Quarter Results Update

*Gujarat Kidney And Super Speciality Ltd.* | *CMP* Rs. 137 | *M Cap* Rs. 1077 Cr | *52 W H/L* 148/98 (Nirmal Bang Retail Research) *Result has declined* Revenue from Operations came at Rs. 34.3 Cr (12.1% QoQ, 124.7% YoY) vs QoQ Rs. 30.6 Cr, YoY Rs. 15.3 Cr EBIDTA came at Rs. 8.4 Cr (33% QoQ, -2.9% YoY) vs QoQ Rs. 6.3 Cr, YoY Rs. 8.6 Cr EBITDA Margin came at 24.4% vs QoQ 20.6%, YoY 56.5% Adj. PAT came at Rs. 5.2 Cr vs QoQ Rs. 5 Cr, YoY Rs. 4.8 Cr Quarter EPS is Rs. 0.7 Stock is trading at P/E of 68x TTM EPS

*Regaal Resources Ltd.* | *CMP* Rs. 86 | *M Cap* Rs. 886 Cr | *52 W H/L* 146/58 (Nirmal Bang Retail Research) *Result is ok* Revenue from Operations came at Rs. 202.1 Cr (-17.4% QoQ, -18% YoY) vs QoQ Rs. 244.6 Cr, YoY Rs. 246.6 Cr EBIDTA came at Rs. 31 Cr (-4.7% QoQ, 26.6% YoY) vs QoQ Rs. 32.5 Cr, YoY Rs. 24.5 Cr EBITDA Margin came at 15.3% vs QoQ 13.3%, YoY 9.9% Adj. PAT came at Rs. 13.3 Cr vs QoQ Rs. 16.5 Cr, YoY Rs. 9.1 Cr Quarter EPS is Rs. 1.3 Stock is trading at P/E of 13.3x TTM EPS

*Patanjali Foods Ltd.* | *CMP* Rs. 414 | *M Cap* Rs. 45026 Cr | *52 W H/L* 654/406 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 11337.5 Cr (1.6% QoQ, 27.4% YoY) vs QoQ Rs. 11155.6 Cr, YoY Rs. 8899.7 Cr Gross Profit came at Rs. 1517.5 Cr vs QoQ Rs. 1342 Cr, YoY Rs. 1246.2 Cr Gross Profit Margins came at 13.4% vs QoQ 12%, YoY 14% EBIDTA came at Rs. 543.3 Cr (22% QoQ, 69.2% YoY) vs QoQ Rs. 445.3 Cr, YoY Rs. 321.2 Cr Margins (%) came at 4.8% vs QoQ 4%, YoY 3.6% Adj. PAT came at Rs. 335.7 Cr vs QoQ Rs. 692.8 Cr, YoY Rs. 180.4 Cr Quarter EPS is Rs. 3.1 Share is trading at P/E of 22.5x FY28E EPS

*Kwality Wall's (India) Ltd.* | *CMP* Rs. 36 | *M Cap* Rs. 8451 Cr | *52 W H/L* 39/22 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 878.3 Cr (80.8% QoQ, 16% YoY) vs QoQ Rs. 485.8 Cr, YoY Rs. 757.1 Cr EBIDTA came at Rs. 103.4 Cr (-231.9% QoQ, 60.3% YoY) vs QoQ Rs. -78.4 Cr, YoY Rs. 64.5 Cr EBITDA Margin came at 11.8% vs QoQ -16.1%, YoY 8.5% Adj. PAT came at Rs. 37.2 Cr vs QoQ Rs. -89.4 Cr, YoY Rs. 37.6 Cr Quarter EPS is Rs. 0.2 Stock is trading at P/E of -33.1x TTM EPS

*Swiss Military Consumer Goods Ltd.* | *CMP* Rs. 14 | *M Cap* Rs. 338 Cr | *52 W H/L* 29/13 (Nirmal Bang Retail Research) *Result ok* Revenue from Operations came at Rs. 53.7 Cr (-17.3% QoQ, -3.4% YoY) vs QoQ Rs. 64.9 Cr, YoY Rs. 55.5 Cr EBIDTA came at Rs. 2.3 Cr (43.9% QoQ, -14% YoY) vs QoQ Rs. 1.6 Cr, YoY Rs. 2.7 Cr EBITDA Margin came at 4.3% vs QoQ 2.5%, YoY 4.8% Adj. PAT came at Rs. 1.4 Cr vs QoQ Rs. 1.4 Cr, YoY Rs. 1.9 Cr Quarter EPS is Rs. 0.1 Stock is trading at P/E of 46.2x TTM EPS

