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Shares of Shree Cement react to weak earnings numbers.

H M Bangur, Chairman, Shree Cement On CNBC-TV18

Seeing Better Volumes In February, Expect 5-8% Volume Growth For Q4

Expect Growth In Both Volume And Value

EBITDA/tonne Is Approaching ₹1,200

North Region Premiums Are Around ₹500 Higher

There Will Be No Buyback, Q4 Will Be A Good Quarter

Expect 10% Volume Growth In FY27 Better Than Industry Average Of 8%

Axiscades has secured an order worth ₹80 crore from Hindustan Aeronautics Limited ahead of its earnings result announcement.

Stock is up nearly 5% in early trading.

Nitin Aggarwal, Sr. Group VP, Head- BFSI, Institutional Equities, MOFSL on CNBC-TV18

Outlook For SBI In Terms Of Growth, Profit, & Asset Quality Deserves Further Rerating

SBI May Overshadow The Growth Of All Three Top Private-Sector Banks

Large Banks Are Looking Good In The Current Environment

RBI Has Made It Clear That Its Focus Is On The LCR rather than the CD Ratio

Have Seen A Good Rally In Mid-sized Banks

Supported By Positive Macro Developments And Strong AQ, Large Banks Can Do Fairly Well

Expecting 16% Growth for Kotak in this year

Shares of the State Bank of India are up over 5% in early trading.

JPMorgan 

Neutral Call, Target Price At ₹1,270/Sh

Q3 Beat Expectations Due To Lower Gas Costs & Improved Gross Spreads

Volumes Grew 12% YoY, Aiding Performance

Near-term Margin Risks Are Limited, Though Long-term Growth Concerns Persist

CLSA 

Outperform Call, Target Price At ₹1,560/Sh

Q3 Net Profit Beat Estimates By 4%.

CNG Volumes Rose 12% YoY Versus An 8% Estimate

PNG Demand Remained Strong Across Segments

Buy, TP ₹1300

Weak Q3 with miss on EBITDA/PAT by 6%/28% despite revenue beating estimate by 5%

Montreal shutdown & related remediation, along with higher depreciation/interest cost, led to a miss in profitability

CDMO business performed well, but reported a margin dip during the quarter.

Co’s near-term performance would see an impact of:

Cutting FY27E EBITDA/EPS by 11%/26%

Here are some of the stocks that will be in focus today as the companies gear up to announce their Q3 earnings results:

Aarti Pharmalabs, Apollo Micro, Aurobindo Pharma, Axiscades, Bajaj Electricals, Bata, Ceigall India, Dynamatic Tech, GSK Pharma, Graphite India, India Pesticides, ITDC, Jyothy Labs, KPR Mill, Linde India, Man Industries, Credo Brands (Mufti), Neuland Laboratories, NRB Bearings, Pfizer, PNC Infra, Ramco Cement, Sky Gold, SPARC, Texmaco Rail, Trident, Zydus Life

Underperform Call, Target Price At ₹5,000/Sh

Q3 EBITDA Rose 23% YoY, In-line With Estimates

Industry Demand Outlook Is Positive

Concerns Remain Around Co’s Domestic Market Share Sustainability

Buy, TP cut to Rs 650 from Rs 750

Revenue grew 42% YoY (4% above Citi est), led by 27% SSSG in India.

EBITDA/Adj PAT (adj for custom duty impact in base quarter) grew 52%/72% YoY (17%/20% above Citi est) led by better operating leverage, procurement benefits, and studded mix. Management highlighted

1) Expect sale of first tranche of non-core assets in 1HFY27

2) The demand trend in 4Q so far continues to be strong

3) during 9MFY26, paid Rs3bn in debt & dividend & invested Rs3bn toward CoCo stores in US, UK, & Candere (capex+inventory)

Sustained execution on growth, profitability, and balance sheet deleveraging will be key for stock re-rating.

