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Ahluwalia Contracts

Revenue up 16.4% at Rs 1,177 crore. EBITDA was up 75.2% at Rs 129 crore. Operating margin was at 10.9% vs 7.3%. Net Profit surged to Rs 78.6 crore vs Rs 38.7 crore. Order book stands at Rs 18,058 crore as of Sep-2025.

Glenmark Pharma

Overall numbers were in-line with expectations in the quarter. Revenue for the quarter increased 76.6% YoY at Rs 6004cr as against estimate of Rs 5780cr. Excluding IGI revenue of Rs 4500cr, total operating revenue was at Rs 2377cr.

Operating margin was higher by 2160bps YoY at 39.3% as against expectation of 34.8%. Reported net profit surged 72.3% YoY at Rs 610.3cr.

India formulation sales declined 87% YoY at Rs 165cr. It was impacted by GST regime change on unique, 3-tiered distribution model led to one-time reduction in distributor inventory levels, postponement of orders, and high impact of freight and reverse logistics.

US sales increased 503% YoY at Rs 4466cr on one-time licensing income. Core business growth stood at 7.4% in the quarter.

EPS for the quarter stood at Rs 21.62 and it was at Rs 23.3 for H1FY26. At CMP, the stock trades at 23x FY28E EPS.

Narayana Health (NH)

Overall performance was better than expectations. Revenue for the quarter grew 15.4% YoY at Rs 1644cr as against estimate of Rs 1572cr. Operating margin expanded 190bps YoY at 24.5% as against expectation of 23.3%. Net profit was up 30% YoY at Rs 258.3cr.

India Hospitals revenue grew 8.7% YoY at Rs 1233cr. Operating margin improved 210bps YoY and 320bps QoQ at 23.8%.

Cayman operations revenue stood at US$ 41.6mn vs. US$ 29mnin Q2FY25. It was at US$ 42.6mn in Q1FY26. Operational beds capacity stands at 5750 as of Sep-2025. Company aims to reach beds capacity at 7700 by FY30 on the back of organic expansion. EPS for the quarter stood at Rs 12.7 and it was at Rs 22.4 for H1FY26. At CMP, the stock trades at 30.5x FY28E EPS and 18.5x FY28E EV/EBITDA.

Max Healthcare

Overall numbers were in-line with expectations in the quarter. Revenue for the quarter grew 25.1% YoY at Rs 2135.5cr as compared to expectation of Rs 2078cr. EBITDA margin improved 55bps YoY at 26.9% as against expectation of 26.5%. Net profit increased 74.3% YoY at Rs 491.3cr. PBT for the quarter was up 19.3% YoY at Rs 446cr. Finance cost increased 61% YoY at Rs 53.9cr.

Oncology area contribution stood at 26%, Cardiac at 10%, Orthopedics at 11%, Neuro Sciences and Renal Sciences at 9% each and the balance from others in H1FY26.

ARPOB for thequarterincreased 1.4% YoY at Rs 77,300 per day. EPS for the quarter stood at Rs 5.02 and it was at Rs 8.17 for H1FY26. At CMP, the stock trades at 29x FY28E EV/EBITDA and 46x FY28E EPS.

India Glycols

Revenue for the quarter was higher by 13.6% YoY at Rs 1092 crore. EBITDA margin improved 240bps YoY at 14.4%. Net profit was up 31% YoY at Rs 65.1 crore. Finance cost increased 23% YoY at Rs 49.3 crore.

Capex for H1FY26 was at Rs 172cr. Gross debt stood at Rs 2030cr as against Rs 1870cr as of March-2025.

EPS for the quarter stood at Rs 10.51 and it was at Rs 22.34 for H1FY26. At CMP, the stock trades at 20x FY27E EPS.

Sun TV

Revenue up 39% at Rs 1,300 crore. EBITDA was up 45% at Rs 784 crore vs Rs 541 crore. Net Profit declined 13% at Rs 354 crore vs Rs 407 crore. Other Income declined 22% YoY at Rs 140 crore.

