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With an upside of 3% from the CMP, we maintain our HOLD rating on the stock.

Daily Fundamental View: January 28, 2026

Newsletter

About the stock: Tata Consumer Products (TCPL) was formed with a vision to synergise, simplify and scale the principal consumer products interests of the Tata Group under one roof. Under the vision it has transformed itself from commodities tea/coffee business to high margins food and beverage business. Q3FY26 performance: TCPL's consolidated revenues grew by 15% YoY to Rs.5,112cr driven by 15% volume growth in India branded business. India beverage business reported 7% YoY growth and India food business reported 19% YoY growth while non-branded business revenues grew by 23% YoY in Q3FY26....

Q3FY26 performance: MCX reported a strong set of Q3 results, boosted by volatility and surge in gold and silver prices. Revenue stood at 666 crore, up 121% YoY and 78% QoQ. Futures average daily turnover (ADT) in Q3 has sky-rocketed at 202% YoY, 102% QoQ to 84,472 crore while options premium ADT surged 100% YoY, 73% QoQ to 7104 crore, driven largely by higher activity in bullion. EBITDA rose to 495 crore, growing 156% YoY and 103% QoQ, while EBITDA margins...

Focus initiatives can help in mitigating business sluggishness: APL's management indicated that frequency of painting and occasional painting has witnessed some sluggishness affecting the momentum of the decorative paints segment in the recent past. The company is focusing on brand building initiatives, expanding services from home to industrial services, innovation and regionalisation to remain resilient and maintain steady volume growth (ahead of industry growth) in the near to medium term. Further the company's endeavour is to gain market share through...

END OF DAY SUMMARY

MARKET SNAPSHOT

In the January series, Nifty futures registered a high of 26510 before undergoing a pronounced corrective phase. Over the following 14 trading sessions, the index declined by more than 5.50%, marking one of the sharpest and most decisive corrections seen in recent months.

Kotak Mahindra Bank (KMB) posted a standalone 3QFY26 PAT of ~INR34.5b (in line; up 4.3% YoY/5.9% QoQ). Consol PAT stood at INR49.2b (up 5% YoY/10% QoQ).

Retail Research

Retail Research

DCB Bank delivered a strong Q3 FY26 performance, reflecting healthy growth momentum, improving profitability and stable asset quality. Advances grew ~18% YoY, driven by traction in secured retail products, co-lending and construction finance, while deposits rose ~19% YoY, supported by improvement in granularity and a stable retail-to-bulk mix. PAT increased ~22% YoY, despite a one-off regulatory expense related to new labour codes. Asset quality improved sequentially, with GNPA declining to 2.72% and NNPA moderating to 1.10%, aided by controlled slippages, recoveries and higher provisioning coverage....

Shriram Finance Limited reported a steady Q3FY26 performance, with management reiterating a clear roadmap focused on sustaining growth, improving capital efficiency and strengthening customer retention. The company continues to guide for 1820% AUM growth, supported by a favourable outlook for vehicle sales and deeper penetration across rural, semiurban and select urban markets. Profitability was impacted by a one-off regulatory expense linked to new labour codes, while underlying operating trends remain healthy. Reported ROA/ROE stood at 0.91%/12.7%, improving to ~1.0%/~14.1% on a normalised basis, highlighting a strengthening return profile....

JSW Steel's Q3FY26 performance was above our estimates. Revenue increased by 2% QoQ, driven by 4% volume growth as Dolvi, JVML and BPSL capacities ramped up. NSR decreased 3% QoQ, owing to a decline in steel prices. EBITDA decreased by 9% QoQ to Rs65bn, while EBITDA per tonne fell by 12% QoQ to Rs 8,503/t, driven by lower realization, $5/t increase in coking coal costs, partially offset by savings in power costs. Management expects HRC prices to improve further driven by strong seasonal demand. JSW announced a 5MTPA steel plant in Odisha with a capex of Rs316bn with commissioning expected by FY30 and...

Axis Bank reported a healthy Q3FY26 performance, with operating metrics reflecting steady execution despite a softer interest rate environment. Net interest income grew 5% YoY to Rs14,287 crore, supported by balance sheet expansion and stable margins. Core pre-provision operating profit increased 7% YoY to Rs10,815 crore, aided by healthy fee income growth and controlled operating costs. Profit after tax rose 3% YoY to Rs6,490 crore, with a strong 28% QoQ improvement driven by operating leverage and stable credit costs. We...

Chinese HRC: Chinese HRC prices decreased by 0.6% WoW to Rs 43,146/tonne, amid seasonal slowdown in HRC demand. Weak demand and export consumption remains intact. CISA reported a 0.8%...

We maintain our BUY rating on the stock.