November 02, 2026

TOP NEWS

War update: Iran’s says two crude oil tankers have caught fire after hitting mines in the Strait of Hormuz. Iran's Supreme Leader Ayatollah Mojtaba Khamenei has warned that any threat from the United States or Israel would invite an immediate response, one that would have no “geographic limits”. ran's Foreign Minister Abbas Araghchi has said a proposal has been reached with mediators that could allow the Strait of Hormuz to reopen fully within two days. Araghchi said Iran was not currently planning a meeting with US officials, but described recent American efforts towards broader dialogue as a positive development. US President Donald Trump says the war on Iran will end “very soon, one way or the other”, warning that Tehran will either make a deal or “we’ll just end it”. Oil prices are almost down 2.5% to $111/barrel. Asian market trade in mixed, Gift nifty indicates a strong start with an 172 points upside on the bourses.

Zen technologies: Revenue grew 100% to Rs 345 crore, Operating profit was up 104% yoy to Rs 132 crore. Margins at 38.2%. PAT was up 65% yoy to Rs 102 crore. Solid execution recovery in defense simulators & anti-drone systems after a soft Q1. Order book stands at Rs 2,500 crore.  Operating profit grew faster than revenue, with margins improving to 38.3% from 27.5% in Q1. However, rising raw material costs remain something to monitor.

Delhivery: Reported a turnaround in Q2FY27, with consolidated PAT at Rs. 40.6 crore against a net loss of Rs. 50.5 crore in Q2FY26. Revenue from operations grew 20% YoY to Rs. 3,066 crore, while EBITDA nearly tripled to Rs. 200 crore from Rs. 68.2 crore. EBITDA margin expanded by 402 bps to 6.68% from 2.66%, reflecting improved operational leverage and network efficiency, partly supported by early AI investments. The company reported a cash balance of Rs. 4,676 crore and revised its Q4FY27 ARR target upwards to Rs. 280 crore from Rs. 250 crore, while targeting Rs. 800–1,000 crore ARR over the next two years.

Ramkrishna Forgings: Reported a strong Q2FY27 performance, with revenue increasing 54.8% YoY to Rs. 1,405 crore. EBITDA surged 109.1% to Rs. 256 crore, with EBITDA margin expanding 473 bps to 18.2% from 13.5%. The company turned profitable, reporting PAT of Rs. 70.6 crore against a loss of Rs. 9.5 crore in Q2FY26. It secured new orders worth Rs. 673 crore during the quarter, with a four-year programme life, and declared an interim dividend of Rs. 2 per share.

Syrma SGS: Revenue was at Rs 2000 crore up 54% yoy. Operating profit at Rs 193 crore up 68% yoy, PAT at 124cr vs 66cr. Strong top-line growth continues; margin saw modest contraction amid capacity ramp-up. Every segment grew more than 55%: auto was up 91%, industrials 86%, IT and railways 69%, healthcare 61% and consumer 57%. Exports nearly doubled, up 91% to ₹514 crore, and now contribute around 25% of sales. Net profit rose 87% to ₹124 crore.

Vinati Organics reported a weak operating performance in Q2 FY27, with revenue from operations growing 23.6% YoY to ₹680.2 crore; however, profitability witnessed a sharp deterioration. Gross profit declined 4.5% YoY to ₹286.7 crore, with gross margins contracting sharply to 42.2% from 54.6%, reflecting significant pressure from higher raw material costs. EBITDA (excluding other income) declined 25.1% YoY to ₹125.7 crore, with EBITDA margins falling to 18.5% from 30.4%. Consequently, PAT declined 31.8% YoY to ₹78.4 crore. The sharp contraction in gross and operating margins despite healthy revenue growth remains a key concern, highlighting the deterioration in the company's cost structure and operating profitability. Negative.

Shyam Metaliks: Net Profit at Rs 493 Cr Vs Rs 262 Cr, Revenue at Rs 5960 Cr Vs Rs 4467 Cr YoY.

Nitin Spinners: Reported a strong Q1FY27 performance, with net profit surging 83.6% YoY to Rs. 75.3 crore, while revenue from operations grew 10.3% to Rs. 875 crore. EBITDA increased 40% to Rs. 155.5 crore, with EBITDA margin expanding by 370 bps to 17.7% from 14% in the year-ago quarter, supported by improved operating profitability. The company is also undertaking capacity expansion, which management expects to contribute around Rs. 1,000 crore in additional revenue once fully operational.

