New Research Reports

We value PFL at 2.8x FY28E P/ABV (ABVPS INR 170), arriving at a TP of INR 476 and 5.3% upside. The multiple reflects a ROA recovery from 1.1% to 2.1% and ROE inflection from 5.9% to ~17%. HOLD.

Retail Research

END OF DAY SUMMARY

MARKET SNAPSHOT

We attended Waaree Energies Limited’s (WEL) investor day, wherein management laid out an aggressive roadmap to scale revenue to INR1t by 2030, supported by a sharp acceleration across C&I, KUSUM, and rooftop solar segments.

Bharat Forge’s (BHFC) 4QFY26 standalone adjusted earnings at INR3.7b came in slightly below our estimate of INR3.9b due to lower-thanexpected revenue and an adverse mix.

Westlife Foodworld (WESTLIFE) reported a revenue growth of 9% YoY to INR6.6b in 4QFY26 (est. INR6.4b). The same-store sales growth (SSSG) stood at 1.5% YoY (in line).

One 97 Communications (PAYTM) reported better-than-expected revenue (up 18% YoY/3% QoQ) and largely in-line adj. PAT of INR1.6b in 4QFY26.

Escorts’ 4QFY26 PAT at INR3.2b came in below our estimate of INR3.6b due to lower other income, while EBITDA was broadly in line with our estimate.

Dabur’s (DABUR) consolidated revenue grew ~7% YoY (flat base), with India business revenue up 10% YoY. Demand recovery was noted in steady double-digit growth in HPC in 2HFY26. India volume grew 6% (est: 4%, 3% in 3Q).

BSE reported an operating revenue of ~INR15.6b (in line), reflecting a growth of 85% YoY/26% QoQ. This was driven by 114% YoY growth in transaction charges, while revenue from services to corporates declined 5% YoY.

Blue Star’s (BLSTR) 4QFY26 revenue was up marginally ~1% YoY to INR40.7b (~7% miss). However, EBITDA increased ~17% YoY to INR3.3b (+9% vs. our est.), led by cost rationalization measures and certain deferred discretionary costs.

Raymond Lifestyle (RLL) reported a weak 4QFY26 performance, with EBITDA at INR1.2b missing estimates due to lower gross margins and higher operating costs.

Radico Khaitan (RDCK) continued to deliver robust P&A volume growth and strong operating performance in 4QFY26/FY26. Revenue growth was 15% YoY at INR15.0b, with P&A value growth at 29%.

KPIT Technologies (KPIT) reported revenue of USD185m in 4QFY26, up 1.8% QoQ in CC terms vs. our estimate of 1% growth.

Home First Finance (HOMEFIRST)’s 4QFY26 PAT grew 43% YoY to INR1.5b (in line). PAT for FY26 grew ~41% YoY to INR5.4b. NII in 4QFY26 grew 37% YoY to INR2.4b (in line). Other income grew 37% YoY to INR730m.

Hexaware Technologies (HEXT) reported revenue of USD389m in 1QCY26, down 0.3% QoQ in CC terms vs. our estimate of 0.5% QoQ CC.

In 4QFY26, Brigade Enterprises’ (BRGD) pre-sales rose 3% YoY to INR25.2b (6.7% below estimates). Volumes stood at 2msf, down 4% YoY.

Avalon Technologies (AVALON) reported a robust 4QFY26, with revenue growing 40% YoY, fueled by a strong performance US businesses (up 64%) and healthy performance in Indian business (up 13% YoY).

Arvind Fashions (AFL) ended FY26 on a strong note, with 4Q/FY26 LFL growth of 8%, led by robust performance in US Polo and Flying Machine.