Q1 FY26 RESULT ANALYSIS

Leading Sectors and Good Performance Stocks

AU BANK Q1 FY26

Earnings & Market Trend: Q1 FY26 net profit rose ~16% YoY (+₹581 cr), driven by robust loan (+18%) & deposit growth (+31%), though NIM fell ~38 bp, with margins expected to bottom in Q2 and recover from Q3.

Management Guidance: Leadership targets 2–2.5× nominal GDP loan growth, 1.8% ROA by FY27.

Valuation & Outlook: Analysts forecast ~2432% earnings CAGR, price targets range ₹830–900 (~3.2× FY26 BV), though elevated credit costs and asset-quality pressure may cap near-term upside.

Bottom line: AU Bank shows strong growth potential, but margin pressure and unsecured credit stress warrant watchfulness.

M&M FIN Q1FY26

Market & Financial Trends: In Q1 FY26 (ending June 30, 2025), business assets (AUM) rose ~15% YoY to ₹1.22 trillion. PPOP grew ~19%, showing operational resilience despite asset-quality headwinds. ROA/ROE are expected at ~2.0%/12–13% in FY26–27.

Bottom line: Growth is modest but stable, with solid AUM expansion and improving collections. Elevated provisions cap near-term earnings, but at current valuation, positives in liquidity, disciplined credit management, and reasonable multiples offer a balanced case.

BLUEJET Q1 FY 26

Robust YoY momentum: Revenue surged 118% to ₹355 cr, while PAT jumped 141% to ₹91 cr, underpinned by strong volume growth across PI/API & contrast media.

QoQ margin drag: EBITDA fell ~14% sequentially and PAT slipped ~17%, as gross margin dipped due to product mix and inventory normalization.

Scaling capacity: Phase-II expansion is online and Unit-III (Mahad) is on track in H2 FY26, boosting CDMO capacity and R&D spend.

Favourable outlook: Three-year revenue is projected to grow 18-20% p.a., outpacing peers, driven by complex APIs and supply-chain derisking.

Valuation & risk: Despite strong growth, stock dropped ~10% post-earnings due to QoQ profit dip; high margins and debt-light stance support valuation, but margin sustainability and volatility remain key risks.

V mart Q1 fy26

Revenue: Up 17% YoY, reflecting internal efficiency improvements and benefits from closing underperforming stores.

Sales per sq. ft. and per store: Both metrics improved in line with SSSG. Like-to-Like (LTL) Growth: 8% overall.

EBITDA Margin: Rose from 14.1% to 14.6%. On a pre-ESOP, pre-Ind AS 116 basis, EBITDA margin improved from 9.3% to 10.3%. Management expects improvements to be in the 10-30 bps range.

HDFC LIFE Q1 FY26

APE & Market Share: Individual APE grew 12.5% YoY (2-year CAGR: 21%).

Customer Acquisition: >70% of new customers in Q1 were first-time HDFC Life buyers, showing strength in new customer acquisition and deeper Tier 2/3 market penetration.

Embedded Value (EV): EV rose to ₹58,355 crore. Operating RoEV of 16.3% (rolling 12 months).

Solvency: Remains robust at 192%.

PAT: Profit after tax grew 14% YoY to ₹546 crore, driven by 15% back-book profit growth.

Growth Outlook: Management maintains earlier guidance—H1 FY26 to be “slow to muted” due to high base and macro uncertainty, with growth picking up in H2. HDFC Life expects to continue outperforming the industry.

HDFC AMC Q1 fy26

AUM Growth: Industry AUM at ₹74.4 trillion as of June 2025, up 22% YoY. Equity-oriented AUM crossed ₹43 trillion (+21% YoY). Monthly SIP contributions hit ₹273 billion in June 2025.

Total AUM: Closing AUM >₹8.5 trillion (+21% YoY), overall market share at 11.5%.

Revenue: Revenue from operations at ₹9,678 million (+25% YoY).

Operating Profit: Up 30% YoY; operating profit margin stable at 36 bps of AUM.

PAT: Profit after tax at ₹7,480 million (+24% YoY).

HDFC AMC delivered a strong Q1 FY26, underpinned by robust AUM growth, stable yields, and healthy inflows across equity, debt, and systematic channels.

