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RBI's Revised Co-Lending Norms Set to Transform NBFC Growth

RBI's Revised Co-Lending Norms Set to Transform NBFC Growth

RBI’s Revised Co-Lending Norms Set to Transform NBFC Growth

Major regulatory reforms empower joint lending, expand credit access, and boost risk sharing among financial institutions in India.

Introduction
The Reserve Bank of India (RBI) has introduced its landmark Co-Lending Directions, 2025, set to take effect from January 1, 2026. These new norms are poised to radically reshape the lending landscape for Non-Banking Financial Companies (NBFCs) by fostering collaboration between banks, NBFCs, and other regulated entities (REs). Industry experts, including rating agency Crisil, anticipate the measures will unlock significant growth opportunities and help overcome longstanding funding constraints that have troubled smaller lenders.

Key Highlights of the RBI Co-Lending Guidelines
1. Minimum Loan Retention Requirement
As per the revised framework, each participating RE—whether a bank or an NBFC—must retain a minimum of 10% of every individual loan on its own balance sheet. This is a notable reduction from the previous minimum of 20%, particularly benefiting mid-sized and smaller NBFCs that face higher funding constraints. The measure ensures all partners have genuine financial exposure (“skin in the game”) and participate actively in risk management.
2. Expanded Applicability and Partnership Scope
Earlier, co-lending was primarily limited to priority sector loans. The revised norms extend the model to all regulated entities and all forms of loans (secured and unsecured), vastly expanding the scope of credit delivery in India. Banks, NBFCs (including housing finance companies), and other financial institutions can now collaborate in lending to retail and MSME segments, driving deeper financial inclusion.
3. Default Loss Guarantee Cap
Originating REs, which initiate the loan, may provide a direct lending guarantee (DLG) of up to 5% of the pooled loan amount to their co-lending partner. This guarantee absorbs losses in case of default and was previously restricted to digital lending. The guarantee must be invoked only after 90 days of delinquency, ensuring prudent risk and reward sharing between partners without excessive risk transfer.
4. Uniform Asset Classification
In a major regulatory step, all co-lending partners must follow a uniform asset classification for each loan. If one partner flags a loan as a special mention account (SMA) or non-performing asset (NPA), the other must do the same, with this data shared in real time. This removes regulatory arbitrage, ensures early stress recognition, and promotes transparency across the system.
5. Blended Interest Rates and Disclosure Norms
Borrowers will be charged a blended interest rate, calculated as the weighted average of each RE’s internal rate based on their share of the loan. All additional fees and charges must be disclosed upfront in the Key Facts Statement (KFS) and factored into the annual percentage rate (APR). Financial institutions are required to disclose details of their co-lending arrangements, volumes, interest rates, fees, sectoral exposure, and partner lists both online and in financial statements.
6. Operational Clarity and Borrower Protection
Every co-lending agreement must detail the loan product, partner duties, borrower selection criteria, fee structures, and risk-sharing models. All transactions are to be routed through escrow accounts to ensure fund security and transparency. Borrowers will have a single point of contact throughout the loan lifecycle, with grievance redressal mechanisms in place and clear product information.

Impact on NBFCs and Credit Growth
Lending Opportunities and AUM Expansion
The new rules enable NBFCs, especially smaller ones, to participate in co-lending with banks on more flexible terms, reducing the minimum loan retention requirement. This alleviates funding pressures, encouraging NBFCs to scale up lending operations. Crisil reports co-lending assets under management for NBFCs exceeded ₹1.1trillion as of March 2025, with robust growth expected after the new framework takes effect.
Financial Inclusion and Risk Distribution
Wider partnership possibilities mean loans can reach underserved consumer, SME, and rural markets—key to achieving financial inclusion. Risk is distributed more efficiently between large and small lenders, reducing systemic vulnerabilities and paving the way for more resilient financial sector growth.
Regulatory Oversight and Compliance
Greater oversight ensures all partners adhere to prudent risk management standards, with no scope for regulatory arbitrage. Real-time asset classification and disclosures will lead to early problem loan identification and protect stakeholders, including borrowers and investors.

Challenges and Industry Feedback
Technology Integration
Industry commentary highlights that integrating diverse technology platforms among co-lending partners could prove challenging. Implementing seamless data sharing, unified asset classification, and escrow arrangements will demand substantial investment and collaboration.
Need for Clarity
While the guidelines provide a robust framework, stakeholders have sought further clarity on fee structures, business continuity plans (especially for failed partnerships), and operational responsibilities to avoid confusion and ensure smooth implementation.

Conclusion
The RBI’s Co-Lending Directions, 2025 mark a significant milestone for India’s financial sector, particularly for NBFCs. By lowering barriers, broadening collaboration, tightening regulatory standards, and prioritizing borrower protection, the new framework is set to unlock NBFC growth and drive financial inclusion. With careful execution and continued regulatory oversight, the benefits for lenders and borrowers alike are expected to be substantial.

 

 

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Kore Digital Q1 FY2026 Results: Robust Growth Driven by Telecom Infrastructure Demand

Coastal Corporation Q1 2026: Robust Performance and Rising Profits

Coastal Corporation Q1 2026: Robust Performance and Rising Profits

Coastal Corporation Q1 2026: Robust Performance and Rising Profits

Coastal Corporation delivers strong Q1 2026 results—highlighting impressive sales growth, improved profitability, and resilience amid industry challenges.

