       Jyothy Labs (JLL’s) revenue grew by 7.7% y-o-y to Rs. 717 crore, largely in line with our expectation of Rs. 710 crore, with volume growth at 10.8% y-o-y. Growth is driven by 14% y-o-y growth in the fabric care segment (volume growth of 17.8%) and 20% y-o-y growth in the personal care segment (20.8% volume growth), while HI segment grew by 3% and dishwashing segment stood flat y-o-y (5% volume growth).

·       Gross margin fell by 407 bps y-o-y to 45.2%, while OPM declined by 335 bps y-o-y to 13.5%, missing our expectation of 15.4%, due to lower sales realization and inflation in input prices.

·       Operating profit fell by 13.7% y-o-y to Rs. 97 crore, while adjusted PAT declined by 15.6% y-o-y to Rs. 68 crore, lagging our expectation of Rs. 82 crore. The company has recommended a dividend of Rs. 3.5 per share for FY26.

·       View: Overall, JLL’s Q4FY26 results were driven by ~11% y-o-y volume growth, even as numbers missed estimates on all fronts. We shall review our earnings 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

>> 3:00 PM

First cut Q4FY26 - AB Capital: The company reported consolidated PAT growth of 30% y-o-y to Rs. 1,124 crore in Q4 FY26 and 21% y-o-y to Rs.  3,797 crore in FY26. The overall lending portfolio (NBFC and HFC) grew by 32% y-o-y and 9% q-o-q to Rs.  2,07,368 crore as on March 31, 2026. The life insurance individual first year premium grew by 15% y-o-y to Rs. 4,725 crore in FY26 and health insurance gross written premium grew by 39% y-o-y to Rs. 6,855 crore in FY26. Overall Healthy quarter for the company, we will come out with detail note post concall

NBFC Business

• Disbursements grew by 28% y-o-y and 16% q-o-q to Rs. 24,947 crore in Q4 FY26. AUM grew by 27% y-o-y and 8% q-o-q to Rs. 1,59,916 crore
• PBT grew by 26% y-o-y to Rs. 1,106 crore

Housing Finance

• Disbursements grew by 37% y-o-y and 29% q-o-q to Rs. 7,977 crore in Q4 FY26. AUM grew by 53% y-o-y and 12% q-o-q to Rs. 47,452 crore
• PBT grew by more than two times y-o-y to Rs. 255 crore in Q4 FY26. RoA was 2.07% in Q4 FY26 and 1.88% in FY26
• Gross stage 2 and 3 ratio improved by 63 bps y-o-y and 19 bps q-o-q to 0.76%

AMC Business

• Mutual fund quarterly average AUM grew by 14% y-o-y to 4,35,866 crore. Equity QAAUM grew by 17% y-o-y to Rs. 1,97,374 crore
• Individual monthly average AUM grew by 8% y-o-y to 1,99,373 crore

Life Insurance Business

• Individual FYP grew by 15% y-o-y   to Rs. 4,725 crore in FY26. Group new business premium increased by 31% y-o-y to Rs. 7,314 crore in FY26
• Renewal premium grew by 17% y-o-y to Rs. 12,190 crore in FY26
• VNB margin increased by 260 bps y-o-y to 20.6% in FY26.  Absolute net VNB grew by 29% y-o-y to Rs. 1,055 crore in FY26

Health Insurance Business

• Gross written premium grew by 39% y-o-y to 6,855 crore in FY26
• Combined ratio improved to 103% (FY25: 105%) in FY26.

TOP NEWS

FDI norm changes: From May 1, overseas companies with up to 10% Chinese or Hong Kong shareholding can invest in India via the automatic route in permitted sectors, reversing part of the 2020 restrictions that required government approval for any investment from land-border nations.  Positive for Dixon, Amber enterprises. 

The government has allowed 100% FDI in insurance companies and intermediaries such as brokers, TPAs, and agents, enabling global insurers to set up wholly owned subsidiaries without prior approval. The Life Insurance Corporation of India remains capped at 20% under the automatic route, and at least one top executive in any foreign-invested insurer must be a resident Indian citizen.  