Polycab Q1 FY26

Strong execution in all segments led to Polycab’s robust Q1 FY26. Resilient domestic demand and greater export momentum led to wires & cables strong, 25%, volume growth. Premiumization and a standout quarter for solar products strengthened the FMEG performance. Polycab is well-set to capitalise on structural demand tailwinds, focusing on domestic markets and scaling up exports.

In C&W, volume growth stood at 25%+ in 1QFY26. The cable contributed ~73-74% to the segment’s revenues, while the balance was from wires. In the C&W organized market, the company’s market share was ~26-27% in FY25, with cables having a bit higher share at ~30% while wires had ~20% share.

SAGAR CEM Q1 FY26

Industry saw “healthy volume growth” in Q1 FY26, led by government infrastructure spending and improved demand from individual house builders. Input prices, especially power and fuel, “remained largely stable.” Steady pricing and benign input costs led to industry-wide improvement in profitability and margins.

Volumes: grew ~11% YoY.

Revenue: at ₹671 crore vs ₹561 crore YoY (+20%).

Q1 margins were higher due to strong pricing and incentive receipt (₹34 crore in Q1). For full year, only ₹12 crore of incentives pending (to be received in Q2 or Q3).

THYROCARE Q1 FY 26

GROWTH: Revenue grew +23% YoY—organic growth ~21%; pathology up ~25%, franchise +20%, partnership +36%. Franchisee additions (~100/month) and inorganic lab acquisitions support mid-teens CAGR of 15%+ traction FY26–27.

FINANCIALS: PAT jumped ~60% YoY to ₹38 crore on revenue of ₹193 crore, with EBITDA up ~42% to ₹63 crore; margins expanded to ~33–35%.

Near-Term Risks: Margin pressure arises from recent acquisitions and geographic expansion. Despite strong momentum, forward P/E trades at ~45x FY26E EPS, implying premium valuation.

COFORGE Q1 FY 26

FY2025 was a landmark year for Coforge, with the company delivering 31.5% YoY growth in USD terms. Order intake for Q4 stood at a record $2.1 billion, and the total order intake for FY2025 was $3.5 billion, up 75.1% YoY. Management emphasized that the order book at FY2025 end is 47.7% higher YoY, giving high visibility into FY2026 growth. Adjusted EBITDA margin for FY2025 was 18%. Management reiterated the target of 18% reported EBITDA by FY2027.

PERSISTENT Q1 FY 26

FINANCIALS: Persistent reported robust YoY revenue growth of 18.8% ($389.7M), with EBIT margin at 15.5% and PAT margin at 12.7%. PAT grew 38.7% YoY, driven by operating leverage and forex gain. Balance sheet remains healthy with ₹22,751M in cash/investments and low leverage.

Growth Prospects: TTM bookings reached $1.51B; BFSI share increased to 33.9%, and GenAI-led platforms are gaining traction. Client concentration is decreasing and $20M+ clients increased.

Near-Term Risks: Rising SG&A (up 25.7% YoY) and amortization costs (up 36.9%) could pressure margins. Attrition increased slightly to 13.9%, and a macro slowdown in the U.S. (79.8% revenue share) poses cyclicality risk.

AURIONPRO Q1FY26

Consolidated revenue for Q1 FY26 rose 29% YoY to ₹337 crore, EBITDA at ₹68 crore (~20% margin), and PAT ₹51 crore (~15%). Order book now exceeds ₹1,450–1,460 crore, with R&D-led pipeline in AI-native banking and transit platforms reinforcing future momentum. Margin dilution from higher sales, R&D, and employee costs—due to acquisitions and expansion—is expected in the short term.

SRF Q1 fy 26

FINANCIALS: Q1 revenue rose ~10% YoY to ₹3,819 crore; EBITDA surged ~37% (to ~₹859 crore) with margins expanding to 22.5%; PAT jumped ~71% to ₹432 crore.

SEGMENTS:

• Chemicals: Saw 24% YoY revenue growth and 64% EBIT growth.
• Performance Films: Margin improved on better utilization.
• Technical Textiles: Saw ~11% YoY revenue decline and ~44% drop in EBIT.

SUMMARY: SRF delivered stellar Q1 performance built on specialty chemicals strength and margin expansion, supported by a solid balance sheet and significant capex pipeline. Risks include cyclic headwinds in textiles, agro-product pricing pressure, and international margin challenges.