CITI

Buy, TP raised to ₹1265

Core earnings surpassed expectations, underpinned by robust credit growth (15.6% YoY/6% QoQ), NIMs at 2.99% (vs 2.97% qoq), opex efficiency reflected in curtailed opex growth (6% YoY/-1% QoQ) & well-contained credit cost at 0.4%

This operational outperformance was augmented by Rs22bn dividend income, Rs33bn treasury gains, ₹26bn of recoveries from write-off accounts, which boosted RoA to 1.19%.

Broad-based growth momentum across SME/Corporate/Agri/Xpress Credit has emboldened mgmt to again raise credit growth guidance upwards to 13-15% for FY26.

NIMs are expected to sustain at or above 3%, and disciplined underwriting/credit protocols, alongside recoveries, should support robust asset quality.

Jefferies

Buy, TP raised to ₹1300

Q3 profit of ₹210bn, +24% YoY, was ahead of est. with higher other income & lower credit costs.

Improvement in loan (gross) growth to 15%, peer-group leading NII growth of 9%, healthy fee growth of 16% and low credit costs were positives

Deposit growth stays low at 9% and, while domestic LDR at 73% has headroom, the need to lift deposit growth will limit NIM upsides

Nuvama

Buy, TP Raised to ₹1250

Strong core earnings in Q3 with a solid 6% QoQ loan growth, strong 5% QoQ NII growth and lower-than-expected opex.

PAT was 10% higher than consensus, driven by a special dividend of ₹22bn from SBI AMC and ₹7.7bn of interest on tax refunds.

Reported NIM rose 2bp QoQ while core NIM ex refund fell 1bp. RoA was 1.2%.

SBI’s core earnings are stronger than private banks for the third consecutive quarter, with stable NIM, higher than sector loan growth and strong fees.

FY26 loan growth guidance revised from 12–14% to 13–15%. NIM will be above 3% in Q4.

Downgrade to hold, TP cut to ₹30,000

Reported 2nd consecutive 10%+ EBITDA miss, with December Quarter EBITDA falling 3% YoY

Miss was led by both weaker vols (+1%YoY) & pricing (-4% QoQ) – even as Co is trying to balance Value vs Vol growth

Now estimate flat volume growth for FY26, implying 55% Cap Uti.

Amid Low CU, Mgmt also refrained from guiding expansion plans beyond the FY26 target of 69MTPA capacity

Cut EBITDA est by 5-6%

Nomura

Buy, TP Rs 220

Strong performance despite weaker pricing

Safeguard measures in the EU and UK to result in improved spreads in FY27F

3QFY26: Standalone EBITDA in line; Europe reports lower-than-expected loss

4QFY26F: Margins to expand on account of stronger HRC pricing

HSBC

Buy, TP Raised to Rs 235

Reported 3Q beat with net debt declining q-o-q

Profitability should improve into 4QFY26 and 1QFY27; India Safeguard and EU CBAM are key medium-term positives

Increase FY27-28e EPS by 5-10%

Jefferies

Buy, TP Rs 240

Q3 EBITDA fell 8% QoQ but was 5% above JEFe, led by India operations

Expect a strong sequential improvement ahead with rising Indian steel prices and potential for Asian spreads to recover from a near 15-year low

Expect EBITDA to rise 24% QoQ in Mar-Q & 30% YoY in FY27

TATA’s 2.2x FY27E PB appears rich, but believe it is justified for a healthy volume growth outlook & improving ROE

Buy, TP raised to Rs 1235

3Q26: Strong all-round performance Better delivery on margins and loan growth vs peers

Strong delivery on NIMs; controlled opex and higher other income drive beat on PAT

Strong and broad-based loan growth; asset quality remains sanguine

At 1.2x Dec-27F BVPS (vs 0.8x in Sep-25), a substantial portion of re-rating has already played out, & believe incremental upside from here should be largely earnings-driven rather than multiple-led.

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