Pace Digitek: Reported strong Q2FY27 performance, with revenue rising 51.5% YoY to Rs. 808 crore and EBITDA increasing 68.5% to Rs. 159 crore. EBITDA margin expanded to 19.6% from 17.6% YoY and 15.5% QoQ, while PAT grew 43.3% to Rs. 97 crore. For H1FY27, revenue increased 51.4% to Rs. 1,364 crore and PAT rose 30.4% to Rs. 160 crore. The company raised its FY27 revenue guidance to Rs. 3,300–3,500 crore from Rs. 3,200–3,400 crore. Its executable order book stood at Rs. 10,735 crore, with Energy contributing 79.4%. BESS manufacturing capacity has increased to 5 GWh, with a further 5 GWh line targeted for commissioning in December 2026.

INVESTMENT CALL

First Cut: Navin Fluorine - Juggernaut continues

• NFIL posted an all-round beat across metrices led  by strong performance in CDMO and HPP.
• HPP growth should remain robust, supported by rising UTR at the AHF plant, commissioning of HFC capacity in 2HFY27, and strong demand for HFOs. The Solstice contract extension until 2032 further improves long-term volume visibility and underpins earnings growth from the existing asset base.
• CDMO growth will be driven by the continued scale-up of the Fermion contract and a deepening molecule pipeline, with recent regulatory milestones improving visibility on future commercial launches and reducing reliance on a single contract.

First Cut : Reliance Industries - O2C lead beat

• Strong quarter led by O2C: Reliance reported consolidated EBITDA of Rs 56,616 crore (+23% YoY, +19% QoQ) and PAT of Rs 29,550 crore (+34% YoY). EBITDA was driven by a sharp improvement in O2C, resulting in margin expansion to 17.1%.
• O2C strength offsets Retail pressure: O2C EBITDA surged 68% YoY to Rs 25,203 crore on stronger refining margins, favourable crude sourcing and improving petrochemical spreads. Retail EBITDA declined 11% YoY to Rs 5,886 crore as investments in quick commerce and customer acquisition continued, though FMCG remained a key bright spot.
• We expect O2C earnings to remain supported by Reliance's advantaged refining portfolio and feedstock integration, while Retail profitability should gradually improve as recent investments scale up. Continued traction in FMCG, Jio monetisation and execution in new energy provide additional growth levers for 2HFY27.

First Cut: Aarti Industries – Beat on Revenue, Margin miss

• Aarti posted a big beat on sales (+72% YoY) and was ahead of our estimates by 56%.
• The beat was driven by strong volume growth and passing on of elevated input prices. Energy contributed 50% to the sales and its volumes grew 57%/51% YoY/QoQ respectively driven by robust demand and favourable gasoline naphtha spreads.
• However, higher benzene and other raw material input costs resulted in GPM compressing 623bps QoQ which resulted in EBITDA margin supressing to 11.6%. But in absolute terms EBITDA came in at Rs 424 crs well ahead of the estimates of Rs 350 cr. Absolute EBITDA is the key driver.
• PAT came in at at Rs 170 cr well ahead of rs 128 cr estimates.
• We believe a big beat on revenues will lead to upgradation of street estimates.
• We currently have a BUY rating on Aarti. The company will host its concall tomorrow. We will come out with a detailed report after the call.

Aditya Birla Capital Q2FY27: Strong performance; in line with estimates

Strong consolidated profit after tax increased strongly by 38% to Rs. 1,288 crore

NBFC profitability and asset quality improved

• Quarterly profit exceeded ₹1,000 crore for the first time. Credit costs fell to 92 basis points, a seven-year low, supported by better asset quality and operating efficiency. The NBFC achieved its 2.5% ROA target in Q2, ahead of its original Q4 FY27 goal.
• Lending: Retail and MSME remain central to NBFC growth. Management expects further margin expansion over the coming quarters as the business mix shifts toward retail and unsecured lending.
• Gold loans: The new franchise is being rolled out in phases. The company has opened 70 branches in its first 70 days and plans 200–300 dedicated branches by March 2027, with a longer-term ambition of more than 1,000 branches within three years.
• Lending expanded: Total lending AUM reached ₹2,33,930 crore, up 32% year on year and 7% sequentially.

HFC:

• Housing finance gained momentum: AUM grew 50% year on year to ₹57,323 crore, with disbursements up 55% to ₹8,957 crore. Net interest income rose 53% to ₹641 crore, and profit before tax increased 73% to ₹335 crore. Quarterly ROA was 2.12% and ROE 11.47%.

Insurance businesses:

• Insurance grew strongly: Life insurance individual first-year premium reached ₹2,342 crore in H1 FY27, up 25%. Health insurance gross written premium was ₹4,543 crore, up 48%. In life insurance, the Value of New Business margin expanded 450 basis points to 16.1%.