War update: Trump has announced a plan, dubbed “Project Freedom”, to escort ships from neutral countries that are stuck in the Strait of Hormuz and said it will begin on Monday. Earlier Iran has submitted 14 pointers plan to US for which USA has already responded. Also, USA has mentioned that the Iran proposal is unacceptable. Also there is news that Iran has agreed to put its nuclear program me on the table in talks with US. With major optimism in the geopolitical tensions brent has reach $ 108/ barrel. Asian markets had a strong rebound.  

Mazagaon Dock: Revenue rise 21.3% yoy to Rs 3850 crore. EBITDA surged 355% yoy to Rs 543 crore. Margins stood at 14.1% vs 3.8% yoy. 

 
Equitas Small Finance Bank Q4 (YoY): Profit zooms 5-fold to Rs 212.7 crore Vs Rs 42.1 crore. Net interest income grows 18.2% to Rs 980.1 crore Vs Rs 829.4 crore . Gross NPA ratio drops to 2.60% Vs 2.75% (QoQ). Net NPA ratio declines to 0.72% Vs 0.92% (QoQ).

Jindal Steel reported a strong result in Q4FY26. The consolidated operating income for the quarter was ₹16,218 crore, up 23% YoY and 25% QoQ. Steel sales volume was 2.62 MT, up 23% YoY and 15% QoQ. NSR for fourth quarter up by more than Rs 4500/ton in Q4FY26. Positive

NMDC: State-owned iron ore miner NMDC reported 4.64 million tonnes of production in April, up 16% from 4 MT in the same month last year. Following the best-ever mining performance at the Bailadila iron ore operations, the production reached its greatest level in April to date. Discussions between Thyssenkrupp and Jindal Steel International about the possible sale of the German industrial group's steel sector have been suspended. Positive

Capri Global Q4 Results: Profit jumps 59%, revenue surges: Net profit rose 59% y-o-y to Rs. 283 crore, compared with Rs. 178 crore in the same period last year. Revenue increased 45% to Rs. 1,385 crore from ₹957.3 crore, reflecting robust business momentum. The company’s board recommended a dividend of Rs. 7.50 per share (375%) for FY26. The record date has been fixed as June 12, 2026, with payment expected on or after June 25. Capri Global also plans to expand its balance sheet, seeking shareholder approval to increase its aggregate borrowing limits from Rs. 25,000 crore to Rs. 35,000 crore. This will allow the company to raise funds through non-convertible debentures and other instruments in phases.

ACC :The company reported a weak Q4FY26 performance with net profit declining 68% YoY to ₹238 crore, impacted by higher fuel, logistics, and packaging costs. Operating margins also contracted to 8.8% from 13.6% YoY. However, revenue grew 18% YoY to ₹7,124 crore, supported by strong volume growth, with sales reaching a record 11.9 million tonnes (+8% YoY) and improved capacity utilisation at 80%. The company indicated cost pressures may continue in the near term but is taking steps to improve efficiencies. Negative

Siemens: Received a significant Rs 1,825 crore internal work allocation from a group company for manufacturing and supplying critical railway components including bogies, traction motors, and gearboxes.  

Zen technologies: Revenues down by 45% yoy to Rs 178 crore, Margins significantly dropped to 28.6% vs 42.5% in Q4FY25. PAT was down by 63% yoy to Rs 32 crore vs Rs 101 crore in Q4FY25. Weak set of results.  

Solex Energy: filed a massive MoU with the Gujarat government. 5 GW Solar Cell Manufacturing + 10 GW BESS facility — Rs 4,000 Cr total capex. 

