The Chatter: Weights and Measures
Edition #43
Welcome to the 43rd edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 17 companies across 13 industries.
Energy
HPCL
Engineering & Capital Goods
Polycab India
Cyient DLM
Software Services
Netweb Technologies India
Coforge
Mphasis
Retail
Eternal
Financial Services
Poonawalla Fincorp
Indian Bank
Real Estate
Sobha
Building Materials
Dalmia Bharat
Healthcare
J.B. Chemicals and Pharmaceuticals
Auto Ancillary
CEAT Ltd.
Chemicals
Rallis India
Textiles
Vardhman Textiles
Aviation
Interglobe Aviation
FMCG
United Spirits
Energy
HPCL | Mid Cap | Energy
HPCL is a Maharatna public sector enterprise under India’s Ministry of Petroleum and Natural Gas. It is a major player in refining and marketing petroleum products, supplying fuels, LPG, and lubricants nationwide. The company operates an extensive pipeline network for product transportation and is expanding into natural gas and renewable energy sectors, including wind and solar power.
[Concall]
HPCL has commissioned the Vizag ROUGH project, a significant technical advancement achieving 93% deep conversion, a world-first.
“We are very excited that we commissioned the ROUGH project a few weeks ago... taking the bottoms to 93% conversion through the LC-MAX technology, has not been attempted elsewhere. It is the first time in the world, and we are mightily proud of that.”
— Pushp Joshi, Chairman and Managing Director
The Vizag ROUGH project is expected to add $2.5 per barrel to GRM, confirming previous guidance.
“Regarding the numbers, as we start to factor the ROUGH project into our pool baskets, even with initial analysis, we are easily seeing on paper the $2.5 per barrel guidance we had given to the stock market.”
— Pushp Joshi, Chairman and Managing Director
The Mumbai refinery incident negatively impacted the overall GRM by $1.39 per barrel, reducing it to $8.85 from a potential $10.24.
“The refinery GRM was $8.85 per barrel. This is after absorbing the impact of the contaminated crude incident in the Mumbai refinery. If there had been no contaminant challenge in Mumbai, the GRM this quarter would have been $10.24 per barrel.”
— Pushp Joshi, Chairman and Managing Director
Strong cash generation led to significant deleveraging, with standalone leverage dropping from 1.37 to 0.86, well below guidance.
“This has resulted in significant cash generation of around 25,000 crores, allowing us to deleverage. At the beginning of the year, our standalone leverage was 1.37... we are currently well below that at 0.86 for this quarter.”
— Pushp Joshi, Chairman and Managing Director
The 10-year ADNOC gas deal for 0.5 MTPA is Brent-linked, direct from a Middle Eastern source, and considered one of the most competitive HPCL has secured.
“This [ADNOC gas deal] is a Brent-linked deal. While we will not give specific pricing ranges, it is one of the most competitive deals we have done for 0.5 MTPA for 10 years. The gas is coming directly from a Middle Eastern source, not a trader.”
— Pushp Joshi, Chairman and Managing Director
Management will not comment on excise duty policy but focuses on operational efficiency and lowering break-even points to prepare for any market scenario.
“It is not for me to comment on the government’s policy on excise duties. For me, whatever the duties are, the law of the land applies to everyone. Our job is to prepare for different scenarios—whether crude goes up, the rupee depreciates, or duties change. We do this by lowering our break-even points and improving operational efficiency.”
— Pushp Joshi, Chairman and Managing Director
Engineering & Capital Goods
Polycab India | Large Cap | Engineering & Capital Goods
Polycab India is a leading manufacturer and seller of diverse wires and cables for retail and industrial use, serving various industries. The company is expanding into Special Purpose Cables (SPC) and Extra High Voltage (EHV) cables to meet demands in smart cities, renewable energy, and electric vehicles.
Management explained their approach to handling unprecedented commodity inflation, choosing to absorb margin pressure rather than passing through the full impact immediately.
“In order to avoid demand disruption, arising from elevated input costs, the Company took a strategic decision to pass on the increase in raw material prices in a staggered manner. While this approach resulted in near-term margin pressure at the Company level, it enables us to protect volumes, gain market share and further strengthen relationships with our channel partners.”
— Shashank Yagnick, Head Strategy
When questioned about margin pressure, management detailed the magnitude of raw material cost escalation, emphasizing that 21% inflation in Q3 alone made immediate pass-through challenging.
“From January 2025 till January 2026, the copper, in rupee terms, has risen almost 50% and aluminium almost 25%. And in this quarter itself, the 22% inflation has happened in copper price compared to previous quarter.”
— Shashank Yagnick, Head Strategy
Providing granular details on commodity inflation dynamics, with 11% of the 21% quarterly copper increase concentrated in December alone creating pass-through timing challenges.
“Out of the 35% of copper rise, 21% which happened within this quarter itself, and 11% of that has happened in December itself, right? So, we have consistently passed on that cost price inflation to the end customers month-on-month, but we have taken a conscious call that such high 35% passing of inflation can’t be done every month and hence, we will do it in a bit of a staggered manner.”
— Chirayu Upadhyaya, Head of Investor Relations
An analyst sought clarification on the quantum of Q3 price increases versus what remained for Q4 to understand the near-term margin recovery trajectory.
“The total price hikes that we would have taken within this quarter will be almost 75% to 80% of whatever commodity inflation was there.”
To comfort investors concerned about margin compression, management drew parallels to FY22 when similar commodity inflation occurred and margins recovered over subsequent quarters.
“Since you’ve been following this sector for many years, you will recall that even in FY22, similar commodity price inflations were there, where copper had gone up by 40%, whereas aluminium has gone up by almost 25%-27%. Even at that point of time, Polycab’s margins had taken a hit for a quarter or two, but then we had gradually recovered back those margins.”
— Chirayu Upadhyaya, Head of Investor Relations
Management explained product mix dynamics, noting the typical 70-30 cable-to-wire mix shifted as copper price surge drove distributors to prestock wire products more aggressively.
“During the quarter, wires growth outperformed cables, driven by pre-stocking by channel partners amid elevated copper prices. Within the cable segment, institutional sales growth outpaced the channel sales, reflecting strong traction in project-led demand.”
