This autumn Outcomes eleventh Could Reside: Canara Financial institution This autumn revenue dips, UPL, PVR Inox, Shyam Metalics revenue rise, JSW Power, IHCL, Abbott, JB Chemical substances, Nuvama, Syrma SGS Tech, Anant Raj, JBM Auto to announce This autumn outcomes

BoFA Sec on Pidilite

U-P, TP raised to Rs 1475

Good 4Q. Nevertheless, enterprise dynamics are altering – must see the way it navigates macro volatility & value push.

With 40-50% enter value inflation, margin might head to the low-end of guided vary, regardless of two worth hikes already taken.

Value elasticity and competitors stay different watchouts

Furthermore, inventory valuation leaves no upside

GS on Pidilite

Purchase, TP Rs 1700

Delivered a really robust 4QFY26 with 15% income development totally pushed by underlying quantity development

Administration said that there was no channel stocking up, & demand developments in month of April have additionally remained very robust just like 4QFY26

Progress is a mix of wholesome development in core adhesives portfolio & stronger development in segments like tile adhesives and waterproofing.

Co dealing with 40-50% enter value inflation, initiated ~12-13% worth will increase

CITI on Britannia

Purchase, TP reduce to Rs 6500

Reported a smooth 4Q, with income & EBITDA every rising 6%.

Efficiency was impacted by

(1) West Asia battle disrupting exports (earlier manufactured in Oman), with a 2–2.5% drag in 4Q

(2) continued twin pricing in market as Parle maintained odd worth factors (Rs4.5/Rs9) publish GST cuts

Co is shifting export manufacturing to Mundra (Gujarat), anticipated by mid-Could; therefore, a 2–3% impression might persist in 1Q

Anticipate pricing distortions to ease as trade gamers take hikes to offset commodity inflation.

General consider pressures ought to abate within the close to time period, with development bettering from 2Q

CLSA on Britanna

Maintain, TP Rs 5569

Consolidated gross sales development of seven.1%, under estimates.

PBT missed estimate by 14% pushed by decrease gross sales development and a lower-than-expected Ebitda margin as funding in model constructing proceed, with different bills up 17%.

Quantity grew 5.5% YoY as low price-point packs (60%-65% of India enterprise) have been below strain throughout the quarter within the wholesale and rural channels as a consequence of twin pricing.

Additionally, whereas first two months of 4QFY26 noticed c.9% development, logistics challenges at BRIT’s unit in Oman had an impression March.

BRIT has taken corrective measures shifting manufacturing to the plant in Mundhra and expects worldwide enterprise to get well midway via 1QFY27.

BoFA Sec on Britannia

Impartial, TP reduce to Rs 5820

4Q development/earnings missed, impacted by aggressive strain (twin pricing in LUPs damage transactions) & abroad provide concern.

BRIT is taking corrective actions, however +ve GST reduce narratives haven’t performed out (maybe timing of mgmt. change?).

Reduce earnings 3%

Progress is prone to inch up- commodities/competitors/execution are watchouts

Macquarie on ABB

Downgrade to U-P from Impartial, TP 5470

1Q outcomes have been considerably under estimates with EBITDA /PAT decline of 27%/25% whilst gross sales grew 6%. Margin dropped 580bps YoY.

Margin declined as a consequence of gradual execution, increased enter prices, and antagonistic income combine & foreign exchange motion. Margin restoration might take some time.

New orders (+25% YoY) have been led by a big order as base orders noticed slower 9% development.

Trim EBITDA margin by 50bps in every of CY26E/CY27E/CY28E & decrease PAT 6%/6%/8%

Jefferies on ABB

Downgrade to U-P, TP Rs 5915

ABB restated March Qtr financials to mirror sale of robotics enterprise.

EBIT ex-robotics missed estimates by 29%.

Ex-robotics, EBITDA margins have been down 576 bps YoY at 12.8% on weak gross margins as rising commodity prices couldn’t be handed via

Imagine industrial capex development ex Energy T&D will proceed to be subdued.

Therefore margin restoration for ABB to earlier highs of 18-19% is unlikely.

