New Research Reports

Indian Bank (INBK) reported 1QFY26 PAT of INR29.7b (up 23.7% YoY/flat QoQ, 5% beat), driven by lower provisions.

HDFC Bank’s (HDFCB) annual report highlights the bank’s focus on sustainable growth over the medium term as it continues to invest in strengthening its physical infrastructure and digital capabilities.

COFORGE reported strong 1QFY26 revenue growth of 8.0% QoQ in CC terms, above our estimate of 7.0% QoQ CC. The company reported an order intake of USD507m( +61% YoY) in 1Q with five large deals, resulting in a
robust 12-month executable order book of USD1.55b. EBIT margin stood at 13.2%, below our estimate of 14%.

CBK reported 1QFY26 standalone PAT of INR47.5b (15% beat), up 21.7% YoY/down 5% QoQ, aided by a healthy beat in other income.

APL Apollo Tubes (APAT) showed a healthy recovery in operating performance in 1QFY26 despite weaker macroeconomic conditions, higher employee costs (incl. one-off ESOP cost) and geopolitical headwinds. EBITDA grew 23% YoY, led by volume growth of 10% YoY and EBITDA/MT of INR4,683 (up 12% YoY).

Aditya Birla Sun Life AMC’s (ABSLAMC) 1QFY26 operating revenue grew 16% YoY to ~INR4.5b (in line), leading to YoY improvement in yields to 44.4bp from 43.9bp in 1QFY25 (vs. our est. of 44.7bp).

Revenue stood at $389.7 million, up 3.3% q-o-q in CC terms, missing our 4% estimate. EBIT margins declined ~10 bps q-o-q to 15.5%, missing our estimate of 15.9%.

SRF Limited’s (SRF) reported revenue of Rs. 3,819 crore (up 10.2% y-o-y) was led by the strong growth in the chemical business (up 24% y-o-y).

Nestle’s Q1FY26 performance was weak as multiple headwinds led to decline in margins and double-digit decline in PAT.

Nestle India (Nestle) reported a 5.9% YoY revenue growth in 1QFY26, in line with our expectations. Domestic sales grew 5.5% YoY. We believe volume growth was in the low single digits.