Sharekhan Broker Research reports

We stay positive on Maruti Suzuki India Limited (MSIL), as we expect volumes to regain pace going forward, led by GST rate cuts, festive demand and new launches.

BAF’s AUM is expected to grow at 25% (CAGR) for FY25-FY27, driven by favorable government reforms, such as the reduction in GST on auto and consumer durables, which is expected to drive demand.

Q1FY2026 Consolidated revenue of Rs. 7,042 crore was up 49% y-o-y. Revenues increased due to strong volume growth in the fertilizer and the crop protection business and increase in subsidy.

Century Plyboards is undertaking capacity expansions across segments to drive growth. The laminates business has shown early signs of recovery in terms of revenue growth and EBITDA margins, and the company remains optimistic about coming quarters.

Strong history of product launches: Abbott India has been steadily growing led by consistent launches of both - own and Novo Nordisk’s products (marketing). Abbott India has launched over 100 products in India in the last 12 years and we expect the pipeline to stay strong.

Cummins is experiencing a broad-based demand revival in powergen segment from across sectors such as Real estate, manufacturing, hospitals, datacenters, etc.

CESC in its investor day presented its Vision 2030. The company intends to double the PAT by then. Company has strong capex plans of over Rs. 32,000 crore till FY30, with Rs. 23,000 crore for renewables, Rs. 6,000 crore for distribution and Rs. 3,000 crore for developing a 3GW cell & module manufacturing capacity.

SRF held a conference call to clarify on the quota regime for refrigerant gases. Companies will be allocated product wise or GWP based quotas, with quota calculations eventually to expressed in GWP terms.

Triveni Turbines Ltd had a moderate Q1FY26, due to geopolitical tensions and tariff escalations, but the long-term prospects remain robust with major recovery from H2FY26.

Zydus Wellness Limited (ZWL) has acquired 100% stake in Comfort Click Ltd (CCL), which operates in UK and major European markets. This marks ZWL’s first overseas acquisition and its entry into the Vitamins, Minerals and Supplements (VMS) segment.

Cipla has robust domestic and global product pipelines. US product pipeline to be healthy and will be key to driving growth from H2FY26E and contribute significantly from FY27E onwards.

Company’s India portfolio clocked a 13% CAGR in the past 5 years; its momentum is expected to continue led by the chronic portfolio and recent acquisition of JB Chemicals.

VA Tech Wabag Limited (Va Tech) reported a strong performance during Q1FY2026 with sales growth of 17.2% y-o-y to Rs. 734 crore.

PVC pipe demand is expected to rebound from Q2FY26 after a subdued start in Q1, which was hit by declining PVC prices, early monsoons, lower government spending and inventory losses.

A shift to complex drugs in recent times in the US led to revenue and PAT CAGRs of 21.93% and 64.18% over FY22 to FY25.

Dabur’s consolidated revenues grew 1.7% y-o-y to Rs. 3,405 crore hit by unseasonal rains during peak summer months which impacted the performance of summer-centric portfolio.

JFL clocked an 11.6% LFL growth (delivery LFL growth of 20.1%) in Domino’s’ India in Q1FY26 amid subdued demand.

Net profit slightly beat estimates by 1.4% (up by 12.1% y-o-y and down by 4.3%) to Rs. 224 crore driven by AUM and NII growth, however partially offset by higher credit cost.

Britannia’s consolidated revenues grew 8.8% y-o-y to Rs. 4,622 crore, largely in line with ours and the street’s average expectation of Rs. 4,609 crore. Gross margins fell 310 bps y-o-y to 40.3%, while OPM declined 135 bps y-o-y to 16.4% due to higher input costs and higher employee costs.

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.