Upgrades

Kalpataru Projects (KPIL) reported a sharp beat on revenue and PAT during 1QFY26. This was driven by strong execution across T&D, B&F, and the oil & gas division.

GRASIM’s 1QFY26 performance was above our estimates, led by higherthan-estimated profitability in the VSF and chemical segments and revenue in high-growth businesses (Paint and B2B).

Cummins India (KKC) reported a strong set of results with a beat on all parameters. Revenue growth was fueled by sharp growth in powergen and exports, followed by distribution.

Quarterly Update Q1FY26

Axis Max Life Insurance (MAXLIFE) continued to report better-than-industry performance in 1QFY26, with new business APE growth of 15% YoY to INR16.7b (in line).

Indigo Paints’ (INDIGOPN) standalone sales were flat YoY in 1QFY26 due to consistent demand headwinds and the early onset of monsoon. Apple Chemie’s (subsidiary) sales declined 18% YoY.

National Aluminum (NACL) reported weak operating performance in Q1FY26 on low pricing and higher other expenses. Alumina/metal volumes grew 3x/6% YoY to 304kt/113kt on weak base. Average Q1 alumina NSR declined 37% QoQ to USD 419/t, while that for metal declined 6% YoY to USD 2,791/t. RM costs increased led by an inch up in caustic soda prices, while other expenses were elevated on account of RPO obligation compliance costs and higher repairs/ coal transportation costs, leading to below estimate EBITDA delivery. Mgmt. reiterated FY26 alumina sales guidance at ~1.28mt, supported by higher...

strong demand across segments. In Powergen, CPCB IV+ compliant products accounted for ~60% of domestic sales, with overall volumes reaching CPCB II drive Powergen growth. The Industrial segment maintained steady momentum, supported by strong execution and growing aftermarket services across Railways, Construction, Mining, and Compressors. New product launches and deeper market penetration further bolstered the Distribution segment. On the export front, Latin America and Europe remained primary growth drivers, although management remains cautiously optimistic amid global...

Overall capacity utilization at ~65%; utilization varies across products company's product portfolio, we upgrade the stock to HOLD' with a revised target price of Rs182, valuing it at 26x FY27E EPS. NOCIL reported revenue of Rs3.4bn (PLe: Rs3.55bn, Consensus: Rs3.48bn), marking a decline of 9.7% YoY and 1% QoQ. The topline was impacted by a 7% YoY drop in volumes and lower realization. Based on our estimates, the average realization stood at Rs250/kg,...