BoFA Sec on ABB

U-P, TP Rs 4764

ABB India accomplished the divestment of its robotics enterprise; ex robotics income development slowed to six% YoY (4.3% miss on BofAe)

Margins contracted 576bps YoY on uncooked materials value inflation and income combine, whereas order development remained robust at 25% YoY

Reduce est on margin strain & robotics phase divestment; valuations stay costly

CITI on ABB 

Promote, TP Rs 5200

EBITDA fell 19percentYoY & 16% under comparable estimate on margin miss

Margin miss, which reminds us of YoY contraction seen in JuneQ25, was because of the impression of commodity inflation, INR depreciation, aggressive pressures, choose worth drops & execution slippages on ME battle impression.

Orders have been robust (+25percentYoY), although consider similar is already priced in

CITI on MGL

Purchase, TP Rs 1400

MGL reported 4Q EBITDA at Rs2.6bn (-26% qoq), in step with estimates.

Whereas volumes have been barely forward (+6% yoy), this was offset by barely weaker-than-expected margins.

Reported internet earnings at Rs1.3bn (-35% qoq) was additionally largely in line.

FY26 EPS was Rs86/sh (FY25: Rs105/sh).

MGL declared a last divi. of Rs18/sh (full yr divi. of Rs30/sh).

Whereas LNG provide disruptions linked to Center East tensions proceed to pose dangers to near-term volumes & margins, current gov’t coverage initiatives stay supportive of longer-term CGD sector development, conserving us positively inclined on inventory

BoFA Sec on MGL

Purchase, TP Rs 1330

4Q EBITDA at INR2.6bn missed consensus by 13%; volumes grew +6% YoY, however gas-cost/FX volatility hit margins amid disruptions

Close to-term EBITDA margins seemingly under 4Q on increased blended fuel prices (pooled/Brent-linked fuel) and INR depreciation

Current coverage adjustments to help development particularly in D-PNG and I&C-PNG segments; FY27 capex guided at INR12bn

Jefferies On Mahanagar Fuel

Suggestion Underperform; Goal ₹1,020, Earlier Goal ₹900 

EBITDA down 22% year-on-year, 6% under estimates 

Margins sharply impacted as a consequence of rising fuel prices and better opex 

Quantity development slowed to six% with decline for 3 consecutive quarters 

Qatar North Discipline enlargement delayed to late CY2027–early CY2028 

FY27E PAT reduce by 23% and FY28E PAT reduce by 7% 

Estimate 17% YoY decline in PAT for FY27

Jefferies on Adani Power Options

Suggestion Purchase; Goal ₹1,665, Earlier Goal ₹900

Progress outlook is bolstered by wholesome order ebook and regular distribution development 

EBITDA supply is predicted to stay strong 

Capital construction stays manageable 

Draw back Dangers: Lack of ability to keep up rates of interest, Market share loss

Jefferies on Cement Sector

High picks UltraTech Cement, JK Cement 

Cement sector exhibiting early indicators of capital self-discipline 

Main gamers lowering enlargement to handle weak capability utilisation 

Capex self-discipline rising with Shree cement (Rs 3,000 cr to Rs 1,500 cr) and Ambuja cements (30–35% reduce, delay in 140 MTPA) 

Shift from quantity to profitability focus, sustainability is dependent upon self-discipline in upcycle

BofA On Escorts Kubota

Suggestion Impartial, Goal ₹3,500, Earlier Goal ₹3,700 

Cycle and prices cap close to time period upside 

Tractor cycle softening warrants a pause close to time period whilst mid-term prospects are promising 

Margin drag appears bigger than anticipated

Morgan Stanley On City Firm

Suggestion Underweight, Goal ₹128, Earlier Goal ₹120 

This autumn: Strengthening the moat 

Good execution and robust intent to win Instantaneous companies market 

Greatest takeaway is moats within the enterprise have turn out to be even stronger than earlier than 

Assume battle for the Instantaneous market is now turning into a severe one with robust capital elevating by personal friends 

Assume funding might keep elevated for an extended interval