9% volume CAGR through FY28, Rs 120 per tonne of efficiency gains unlocking, green power reaching 55% in FY27 and a wires and cables business launching in Q3 India’s largest cement company rarely generates surprise — it is too large, too well-covered and too consistently executing to spring many shocks. But UltraTech Cement’s investment case … Read more
Hospital revenue up 22%, HealthCo EBITDA up 83%, occupancy at 70%, 4,330 bed additions planned over five years There are quarters where a company meets expectations. And there are quarters where it beats consensus on revenue, EBITDA and PAT simultaneously — and then tells you the structural catalysts ahead are even more important than the … Read more
NII up 15%, asset quality improving across segments, RoA sustained above 1.1%, productivity and efficiency gains building India’s largest bank keeps delivering. SBI’s Q1FY27 results beat HDFC Securities’ estimates on the back of healthy balance sheet growth on both sides, stable margins and in-line asset quality — a combination that is becoming a reliable quarterly … Read more
Revenue up 35.9%, domestic volumes up 34%, SUVs up 35% — but commodity inflation and a settlement cycle change crushed EBITDA by 18.7% versus estimates Maruti Suzuki’s Q1FY27 was a tale of two numbers. The volume and revenue story was genuinely impressive — 29.3% overall volume growth, domestic up 34%, SUVs up 35%, revenue beating … Read more
Business banking surging, rural loans accelerating on gold demand, asset quality pristine, margins resilient There are banks that report strong quarters. And then there are banks that report strong quarters while simultaneously telling you something important about the direction of the entire business. ICICI Bank’s Q1FY27 results did both. Advances grew 19.6% year-on-year — the … Read more
Consolidated EBITDA up 10.7%, Jio at record 53.3% margins, O2C firing on elevated fuel cracks, Jio DRHP filed Reliance Industries does not often surprise on the upside in a single quarter — the business is too large and too diversified for any one segment to dramatically move the needle. But Q1FY27 was a quarter where … Read more
Dolvi expansion coming, debt declining, this one is going places Steel companies are not supposed to beat EBITDA estimates by 13% in a quarter where volumes declined sequentially and raw material costs rose. JSW Steel managed it — and the mechanism behind the beat tells you something important about the quality of the business. Emkay … Read more
Credit growing at 17%, GNPA at a multi-decadal low, RoA held at 1.1% despite margin headwinds, and capital ratios restored India’s largest bank does not need to be flashy to be compelling. State Bank of India’s FY26 performance was exactly what long-term investors in the franchise have been waiting for — broad-based credit growth, asset … 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
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