Stock Market Highlights: Sensex Ends 114 Points Higher; Nifty At 24,396, Metal Stocks Drag

• VST Tillers Tractors reported a consolidated net profit of Rs 48 crore in Q1, up 9.1% from Rs 44 crore in the year-ago period.

• Revenue increased 11% year-on-year to Rs 313 crore from Rs 282 crore.

• EBITDA rose 8.3% to Rs 40 crore from Rs 37 crore a year earlier.

• EBITDA margin stood at 12.7%, compared with 13% in the corresponding quarter last year.

• The company delivered steady growth in revenue, operating profit and net profit during the quarter.

• Margins remained largely stable, with a marginal contraction despite double-digit topline growth.

Source: Company Filing

• Page Industries reported a Q1 net profit of Rs 193 crore, down 3.5% from Rs 200 crore in the year-ago period.

• Revenue increased 7.8% year-on-year to Rs 1,420 crore from Rs 1,317 crore.

• EBITDA declined 2.1% to Rs 289 crore from Rs 295 crore a year earlier.

• EBITDA margin contracted to 20.3% from 22.4% in the corresponding quarter last year.

• Despite healthy topline growth, profitability came under pressure as operating margins narrowed during the quarter.

• The company's board has declared an interim dividend of Rs 200 per share.

Source: Company Filing

• Solex Energy has secured an order worth Rs 42.5 crore for the supply of solar photovoltaic (PV) modules, according to an exchange filing.
• The order strengthens the company's order book and provides additional revenue visibility for its solar manufacturing business.
• The contract underscores continued demand for solar modules amid ongoing renewable energy capacity additions in India.
• The company disclosed the order win through a regulatory filing.

Source: Exchange Filing

• Max Healthcare Institute reported a Q1 net profit of Rs 357 crore, up 3% from Rs 345 crore in the year-ago period.

• Net revenue increased 15% year-on-year to Rs 2,835 crore from Rs 2,460 crore.

• Operating EBITDA rose 15% to Rs 704 crore from Rs 613 crore a year earlier.

• EBITDA margin stood at 24.8%, compared with 24.9% in the corresponding quarter last year.

• The company delivered healthy growth in revenue and operating profit, supported by sustained demand across its hospital network.

• Margins remained broadly stable despite continued investments in capacity expansion and growth initiatives.

Source: Company Filing

• Tega Industries reported a consolidated net loss of Rs 108 crore in Q1, compared with a net profit of Rs 35 crore in the year-ago period.

• Revenue surged to Rs 1,723 crore from Rs 356 crore a year earlier.

• EBITDA remained flat at Rs 55.6 crore despite the sharp increase in revenue.

• EBITDA margin contracted significantly to 3.2% from 15.6% in the corresponding quarter last year.

• The company's profitability came under pressure during the quarter, with margins declining sharply even as revenue more than quadrupled.

• Investors are likely to watch management commentary for details on the factors behind the margin compression and net loss.

Source: Company Filing

• Solar Industries India reported a consolidated net profit of Rs 653 crore in Q1, up 92.6% from Rs 339 crore in the year-ago period.
• Revenue surged 70.3% year-on-year to Rs 3,668 crore from Rs 2,154 crore.
• EBITDA rose 90.1% to Rs 1,015 crore from Rs 534 crore a year earlier.
• EBITDA margin expanded to 27.7% from 24.8% in the corresponding quarter last year.

Stock Reaction

• Shares of Solar Industries jumped 8.39% intraday to Rs 20,302 after the earnings announcement.

• The stock touched an intraday high of Rs 20,389 and a low of Rs 18,744, according to the chart.

• The previous close was Rs 18,730.

• Investors cheered the strong earnings performance, driven by robust growth in revenue, EBITDA and net profit, along with continued margin expansion.



 

Source: Company Filing, Market Data

• FDC said its subsidiary has received Marketing Authorisation from the UK's Medicines and Healthcare products Regulatory Agency (MHRA) for its Atropine Eye Drop Solution, according to an exchange filing.
• The approval allows the company to market the product in the UK, subject to applicable regulatory requirements.
• MHRA is the UK's medicines and medical devices regulator, responsible for approving pharmaceutical products for the market.
• The authorization strengthens FDC's international regulatory portfolio and expands its presence in regulated overseas markets.
• The company disclosed the development through a regulatory filing.

Source: Exchange Filing

• Solar Industries India reported a consolidated net profit of Rs 653 crore in Q1, up 92.6% from Rs 339 crore in the year-ago period.

• Revenue increased 70.3% year-on-year to Rs 3,668 crore from Rs 2,154 crore.

• EBITDA rose 90.1% to Rs 1,015 crore from Rs 534 crore a year earlier.

• EBITDA margin expanded to 27.7% from 24.8% in the corresponding quarter last year.

• The company delivered robust growth across revenue, operating profit and net profit, with profitability outpacing topline growth.

• Margin expansion indicates strong operating leverage and improved business mix during the quarter.

Source: Company Filing

• Granules India said Sanjay Kumar will assume the role of Chief Executive Officer of Ascelis Peptides, its subsidiary, according to an exchange filing.
• The appointment is part of the company's efforts to strengthen leadership at its peptides business.
• Ascelis Peptides is focused on peptide-based pharmaceutical development and manufacturing.
• Granules India disclosed the management appointment through a regulatory filing.

Source: Exchange Filing

• Commerce Secretary said India's exports reached a record $236.28 billion during the April-July 2026 period.
• Q1 exports grew about 13% year-on-year, reflecting sustained momentum in external trade.

July Trade Highlights

• Total exports stood at $80.14 billion, up 13.3% from July 2025.
• Merchandise exports rose 19.6% year-on-year to $44 billion.
• Non-petroleum exports grew 13.6%, indicating broad-based strength across sectors.
• Merchandise imports increased 17.5% to $76.22 billion.

Trade Deficit

• July merchandise trade deficit widened to $31.98 billion, compared with $27.88 billion in the year-ago period.

• However, the merchandise trade deficit as a share of total trade improved to 26.5%, from 27.3% last year.

• The Commerce Secretary highlighted that merchandise exports grew faster than imports during July, underscoring improving export competitiveness and demand.

• The latest data points to continued resilience in India's export sector despite global economic uncertainties, supported by strong growth in merchandise and non-petroleum exports.

Source: Commerce Secretary

• The Commerce Ministry said the third round of negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA) has been completed.
• The review of the India-ASEAN trade agreement is continuing.
• India and Israel have completed the second round of negotiations for a proposed Free Trade Agreement (FTA).
• The first round of negotiations for the India-Maldives FTA has also been completed.

India-US Trade Update

• The US has imposed a 10% duty on India under Section 301, lower than the initially proposed 12.5% tariff, which continues to apply to 43 countries.

• Around 45% of India's exports to the US remain exempt from duties.

• India is continuing active engagement with the US to resolve outstanding trade issues.

• Both countries are working towards an early conclusion of the India-US Bilateral Trade Agreement (BTA).

• The updates indicate continued momentum in India's trade negotiations across key markets, while efforts remain underway to secure a broader trade arrangement with the US.

Source: Commerce Ministry

• V2 Retail reported a consolidated net profit of Rs 42 crore in Q1, up 68% from Rs 25 crore in the year-ago period.

• Revenue increased 57.8% year-on-year to Rs 997 crore from Rs 632 crore.

• EBITDA rose 59.8% to Rs 139 crore from Rs 87 crore a year earlier.

• EBITDA margin improved marginally to 13.9% from 13.8% in the corresponding quarter last year.

• The company delivered strong growth across revenue, operating profit and net profit, while maintaining stable operating margins despite rapid expansion.

• The results underscore continued momentum in value retail demand and execution across the store network.

Source: Company Filing

• Bharat Heavy Electricals Ltd. (BHEL) has signed an agreement with Norway-based Hystar AS for electrolyser technology and systems for green hydrogen projects.
• The partnership aims to strengthen BHEL's presence in the fast-growing green hydrogen value chain and support India's clean energy ambitions.
• Electrolysers are a critical component in green hydrogen production, enabling the generation of hydrogen using renewable electricity and water.
• The collaboration is expected to help BHEL access advanced electrolyser technology and cater to upcoming green hydrogen opportunities in India and overseas markets.
• The development aligns with India's National Green Hydrogen Mission and the growing focus on decarbonisation across industrial sectors.

Source: Company Announcement

• Jubilant FoodWorks reported a consolidated net profit of Rs 97.2 crore in Q1, up 5.7% from Rs 92 crore in the year-ago period.

• Revenue increased 14.1% year-on-year to Rs 2,570 crore from Rs 2,252 crore.

• EBITDA rose 14.3% to Rs 504 crore from Rs 441 crore a year earlier.

• EBITDA margin remained largely stable at 19.61%, compared with 19.58% in the corresponding quarter last year.

• The company delivered double-digit growth in revenue and operating profit during the quarter, while maintaining margins despite a challenging consumer environment.

