Key triggers to watch for include improvement in bromine realizations as prices stabilize above USD 2.5/kg, faster ramp-up in bromine derivatives with rising utilization and new product additions, and meaningful pickup in SOP volumes from H2FY26E following successful plant-scale trials.
The Monetary Policy Committee (MPC) voted to maintain the policy repo rate at 5.5%, keeping it unchanged for the current review. Consequently, the Standing Deposit Facility (SDF) rate under the Liquidity Adjustment Facility (LAF) stands steady at 5.25%, while both the Marginal Standing Facility (MSF) rate and the Bank Rate remain aligned at 5.75%.
Cyient DLM’s Q1FY26 performance was a sharp miss to our estimates, led by a decline in defense segment, driven by completion of a order from a large customer last year.
In Q2CY25, consolidated revenue stood at INR 70,174 Mn., down 2.5% YoY (+26.1% QoQ), sharply below our estimates, as the overall volumes were impacted by early onset of monsoons and erratic rain patterns in India.
Revenue: Sonata Software Q1FY26 revenue grew by 17.3% YoY (+13.3% QoQ) to INR 29,652 Mn, outperforming expectations primarily on the back of strong domestic business momentum, despite several headwinds faced by the company during the quarter.
Revenue: Consolidated revenue from operations grew by 7.9% YoY (-5.7% QoQ) to INR 3,86,052 Mn., above our estimates, led by sharp improvement in realizations (+6.9% YoY) and a stronger momentum in exports.
In Q1FY26, Gross Written Premium grew by 14.4% YoY (-25.8% QoQ) to INR 178,139 Mn., driven by strong growth in first year premiums, was largely in-line with our estimates.
Total sales volume grew by 3.1% YoY (+7.5% MoM) to 1,80,526 units, led by strong export growth and a broad-based sequential recovery in domestic dispatches.
Revenue: Consolidated revenue for the quarter increased by 31.4% YoY (-8.8% QoQ) to INR 15,696 Mn., significant beat on our estimates (+15.0%), driven by strong outperformance in the Custom Synthesis and the Generic FDF segment.
Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.
Consolidated revenue grew by 9.8% YoY (+3.7% QoQ) to INR 47,789 Mn., below our estimates (-3.4%), led by weakness in Capital Foods, Organic India, and NourishCo’s, which were impacted by transitory disruptions, partly offset by a resilient performance in the India Business, which grew 11.0% YoY (+6.4% QoQ).
Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.
National Securities Depository Limited (NSDL), is a SEBI-registered market infrastructure institution, providing depository services to retail and institutional investors.
Revenue: For Q1FY26, the revenue increased by 11.4% YoY (+0.5% QoQ) to INR 85,721 Mn, below our estimates by 3.0%, led by weakness in North America, which was partially offset by higher momentum across Europe and the Emerging markets.
In Q1FY26, Nestle India reported revenue largely in-line with our expectations, but earnings missed our estimates led by poor operational performance, lower other income and elevated depreciation and interest expenses.
Revenue: Persistent Systems Q1FY26 revenue came in at INR 33,336 Mn, up 21.8% YoY (+2.8% QoQ), in-line with our estimates, primarily driven by robust performance in the BFSI segment, with incremental contributions from Software, Hi-Tech, and Emerging Markets verticals, partially offset by softness in healthcare and Life Sciences.
In Q1FY26, the Net Interest Income (NII) stood grew by 63.3% YoY (-1.5% QoQ) to INR 2,641 Mn., led by huge scale-up of NBC operations. Sequentially NII stood flat, led by higher finance costs on account of increased external borrowings.
