FOSECOIND Q3 FY26 CONS. – 🏆

• Net Profit: ₹37.16 Cr | ↑125.43% YoY | ↑10.22% QoQ

• Revenue: ₹252.10 Cr | ↑67.27% YoY | ↑8.94% QoQ

• EBITDA: ₹55.92 Cr | ↑103.02% YoY | ↑5.16% QoQ

• EBITDA Margin: 22.18% vs 18.28% YoY | 22.98% QoQ

DATAPATTERNS Q2 FY27 CONS. – ⚠️

• Net Profit: ₹21.82 Cr | ↓55.64% YoY | ↓1.09% QoQ

• Revenue: ₹133.25 Cr | ↓56.66% YoY | ↑14.84% QoQ

• EBITDA: ₹31.36 Cr | ↓54.21% YoY | ↓0.03% QoQ

• EBITDA Margin: 23.53% vs 22.27% YoY | 27.04% QoQ

HINDOILEXP Q2 FY27 CONS. – ✅

• Net Profit: ₹18.86 Cr | ↑567.00% YoY | ↑202.50% QoQ

• Revenue: ₹151.78 Cr | ↓53.34% YoY | ↑22.40% QoQ

• EBITDA: ₹59.88 Cr | ↑21.49% YoY | ↑286.72% QoQ

• EBITDA Margin: 39.45% vs 15.15% YoY | 12.49% QoQ

TATA MOTORS: IVECO TAKEOVER STAKE RISES TO 96.29% AFTER 1.83 CRORE ADDITIONAL SHARES TENDERED

WAAREE RENEWABLE TECH: BAGS 285 MWP SOLAR EPC WORK ORDER, PROJECT COMPLETION TARGETED IN FY28

JUBILANT FOODWORKS: MANAGEMENT PLANS FOR A FULL-YEAR LIKE-FOR-LIKE GROWTH IN THE 5% TO 7% RANGE, WITH Q3 EXPECTED TO BE WITHIN THIS RANGE; FOR POPEYES, THE GUIDANCE REMAINS ABOUT 40-45 NEW STORES, AND MANAGEMENT AIMS FOR ANOTHER 200 BASIS POINTS OF GROSS MARGIN IMPROVEMENT.

DIVISLAB: Q2 CONS NET PROFIT 11.27B RUPEES VS 6.89B (YOY)

DIVISLAB: Q2 EBITDA 15.66B RUPEES VS 8.88B (YOY); Q2 EBITDA MARGIN 42.60% VS 32.71% (YOY)

DIVISLAB: Q2 REVENUE 36.76B RUPEES VS 27.15B (YOY)

DIVISLAB: Q2 REVENUE INCREASE OF 35.40% (YOY) VS FULL-YEAR GUIDANCE OF DOUBLE-DIGIT REVENUE GROWTH

DIVI'S LAB Q2 FY27 CONS.

• Net Profit: ₹1,127 Cr | ↑64% YoY | ↑25% QoQ

• Revenue: ₹3,676 Cr | ↑35% YoY | ↑19% QoQ

• Operating Profit: ₹1,566 Cr | ↑76% YoY | ↑25% QoQ

• Operating Margin: 42.6% vs 32.7% YoY | 40.7% QoQ

• Other Income: ₹94 Cr

• EPS: ₹42.49 | ↑64% YoY | ↑25% QoQ

Action For The Day

Q2 Earnings-Whirlpool, Olectra Greentech

Lockin Expiry-Ardee Industries, OnEMI Technology Solution

US Wholesale Inventories, China PPI, CPI

MARKET CUES

GIFT Nifty Higher, Indicates A Start In Green For The Indian Market

US Futures Rise As Investors Eye Al Trade, Brace For More Data And Earnings

Nasdaq Rebounds 1% Following Worst Session In 18 Mths As Traders Snap Up Tech Shrs

Nvidia CEO Huang Admits To Affair, Apologises To Employees As Probe Launched

Cryptocurrencies Slide To Two-month Lows After US Midterms

Trump Says Renewed Iran Strikes 'Highly Unlikely' If Talks Progress But Warns He Could Still Strike

Anthropic IPO Meets Al Backlash After Midterms Show Stinging Rebuke Of Data Centers

Berkshire Hathaway More Than Doubles Buybacks In Third Quarter As Earnings Decline

Q2 Earnings

Good-Divis Labs, Voltas, Tata Steel, Anupam Rasayan, Siemens, Gland Pharma, GE Shipping, Aster DM Quality, Sigma Advanced,Banco Products, Kwality Walls, Bluespring Enterprises, Shyam Metalics (Operational Update), DCM Shriram, Goldiam, Finolex Cables, Suprajit Engineering

Inline/Mixed-KIOCL. Blue Dart, Dynamatic Tech, HOEC, Ingersoll Rand, Rain Industries, Finopayments Bank (Operational Update), Surya Roshni

Weak-Cohance Life, Data Pattern, HBL Engineering, Tata Chemicals

WEEKEND CONTRACT WINS | FRIDAY – SUNDAY

POWER MECH

• Secured a ~₹492 Cr power plant contract in Saudi Arabia.