Accelerating Momentum: Overview of Q1 2026
In August 2025, Coastal Corporation announced its Q1 2026 financial results, establishing an optimistic outlook for the year ahead. With recent figures surpassing market expectations, the company fortified its place as a leading player in the seafood and food processing sector. Shareholders and analysts alike noted considerable advancements in both top-line and bottom-line performance, confirming the impact of strategic operational choices made over the past year.

Financial Highlights: Revenue & Profit on the Rise
Sharply Increased Revenue
Coastal Corporation reported a notable increase in revenue for the quarter ending June 2025. Compared to previous periods, the company demonstrated robust sales momentum, attributed primarily to strong demand across domestic and export markets. Enhanced product portfolios and improved supply chain dynamics provided additional uplift, allowing Coastal Corporation to capitalize on favorable market conditions.
Profitability Strengthens
The company’s quarterly net profit showcased a marked improvement, reflecting efficiency gains and a focused approach to cost management. By curbing unnecessary expenditures and optimizing resource allocation, Coastal Corporation was able to boost margins, even as interest costs and inflationary pressures posed challenges. Analysts observed that operational excellence, coupled with prudent financial discipline, was the cornerstone of this profit surge.

Shareholder Value and Market Performance
Positive Market Reactions
Upon announcement of its quarterly performance, Coastal Corporation witnessed positive movements in its share price. Investor confidence strengthened—fueled by consistent earnings growth and indications of promising future prospects. Key investment platforms reported quick shifts in trading patterns, underscoring shareholder optimism and renewed interest from institutional investors.
Dividend and Earnings Per Share
Apart from stable profitability, the company delivered on its commitment to shareholder returns. Coastal Corporation maintained healthy earnings per share (EPS) figures, signaling stability in its business fundamentals. The board’s decision on dividend payouts was met with approval, reinforcing its reputation for balancing growth initiatives with rewarding investors.

Operational Evolution: Strategic Initiatives
Product Expansion and Market Penetration
During Q1 2026, Coastal Corporation expanded its product offerings, offering value-added items that catered to evolving consumer preferences. Its export footprint grew noticeably, tapping into new international markets. Strategic partnerships and enhancements in processing facilities facilitated broader distribution and greater scalability.
Technology and Efficiency
Technological adoption continued to accelerate, with the company investing in automation and digital tools to streamline logistics. Improved traceability—from sourcing to delivery—ensured consistent quality, mitigating risks related to supply chain disruptions. These efforts proved pivotal as the industry navigated unpredictable macroeconomic conditions.

Challenges and Resilience
Navigating Rising Costs and External Pressures
Despite facing inflationary headwinds and increased input costs, Coastal Corporation managed to sustain profitability. The management’s strategic cost-cutting measures—ranging from renegotiating supplier contracts to implementing lean manufacturing—enabled the firm to maintain competitive pricing and protect margins.
Regulatory and Environmental Focus
Stringent regulatory requirements and sustainability concerns shaped strategic decisions in the first quarter. Coastal Corporation launched several initiatives to reinforce compliance and uphold environmental stewardship. These moves not only safeguarded brand reputation but also aligned with global trends toward responsible sourcing and ecological responsibility.

Forward Outlook: What Lies Ahead in FY 2026
Looking forward, Coastal Corporation aims to harness its Q1 momentum by deepening market reach and investing in innovation. The company’s leadership articulated clear paths for scaling up production, improving logistics, and expanding customer engagement initiatives. While market volatility and regulatory changes persist, strong fundamentals suggest continued growth and value creation through the remainder of the fiscal year.

Conclusion: A Promising Road Ahead
Coastal Corporation’s strong Q1 2026 performance highlights its ability to create shareholder value while quickly adapting to changing industry dynamics. With clear strategic direction, enhanced financial health, and a focus on sustainable growth, the company is well-positioned to navigate upcoming challenges and seize emerging opportunities.

 

 

 

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AstraZeneca Pharma India Q1 2026: Strong Growth and Resilience

AstraZeneca Pharma India Q1 2026: Strong Growth and Resilience

AstraZeneca Pharma India Q1 2026: Strong Growth and Resilience

AstraZeneca Pharma India Q1 2026: Strong Growth and Resilience

Astrazeneca Pharma India posts impressive Q1 2026 results with robust revenue growth, disciplined operations, and new oncology launches.

A Strong Start: Q1 2026 Overview
Astrazeneca Pharma India opened the fiscal year 2026 on a positive note, announcing its first-quarter financial results in August. The company demonstrated significant resilience amidst changing industry dynamics, navigating cost pressures and competitive advancements to deliver growth. Q1 2026 has set the stage for focused expansion and strategic innovation.

Key Financial Highlights 

Revenue Surges, Profit Holds Steady
Despite challenges, Astrazeneca Pharma India achieved a noticeable increase in revenue during Q1, climbing approximately 36% year-on-year. Revenue for the quarter rose to ₹5.3b, compared with ₹3.9b in the same period last year—reflecting new product launches and rising demand for specialty therapeutics. Although net profit slipped marginally by around 4% from the previous quarter, settling at ₹55.8cr, this was largely a result of higher operational spending and R&D investments aimed at long-term growth.