• Net profit growth lagged revenue growth, even as operating performance remained resilient.

Source: Company Filing

• RPSG Ventures reported a consolidated net profit of Rs 91 crore in Q1, up 9.6% from Rs 83 crore in the year-ago period.

• Revenue increased 20.4% year-on-year to Rs 3,576 crore from Rs 2,971 crore.

• EBITDA rose 22.5% to Rs 735 crore from Rs 600 crore a year earlier.

• EBITDA margin improved to 20.6% from 20.2% in the corresponding quarter last year.

• The company reported a one-time loss of Rs 71.7 crore during the quarter.

• Despite the exceptional loss, RPSG Ventures delivered growth across revenue, EBITDA and net profit, supported by a modest expansion in operating margins.

Source: Company Filing

• Kaveri Seed Company reported a consolidated net profit of Rs 280 crore in Q1, down 14.2% from Rs 326 crore in the year-ago period.

• Revenue declined 13.5% year-on-year to Rs 743 crore from Rs 859 crore.

• EBITDA fell 13.1% to Rs 294 crore from Rs 338 crore a year earlier.

• EBITDA margin stood at 39.6%, compared with 39.4% in the corresponding quarter last year.

• Despite the decline in revenue, EBITDA margin improved marginally, indicating resilience in operating profitability.

• The company reported lower revenue, operating profit and net profit during the quarter compared with the strong base of the previous year.

Source: Company Filing

• Bombay Burmah Trading Corporation reported a consolidated net profit of Rs 288 crore in Q1, up 19.7% from Rs 241 crore in the year-ago period.
• Revenue increased 8% year-on-year to Rs 5,089 crore from Rs 4,712 crore.
• EBITDA rose 13.1% to Rs 819 crore from Rs 724 crore a year earlier.
• EBITDA margin improved to 16.1% from 15.4% in the corresponding quarter last year.
• The company delivered healthy growth in revenue, operating profit and net profit, supported by margin expansion during the quarter.

Source: Company Filing

• Indraprastha Gas Ltd. (IGL) reported a standalone net profit of Rs 186 crore in Q1, down 32.9% from Rs 277 crore in the previous quarter.

• Revenue increased 10.1% quarter-on-quarter to Rs 4,583 crore from Rs 4,163 crore.

• EBITDA declined 30.3% QoQ to Rs 295 crore from Rs 423 crore.

• EBITDA margin contracted sharply to 6.4% from 10.2% in the preceding quarter.

• The results indicate pressure on operating profitability despite higher revenue, with margins narrowing significantly on a sequential basis.

• Investors are likely to watch management commentary on gas sourcing costs, pricing environment and volume growth trends for further cues.

Source: Company Filing

• Systematix Research maintained its 'Hold' rating on Gujarat Energy Ltd. (GEL) with a Sum-of-the-Parts (SOTP) target price of Rs 319.
• The brokerage said GEL delivered a strong Q1FY27 performance, supported by a sharp recovery in gas volumes following geopolitical disruptions in the Middle East.

Q1 Highlights

• Revenue from operations rose 65% YoY and 64% QoQ to Rs 9,440 crore.
• Total gas volumes increased 18% YoY to 15.66 mmscmd.
• EBITDA surged 68% YoY to Rs 1,290 crore.
• Net profit rose 78% YoY to Rs 990 crore.

Industrial PNG Drives Growth

• Industrial PNG volumes jumped 64% YoY to 7.7 mmscmd.
• Growth was led by strong demand from the Morbi ceramic cluster, where gas consumption increased sharply amid propane shortages linked to Middle East disruptions.
• Industrial PNG's share in CGD volumes increased to around 62%, compared with 53% in Q1FY26.

CNG & Other Segments

• CNG volumes touched an all-time high of 3.76 mmscmd, up 13% YoY.
• The company added six new CNG stations during the quarter, taking the total network to 844 stations.
• Commercial PNG volumes grew 21% YoY, while domestic PNG volumes remained broadly stable.

Gas Trading Business Remains Strong

• Gas trading volumes rose to 12.22 mmscmd from 9.33 mmscmd a year ago.
• GEL imported 10 LNG cargoes during the quarter, compared with six cargoes in Q1FY26.

Management Guidance

• The company reiterated its CGD EBITDA margin guidance of Rs 5.5-6.5/scm.
• Planned FY27 capex stands at Rs 1,000 crore for the CGD business.

Brokerage View

• While Q1 was exceptionally strong, Systematix believes concerns around propane competition remain an overhang and could affect industrial gas demand normalization going forward.
• The brokerage remains constructive on operations but retains a Hold recommendation.

Source: Systematix Research

• General Insurance Corporation of India (GIC Re) reported a Q1 net profit of Rs 1,744 crore, down 31.1% from Rs 2,531 crore in the year-ago period.

• Total income declined 1.4% year-on-year to Rs 13,360 crore from Rs 13,543 crore.

• Despite the drop in profit, premium growth remained healthy:

  • Gross Premium Written (GPW) rose 9.1% YoY to Rs 13,542 crore.
  • Net Premium Written (NPW) increased 7.6% YoY to Rs 12,721 crore.

• The reinsurer's solvency ratio improved to 4.32x from 3.85x a year ago, reflecting a stronger capital position.

• While profitability moderated from last year's levels, the company's underwriting momentum remained intact, with growth in both gross and net premium collections during the quarter.

Source: Company Filing

• KIOCL reported a net loss of Rs 15.5 crore in Q1, compared with a loss of Rs 37.8 crore in the year-ago period.
• Revenue increased 73.8% year-on-year to Rs 158 crore from Rs 90.9 crore.
• EBITDA loss narrowed to Rs 26.6 crore from Rs 41.8 crore a year earlier.
• The company's operating performance improved during the quarter, supported by strong revenue growth and a reduction in losses.
• Despite the continued loss at the EBITDA and net profit levels, the results indicate an improvement in business performance compared with the corresponding quarter last year.

Source: Company Filing

• Kirloskar Electric reported a consolidated net loss of Rs 6 crore in Q1, compared with a net profit of Rs 0.4 crore in the year-ago period.
• Revenue declined 21.2% year-on-year to Rs 104 crore from Rs 132 crore.
• The company's performance was impacted by lower revenue during the quarter, resulting in a slip into losses.
• Investors will watch for management commentary on demand trends, order inflows and margin recovery going forward.

Source: Company Filing

• Godrej Industries reported a consolidated net profit of Rs 284 crore in Q1, down 18.6% from Rs 349 crore in the year-ago period.

• Revenue increased 22.2% year-on-year to Rs 5,448 crore from Rs 4,460 crore.

• EBITDA rose 44.6% to Rs 574 crore from Rs 397 crore a year earlier.

• EBITDA margin expanded to 10.5% from 8.9% in the corresponding quarter last year.

• Other income declined to Rs 912 crore from Rs 1,259 crore a year ago, impacting the company's bottom-line performance despite stronger operating results.

• The company delivered robust growth in revenue and operating profit, with significant margin expansion during the quarter.

Source: Company Filing

• Ipca Laboratories reported a consolidated net profit of Rs 402 crore in Q1, up 72.5% from Rs 233 crore in the year-ago period.
• Revenue increased 20.7% year-on-year to Rs 2,788 crore from Rs 2,309 crore.
• EBITDA rose 60.7% to Rs 670 crore from Rs 417 crore a year earlier.
• EBITDA margin expanded sharply to 24% from 18.1% in the corresponding quarter last year.

Stock Reaction

• Shares of Ipca Labs surged 7.3% intraday after the earnings announcement.

• The stock was trading at around Rs 1,895, compared with the previous close of Rs 1,766.60.

• It touched an intraday high of Rs 1,905 and a low of Rs 1,767.70, according to the chart.

• Investors cheered the strong earnings performance, driven by robust revenue growth and significant margin expansion during the quarter.

Source: Company Filing, Market Data

• Fintech startup Navi Ltd., founded by former Flipkart co-founder Sachin Bansal, is preparing to launch its IPO process in India and could raise up to Rs 3,000 crore ($315 million), according to a Bloomberg report.

• The company has reportedly appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers for the proposed offering.

• Bloomberg reported that the IPO is expected to consist entirely of a primary share sale, with no offer-for-sale (OFS) by existing shareholders.

• Navi is said to be targeting a valuation of up to $2 billion and is aiming to file its draft prospectus by December 2026.

• The report noted that discussions are ongoing and details related to the IPO size, valuation and timeline could still change.

• Navi and the banks involved had not immediately responded to requests for comment, Bloomberg said.

Source: Bloomberg

• Minda Corporation reported a consolidated net profit of Rs 206 crore in Q1, compared with Rs 65.3 crore in the year-ago period.

• Revenue increased 33.2% year-on-year to Rs 1,846 crore from Rs 1,386 crore.

• EBITDA rose 35.1% to Rs 211 crore from Rs 156 crore a year earlier.