MARINE ELECTRICALS

• Received orders worth ₹26.10 Cr for electrical power systems.

WAAREE RENEWABLE TECHNOLOGIES

• Received EPC contract for a 285 MWp solar power project.

BEL

• Secured new defence equipment orders worth ₹909 Cr.

BHEL

• Secured a ₹600–900 Cr contract for synchronous condensers.

TIMETECHNO

• Secured an industrial packaging order worth ₹35 Cr in Saudi Arabia.

GUJARAT STATE PETRONET / GUJENERGY

• Signed a long-term LNG supply agreement with ADNOC.

SYMBIOTEC

• Secured a 10-year protein manufacturing supply agreement.

INDOBELL INSULATION

• Secured an order worth ₹6.98 Cr for thermal insulation turbines.

BCPL

• Secured a major infrastructure contract from Eastern Railway.

RMC SWITCHGEARS

• Secured an order worth ₹3.93 Cr for electrical distribution boxes.

SHREE REFRACTORIES

• Secured a defence equipment order worth ₹26.44 Cr.

LCC PROJECTS

• Joint venture secured a ₹717.46 Cr Rajasthan reservoir project.

SEAMEC

• Secured a USD 26.14 million subsea installation contract valid until May 2027.

JINDAL DRILLING

• Secured a three-year rig deployment contract from ONGC.

ZAGGLE

• Amended commercial agreement terms with Siemens Limited.

ANNU

• Update on commercial agreement with Siemens Limited.

GREEN NEW

• Secured a solar project materials supply deal with GEIE.

• Purchase order for a solar plant project stands cancelled.

TRUMP: AI RISK CAN BE MANAGED, BUT 'I DON'T MIND GUARDRAILS' IN CBS '60 MINUTES' INTERVIEW

ONGC – CLSA

• CLSA maintains HIGH CONVICTION OUTPERFORM with a target price of ₹405 (CMP: ₹234.80).

• Q2 standalone net profit missed estimates by 5% due to impairment losses and a one-off provision.

• EBITDA and core PBT beat estimates by 7% and 4%, respectively.

• Declared an interim dividend of ₹8/share, implying a 3.5% dividend yield.

• KG-98/2 and Daman projects expected to drive production growth in FY27–28.

• CLSA sees 76% upside potential, assuming Brent crude averages $82/barrel in FY28.

TATA STEEL – GOLDMAN SACHS

• Goldman Sachs maintains NEUTRAL with a target price of ₹215 (CMP: ₹190.20).

• Domestic operations remain highly efficient, while European operations continue to face uncertainty.

• India steel realisations expected to increase by ₹3,500/tonne QoQ, offsetting higher coking coal costs.

• FY27 European cost savings may face challenges due to lower production volumes.

• Net Debt/EBITDA at 2.4x remains within management's guidance of 2.5x.

• Domestic profitability increasingly depends on downstream product mix until NINL capacity expansion by FY30.

HINDALCO – CITI

• Citi maintains NEUTRAL, cuts target price to ₹1,050 (CMP: ₹953).

• Q2 consolidated EBITDA rose 42% YoY but declined 8% QoQ.

• India upstream EBITDA stood at ₹7,000 Cr, downstream at ₹330 Cr, copper at ₹1,670 Cr and Novelis at ₹4,860 Cr.

• Net Debt/EBITDA improved to 1.8x from 1.95x earlier.

• Novelis insurance recovery reached $1.3 billion, including $900 million already received.

• India costs expected to rise further in Q3, while expansion benefits remain back-ended.

• Citi sees limited upside in LME aluminium prices from current levels.

HONASA CONSUMER – JEFFERIES

• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).

• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.

• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.

• Distribution expansion and product innovation expected to support future growth.

• Jefferies raises earnings estimates by 10–16%.

THERMAX – JEFFERIES

• Jefferies maintains BUY, cuts target price to ₹4,020 (CMP: ₹2,839.80).

• Q2 EBITDA missed estimates by 19%, while EBITDA margin at 6.9% was 170 bps below expectations.

• Commodity inflation and shipment delays weighed on performance.

• H1 order inflows declined 4% YoY, though management expects a recovery in H2 FY27.

• Order book grew 16% YoY, supporting revenue visibility through FY27–29.

• Jefferies cuts FY27–30 EPS estimates by 1–22%.

BRITANNIA INDUSTRIES – JEFFERIES

• Jefferies downgrades to HOLD, cuts target price to ₹5,350 (CMP: ₹4,781).

• Q2 volume growth stood at 13%, while two-year growth was around 5%.

• Persistent input cost inflation remains a key concern for margins.

• Price hikes and grammage reductions could negatively impact sales volumes.

• Jefferies cuts FY27–29 EPS estimates by 3%.

HONASA CONSUMER – JEFFERIES

• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).

• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.

• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.

• Distribution expansion and product innovation support future growth visibility.

• Jefferies raises earnings estimates by 10–16%.