Motilal Oswal Broker Research reports

Triveni Turbine (TRIV)’s 1QFY26 result was significantly lower than our expectations due to deferred dispatches and order execution. Geopolitical issues resulted in delayed customer decision-making regarding dispatches.

EPL reported an EBITDA of INR2.3b (+22% YoY) in 1QFY26, in line with our estimate. This was driven by EBITDA growth across all regions, with Europe/America/EAP/AMESA witnessing a growth of 52%/35%/8%/2% YoY.

In 1QFY26, bookings surged 78% YoY/5x QoQ to INR114b (11% below our est.), fueled by healthy sales from the luxury project, DLF Privana North, launched during the quarter.

Aurobindo Pharma (ARBP) delivered lower-than-expected performance for 1QFY26. While revenue was in line with estimates, EBITDA/PAT missed our estimates by 7%/8% for the quarter.

Adani Ports & SEZ (APSEZ) reported revenue growth of 31% YoY to INR91b in 1QFY26 (in-line). Cargo volumes grew 11% YoY to 121mmt. The growth was primarily led by containers.

We attended the Navin Fluorine International Limited (NFIL) analyst meet, where management discussed demand trends, company strategy, and outlook across key segments. The planned capex of INR7b-10b will be deployed without impacting return ratios. Detailed capex plans will be announced in the next six months.

EXID's 1QFY26 PAT of INR3.2b came in ahead of our estimate of INR2.8b, aided by better-than-expected margins even as revenue was in line.

PNB Housing (PNBHF), on 31st Jul’25, announced that its MD and CEO, Mr. Girish Kousgi, has decided to step down from his role effective 28th Oct’25 to pursue external career opportunities.

JK Lakshmi Cement (JKLC)’s 1QFY26 EBITDA was in line with our estimate, as the benefits of higher volume and lower opex/t were offset by lower-thanestimated realization.

SONACOMS’ margin (excl. railways division) was in line with our estimate; however, PAT was ahead of estimates due to higher other income.

Aditya Birla Capital’s (ABCAP) 1QFY26 consolidated revenue grew 10% YoY to ~INR113b, and consolidated PAT also grew ~10% YoY to ~INR8.35b.

ABB India’s 2QCY25 results were lower than our estimates as margins contracted significantly owing to forex fluctuations, quality control order (QCO) implementation and competitive pricing.

Shree Cement’s (SRCM) 1QFY26 operating performance was in line with our estimates. EBITDA increased ~34% YoY to INR12.3b and EBITDA/t rose ~44% YoY to INR1,373 (est. INR1,325).

MCX posted a 59% YoY growth in operating revenue, reaching the bestever quarterly revenue of INR3.7b (in-line), backed by volume growth of 77% YoY.

LIC Housing Finance’s (LICHF) 1QFY26 PAT grew ~5% YoY to ~INR13.6b (in line). NII in 1QFY26 rose ~4% YoY to ~INR20.7b (in line). Fee and other income grew 170% YoY to INR1.2b.

Escorts Kubota’s (ESCORTS) 1QFY26 PAT of INR3.1b was in line with our estimate. Tractor segment margins exceeded our estimates, whereas construction equipment (CE) margins came in below estimates.

Federal Bank (FB) reported 1QFY26 earnings of INR8.6b (6% miss) amid a spike in provisions (up 177% YoY/190% QoQ), partly offset by contained opex.

GlaxoSmithKline Pharmaceuticals (GLXO) delivered lower-than-expected revenue/EBITDA (8%/5% miss) in 1QFY26.

ITC sustained healthy performance in core segments in a tepid consumption environment, though margins remained under pressure.

TPWR’s 1QFY26 EBITDA came in 25% above our estimate at INR41b, while adjusted PAT was in line with our est. at INR10.6b.