• EBITDA margin improved marginally to 11.4% from 11.3% in the corresponding quarter last year.

• The company reported a one-time gain of Rs 124 crore during the quarter, which boosted profitability.

• Excluding the exceptional gain, investors will focus on the strong growth in revenue and operating profit, along with stable margins.

Source: Company Filing

• Zerodha Fund House has launched the Zerodha Arbitrage Fund, an open-ended scheme that invests in arbitrage opportunities across equity, derivatives and debt instruments.

• The fund is aimed at investors looking to park surplus cash in a relatively low-volatility and tax-efficient investment option.

• The scheme will invest a minimum of 65% in equity and equity-related instruments, primarily through arbitrage strategies that seek to capture price differences between cash and derivatives markets.

• When arbitrage opportunities are limited, the fund will temporarily deploy money into short-term debt instruments, in line with its investment mandate.

• Zerodha Fund House said the fund may be particularly attractive for investors in higher tax brackets, as it is taxed like an equity mutual fund, benefiting from applicable LTCG and STCG tax treatment.

• The minimum investment amount is Rs 5,000.

• The fund is designed for conservative investors seeking to deploy excess cash for a period of a few months while aiming to earn returns without taking significant directional market risk.

Source: Zerodha Fund House

• Wockhardt Chairman Habil Khorakiwala told NDTV Profit that a major portion of the company's revenue currently comes from its international business.

• He said new molecules and innovative products will emerge as an additional growth driver for the company in the coming years.

• Khorakiwala expects rapid business growth in FY28 and sees "hockey stick growth" from FY29 onwards, supported by its biotech and novel antibiotics portfolio.

• Growth is expected to be driven by new partnerships, regulatory approvals and product launches across markets.

• The company plans to maintain R&D spending at 10%-12% of its portfolio, underscoring its focus on innovation.

• Khorakiwala said the higher R&D investments are not expected to adversely impact margins.

• Management expects FY27 margins to improve on a year-on-year basis despite continued investments in research and development.

• Wockhardt will continue introducing new products and molecules to strengthen its growth pipeline.

• The company also highlighted strong momentum in its diabetes therapies segment, which delivered robust growth during the quarter.

Source: NDTV Profit

• CESC reported a consolidated net profit of Rs 402 crore in Q1, up 3.1% from Rs 390 crore in the year-ago period.

• Revenue increased 5.4% year-on-year to Rs 5,485 crore from Rs 5,202 crore.

• EBITDA rose 3.6% to Rs 895 crore from Rs 864 crore a year earlier.

• EBITDA margin stood at 16.3%, compared with 16.6% in the corresponding quarter last year.

• The company delivered steady growth in revenue, operating profit and net profit during the June quarter, though margins saw a marginal contraction.

Source: Company Filing

• Juniper Hotels reported a consolidated net profit of Rs 33.3 crore in Q1, compared with Rs 9 crore in the year-ago period.

• Revenue increased 13% year-on-year to Rs 250 crore from Rs 221 crore.

• EBITDA rose 8% to Rs 86.2 crore from Rs 79.8 crore a year earlier.

• EBITDA margin stood at 34.6%, compared with 36.2% in the corresponding quarter last year.

• The company's profitability was aided by a favourable base, as Q1 FY26 included a one-time loss of Rs 17.1 crore.

• Despite the moderation in EBITDA margin, Juniper Hotels delivered double-digit revenue growth and strong bottom-line expansion during the quarter.

Source: Company Filing

• Network People Services Technologies (NPST) reported a strong consolidated Q1 FY27 performance, with total income rising 75% YoY to Rs 61.4 crore from Rs 35.1 crore.
• Net profit increased 53.4% YoY to Rs 11.1 crore from Rs 7.2 crore.
• EBITDA rose 66.1% YoY to Rs 18.8 crore from Rs 11.3 crore.
• EBITDA margin stood at 30.6%, compared with 32.2% a year ago.

Key Operational Highlights

• The Bank-in-a-Box order book grew around 40% during the quarter, helped by the addition of B2B payment capabilities and expansion of the Banking Connect platform.
• New client wins included cooperative banks, private banks and PSU accounts.
• The Technology Service Provider (TSP) business secured multiple orders across the payments technology stack.
• NPST's new B2B Payments vertical won mandates from two banks and is being delivered under a licensed SaaS model.

RegTech & International Growth

• The RegTech business secured a fresh order for a fraud management solution and entered the cooperative banking segment.
• NPST received a Letter of Intent (LoI) from one of the world's largest telecom operators for its SuperApp offering.
• The company's international subsidiary became revenue contributing during the quarter, generating business from a new geography through a high-margin SaaS model.

Management Commentary

• Deepak Chand Thakur, Co-founder & CEO, said all three revenue-generating verticals continued to gain traction, supported by a growing order book and international opportunities.
• Ashish Aggarwal, Co-founder & Joint MD, said the company remains focused on increasing recurring revenues, improving operating leverage and maintaining disciplined capital allocation.

Source: Company Statement

• Anand Rathi has maintained its 'Buy' rating on Hindustan Aeronautics Ltd. (HAL) with a DCF-based target price of Rs 5,431.
• The brokerage said HAL delivered a strong Q1FY27 earnings beat even before recognizing any Tejas LCA Mk-1A deliveries, highlighting robust execution.

Q1 Highlights

• Revenue rose 14.4% YoY to Rs 5,520 crore, beating Anand Rathi's estimates by 6.1% and exceeding management's FY27 growth guidance of 10%-12%.
• EBITDA increased 19% YoY to Rs 1,530 crore, surpassing estimates by 12.8%.
• EBITDA margin expanded 107 basis points to 27.8%.

Margin Drivers

• Gross margin declined 280 basis points to 65.2% as raw material costs increased 24.5% YoY.
• However, disciplined cost control helped offset the pressure:
  • Employee costs increased only 10.3%
  • Other expenses declined 4.7% YoY

Profitability

• Net profit rose 14.8% YoY to Rs 1,580 crore, coming in 12% ahead of estimates.
• Higher other income, up 20.5% YoY, also supported earnings.

Brokerage View

• Anand Rathi believes HAL's performance demonstrates strong execution capabilities despite the absence of revenue contribution from Tejas Mk-1A deliveries.
• The brokerage remains positive on the defence major's growth outlook and continues to see value in the stock.

Source: Anand Rathi Research

• Saatvik Green Energy said it has secured an order worth Rs 476 crore for the supply of solar photovoltaic (PV) modules, according to an exchange filing.
• The order has been awarded by Vikran Engineering.
• The contract strengthens Saatvik Green's order book and enhances revenue visibility for its solar manufacturing business.
• The order win reflects continued demand for domestically manufactured solar modules amid ongoing renewable energy capacity additions in India.

Source: Exchange Filing

• Veranda Learning Solutions reported a consolidated net profit of Rs 34 crore in Q1, compared with Rs 6 crore in the year-ago period.
• Revenue increased 41.5% year-on-year to Rs 150 crore from Rs 106 crore.
• EBITDA rose 62.5% to Rs 52 crore from Rs 32 crore a year earlier.
• EBITDA margin expanded to 34.7% from 30.2% in the corresponding quarter last year.
• The company delivered strong growth across revenue, operating profit and net profit, with profitability improving at a faster pace than revenue during the quarter.

Source: Company Filing

• China has decided to extend anti-dumping duties on imports of single-mode optical fibre from India for another five years, according to Bloomberg.
• The move means Chinese authorities will continue imposing anti-dumping measures on Indian optical fibre shipments into the country.
• China has also added Sterlite Technologies Ltd. to the anti-dumping duty list, marking a key development for the Indian optical fibre industry.
• The decision could impact Indian optical fibre manufacturers' access to the Chinese market and may influence export opportunities going forward.
• Optical fibre is a critical component for telecom networks, broadband infrastructure and data transmission systems.

Source: Bloomberg

• RK Swamy reported a consolidated total income of Rs 85.8 crore in Q1 FY27, up 7% from Rs 80.3 crore in the year-ago period.
• EBITDA rose 24% YoY to Rs 10.9 crore from Rs 8.8 crore, growing over three times faster than revenue.
• EBITDA margin expanded to 13% from 11% a year ago, aided by operating leverage and improved cost efficiencies.
• Net profit increased 21% YoY to Rs 3.5 crore from Rs 2.9 crore.

Key Takeaways

• The company delivered a steady quarter with healthy profitability growth despite moderate revenue growth.
• Margin expansion was supported by operating leverage, with profitability outpacing topline growth.
• RK Swamy said its new Brand and Marketing Consulting practice is gaining traction.
• Management remains focused on further margin improvement, while new initiatives are expected to be revenue accretive.

Management Commentary

• Shekar Swamy, MD & Group CEO, said the company is building out its Brand and Marketing Consulting business while continuing to invest in infrastructure and talent.
• Rajeev Newar, Group CFO, said revenue gains are translating into better margins through operating leverage, and newer initiatives are contributing positively to growth.

