Best of PL Research

JSW Steel (JSTL IN) – Q3FY26 Result Update – Pricing uptick; aggressive expansion to continue – Upgrade to ‘Accumulate’

Shriram Finance (SHFL IN) – Q3FY26 Result Update – Strong growth outlook; asset quality resilient – BUY

Ultratech Cement (UTCEM IN) – Q3FY26 Result Update – Superior volume driven performance – BUY

Bharat Petroleum Corporation (BPCL IN) – Q3FY26 Result Update – EBITDA beat; debt reduction continues – Upgrade to ‘Accumulate’

Coforge (COFORGE IN) – Q3FY26 Result Update – Order book strength supports strong FY27 outlook – BUY

Waaree Energies (WAAREEEN IN) – Q3FY26 Result Update – Strong execution and order momentum – BUY

Zee Entertainment Enterprises (Z IN) – Q3FY26 Result Update – ZEE5 registers a turnaround – BUY

Premier Energies (PREMIERE IN) – Q3FY26 Result Update – Execution momentum stays strong – BUY

Kirloskar Pneumatic Company (KKPC IN) – Q3FY26 Result Update – Decent Q3; all eyes on large package dispatches – BUY

IndusInd Bank (IIB IN) – Q3FY26 Result Update – Retail deposit growth a key monitorable – Upgrade to ‘Accumulate’

Mphasis (MPHL IN) – Q3FY26 Result Update – Order book expands, execution and ramp up hold the key – BUY

Jindal Stainless (JDSL IN) – Q3FY26 Result Update – Robust domestic volume aids Q3; Spurt in FY28 – HOLD

InterGlobe Aviation (INDIGO IN) – Q3FY26 Result Update – A quarter marred by one-offs – HOLD

Technical Newsletter: 23-Jan-2026

Gujarat State Petronet (GUJS IN) – Q3FY26 Result Update – EBITDA in line; volume declines slightly – HOLD

Gujarat State Petronet (GUJS IN) – Q3FY26 Result Update – EBITDA in line; volume declines...

KEI Industries (KEII IN) – Q3FY26 Result Update – Exports and housing wires drive margin expansion – BUY

Technical Newsletter: 22-Jan-2026

Hindustan Petroleum Corporation (HPCL IN) – Q3FY26 Result Update – Results in line; focus on operational efficiency – Upgrade to ‘Accumulate’

Dr. Reddy’s Laboratories (DRRD IN) – Q3FY26 Result Update – Timely launch of Sema across markets remain key – REDUCE

Dalmia Bharat (DALBHARA IN) – Q3FY26 Result Update – Weak Q3 on lower pricing and higher opex – Downgrade to ‘HOLD’

Supreme Industries (SI IN) – Q3FY26 Result Update – PVC bottoms out; demand to drive growth – BUY

Gujarat Gas (GUJGA IN) – Q3FY26 Result Update – In-line EBITDA/scm; Morbi vol grows post Q3 – Upgrade to ‘Accumulate’

Restaurant Brands Asia (RBA IN) – Company Update – Fresh promoter entry set to drive growth – Accumulate

Manthan – Multiplex – Patriotism fervour to run high in cinemas during 4QFY26E

Galaxy Surfactants (GALSURF IN) – Visit Update – Specialty & performance segments drive growth – NOT RATED

SRF (SRF IN) – Q3FY26 Result Update – Chemicals segment drives overall performance – HOLD

Cyient DLM (CYIENTDL IN) – Q3FY26 Result Update – Building margin-accretive pipeline via new logos – Accumulate

Vikram Solar (VIKRAMSO IN) – Q3FY26 Result Update – Aggressive capex cycle underway – BUY

Persistent Systems (PSYS IN) – Q3FY26 Result Update – Margin surprises positively, Platform strategy pays off – BUY

Technical Newsletter: 21-Jan-2026