July 16, 2026

LATEST NEWS – 02:28pm

First cut: Polycab India Q1FY2027 results – FMEG performance worth watching

·       Revenues for Q1FY27 grew by 39% yoy to Rs 8,210 crore ahead of our estimates. The revenue growth was led by strong growth across all segments. For cables segment international business degrew by 13% yoy. FMEG segment grew by 68% yoy along with margins improvement of 535 bps to 8% vs 2% earlier.

·       Margins remained strong at 13.8% vs 14.5% in Q1F26 showing an decline of 68 bps. The margins are way higher due to one off gain in EPC segment. Operating profit grew by 33% to Rs 1,136 crore. Led by higher sales growth and other income PAT was higher by 34%.

·       View: Polycab had had a decent set of results flattish margins. 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

TOP NEWS

War update: The conflict between the United States and Iran entered another dangerous phase on Wednesday as military strikes, attacks on commercial shipping and diplomatic tensions continued to mount across the Gulf. In Tehran Air defenses were activated early Thursday also loud . Brent behaves flattish at $85/ barrel.  Asian markets remain mixed, gift nifty indicates a positive start for Indian Bourses.

Mangalore Refinery and Petrochemicals Ltd | MRPL returned to profit in the June quarter, helped by a sharp improvement in operating performance as the ONGC subsidiary reported stronger revenue and margins compared with the year-ago period.

Jana Small Finance Bank Q1 (YoY): Profit jumps 52% to Rs 155 crore Vs Rs 102 crore. Net interest income grows 33.4% to Rs 782 crore Vs Rs 586 crore.Gross NPA falls to 2.39% Vs 2.46% (QoQ). Advances grew by 26 pct. Net NPA drops to 0.91% Vs 0.92% (QoQ). iew : strong quarter by Jana Small finamce Bank.

EMMvee photovoltaic: Revenue grew by 51% with absolute EBITDA growing by 56% yoy with margins at 35%. PAT increased by 103% to Rs 380 crore. Order book stands at 9.9 GW. Expanding integrated TOPCon cell and module capacity by 6 GW. - Targeting total capacities of 16.3 GW modules and 8.9 GW cells by early FY28.

Himadri posted strong results overall. Sales were up 11.1%9% YoY to Rs 1,432 cr in Q1FY27, EBITDA increased 18.5% YOY to Rs 288 cr. EBITDA margins came in at 20.1% vs18.9% in Q1FY26. PAT came in at 228 crs growing 27.26% YoY. PAT margins came in at 16%. PAT is a better matric compared to EBITDA % as company is net cash. Compa has commissioned a capex of Rs 70cr in carbon nano tube and will be commissioned by 4QFY27. Battery capex is coming off as planned. Company is also investing in specialty carbon black at a cost of Rs 170 cr and will be commissioned by Q4FY28.

HDB Financial reported its highest-ever quarterly PAT of ₹785 crore for Q1FY27, up 38.3% YoY. NII increased 19.9% YoY to ₹2,509 crore. pre-provisioning operating profit increased 25% to ₹1,752 crore. Loan losses and provisions stood at ₹697 crore, up 4.1% from ₹670 crore a year ago. The AUM stood at ₹1,22,048 crore as of June 30, registering a growth of 11.3% year-on-year. Gross Stage 3 loans improved to 2.34% as of June 30, 2026, from 2.56% a year earlier.

Powerica: Secures a 100 MW Wind Power Project bid under SECI's Wind Power Tender.

Angel One : posted a consolidated net profit of ₹231 crore for Q1FY27, compared with ₹114 crore in the corresponding quarter last year.Revenue from operations rose 25.3% year-on-year to ₹1,430 crore, up from ₹1,141 crore a year earlier. EBITDA increased 76.5% to ₹485 crore from ₹275 crore, while the EBITDA margin expanded sharply to 34% from 24%.

HDFC Bank received RBI approval for Rajiv Kumar's appointment as part-time chairman. His three-year term as chairman will begin on July 15, 2026. This appointment follows the bank's application and an earlier intimation to the regulator. The bank thanked Keki Mistry for his service as interim chairman. Mistry will continue his role as a non-executive director on the board. Positive

ISM2.0: The Union Cabinet on Wednesday (July 15, 2026) cleared ₹1.27 lakh crore for the second edition of India Semiconductor Mission. The government expects the new scheme to attract investments of around ₹4 lakh crore and lead to semiconductor production worth ₹2 lakh crore during the scheme period. Positive for Semicon stocks such as Kaynes, CG power etc.

Cabinet has also approved the National Investment Policy ti add 10mn tonnes of Urea capacity abd reduce India’s dependence on fertilizer imports. This will benefit Indian UREA players like RCF and FACT. More importantly it will help reduce the fertilizer subsidy program and will cushion the government’s fiscal deficit target.

