JPMorgan on Avenue Supermarts – Maintain Neutral | Target ₹4,350
Q2 revenue growth of 15% may weigh on near-term stock performance; revenue 2% below street expectations. Store expansion pace steady.
Bernstein on HDFC Bank (CMP ₹965.15) – Maintain Outperform | Target ₹1,150
Strong loan growth and weak deposit growth in Q2. Improvement in loan growth positive in growth-starved environment; weak deposit growth could help margins.
CLSA on Nykaa
Consolidated net revenue growth expected mid-twenties, GMV growth close to 30%. Fashion revenue growth in low twenties ahead of expectation. Maintain O-PF rating; TP ₹260.
CLSA on Marico – Maintain Underperform | TP ₹490
Q2 update shows price-driven sales but margin pressure. Modest operating profit growth below expectation; gross margin contraction due to input costs.
Citi on AU SFB
Gross advances up 22.4% YoY, 5.3% QoQ. AUM growth moderated; absence of treasury gains and elevated credit costs may weigh on RoA. Credit cost near 1.8%, normalization likely in 2HFY26.
GS on Avenue Supermarts – Maintain Sell | TP ₹3,370
Weaker-than-expected sales growth; standalone sales growth 15.4% YoY. FY26-28 EPS estimates cut by 2%.
MOSL on Marico – TP ₹850 | Maintain Buy
Revenue expected up 30% YoY; Parachute volumes stable. International business growth 23% YoY; Saffola franchise growth 24% YoY. Gross margin pressure to ease from H2FY26.
Citi on PNB
Gross advances up 10.3% YoY; deposits slightly below expectations. Credit cost at 25 bps; RoA 0.9–1%. Management guidance: loan growth 11–12%, deposit growth 9–10%, NIM 2.8–2.9% for FY26.
Citi on InterGlobe Aviation – Maintain Buy | TP ₹7,100/share
Premium valuation reflects strong demand, pricing, market share, and route expansion.
Citi on L&T Finance
Retail disbursements up 12% QoQ / 18% YoY; retail AUM share over 98%. Credit cost 2.6% post-buffer utilization; MFI stress expected to normalize by Q3-Q4.
Citi on RBL Bank
Advances up 14% YoY / 6% QoQ; secured retail loans +29% YoY, wholesale advances +20% YoY. Core RoA >0.55%, expected >1% by Q4; NIMs likely bottomed out.
IEX Q2 FY26
Power volume up 16% YoY at 35,217 MU. Real-Time Market surged 39.1% YoY to 14,925 MU. Green Market +17.7% YoY. Average DAM price down 12.5% YoY to ₹3.93/unit, indicating improved supply conditions.
PATEL RETAIL
Appoints Sanjeev Kumar Nigam as CEO of Indian Chaska brand; effective Oct 5, 2025. Nigam brings 24+ years FMCG experience, will lead pan-India expansion in spices and QSR segment.
KALYAN JEWELLERS Q2 FY26
Revenue up ~30% YoY; India operations +31% YoY with 16% same-store sales growth. International revenue +17% YoY; Candere platform +127% YoY. 32 new showrooms opened; 15 more planned before Diwali.
ANGEL ONE Q2 FY26
Client base 34.1 mn (+24% YoY), gross client acquisition 0.55 mn. Average client funding ₹55.5 bn (+35.8% YoY). Orders 127.6 mn; overall ADTO ₹48.2 tn. Market share: Equity F&O 21.7%, Overall Equity 20.5%, Cash 18.7%, Commodity 65.1%.
LARGE TRADES NSE / BSE
CUBE Highways – 360 ONE Prime bought 67.25 Lakh shares @ ₹134; 360 ONE Real Assets Advantage Fund bought 74.75 Lakh shares @ ₹134.
Trualt Bioenergy – L7 Hitech Pvt Ltd bought 5.36 Lakh shares @ ₹538.83; L7 Securities Pvt Ltd 7.85 Lakh shares @ ₹532.62; Singularity Equity Fund I 4.75 Lakh shares @ ₹533.80.
Sammaan Capital – BNP Paribas Financial Markets bought 58.97 Lakh shares (0.71% stake) @ ₹164.42.
Eternal – Goldman Sachs Bank Europe SE sold 1.08 Cr shares @ ₹329; BofA Securities Europe SA bought 1.08 Cr shares @ ₹329.
John Cockerill India – Ramdoot Realtors Pvt Ltd bought 0.063 Lakh shares @ ₹6,481.80.
Aditya Birla Lifestyle – 7.3 Cr shares changed hands in pre-market trade.
VEDANTA Q2 BIZ
Aluminium production up 1% YoY / 2% QoQ to 617 kt. Zinc saleable metal down 6% YoY / 1% QoQ to 246 kt. Zinc international production 60 kt (+38% YoY / +6% QoQ). Silver production down 22% YoY / 4% QoQ to 144 kt.
JUBILANT FOODWORKS Q2 FY26
Revenue up 20% YoY; 93 new stores added. Consolidated revenue ₹2,340 Cr (+19.7% YoY), standalone India revenue ₹1,699 Cr (+15.8% YoY). Domino’s India LFL +9.1%, Turkey +5.6%. Total stores 3,480, net addition +93.
JTL Industries H1 FY26
Record H1 volumes 1,82,210 MT (+3.5% YoY). Floods impacted Derabassi and Mandi plants by 20–25%, but growth maintained. Export share doubled to 12% in Q2. Total capacity 9.36 lakh MTPA; backward integration 3 lakh MTPA.
FORTIS HEALTHCARE
SEBI approves IHH Healthcare open offer for Fortis & Fortis Malar; 26.1% stake in each. Resolves 7-year regulatory overhang; positive for investor confidence and likely valuation re-rating.
POONAWALLA FINCORP Q2 FY26
AUM ₹47,625 Cr (+67.7% YoY / +15.4% QoQ). Liquidity ₹6,200 Cr. Continues risk-first approach; aims for long-term sustainable and profitable growth.
TANFAC INDUSTRIES
Successful commissioning of second phase of 5,000 TPA High Purity Solar Grade DHF Plant.
BANK OF MAHARASHTRA Q2 BIZ
Global business ₹5.64 lakh Cr (+14.2% YoY). Deposits ₹3.10 lakh Cr (+12.1% YoY), CASA ₹1.56 lakh Cr (+14.6% YoY, CASA ratio 50.35%). Global advances ₹2.54 lakh Cr (+16.9% YoY), retail +37.4%, corporate +16.6%. CD ratio 82.05%.
HOSPITAL STOCKS
Centre revises rates for ~2,000 medical procedures; CGHS hospitals to implement by Oct 13. Rate hike avg 25–30%, expected to boost private hospital revenue ~2.5% and EBITDA ~10%.
AB LIFESTYLE
Shares surge 9% after block deal.
MAX Financials – Motilal Oswal upgrades to Buy | TP ₹2,000
Axis Max Life outgrowing industry with 15% APE & 32% VNB growth, high-margin non-par & protection products driving margin expansion. Structural catalyst from reverse merger could unlock synergies and valuation re-rating.
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