*Marine Electricals (India) Ltd.* | *CMP* Rs. 372 | *M Cap* Rs. 5206 Cr | *52 W H/L* 372/151 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 259.2 Cr (-6.6% QoQ, 55.2% YoY) vs QoQ Rs. 277.5 Cr, YoY Rs. 167 Cr EBIDTA came at Rs. 28.2 Cr (-10.5% QoQ, 66.9% YoY) vs QoQ Rs. 31.5 Cr, YoY Rs. 16.9 Cr EBITDA Margin came at 10.9% vs QoQ 11.4%, YoY 10.1% Adj. PAT came at Rs. 17.3 Cr vs QoQ Rs. 19.7 Cr, YoY Rs. 11.6 Cr Quarter EPS is Rs. 1.2 Stock is trading at P/E of 79.8x TTM EPS

*Rubicon Research Ltd.* | *CMP* Rs. 1618 | *M Cap* Rs. 26759 Cr | *52 W H/L* 1618/571 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 534.3 Cr (4% QoQ, 51.6% YoY) vs QoQ Rs. 513.9 Cr, YoY Rs. 352.5 Cr EBIDTA came at Rs. 129.1 Cr (8.8% QoQ, 63.2% YoY) vs QoQ Rs. 118.7 Cr, YoY Rs. 79.1 Cr EBITDA Margin came at 24.2% vs QoQ 23.1%, YoY 22.4% Adj. PAT came at Rs. 84.8 Cr vs QoQ Rs. 76.8 Cr, YoY Rs. 43.3 Cr Quarter EPS is Rs. 5.1 Stock is trading at P/E of 58.2x FY28E EPS

*Nova Agritech Ltd.* | *CMP* Rs. 25 | *M Cap* Rs. 227 Cr | *52 W H/L* 63/18 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 60 Cr (7.3% QoQ, 28.4% YoY) vs QoQ Rs. 55.9 Cr, YoY Rs. 46.7 Cr EBIDTA came at Rs. 6.3 Cr (75.8% QoQ, 16.7% YoY) vs QoQ Rs. 3.6 Cr, YoY Rs. 5.4 Cr EBITDA Margin came at 10.4% vs QoQ 6.4%, YoY 11.5% Adj. PAT came at Rs. 3.3 Cr vs QoQ Rs. 0.2 Cr, YoY Rs. 3.2 Cr Quarter EPS is Rs. 0.4 Stock is trading at P/E of 17.7x TTM EPS

*Jaykay Enterprises Ltd.* | *CMP* Rs. 156 | *M Cap* Rs. 2026 Cr | *52 W H/L* 244/116 (Nirmal Bang Retail Research) *Result improved* Revenue from Operations came at Rs. 74.6 Cr (21.9% QoQ, 34.5% YoY) vs QoQ Rs. 61.2 Cr, YoY Rs. 55.5 Cr EBIDTA came at Rs. 10.6 Cr (-275.7% QoQ, 54.3% YoY) vs QoQ Rs. -6.1 Cr, YoY Rs. 6.9 Cr EBITDA Margin came at 14.3% vs QoQ -9.9%, YoY 12.4% Adj. PAT came at Rs. 4.4 Cr vs QoQ Rs. 15.2 Cr, YoY Rs. 20.2 Cr Quarter EPS is Rs. 0.3 Stock is trading at P/E of 51.6x TTM EPS

*Zaggle Prepaid Ocean Services Ltd.* | *CMP* Rs. 201 | *M Cap* Rs. 2703 Cr | *52 W H/L* 432/186 (Nirmal Bang Retail Research) *Result declining* Revenue from Operations came at Rs. 423.3 Cr (-31.5% QoQ, 27.5% YoY) vs QoQ Rs. 617.9 Cr, YoY Rs. 332 Cr EBIDTA came at Rs. 30.9 Cr (-47% QoQ, 1.4% YoY) vs QoQ Rs. 58.3 Cr, YoY Rs. 30.5 Cr EBITDA Margin came at 7.3% vs QoQ 9.4%, YoY 9.2% Adj. PAT came at Rs. 17.5 Cr vs QoQ Rs. 40.6 Cr, YoY Rs. 26.1 Cr Quarter EPS is Rs. 1.3 Stock is trading at P/E of 10.8x FY28E EPS