Source: Company Management Commentary

• InCred Equities has maintained its 'Hold' rating on Hindustan Aeronautics Ltd. (HAL), citing concerns around earnings quality, margins and future cash-flow generation despite the company's Q1 earnings beat.
• The brokerage noted that while reported earnings exceeded expectations, the beat was largely driven by non-operating factors rather than core operational strength.

Key Concerns Highlighted By InCred

• Gross margin contracted 280 basis points YoY to 65.2% in Q1.
• Lower operating expenses, likely aided by one-off items and provision reversals, helped support profitability.
• Other income contributed around 42% of profit before tax (PBT), significantly boosting headline earnings.

Earnings Quality Under Scrutiny

• InCred said HAL's earnings over FY22-FY26 have relied heavily on other income, which has contributed around 25%-30% of PBT.
• The brokerage believes the benefit from favourable MRO mix and large order inflows seen in FY25 is unlikely to remain at the same level going forward.

Why InCred Remains Cautious

• Product mix is shifting towards platforms such as:

  • Tejas
  • Light Combat Helicopter (LCH)
  • Advanced Light Helicopter (ALH)
  • Su-30
  • Do-228

• According to the brokerage, higher manufacturing intensity could put pressure on margins.

• HAL's planned Rs 15,000 crore capex programme over the next 3-4 years is expected to weigh on cash flows and working capital.

• InCred also believes the current order backlog of approximately Rs 2.5 lakh crore, equivalent to 7.7x FY26 sales, is likely near a cyclical peak for the next 2-3 years.

Valuation View

• InCred values HAL at 30x FY28 estimated earnings.
• The brokerage forecasts an EPS CAGR of 6% between FY26 and FY28.
• It noted that the stock is currently trading at approximately 33x FY28 earnings, limiting upside potential despite the healthy order book.

Source: InCred Equities

• InCred Equities has maintained a 'Buy' rating on Landmark Cars and increased its target price to Rs 652 from Rs 628.
• The brokerage said Landmark Cars delivered its strongest-ever first-quarter performance in Q1 FY27.

Strong Growth Across Segments

• Proforma revenue rose 22.4% YoY to Rs 1,733 crore.
• Reported revenue from operations increased 22.7% YoY to Rs 1,302 crore.
• Growth was aided by GST 2.0-driven industry momentum and maturing outlets added during FY24-FY26.

New Vehicle Sales Driving Performance

• Revenue from the new vehicle sales and allied business grew 24.1% YoY to Rs 1,465 crore.
• Volume growth stood at 16%, while average selling price increased 7.1% YoY to Rs 22.46 lakh.
• Mercedes-Benz sales grew 20.7% YoY.
• Newer brands including BYD, MG, Mahindra & Mahindra and Kia increased their contribution to new vehicle sales revenue to 38%, up from 31% in FY26.
• The EV portfolio now contributes around 30% of sales.

Margins & After-Sales Business

• Gross margin declined 141 basis points YoY to 15.47%, owing to an unfavourable sales-to-service revenue mix.
• After-sales revenue grew 13.8% YoY to Rs 267 crore.
• EBITDA margin in the after-sales business stood at 18.4%.
• InCred said after-sales volume growth of 4.8% YoY remains a key monitorable.

Balance Sheet Remains Strong

• Inventory days improved to 33 days from 42 days in June 2025.
• Operating cash flow stood at Rs 58 crore, implying a healthy 0.81x CFO-to-EBITDA conversion.

Brokerage View

• InCred values the stock at 20x FY28E EPS and expects continued benefits from outlet maturity, premiumisation and EV growth.
• The brokerage remains positive on Landmark's growth trajectory and operational execution.

Source: InCred Equities

• PL Capital has upgraded Federal Bank to 'Buy' from 'Accumulate' and raised its target price to Rs 400 from Rs 345.
• The brokerage said the bank's transformation strategy is progressing well, with management sounding confident of achieving targets laid out in February 2025.

Key Positives Highlighted

• Improved asset-liability mix is driving a steady rise in Net Interest Margin (NIM).
• Average CASA ratio has increased from 27.3% in Q4 FY25 to 30.7% in Q1 FY27, aided by branch decongestion and better deposit mobilisation.
• Reduced reliance on bulk deposits has strengthened the liability franchise.

Margin Outlook

• Federal Bank's NIM has expanded from 2.94% to 3.33% over the past year.
• PL Capital expects further upside in margins, supported by:
  • Faster growth in mid-yield and unsecured retail loans.
  • Higher CASA contribution.
  • Improved balance-sheet mix.

Earnings Upgrade

• The brokerage has raised its FY27 and FY28 core PAT estimates by 5% and 11%, respectively.
• Fee income is expected to improve, although operating expenses may remain elevated as the bank continues expanding its presence in metropolitan markets.

Valuation

• PL Capital increased its valuation multiple to 1.8x Sep-2028 ABV from 1.6x due to improving earnings visibility and profitability trends.

Source: PL Capital

• IndiQube Spaces reported its highest-ever quarterly revenue of Rs 428 crore in Q1 FY27, up 37% year-on-year.
• PAT surged 91% YoY to Rs 35 crore, while EBITDA rose 34% to Rs 87 crore.
• EBITDA margin remained healthy at 20%, while EBIT margin improved to 13% and PAT margin increased to 8%.

Operational Highlights

• Area under management expanded to 10.61 million sq ft, an increase of 1.91 million sq ft YoY.
• Seat capacity increased by 43,000 seats to 236,000 seats.
• The company added 17 new centres over the past year.
• IndiQube's portfolio now comprises 137 properties across 17 cities.
• Steady-state occupancy improved to 90%, while overall occupancy stood at 86%.

Value-Added Services Growth

• Revenue from Value Added Services (VAS) rose to Rs 72 crore.
• VAS contribution to operating revenue increased to 17% from 11% a year ago, reflecting a richer services mix.

Management Commentary

• CEO Rishi Das said the company delivered strong growth while improving profitability across key metrics, highlighting the operating leverage embedded in the platform.
• Co-founder Meghna Agarwal said improving occupancy levels, portfolio expansion and rapid scaling of value-added services provide confidence in sustaining growth momentum.

Credit Rating

• CRISIL reaffirmed IndiQube's 'A ' rating with Stable Outlook, reflecting the company's financial strength.

Source: Company Statement

• NBCC (India) Ltd. has secured a Rs 235 crore order from the Indo-Tibetan Border Police (ITBP), according to an exchange filing.
• The contract adds to the state-owned construction company's order book and strengthens its presence in the government infrastructure segment.
• NBCC disclosed the order win through a regulatory filing.
• Investors will watch for further details regarding the scope and execution timeline of the project.

Source: Exchange Filing

• SKF India reported consolidated Q1 FY27 revenue of Rs 588 crore, down 54.2% YoY from Rs 1,283 crore.
• Net profit declined 47.6% YoY to Rs 62 crore from Rs 118 crore.
• EBITDA fell 74% YoY to Rs 43.2 crore from Rs 166.7 crore.
• EBITDA margin contracted to 7.4% from 13% in the year-ago period.

Key Alert

• The YoY comparison is not comparable due to the demerger of SKF India's Industrial Business.
• The Industrial Undertaking was demerged on a going-concern basis and became effective on Oct. 2, 2025.

Sequential Performance

• Revenue stood at Rs 588 crore versus Rs 595 crore in the previous quarter.
• Net profit improved to Rs 62 crore from a loss of Rs 20 crore in Q4, indicating a recovery in profitability.

Business Highlights

• SKF India supplies customised bearings, seals and related products to manufacturers of electric vehicles, passenger vehicles, trucks, buses, trailers and two-wheelers.
• The company serves the aftermarket through a network of 430 distributors.
• SKF has developed a patented seal design for SUV drive shaft bearings, aimed at improving protection against contaminants and enhancing product durability.

Source: Company Results

• Tata Trusts said Tata Sons Chairman N. Chandrasekaran has informed the board that he will not offer himself for reappointment when his current tenure ends on Feb. 20, 2027.

• According to the statement, Chandrasekaran conveyed his decision through an email sent to nominee directors on Aug. 12, 2026.

• The Sir Dorabji Tata Trust (SDTT) said it respects the decision and expressed its appreciation for Chandrasekaran's leadership of Tata Sons and the Tata Group over the past decade.

• Tata Trusts credited him with steering the group through a period of significant change, growth and transformation.

• The trustees of SDTT have passed a resolution to initiate the formation of a Selection Committee in accordance with Tata Sons' Articles of Association.

• The committee will be tasked with recommending a candidate for appointment as the next Chairman of Tata Sons.

• Tata Trusts said it will provide full support to ensure a smooth, timely and orderly leadership transition, aligned with the long-term interests and values of Tata Sons and the Tata Group.

Source: Tata Trusts Statement

• The UK economy expanded 0.3% month-on-month in June, outperforming economist estimates of a 0.1% contraction, according to data cited by Bloomberg.

