ICICI Securities Limited Broker Research reports

Our initial estimates factored in spread compression in FY25 vs. FY24. While, in H1FY25, this played out more than expected, there was substantial recovery in H2.

Weak power demand impacted the PLF of operational power plant and merchant prices in Q1FY26. Merchant realisation in Q1 declined to INR 6.5/kWh (vs. INR 7.6/kWh YoY).

Tata Power has been integrating a diverse set of businesses in its portfolio. From a conventional thermal power and integrated Mumbai distribution business, it has come a long way in building its renewable pack – a trifecta of solar manufacturing, solar EPC and RE generation.

Over the last three decades, Suresh Narayanan’s tenure (ten years) as CMD of Nestlé India has been one of the most celebrated.

Godrej Properties (GPL) has clocked robust Q1FY26 gross sales bookings of 6.2msf, worth INR 70.8bn, led by several new launches across Bengaluru and Greater Noida.

Go Fashion had a muted start to FY26 with SSSG at -2%, impacted by softer footfalls, LFS channel stress, and shipment delays from Bangladesh.

Chalet Hotels’ (CHALET) Q1FY26 hospitality revenue and EBITDA grew 18% and 20% YoY, respectively, led by 7% same-store RevPAR growth.

Blue Dart Express’ (BDE) Q1FY26 performance was below consensus estimates. Number of shipments rose 4.4% YoY while volume (in tonnage) grew 8.6% YoY.

Greenpanel Industries’ (GREENP) consol. revenue dipped 10.1% YoY in Q1FY26 as MDF revenue fell 10.8% YoY. Blended MDF volume slumped 14.3% YoY (flat QoQ; 6-year CAGR of 4.9%) with an 8.6% YoY decline in domestic volume (+1.9% QoQ; 6-year CAGR of 11.7%) due to discontinuation of OEM SKUs (on BIS implementation).

Cholamandalam Finance (Chola) sustains robust Q1FY26 performance with PAT growth at 21% YoY, RoA at 2.2% and RoE at 19%.