RIL, UltraTech, JSW Steel, Dixon, Havells, AU SFB, IndusInd, RBL Bank, IndiaMart, Tanla Platforms Q2 Review

Reliance Industries’ consolidated Q2 FY26 Ebitda stood at Rs 459.0 billion (+17.5% YoY, +6.9% QoQ), slightly above brokerage'sestimate of Rs 455 billion. In Q2 FY26, UltraTech delivered like-to-like volume growth of 7% YoY (reported 15% YoY), indicating market share gains during Q2/H1 FY26..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.Reliance Industries - Steady growth in O2C and Jio Reliance Industries Ltd.’s consolidated Q2 FY26 Ebitda stood at Rs 459.0 billion (+17.5% YoY, +6.9% QoQ), slightly above our estimate of Rs 455 billion. Adjusted profit after tax at Rs 181.6 billion (+9.7% YoY; +0.5% QoQ) came in below our estimate, due to lower-than-expected other income. Our Buy rating on RIL with a price target of Rs 1,685/share is premised on Ebitda growth in the digital business, led by ARPU improvement, subscriber addition, and new revenue streams; oil-to-chemical margin recovery; andvalue unlocking potential in digital and retail businesses..UltraTech Cement - Healthy volume; prudent expansion We maintain Buy on UltraTech Cement Ltd., with an unchanged target price of Rs 13,900 (17x Sep-27E consolidated Ebitda). In Q2 FY26, UltraTech delivered like-to-like volume growth of 7% YoY (reported 15% YoY), indicating market share gains during Q2/H1 FY26. However, margin contracted by Rs 283/MT QoQ, owing to a seasonal price decline, high maintenance, and branding costs (management noted INR 100/MT is non-recurring), and increased contribution of low-margin Kesoram/India Cements. On a YoY basis, 5% higher realization, however, drove margin up by Rs 225/MT. UltraTech announced phase-4 expansion by 23 mmt (FY28-29 at low capex rate of USD 51/MT, owing to a mix of greenfield, brownfield, and debottlenecking). We maintain our estimates: consolidated volume CAGR of 10% during FY25- 28E, unit Ebitda expanding by Rs 500/MT in the said period to Rs 1,423/mt, led by rising share of green power to >80%, logistics efficiencies, and margin ramp-up of acquired assets..Click on the attachment to read the full report:.HDFC Bank Q2 Review: Motilal Oswal Maintains 'Buy' Post Steady Quarter —Check Target Price.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.

RIL, UltraTech, JSW Steel, Dixon, Havells, AU SFB, IndusInd, RBL Bank, IndiaMart, Tanla Platforms Q2 Review

HDFC Securities maintains 'Buy' on RIL, JSW Steel, UltraTech Cement, Sobha, Tanla; 'Add' rating on Dixon, Havells, Federal Bank, IndiaMart, 'Reduce' rating on AU SFB, IndusInd Bank, RBL Bank.

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