Nuvama

Q2FY26 revenue rose 3% YoY to INR7.7bn, below our estimate of INR8.2bn due to muted exports owing to tariff uncertainties. EBITDA rose 4% to INR1.4bn, in line with estimates. Factoring in a reduction in export revenue

Q3 EBITDA beat; upbeat momentum endures

Revenue expanded 15% YoY to INR24.3bn, 3% above our estimates. Revenue growth was driven by a 59% surge in vehicle lifetime solutions, 37% growth in exports and 19% growth in Automotive technologies. EBITDA soared 24% to

Weak prices and high CoP hit earnings

Jindal Steel (JINDALST) reported weak, but in-line Q2FY26 consolidated adjusted EBITDA of INR18.75bn (Nuvama estimate: INR19.37bn), down 37% QoQ, and adjusted EBITDA/t of INR10,027/t, down INR5,652/t QoQ, owing to lower

Result Update

Bharat Heavy Electricals Ltd

Engineering and capital goods

FY26 ‘clean-up’ to spur ‘rebound’ in FY27

BHEL reported strong Q2FY26 PAT (versus a loss in Q1) driven by EBITDA margins at 7.7%. This was led by potential write-backs in other-opex (provisions at INR100 mn in H1FY26 versus INR1.7bn YoY) along with forex gains.

Result Update

Waaree Energies Limited

Delivers robust Q2; FY26 guidance intact

Waaree Energies’ EBITDA/PAT grew 3x/2x YoY; production surged 42% YoY/15% QoQ. Maintained FY26 EBITDA guidance of INR55–60bn.

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Bajaj Consumer Care Ltd

New MD aims to bolster core portfolio

We recently met with Mr Naveen Pandey, new MD of Bajaj Consumer Care. Key insights: i) Focus on double-digit revenue growth and mid-to-high single-digit volume growth for ADHO portfolio over next five years. ii) Aiming

New capacity commences; time to roll

Jindal Steel (JINDALST) has commissioned the keenly awaited 4.6mtpa BF and 3mtpa BoF, which has been delayed by almost two years from the initial timeline. This provides volume growth visibility (a volume CAGR of 17%

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Berger Paints India Ltd

Consumer discretionary

Fundamentals intact despite Q2 blip

We recently met with Mr Abhijit Roy, MD & CEO of Berger Paints. Key insights: i) Consistently gaining market share, currently at 21.2% (improved 230bp between FY22 and Q1FY26). ii) Increased investment in value-added

Focus on integration and cost savings

We met with Joint MD Mr Chetan Kajaria and CFO Mr Sanjeev Agarwal of Kajaria Ceramics (KJC). Highlights: i) Integrated the Ceramic, PVT and GVT divisions to eliminate overlap and boost efficiency. ii) Cost optimisation

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Century Plyboards (India) Ltd

Leadership and aggression continue

We recently met with ED Mr Keshav Bhajanka, Century Plyboards (India). Highlights: i) Volume growth guidance of 10%+/20%/20%/40% for plywood/laminates/MDF/particleboard. ii) EBITDA margin guidance of 12–14% for plywood,

Company Update

Venus Pipes and Tubes Ltd

Power sector, VAP drive volume upgrade

We recently met with MD Mr Arun Kothari and CFO Mr Kunal Bubna of Venus Pipes and Tubes. Highlights: i) Volume guidance upgraded to 25% (earlier: 20%). ii) Targeting new seamless plant’s utilisation to touch 80–90% and

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Ajax Engineering Ltd

Engineering and capital goods

Mechanisation to drive growth

We met with MD Mr Shubhabrata Saha and CFO Mr Tuhin Basu. Key insights: i) Over medium term, the SLCM industry is expected to compound 15–18%; the non-SLCM industry shall concretely outpace SLCM. ii) Share of

Sharp earnings revival likely in H2

Jindal Steel (JSL) reported better-than-expected Q1FY26 consolidated adjusted EBITDA of INR29.85bn (Nuvama estimate: INR26.2bn), up 20% QoQ, and EBITDA/t of INR15,680, up INR4,027 QoQ, driven by higher prices and lower

Hockey stick growth in sight

Bharat Dynamics (BDL) reported subdued profitability overshadowing robust execution, which surged 30% YoY to INR2.5bn during Q1FY26. A strong backlog of INR228bn (~7x FY25 sales) coupled with INR428bn of pipeline lends

Q1 in-line; auto, industrials growth to continue

Q1FY26 revenue grew 6% YoY to INR12.8bn in line with estimates on 13% growth in industrials while auto and exports were subdued. Adjusted EBITDA rose 3% to INR2bn, broadly in line with estimates. We are cutting FY26E/27E

Q1 EBITDA miss; outlook positive

Revenue rose 3% YoY to INR8.1bn, below estimate of INR8.4bn due to lower-than-expected revenue in process/distribution segments. EBITDA rose 1% to INR1.4bn, below estimate of INR1.6bn on revenue miss and adverse mix.

Result Update

Honeywell Automation India Ltd

Engineering and capital goods

Margin woes to continue

Honeywell Automation (HWA) reported strong ~23% YoY revenue growth in Q1FY26 to INR11.8bn, but GM deterioration led to a sharp 410bp YoY contraction in OPM to ~12%, likely driven by adverse product mix, high competition

Result Update

Waaree Energies Limited

Stellar quarter; guidance intact

Waaree Energies (Waaree) reported yet another strong quarter with Q1FY26 EBITDA/PAT dazzling 81%/89% YoY; production shot up 64% YoY.

Result Update

Jubilant Pharmova Ltd

Building momentum in CDMO business

Jubilant Pharmova (JPL) delivered a beat on our revenue/EBITDA/PAT expectations by 1%/2%/11%. EBITDA margins expanded 71bp YoY to 15.2% (+20bp versus Nuvama estimate) while PAT was INR1.03bn.

Lower lignite volumes drag profitability

GMDC posted in-line EBITDA of INR1.7bn in Q1FY26 (our estimate: INR1.8bn), down 20% YoY due to lower lignite sales volume (down 14% YoY) and higher CoP/t. Power EBIT rose YoY on better wind power profits and possibly

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