News

MS On SRF

Underweight Call, Target Rs 2,175/sh

Co’s Core PAT Of Missed Est, By 10%

Chemicals EBIT Came Below Est As Strength In Ref Gases Offset Specialty Chem Weakness

Packaging Missed Owing To Reduced Market Volumes

Buy Call, Target Price At Rs 160/Sh

Q2 Beats Estimates On Strong Refining GRM

Reported Refining Margin Of $10.7/bbl, Led By An Inventory Gain Of $1.7/bbl

Crude Throughput Dropped 6% QoQ To 17.6 mt

Adjusted Net Income At `76 Bn Was Up 34% QoQ

Petchem Segment Posted EBIT Profit Of `1.7 Bn Vs Loss Of `10 m In Q1FY26

High Conviction Outperform Rating, Target Rs 520/sh

Core Revenue Up 11% YoY/3% QoQ, Ahead Of Est

Reported EBITDA Was Down 6% YoY/up 5% QoQ

Reported EBITDA Adj For Collections Of Past Overdue Was Up 15% YoY/3% QoQ, Ahead Of Est

Indus Tenancy Additions Were 4,505, Below Est, Yet Base Is Up 10% YoY/1% QoQ

Board’s Dividend Reinstatement Is Also Awaited

B/S Has Net Cash Of `2,960 cr, With Lease Liabilities At 118% Of Debt

Stock At 5.5x 27 EV/EBITDA

Overweight Call, target price at Rs 168/sh

Co Beat Both Consensus & Est Core PAT At `9,700 Cr , Adj For Est Inventory Gain Of `6.7 Bn, FX losses of `14 Bn

Integrated Margin Of US$12.6/bbl (including US$1.5/bbl Of LPG Loss), Was Above Est

Mid-cycle: Best In Two Years, Despite Lower Russian Crude

Marketing Vol Grew 5% YoY In F2Q26, Above Ind Growth Of 2%

Higher Fuel Refinery Margin Helped Co Take Share From Peers Which Are Less Integrated

Russian Crude Intake At 19% (Vs 24% QoQ), Co Remains Flexible To US/Other Sourced Crudes

Awaits Clarity On Future Russian Oil Imports

The company reported a 64% YoY rise in Q2 profit to ₹221 crore, with revenue up 10.8% to ₹4,011 crore and EBITDA margin improving to 13% on higher volumes and lower input costs.

The footwear company’s Q2 FY26 profit slumped 73% YoY to ₹13.9 crore as revenue fell 4% to ₹801 crore, hit by GST 2.0 transition, warehouse disruption, and higher expenses, including a ₹8.3 crore VRS cost.

The company reported a 28.1% YoY rise in Q2 net profit to ₹749 crore, driven by higher margins and operational efficiency. Revenue grew 6.3% to ₹2,929 crore, while EBITDA surged 36% to ₹695 crore, with margins improving to 23.7% from 18.5% last year. The company also announced an interim dividend of ₹6 per share.

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