Stock Performance and Market Capitalization
Astrazeneca’s strong fundamentals are mirrored in its enduring market capitalization, standing at ₹216.47b as of August 2025. Markets responded with stability, with share prices only mildly affected by sector-wide cost increases. The company maintained a low debt-to-equity ratio, signaling financial prudence and capacity for continued investment.

Strategic Highlights: Innovation and Expansion
Oncology and Rare Disease Advances
Q1 2026 was marked by Astrazeneca’s active pursuit of innovations in oncology and rare diseases. Four new drugs were approved in oncology, further solidifying Astrazeneca’s portfolio and market leadership. Noteworthy was the anticipated launch of Eculizumab (Soliris), a breakthrough therapy for rare blood disorders, scheduled for release later in August. These product introductions are expected to fuel both domestic and export revenues in the second quarter.

Operations, R&D, and Partnerships
The company deepened its commitment to research and development, increasing expenditure to support next-generation therapeutics. Strategic collaborations, both locally and globally, empowered Astrazeneca to tap into broader markets and share expertise. The operational team streamlined supply chain processes, enabling efficiency and reducing the impact of input price uncertainties.

Shareholder Value and Dividend Payouts
Reliable Dividends and Earnings Per Share
For Q1 2026, Astrazeneca maintained consistent earnings per share (EPS), ensuring stability for investors during fluctuating market conditions. The board approved an annual dividend of ₹32 per share, with the ex-dividend date set for July 18, 2025, and payment scheduled for September 12, 2025. This reflects the company’s drive to reward shareholders while balancing reinvestment for growth.

Navigating the Pharmaceutical Landscape
Challenges Confronted
Astrazeneca Pharma, along with many peers, faced a more muted profit trajectory due to sector-specific headwinds—such as increased raw material costs and regulatory shifts. However, the company’s approach to controlling expenses and refocusing on higher-margin drugs helped offset potential declines. The marginal slip in net profit was mainly a consequence of deliberate investment in innovation, rather than operational setbacks.

Regulatory Compliance and Sustainability
Stricter compliance requirements were met through proactive measures, including internal audits and enhanced reporting. Astrazeneca embraced sustainability, optimizing manufacturing to reduce environmental impact and reaffirming its commitment to “Science for a Better Life.”

Forward Outlook: Strategy for the Coming Quarters
With fresh approvals in oncology and rare diseases, Astrazeneca Pharma India enters Q2 2026 with clear momentum. The leadership’s focus on specialty pharmaceuticals, global partnerships, and expanding the research pipeline is set to drive growth. While sector volatility cannot be discounted, the company’s consistent performance and strong market reputation position it well for the rest of fiscal 2026.

Conclusion: Enduring Strength and Adaptation
Astrazeneca Pharma India’s Q1 2026 results signal more than financial success—they demonstrate an organizational culture committed to innovation, strategic agility, and responsible stewardship. By balancing short-term profit considerations with sustained investments in research, Astrazeneca reaffirms its place at the forefront of India’s pharma sector.

 

 

 

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Ashok Leyland Kicks Off FY26 With Strong Q1 Performance

BPCL Q1 FY26 Results: A Robust Start to the Financial Year

BPCL Q1 FY26 Results: A Robust Start to the Financial Year

BPCL Q1 FY26 Results: A Robust Start to the Financial Year

BPCL shines with a remarkable 141% surge in net profit amid steady revenues and strategic operational efficiencies, signaling resilience and growth in a volatile energy market.

Introduction: Executive Summary of BPCL’s Strong Performance
Bharat Petroleum Corporation Limited (BPCL), a Maharatna PSU in India’s energy sector, has kicked off the financial year 2026 on a high note. The company posted an exceptional 141% increase in consolidated net profit to ₹6,839 crore for the quarter ending June 2025 (Q1 FY26), compared to ₹2,842 crore in the same quarter last year. Despite a modest 1% rise in revenue to ₹1,29,615 crore, BPCL demonstrated significant operational efficiency and margin expansion, underpinning a robust financial health and strong market positioning.

Financial Highlights: Profit Soars While Revenue Holds Steady
• Net Profit: Increased by 141% YoY to ₹6,839 crore, reflecting a significant leap in profitability driven by improved margins and cost controls. Profit has increased 56% from ₹4,392 crore in Q4 FY2025.
• Revenue: Marginally improved by 1.2% YoY to ₹1.29 lakh crore, showing stability amidst fluctuating crude prices and global market volatility.
• EBITDA: Earnings before interest, taxes, depreciation, and amortization surged 68% YoY to ₹10,428 crore, highlighting effective cost management and operational gains.
• Operating Margin: Jumped from 2.68% in Q1 FY25 to 6.32% in Q1 FY26, marking substantial margin enhancement.
• EBITDA Margin: Increased by 160 basis points sequentially to 8.6% from 7% in the previous quarter, although slightly below some analyst expectations.

