Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds
NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target
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Industrials (Q3FY26 Results Preview): Domestic ordering early cycle recovery
NHAI awarding key for road players, all focus on budget: In 9MFY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar
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Industrials (Q2FY26 Results Preview): Domestic ordering tepid, export order saviour
In Q2/H1FY26, we haven’t seen any pick-up in road awards as NHAI ordering remains subpar. Whilst the award pipeline is pegged at INR 3.5trn,...
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Industrials (Q1FY26 Results Preview): Ordering pick-up awaited
LT, Cummins India, Siemens Energy and Kalpataru are our top picks in the capital goods space. In the infra space, we like HG, PNC and NCC.
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HSIE Results Daily: Lupin, Hitachi Energy, Berger Paints, Apollo Tyres
Lupin: EBITDA was up 30% YoY, led by 11% YoY sales growth (US: +4% QoQ, India +7% YoY) and higher GM (+197 bps YoY), which was partly offset by...
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