TATVA CHIN Q1 FY26

Q1 FY26 improved: Revenue grew 11% y-o-y; EBITDA up 37% y-o-y, EBITDA margin rose to 14.8%, with PAT at ₹66.5 m, suggesting early signs of a turnaround.

Segments:

• SDA: Price remains at last year’s depressed levels; Europe/US demand has picked up.
• PASC (Pharma & Agro Specialties): New large agro intermediate commercialized, pipeline is strong.
• Electrolyte Salts (EV segment): Beginning to ramp up with revenue visibility of ₹15–20 crore in FY26.
• Semiconductors: Delivered pilot samples to a major customer; commercial-scale business targeted for 2027–29.

Capacity Utilization: Now nearly full.

Management Guidance: Guides for 25% revenue growth and 20% EBITDA margin in FY26.

AFFLE (India) | Q1 FY26

Performance YoY (Jun ’25 vs Jun ’24): Sales: ₹621 Cr (↑ 19%), EBITDA: ₹140 Cr (↑ 34%), Net Profit: ₹106 Cr (↑ 22%).

Commentary: Digital ad tech play firing steadily. Strong operational efficiency driving profit growth. High valuation demands continued delivery.

MCX Q1 FY26

Current Financial Trends: Impressive consolidated growth for Q1 FY26. Total Revenue surged 60% YoY to ₹405.82 crore, Profit After Tax (PAT) grew 83% YoY to ₹203.19 crore. Average Daily Turnover (ADT) soared 80% YoY, reaching ₹3,10,775 crore, primarily driven by the bullion segment. MCX maintains a dominant 98.8% market share in commodity futures.

Future Growth Drivers: Management highlights increased participation from institutional clients, hedgers, and MSMEs. The approved 1:5 stock split aims to enhance stock affordability and broaden the retail investor base.

Conclusion: MCX trading at a premium PE of 48x FY26, growth momentum should be consistent going forward if valuation needs to sustain.

JM FINANCIAL Q1 FY26

Financials: Q4 FY25 consolidated net profit ₹209.5 cr, company reduced leverage and sustained ~35.6% dividend payout.

Valuation: Trades near ₹170; P/E ~16-17× and P/B ~1.6-1.8×.

Management Guidance: Management emphasized focus on capital-light advisory & syndication businesses to improve ROE.

Growth & Industry Trend: Rising deal flows in IB and credit syndication aligned with India’s credit expansion and investment finance uptick.

ITC HOTEL Q1 FY 26

Financials: FY25 full-year profit ₹698 cr on revenue ₹3,333 cr. Q1 FY26 revenue ₹860 cr, profit ₹134 cr (+53% YoY), driven by rising room bookings and F&B sales.

Valuation: Trades at ~₹230-240 with a steep P/E around 76-78× and P/B ~4.1-4.5×, suggesting overvaluation.

Management Guidance: Concall highlighted strong demand recovery and expansion pipeline, with focus on boosting margin via cost efficiencies and occupancy lift.

BSE LTD stock

FINANCIAL: BSE delivered a record FY25, with consolidated revenues reaching Rs. 3,236 crores (+103% YoY) and net profit increasing to Rs. 1,326 crores (+70% YoY).

VALUATION: The stock is trading at a high P/E of 72.7 and 22.8 times its book value, suggesting a premium valuation.

MANAGEMENT GUIDANCE: Management expresses optimism for medium-term prospects, emphasizing a “transformative journey” by focusing on resilience, product innovation, and expanding market connectivity.

GROWTH PROSPECTS & INDUSTRY TREND: Key drivers include robust IPO activity, strong growth in equity derivatives and mutual fund platforms, and significant infrastructure investments.

IGIL Q2 CY25

Growth Guidance: Management reiterates 15–20% revenue growth for CY25.

Margin Guidance: EBITDA margin to remain in the 57–64% range.

Volume Guidance: 15–20% volume growth for the year.

RISK FACTORS: US and Belgium market softness due to tariffs and broader macro factors. Seasonal volatility in jewelry certification volumes.

Amber Enterprises – Q1 FY26

Financials: Q1 revenue ₹3,449cr (+44% YoY), PAT ₹106cr (+42% YoY), margins guided at 8.5–9% for FY26.

Guidance: FY26 outperformance of RAC industry by 10–12%, Electronics division to hit $1bn revenue in 3 years.

Growth Drivers: Backward integration, GMCC compressor tie-up, acquisitions in power electronics & industrial automation.

