May 15, 2026

TOP NEWS

Global health (Medanta) :Global Health Ltd, operating under the Medanta brand, announced a 39.7% increase in profit after tax, reaching Rs 141.7 crore for the March 2026 quarter. Revenue rose to Rs 1,159 crore. The board proposed a 25% dividend. Future plans include adding 3,200 beds through expansions and greenfield projects.

United Spirits: The company reported a strong fourth-quarter performance, with net profit rising 28% year-on-year to ₹539 crore from ₹421 crore. Revenue increased 3.7% to ₹3,054 crore, while EBITDA grew 16.3% to ₹593 crore compared with ₹510 crore a year ago. EBITDA margin improved to 19.4% from 17.3% in the corresponding quarter last year. The board also recommended a final dividend of ₹11 per share.

Gold stocks: India has tightened gold import rules to support the rupee amid West Asia tensions. Duty-free bullion imports will now be capped at 100 kg per authorisation, with fresh permissions allowed only after 50% of earlier imports are re-exported. Earlier, exporters could import unlimited quantities under the re-export-linked exemption. The change applies only to export-oriented imports and is expected to have a limited impact on overall demand. Stocks in focus include Titan Company, Kalyan Jewellers, Senco Gold, Thangamayil Jewellery, and PN Gadgil (Negative)

Adani Enterprises : US authorities are reportedly moving towards resolving fraud charges against Gautam Adani and may drop the criminal case as early as this week. Reports also suggest that the SEC is looking to settle the parallel civil fraud case against the Adani Group.If resolved, this would remove a major legal and regulatory overhang on Adani Enterprises and Adani Green Energy, and could support the group’s plans to return to international capital markets and resume expansion. Overall, this is sentimentally positive for Adani Group stocks.

RESULTS PREVIEW

MACRO WRAP

• Markets will be watching for any formal announcements second day of US-China summit, before President Trump leaves Beijing in the afternoon. Markets continued to trade positively overnight as the US–China meeting in Beijing went relatively well. However, Xi also issued a blunt warning that mishandling Taiwan could lead to "clashes and even conflicts". Secretary of State Marco Rubio later told US policy toward Taiwan was “unchanged” but warned that it would be “a terrible mistake” for China to take Taiwan by force.
• Wall Street benefited from a strong AI-driven rally, while Treasury yields edged slightly higher across tenors, supported by rising oil prices that may add to inflationary pressures over time. The broad dollar gained for a fourth consecutive day. China is said to have renewed import licenses for hundreds of US beef plants on Thu. US Treasury Secretary Bessent said the US and China are discussing a mechanism for fast-tracking some Chinese investment deals, along with a reduction in tariffs on some non-critical goods. Trump signalled China is willing to support negotiations with Iran, and he reportedly invited Xi to visit Washington on 24 Sep.
• US Retail sales rose for a third consecutive month, increasing 0.5% in Apr—slower than Mar’s downwardly revised 1.6% but in line with expectations. Higher gasoline spending accounted for more than 40% of the increase in headline sales. Nine of the 13 categories posted gains, indicating continued resilience in consumer spending despite elevated fuel prices. Excluding gasoline, retail sales rose 0.3
• US jobless claims rose by 12,000 to 211,000 in the first week of May, above forecasts of 205,000. Continuing claims increased by 24,000 to 1.782 million, slightly below expectations, but both measures remain below last year’s averages, signaling a still-strong labor market.
• Oil is headed for a weekly gain as the Strait of Hormuz remains effectively closed, prolonging disruptions in global markets. WTI rose toward USD 102/bbl, with futures up nearly 7% this week, while Brent closed near USD 106/bbl on Thursday. Negative for broader markets
• A US blockade of Iranian ports remains in place, and the key shipping route continues to pose risks for maritime traffic. The International Energy Agency stated that the market will remain “severely undersupplied” until Oct, even if hostilities subside next month.
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.8, 0.8% and 0.9%. The US 2Y yield rose 4bp to 4.02% and the 10Y yield rose 1bp to 4.48. Gold fell 0.8% to USD4,652. Silver fell 4.6% to USD83.53.
• Data watch:  For tonight, the US will release May’s Empire Manufacturing Survey (est. 7.3 vs. 11.0 prior), April industrial production (est. +0.3% m/m vs. -0.5% prior), and April capacity utilization (est. 75.8% vs. 75.7% prior).

INVESTMENT CALL

First Cut – Tata Motors passenger vehicles Ltd – Domestic demand, better product mix leads to strong performance

·        Consolidated revenue for Q4FY26 grew by 7.2% y-o-y and 50% q-o-q to Rs.1,05,447crore riding on back of the strong volume growth which grew by 37% y-o-y and 18% q-o-q to 201368 units during the quarter despite. Company was the #2 player as per Vahan registration.

·        EBITDA for Q4FY26, saw a decline of 22%y-o-y but grew exponentially q-o-q to Rs11,259crore. Company highlighted headwinds in commodity inflation but were offset due to better product mix and operational efficiencies. EBITDA margin declined by 395bps y-o-y but grew 942bps to 10.7% for Q4FY26

·        PAT for the quarter was reported at Rs.5,878crore which was a de-growth of 19%y-o-y and against a loss reported in Q3. PAT margins improved to 5.6% for Q4 from a loss in Q3 but declined 179bps y-o-y from 7.4% in Q4FY25.