• The stronger-than-expected reading points to resilience in economic activity despite ongoing concerns around growth momentum and global uncertainty.

• For the second quarter, preliminary UK GDP grew 0.4% quarter-on-quarter, matching market expectations of 0.4% growth.

• The data suggests the UK economy maintained positive momentum through the June quarter, supported by activity across key sectors.

• The better-than-expected June performance may ease some concerns over the pace of economic slowdown and will be closely watched by investors assessing the Bank of England's policy outlook.

Source: Bloomberg

• PayU has launched India's first RBI-compliant Accessible Payments Checkout designed for users who are blind or visually impaired.
• The rollout makes PayU the first payment gateway in India to comply with the RBI's October 2024 accessibility mandate (BIS IS 17802).

Key Features

• Screen-reader optimisation: Enables users to independently navigate the entire payment process through voice-assisted guidance.

• Adaptive user profiles: Allows customisation of cursor size, button dimensions and navigation settings.

• Visual inclusivity modes: Includes high-contrast, greyscale, colour inversion and other accessibility settings.

• Text resizing: Supports scaling text up to 200% without impacting usability.

• PayU said merchants can offer the new accessibility features without making any changes to existing integrations, allowing seamless adoption across platforms.

• The company said the initiative is aimed at improving financial inclusion and enabling more users to participate independently in India's digital economy.

Management Commentary

• Manas Mishra, Chief Product Officer at PayU and Wibmo, said accessibility is a core design principle and the new checkout will help merchants provide inclusive payment experiences while supporting the RBI's broader accessibility vision.

Source: Company Statement

• Aditya Infotech (CP PLUS) reported a strong Q1 FY27 performance, with revenue rising 89.5% YoY to Rs 1,402.4 crore, driven by robust demand for surveillance products and increasing adoption of IP-based solutions.
• EBITDA surged 220% YoY to Rs 207.8 crore, while EBITDA margin expanded 604 basis points to 14.8%, supported by favourable product mix, deeper localisation and operational efficiencies.
• Adjusted PAT rose 332.5% YoY to Rs 142.2 crore, aided by improved efficiencies and a 59% reduction in finance costs.

Key Operational Highlights

• Gross margin improved to 30.8%, up 810 basis points YoY.

• CP PLUS contributed around 87% of overall revenue.

• IP-based products accounted for nearly 79% of the CP PLUS portfolio, reflecting growing demand for intelligent surveillance and security solutions.

• According to Frost & Sullivan, CP PLUS held an estimated 43.3% market share in India's video surveillance industry in FY26.

• The company's performance reflects strong momentum in the domestic surveillance market, with higher localisation and increasing penetration of advanced security solutions driving growth.

Source: Company Statement

• Around 3.8 million shares of JSW Energy changed hands in a block trade, according to market data.
• The transaction represents a sizeable deal in the stock and is likely to draw investor attention.
• Details regarding the buyers, sellers and transaction value were not immediately available.
• Market participants will watch for subsequent disclosures to ascertain the identities of the transacting parties and any impact on the company's shareholding pattern.

Source: Bloomberg

• Behari Lal Engineering IPO was subscribed 4 times as of 11:32 AM on Day 2 of bidding.

  • Retail investor portion subscribed 5 times
  • Non-Institutional Investor (NII) portion subscribed 5 times

• Milky Mist IPO was subscribed 4.3 times on the final day of the issue.

  • NII portion subscribed 9.7 times, leading demand across investor categories.

• Shiprocket IPO was subscribed 1.7 times as of 11:32 AM on Day 2.

  • Retail investor portion subscribed 5.7 times, indicating strong participation from individual investors.

Source: Exchange Data

• Larsen & Toubro (L&T) said its AI-focused subsidiary Vyoma.AI has secured a major AI infrastructure order from a US-based AI innovator, according to an exchange filing.
• The order involves the deployment of an NVIDIA B300 AI Factory, underscoring growing demand for large-scale AI computing infrastructure.
• L&T said the project value is estimated in the Rs 10,000-15,000 crore range, making it one of the most significant AI infrastructure deals announced by an Indian company.
• The contract strengthens Vyoma.AI's position in the rapidly expanding global AI infrastructure and data centre ecosystem.
• The order is expected to enhance revenue visibility for the company's digital and technology businesses and highlights increasing international demand for advanced AI computing capabilities.

Source: Exchange Filing

• Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, said the Motilal Oswal Group has committed Rs 1,500 crore, with an initial Rs 1,000 crore investment already completed.

• The investment has been made through Compulsorily Convertible Debentures (CCDs) and will be used primarily to support inorganic growth opportunities.

• The transaction follows a Rs 700 crore investment by the Adar Poonawalla Family Office, adding to a roster of marquee investors including CalPERS, Hero Group, RJ Corp, Authum Investments and other family offices.

Renewable Power Business Scaling Rapidly

• Inox Clean's renewable IPP portfolio in India has grown to 3 GW as of June 2026.
• The company expects operational capacity to exceed 6 GW by FY27-end, positioning it among the fastest-growing renewable power platforms in India.
• Its Africa business has commenced project construction in Zimbabwe, where management sees attractive returns and growth opportunities.

Solar Manufacturing Expansion

• The company already operates a 3 GW solar module facility in Gujarat.
• It is developing a 5 GW module and cell manufacturing facility in India.
• In the US, Inox Clean has established a 3 GW module manufacturing facility, while a 3 GW cell manufacturing facility is expected to become operational soon.
• The US business is expected to benefit from 45X tax credits and recent trade-related measures.

Growth Through Acquisitions

• Over the past 18 months, Inox Clean has expanded through acquisitions including assets linked to:
  • Boviet Solar
  • Vena Energy
  • Vibrant Energy
  • SunSource Energy
  • SkyPower

Management Commentary

• Devansh Jain, Executive Director, INOXGFL Group, said the investment validates the company's integrated renewable energy strategy and execution capabilities.
• Rakshat Kapoor, Head-Private Credit at MO Alternates, said Inox Clean is well positioned to benefit from India's energy transition and renewable energy growth opportunity.

Source: Company Statement

• Tata Consultancy Services (TCS) has entered into a strategic partnership with Vodafone Business, the enterprise arm of VodafoneThree, the UK's largest mobile operator.
• The collaboration aims to help enterprises modernise technology infrastructure, accelerate digital adoption, reduce complexity and improve customer experience.

Key Focus Areas

• Cloud transformation and migration

• Artificial intelligence and automation

• Cybersecurity

• Network modernisation and digital infrastructure

• Data and analytics

• Internet of Things (IoT) solutions

• Managed services

• Operational transformation

• Under the partnership, TCS will support Vodafone Business in delivering secure, scalable and resilient digital solutions to organisations across sectors including public services, healthcare, financial services, manufacturing, retail and critical infrastructure.

• The agreement builds on VodafoneThree's planned £11 billion investment in creating what it describes as the UK's best network for businesses.

Management Commentary

• Nick Gliddon, Business Director, VodafoneThree, said UK businesses are looking for partners that can help execute digital transformation effectively and translate technology investments into measurable outcomes.

• Vinay Singvi, Head of UK & Ireland at TCS, said the partnership would leverage AI, digital transformation expertise and industry knowledge to drive value creation and improve customer experiences.

• The announcement further strengthens TCS' presence in the UK, where the company has operated for more than five decades and supports innovation through facilities including its AI Experience Zone and London Design Studio.

Source: Company Statement

• Elara Securities has retained its 'Buy' rating on Sun TV Network and raised its target price to Rs 780 from Rs 730.

• The brokerage noted that Q1 advertising revenue declined only 2.5% YoY, a relatively moderate drop compared with peers.

• Overall revenue growth came in ahead of estimates, aided by strong sports revenue, with Sunrisers Hyderabad (SRH) finishing third in the IPL league stage.

• Subscription revenue continued to grow steadily despite a high base.

• Elara expects the festive season in H2 and the release of 'Jailer 2' to help reduce the revenue drag and support growth.

• The brokerage said the market is attributing negligible value to Sun TV's core television business, with the company's sports franchise and cash holdings alone nearly matching its market capitalisation.

• Following the strong sports performance, Elara has increased its earnings estimates and remains positive on the stock's outlook.

Source: Elara Securities

• SIAM Director General Rajesh Menon said the Indian automobile industry recorded its highest-ever July sales, driven by robust demand across segments.
• Menon highlighted strong double-digit growth in Passenger Vehicles, Three-Wheelers and Two-Wheelers, reflecting broad-based strength in the market.
• He said the positive momentum seen over the past several months has continued, supported by improving consumer demand and industry fundamentals.
• The industry body remains optimistic as the sector heads into the festive season, with expectations of strong consumer sentiment and demand.