*Schneider Electric Infrastructure Ltd.* | *CMP* Rs. 1370 | *M Cap* Rs. 32757 Cr | *52 W H/L* 1548/572 (Nirmal Bang Retail Research) *Result declining* Revenue from Operations came at Rs. 651.4 Cr (10.5% QoQ, 4.8% YoY) vs QoQ Rs. 589.7 Cr, YoY Rs. 621.6 Cr EBIDTA came at Rs. 34.1 Cr (-24.5% QoQ, -50.9% YoY) vs QoQ Rs. 45.1 Cr, YoY Rs. 69.3 Cr EBITDA Margin came at 5.2% vs QoQ 7.6%, YoY 11.2% Adj. PAT came at Rs. 12.4 Cr vs QoQ Rs. 11.6 Cr, YoY Rs. 41.2 Cr Quarter EPS is Rs. 0.5 Stock is trading at P/E of 165.5x TTM EPS

*Paramount Communications Ltd.* | *CMP* Rs. 68 | *M Cap* Rs. 2222 Cr | *52 W H/L* 76/28 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 529.4 Cr (-7.7% QoQ, 17.4% YoY) vs QoQ Rs. 573.3 Cr, YoY Rs. 451.1 Cr EBIDTA came at Rs. 34.7 Cr (16.3% QoQ, 129.2% YoY) vs QoQ Rs. 29.9 Cr, YoY Rs. 15.2 Cr EBITDA Margin came at 6.6% vs QoQ 5.2%, YoY 3.4% Adj. PAT came at Rs. 19.7 Cr vs QoQ Rs. 20.5 Cr, YoY Rs. 18.5 Cr Quarter EPS is Rs. 0.6 Stock is trading at P/E of 36.5x TTM EPS

*Tube Investments of India Ltd.* | *CMP* Rs. 2697 | *M Cap* Rs. 52196 Cr | *52 W H/L* 3420/2165 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 2366.2 Cr (3.8% QoQ, 17.9% YoY) vs expectation of Rs. 2189.7 Cr, QoQ Rs. 2278.6 Cr, YoY Rs. 2006.6 Cr EBIDTA came at Rs. 245.9 Cr (-2.1% QoQ, -0.6% YoY) vs expectation of Rs. 260.6 Cr, QoQ Rs. 251.1 Cr, YoY Rs. 247.4 Cr EBITDA Margin came at 10.4% vs expectation of 11.9%, QoQ 11%, YoY 12.3% Adj. PAT came at Rs. 158.6 Cr vs expectation of Rs. 175.6 Cr, QoQ Rs. 291.3 Cr, YoY Rs. 168.1 Cr Quarter EPS is Rs. 8.2 Stock is trading at P/E of 49.1x FY28E EPS

*Natco Pharma Ltd.* | *CMP* Rs. 894 | *M Cap* Rs. 16014 Cr | *52 W H/L* 1227/789 (Nirmal Bang Retail Research) *Result is ahead of expectations* Revenue from Operations came at Rs. 735.2 Cr (-0.5% QoQ, -44.7% YoY) vs expectation of Rs. 786.5 Cr, QoQ Rs. 739.1 Cr, YoY Rs. 1328.9 Cr EBIDTA came at Rs. 186.5 Cr (46.2% QoQ, -67.3% YoY) vs expectation of Rs. 156.3 Cr, QoQ Rs. 127.6 Cr, YoY Rs. 571 Cr EBITDA Margin came at 25.4% vs expectation of 19.9%, QoQ 17.3%, YoY 43% Adj. PAT came at Rs. 206.5 Cr vs expectation of Rs. 159.8 Cr, QoQ Rs. 267.9 Cr, YoY Rs. 480.7 Cr Quarter EPS is Rs. 11.5 Stock is trading at P/E of 19x FY28E EPS