— Shashank Yagnick, Head Strategy
Management explained that while volume growth was similar for both products at 40%, higher copper content in wires amplified their revenue growth to 70% versus 50% for cables.
“For us in the domestic business, the volume growth has been around 40%. Both cables and wires have grown at pretty much similar pace in terms of volume. In case of revenue, as Shashank had mentioned, since wires are copper-based and copper has seen more inflation, for us, wires growth at a revenue level was 70%, whereas for cables, the growth was around 50%.”
— Chirayu Upadhyaya, Head of Investor Relations
CFO highlighted significant acceleration in government capital expenditure with 59% of FY26 outlay already utilized by November, a sharp 28% YoY increase.
“Government capital expenditure has accelerated meaningfully with approximately 59% of the FY26 capex outlay already utilized by November 2025, a 28% YoY increase.”
— Niyant Maru, Chief Financial Officer
Management provided specific metrics on channel inventory acknowledging elevated levels at 40-45 days versus normal 30 days but emphasized strong secondary and tertiary sales.
“Generally, when our distributors stock inventory, they maintain roughly 30 days worth of inventory. At the end of the previous quarter or beginning of this quarter, the channel inventory was in the range of around 40 to 45 days. So around 10, 15 days of additional inventory was there.”
— Chirayu Upadhyaya, Head of Investor Relations
Management highlighted solar as the standout performer in the FMEG segment with more than 2x growth driven by central and state government incentive schemes.
“Within the segment, the solar business has been a standout performer, growing more than 2x compared to the same quarter last year, driven by strong uptake under the central and state rooftop solar incentive scheme.”
— Shashank Yagnick, Head Strategy
When questioned about modest export growth despite healthy order book, management attributed weakness in US orders to tariff-related uncertainties affecting global players.
“Yes, it is tariff related. This remains a global overhang and is impacting players worldwide, not just in India. We are currently awaiting a final resolution on this matter.”
— Shashank Yagnick, Head Strategy
Management explained that institutional business grew faster than distribution this quarter, improving its share by 200 basis points from the typical 10% but pressuring margins.
“Praveen, generally, our mix of distribution versus institutional sales is around 90:10. But this time around institutional sales had grown faster than distribution sales, hence, it would have improved by about a couple of hundred basis points.”
— Chirayu Upadhyaya, Head of Investor Relations
Management clarified their long-standing hedging practice where inventory is priced at future order date rather than procurement, eliminating inventory gain/loss volatility.
“So Achal, you are aware that for us, we hedge our inventory. So, our pricing is not at the time of procurement, but it is done at a future time once we have an order for that inventory. So, while we obviously have been carrying higher inventory levels, inventories are not priced, they will get priced in the future. And that is something which is there for stability of our margins, which we’ve been following for over a decade now.”
— Chirayu Upadhyaya, Head of Investor Relations
Cyient DLM | Small Cap | Engineering & Capital Goods
Cyient DLM Limited is a leading provider of electronic manufacturing solutions for various industries such as medical, automotive, defense, and aerospace. They offer Design Led Manufacturing (DLM) solutions, taking ownership of design, manufacturing, testing, and certification support to ensure high standards of reliability, safety, and performance for their customers.
[Concall]
The company is observing a significant improvement in its margin profile, with new orders expected to deliver higher profitability than past performance.
“A particularly strong highlight this quarter is the continued strengthening of the margin profile across both revenues and on the order book. The orders that have been booked are forecasted and projected to come at a much better margin than what we have historically delivered.”
— Krishna Bodanapu, Non-Executive Chairman
Strong growth in automotive, industrial, and medical sectors validates the company’s diversification strategy and strengthens its long-term business model.
“We are equally encouraged by the traction we are seeing in new high-growth industries, particularly automotive, industrial, and medical. These verticals are central to our long-term strategy and the progress we are making reinforces our confidence in our diversification strategy and the resilience of our business model.”
— Krishna Bodanapu, Non-Executive Chairman
Global supply chain shifts due to geopolitical factors are positioning India, and Cyient DLM, as a strong alternative for OEMs looking to de-risk their manufacturing.
“Geopolitical realignments are reshaping global supply chains. OEMs are actively de-risking footprints and India is emerging as a credible, scalable alternative. This plays strongly to our strengths.”
— Rajendra Velagapudi, Managing Director and CEO
Key customers are engaging Cyient DLM in next-generation product development, with significant revenue contributions and healthy margins expected from FY28.
“Specific to this quarter, four of our anchor customers are currently involving us in developing their next-generation products: two from transportation, one from industrial, and one from defense. We expect revenues from these programs to begin within 2 years, supported by healthy gross margins and higher volumes. These engagements are expected to meaningfully contribute to our financials from FY28 onwards.”
— Rajendra Velagapudi, Managing Director and CEO
The company successfully mitigated the impact of high U.S. tariffs for customers by offering alternative solutions, leading to deferred Q3 shipments being picked up in Q4.
“Since there was a high tariff rate of 50%, we presented options to them on how they can work to reduce that impact. We helped them find ways to get products into the U.S. while reducing the actual tariff rates. Those options have helped them decide to take the products in Q4.”
— Rajendra Velagapudi, Managing Director and CEO
The improving order book is primarily driven by growth in the Indian market, fueled by new customer additions and strengthened existing relationships, rather than Alutec.
“It is not because of Alutec. It is mainly driven by the India side of the business right now. We are seeing new customers and strengthening existing portfolios. We have added new customers over the last few quarters, and that is where the traction is coming from.”
— Rajendra Velagapudi, Managing Director and CEO
Software Services
Netweb Technologies India | Small Cap | Software Services
Netweb Technologies India Limited is a leading Indian high-end computing solutions provider, offering a range of HCS products including supercomputing systems, private cloud infrastructure, AI systems, enterprise workstations, high-performance storage solutions, data center servers, and related software services. It is a prominent Indian-owned OEM in the field of HCS, particularly recognized for its HPC installations.
The company successfully executed a strategic order worth Rs. 4,504 million in Q3 FY26, strengthening India’s AI compute infrastructure and reinforcing its position as a leading high-end computing OEM.
“During the quarter, Netweb successfully executed a large strategic order valued at Rs. 4,504 million, reaffirming its position as India’s largest OEM in high - end computing solutions. As communicated earlier, this implementation is of national significance, aimed at strengthening India’s AI compute infrastructure.”
