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Trent delivered standalone revenue/EBITDA/pre-Ind AS EBITDA/PAT growth of 17%/27%/16%/6% YoY in Q2FY26. The growth momentum moderated owing to an expanding mix of tier-2 and new stores, which have a higher gestation
AIA reported better-than-expected Q2FY26 EBITDA of INR2.97bn, up 3% QoQ (our estimate: INR2.7bn). EBITDA/t declined INR3,922/t QoQ to INR47,003/t amid an adverse product mix, which led to lower realisation, down 4% QoQ,
Apollo Hospitals’ Q2FY26 performance is largely in line with consensus estimates. 24/7 costs went down 22% YoY. HealthCo growth is healthy at 17% YoY, but hospital growth is softer at 9% YoY with IP volume growth of
Divi’s Q2FY26 numbers beat consensus revenue/EBITDA/PAT by 5%/8%/13%. Gross margin came in at 60.5%, in line with Nuvama estimate. EBITDA margin came in at 32.7% (consensus at 31.6%).
Neuland beat consensus Q2FY26E revenue/EBITDA/PAT by 18%/46%/59%. EBITDA margin at 64.3% too came in 583bp ahead of consensus.
Torrent Pharma (TRP) beat Q2FY26E consensus revenue and EBITDA by 3% each. EBITDA margin came in at 32.8%, in line with consensus forecast. India/US/Brazil grew robustly at 12%/21%/13% YoY (cc).
Hexaware reported decent Q3CY25 results – in-line with expectations. Revenue grew +3.4% CC QoQ (+5.2% CC YoY) to USD394.8mn, in-line with our estimates. EBIT margins expanded 10bp QoQ to 14.7%, slightly below our
Indigo Paints reported Q2FY26 revenue/EBITDA growth of 4.2% (four-quarter high)/12.1% YoY (six-quarter high). Emulsion volume/value rose 3.9%/7% YoY (up 7.2%/7.5% YoY in Q2FY25) driven by premium segment. Primer and
