May 14, 2026

TOP NEWS

Jindal Steel: The company has completed the 6mtpa expansion at Angul, taking its crude steel capacity in Angul to 12mtpa and its total capacity. This expansion positions Jindal Steel as the fourth-largest steel producer in India. Supported by the incremental capacity and improving domestic demand, MOFSL expects the steelmaker to witness a 17 per cent CAGR in volume. Coupled with steady NSR growth and an increasing value-added portfolio, revenue is projected to witness a 21 per cent CAGR over FY26-28. The company has posted strong earnings in Q4FY26, and on coal gasification, this company will get benefit from coal gasification. Positive

Cipla: Revenue fell 2.8 percent on-year to Rs 6,541.2 crore during the January-March quarter, while total expenses rose 8.5 percent to Rs 5,982.3 crore. The weaker topline performance coupled with higher costs significantly eroded profitability during the quarter. Negative

RESULTS PREVIEW

MACRO WRAP

• Global: President Trump arrived in Beijing for his first meeting with China’s Xi Jinping, prioritizing trade discussions over geopolitical issues like Iran. Both sides are reportedly considering tariff reductions of up to USD30 billion. Ahead of the summit, US Treasury’s Bessent and China’s Vice Premier He described recent talks in South Korea as constructive, signalling potential progress in easing trade tensions.
• Back-to-back inflation data indicated that price pressures are mounting and might put the Fed on possibly a tightening course, though Wall Street defied that by continuing its AI- and tech-driven rally overnight. US producer inflation soared 1.4% m/m in April (consensus: +0.5%; March: +0.7%), its largest monthly increase since March 2022, led mostly by a surge in energy and chemical prices, though the price of services also rose a sharp 1.2% m/m. negative for broader markets
• Treasuries were little changed with 30Y bid went for above 5% as oil prices declined and broad USD gained for its third consecutive day. Kevin Warsh was confirmed by the US Senate as the next Fed Chair in a narrowest margin of votes ever recorded. The Senate confirmed Kevin Warsh as Fed Chair by a 54-45 margin, the slimmest confirmation in history for the position. Warsh officially starts on May 14.
• Global oil inventories are declining at a record pace and are expected to fall further as disruptions to Middle East supplies from the Iran conflict intensify, according to the IEA. Despite this, oil prices slipped after four sessions, reflecting a balance between supply concerns and diplomatic hopes. The EIA noted flows through the Strait of Hormuz dropped 6 mb/d to 14.6 mb/d in Q1 2026 from over 20 mb/d previously. Positive for crude oil prices
• The DJIA fell 0.1%, while the S&P500 and the Nasdaq Composite Index rose 0.6% and 1.2% respectively. The Dollar Index rose 0.2% to 98.52. EUR-USD fell 30 pips to 1.1710. The US 2Y yield fell 1bp to 3.98% and the 10Y yield rose 1bp to 4.47 Brent crude oil prices fell 2% to USD105.63. Gold fell 0.6% to USD4,689. Silver gained 1.3% to USD87.55.
• Data watch: US data releases tonight will include Apr’s export and import price indices, weekly initial jobless claims for week ending 9 May (est. 205k vs. 200k prior), and Apr’s advance retail sales (est. 0.5% m/m vs. 1.7% prior), including retail sales ex auto (est. 0.7% m/m vs. 1.9% before).

INVESTMENT CALL

First Cut: Tata Motors Ltd Q4FY26 Standalone Results – Volumes led growth, Strong profitability, healthy FCF.

·        Tata Motors reported revenues of Rs24452cr in Q4FY26 which were higher by 22% y-o-y and 19% q-o-q led by higher volumes which grew by 25% y-o-y and 17% q-o-q. Revenue for FY26 grew by a stellar 47% y-o-y to Rs.77399cr.

·        EBITDA for Q4FY26 grew by 36% y-o-y and 27% q-o-q to Rs3307cr  while margins expanded by 133bps y-o-y and 75 bps q-o-q to 13.5%. For FY26, EBITDA grew 64% to Rs9978cr while margins grew to 12.9%. This is despite cost pressures faced at the end of Q4.

·        PAT for Q4FY26 was reported at Rs2406cr which is a growth of 70% y-o-y and 329% q-o-q while PAT margin expanded by 274bps y-o-y and 709% q-o-q to 9.8%. For FY26, PAT reported was lower by 3.4% y-o-y to Rs.3362cr while PAT margins compressed by 228bps to 4.3%. The drop in PAT in primarily due to one-time exceptional items of Rs220cr for the quarter and Rs3700cr for the full year.

·        We are reviewing our estimates and will release a report shortly.

First Cut: TVS Motors Ltd Q4FY26 Standalone Results – Strong in-line performance, input cost hurting margins.