Risks: Elevated RAC inventory, large upfront capex, margins sensitive to product mix.

GENUS POWER – Q1 FY26

Financials: Standalone Revenue: ₹2,442 crore (+103% YoY). EBITDA: ₹470 crore (+247% YoY) with margins at 19.2%. PAT: ₹298 crore for FY25 (4x YoY).

Order Book: ₹27,300 crore of tenders open for bidding in next 3–4 months. 55–60% of order book revenue to be realized in next 3 years.

Guidance: FY26 Meter Installation Guidance: 7–8 million meters.

Capacity: Manufacturing capacity to be 15 million meters/year by end-FY25.

BLS – INTER Q1 fy 26

Market: Global visa outsourcing market projected to grow at 14% CAGR, reaching USD 8.2 billion by 2028. BLS claims ~16-17% global market share.

Guidance: Management guides for 20-25% annual growth in revenue and profitability over the next 3-4 years. Expectation to maintain current high margins (Consolidated: ~28-29%).

Risk: High qualification criteria and long-standing relationships with client governments act as entry barriers.

Vimta Labs Q1 FY26

Growth Momentum: Record revenue of ₹993 mn (+31% YoY), EBITDA margin 35.7%, PAT up 36%; exports now ~30% of revenue.

Capex & Expansion: ~₹80–100 cr capex in FY26, with focus on biologics CRD setup. 200,000 sq. ft. new lab commissioned.

Management Guidance: Targeting ₹120–125 cr quarterly revenues with 15–20% CAGR.

Risks: Rising competition, manpower strain, HR cost escalation, and possible US tariff risk on pharma exports.

Interarch bldg Q1 FY26

Growth & Order Book: Q1FY26 revenue up 25.5% YoY at ₹381 Cr, PAT +40% YoY; order book strong at ₹1,695 Cr. Demand driven by EVs, renewables, semiconductors, and data centers.

Capex & Expansion: Aggressive ₹200 Cr CAPEX over 18–20 months; new plants to lift capacity from 161k MTPA → 200k MTPA by FY27.

Management Guidance: EBITDA margin guided at 10%+; on track to achieve INR 2,500 -2800 crores turnover by FY27–28.

Risks: Demand slowdown remains the key risk; execution discipline and working capital management critical.

L&T FINANCE Q1FY26

Growth & Financials: PAT grew 10% QoQ to ₹701 Cr with RoA at 2.37%. Retail book surged 18% YoY, forming 98% of total AUM. Strong momentum in personal loans (+65% YoY) and SME (+56% YoY) is driving growth.

Management Guidance: Exit RoA guided at 2.5% for FY26 and 2.8% in FY27.

Technology Edge: Projects Cyclops (AI credit underwriting) and Nostradamus (AI portfolio mgmt) are expected to structurally reduce credit costs.

Risks: Regional stress (Karnataka), MFI headwinds, and slower SR recoveries remain near-term challenges.

Nuvama Q1 fy26

Performance: Reported 19% YoY profit growth (₹264 Cr) and client asset growth to ₹4.6 lakh Cr, achieving over 30% ROE. Revenues increased by 15%.

Guidance: Management aspires for 20-25% net profit growth for the next two years and expects to deliver ₹19,000-20,000 crores in net flows for FY26.

Strategy: Focus areas include 30% growth in Managed Products & Investment Solutions (MPIS), attracting relationship managers, and targeting ₹4,000-5,000 crores in Asset Management funds.

Risks: Potential drags include US tariffs and global trade tensions. A regulatory issue affected asset services, but new client pipelines are expected to normalize revenues by Q2/Q3.

Radico Khaitan Q1 FY26

Growth & Premiumization: Record IMFL volumes (+38% YoY) with prestige & above up 41%. Luxury/semi-luxury brands on track for ₹500 Cr revenue in FY26.

Management Guidance: Upgraded volume growth >20% for FY26 and 125–150 bps annual margin expansion for 3 years.

Balance Sheet: Net debt reduced by ₹164 Cr, on path to be debt-free by FY27.

Risks & Valuation: Risks include raw material volatility and regulatory shifts. Stock trades at a premium multiple.

Allied Blenders & Distillers (ABDL) Q1 FY26

Strong Growth: Revenue grew 22.5% YoY to ₹930 cr; EBITDA up 56% YoY with margin at 12.8%. PAT jumped 5x to ₹56 cr.