— Sanjay Lodha, Chairman and Managing Director
Despite global supply chain challenges, including price increases and tighter availability of flash memory and storage due to AI demand, Netweb effectively managed its supply chain through proactive planning and strong partnerships.
“As many of you may be aware, the global supply chain, particularly for the flash memory and storage, is experiencing a strong demand by the rapid acceleration of AI adoption worldwide. This surge has led to industry wide price increases along with tighter availability. However, owing to our proactive supply chain planning and long - standing partnerships with key technology providers, we have managed these situations very effectively and continued to support our business requirements without any disruptions.”
— Sanjay Lodha, Chairman and Managing Director
The AI system segment significantly contributed to Q3 FY26 (64%) and 9-month FY26 (48%) revenue, while HPC and Private Cloud segments also demonstrated strong and sustained demand.
“With the execution of this order, the AI system segment contributed to 64% of Q3 Financial Year ‘26 revenue and 48% of 9 - month Financial Year ‘26 revenue. We would like to emphasize that alongside the accelerated growth of AI, our other two core segments of HPC and Private Cloud are also witnessing strong and sustained demand.”
— Sanjay Lodha, Chairman and Managing Director
New labor codes have no material financial impact on Netweb as the company’s wage structure already complies with the revised definitions.
“So, Seema, there is no material impact of new labor codes on our financial because as per the new labor codes, there is a revision in the wages definition and we were already complied on the structure that new labor codes have kind of clarified. So, that is why there was no impact on us.”
— Ankit Kumar Singhal, Chief Financial Officer
Government procurement for AI involves two types: one for rendering GPU services to CSPs (which Netweb is executing) and a second for on-prem infrastructure with GPUs, which is yet to begin.
“So, basically there are two sets of procurements which are happening right now. One is that we have to build the GPU, they want to render the GPU services to the internal CSPs. That is one effort of procurement by Government of India. Second procurement is that what you were referring to that they have to do the procurement for on - prem infrastructure which we have to bring within GPUs. So, that is yet to start. So, what we have been executing so far or what we have shown as the strategic orders what we have picked up that is pertaining to the first type of procurement what they have done. So, second is yet to start.”
— Hirday Vikram, Chief Sales and Marketing Officer
Netweb has a well-adopted hedging policy, covering 60% of import payables with forward contracts, effectively monitoring currency fluctuations, and realizing an unrealized MTM gain of Rs. 2.8 crore.
“So, there is a hedging policy very well adopted and to talk about it, we also have forward contract as on December end which close to like cover our 60% of our payables pertaining to the import payables. So, we are very well monitoring the situation on currency and doing the effective hedging wherever necessary. And just to appraise, there is an MTM gain also, although that is unrealized, but it comes out to be close to 2.8 crore of gain, which is appearing in our other income category.”
— Ankit Kumar Singhal, Chief Financial Officer
Netweb’s success stems from its clear focus on niche segments like supercomputing, private cloud, and AI, which collectively contribute 90% of its business, avoiding commoditized volume manufacturing.
“Netweb is a company which is very clearly focused into its niche segments. We don’t want to get into any kind of basically box pushing or basically volume manufacturing kind of situation. So, we have kept our focus very clear. I think Netweb is successful because of that only. Netweb has kept its focus very clearly into the supercomputing, into the private cloud, into AI. And all the three segments contribute 90% of my business.”
— Sanjay Lodha, Chairman and Managing Director
Coforge | Mid Cap | Software Services
Coforge provides IT/ITES solutions globally, specializing in Application Development & Maintenance, Managed Services, Cloud Computing, and Business Process Outsourcing. It serves sectors like Financial Services, Insurance, Travel, Transportation & Logistics, Manufacturing & Distribution, and Government, delivering tailored technology solutions to enhance business operations.
[Concall]
Coforge has acquired Encora, a US-based AI-native firm supplying digital engineering services to Fortune 500 firms. This is one of the largest acquisitions in the history of Indian IT services.
“It is in this context that the acquisition of Encora is a defining moment for our organization. It establishes a scaled AI-led engineering, data services, and cloud services based capability for the firm. This, allied with Coforge’s hyper-specialized industry expertise and execution intensity, is likely to further accelerate our industry-leading growth. It also sets us up as the tech services firm that is likely to be the first to deliver upon the promise of the AI-infused future that lies ahead.”
— Sudhir Singh, CEO
Coforge is actively deploying its AI assets, such as autonomous agents, to enhance engineering efficiency and deliver tangible business transformations for clients, exemplified by a recent bank engagement.
“Through our AI assets, we are making engineering faster, smarter, and more resilient. For example, in a recent win at a leading global systemically important bank in Europe, we deployed autonomous agents across data silos to transform cash flow forecasting for its corporate clients.”
— Simon Pearson, Global Head Consulting and Solutions
Coforge anticipates banking to be its fastest-growing core vertical next year.
“Regarding vertical mix, we signed 6 large deals and 2 were from banking. We expect banking to be our fastest-growing core vertical next year. Year-to-date, banking is still growing 20% plus.”
— Sudhir Singh, CEO
Coforge is strategically shifting its delivery and pricing models to AI-infused, outcome-based, risk-reward contracts.
“Regarding pricing and delivery, we have transformed our core delivery model by infusing AI into every engagement through our platforms like Forgex and Quazar. We are moving toward hybrid delivery models and are willing to underwrite outcomes. Our risk-reward commercial models tie fees to achieved results, putting skin in the game contractually.”
— Sudhir Singh, CEO
Coforge is on track to meet its 14% EBIT guidance for FY26, and is confident of a solid FY27.
“Equally importantly, on the margin front, it is pertinent to note that our reported 13.4% EBIT for the quarter and our plan to register a 15% EBIT in Q4 will lead us to the 14% EBIT guidance for FY26. In the current quarter, excluding hedge losses, the underlying EBIT for the firm is 14.4%. Finally, free cash flow (FCF) for the quarter came in at 110%, significantly ahead of our guidance of approximately 70-80% FCF on a sustained basis. We believe we are set to close a very successful FY26 and we are headed towards an exceptional FY27.”