·        FCF was at ~Rs.11,400cr for Q4, with a dividend of Rs3/share which will result in cash outflow of Rs1,105cr. Net Debt for company is now at ~Rs30,700 crore.

·        Our View: On the whole the demand momentum continues for Tata Motors in FY27 and with multiple launches planned across Tata and JLR and cost reduction through operational efficiency and planned price hikes, should help the company coast through challenging macros. We are reviewing our estimates and will release a report shortly.

First cut: JSW Steel India Q4FY2026     

-         Revenue for the quarter increased by 11.3% to Rs 51,180 crore from Rs 44,819 crore in Q4FY25,  driven by record steel sales volumes of 7.97 MT (up 6% y-o-y) and higher NSR on the back of improved domestic steel prices post the safeguard duty implementation.

-         Adjusted EBITDA margin came at 19.0%, compared to projections of 18.9%. Consolidated PAT stood at ₹19,243 crore, significantly boosted by an exceptional gain of ₹18,051 crore from the slump sale of BPSL's steel business to JSW JFE Steel Ltd.

-      A new 50:50 JV was announced with POSCO (South Korea) in April 2026 for a capacity of 6 MTPA greenfield integrated steel plant in Dhenkanal, Odisha, targeting high-grade flat steel, including automotive grades, with commissioning targeted by 2031.

-         View: Taking the total capacity in India operations, along with joint ventures, to 78 million tonnes. Including our Ohio capacity of 1.5 million. The capacity would be close to 80 million tons by FY32, as management highlighted. Overall, FY26 topline growth was relatively strong, with the underlying sales volume growth and product mix improvement, led by new capacity expansions, leading to a higher revenue growth trajectory for FY27 and beyond. We will review our estimates and will come out with a detailed note. Currently, we have a buy rating on the stock

Results (consolidated)                                                        Rs crore

Actual vs estimates                                                   Rs. crore

First cut: Allied Blenders & Distillers Q4FY26 (Consolidated) results – Sharp margin expansion; higher depreciation and tax drag PAT

·      Net revenue grew 9.4% y-o-y to Rs. 1,007 crore, versus our expectation of Rs. 1,024 crore. P&A revenue grew by 24.1% y-o-y driven by 10.8% y-o-y volume growth and 3.1% y-o-y growth in realisation. Volume contribution from P&A segment rose to 47.1% versus 42.5% in Q4FY25. Mass premium revenue reported 2.8% y-o-y decline to owing to a 8% y-o-y decline in the volume, while realisation fell by 2.8% y-o-y.

·      Gross margin improved by 480 bps y-o-y to 48.2%, while OPM rose by 203 bps y-o-y to 16.8%, beating our expectation of 14.8%.

·      Operating profit grew by 24.4% y-o-y to Rs. 169 crore. However higher depreciation and higher tax incidence led to 9.2% y-o-y decline in adjusted PAT to Rs. 71 crore, missing our expectation of Rs. 82 crore. The board has recommended a final dividend of Rs. 5.4 per share for FY26.

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

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First cut: Chalet Hotels Q4FY26 (Consolidated) results – Strong beat on profitability

·      Revenue grew by 6.9% y-o-y to Rs. 558 crore, against our expectation of Rs. 584 crore, driven by 3.1% y-o-y growth in the hotel business and 36.8% y-o-y growth in the annuity business. ARR at Rs. 15,456 per night, is up by 8% y-o-y, occupancy came in at 68%, lower by 770 bps over Q4FY25 and RevPAR reduced by 3% y-o-y to Rs. 10,544 per night.

·      EBITDA margin rose by 136 bps y-o-y to 47.6%; strong beat against our expectation of 45.6%.

·      EBITDA grew by 10.1% y-o-y to Rs. 266 crore. Lower interest expense and lower tax incident led to 31.6% y-o-y growth in the adjusted PAT to Rs. 163 crore, versus our expectation of Rs. 127 crore. Total portfolio crossed 5,000 keys including 7 projects in pipeline with ~1,655 keys; reflecting a strong expansion strategy with two significant additions during Q4.

·      View: We will review our earnings estimates and come out with a detailed report post the conference call. Currently we have Positive view on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

First Cut: Restaurant Brands Asia (RBA) Q4FY26 (Consolidated) results – Strong margin expansion aided lower losses y-o-y

·      Consolidated revenues grew by 11.7% y-o-y to Rs. 707 crore; largely in line with our expectation of Rs. 701 crore. India business grew by 17.1% y-o-y, while Indonesia business declined by 6.9% y-o-y. Revenue growth was driven by SSSG of 6.3%, with a strong performance in both the dine-in and delivery channels.

·      Gross margin improved by 280 bps y-o-y to 68.1%, while EBIDTA margin rose by 187 bps y-o-y to 13.4%. EBITDA margin came in much higher than our expectation of 11.9%.

·      EBITDA grew by 29.8% y-o-y to Rs. 95 crore. The company posted a loss of Rs. 47 crore against a loss of Rs. 60 crore in Q4FY25. We had expected the loss to be at Rs. 54 crore.

·      View: 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

OTHER NEWS

Lemon tree hotels: The company announced the opening of Lemon Tree Hotel, Bhubaneswar. This hotel features 65 well-appointed rooms (as against 60 rooms disclosed earlier to the stock exchanges) and will open in two phases. As part of the first phase, 50 rooms, along with a restaurant, a banquet hall, a swimming pool and fitness center has opened. The remaining 15 rooms will open in second phase.