Operational Efficiency and Capacity Utilization
BPCL recorded a healthy refinery throughput of 10.42 million metric tonnes (MMT) in Q1 FY2026, demonstrating adaptability to market conditions, compared to 10.58 MMT in Q4 FY2025. The company maintained excellent operational discipline with capacity utilization surpassing 120%, contributing to better refining margins. The gross refining margin (GRM), which reflects the difference between refined product sales and crude feedstock costs, stood at $4.88 per barrel. Although lower than $9.2 per barrel in the previous quarter, it still reflected strong operational efficiency, aided by BPCL’s strategic crude sourcing, which included 30–32% Russian crude blending.

Strategic Initiatives Driving Growth and Sustainability
BPCL has been actively pursuing diversification and sustainability goals, aiming for a greener footprint while expanding its core refining business:
• Investment in Renewables: Targeting 10 GW of renewable energy capacity by 2035, BPCL is making strides in green hydrogen and other clean energy projects.
• Capex and Expansion: The company plans a significant capital investment of ₹36,400 crore over five years, including new refinery projects like the Andhra Pradesh refinery, to strengthen self-reliance and capacity.
• ESG Commitment: BPCL is committed to achieving net-zero carbon emissions by 2040, focusing on reducing footprint while supporting India’s transition to cleaner energy and electric vehicles.

Market Context and Outlook
BPCL’s performance in Q1 FY26 demonstrates resilience against the backdrop of global energy market volatility and price fluctuations. The company’s strong financials, robust margins, and strategic investments make it well-equipped to navigate ongoing challenges. Analysts view BPCL as a defensive play in the cyclical energy sector, noting its operational efficiency and ESG-aligned strategy as key competitive advantages.

Conclusion: BPCL’s Growth Momentum Offers Optimistic Prospects
BPCL’s first quarter results for FY26 showcase a blend of profitability, operational strength, and strategic foresight. The significant profit jump amid steady revenues signals effective management and resilience in a competitive environment. With ongoing investments in renewables, capacity expansion, and sustainability, BPCL is positioning itself for long-term growth and leadership in India’s evolving energy landscape. Investors and stakeholders can remain optimistic about BPCL’s ability to sustain its momentum and contribute meaningfully to India’s energy security and green transition.

 

 

 

 

 

 

 

 

 

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HAL Q1 FY26 Results: Margin Surge Amid Mixed Profit

HAL Set to Benefit from $1 Billion GE Fighter Jet Engine Deal

HAL Q1 FY26 Results: Margin Surge Amid Mixed Profit

HAL Q1 FY26 Results: Margin Surge Amid Mixed Profit

Robust Revenue, Expanding Margins, and a Dynamic Order Book Signal HAL’s Resilience Despite Profit Dip

Introduction: Strong Start to FY26 for HAL
India’s premier aerospace and defence manufacturer, Hindustan Aeronautics Limited (HAL), kicked off FY26 with a quarter that showcased revenue strength and enhanced operational efficiency, offset by marginal decreases in net profit. This performance has underlined HAL’s status as a cornerstone of India’s defence sector while illuminating both opportunities and headwinds in a fast-evolving environment.

Financial Headlines: Revenue Up, Margins Broaden
During Q1 FY26 (April–June 2025), HAL reported:
• Consolidated revenue from operations surging 10.9% year-on-year to ₹4,819 crore, driven by the execution of projects from its substantial ₹1.89 lakh crore order book and strengthened by a higher contribution from repairs and overhauls.
• EBITDA margin climbed significantly to 26.6% (up from 22.8% a year earlier), aided by improved operating leverage.
• Operating profit (EBITDA) soared almost 30% to ₹1,284 crore, surpassing analyst forecasts and reflecting growing scale.
• Consolidated net profit came in at ₹1,377 crore, a 4% dip from the same quarter last year, primarily attributed to higher tax outgo and increased employee expenses.

Order Book and Execution: Building for the Future
HAL’s order book—one of the largest in India’s defence industry—stood at a staggering ₹1.89 lakh crore by the end of Q1 FY26, providing long-term revenue visibility. Management reaffirmed guidance for:
• The company is aiming for an order book of ₹2.5–2.6 lakh crore by FY26, supported by strong execution as indigenous defence contracts gain momentum.
• Delivery of 12 LCA Mk1A fighter aircraft this year—a step-change from past fulfillment rates, thanks to streamlined supply chains and key technology partnerships.

Stock Market Reaction: Bullish Despite Near-Term Dip
• HAL’s shares recovered from initial losses and gained over 2% after the results announcement, outperforming the Nifty index and demonstrating investor confidence in the company’s underlying momentum.
• Brokerages have largely maintained bullish positions. Notably:
o Motilal Oswal, Nomura, and Nuvama have set target prices between ₹5,800 and ₹6,100 per share, projecting an upside potential of up to 38%.
o Stronger margins, execution discipline, and a sizable order pipeline were cited as key drivers behind these optimistic forecasts.

Margins and Capital Efficiency: The Standout Story
While profit slipped marginally, HAL’s margin story took center stage:
• EBITDA margin expanded by nearly 400 basis points, surprising analysts and signalling improved cost efficiency.
• The company managed this margin expansion even as employee benefit costs rose due to higher pension scheme contributions.
• HAL remains almost debt-free, providing further financial flexibility as India steps up defence indigenization and multi-year procurement cycles.