SKF India

Revenue grew 5.2% at Rs 1,309 crore. EBITDA was up 34.1% at Rs 166 crore vs Rs 123.5 crore. Net Profit was higher by 12% at Rs 105 crore vs Rs 94.2 crore. Exceptional loss stood at Rs 25.7 crore in Q2FY26.

Aurobindo Pharma

United States Food and Drug Administration (US FDA) inspected Unit-II, a Formulation manufacturing facility, of Eugia Pharma Specialities Ltd., a wholly owned subsidiary of the Company, at Bhiwadi, Alwar, Rajasthan, from November 03rd to November 14th, 2025. The inspection concluded with 9 observations. The observations are procedural in nature and will be responded to within the stipulated time.

Divi’s Laboratories

Company’s Unit-I facility at Lingojigudem Village, Choutuppal Mandal, Yadadri Bhuvanagiri district, Telangana, has been inspected by the US Food and Drug Administration (US FDA) from November 10, 2025 to November 14, 2025. This inspection was a general cGMP inspection by the US FDA. The inspection has been concluded with no 483 observations.

Allcargo Logistics

Allcargo Logistics reported revenue of Rs. 537 cr. (11% rise year on year & 9% fall compared to previous quarter). EBITDA margins rose from 10% to 12% year on year. Also, the company reported a loss of Rs.2 cr. compared to profit of Rs.14 cr. year on year.

NMDC Ltd.

NMDC Ltd. Announces the fixed prices for iron ore effective from 15th November 2025. Baila Lump at Rs.5600 per ton and Baila Fines at Rs.4750 per ton. These prices are inclusive of various fees but exclusive of additional taxes.

Allcargo Logistics Ltd.

Allcargo Logistics announces successful amalgamation with Allcargo Gati Ltd. Effective November 1,2025.

Inox Wind

On a Standalone basis, revenue grew by 39.8%/32.4% YoY/QoQ to Rs 947.4 Cr in Q2FY26. EBITDA grew multi-fold to Rs 359.1 Cr, growing 242.1%/131% YoY/QoQ as Margins rise to 37.9% compared to 15.5% a year ago. PAT for the quarter was Rs 246.88 Cr marking a growth of 285%/184.7% YoY/QoQ. PAT margins for the quarter was 26.1% in Q2FY26against 9.5% in Q2FY25.

INOX Green Energy Services

Revenue from operations was Rs 85.9 Cr growing 55.6%/52.8% YoY/QoQ. EBITDA noticed growth of 86.9%/9% YoY/QoQ. PAT grew by 363.2%/25.4% YoY/QoQ at Rs 28.07 Cr. Moreover, INOX green energy has completed investment to acquire assets worth 6.5 GW of Wind O&M assets, taking their O&M Portfolio to ~12.5GW.

Firstcry

Revenue up 10.2% at Rs 2,099 crore vs Rs 1,905 crore EBITDA was up 8.7% at Rs 62.1 crore vs Rs 57.1 crore. Net loss was at Rs 35 crore vs loss of Rs 50.2 crore.

Diffusion Engineers

Revenue for the quarter grew 1.3% YoY at Rs 83.6cr. EBITDA was down 2.5% YoY at Rs 12.4cr. Net profit increased 19.5% YoY at Rs 10.2cr.

Orderbook stood at Rs 201cr as of Sep-2025.

With new capacities scheduled to come online in FY26E and the completion of ongoing capex, the company would double topline in the medium to long term along with EBITDA margin expansion, supported by economies of scale, improved operating leverage, and an enhanced product mix driven byhigher-value manufacturing.

