February 05, 2026

TOP NEWS

Marico: The company has entered into definitive agreements to make strategic investment in Cosmix Wellness Private Limited (Cosmix Wellness), the company which owns the brand Cosmix – one of India’s leading digital-first functional wellness brands. The brand offers a range of plant-based protein powders, fermented yeast protein powders, functional superfood blends and has recently launched functional foods like plant-protein pancake mixes and plant-protein bars.  Marico will acquire 60% of Cosmix Wellness’ paid-up share capital from its founders for a consideration of Rs. 226 crore. The acquisition is in line with Marico’s key strategic priorities and will expand its presence in premium food and nutrition categories by adding a digital-first functional wellness brand with a distinct and compelling proposition in its portfolio. Positive

CCL Products: Strong Q3 performance - Revenue grew 38.4% y-o-y to Rs. 1,050 crore, supported by higher volumes and improved realisations. Operating performance strengthened, with EBITDA increasing 47.4% y-o-y to Rs. 184 crore. EBITDA margin expanded to 17.5% compared with 16.5% in Q3FY25, reflecting better operating leverage despite rising costs. The improvement in margins, alongside strong revenue growth, translated into a sharp rise in profitability on a y-o-y basis, with net profit rising 59.2% y-o-y to Rs. 100 crore.

Bharat Forge: January ACT Class 8 orders came in at 30,800 units, up 20% y-o-y.

Jubilant Ingrevia: Weak Q3 - Revenue remained largely flat, rising 0.5% to Rs. 1,051 crore. EBITDA fell 8.5% y-o-y to Rs. 126.1 crore. EBITDA margin contracted to 12% from 13% in Q3FY25. Reported a 32.4% y-o-y decline in net profit to Rs. 47 crore.

RESULTS PREVIEW

MACRO WRAP

• The main theme overnight was risk-off. The sell-off in the tech sector continued, dragging down the broader market, The DJIA rose 0.5% while the S&P500 and the Nasdaq Composite Index fell 0.5% and 1.5% respectively. The Eurostoxx 50 fell 0.4%. The Dollar Index edged up 0.2% to 97.62 and EUR-USD was just a touch lower around 1.1810.
• The US 2Y yield dipped 2bp to 3.55% and the 10Y yield edged up 1b to 4.27%. The German 10Y yield fell 3bp to 2.86%. The UK 10Y yield rose 3bp to 4.55%.
• Brent crude oil prices rose 3.2% to USD69.46. Gold rose 0.4% to USD4,965. Silver rose 3.5% to USD88.18. Bitcoin fell 4.6% to USD72,627 and down 17% year-to-date
• US private businesses added 22K jobs in January, led by health care with 74K. Medium-sized firms gained 37K jobs, while large employers lost 18K. Job creation slowed in 2025 to 398K from 771K in 2024, with stable wage growth, per ADP'.
• Trump and President Xi discussed trade, military, and Trump's China visit in a call. Xi stressed positive US relations and caution on Taiwan. VP Vance proposed a critical minerals trade bloc, and USTR Greer will detail the agreement.
• US ISM Services PMI stayed at 53.8 in January 2026, beating the 53.5 forecast. Business activity grew, but new orders, employment, and supplier deliveries slowed. Inventories and backlogs contracted, while price pressures increased. ISM's Steve Miller noted tariff impacts and geopolitical tensions affecting pricing. Sentimentally negative for Precious metals
• The S&P Global Canada Composite PMI dropped to 46.4, below the neutral 50.0 for a third month. Services declined to 45.8, driving the slump, while manufacturing stabilized. New business fell for the 14th month, affecting output. Employment saw a slight decline, and business confidence weakened. Input cost inflation eased, but output charges remained steady.
• US Services PMI increased to 52.7 in January 2026 from 52.5, marking three years of growth. Domestic sales offset tariff-related foreign softness and marginally increased employment. Higher payroll costs and tariffs raised input inflation. Business confidence dipped to a three-month low.
• Tehran will engage in talks with Washington on Friday in Oman, easing concerns over oil disruptions. Iran seeks to focus on nuclear issues, while the US wants to also address missiles, regional militancy, and human rights. Sentimentally positive for Gold and Crude
• Data watch: Attention is likely on Europe today with two key central bank monetary policy decisions (BOE and ECB) followed by Eurozone Dec retail sales, German Dec factory orders, French Dec industrial production, Jan construction PMI surveys for UK and Germany, and UK’s 3-month and 1-year price expectations for Jan.

INVESTMENT CALL

First cut: Trent Q3FY26 (Standalone) result update – Strong beat on margin front

·         Trent (standalone) revenue grew by 16% y-o-y to Rs. 5,260 crore, in-line with our expectation of Rs. 5,220 crore.

·         Gross margins slightly rose by 29 bps y-o-y to 45%, while EBIDTA margins improved by 182 bps y-o-y to 20.4%, beating our expectation of 19.4%.

·         EBIDTA grew by 27.3% y-o-y to Rs. 1,073 crore, while adjusted PAT grew by 40.4% y-o-y to Rs. 659 crore, higher than our expectation of Rs. 537 crore.

·         View: We shall come out with a detailed post reviewing our earnings estimates. Currently we have a Buy recommendation on the stock.

Results (Standalone)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First Cut: Transport Corporation Of India Q3FY26 Consolidated Results – Good Quarter

·         TCI reported consolidated revenues of ₹1,249 crore for Q3FY26, up 8.9% YoY. The Freight, SCM, Seaways, and Energy divisions recorded growth of 2.6%, 25.3%, 8.7%, and 25% YoY, respectively.

·         Operating profit increased 7.2% YoY to ₹127 crore, with OPM at 10.2%, down 16 bps YoY.

·         Consolidated net profit rose 13.7% YoY to ₹114 crore.

·         We have a buy rating on the stock and will provide a more detailed update after our management interaction later today.

Results (Consolidated)                                                                     Rs cr.

Stock update: Mahindra Lifespaces– Poised for a launch spree.

Reco: Buy                  Reco. Price: Rs. 374                 Price Target: Rs. 450

• Q3 numbers were strong, with pre-sales (up 71% y-o-y) to Rs. 572 crore, while collections rose 5% y-o-y to Rs. 386 crore.
• Blossom project was launched in Bengaluru towards Q3-end, with a GDV of Rs. 1,800 crore, where sales momentum will largely reflect in Q4FY26.
• Revenue and EBITDA grew 175% y-o-y and 6.6% y-o-y to Rs. 459 crore and Rs. 29.9 crore respectively, while APAT turned positive at Rs. 83 crore after a loss in Q3FY25, driven by project completions and stronger IC performance.
• We maintain a Buy with a revised PT of Rs. 450, supported by a strong launch pipeline and faster growth in the industrial & logistics segment.

Valuation (Consolidated)                               Rs. Crore

OTHER NEWS

Oberoi Realty : The company has emerged as the highest bidder in an auction conducted by the Railway Land Development Authority (RLDA) for the 99-year lease of around 11 acres of railway land at Bandra East, Mumbai, near the Western Express Highway. The company’s bid stands at Rs. 5,400 crore for a site with FSI potential of ~19.5 lakh sq. ft. Final confirmation is awaited from RLDA on the next steps.