— Sudhir Singh, CEO
Mphasis | Mid Cap | Software Services
Mphasis is a global service provider offering technology-driven solutions for multiple industries, with a focus on Service Transformation to deliver scalable digital operations. They emphasize a holistic approach to AI, aiming to make it practical and beneficial for all stakeholders, positioning themselves as a leader in enabling future-ready, digital enterprise solutions.
[Concall]
Mphasis is experiencing significant traction with its proprietary AI platform, NEO IP.
“More than 50% of our company’s pipeline is now powered by NEO IP. Our AI agent-based approach has seen our pipeline double in the last four quarters. Our AI agent-based approach has seen our pipeline double in the last four quarters. Direct business now represents approximately 98% of revenue for the quarter. In Q3 FY26, our direct business grew 1.9% sequentially and 9.6% year-over-year in constant currency. Regionally, we saw 1.4% growth in the Americas, 1% in direct, and 11% in the EMEA region.”
— Nitin Rakesh, CEO
Mphasis projects to achieve over double the industry growth, driven by strong TCV-to-revenue conversion and continued large deal ramp-ups.
“We expect to be at greater than 2x industry growth on the back of our last nine months of performance and the strong direct correlation between TCV and revenue. We will continue our ramp-up of large deals in the upcoming quarters, and as such, we are maintaining our EBIT margin within the band of 14%-16.75%.”
— Nitin Rakesh, CEO
Mphasis’ BFS segment has recovered from a previous low, benefiting from strong earnings and high net interest margins in US and European banks.
“We called for a bottom in BFS about six or seven quarters ago. US and European banks have had a strong earnings environment due to high net interest margins, which kept cost-cutting pressures away. Additionally, they are early adopters of AI. We have gained disproportionate share as spending recovered.”
— Nitin Rakesh, CEO
Mphasis’ extensive hedging strategy will prevent significant short-term P&L benefits from rupee depreciation.
“Sandeep, we hedge about 80% for the next four quarters. You won’t see a significant P&L; benefit from rupee depreciation in the next couple of quarters because of these existing hedges. It will play out positively over the medium term.”
— Arvind, CFO
Client discretionary spending is transforming, with funds being reallocated from traditional IT to AI and cloud migration, creating new opportunities.
“Discretionary spend is unlikely to return in its old form. Spends are currently stable to slightly up, but they are being repurposed. Clients are freeing up money from traditional areas to invest in the AI fabric. If you are aligned with capturing that new spend—like cloud migration or AI stack build-up—you will see net new opportunities. We are gaining share through consolidation and transformation deals.”
— Nitin Rakesh, CEO
Retail
Eternal | Large Cap | IT
Eternal Limited, formerly known as Zomato, operates a B2C technology platform offering seamless food ordering and quick delivery solutions. Its businesses include Blinkit for on-demand product delivery, Going-out for customer entertainment needs, and Hyperpure for B2B food supplies.
[Concall]
Future growth, aiming for 30% CAGR, will largely be driven by gaining market share in underserved sub-segments rather than relying solely on overall industry expansion.
“A large part of our growth in this business going forward is expected to be from market share growth. There are sub-segments within this district business, like events and movies, where we are a significantly smaller market player compared to our competitors. For us to deliver 30% CAGR over the next 3-4 years, it doesn’t necessarily mean that the industry has to grow by that much. A lot of it can come from market share gains, and that is what we are building into our plans right now.”
— Akshant Goyal, CFO
The company finds it difficult to predict near-term margin trajectory due to volatile and unpredictable competitive intensity.
“I think it is very hard to predict the trajectory of margin, which is what we also mentioned in one of the questions in the letter regarding the near term. Competition intensity, even if it is high, is not always steady. Last quarter, we did see the first half of the quarter being different. On the last conference call, we mentioned that the competitive intensity was easing off, and then it changed.”
— Akshant Goyal, CFO
Intense competition, characterized by low minimum order values, zero delivery fees, and discounting, makes it difficult to predict business trajectory and response strategies.
“Broadly that is correct. The way the competitive intensity affects us is in the form it comes. Last quarter we saw a lot of competitive intensity amped up because a lot of competitors went to low minimum order values and zero delivery fees. We are also seeing a lot of discounting happen in the market. Therefore, it becomes a lot more complex for us to say which way things will move and how we will have to respond.”
— Akshant Goyal, CFO
Competition is negatively impacting financial outcomes and numbers, leading to tactical responses like dropping delivery charges in specific markets to maintain market share.
“The competition is impacting us in terms of our outcomes and numbers, but it may or may not impact the decisions that we take in a particular quarter. For example, in the last quarter, we didn’t see these freebies impacting our market share too much, and hence we sustained our pricing. But as you might have seen last week, we did drop our delivery charges in some markets because we saw some impact.”
— Akshant Goyal, CFO
The company maintains high long-term confidence in achieving 5-6% GOV margins for Quick Commerce, but acknowledges potential short-term margin volatility due to tactical business decisions.
“Our confidence on margins reaching 5-6% of GOV remains high. We have shared data on cities where we are already at 5% adjusted EBITDA margin. Long term, we have extremely high confidence, but in the short term, we want to take the right decisions for the business, which could mean taking a margin hit. These decisions are tactical and taken in real time.”
— Akshant Goyal, CFO
New labor codes are not expected to impact long-term margin guidance, with potential social security costs either absorbed or passed to customers, and no current impact from gratuity or leave encashment changes.
“We don’t think the new labor codes impact our long-term margin guidance. As far as social security is concerned, we will know once the rules are operationalized and notified. We think the business will either be able to absorb that cost or pass it on to customers. Regarding gratuity and leave encashment, our assessment is that there is no impact on our business right now.”
— Akshant Goyal, CFO
The food delivery business has a high long-term growth opportunity, with large cities still growing at 15-20% annually, and overall year-over-year growth is expected to trend towards 20%.
“Long term, the growth opportunity is high. Some of our large cities are still growing 15-20% year-over-year. We expect year-over-year growth to continue trending up toward 20%.”
— Akshant Goyal, CFO
The company believes it is uniquely contributing to market size expansion, while competitors are primarily focused on market share capture, leading to overall growth pressure.
“Our viewpoint is that currently we feel we are the only ones meaningfully contributing to increasing the market size, whereas competitive intensity elsewhere is mostly focused on taking market share. That is why you see pressure on growth rather than all players gaining from a much faster-growing market.”
