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Kulin Lalbhai, Vice Chairman & Non-Executive Dir, Arvind Fashions Q3 On CNBC-TV18:

Retail Up 11%, Online B2C Up 50% Are The 2 Strategic Businesses For Us

Retail Like-to-like Growth At 8.2%

Online B2B & B2C Up 20–30%, Now Accounts For 27% Of Revenue

Online Profitability Is Similar To Overall Biz

Maintain Growth Guidance Of 12–15%, Expected Near Top End

Like-to-like Growth Will Be In High-Single Digits

Confident That US Polo Will See String Double-digit Growth Even On A Large Base

The stock is currently up 0.8%.

Net Profit At ₹5,088 Cr Vs CNBC-TV18 Poll Of ₹5,150 Cr

Revenue At ₹18,017 Cr Vs CNBC-TV18 Poll Of ₹18,175 Cr

EBITDA At ₹6,271 Cr Vs CNBC-TV18 Poll Of ₹6,180 Cr

Margin At 34.8% Vs CNBC-TV18 Poll Of 34%

The stock is currently up 9.7%.

Net Profit At ₹102.7 Cr Vs ₹48.7 Cr (YoY)

Revenue (GU)45.5% At ₹1,264 Cr Vs ₹869 Cr (YoY)

EBITDA At ₹160 Cr Vs ₹78.5 Cr (YoY)

Margin At 12.7% Vs 9%

The stock is down 4.8% at the moment.

Net Profit down 3% At ₹713 Cr Vs ₹735 Cr (YoY)

NII up 4.2% At ₹1,024 Cr Vs ₹983 Cr (YoY)

The stock is currently up 2.8%

ACME Solar Q3:

Net Profit up 1.5% At Rs 113.7 Cr Vs Rs 112 Cr (YoY)

Revenue up 42.3% At Rs 496.7 Cr Vs Rs 349 Cr (YoY)

EBITDA up 44.7% At Rs 444.4 Cr Vs Rs 307.2 Cr (YoY)

Margin At 89.5% Vs 88% (YoY)

The stock is down 4.5%

Capri Global Q3:

Net Profit up 99.5% At Rs 255.4 Cr Vs Rs 128 Cr (YoY)

Revenue up 48.7% At Rs 1,220.3 Cr Vs Rs 820.8 Cr (YoY)

G Shivakumar, Executive Director & CFO, GE Shipping Q3, On CNBC-TV18:

Removal Of ‘Dark Fleet’ Venezuela Sanctions Have Impacted The Biz

Dry Bulk Tanker Rates Are Unusually Strong Despite The Seasonally Weak Quarter

If Strait Of Hormuz Shipping Lane Is Disrupted, It’s Bad For Tanker Freight Rates

9M Rates Roughly Flat YoY, Comparison Impacted By A High Base In Q1/Q2 Last Year

30 Of Our Ships Are In The Spot Market & Are Ready To Buy Ships If Prices Fall

No Increase In Overall Capacity, Replacing 20-yr Older Vessels With Newer Ships Aged 8–10 Yrs

Have Been In A Strong Tanker Cycle For 4 Years

Situation In Iran Has Not Impacted Prices Yet

Companies Made Losses On Buying Ships At The Peak Of The Supercycle

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Blue Star shares are trading lower after the firm’s Q3 results came in below estimates, weighed by weaker revenue growth in key segments and a decline in profitability because of the impact of new labour codes.

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The stock is currently down 6.7%.

Net Loss At ₹1,065 Cr Vs Loss Of ₹800 Cr (YoY)

Revenue (GU)54% At ₹6,148 Cr Vs ₹3,993 Cr (YoY)

EBITDA Loss At ₹782 Cr Vs EBITDA Loss Of ₹725 Cr (YoY)

The stock is up 4.5% at the moment.

Net Profit up 68% At ₹287.2 Cr Vs ₹171.2 Cr (YoY)

Revenue up 2.1% At ₹10,671 Cr Vs ₹10,454 Cr (YoY)

EBITDA up 6% At ₹414 Cr Vs ₹390 Cr (YoY)

Margin At 3.9% Vs 3.7% (YoY)

Other Income At ₹131 Cr Vs ₹6.5 Cr (YoY)

Jefferies on ITC

Hold, Target Price Rs 400

All Eyes on Pricing Action

Cigarette vol. growth continued to see strong momentum with c7% growth, better than many FMCG peers

EBIT margins were down due to high- cost tobacco.

