L&T, Jindal Steel, PB Fintech, Star Health, Shree Cement, Happiest Minds Q2 Review — HDFC Securities

Larsen & Toubro reported revenue/Ebitda/APAT at Rs 679.8/68.1/39.3 billion, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoons..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.Larsen & Toubro - Muted execution; strong order inflow Larsen & Toubro Ltd. reported revenue/Ebitda/APAT at Rs 679.8/68.1/39.3 billion, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoons. Plant and machinery margins stood at 7.8% in Q2 FY26 (vs 7.6/7.6% in Q1 FY26/Q2 FY25). Given robust order inflows of Rs 2.1 trillion (+39% YoY) in H1 FY26, L&T now expects to beat earlier 10% order inflow growth guidance for FY26. Revenue growth guidance is maintained at 15%, with P&M margin guidance at 8.5%. Net working capital to sales stood at 10.2% (Q2 FY25: 12.2%) and L&T has maintained FY26 guidance at 12%. L&T expects to realize Rs 21 billion from Hyderabad metro asset transfer to Telangana Government by FY26-end. Diminution in metro investment/equity of Rs 54 billion is provided in Q2 FY26 standalone results and transaction closure will be neutral for standalone and gain in consolidated as book value is pegged at Rs 10 billion vs expected Rs 21 billion realization. Given-the record-high order book of Rs 6.7 trillion,focus on advance business segments such as semiconductors, solar PV plants, and data centers,improvement in subsidiary performance, andhigher public capex toward a infrastructure and green economy, we maintain our Buy stance with an SOTP-based target price of Rs 4,545 per share (29x Sep-27E EPS core). EPS cut to reflect muted Q2 FY26 execution, increase in target price is owing to upward calibration of subsidiary valuations and rollover of core EPS..Jindal Steel - Subdued quarter; strong volume outlook for H2FY26 We maintain Buy rating on Jindal Steel and Power Ltd. with a revised target price of Rs 1,120/share (6.5x its Sep’27E consolidated Ebitda). In Q2 FY26, JSPL’s volume grew a modest 1% YoY (against industry growth of 9%), owing to maintenance shutdown. Further, the slump in steel prices, maintenance expenses, and external metallics purchase pulled the margin down to a 10- quarter low. The management remains upbeat on volume growth, accelerating Q3 FY26 onwards on ramp-up of Angul phase-2 expansion. Expected stability in steel prices and cost saving efforts should also drive the margin rebound..Click on the attachment to read the full report:.Airtel Africa Q2 Review — Strong Double-Digit Growth Across Verticals; Value Add For Bharti Says Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

L&T, Jindal Steel, PB Fintech, Star Health, Shree Cement, Happiest Minds Q2 Review — HDFC Securities

HDFC Securities recommends 'Buy' rating for L&T, Jindal Steel, PB Fintech and 'Add, call for Happiest Minds, Star Health and Shree Cement - here's why

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