— Akshant Goyal, CFO
Financial Services
Poonawalla Fincorp | Mid Cap | Financial Services
Poonawalla Fincorp Limited, formerly known as Magma Fincorp Limited, provides finance through a widespread branch network across India. Specializing in consumer and MSME financing, it offers a diverse range of financial products to cater to the evolving needs of customers and businesses. Registered as a systemically important non-deposit taking NBFC under RBI Act, 1934, it is also a corporate agent under IRDAI regulations.
The company expects a future portfolio mix dominated by lower-risk, lower-cost products like gold loans and LAP, leading to improved ROAs and reduced overall credit costs.
“As the portfolio evolves over time, it is important to note products such as gold loans, education loans, salary personal loans, and loans against property are expected to account for 50% to 60% of the portfolio. These businesses have lower inherent risk profiles, lower credit costs, and their growing contribution will lead to a more balanced portfolio in our assessment with growing ROAs and a sustained reduction in overall credit cost.”
— Arvind Kapil, Managing Director and Chief Executive Officer
The prime personal loan business is showing strong growth and high asset quality, with a majority of customers having excellent credit scores and high incomes.
“Our prime personal loan business, launched in August 2024, continues to gain strong traction. In Q3FY26, we delivered average monthly disbursements of nearly ₹ 430 crore, reflecting growing customer confidence. What is particularly encouraging is the quality of the book. Over 70% of customers have bureau scores above 750, are salaried with ‘category A’ corporates and earn net monthly income exceeding ₹ 75,000.”
— Vikas Pandey, Chief Business Officer (Consumer Business)
The gold loan business is rapidly expanding its branch network and has nearly doubled monthly disbursements due to strong branch productivity.
“Our gold loan franchise is expanding rapidly, and we remain well on track with the planned rollout of new year branches during the current financial year. In gold loans, monthly disbursements have nearly doubled from ₹ 110 crores in September to ₹ 207 crores in December 2025, driven by strong branch productivity.”
— Vikas Pandey, Chief Business Officer (Consumer Business)
The company maintains a broad AUM growth guidance of 35-40%, with a strong focus on new retail products, despite potentially higher growth in some periods.
“Our focus is going to be completely biased to the retail products, the full bouquet of retail products, especially the new ones. But I think our broad guidance of 35% to 40% is what I like to say is a good guidance. There could be some moments where we may have had much better than that. But I would probably hold that broad approach directionally to be 35% - 40% is what I would like in today’s economy.”
— Arvind Kapil, Managing Director and Chief Executive Officer
Indian Bank | Large Cap | Financial Services
Indian Bank, offers a wide range of banking products and services. These include personal banking services like fixed deposits, savings accounts, loans, and digital banking. The bank also caters to NRI clients with specialized services like accounts, remittance facilities, and home loans. Indian Bank provides cash management services, electronic funds transfers, and select branches operate seven days a week.
The bank is adopting a cautious approach to credit growth, prioritizing sustainable expansion (12-13%) over aggressive lending to mitigate future Non-Performing Asset risks.
“We believe 12% to 13% growth is healthy. Aggressive growth often leads to higher NPAs in the future. Risk builds up during good times, so we prefer to remain careful.”
— Vinod Kumar, MD and CEO
Indian Bank aims to maintain a strategic balance in its loan portfolio with a 65% focus on Retail, Agriculture, and MSME (RAM) and 35% on corporate and infrastructure lending, aligning with national development goals.
“We intend to maintain a 65:35 ratio. As a responsible bank, we must participate in nation-building through infrastructure and corporate lending.”
— Vinod Kumar, MD and CEO
The bank’s green finance portfolio has grown significantly with a robust pipeline, but it maintains a cautious approach by prioritizing established clients to mitigate risks in emerging sectors.
“Our green finance book has grown by 60%. We have a strong pipeline, particularly in manufacturing. We are cautious and prefer established names with a proven history in these new sectors to avoid unnecessary risks.”
— Vinod Kumar, MD and CEO
Indian Bank is experiencing substantial year-on-year growth in its digital business, highlighting successful adoption of its digital platforms and services.
“The bank’s digital business footprint is at 1.98 lakh crores for the nine months ended FY26, a growth of 66% year-on-year.”
— Ashutosh Chaudhari, Executive Director
The CEO aims to aggressively expand the proportion of digital business from 15% to 50% within the next 2-3 years, signaling a major strategic shift towards digital transformation.
“My goal is to increase the share of digital business from 15% to 50% over the next 2 to 3 years.”
— Vinod Kumar, MD and CEO
Indian Bank plans to adopt the new Expected Credit Loss (ECL) framework much faster than the permitted timeline, front-loading provisions to minimize future financial impact.
“Our endeavor is not to take the full five years allowed. We aim to complete it within the first year, spread across a few quarters. Our philosophy is to continue building provisions now so the eventual shift to ECL has minimal impact.”
— Vinod Kumar, MD and CEO
To counter potential deposit growth challenges, the bank is prepared to explore bond issuance, acknowledging that this may result in a gradual moderation of Net Interest Margin (NIM).
“Going forward, if deposits do not keep pace, we may look at other sources like issuing bonds. This might lead to some moderation in NIM, but it will happen gradually.”
— Vinod Kumar, MD and CEO
Indian Bank is confident in its strategic plan to double its total business to 25 lakh crores by December 2029, indicating ambitious long-term growth targets.
“We are on track to double our business figure in five years to 25 lakh crores by December 2029.”
— Vinod Kumar, MD and CEO
Real Estate
Sobha | Small Cap | Real Estate
Sobha Limited was incorporated on 07 August 1995. The company is engaged in the business of real estate construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to the company’s turnkey projects.
Sobha Limited achieved record real estate sales of INR6,097 crores in the first 9 months of FY26, with Q3 alone contributing INR2,115 crores, indicating strong sales momentum.
“The first 9 months of FY ‘26 have been truly exceptional for Sobha with our real estate sales reaching an all-time high of INR6,097 crores in a 9-month period. In Q3, we have surpassed our earlier highest sales with INR2,115 crores.”
— Jagadish Nangineni, Managing Director
Q3 profitability was impacted by a temporary delay in obtaining Occupation Certificates for three projects, deferring about INR500 crores in revenue recognition to the next quarter.