July Wholesale Sales Snapshot

• Overall Auto Sales: Up 24.3% YoY at 24,11,246 units vs 19,39,774 units
• Passenger Vehicles: Up 31.2% YoY at 3,95,199 units
• Two-Wheelers: Up 48.6% YoY at 19,23,483 units
• Three-Wheelers: Up 33.4% YoY at 92,560 units
• Passenger Cars: Up 37.6% YoY at 1,32,408 units
• SUVs: Up 29.2% YoY at 2,48,895 units
• Vans: Up 12.6% YoY at 13,896 units

Source: SIAM

• Total automobile wholesales in July increased 24.3% year-on-year to 24,11,246 units from 19,39,774 units, according to SIAM data.
• The growth was driven by strong demand across passenger vehicles, two-wheelers and three-wheelers.

Passenger Vehicles (PV)

• PV sales rose 31.2% YoY to 3,95,199 units from 3,01,251 units.

Passenger Vehicle Segment Break-Up

• Passenger Cars: Up 37.6% YoY at 1,32,408 units versus 96,207 units.
• SUVs (Utility Vehicles): Up 29.2% YoY at 2,48,895 units versus 1,92,703 units.
• Vans: Up 12.6% YoY at 13,896 units versus 12,341 units.

Two-Wheelers

• Sales surged 48.6% YoY to 19,23,483 units from 15,69,120 units, emerging as the biggest contributor to overall industry growth.

Three-Wheelers

• Sales increased 33.4% YoY to 92,560 units from 69,403 units.

• The July wholesale numbers indicate robust demand across vehicle categories, with passenger cars and two-wheelers posting particularly strong growth rates.

Source: SIAM

• Anand Rathi maintained its 'Hold' rating on Ashoka Buildcon and cut the target price to Rs 145 from Rs 164.
• The brokerage said Q1FY27 performance missed expectations, with revenue at around Rs 1,290 crore and EBITDA at around Rs 90 crore, impacted by supply-chain constraints and initial costs associated with newly commenced projects.
• EBITDA margin stood at around 7.2%, below Anand Rathi's estimate of 8.6%.

Diversification Gathering Pace

• Contribution from overseas and private-sector clients increased to around 22% of revenue from 12% in Q1FY26.
• The improvement was aided by international road project wins.

Order Book Remains Strong

• Order book stood at approximately Rs 15,300 crore, translating into a healthy 2.6x book-to-bill ratio.
• The company has around Rs 1,800 crore of L1 orders.
• Management has guided for FY27 order inflows of Rs 6,000-8,000 crore.

Balance Sheet Improvement

• Monetisation of the remaining six assets during Q2FY27-Q1FY28 is expected to generate around Rs 1,100 crore.
• Consolidated gross debt has reduced significantly to around Rs 2,800 crore from Rs 6,800 crore in June 2025, supporting further deleveraging.

Guidance Cut

• Following the weak start to FY27, management reduced:
  • Revenue growth guidance to 10-15% from around 20%
  • EBITDA margin guidance to 9-9.5%

Brokerage View

• Anand Rathi has reduced its FY27 and FY28 revenue estimates by 3.9% and 5.2%, respectively.
• While order-book strength and deleveraging remain positives, the brokerage believes near-term execution challenges warrant caution.

Source: Anand Rathi Research

• Astral Executive Director Hiranand Savlani told NDTV Profit that the company remains confident of a recovery in its UK business, which has underperformed over the last two years.

• Savlani said the UK operations continue to contribute valuable technology and product know-how to the India business.

• The company expects higher value growth to drive stronger revenue and EBITDA growth, with value growth outpacing volume growth for the first time in four years.

• Astral is maintaining its 10%-15% volume growth guidance for now and will review the outlook after Q2.

• Management said polymer prices were highly volatile at the start of the year but expects them to stabilise going forward due to government policy measures.

• The company reported double-digit volume growth in the first four months of FY27, with July volume growth touching 40%.

• Astral said all newly commissioned units are contributing to growth, while the Hyderabad facility is performing strongly.

• The company is also seeing a higher number of regional partners joining its distribution network.

• Over the last five years, Astral has invested around Rs 1,500 crore in capital expenditure to expand manufacturing and strengthen its market position.

Source: NDTV Profit

• Titagarh Rail Systems Vice Chairman & Managing Director Prithish Chowdhary told NDTV Profit that the company intends to remain primarily a rail-focused business, while continuing to operate in select adjacent segments.

• Chowdhary said metro rail projects are gaining pace and execution remains on track across key orders.

• The company expects to build the Vande Bharat train prototype by the end of Q3, marking an important milestone in its passenger rail ambitions.

• Titagarh sees EBITDA margins of 11%-12% in the passenger rail segment going forward.

• Management said orders worth around Rs 10,000 crore are currently coming from the passenger rail business, highlighting the growing contribution of the segment.

• The company intends to bid aggressively for additional wagon orders and plans to scale production capacity to up to 650 wagons per month.

• Chowdhary said the Passenger Rail Systems business was a key contributor to Q1 revenue growth and is steadily catching up with the freight business in terms of scale and contribution.

• The company remains optimistic about opportunities across passenger rail, metro rail and rolling-stock manufacturing.

Source: NDTV Profit

• KRN Heat Exchanger Managing Director Santosh Kumar Yadav told NDTV Profit that proceeds raised by the company will be fully deployed towards working capital requirements.

• The company is planning capacity expansion in Southern India and expects to commence two new manufacturing facilities by next year.

• KRN Heat Exchanger also expects to start its new Bengaluru facility within a year, subject to necessary land-related approvals and timelines.

• Management said the heat exchanger business will benefit from the government's PLI scheme, with around 5% of topline from the segment expected to be incentivised.

• The company believes margins could improve further as demand from data centres picks up.

• KRN has already started supplying to European data centre customers and said both the exports business and data centre segment are performing strongly.

• Management added that it is seeing larger order sizes from the data centre business, which is expected to be a key growth driver going forward.

• The company is targeting 2x growth by FY28 and expects finance costs to decline in the coming quarters.

• KRN aims to achieve around 50% capacity utilisation by the end of FY27, including utilisation of its new facilities.

• Management said Q1 margin improvement was driven by a strong topline performance and reiterated that the company remains on track to meet its FY27 revenue and margin targets.

Source: NDTV Profit Exclusive

• Apollo Hospitals Executive Vice Chairperson Suneeta Reddy told NDTV Profit that India urgently needs stronger healthcare infrastructure, citing a structural and long-term demand for quality healthcare services.

• Reddy said the proposed demerger is expected to be completed by March-April 2027.

• The company expects the restructuring to deliver a structural cost reduction of around 150 basis points.

• Apollo Hospitals is targeting approximately Rs 800 crore in free cash flow generation.

• The company reported 24% growth in revenue from international patients, highlighting rising medical tourism demand.

• Apollo 24/7 is expected to become profitable from Q2, marking a key milestone for the digital health platform.

• Apollo Hospitals expects 12%-13% occupancy growth from its established units, while average revenue per patient is also expected to improve.

• The hospital chain added 318 beds in Q1 and plans to add another 700 beds during FY27.

• Reddy said future growth will be driven more by higher patient volumes, though pricing could also see periodic resets as market dynamics evolve.

Source: NDTV Profit

• Mahindra & Mahindra Chairman Anand Mahindra has sold 8.7 lakh shares of the company, representing around 0.1% of the company's equity, according to exchange disclosures.
• The transaction was executed through the open market.
• Following the sale, Anand Mahindra continues to hold a significant stake in the company.
• Market participants will monitor the disclosures for details on the transaction value and updated shareholding pattern.

Source: Exchange Filing

• Ajay Srivastava of Dimensions Corporate Finance Services told NDTV Profit that investors should focus on quality leaders and businesses backed by strong growth trends, rather than concentrating only on traditional market favourites.
• He said there is currently excessive focus on the banking sector, while several emerging segments are offering attractive opportunities.
• Srivastava highlighted engineering, marine and electric-related businesses as sectors demonstrating strong growth potential.
• He noted that legacy companies are no longer the only compelling opportunities in the market and encouraged investors to explore newer-age segments.
• The market expert said the commodity sector has performed well and continues to offer select opportunities.
• He advised investors to focus on individual stock selection across sectors rather than making broad bets on the Nifty.
• Srivastava added that pharma and auto ancillary companies have been among the stronger-performing segments and remain areas worth tracking.

Source: NDTV Profit

• Matt Orton told NDTV Profit that he remains bullish on Mahindra & Mahindra (M&M), citing attractive valuations relative to growth prospects.

• Orton said financial stocks could play a key role in improving FII sentiment, and the financial sector may emerge as the leader of the next phase of gains in Indian equities.

• He advised investors to maintain diversified portfolios to navigate periods of market volatility.

• On artificial intelligence, Orton said investors should maintain diversified exposure to AI-related stocks rather than concentrating bets on a few names.

• He noted that South Korea remains a highly retail-driven stock market, making investor behaviour an important market driver.

• Orton also expressed optimism on US equities, supported by a strong corporate capital expenditure cycle.

• He said US corporate earnings have been better than expected, reinforcing confidence in the broader market outlook.