PREVIEW

MACRO WRAP

• Asian markets start on positive note amid optimisms surrounding US-Iran negotiations as  Iran had delivered a new proposal to the US, signalling progress in behind-the-scenes diplomacy aimed at ending the conflict. President Trump said Tehran wants to strike a deal, though he is not yet “satisfied”, adding he would “prefer not” to take military action.
• US GDP rose 2% Q/Q SAAR in 1Q26 as businesses invested heavily in artificial intelligence, rebounding from a fourth quarter growth that was marred by a government shutdown. PCE inflation hit its highest level since 2023 in the first full month of the war with Iran, with higher energy prices driving much of the jump in Mar.
• US ISM Manufacturing PMI held at 52.7 in April 2026, matching its highest since August 2022 but below the 53.0 forecast. New orders and delivery times rose, production slowed, and employment fell sharply. Prices saw their fastest increase since late 2021 on higher oil and diesel costs tied to Middle East tensions. Sentiment was mostly negative, with many respondents citing the Iran war and tariffs.
• OPEC+ Seven countries led by Saudi Arabia and Russia will add 188,000 barrels a day next month under the agreement. Chile’s March copper production at 434,314t vs 477,464t a year ago Compares to 378,264t in February
• The DJIA fell 0.3% while the S&P500 and the Nasdaq Composite Index rose 0.3% and 0.9% respectively. For the week, the DJIA, the S&P500, and the Nasdaq Composite Index rose 0.6%, 0.9%, and 1.1% respectively. The Dollar Index edged up 0.1% to 98.16 last Friday but fell 0.4% for the week. EUR-USD was unchanged last Friday and for the week at 1.1720. The US 2Y yield rose 1bp to 3.88% last Friday and gained 10bp for the week. The US 10Y yield was unchanged at 4.37% last Friday and rose 7bp for the week. Brent crude oil prices fell 5.1% to USD108.17 last Friday but rose 2.7% last week. Gold dipped 0.1% to USD4,614 last Friday and fell 2% for the week.
• Data watch: US factory orders for Mar (est. 0.5% m/m, from 0.0% in Feb) and final readings for durable goods orders for Mar (est. unchanged at 0.8%) while across the Atlantic, European data watch will focus on the Eurozone’s Sentix investor confidence survey for May

INVESTMENT CALL

First Cut: Sundram Fasteners Q4FY26 Standalone Results – Exceptional items and other income boost PAT.

• Revenue for the company grew by 11% YoY and QoQ to INR1502cr in Q4FY26 while for FY26 revenue grew by 6%YoY to Rs5542cr.
• EBITDA for the quarter grew by 14% YoY and 8%QoQ to INR234cr and 7% YoY for FY26. EBITDA margins grew 45bps YoY but declined 46bps QoQ to 15.5%.
• PAT grew by 34% YoY and 48%QoQ to Rs180cr led by an increase of 234%YoY and 222%QoQ in other income and 130%YoY increase in exceptional items. The exceptional item refers to reversal of impairment loss accounted in previous years.
• The company has spent a total amount of Rs404cr on capex in FY26 as part of capacity expansion of existing lines of business and new projects
• Our View: We shall review our estimates and publish a detailed report soon.

First Cut – APL Apollo Tubes Q4FY26 Consolidated Results: Revenue in line; EBITDA ahead of estimates.

• APL Apollo reported consolidated net revenue of Rs. 6,269.2 crore, up 13.8% YoY, broadly in line with our estimate. Revenue growth was supported by healthy sales volume of 925k tonnes, up 8.8% YoY, while realization/tonne increased 4.6% YoY to Rs. 67,775. Cost/tonne rose 3.8% YoY to Rs. 62,250; however, EBITDA/tonne improved 13.5% YoY to Rs. 5,525, aided by better volume growth, improved realizations, and operating leverage.
• EBITDA stood at Rs. 511 crore, up 23.5% YoY in Q4FY26, and came in 1.6% above our estimate. EBITDA margin expanded to 8.2%, improving 64 bps YoY and coming in 8 bps above our forecast, reflecting better spreads and cost efficiency despite higher input costs.
• PAT came in at Rs. 354 crore, up 20.9% YoY in Q4FY26, and was 9.7% ahead of our forecast. The beat at the bottom line was primarily driven by stronger-than-expected operating performance and improved profitability.
• The company’s capacity expansion plan remains on track, with total capacity expected to increase from 5 MTPA to 8 MTPA by FY28.