*Diamond Power Infrastructure Ltd Q1FY2027 Concall Update* (Nirmal Bang Retail Research) *Outlook: Positive* *Future Guidance & Outlook* • Management reiterated its FY27 revenue guidance of ₹4,300–4,500 cr and expressed confidence in achieving the target despite Q1 being impacted by an early and heavy monsoon. The company expects a gradual ramp-up in Q2 and stronger growth in H2 as project execution improves and newly added capacities start contributing. • EBITDA margin guidance for FY27 has been maintained at 11%–13%, with management expecting margins to improve in the coming quarters due to a better product mix, higher contribution from medium-voltage and extra-high-voltage cables, and operating leverage benefits. • The company expects the benefits of the recently completed ₹1,614 cr QIP to start reflecting meaningfully from Q3 and Q4 FY27 as the funds are deployed into capacity expansion and working capital. • Diamond Power is strategically shifting towards higher-margin medium-voltage (11–66 kV) and extra-high-voltage cable segments, where competition is lower and realizations are superior. The company aims to become a leading player in these categories. • The company is in the final stages of ordering its sixth CCV line, which is expected to be commissioned by December 2027. Since existing infrastructure can accommodate the new line, no major civil or utility capex will be required. • Two additional medium-voltage cable lines are under installation and remain on schedule. These lines are critical for meeting growing demand in the 11–220 kV segment, which constitutes the largest share of the company’s order book. • The company is converting its legacy rod mill and conductor facility into a modern LV and control cable plant focused on copper and aluminum products. Commercial production is expected before March 2027, with meaningful revenue contribution beginning in FY28. The project has revenue potential of around ₹1,880 cr at full utilization. • Export business remains at an early stage, but management expects certifications and team expansion to help secure export orders in Europe and the US. The company has targeted ₹500 cr export order inflow before FY27-end. • Management has reaffirmed its aspiration to achieve approximately ₹7,500 cr revenue in FY28, supported by capacity additions, stronger utilization levels, and sustained demand from power infrastructure, renewable energy, urbanization, data centers, railways and underground cabling projects. • Data center infrastructure is emerging as a major growth driver. Management expects around ₹750 cr data center revenue in FY27 and has internally targeted ₹1,000 cr of fresh data center orders before March 2027. The long-term goal is to derive roughly 20% of revenue from the data center segment. • Gujarat’s disaster management and underground cabling program is expected to generate approximately ₹22,000 cr of opportunities over the next three years, while similar projects are emerging across several coastal states, creating a large addressable market for medium-voltage cables. • FY27 utilization is expected to reach around 40% for conductors and 50–52% for cables, while FY28 utilization could rise to approximately 60% for both segments as new capacities become operational. *Other Highlights* • Order book stood at ₹3,688 cr as of 11 August 2026, up from ₹2,555 cr YoY, equivalent to nearly 2x FY26 revenue. The company has secured over ₹1,000 cr of new orders since April. • Around ₹2,800 cr of the current order book is scheduled for execution before March 2027, providing strong revenue visibility for the current year. • Adani Group currently accounts for approximately 40% of the order book, but management intends to reduce this exposure to around 20% by FY27-end through customer diversification. • Stock is trading at P/E of 97.3x TTM EPS

*Bharat Dynamics Ltd.* | *CMP* Rs. 1368 | *M Cap* Rs. 50146 Cr | *52 W H/L* 1980/1086 (Nirmal Bang Retail Research) *Result is above expectations* Revenue from Operations came at Rs. 572.2 Cr (19.2% QoQ, 130.8% YoY) vs expectation of Rs. 599.2 Cr, QoQ Rs. 480.2 Cr, YoY Rs. 247.9 Cr EBIDTA came at Rs. 83.1 Cr (50.4% QoQ, -283.1% YoY) vs expectation of Rs. 60.1 Cr, QoQ Rs. 55.2 Cr, YoY Rs. -45.4 Cr EBITDA Margin came at 14.5% vs expectation of 10%, QoQ 11.5%, YoY -18.3% Adj. PAT came at Rs. 118.8 Cr vs expectation of Rs. 91.1 Cr, QoQ Rs. 113.2 Cr, YoY Rs. 18.4 Cr Quarter EPS is Rs. 3.2 Stock is trading at P/E of 43.7x FY28E EPS

