In today’s briefing:
- Lucror Analytics – Morning Views Asia
- The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory
- Khazanchi Jewellers: Scaling Wholesale Strength and Building Retail for the Future
- Narayana Hrudayalaya: A Quarter of Record Performance and Strategic Expansion
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao
- UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.
- The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.
The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory
- Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution.
- The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
- CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.
Khazanchi Jewellers: Scaling Wholesale Strength and Building Retail for the Future
- Khazanchi Jewellers posts a strong Q2FY26 with 46% revenue growth, 119% PAT surge, and a major 10,000 sq. ft. Chennai flagship store set to launch in Jan 2026.
- High-Margin retail and diamond segments are accelerating, supported by a stable B2B engine with 90% repeat orders, positioning the company for structural margin expansion and stronger long-term earnings visibility.
- Khazanchi enters a high-growth phase, with premiumisation, retail expansion, and strong execution driving sustainable profitability and transforming it from a wholesale-led player into a high-margin retail-focused jewellery brand.
Narayana Hrudayalaya: A Quarter of Record Performance and Strategic Expansion
- NARH delivered its best-ever quarter in Q2FY26, with 20.3% YoY revenue growth, 30.3% YoY EBITDA growth and margin expansion across India and Cayman.
- Margins improved even with limited capacity, showing stronger earnings quality. Cayman maintains over 40% margins, and India is preparing for a major INR 3,000 crore expansion phase.
- With India easing capacity limits, Cayman scaling, and the UK Practice Plus acquisition expanding global reach, NARH is evolving into a stronger multi-country healthcare platform with long-term growth potential.
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