Dr. Reddy’s Laboratories

United States Food & Drug Administration (US FDA) completed a GMP inspection at our API facility (CTO-SEZ) in Srikakulam, Andhra Pradesh. The inspection, carried out between 10th November and 14th November, 2025, has been concluded with zero observations

Ashoka Buildcon

Net profit of Ashoka Buildcon declined 82.9% to Rs 78.06 crore in the quarter ended September 2025 as against Rs 457 crore during the previous quarter ended September 2024. Exceptional loss for the quarter was at Rs 219.3 crore. Sales declined 25.62% to Rs 1851.2 crore in the quarter ended September 2025 as against Rs 2488.9 crore during the previous quarter ended September2024.

Siemens

Siemens Ltd has reported over 7 per cent YoY decline in consolidated net profit to Rs 485 crore for the quarter ended September 30, 2025. However, the company saw its revenue from operations grow 16 per cent to Rs 5,171 crore during the quarter from Rs 4,457 crore in the year- ago period. EBITDA was up 13.3% at Rs 617 crore.

IRB Infra

IRB Infrastructure Developers announced that IRB Infrastructure Trust, associate of the company has received a Letter of Award from National Highways Authority of India (NHAI) for the project of involving Tolling, Operation, Maintenance and Transfer of Lucknow Ayodhya Section of NH-28 (New NH-27) from km 15.400 to km 137.970, Ayodhya-Gorakhpur Section (Km. 136.759 to Km. 252.860) stretch of NH-28 (New NH-27) and Lucknow-Sultanpur Section of NH-731 from Km. 90.370 to km. 217.795 in Uttar Pradesh (TOT-17).

BEML

BEML Limited has entered into a quadripartite Memorandum of Understanding (MoU) with M/s Andhra Pradesh Maritime Board (APMB), M/s Delhi metro Rail Corporation (DMRC) & M/s UmeandusTechnologies India Pvt. Ltd

Reliance Industries

Reliance Industries and the Andhra Pradesh government on November 14 signed a memorandum of understanding (MoU) to set up a 1GWartificial intelligence data centre as it seeks to cement its long-standing partnership amid a new wave of investments in the state.

Alembic Pharma

Alembic Pharmaceuticals announced that it has received final approval from the US Food & Drug Administration (US FDA) for its ANDA Diltiazem Hydrochloride Tablets USP, 30 mg, 60 mg, 90 mg, and 120 mg. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Cardizem Tablets, 30 mg, 60 mg, 90 mg, and 120 mg, of Bausch Health US, LLC. Alembic has a cumulative total of 230 ANDA approvals (210 final approvals and 20 tentative approvals) from USFDA.

Archean Chemical

Overall numbers were weak in the quarter. Revenue for the quarter declined 3% YoY at Rs 233.2cr as against estimate of Rs 259cr. Operating margin contracted 430bps YoY at 26.8% as against expectation of 28.3%. Net profit was up 84.4% YoY at Rs 29.1cr. PBT before exceptional items was down 36.7% YoY at Rs 39.9cr. Other Income declined 41% YoY at Rs 6.4cr. EPS for the quarter stood at Rs 2.36 and it was at Rs 5.61 for H1FY26. At CMP, the stock trades at 30x FY27E EPS.

SeQuent Scientific

Overall result was in-line with expectations in the quarter. Revenue for the quarter grew 15% YoY at Rs 424cr as against estimate of Rs 429cr. Operating margin improved 250bps YoY at 13.1% as against expectation of 12.7%. Net profit was up 462.6% YoY at Rs 14.74cr. PBT before exceptional items was up 136.7% YoY at Rs 28.9cr. Other Income declined 52% YoY at Rs 2.15cr.

EPS for the quarter stood at Rs 0.58 and it was at Rs 1.14 for H1FY26. At CMP, the stock trades at 55x FY27E EPS.

Ideaforge Technology

Ideaforge Technology Limited has received an order worth Rs 32 crore to supply Hybrid UAVs with accessories to Ministry of Defence. It is to be executed in the next 6 months.

Source – HDFC Securities, Prime Weekly, Nov 17 2025