Sectoral and Strategic Context
HAL’s strong revenue and margin performance comes as India seeks self-reliance in military hardware and boosts domestic procurement. The company’s execution on current orders—especially the Tejas fighter program and helicopter fleet upgrades—have increased its strategic importance.
Analysts believe HAL is well-positioned to capture an even larger share of upcoming military aviation contracts, particularly as budget allocations and geopolitical priorities focus on domestic manufacturing and assembly capabilities.

Challenges and Key Watchpoints
Despite its robust performance, HAL faces several challenges:
• Sustaining profit growth amid rising costs, especially with new pension obligations and higher tax outgo in Q1 FY26.
• Delivering complex aircraft and systems on schedule while maintaining quality, given the scale of pending orders.
• Navigating global supply chain headwinds as it ramps up the Tejas Mk1A and other key programs.

Conclusion: HAL Remains a Defence Powerhouse
Q1 FY26 results reinforce HAL’s leadership in India’s defence sector, with revenue and margins hitting record highs despite a dip in net profit. Supported by a massive order book, execution discipline, and strong institutional backing, HAL is primed for further growth and strategic prominence. Most analysts recommend holding or accumulating the stock, anticipating stronger profits as project deliveries accelerate and costs are further optimized.

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Jindal Steel & Power Q1 FY26: Profits Surge on Operational Gains and Strategic Growth

ONGC Q1 FY26 Results: Profit Growth Amid Revenue Decline

ONGC Q1 FY26 Results: Profit Growth Amid Revenue Decline

ONGC Q1 FY26 Results: Profit Growth Amid Revenue Decline

ONGC’s Resilient Performance Defies Headwinds, Showcases Strength of India’s Energy Backbone

Introduction: ONGC Proves Its Mettle Amid Uncertain Markets
As India’s foremost oil and gas producer, ONGC’s Q1 FY26 results have become a litmus test for the sector’s resilience. Despite facing volatile global crude prices and subdued revenues, ONGC propelled its consolidated profit up by a robust 18.2%. Strategic operational shifts, disciplined cost management, and new high-margin ventures have provided a strong buffer—reinforcing ONGC’s role at the heart of India’s energy security.

Financial Snapshot: Profit Up, Revenue Slips
• Consolidated PAT stood at ₹11,554 Crs, an 18.2% increase year-on-year.
• Consolidated revenue came in at ₹1,63,108 crore, reflecting a 3.5% decline from the previous year.
• Standalone net profit was ₹8,024 crore, down 10.2% year-on-year, impacted by global crude pricing pressures.
• Standalone revenue stood at ₹32,003 crore, down 9.3% compared to Q1 FY25.
The divergence between profit and revenue is primarily due to a mix of higher-margin sales, cost rationalization, and a strong boost from new well gas production fetching premium prices.

Oil & Gas Realizations: Market Trends and Monetization Strategies
• Crude oil realization (nominated fields): US$66.13 per barrel (down ~20% YoY), signaling continued softness in benchmark global oil prices.
• Joint venture oil realization: US$67.87 per barrel, also experiencing double-digit YoY contraction.
• Natural gas price (nominated): $6.64 per mmbtu, slight improvement from previous cycles.
• Premium gas sales: New well gas fetched $8.26 per mmbtu—a full 20% premium over domestic administered pricing—contributing ₹1,703 crore in revenue and boosting overall profitability by ₹333 crore compared to vanilla APM gas pricing.
Despite the drop in crude prices, higher contribution from new gas wells insulated ONGC’s margins and broadened its earnings mix.

Production Performance: Output Gains and Exploration Update
• Standalone crude oil production: Rose 1.2% YoY to 4.683 million metric tonnes (MMT), reversing prior-year stagnation.
• Standalone natural gas production remained steady.
• Joint venture (JV) production: Remained soft, fitting industry trends.
ONGC’s focus on technological upgradation and Brownfield enhancements helped inch up output, while two new offshore discoveries during the quarter underscore a fresh phase of domestic resource development.

Strategic Initiatives: Tapping Future Growth
• New Ventures: ONGC commenced production at its PY-3 field JV and began gas sales from Bokaro’s CBM block in Jharkhand.
• Network Integration: Gas supply from Tripura’s Palatana plant began servicing city networks, boosting downstream and retail prospects.
• Exploration Success: Two new offshore discoveries in Q1 FY26 promise to fortify ONGC’s reserves and support sustainable future output.

Market Reaction and Analyst Notes
• Stock performance: ONGC’s shares were in focus, reflecting the complex interplay of profit growth and revenue contraction. Investors reacted positively to higher profits, but concerns lingered regarding sustained global weakness in crude pricing.
• Brokerage views: The results were termed a “mixed bag”: strong profits from cost discipline and premium gas, weighed by lower core revenues and flattening oil benchmarks.

Challenges & Opportunities
• Global Price Volatility: While ONGC’s hedging and premium gas sales shielded profits, the company remains exposed to unpredictable crude price swings.
• Revenue Mix Shift: Growing proportion of higher-value gas sales suggests a strategic turn toward diversified, high-margin segments.
• Production Targets: Incremental gains in oil output counter underlying JV declines; ongoing field enhancements will be critical for future growth.
• New Discoveries: Recent successful wells could become foundation stones for ONGC’s next growth phase.