FMCG performed well, with strong growth and EBIT

Overall EBITDA growth was strong at 8%.

Sharp tax hike, effective 2-Feb, makes ITC’s pricing response a key watch, with an unprecedented required hike to offset impact – a staggered price hike is not ruled out

Jefferies on Manappuram Finance: 

Hold, Target Price Rs 285

MGFL’s Dec Q PAT of Rs2.4bn (-14% YoY) was below Rs3.3bn est on lower NIM & higher provn

AUM grew 18% YoY (inline) but NIMs fell sharply again as MGFL continues to drop yields to align it with peers.

Provn disappointed due to elevated stress in non-gold loan book

New CEO is implementing several initiatives to strengthen franchise, but profit should stay under pressure near term despite gold price tailwind on lower

NIMs, elevated credit costs.

Jefferies on Swiggy:

Buy, Target Price cut to Rs 440

Food delivery was strong, but the rise in Q/C loss disappointed

Q/C subsidies failed to deliver, and mgmt accepts OPD is a ‘vanity metric’ & not worth chasing

This pivot comes even as competition stays intense, implying a risk to mkt share

Still like that mgmt has shown pragmatism, despite cash pile post-QIP

Are unsure about the Q/C EBITDA breakeven timeline

Sole reason for Buy is valuation discount vs Eternal.

Morgan Stanley on Swiggy:

Equal-Weight, Target Price cut to Rs 375

Key highlights

1) Steady execution in food delivery on growth and margins.

2) Making tough choice on trading off growth while maintaining guidance on CM break even.

3) Limited visibility on when competitive environment would ease keeps re-rating under check.

CLSA on Swiggy:

Downgrade to Hold, Target Price Cut to Rs 335

Missed 3Q revenue & Ebitda expectations

While food delivery saw better GOV/revenue growth & in-line Ebitda, quick commerce was a disappointment across metrics, with lower growth & weaker profitability

While co maintained contribution breakeven guidance, path is steeper than before.

CLSA on Paytm:

Underperform, Target Price Rs 1,000

Q3 in-line

GMV growth of 23% was similar to est.

Net take rate for payments moderated to 8.4bps from a high base of 9.1bps prior quarter

Lending revenue continued to grow at a healthy clip of 10% QoQ, while continued decline in marketing services revenue was arrested

Contribution profit of Rs12.5bn was also in-line with our expectations.

Employee Opex, ex-labour code impact, increased 7% QoQ—this is quite a jump compared to past several quarters

Paytm earned Rs2.2bn in 9MFY26 from RBI’s PIDF scheme; scheme ended in Dec 2025

Cut PBT estimates 3%-5% driven by no PIDF income, partly offset by reduced advertising spending.

CLSA on Dixon Tech:

Buy, Target Price Rs 15,880

3Q revenue decline of 28% QoQ was in line with est.

Smartphone sales were significantly impacted due to elevated memory prices, a trend likely to pressure lower and mid-tier segments in 4Q as well

There has been progress on margin accretive backward integration initiatives, with Dixon expecting ECMS approvals for display modules and enclosures soon

In the near term, Vivo PN3 approval, clarity on PLI extension & progress in other segments remain key catalysts

Nomura on Dixon Tech:

Buy, Target Price Rs 14,678

Growth recovery to drive re-rating

3Q EBITDA largely in line; new customer ramp-up, backward integration to offset near-term challenges

Still estimate a 51% EPS CAGR over FY26-28F, for which pending government approvals remain a key catalyst

Stock trading at 32x FY28F EPS, which looks attractive given outlook

JPMorgan on Dixon Tech:

Overweight, Target Price Rs 13,700

Dixon cut its FY26 mobile volume guidance to 34-35mn (from earlier 40-42mn) and withdrew its FY27 guidance (from 55-65mn earlier) mainly due to uncertainty from memory price increases impacting end demand as well as delays in Vivo JV approval

Believe withdrawing the guide is right thing to do in times of uncertainty and provides optionality if & when Vivo JV approval comes through

Shares of Tata Motors’ commercial vehicle (CV) business will be in focus on Friday, January 30, after the company reported a healthy set of December quarter results post market hours on Thursday.

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