Fleet operators still committed to replacement plans, pent-up demand expected in H2FY27, margins above estimates — but diesel prices, commodity costs and geopolitical uncertainty are the clouds. Commercial vehicle companies live and die by freight demand, fleet replacement cycles and fuel economics. Ashok Leyland’s fourth quarter of FY26 showed the business at its operational best … Read more
Custom synthesis growing 17%, peptides scaling, contrast media under long-term contracts Among India’s pharmaceutical API manufacturers, Divi’s Laboratories occupies a rare position — a company trusted by global innovators with complex, long-duration supply relationships that are difficult to replicate and even more difficult to dislodge. The fourth quarter of FY26 delivered a steady set of … Read more
Volume and ASP both rising, store densification working without cannibalisation, AI glasses launched, 25% margin target on track There are not many consumer businesses in India that can grow revenue 46% year-on-year, expand domestic same-store sales by 24%, improve margins by over 600 basis points and simultaneously launch an AI-powered smart glasses product — all … Read more
Back-to-school demand firing, modern trade surging, capacity additions flowing through — but raw material inflation is the near-term test. India’s stationery sector does not often find itself in the spotlight. But DOMS Industries — the maker of scholastic stationery, art materials and hygiene products that has quietly built one of the most comprehensive distribution networks … Read more
Volumes recovering, two new SUV launches planned, Pune capacity ramping — the short-term margin pain is real, but the medium-term growth story remains intact Not every strong business has strong quarters. Hyundai Motor India’s fourth quarter of FY26 was one of those moments where the headline numbers — a 372 basis point margin contraction, PAT … Read more
Food delivery profitable, Instamart contribution break-even weeks away, revenue up 45% year-on-year — the path to profitability is becoming clearer, even if the timeline has shifted Loss-making technology companies require a different kind of reading from investors. The question is never whether profits exist today — they don’t — but whether the trajectory of losses … Read more
Volumes up 24%, margins expanding, EV presence strengthening and rural demand holding firm India’s largest two-wheeler maker does not often produce quarters that turn heads. Hero MotoCorp’s business is vast, well-understood and tends to move in predictable cycles. Which is precisely what makes the fourth quarter of FY26 worth paying attention to — because the … Read more
Record margins, a Bio segment scaling fast, CDMO contribution set to double by FY30 There is a version of the Laurus Labs story that is genuinely exciting — a pharma company that began as an ARV API supplier and has, over the last several years, methodically built a contract development and manufacturing business serving global … Read more
NIM rebounding after three quarters of contraction, NPAs at a decade low, IDBI uncertainty cleared — the valuation correction that looked like a warning sign is now being read as an opportunity There are not many moments in equity research when a brokerage moves a stock all the way from Reduce to ADD in a … Read more
Credit quality improving across every segment, gold loans scaling fast, and AI transforming loan processing For the better part of the last eighteen months, the central debate around Bajaj Finance has not been about growth — it has been about credit quality. Whether the stress in certain pockets of the consumer lending book was transient … Read more