“Our revenue recognition in residential real estate has been low this quarter, affecting the overall profitability. We could recognize lower due to non-receipt of OCs in 3 projects. This is not due to any structural issue or any ongoing issue, but specific to this time period, which we can classify as normal procedural delays. Due to this lag, we couldn’t recognize close to INR500 crores, which would be reflected in the next quarter.”
— Jagadish Nangineni, Managing Director
Bangalore’s demand remains steady, while in Gurgaon, despite some softness for short-term investors, robust end-user demand persists in the INR4-5 crore price segment.
“The overall demand scenario in the operating markets that we are present, Bangalore seems to be steady in nature. And Gurgaon, while there are pockets of concern, but like I was always mentioning in the previous calls, the sweet spot of about — between INR4 crores to INR5 crores is still — l a good market for Gurgaon. And in such cases where the demand from the short-term investors has reduced, the opportunity lies with projects and companies where there is end user or long-term investor demand. That seems to be on a continued path.”
— Jagadish Nangineni, Managing Director
Sobha plans to intensify its focus on fewer, high-growth cities like Bangalore, NCR, Mumbai, Pune, and Hyderabad to scale operations while consistently delivering on quality and luxury.
“See, currently, we are present in 13 cities. And as luxury housing is increasing, in fact, we would, we have, our aim is to focus far more on cities, which have a continuous growth. And hence, and also to make sure that the delivery of our product remains consistent to what we have been doing till now and, in fact, improve upon that. So as we grow in scale, the same good what we anticipate would be coming from lesser number of cities, not, and on higher scale in each of those cities rather than spread out across multiple cities. And those, largely, those cities would be again, what we are operating in Bangalore, NCR, Mumbai and partly from Pune and Hyderabad.”
— Jagadish Nangineni, Managing Director
Recent GST reforms have a limited impact on Sobha’s margins as the company operates in the B2B segment for construction materials, with benefits primarily accruing to B2C customers.
“So Fenil, if you see GST reform, okay, basically, it is benefiting B2C customer more than B2B. We are consumers of like cement, they have reduced, okay? But we are a consumer of RMC, okay? So for us, it’s a very limited impact on our margins. Basically, it should be reduced prices. But since we are in B2B segment, so we are not getting any benefit of GST reduction. So hence, there is no impact on margins.”
— Yogesh Bansal, Chief Financial Officer
Building Materials
Dalmia Bharat | Mid Cap | Building Materials
Dalmia Bharat Limited is a prominent cement company in India known for its innovation, excellence, and sustainability. With a focus on low cost and eco-friendly practices, it contributes to national development through quality products and advanced sustainability initiatives. The company offers a diverse product range driven by cutting-edge R&D, emphasizing innovation, quality, and environmental responsibility. Serving both individual consumers and institutional clients, it specializes in tailored cement solutions for unique engineering and construction requirements.
[Concall]
Cement demand showed strong growth of 7-8% in Q3, with expectations for this momentum to continue into Q4, leading to an estimated 6% YoY growth for the full fiscal year 2026.
“According to estimates, cement demand during Q3 grew at about 7-8% on a YoY basis and I believe this momentum will continue in Q4 as well. At this pace, FY26 will witness a growth of about 6% YoY on a full year basis.”
— Puneet Dalmia, Managing Director and CEO
Cement prices softened in Q3 in the East and South beyond the impact of GST cuts, though there are initial signs of improvement in Q4.
“Q3 saw softening of prices beyond GST cuts, especially in our key operating regions of the east and south. Though Q4 has started with some improvement, we will see how prices pan out in the coming months.”
— Puneet Dalmia, Managing Director and CEO
East India, a region with low per capita cement consumption, is expected to deliver strong demand growth of 7-8% due to government focus on unlocking natural resources and infrastructure development.
“Our view is that the east is one of the lowest per capita consumption regions in the country and the headroom for growth here is quite high...I think 7-8% growth in the east should be quite easily possible.”
— Puneet Dalmia, Managing Director and CEO
Long-term cement prices are expected to rise due to increasing industry consolidation and higher barriers to entry, leading to more rational pricing behavior.
“In the long term, I think prices will be driven by consolidation. Barriers to entry in this business are rising and higher consolidation will mean higher prices over the medium to long term.”
— Puneet Dalmia, Managing Director and CEO
Despite demand growth, the cement sector’s all-India capacity utilization is expected to remain around 70% in the near future due to ongoing capacity expansions.
“The all-India capacity utilization of the sector is around 70%. There is reasonable capacity expansion in the pipeline...So we do not expect a material increase in capacity utilization of the sector over the next few years.”
— Puneet Dalmia, Managing Director and CEO
While short-term pricing remains cautious, the company expects prices to increase over the medium to long term, assuming rational behavior within the industry.
“I believe that assuming rational behavior in the sector, pricing is going to move up over the medium term. I remain cautious in the short term but reasonably optimistic in the medium to long term.”
— Puneet Dalmia, Managing Director and CEO
The company’s strong cash generation and conservative net debt to EBITDA ratio (0.6x against a 2.0x target) provide ample financial flexibility to fund its aggressive growth plans.
“Even in a bad year, we generate 3,000-4,000 crores of cash...we are steady in terms of funding our growth journey through our leverages. We want to stay within a net debt to EBITDA target of 2.0x, and we are currently at 0.6x.”
— Puneet Dalmia, Managing Director and CEO
The company is making meaningful progress towards its stated cost reduction target of 150-200 rupees per ton through ongoing efficiency initiatives.
“We remain steady on our path to deliver a cost reduction target of 150-200 rupees per ton that we spoke about a few quarters back. We have made meaningful progress in our journey by delivering efficiencies across the value chain and there are more initiatives in the pipeline.”
— Puneet Dalmia, Managing Director and CEO
Healthcare
J.B. Chemicals and Pharmaceuticals | Small Cap | Healthcare
J.B. Chemicals & Pharmaceuticals Limited is a rapidly growing Indian pharmaceutical company. It focuses on manufacturing and marketing pharmaceutical formulations, herbal remedies, and APIs. The company is dedicated to producing innovative specialty products in various dosage forms like tablets, injections, creams, herbal liquids, and capsules.
CEO highlighted the company’s market position as per IQVIA December MAT data within the Indian pharmaceutical market.