Asset management remained resilient:

• Mutual fund quarterly average AUM at ₹4,41,787 crore, up 4% year on year.

Outlook and strategic priorities

• Housing finance: ABHFL aims to build an AUM franchise of more than ₹1 lakh crore over the next 8–10 quarters, while progressing toward 15% ROE and maintaining strong asset quality. It has launched 101 branches so far this financial year.
• Life insurance: Management reiterated its ambition for 20%-plus growth in individual business, VNB margins above 20%, and a doubling of net VNB over three years.

NBFC Following higher borrowing costs, benchmark rates on the variable-rate portfolio were increased by 25 basis points effective 26 October. The portfolio represents nearly 70% of the loan book.

Bank of Baroda – Q2FY27 First Cut: Strong comeback; ECL buffers firm

• PAT rose 35.8% y-o-y to a record Rs. 6,532 crore, about 20% ahead of our estimate, helped by a one-time NSE gain and steady core earnings.
• NII rose 9.0% y-o-y to Rs. 13,026 crore, while advances and deposits rose 18.3% and 16.4% y-o-y, aided by strong FCNR(B) inflows.
• GNPA and NNPA fell 21 bps and 13 bps q-o-q to 1.78% and 0.37%, while fresh slippages too eased.
• Management raised loan and deposit growth guidance and expects RoA of above 1% for the rest of FY27.
• We have a BUY rating on the stock and would come out with detailed note shortly

First Cut: Lodha Developers Ltd (Macrotech) – Q2FY27 Consolidated Results: A Good Quarter

• Pre-sales grew 10% YoY to Rs. 5037 crore while Collections remained flat YoY to Rs. 3450 crore,
• Revenue stood at Rs. 4,467 crore, up 17.6% YoY(7.9% above estimates), helped by strong project completions and revenue recognition. EBITDA came in at Rs. 1,488 crore, up 34.2% YoY, with margin expanding 412 bps YoY to 33.3%  driven by better pricing, a richer project mix, and operating leverage on a larger revenue base.
• Net debt stood at ₹ 5,279 crores as on 30th September 2026. The Company's overall Net debt/Equity was largely stable at 0.2x, well below its ceiling of 0.5x
• Annuity income run rate is Rs. 300 crore and company expects ₹3,000 crore between FY26 and FY32. Driven by data centres , warehousing & industrial parks, and high-street retail.

LIC Housing Finance (LIC HFC) — In line with expectation, but continued muted performance

• Net profit increased 11.4% y-o-y to Rs. 1,508.78 crore, slightly beat on estimates
• Net interest margin (NIM) eased to 2.58%, compared with 2.62% in Q2FY26, indicating continued pressure on spreads.
• Total disbursements rose 11% y-o-y to Rs. 18,127 crore. Retail disbursements grew 10% to Rs. 17,563 crore. outstanding loan portfolio expanded 5% y-o-y to Rs. 3,26,173 crore, almost in line with estimates. Project loans grew 12% to ₹9,740 crore.
• Asset quality improved: Gross NPA declined to 2.05% from 2.51% YoY; Net NPA stood at 1.06%.

Overall: Results were broadly in line with expectations, though growth remained muted and margins continued to face pressure. Today, we have call and come out with detail note shortly.

Actual/Estimates

Key Metrics

Asset quality

OTHER NEWS

GVT&D: Q2 revenue: 2,030 Cr, +32% YoY; H1 revenue: 3,860 Cr, +35%. Q2 EBITDA margin: 27.1%; H1: 26.2%. FY27 margin guidance maintained at mid-20s. Order intake was up 52% yoy to 2,438 crore. Order book stands at 21,443 crore providing a revenue visbiliyt for next 3 years. Strong TBCB pipeline over the preceding 3–4 months; mgmt expects it to remain strong over the next 4–5 months.

Quality power: Total Revenue Rs 294 Cr (+34.1% YoY & +14.5% QoQ), Gross Profit Rs 134 Cr (+52.6% YoY & +10.7% QoQ), EBITDA Rs 84 Cr (+70.3% YoY & +29.9% QoQ),  EBITDA Margin 28.6% vs 22.5% YoY & 25.2% QoQ , PAT ₹63 Cr (+80.1% YoY & +35.5% QoQ). Revenue growth driven by demand across the Group’s high-voltage equipment and power quality portfolios. Consolidated order book stood at Rs 2,010 crore. Notable wins in HVDC, FACTS and high voltage equipment

Venus Pipes: Gets Rs 29 crore Order for pipe spooling from a data centre customer

Shakti Pumps -Commenced trial production at its 500 MW solar panel facility, while its 2.2 GW solar facility is scheduled for completion in FY28.