Conclusion: ONGC’s Adaptability Sets Tone for Sector
ONGC’s Q1 FY26 demonstrates that adaptability, operational discipline, and strategic market positioning can steer even legacy energy giants through challenging cycles. With profits at record highs and new discoveries on the horizon, ONGC is poised for medium- to long-term growth. Nevertheless, vigilance over global commodities and continued investment in technological innovation remain imperative for future leadership.

 

 

 

 

 

 

 

 

 

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Tilaknagar Industries Q1 FY26: Profit Soars Amid Expansion Plans

Tilaknagar Industries Q1 FY26: Profit Soars Amid Expansion Plans

Tilaknagar Industries Q1 FY26: Profit Soars Amid Expansion Plans

Tilaknagar Industries Q1 FY26: Profit Soars Amid Expansion Plans

Leading Indian IMFL maker posts record quarterly earnings with robust volume growth and strategic acquisition plans

Financial Performance Overview: Q1 FY26
Tilaknagar Industries Limited, renowned for its flagship brand Mansion House Brandy and as one of India’s leading IMFL producers, unveiled an outstanding set of results for the quarter ended June 30, 2025. Consolidated revenue rose 30.6% year-on-year to about ₹409 crore, up from ₹313 crore in the corresponding quarter last year.
Adjusting for a government subsidy of ₹38.6 crore, revenue still recorded a robust growth of 20.5%, underscoring genuine demand strength. Volume growth was equally impressive, with shipments rising 26.5% YoY to 32.1 lakh cases, marking the highest quarterly volume since FY15 and highlighting the company’s successful penetration and market expansion efforts.

Profitability Rockets on Margin Expansion
Tilaknagar Industries’ profitability mirrored its top-line momentum. EBITDA soared by an exceptional 88%, touching ₹94.5 crore compared to ₹50.2 crore a year ago. EBITDA margin jumped to 23.1%, an increase of 700 basis points from 16% in Q1 FY25.
Even excluding the subsidy impact, EBITDA grew by 25%, affirming that operational efficiency and cost discipline were significant contributors to this margin enhancement.
Net profit after tax (excluding exceptional items) more than doubled, increasing by 120.8% to ₹88.5 crore, up from ₹40.1 crore in Q1 FY25. This translated into a healthy earnings per share (EPS) of about ₹4.54 per share, more than doubling from the previous year.

Volume Growth and Market Share Gains
Chairman and Managing Director Amit Dahanukar highlighted the quarter as a period of strong, consistent growth that outpaced the industry for Tilaknagar Industries. The company experienced notable market share improvement in each key region, particularly in the southern states, where demand grew robustly.
Volume gains were central to the company’s growth story, driven by widening distribution, stronger brand acceptance, and strategic pricing moves. Though price reductions in specific states like Andhra Pradesh impacted topline growth compared to volume, the overall contribution remained positive, supporting sustainable growth.

Strategic Expansion and Acquisition Moves
Tilaknagar is actively investing in capacity expansion and inorganic growth to strengthen its competitive positioning. The Board approved a ₹25 crore capital expenditure to boost bottling capacity at its Prag Distillery subsidiary in Andhra Pradesh, scaling from 6 lakh to 36 lakh cases annually.
Meanwhile, Tilaknagar is advancing its transformative acquisition of Pernod Ricard India’s Imperial Blue brand business, valued at about €413 million (₹4,150 crore).
This acquisition, currently pending Competition Commission of India (CCI) approval expected by the end of 2025, will add substantial premium brand value, broaden the product portfolio, and significantly bolster market presence.

Investor Response and Market Outlook
Following the results announcement, Tilaknagar Industries’ shares rose as much as 6% intraday and ended the session close to ₹500. The market welcomed the combination of strong financial performance and bold growth initiatives.
Management’s forward-looking statements indicate confidence in maintaining volume momentum and scaling profitability by capturing rising consumer preference trends and expanding into high-growth states.

Challenges and Considerations
While the results are encouraging, the company faces typical sector challenges including:
• Regulatory environment and state-specific policy shifts impacting liquor pricing and availability.
• Competition from both established players and emerging regional brands.
• Execution risks related to integration and synergies from the Imperial Blue acquisition.
• Sustaining margin expansion amid input cost fluctuations.
However, Tilaknagar’s strong cash position, demonstrated by net cash of ₹163 crore as of June 2025, and strategic investments position it well to navigate these hurdles.

Conclusion: Positioned for Industry Leadership
Tilaknagar Industries’ Q1 FY26 performance highlights the success of its growth strategy, driven by higher volumes, stronger margins, and bold expansion initiatives.
The company’s robust financial footing enables it to pursue acquisition-driven growth, capitalizing on emerging premiumization trends in the Indian IMFL sector.
If the anticipated acquisition gains regulatory clearance and volume momentum continues, Tilaknagar could cement its leadership among India’s top liquor producers. The blend of organic and inorganic strategies bodes well for sustained value creation and competitive differentiation.