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

First Cut Q4FY2026 - Bajaj Finserv: Transient Headwinds Mask Stable Operating Performance

• Life insurance segment maintained strong momentum with Gross Written Premium (GWP) increasing ~21% YoY to Rs. 11,199 crore.
• Value of New Business (VNB) rose 29% YoY to Rs. 709 crore, with margins expanding ~240 bps to 24.5%. This improvement was driven by a favorable product mix—specifically a 67% YoY increase in the retail protection mix—alongside cost optimization and the successful recalibration of the BALIC 2.0 strategy.
• Margin growth is particularly impressive given that it absorbed a ~500 basis point headwind from GST changes, which has now been ~90% mitigated on an exit basis, leaving only a small, embedded structural impact of 30-40 basis points.
• General Insurance GWP remained stable at Rs. 4,322 crore as the company executed a calibrated pullback in the motor and crop segments. Excluding these areas, growth reached a healthy 8.3%.
• The firm’s full-year combined ratio of ~101.9% (non-1/N basis) remains industry-leading, particularly when compared to the broader sector's sharp deterioration to ~121%.
• Bajaj Finance achieved a significant milestone, with AUM crossing the Rs. 5 lakh crore mark (+22% YoY) alongside stable asset quality and easing credit cost pressures. Bajaj Housing Finance maintained its growth trajectory with a 23% YoY increase in AUM and reported pristine asset quality.
• The company's new business verticals continue to scale effectively, The AMC segment saw strong traction, with average AUM growing 52% YoY to ₹30,627 crore. Bajaj Finserv Health sustained its expansion, reporting a 41% YoY increase in transactions. Overall good quarter for the bank, we have buy rating on the stock and we will come out with detail report today.

First Cut Q4FY2026 - Kotak Mahindra Bank:  Improved operating leverage along with fall in credit cost drive PAT

• NIM for Q4 was 4.67% up 13 bps QoQ, however, adjusted NIM was actually flat sequentially at 4.54%. Impact of repo rate cuts was countered by repricing its deposits and growing low-cost deposits.
• Benefits of investment in tech and focus on digitization lead to improvement in operating leverage for the bank as cost to assets declined to 2.73% versus 3.09% YoY. This lead to healthy PPOP (up 8.8% QoQ and 3.4% above estimates)
• Credit costs saw a significant sequential improvement dropping to 0.39% from 0.63% QoQ. Management attributed this Q4 reduction to lower overall delinquencies, lower slippages, and improved collection efficiencies across granular retail segments.
• Stable margins, improved operating leverage and lower credit cost lead to 13.4% YoY and 16.8% QoQ growth in PAT at Rs4027 crore (11.1% above estimates)
• GNPA and NNPA declined 10 bps and 6 bps QoQ to 1.2% and 0.25% respectively, this was mainly owing to meaningful improvement in stress, better flow rates and collections in unsecured retail.
• Loan growth was respectable at 16.2% YoY at Rs4.96 lakh crore in which Mortgage was up 18% YoY, Business banking and Corporate SME was up 24% and 17% YoY, MFI book gained momentum with 8% QoQ rise. Deposits were up 14.7% YoY to Rs5.72 lakh crore, CASA ratio improved ~200 bps QoQ to 43.3%.Overall good quarter for the bank, we have buy rating on the stock and we will come out with detail report today.