PREVIEW

MACRO WRAP

• The softer-than-expected US June PPI reinforced, expectations that the Fed has room to hold rates steady. US Treasury yields declined across the curve, led by the front-end. US producer prices fell 0.3% month-on-month in June 2026 (vs 0% expected), after a revised 0.6% rise in May—the first decline since August 2025. Goods prices dropped 1.4%, led by a 12% fall in gasoline, while services rose 0.2%. Year-on-year, PPI increased 5.5% (vs 6.2% expected), and core PPI rose 0.2% on the month, with the annual core rate at 4.7%. sentimentally positive for Gold.
• The US launched two waves of airstrikes on Wednesday targeting Iranian missile storage and launch sites on Greater Tunb Island in the Persian Gulf. President Trump pledged to intensify the campaign until Tehran agrees to reopen the waterway. Iran's Islamic Revolutionary Guard Corps warned that “other export routes for oil and gas that serve the interests of America and its allies” could also be closed, broadening the threat beyond Hormuz. Iran also stepped-up attacks on US Gulf allies, with Kuwait suffering its heaviest strikes in weeks, injuring four naval personnel. Sentimentally positive for Crude oil and negative for Inr.
• The New York Fed’s Empire State Manufacturing Index rose 10 points to 15.6 in July 2026, indicating stronger activity. New orders, shipments, employment, and the workweek increased, supply availability worsened, and price pressures remained elevated but eased slightly. Firms remained optimistic about the outlook.
• The DJIA, the S&P500 and Nasdaq Composite rose 0.3%, 0.4% and 0.6% respectively. The Eurostoxx 50 fell 0.2%. The Dollar Index fell 0.4% to 100.49. EUR-USD rose 40 pips to 1.1460. The US 2Y yield fell 6bp to 4.14% and the 10Y fell 4bp to 4.55%. The German 10Y yield was nearly flat at 3.12% and the UK 10Y yield fell 4bp to 4.94%. Brent crude was slightly firmer by 0.3% to USD84.95, rising for a fourth consecutive session. Gold gained 0.2% to USD4,061.

Data watch: US Jun retail sales and weekly jobless claims for fresh insights into the strength of US consumer spending and labour market condition.

INVESTMENT CALLS

First Cut: ICICI Prudential Life: Q1FY27 result - Protection Surge Powers Robust VNB Growth and Margin Expansion

• Value of New Business (VNB) surged 24.9% YoY to RS. 571 crores, with VNB margins expanding to 26.7% due to a favorable shift toward the protection segment.
• Profit After Tax (PAT) registered a solid growth of 27.8% YoY to RS. 386 crores, driven by higher shareholders' income, improved surplus generation and lower strain on new business.
• New Business Premium grew by 21.3% YoY to RS. 4,866 crores, supported by a 13.2% increase in the total number of policies.
• Retail Protection APE posted an impressive 60.4% YoY growth marking the third consecutive quarter of  over 40% growth following GST reforms.
• We currently have BUY rating on the stock and will come out with detailed note shortly

First cut: HDFC Life Insurance Q1 FY27 - Broad-Based Growth and Resilient Margins

• The company’s Individual Annualized Premium Equivalent (APE) grew by 7% YoY to ₹2,969 crores, while Total APE registered a 9% YoY growth to ₹3,515 crores.
• Value of New Business (VNB) grew by 9% YoY to ₹879 crores, with New Business Margins (NBM) standing at 25.0% largely stable YoY and up 100 bps QoQ.
• Profit After Tax (PAT) witnessed a 12% YoY growth to ₹611 crores, which would have been 17% excluding the residual impact of GST.
• We maintain have a BUY rating on the stock and will come out with detailed note shortly.

First cut: ICICI Lombard General Insurance – Q1FY27 - Steady Core Operations Masked by Conservative Reserving, mixed bag overall

• Gross Direct Premium Income (GDPI) grew by 7.5% YoY to ₹ 8,318 crores, driven by stellar performance in the Retail Health and Motor segments.
• Profit After Tax (PAT) declined 46.0% YoY to ₹ 403 crores. Excluding the impact of a Supreme Court judgment on Motor Third Party (TP) and two large Fire losses, PAT de-grew 23.0% to ₹ 575 crores.
• Combined Ratio deteriorated to 107.2% (1/n basis) from 102.9% in Q1FY26. Adjusted for the exceptional items, the normalized CoR stood at a stable 102.3%.
• ICICI Lombard remains a structurally robust market leader positioned for sustainable long-term growth, driven by stellar retail segment performance, disciplined underwriting, and an impeccable solvency buffer.

We have a BUY rating on the stock and will come out with detailed note shortly

OTHER NEWS

State Bank of India: Sunil Ramgopal Agrawal has joined the bank as Chief Financial Officer (Designate) with effect from July 15. He will become a key managerial personnel of the bank upon assuming charge as Chief Financial Officer with effect from August 1.

Adani Power: The company has signed a 25-year Power Supply Agreement (PSA) with Maharashtra State Electricity Distribution Company (MSEDCL) for the long-term supply of 1,600 MW of power from a 2x800 MW ultra-supercritical thermal power plant to be established under the Design, Build, Finance, Own and Operate (DBFOO) model.

India Pesticides: The company has received Technical Equivalence (TEQ) approval in the European Union (EU) for one of its fungicide products. The approval is expected to strengthen the company's export business by enhancing its access to the European market.