“As per IQVIA December MAT data, J.B. remains the fastest-growing company within the top 25 names in Indian pharma market.”
— Nikhil Chopra, CEO and Whole Time Director
CEO explained the factors behind the 200 basis points improvement in gross margins during Q3 compared to the previous year.
“Gross margins during the quarter 3 rose by 200 bps to 69.1% as compared to 67.1% last year. This is on the backup of attractive product mix, price improvement realized and stable raw material costs.”
— Nikhil Chopra, CEO and Whole Time Director
CEO highlighted the strengthening brand portfolio and market presence within the Indian pharmaceutical market.
“Six brands now feature in top 300 brands in the Indian pharma market.”
— Nikhil Chopra, CEO and Whole Time Director
CFO provided specific comparison of the company’s growth versus the Indian Pharmaceutical Market growth as per IQVIA data.
“As per IQVIA MAT December 2025 data within the IPM, the company outperformed with a growth of 12% versus the IPM growth of 9%.” — Narayan Saraf, CFO
President Operations explained seasonal factors affecting Q4 revenue expectations for the domestic business.
“March generally is a soft month for all Indian pharmaceutical companies for domestic market situation because of the inventory closing from the distributors end. So that quarterly run rate can be impacted because of natural March phenomenon, but overall, our growth will be higher than the industry.”
— Kunal Khanna, President, Operations
CEO explained the favorable margin performance driven by the business mix across domestic chronic portfolio and international markets.
“So overall, if you look at the product mix, which is a combination of what we have done in India business with our chronic portfolio contributing on the higher side and our international business mix of CDMO business and what business we have done in some of the geographies that has led to better gross margins for the quarter.”
— Nikhil Chopra, CEO and Whole Time Director
CFO addressed analyst concerns about financial impact from implementation of new labour law codes.
“Not very significant. We have taken the necessary impacts in our P&L, and it was not something substantial enough.”
— Narayan Saraf, CFO
CEO clarified the full-year growth expectations for the international business segment despite strong Q3 performance.
“So that is how the quarter 3 has performed for the international markets, and that is backed up by good performance in our both subsidiaries, South Africa and Russia. Also, our export branded business has also done well, that is where we stand. And what we guide for the year is we should grow at high single digit by the end of the year, and that is what we had shared in our quarter 2 commentary in the Investor call.”
— Nikhil Chopra, CEO and Whole Time Director
Auto Ancillary
CEAT Ltd. | Small Cap | Auto Ancillary
CEAT Limited specializes in manufacturing automotive tyres, tubes, and flaps. With a focus on innovation, the company offers durable products that ensure safety with a secure grip on the road. CEAT is expanding its distribution, introducing new products, and strengthening its brand presence across social media platforms.
[Concall]
New central government labor codes notified in December 2025 requiring one-time provisions for redefined wage calculations; ongoing quarterly impact expected to be minimal.
“During the quarter, we made a provision of 57.81 crores arising from the notification of new labor codes by the central government. While the rules are still under review, we made an estimate based on the new definition of wages applicable for gratuity and leave encashment as of December 31, 2025. This is predominantly due to structural changes in the definition of wages for gratuity and leave encashment. While there will be an incremental provision in the future, our estimate is that the quarterly impact will be quite small and not very significant.”
– Kumar Subbiah (CFO)
GST revision improved tire affordability across urban and rural markets; RBI repo rate cut in December and strong agricultural harvest boosting rural demand and sentiment.
“The Indian tire market delivered an upbeat finish to the calendar year 2025, supported by GST revision, which has improved affordability and overall consumer sentiment. Reforms have also led to broader participation across urban as well as rural markets, both for OEMs as well as the replacement market for tires. Regarding the overall demand outlook, the outlook for the auto sector continues to be supportive. Macro tailwinds like the RBI reducing the repo rate in December is a positive. Robust Rabi sowing and completion of the Kharif harvest has also supported disposable cash flows and rural demand. In the near term, we expect replacement demand for MHCVs to be in the mid-to-high single digits. For two-wheelers, demand has been consistently encouraging and growth could be in the high single digits.”
– Arnab Banerjee (MD & CEO)
Post-GST replacement growth reflects genuine sentiment improvement beyond channel restocking.
“There was some channel filling because the channel destocked in September, but the growth is more than just channel filling. There is a genuine improvement in sentiment, especially for farm and two-wheelers, but also in passenger and truck-bus radials. “
– Management
E-commerce and quick-commerce growth driving three-wheeler demand; passenger segment revival linked to smaller vehicle preference and easier financing access post-GST.
“In the OEM segment, MHCV is showing signs of recovery post-GST rationalization; growth has been robust in Q3 at high double digits. LCV growth is expected to be similar. Increase in e-commerce and quick-commerce activity would result in better sales of three-wheelers. In the passenger segment, near-term growth is expected to be in double digits with a strong revival aided by consumer preference towards smaller vehicles and easing financing access. Growth rates in two-wheelers are strong and expected to be in double digits. However, we have to wait for a couple of quarters to see how the impact of GST will pan out.”
– Arnab Banerjee (MD & CEO)
Chemicals
Rallis India | Small Cap | Chemicals
Rallis India Limited provides farmers with innovative agricultural products, focusing on enhancing farm yield, soil health, and farmers’ income. It offers a wide range of crop protection, crop nutrition, and pesticide solutions domestically, while internationally engages in technical grade pesticides, formulations, and contract manufacturing.
[Concall]
The domestic agrochemical market is experiencing weak demand and volume declines due to adverse weather conditions and depressed crop prices.
“agrochemical demand generally remains weak due to stressed demand drivers, particularly weather issues and low crop prices, leading to industry-wide volume declines.”
— Dr. Gyanendra Shukla, Managing Director and CEO
A new partnership for herbicide-tolerant rice technology is expected to enhance the competitiveness of the company’s seeds business.
“We also announced a partnership with the Parijat Alliance for FullPage herbicide-tolerant rice technology in India, which should help our seeds business remain competitive.”
— Dr. Gyanendra Shukla, Managing Director and CEO
The company’s blended technical procurement from China remains over 40%, indicating continued reliance on Chinese partners for product access despite diversification efforts.
“On a blended basis, it is still more than 40%. Not all of that can be replaced, so we will continue to have partners in China to ensure access to products.”