 

 

 

 

 

 

 

 

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Shalimar Paints Q1 FY26: Losses Reduce as Revenue Climbs

Market Share Tussle in Paints Enters Next Level

Shalimar Paints Q1 FY26: Losses Reduce as Revenue Climbs

Shalimar Paints Q1 FY26: Losses Reduce as Revenue Climbs

Fresh strategies help Shalimar Paints limit losses while driving double-digit revenue growth in the June 2025 quarter

Performance Snapshot: Q1 FY26
Shalimar Paints, one of India’s oldest and best-known paint manufacturers, delivered a promising set of financials for the first quarter of FY2025-26. The company reported a revenue jump to approximately ₹153-177 crore—a YoY increase of nearly 20%. The results highlight the company’s renewed push for market share and cost optimization, as well as strong demand in both decorative and industrial paint categories.
The June 2025 quarter saw Shalimar Paints cut its consolidated net loss to around ₹16.7 crore, compared to a much steeper ₹27 crore loss posted a year earlier. This represents an improvement in the company’s operational efficiency and points to successful cost-control initiatives rolled out in the past twelve months.

Revenue Grows on Back of Market Expansion
Buoyed by enhanced dealer penetration, aggressive marketing efforts, and a wider product portfolio, Shalimar Paints’ sales climbed steadily through the quarter. The decorative paints segment benefited from robust demand in the housing and renovation sector, while the industrial paints division also saw healthy offtake as infrastructure and manufacturing activities nationwide picked up pace.
Revenue for the quarter increased by approximately 19-23% YoY, depending on the reporting source. This outpaced industry averages and signaled the effectiveness of the management’s tactical shift towards volume-led growth and premiumization of offerings.

Cost Discipline Drives Operating Results
Management focus on cost rationalization and operational efficiencies started to pay off during Q1 FY26. The company reported significant improvements in operating profit, with some reports showing operating profit more than doubling when compared to the previous year.
While the bottom line is still in red, the operating margin improved as efforts such as better raw material sourcing, supply chain enhancements, and prudent expense control bore fruit. These measures helped protect margins in the face of fluctuating raw material prices and high competitive intensity from larger rivals.

High Debt Remains a Hurdle
Despite noticeable progress, Shalimar Paints continues to grapple with high finance costs and rising borrowing levels. Interest expenses rose, further undermining net profit and prolonging the company’s struggle to return to profitability. The negative operating margin, although reduced from prior levels, still reflects the heavy debt burden the company must overcome to deliver shareholder value.

Investor Sentiment: Cautious Optimism
Analysts and investors responded positively to signs of recovery. The reduced losses suggest that Shalimar Paints’ restructuring and revival strategies are starting to deliver results. However, skepticism remains due to ongoing losses and the challenges posed by large debt and competitive pressures in the paints sector.

Conclusion: Signs of a Turnaround, but Road Ahead Is Long
Shalimar Paints made noticeable progress in the first quarter of FY2025-26. A sharp revenue increase and significant reduction in net loss echo the management’s determination to revive the brand and restore financial stability. Nonetheless, persistent net losses highlight the urgent need for continued improvement in cost structure and debt management.
If Shalimar Paints succeeds in boosting profitability and further trimming losses in the upcoming quarters, it could solidify a full-fledged turnaround. For now, the Q1 FY26 results offer hope—but warrant cautious optimism until sustained profits emerge.

 

 

 

 

 

 

 

 

 

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Alpex Solar Q1 FY26: Stellar Growth Pushes Company to New Peaks

Alpex Solar Q1 FY26: Stellar Growth Pushes Company to New Peaks

Alpex Solar Q1 FY26: Stellar Growth Pushes Company to New Peaks

Alpex Solar Q1 FY26: Stellar Growth Pushes Company to New Peaks

Demonstrating explosive revenue and profit surges, Alpex Solar shows robust operational momentum backed by strategic capacity expansions

Financial Performance Overview: Q1 FY26
Alpex Solar Ltd posted outstanding unaudited consolidated results for the quarter ended June 30, 2025, showcasing a remarkable turnaround fueled by soaring sales and improved operational efficiency.
The company reported revenue from operations of approximately ₹380.32 crore, marking an astonishing 395.7% increase compared to the same quarter last year.
Profitability indicators were even more impressive. PAT jumped an astounding 3,888% to ₹42.29 crore from ₹1.06 crore in Q1 FY25, while EBITDA soared 1,058% to ₹57.39 crore, reflecting significant margin gains and effective cost management.
The company’s basic earnings per share (EPS) ballooned to ₹17.28, a substantial leap from ₹0.43 share a year earlier, signaling enhanced shareholder value and operational leverage.

Capacity Expansion Driving Growth Ambitions
Aligned with its aggressive growth strategy, Alpex Solar’s Board approved a capital expenditure of ₹110 crore to establish a new 1.2 GW solar module manufacturing facility at Kosi Kotwan, Uttar Pradesh. This plant is slated for commissioning in FY 2026-27 and will augment the company’s total manufacturing capacity to 3.6 GW—including 1.2 GW currently operational at Unit I, and an upcoming 1.2 GW facility expected in FY 2025-26.
This expansion plan reflects Alpex Solar’s commitment to meeting rising global and domestic demand for high-efficiency solar modules. The new capacity is expected to enhance input cost efficiencies, support larger scale production, and enable the company to compete effectively with international manufacturers.