Premiumization Strategy: P&A portfolio up 47% YoY, now >55% of value sales. ICONiQ White scaling rapidly.

Management Guidance: EBITDA margin target 15%+ in 3 yrs; strong focus on exports.

Risks & Valuation: Telangana receivables, Maharashtra policy, and heavy upfront spends are near-term risks. Stock trades at a discount to peers.

Techno Electric (TEEL) Q1FY26

Financials & Valuation: FY25 revenue grew 43% YoY to ₹2,400+ cr with PAT up 59% to ₹428 cr. Company is debt-free, sitting on ₹2,500 cr cash.

Order Book & Guidance: Robust ₹11,000 cr order book. FY26 revenue guided at ₹3,500–3,600 cr, EPS ≥₹50; FY27 EPS ≥₹75.

Capex & Growth Engines: ₹1,250 cr FY26 capex. Target 250 MW DC capacity by 2030, smart metering and renewable EPC scaling.

Risks: Execution delays, policy shifts, commodity prices.

Powergrid Q1 fy26

Capex: Q1FY26 Capex: ₹6,981 Cr (vs ₹4,615 Cr YoY). Full-year target is ₹28,000 Cr. Capex Outlook: FY27: ₹35,000 Cr; FY28: ₹45,000 Cr.

Project Pipeline: Projects in hand worth ₹1,48,000 Cr.

Order Book Visibility: ₹1.48 lakh Cr in hand, ₹67,000 Cr of projects likely to be bid out in FY26.

Sector Tailwinds: India’s $10T economy aspiration, 600+ GW non-fossil target, and green hydrogen demand.

Transrail Lighting Q1 FY26

Financials & Margins: Q1 revenue grew 81% YoY (₹1,660 cr), PAT doubled (₹106 cr), EBITDA margin stable at 12%.

Order Book & Pipeline: Robust ₹15,637 cr order book (60% domestic, 40% international). Bid pipeline ₹25,000 cr in next 3–4 months.

Guidance & Capex: FY26 revenue growth guided at 22–25%. Capex of ₹520 cr underway to double tower/conductor capacity by FY27.

Risks & Valuation: Key risks: international execution, receivables, and competition. Low leverage (0.37x D/E) offers comfort.

HBL Q1 FY26

Outstanding Earnings: Q1 revenue climbed ~16% YoY to ₹602 cr, while net profit surged nearly 79% to ₹143 cr. Company is debt-free.

Margin Excellence: EBITDA soared ~75%, with operating margins jumping from ~21% to ~32%, largely due to robust electronics (Kavach) revenue.

Risks & Execution: Key risks lie in executing large-scale Kavach rollouts, though the order backlog (~₹4,083 cr) offers visibility.

WAAREE ENG Q1 FY 26

• Strong Financials: Revenue ₹4,597 Cr (+32% YoY), EBITDA ₹1,169 Cr (+83% YoY, 25% margin), PAT ₹773 Cr (+93% YoY); record 2.3 GW module output.
• Order Book Visibility: ₹49,000 Cr confirmed orders (25 GW), pipeline 100+ GW.
• Aggressive Expansion: By FY27, module 26 GW, cell 16 GW, wafer 10 GW.
• Strategic Diversification: Moving into BESS (3.5 GWh), inverters (3 GW), hydrogen (300 MW).
• Outlook & Risks: FY26 EBITDA guided at ₹5,500–6,000 Cr; risks from US tariffs and input costs.

Skipper Q1 fy26

Strong Growth & Order Book: Record Q1 revenue (+15% YoY) with ₹85,205 cr all-time high order book.

Management Guidance: Confident of 25%+ revenue growth for FY26 and similar trajectory for the next 2–3 years; EBITDA margin guided to expand 50 bps from FY25.

Capex & Expansion: Capacity expansion of 75,000 MTPA commissioned; another 75,000 MTPA by FY26-end. Long-term vision to reach 600,000 MTPA by FY28.

Growth Drivers: Strong tailwinds from India’s ₹9 lakh cr power transmission capex and export competitiveness.

NOTE – Disclaimer

This article is meant purely for educational and informational purposes. It should not be considered as investment advice, stock tips, or a buy/sell recommendation. Investors are advised to do their own research or consult a financial advisor before making investment decisions. Neither the author, analysts, nor 360 Investing shall be held responsible for any gains or losses arising from the use of this information.