All Research

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

Britannia posted strong EBITDA growth of 21.8% YoY in Q2FY26, primarily led by lower staff costs (down 22% YoY). Unorganised players (~15–18% share) earlier gained from GST non-compliance. The rate cut to 5% removed this

Whirlpool posted a weak Q2FY26 with revenue/EBITDA/PAT decreasing 4%/34%/22% YoY. Revenue contraction is attributable to the decline in refrigerator industry and some impact from competitive pricing and promotions. P4G

NCC reported Q2FY26 top line of ~INR37.3bn (down 16% YoY). EBITDA margin decreased ~160bp YoY to 7.4% while adjusted PAT fell 37% YoY. Order intake came in at ~INR62bn in Q2FY26. Net debt inched up by ~INR4.2bn QoQ while

TCI Express (TCIEXP) reported another weak quarter with Q2FY26 revenue/EBITDA/PAT decreasing 1%/7%/4% YoY (missing consensus estimates by 3%). Volume (~250k tons) and realisation edged down 1% YoY each. Muted demand in

Flair Writing Instrument (Flair) reported strong Q2FY26 results—while top-line expanded 19% YoY (estimate 15%), EBITDA margins improved ~160bp QoQ (flat YoY) at 18.8% (estimate: 17%). Own brands grew at a steep 20% YoY

CIFC reported soft disbursal growth in Q2FY26 at 0.5% YoY/QoQ. Given flat disbursal growth, AUM growth slowed to 4% QoQ/21% YoY. NIM rose 10bp QoQ. Opex increased sharply by 11% QoQ driven by higher employee expenses.

Despite its revenue growing 13.7% YoY to INR33.1bn, ABB India (ABB) reported weak Q3CY25 PAT at INR4bn (-7% YoY) as OPM contracted 350bp YoY. Margin pressure stemmed from: i) pricing erosion; ii) higher costs from

Aarti Industries’s Q2FY26 earnings print represents a strong rebound in profitability and overall volumes after many quarters. Adjusting for the deferred EBITDA contribution of MMA shipments, EBITDA was ~INR2.76bn (up

KKC delivered yet another strong showing, beating Street’s Q2FY26 revenue/ EBITDA/PAT by 10%/20%/24%. Broad-based demand lifted revenue 27% YoY (9% QoQ) led by domestic business growth of 28% YoY. Exports remained

Somany (SOMC) reported weak Q2FY26 results. While volumes were flat YoY, margins slipped 60bp YoY to 7.8%. Realisations during the quarter grew 0.5% on the back of price hikes taken by the company. Given higher