Market Dynamics and Operational Strength
Alpex Solar’s explosive growth comes amid a favorable policy environment promoting renewable energy adoption in India and worldwide. Government incentives, ambitious solar capacity installation targets, and increasing corporate sustainability commitments fuel demand for solar technologies.
The company reported strong sales growth led by both volume expansion and improved selling prices, underscoring effective market penetration and premium product positioning. Higher realizations per unit reflect advancements in module efficiency and the ability to command better pricing in competitive markets.
Additionally, stringent cost management and supply chain optimization helped Alpex significantly expand operating margins despite global supply chain pressures.

Sustainability and Future Outlook
Alpex Solar’s operational success dovetails with the global energy transition toward clean sources. With an industry-leading capacity scale-up strategy and technological investments, the company expects to sustain revenue and profit growth in coming years.
Leadership reaffirmed the focus on:
• Accelerating capacity augmentation to capitalize on growing demand.
• Advancing module efficiency and innovation to maintain competitiveness.
• Expanding export markets alongside domestic sales.
• Leveraging government schemes and policy frameworks supporting renewable energy.
The strong order book and ongoing product development pipeline position Alpex Solar as a key player in the Indian and global solar sectors.

Conclusion: Onward and Upward in Solar Energy Leadership
Alpex Solar’s standout Q1 FY26 results mark its emergence as a leading force in solar manufacturing.
The near quadrupling of revenues and nearly 40-fold profit growth underscore operational excellence and market acceptance.
With aggressive capacity expansions and a strategic vision aligned with global clean energy trends, Alpex is poised for sustained momentum. The company’s trajectory points toward expanding market share, enhanced technological capabilities, and deepened stakeholder value.
While solar markets remain dynamic, Alpex Solar’s robust execution and financial strength provide a solid foundation to capitalize on the surging demand for sustainable energy solutions in India and worldwide.

 

 

 

 

 

 

 

 

 

 

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INOX Green Share Price Surges After Sealing 182 MW Wind O&M Deal

HFCL Shares Zoom 5% as Firm Secures 1,000 Acres for Defence Facilities

INOX Green Share Price Surges After Sealing 182 MW Wind O&M Deal

INOX Green Share Price Surges After Sealing 182 MW Wind O&M Deal

1. Market Reaction at a Glance
On August 12, 2025, Inox Green’s shares saw a notable uptick across key exchanges:
• According to Business Standard, the stock touched its daily upper limit of 5% during intraday trading on the BSE, reaching ₹163.4.
• The Economic Times reported a sharp rise to ₹163, up nearly 5%, as markets reacted to the new O&M agreement.
• Moneycontrol recorded a 3.6% gain, with the shares quoting at ₹161.25 in early trade.
• Meanwhile, Trade Brains pegged the increase at around 4.6%, placing the stock at ₹162.9 on BSE, compared to the previous close of ₹155.65.

2. Deal Structure and Scope
• The deal was finalized with the renewable energy division of a major Indian conglomerate.
• Covering wind assets located across Western India, the contract transitions 82 MW from limited-scope O&M to full O&M and renews 100 MW of full O&M earlier than planned.
• The agreement extends over the entire remaining lifespan of the assets.

3. What Inox Green’s Leadership Has to Say
Inox Green CEO SK Mathu Sudhana confirmed the milestone deal, highlighting that bringing their entire project fleet back into the company’s O&M ambit strengthens bonds with marquee clients and demonstrates growing customer confidence.
He added that this contract is emblematic of evolving trends in the wind O&M sector, and serves as validation of Inox Green’s upgraded capabilities.

4. Financial Impacts & Broader Context
• Business Standard (Capital Market News) confirmed the deal reinforces Inox Green’s standing as a trusted O&M provider, particularly after entering solar O&M earlier this year.
• Capital Market provided insight into Q4 FY25 earnings: while revenue jumped 30.4% to ₹68.38 crores, net profit dropped 73.9% to ₹5.56 crores compared to Q4 FY24.
• Trade Brains similarly shared these figures and noted that the Q1 FY26 financials will be discussed at the board meeting slated for August 14, 2025.

5. Immediate Implications & Outlook
• The agreement brings long-term revenue security, covering the full lifecycle of 182 MW, which should bolster investor confidence in recurring cash flows.
• The transition toward renewable energy, especially wind and solar O&M, positions Inox Green well amid energy sector evolution.
• However, the decline in profitability signals the need for efficiency improvements or margin support from new contracts.
• With upcoming board approval of Q1 results and growing expertise across both wind and solar O&M, Inox Green may be well-poised for future expansions.

Conclusion
Inox Green’s recent contract to operate and maintain 182 MW of wind assets marks a pivotal moment, signaling both resilience and adaptability. The surge in share price reflects the market’s positive reception to this testament of operational strength. As the company readies its Q1 financial report and continues diversifying into solar O&M, its future trajectory appears promising—provided it can navigate profit margin pressures while capitalizing on long-term O&M agreements.

 

 

 

 

 

 

 

 

 

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Remsons Industries Q1 FY26: Consolidated Growth Powers Ahead