Source: NDTV Profit

• Thyrocare Technologies said its promoter has released the pledge on 1.75 crore shares, representing around 11% of the company's equity, according to an exchange filing.
• The pledge release was executed on Aug. 11.
• The development reduces the extent of encumbered promoter shareholding and is generally viewed as a positive indicator of promoter balance-sheet strength.
• The company disclosed the pledge release through a regulatory filing.

Source: Exchange Filing

• Emkay Global Financial Services said July 2026 headline CPI inflation rose to 4.45%, driven primarily by higher food inflation of 5.5%, while core inflation remained unchanged at 3.9%.

• The brokerage noted that food prices witnessed broad-based increases during the month, with even relatively stable categories recording monthly inflation above 0.5%.

• On the core inflation front, a sharp decline in gold and silver jewellery prices helped offset price pressures in other categories.

• However, the pass-through of higher energy costs continued, with restaurants and accommodation services inflation rising 1.1% month-on-month.

• Inflation momentum in categories such as clothing & footwear and household furnishings moderated, though remained elevated.

• Emkay said core CPI excluding precious metals remained subdued at 2.6% YoY, with monthly momentum stable at 0.4%.

Outlook

• Emkay has revised its FY27 headline CPI forecast down to 5%.

• The brokerage now expects:

  • Food inflation: 5.9%
  • Core inflation: 4.5%
  • Headline CPI: 5.0%

• According to Emkay, the RBI is likely to maintain a pause through FY27, choosing to look through the current supply-driven inflation shock.

• The brokerage said the central bank's focus is likely to shift towards the impact of FCNR inflows, the rupee, external accounts, and liquidity management rather than immediate policy tightening.

Source: Emkay Global Financial Services

• Astral reported a consolidated net profit of Rs 120 crore in Q1 FY27, up 48% from Rs 81.1 crore in the year-ago period.

• Revenue increased 15.9% year-on-year to Rs 1,578 crore from Rs 1,361 crore.

• EBITDA declined 4.1% to Rs 283 crore from Rs 296 crore a year earlier.

• EBITDA margin contracted to 18% from 21.7% in the corresponding quarter last year.

• The company delivered healthy topline growth during the quarter, though operating margins came under pressure, leading to a decline in EBITDA despite higher revenue.

• Net profit growth significantly outpaced revenue growth, reflecting support from non-operating income and other profitability drivers.

Source: Company Filing

• IDBI Capital said Voltamp Transformers delivered a Q1 performance largely in line with expectations, with revenue rising 28%, EBITDA up 11% and PAT increasing 15% year-on-year.
• While revenue and EBITDA were broadly in line with estimates, profit was aided by higher other income of Rs 41.6 crore, compared with the company's typical quarterly run-rate of around Rs 20 crore.

EHV Facility Update

• The upcoming 6,000 MVA Extra High Voltage (EHV) facility at Jarod faced a delay of around two months due to late delivery of imported equipment.
• With machinery now installed, the facility is expected to become fully operational from the beginning of Q3 FY27.

New Capex Announcement

• Voltamp plans to invest Rs 90 crore in a new greenfield facility for dry-type transformers near Vadodara.
• The facility will add 2,300 MVA capacity and will be funded through internal accruals.
• Commercial operations are expected to commence by January 2028.

Demand Outlook Remains Strong

• Management highlighted healthy demand from sectors such as:
  • Renewable energy
  • Industrial projects
  • Data centres
  • Real estate
  • Hospitals
  • Hotels
  • Utilities

Brokerage View

• IDBI Capital said Voltamp remains a preferred vendor due to its execution capabilities and efficient working-capital management.

• However, with several competitors expanding transformer capacities, the brokerage expects margins to gradually moderate over FY27 and FY28.

• Rating: Hold

• Target Price: Rs 10,501

Source: IDBI Capital Equity Research

• Wockhardt reported a consolidated net profit of Rs 107 crore in Q1, compared with a loss of Rs 108 crore in the year-ago period.
• Revenue increased 26% year-on-year to Rs 929 crore from Rs 738 crore.
• EBITDA surged 2.6 times to Rs 192 crore from Rs 72 crore a year earlier.
• EBITDA margin expanded sharply to 21% from 10% in the corresponding quarter last year.

Biotech Business Gains Momentum

• Biotech revenue more than doubled to Rs 236 crore, growing 112% YoY.
• Emerging market biotech revenue surged around 146% YoY, driven by new partnerships and product wins across Brazil, Thailand, Egypt, Algeria and Latin America.
• Management sees insulin analog launches over the next few years as a significant growth opportunity.

Emerging Markets Outperform

• Emerging market revenue grew 64% YoY, supported by strong demand for the biotech insulin portfolio.
• Latin America was a major contributor to growth during the quarter.

India Business Remains Strong

• The India branded formulations business grew 21% YoY to Rs 156 crore.
• Growth was led by diabetes therapies, supported by continued traction in EMROK and the regenerative dermatology portfolio.

Antibiotics Pipeline Nears Commercialisation

• Wockhardt said all five novel antibiotics have successfully completed Phase 3 trials.
• The portfolio includes EMROK, EMROK-O, Miqnaf, Zaynich and Foviscu.

Zaynich Milestone

• Zaynich has received USFDA approval for treating complicated urinary tract infections (cUTI), including pyelonephritis.
• The company said it is the first India-discovered and developed drug to secure USFDA approval.
• The drug has also been approved in India, while regulatory review by the European Medicines Agency (EMA) is progressing.
• Wockhardt estimates the global market opportunity at $1.5 billion-$2 billion.

EMROK, Miqnaf Scaling Up

• EMROK and EMROK-O recorded 29% YoY growth and continue to gain traction in difficult-to-treat Gram-positive infections.
• Miqnaf, used to treat community-acquired bacterial pneumonia, has been launched in India after the DCGI removed supply restrictions.

Source: Company Results

• Aurionpro Solutions has secured an order worth Rs 100 crore from a global hyperscale data centre operator, according to an exchange filing.
• The contract strengthens the company's presence in the fast-growing data centre infrastructure segment.
• The order is expected to support Aurionpro's revenue visibility and reinforces its capabilities in delivering technology and infrastructure solutions for large-scale data centre projects.
• The company disclosed the order win through a regulatory filing.

Source: Exchange Filing

• Around 31.5 million shares of Urban Company changed hands in two block trades, according to Bloomberg.
• The transactions represent a significant chunk of the company's equity and are likely to draw investor attention amid heightened trading activity.
• Details regarding the buyers, sellers and transaction value were not immediately available.
• Market participants will watch for further disclosures to understand the identities of the transacting parties and any potential impact on the company's shareholding structure.

Source: Bloomberg

• Around 5.4 million shares of Thyrocare Technologies changed hands in two block deals, according to Bloomberg.
• The transactions represent a significant volume of shares and are likely to attract investor attention amid heightened trading activity in the stock.
• Details regarding the buyers, sellers and transaction value were not immediately available.
• Market participants will watch for disclosures to ascertain the parties involved and the potential implications for shareholding patterns.

Source: Bloomberg

• Muthoot Fincorp Ltd. has filed draft papers for an initial public offering (IPO) worth Rs 3,000 crore, according to Bloomberg.
• The proposed IPO marks a significant capital markets move by the non-banking financial company, which is part of the Muthoot Group.
• The issue is expected to provide the company with access to public markets and support its future growth and business expansion plans.

Source: Bloomberg

• RailTel Corporation of India has secured an order worth Rs 63 crore from Deendayal Port Authority, according to an exchange filing.
• The contract adds to RailTel's order book and strengthens its presence in the government and infrastructure technology segment.
• The company disclosed the order win through a regulatory filing.

Source: Exchange Filing

Stock Market Live: Sensex Opens At 78,111.91 Vs Previous Close Of 77,966.35

- Nifty Opens At 24,431.60 Vs Previous Close Of 24,435.95

Stock Market Live: Rupee Opens At 95.36 Against US Dollar on Thursday

• Nomura upgraded Tata Motors' Commercial Vehicle (CV) business to 'Buy' from 'Neutral' and raised the target price to Rs 554 from Rs 402.
• The brokerage said the outlook for the commercial vehicle segment has brightened considerably.
• Q1 EBITDA came in ahead of expectations, supported by strong performance across business segments.
• Nomura expects margins to improve further with the benefit of price hikes.
• The brokerage believes the stock is trading at attractive valuations relative to its growth and earnings outlook.

Source: Nomura

 

• UBS upgraded Multi Commodity Exchange (MCX) to 'Buy' from 'Neutral' and raised the target price to Rs 3,800 from Rs 3,600.
• The brokerage cited potential re-rating catalysts, supportive regulation and attractive valuations.
• UBS said trading volumes remain resilient, while commodity market volatility continues to support activity.
• The brokerage also highlighted strong Q1 FY27 results and positive management commentary.