Result table

First Cut Q4FY2026: Cholamandalam Investment and Finance: Strong Quarter on multiple fronts, Beat PAT

• NII rose 26.2% y-o-y and 7.7% q-o-q to Rs. 3,855 crore. NIM expanded by 26 bps y-o-y and 8 bps q-o-q 6.9% (of AUM) driven by faster drop in cost of funds than yield.
• PPOP rose 28% y-o-y and 12.9% q-o-q to Rs. 2,984 crore driven by NII growth and other income growth. Opex /AUM was stable at 3.22%, but employee expenses rose by 26.5% y-o-y and 6.3% q-o-q.
• Credit cost came in at 1.51% (of AUM) dropped down by 22 bps q-o-q. Asset quality improved on q-o-q. Gross NPA fell by 31 bps q-o-q to 3.05% on strong recoveries and healthy collections.
• PAT, up by 29.5% y-o-y and 27.4% q-o-q to Rs. 1,641 crore was reflection of PPOP growth and lower credit costs.  RoA expanded by 18 bps yoy and 48 bps q-o-q.
• AUM rose 21.4% y-o-y and 6.5% q-o-q to Rs. 224334 crore driven by LAP and HL/AL and new business. VF segment grew by 18.1% y-o-y and 5.9% q-o-q.
• Disbursements up by 24.6% y-o- and 9.8% q-o-q to Rs. 32913 crore driven by vehicle finance and new business.

The company beat PAT estimates and reported strong performance on multiple fronts, we will come out with detail reports today.

Results Table

Key Ratios

Auto makers continue to post robust volumes led by strong domestic demand. Sequential numbers in line with seasonality. Maruti posted an exciting set of numbers led by strong domestic and export markets. A similar trend was observed for Hero Motocorp. TVS saw volumes subdued as it mentioned that it faced some headwinds due to supply chain issues led by global cues. Tata Motors and M&M mirrored the market leader with strong volumes boosted by domestic demand. Tractors continue their dream run with M&M and Escorts both posting strong YoY growth in April volumes.

Stock Update: Supreme Industries – Long term outlook remains strong

Reco: BUY                CMP: Rs. 3,622             Target: 4,200

• For Q4FY26, revenue/EBITDA/PAT below our expectations by 10%/7.8%/1%
• Among segments, plastic piping grew strongly, beating industry trends; packaging and industry products grew decently too.
• For FY27, company sees a 15-17% rise in piping volumes and overall growth of 12-13%. EBITDA margin is seen at 14-14.5%.
• We maintain a Buy rating maintained with a target price of Rs. 4,200.

OTHER NEWS

Central Depository Services (India) Q4 (Consolidated YoY): Profit falls 20% to Rs 80.2 crore Vs Rs 100.3 crore. Revenue grows 17.1% to Rs 262.8 crore Vs Rs 224.5 crore. Other income declines sharply to Rs 5.5 crore Vs Rs 31.3 crore.

ESAF Small Finance Bank Q4 (YoY): Profit stands at Rs 23.5 crore Vs loss of Rs 183.2 crore. Net interest income grows 19.2% to Rs 517.8 crore Vs Rs 434.4 crore. Provisions and contingencies plunge 35.4% to Rs 214.2 crore Vs Rs 331.5 crore. Gross NPA falls to 5.41% Vs 5.64% (QoQ). Net NPA drops to 1.77% Vs 2.73% (QoQ).

Vodafone Idea: Shares of Telecom services provider Vodafone Idea Ltd. will be in focus after the Department of Telecom (DoT) on Thursday evening, granted some relief to the debt-laden company with regards to its AGR dues. In its announcement to the exchanges, Vodafone Idea said that the DoT has cut its outstanding AGR dues by 27% to ₹64,046 crore from the earlier figure of ₹87,695 crore. As part of its repayment schedule which the company has already made public, Vodafone Idea will pay at least ₹124 crore annually for a period of six years, starting March 2025 till March 2031. This will be followed by annual payments of at least ₹100 crore over a four-year period from April 2031 to March 2035. The remaining dues will then be paid in six annual installments of ₹10,608 crore each between March 2036 to March 2041. The company has not shared any revised payments schedule post the relief from the DoT.

MOIL: Since April 1, 2026, the prices of all ferro grades of manganese ore with a manganese concentration of at least 44% have dropped by 4%.

Coal India reported a 9.7% YoY fall in output volume to 56.1 million tons (MT) in April 26. Similarly, offtake volume for the month totalled 63.2 MT (down 2% year on year). Negative