·        TVS reported a solid topline growth aided by highest ever volumes sold in Q4 and for FY26. Volumes increased by 28% y-o-y to 15.6lakh units while average realizations improved by 4.5% y-o-y and 1.6% q-o-q to Rs82077. Revenue was reported at Rs12,808cr which an increase of 34% y-o-y and 2.7% q-o-q while it grew 30.4% to Rs.47,270cr for FY26.

·        EBITDA for the company grew by 26% y-o-y and 2.8% q-o-q to Rs.1,680cr for Q4FY26 while it grew 36.6% y-o-y to Rs.4,450cr in FY26. Higher input costs and employee expenses caused margins to decline by 84bps y-o-y 13.1% in Q4FY26.

·        PAT grew by 17.1% y-o-y and 6.1% to Rs.998cr for Q4FY26 while PAT margin declined 113bps y-o-y to 7.8%. For FY26, PAT grew 37% y-o-y to Rs76cr while margins improved slightly by 46bps.

·        Our View: Strong volume growth across categories and improving ASP helping the company report strong performance but increasing input cost is hurting operational efficiency. We are reviewing our estimates and will release a report shortly.

Result highlights – Standalone (Rs Crore)

Margin Profile:

First Cut: DLF Q4FY26 Consolidated Results:  Performance declined, but exceeded expectations across key metrics

• DLF reported pre-sales of ₹3,967 crore in Q4FY26, registering a strong 95% YoY growth, in line with company guidance. However, collections declined marginally by 1% YoY to ₹3,301 crore.
• Consolidated revenue stood at ₹1,814 crore, down 42.0% YoY, though it came in ~2% above our estimates. EBITDA declined 58% YoY to ₹410.8 crore, with margin contracting sharply to 22.6% (down 863 bps YoY, but 294 bps ahead of our forecast).
• Adjusted PAT declined 3.2% YoY to ₹1,240.7 crore, reflecting pressure on operating performance despite better-than-expected margins.
• The annuity business remained resilient, with DCCDL rental income growing 17% YoY to ₹1,425 crore.
• The company has launched ~13 msf projects worth ₹54,285 crore till FY26. Additionally, a pipeline of ~25 msf worth ₹60,215 crore is planned for launch over the medium term.

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                                  Rs cr.

Stock update: Dabur India Q4FY26 (Consolidated) result update – Steady Q4

Reco: Buy                  Reco. Price: Rs. 463                 Price Target: Rs. 560

• Q4FY26 operating numbers were steady, with revenue growing 7% y-o-y and OPM flat y-o-y at 15.2%. Higher other income drove up adjusted PAT by 16.1% y-o-y.
• Management raised FY27 India revenue growth guidance from high single-digit to low double-digit, anticipating growth from both pricing and volumes.
• Margins set to improve y-o-y, with impact of input cost inflation to be mitigated through price increases, product mix, savings, and premiumisation.
• Stock trades at 39x/35x its FY27E/FY28E earnings, respectively. We maintain a Buy rating with an unchanged PT of Rs. 560.

Valuation (Consolidated)                                                   Rs. crore

Results (Consolidated)                                                                               Rs. crore                                                   

 OTHER NEWS

Signature Global: Revenue increased 4% YoY to ₹2,600 crore. Q4FY26 revenue more than doubled to ₹1,110 crore (+113% YoY). Operationally, Q4FY26 pre-sales stood at ₹1,570 crore, down ~3% YoY, while FY26 pre-sales came in at ₹8,250 crore, declining ~20% YoY. However, average sales realization improved sharply by ~22% YoY to ₹15,250/sq. ft. from ₹12,457/sq. ft., driven by premium project launches and price hikes across key markets. Collections during FY26 stood at ₹4,010 crore, while net debt reduced sharply by 77% YoY to a historic low of ₹200 crore, significantly strengthening the balance sheet.

Coal India: The Union Cabinet has launched a massive ₹37,500-crore incentive package for coal gasification to reduce India’s ₹2.77 lakh crore dependence on imported LNG, ammonia, and methanol dependence on imported LNG, ammonia, and methanol by ₹ 2.77 lakh crore. The scheme, one of the biggest interventions in India’s coal-to-chemicals sector, is expected to catalyse investments of ₹2.5-3 lakh crore and support gasification of 75 million tonnes of coal as the government pushes to reduce exposure to volatile global fuel markets and supply chain disruptions triggered by the ongoing West Asia conflict.

Lupin Ltd :  The company has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) for famotidine injection USP, 20 mg/2 mL (10 mg/mL), single-dose vials. The product is bioequivalent to the reference listed drug (RLD), Pepcid injection, 10 mg/mL, manufactured by Merck Sharp & Dohme Corp.