Source: UBS

 

• UBS has initiated coverage on Nuvama Wealth Management with a 'Buy' rating and a target price of Rs 2,095.
• The brokerage views Nuvama as a structural wealth-management compounder with strong visibility on net new money inflows.
• UBS highlighted improving earnings quality driven by a rising share of annual recurring revenue (ARR).
• The brokerage also expects operating leverage benefits from greater scale and productivity improvements.

Source: UBS

 

• Morgan Stanley maintained an Overweight rating on Grasim and increased its target price to Rs 4,000 from Rs 3,900.
• The brokerage said the Q1 EBITDA beat was driven by chemicals and paints.
• Birla Pivot and paints businesses continue to scale rapidly.
• Morgan Stanley sees potential for re-rating over the next 12 months and continues to name Grasim as a Top Pick.

Source: Morgan Stanley

 

• Morgan Stanley maintained an Overweight rating on Lenskart with a target price of Rs 666.
• The Q1 earnings beat was primarily driven by stronger international operations.
• Management remains optimistic on both domestic and overseas growth opportunities.
• Morgan Stanley believes earnings upgrades support continued stock outperformance.

Source: Morgan Stanley

 

• Morgan Stanley maintained an Overweight rating on Apollo Hospitals with a target price of Rs 9,397.
• The brokerage highlighted strong execution across hospitals, pharmacy and diagnostics businesses.
• Digital operations are nearing breakeven, while hospital profitability remains strong.

Source: Morgan Stanley

 

• Morgan Stanley maintained an Overweight rating on Bharti Airtel with a target price of Rs 2,442.
• The brokerage said the removal of entry-level plans and other changes could improve ARPU by Rs 8-12 on a gross basis.
• It views the move as part of Airtel's monetisation strategy.

Source: Morgan Stanley

 

• Bank of America estimates July CPI inflation at 4.5% year-on-year.
• The brokerage said food inflation remains elevated while core inflation remains sticky at 3.9%.
• BofA noted that the RBI's latest policy outcome was broadly dovish, with revisions to both growth and inflation estimates.

Source: BofA

 

• Kotak Institutional Equities maintained an Add rating on HAL and raised its target price to Rs 5,305 from Rs 4,810.
• Q1 execution was supported by stronger-than-expected margins.
• The brokerage said approval and deliveries of Tejas Mk1A remain the key trigger for the stock.
• HAL's near-term order pipeline stands at around Rs 90,000 crore.

Source: Kotak Institutional Equities

 

• Citi maintained a Buy rating on Grasim and raised the target price to Rs 3,850 from Rs 3,600.
• The brokerage noted that paints continue to gain market share rapidly.
• However, it expects Q2 performance to moderate after a strong Q1.
• It flagged uncertainty around chemical profitability amid Middle East-related disruptions.

Source: Citi

 

• Morgan Stanley maintained an Overweight rating on Polycab and increased its target price to Rs 10,545 from Rs 8,707.
• The brokerage expects cable and wire volumes to improve over FY27-FY28.
• Polycab remains its preferred cable and wire franchise in India.
• The FMEG segment is also showing encouraging traction.
• Morgan Stanley forecasts an earnings CAGR of around 20% during FY26-FY29.

Source: Morgan Stanley

 

• Jefferies maintained a Buy rating on PI Industries but cut its target price to Rs 2,910 from Rs 3,575.
• The brokerage said weakness in the CSM segment continues.
• Domestic volumes and biologicals are performing well.
• No visible recovery is evident in the pharma business yet.
• Working capital has improved and the company remains net cash positive.

Source: Jefferies

 

• Morgan Stanley said competition in the paints sector continues to intensify.
• Birla Opus reiterated its target of Rs 10,000 crore revenue by FY28 and over 50% growth in FY27.
• The brokerage noted continued market share gains for Opus.
• Dulux also continues to pursue aggressive market-share expansion plans.

Source: Morgan Stanley

 

• Macquarie maintained an Outperform rating on Trent with a target price of Rs 3,600.
• Management indicated LFL growth will remain under pressure while expansion into smaller cities continues.
• However, lower operating costs in smaller towns should support margins.
• Trent remains committed to opening 200-250 stores annually.
• Macquarie likes management's focus on balancing growth and profitability.

Source: Macquarie

 

• Macquarie maintained an Outperform rating on Lenskart and increased its target price to Rs 675 from Rs 625.
• Stronger international margins supported the earnings upgrade.
• The brokerage likes the company's volume growth, premiumisation trend and entry-level product strategy.
• Macquarie sees long-term potential for over 10,000 stores in India.

Source: Macquarie

 

• Macquarie said commentary from Grasim suggests premium and luxury products continue contributing around 65% of paints revenue.
• Benefits from recent price hikes are expected to flow into Q2.
• Despite rising competition, Macquarie continues to prefer Asian Paints within the sector.

Source: Macquarie

 

• Jefferies said the RBI's draft framework seeks to harmonise interest rate policies across lenders.
• Benchmark-linked pricing and restrictions on repricing spread components could reduce flexibility.
• The brokerage highlighted that NBFCs will not be required to move to an EBLR framework like banks.

Source: Jefferies

 

• Jefferies maintained a Buy rating on Grasim Industries and raised its target price to Rs 3,910 from Rs 3,600.
• The brokerage said all business segments outperformed in Q1.
• VSF and chemicals benefited from pricing tailwinds, while newer businesses scaled up further.
• Paints continues to target 50% growth in FY27 and B2B e-commerce is expected to turn profitable by FY27-end.
• Jefferies said stronger standalone performance could narrow Grasim's holding-company discount.

Source: Jefferies

 

• Macquarie maintained an Underperform rating on Apollo Hospitals with a target price of Rs 6,230.
• The brokerage said the Q1 beat was driven by stronger revenue performance.
• It acknowledged the company's broad-based operational strength but remains cautious on valuation.

Source: Macquarie

 

• Macquarie maintained an Outperform rating on GMR Airports with a target price of Rs 125.
• The brokerage said current traffic headwinds are temporary.
• Future value creation is expected to come from higher aero yields, non-aero monetisation and airport adjacencies.
• Hyderabad traffic recovery and Bhogapuram ramp-up remain key monitorables.

Source: Macquarie

 

• Yatra Online reported a consolidated net profit of Rs 33 lakh in Q1, down 97.9% from Rs 15.9 crore in the year-ago period.
• Revenue declined 10.4% year-on-year to Rs 188 crore from Rs 210 crore.
• EBITDA fell 46.3% to Rs 12.4 crore from Rs 23.1 crore a year earlier.
• EBITDA margin contracted to 6.6% from 11% in the corresponding quarter last year.
• The company reported weaker revenue, operating profit and net profit during the June quarter, leading to a sharp decline in profitability.

Source: Company Filing

• Jefferies maintained a Buy rating on Lenskart and raised its target price to Rs 680 from Rs 600.
• The brokerage said Q1 reinforced the growth story, with strong revenue growth and margin expansion.
• Market creation remains the priority, with supply constraints rather than demand acting as a limitation.
• Jefferies highlighted premiumisation trends and improving international profitability.
• It described Meller as a potential future category-leading brand.

Source: Jefferies

 

• Morgan Stanley said PSU banks have a larger share of MCLR-linked loans than private-sector peers.
• The brokerage expects PSU lenders will need to recalibrate pricing models.
• Given the long implementation period, Morgan Stanley sees the impact as contained and gradual.

Source: Morgan Stanley

 

• Citi maintained a Buy rating on Apollo Hospitals with a target price of Rs 10,770.
• Hospital EBITDA grew 25% on a like-for-like basis in Q1.
• ROCE remains strong at 28.5% despite ongoing expansion.
• Apollo plans to add over 5,800 beds over the next five years.
• Citi said the company offers strong medium-term earnings visibility and remains its top hospital pick.

Source: Citi

 

• Citi maintained a Buy rating on Astral with a target price of Rs 1,900.
• The brokerage said plumbing volumes were impacted by PVC price volatility in Q1.
• Volumes have recovered sharply in July, with double-digit growth seen in the first 4.5 months of FY27.
• Management remains confident of achieving 10%-15% volume growth guidance.
• Citi said the CPVC backward integration project remains on track for Q4 FY27 and could support market share gains.

Source: Citi

• Citi maintained a Neutral rating on Lenskart and raised its target price to Rs 650 from Rs 600.
• The brokerage said execution remains strong and growth momentum is expected to continue.
• Lenskart continues to address multiple price segments, supporting store expansion and customer acquisition.
• Citi remains watchful of growth momentum in H2 given a higher base.
• It believes current valuations already reflect much of the growth and margin improvement potential.

Source: Citi

 

• Citi maintained a Buy rating on HAL with a target price of Rs 5,550.
• The brokerage said margin expansion was aided by operating leverage.
• Growth has remained strong even without meaningful contributions from the Tejas LCA programme.
• Citi sees scope for a re-rating once LCA deliveries begin.
• The next two years' order pipeline remains strong and execution visibility is healthy.

Source: Citi