— Dr. Gyanendra Shukla, Managing Director and CEO
Textiles
Vardhman Textiles | Small Cap | Textiles
Vardhman Textiles Limited is India’s largest vertically integrated textile manufacturer, producing millions of meters of fabric and tons of yarn annually. The company ensures quality and innovation while focusing on sustainability, creating holistic value for stakeholders and retaining market leadership.
[Concall]
Elevated Indian cotton prices, influenced by an 8% increase in MSP, have made domestic cotton structurally more expensive than global benchmarks, negatively impacting Q3.
“Regarding cotton, the quarter continued to be impacted by elevated Indian cotton prices. During Q3, cotton traded at about 75-78 cents per pound, rising further to around 79 cents per pound in January 2026. This has been driven primarily by an 8% increase in MSP. This has made Indian cotton structurally more expensive compared to global benchmarks.”
— Neeraj Jain, Joint Managing Director
The reinstatement of an 11% import duty on cotton from January 1, 2026, places Indian mills at a significant cost disadvantage compared to competitors that maintain duty-free imports.
“The duty-free import window from August to December 31, 2025, resulted in higher cotton imports because imported cotton was relatively cheaper. However, from January 1, the 11% import duty has been reinstated. This puts us at a relative disadvantage to competing countries like Bangladesh and Vietnam, which continue to enjoy duty-free imports.”
— Neeraj Jain, Joint Managing Director
India faces a significant cotton supply deficit of approximately 30 lakh bales for the current season, necessitating increased imports to meet domestic demand.
“This implies a supply deficit of nearly 30 lakh bales, which will need to be met through imports.”
— Neeraj Jain, Joint Managing Director
Indian mills face an 8-cent per pound cost disadvantage due to high domestic cotton prices set by CCI, making incremental margin improvement unlikely without further increases in yarn prices.
“I can only speak to the industry average. Whoever imported cotton might see some gains in the next 2-4 months. However, Indian cotton prices are again very high. The CCI has been buying most of the cotton and is virtually a monopolist right now. Their new sale policy priced cotton at approximately 56,900 rupees per candy, which is almost 80 cents per pound. Meanwhile, New York futures are at 64-65 cents, and cotton is available to Vietnam at 72-73 cents. We are at an 8-cent disadvantage. I do not see margins improving on an incremental basis unless yarn prices increase further.”
— Neeraj Jain, Joint Managing Director
Aviation
Interglobe Aviation | Large Cap | Aviation
InterGlobe Aviation is a company operating in the aviation industry in India, specializing in low-cost carrier (LCC) services. Their primary activities include air transportation for passengers and cargo, along with providing associated services such as in-flight sales, aircraft maintenance engineering, and advanced pilot training.
[Concall]
IndiGo provisioned 9.7 billion rupees for new labor laws and 222 million rupees for a DGCA penalty related to December’s operational disruptions, impacting profitability.
“Based on our current estimates, we have recognized an estimated provision of 9.7 billion rupees towards the implementation of these new labor laws. Additionally, the operational disruptions we faced in early December led to significant cancellations and delays, leading to customer inconvenience... On January 17, 2026, the company received an order from the DGCA imposing a penalty of 222 million rupees in connection with the operational disruptions.”
— Gaurav Negi, Chief Financial Officer
IndiGo is investing $820 million in a GIFT City entity to acquire aviation assets, using part of this to prepay loans on 12 leased aircraft to gain ownership.
“In this direction, we have announced a capital investment of $820 million in a GIFT City entity to be deployed primarily toward acquisition of aviation assets. We have utilized part of such investments toward prepayment of loans of 12 finance-leased aircraft, resulting in ownership of these aircraft.”
— Gaurav Negi, Chief Financial Officer
The financial impact of the new labor code, initially an exceptional item, will become a recurring expense within employee benefits in future quarters.
“Today, we have taken the new labor code as an exceptional item, so it is not coming in the cost line items. Going forward, the impact of following the new rules is going to start coming in the employee benefits line items. This is going to roll over from a catch-up or a true-up which has happened today. Tomorrow, it is all going to be part of the employee benefits line item.”
— Gaurav Negi, Chief Financial Officer
The December operational disruption caused a temporary shift of customer bookings to other airlines due to uncertainty, but IndiGo expects a quick return to normal market dynamics.
“You are right; October and November showed healthy growth. The disruption in those three days in December created uncertainty about how quickly IndiGo would restore its operation. That led to people booking with other airlines. It is a natural fallout of those three days, and we will be back to regular market dynamics pretty soon.”
— Peter Elbers, Chief Executive Officer
FMCG
United Spirits | Mid Cap | FMCG
United Spirits, a subsidiary of Diageo, manufactures, purchases, and sells beverage alcohol and allied spirits through tie-up manufacturing units and strategic franchising. Its premium brand portfolio includes Johnnie Walker, Black Dog, Smirnoff, and others, offering a range of high-quality spirits in the market.
[Concall]
The introduction of Maharashtra Made Liquor (MML) at aggressive price points presents a significant competitive challenge for United Spirits’ popular and lower prestige segments in Maharashtra.
“However, the launch of MML (Maharashtra Made Liquor) at very attractive price points and their sampling and gradual distribution increase remains a competitive challenge in Maharashtra, especially for the popular and lower prestige segment.”
— Praveen Someshwar, Managing Director and CEO
United Spirits anticipates new policy discussions for the Delhi market soon and is prepared to swiftly enter and capitalize on the opportunity, drawing on its proven agility in similar situations.
“We expect new policy discussions [for Delhi] over the next couple of months... We have demonstrated our agility in the past; when Andhra Pradesh opened, we were in the market within 30 days. We will seize the opportunity as and when it comes.”
— Praveen Someshwar, Managing Director and CEO
The premium segment is showing initial signs of growth, driven by positive macro-economic factors such as GST reductions, increased disposable incomes, and favorable monsoons.
“It’s early green shoots in the top end of the category. I believe the category is starting to see momentum because of GST cuts, disposable incomes, and good monsoons.”
— Praveen Someshwar, Managing Director and CEO
That’s it for now! Your feedback will really help shape how The Chatter evolves. Drop it down in the comments below!
Quotes in this newsletter were curated by Meher, Manie & Vignesh.
Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.
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