*Alkem Laboratories Ltd.* | *CMP* Rs. 5416 | *M Cap* Rs. 64761 Cr | *52 W H/L* 5933/5085 (Nirmal Bang Retail Research) *Result is marginally below expectations* Revenue from Operations came at Rs. 3740.2 Cr (3.8% QoQ, 10.9% YoY) vs expectation of Rs. 3805.4 Cr, QoQ Rs. 3603.3 Cr, YoY Rs. 3371.1 Cr EBIDTA came at Rs. 766.1 Cr (48.1% QoQ, 3.7% YoY) vs expectation of Rs. 795.3 Cr, QoQ Rs. 517.4 Cr, YoY Rs. 739.1 Cr EBITDA Margin came at 20.5% vs expectation of 20.9%, QoQ 14.4%, YoY 21.9% Adj. PAT came at Rs. 520 Cr vs expectation of Rs. 568.1 Cr, QoQ Rs. 371.4 Cr, YoY Rs. 651.3 Cr Quarter EPS is Rs. 43.5 Stock is trading at P/E of 23.9x FY28E EPS

*CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED ~ C* | *CMP* Rs. 1611 | *M Cap* Rs. 30287 Cr | *52 W H/L* 2064/1305 (Nirmal Bang Retail Research) (Segmental results Awaited) *Result improved* NII came at Rs. 4356.1 Cr vs YoY Rs. 3486.3 Cr (24.9% YoY) QoQ Rs. 4166.6 Cr Total income came at Rs. 7209 Cr vs YoY Rs. 5915 Cr, QoQ Rs. 6765 Cr PBT came at Rs. 2400 Cr vs YoY Rs. 1695 Cr, QoQ Rs. 2140 Cr PAT (After MI) came at Rs. 1789.4 Cr vs YoY Rs. 1259.5 Cr (42.1% YoY) QoQ Rs. 1625.6 Cr *_Chola investment & Finance co_* NII came at Rs. 4036.8 Cr vs YoY Rs. 3183.8 Cr (26.8% YoY) QoQ Rs. 3855.1 Cr PBP came at Rs. 3142.3 Cr vs YoY Rs. 2411.7 Cr (30.3% YoY) QoQ Rs. 2983.8 Cr Provision came at Rs. 922 Cr vs YoY Rs. 882 Cr, QoQ Rs. 846 Cr PAT came at Rs. 2220.5 Cr vs YoY Rs. 1135.9 Cr (95.5% YoY) QoQ Rs. 1640.7 Cr AUM came at Rs. 233586 Cr (+22%YoY, +4%QoQ)vs YoY Rs. 192148 Cr, QoQ Rs. 224334 Cr Quarter EPS is Rs. 95.3 Stock is trading at 1.8x trailing P/BV

*Likhitha Infrastructure Ltd.* | *CMP* Rs. 222 | *M Cap* Rs. 876 Cr | *52 W H/L* 272/131 (Nirmal Bang Retail Research) *Result has declined* Revenue from Operations came at Rs. 85.1 Cr (-29.5% QoQ, -30.5% YoY) vs QoQ Rs. 120.7 Cr, YoY Rs. 122.4 Cr EBIDTA came at Rs. 11 Cr (52.4% QoQ, -42.7% YoY) vs QoQ Rs. 7.2 Cr, YoY Rs. 19.1 Cr EBITDA Margin came at 12.9% vs QoQ 6%, YoY 15.6% Adj. PAT came at Rs. 7.3 Cr vs QoQ Rs. 4.6 Cr, YoY Rs. 13.8 Cr Quarter EPS is Rs. 1.9 Stock is trading at P/E of 26.8x TTM EPS

*Ashok Leyland Ltd.* | *CMP* Rs. 178 | *M Cap* Rs. 104795 Cr | *52 W H/L* 215/115 (Nirmal Bang Retail Research) No. of Vehicles Sold 48763 vs QoQ 69458,YoY 44238 *Result is in-line with expectations* Revenue from Operations came at Rs. 9634.4 Cr (-32% QoQ, 10.4% YoY) vs expectation of Rs. 9799.2 Cr, QoQ Rs. 14160.5 Cr, YoY Rs. 8724.5 Cr EBIDTA came at Rs. 969.5 Cr (-53.1% QoQ, 0% YoY) vs expectation of Rs. 977.1 Cr, QoQ Rs. 2065.5 Cr, YoY Rs. 969.6 Cr EBITDA Margin came at 10.1% vs expectation of 10%, QoQ 14.6%, YoY 11.1% Adj. PAT came at Rs. 609.1 Cr vs expectation of Rs. 614.7 Cr, QoQ Rs. 1404.7 Cr, YoY Rs. 593.7 Cr Quarter EPS is Rs. 1 Stock is trading at P/E of 22x FY28E EPS