MARKET UPDATE
MARKET AT CLOSE
Nifty ends in the green for the third day in a row.
Nifty closes above 24,550, gaining over 0.75% today.
Nestlé and HUL lead the gains in the Nifty, Nestlé jumps almost 8%, while HUL gains over 4%.
PERSISTENT SYSTEMS Q4 RESULTS
• Net Profit ⬆️ 34% YoY, ⬆️ 21% QoQ
• Revenue ⬆️ 25% YoY at ₹4,055 Cr, ⬆️ 7% QoQ
• EBIT ⬆️ 30% YoY at ₹658 Cr, ⬆️ 4% QoQ
• EBIT Margin at 16.24% vs 15.6% YoY, 16.76% QoQ
NESTLÉ INDIA – Q4 UPDATE
• Strong quarter with sales growth of 23%+
• Highest-ever domestic sales at ₹6,445 Cr
• Growth driven by double-digit volume expansion and higher ad spends
• Broad-based performance across product categories
• EBITDA margin remained healthy at ~26.3%
• Coffee and cocoa prices trending lower due to improved supply
• Sugar prices remain stable
• Edible oil prices rising on higher crude prices and biodiesel demand
• Wheat output impacted by unseasonal rains
• Milk prices firm and expected to stay elevated in near term
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NESTLÉ INDIA – Q4 RESULTS (VS ESTIMATES)
• Net Profit at ₹1,114 Cr vs Est ₹998 Cr (↑12%)
• Revenue at ₹6,748 Cr vs Est ₹6,250 Cr (↑8%)
• EBITDA at ₹1,773 Cr vs Est ₹1,530 Cr (↑16%)
• EBITDA Margin at 26.3% vs Est 24.5%
• Beats Estimates Across Parameters
*Stocks in News*
*Rolex Rings:* Company’s board is scheduled to meet on Wednesday to discuss a potential buyback of its equity shares. (Positive)
*Oberoi Realty:* Q4 Gross Booking Value: Rs 1,673 crore (+96% YoY) (Positive)
*Associated Alcohol:* Company has finalized plans to acquire SDF Industries. (Positive)
*TCS:* South Korean tech giant NAVER Corp ink MoU. (Positive)
*TVS Motor:* Company signs JDA with Hyundai Motor Company for manufacturing of electronic three wheelers (Positive)
*PNB Housing:* Net Profit of Rs 655.8 Cr Vs Rs 550.4 Cr YoY, GNPA at 0.93% Vs 1.04% QoQ (Positive)
*Nelco:* Net Profit of Rs 1.1 Cr Vs Net Loss of Rs 4.1 Cr, Revenue at Rs 79.2 Cr Vs Rs 67.5 Cr (YoY) (Positive)
*E2E Network:* Net Profit of Rs 6.4 Cr Vs Net Loss of Rs 5.7 Cr, Revenue at Rs 96.0 Cr Vs Rs 70.0 Cr (YoY) (Positive)
*Interarch Building:* Company bags Rs 80 Cr order to design, engineering, manufacturing, supply & erection of Pre-Engineered Steel Building System. (Positive)
*Ravindra Energy:* An associate entity of the company has signed a Memorandum of Understanding with Drivn to deploy 1,000 electric trucks. (Positive)
*Eimco Elecon (India) Limited:* Company has executed Sale Deed(s) for the purchase of land measuring approx. 35,056 sq. meters in Kanjari, Gujarat, for a consideration of Rs 45.56 Cr. (Positive)
*City Union Bank Ltd:* Bank opened 7 new branches on April 20, 2026. (Positive)
*Thomas Cook:* Company, in collaboration with SOTC Travel, has launched a new ‘Visa Rejection Cover’ to provide security for international travelers. (Positive)
*Veerhealth Care:* Company bags “biggest single order” worth Rs 6.16 Cr for skincare products (Positive)
*JSW Steel:* Company, POSCO partner to set up 6 mtpa greenfield steel plant in Odisha. (Positive)
*Apeejay Surrendra Park Hotels:* Company signs two hotel management agreements in Ayodhya and Ujjain (Positive)
*Eimco Elecon (India):* Company completes acquisition of 35,056 sq. Meters of land in Gujarat for Rs 45.56 Cr (Positive)
*Oil India:* Company’s subsidiary, Oil Green Energy, has entered into MoU with Numaligarh Refinery for the procurement and supply of renewable energy. (Positive)
*Carysil:* Company enhances quartz kitchen sink capacity expansion target to Rs 12.5 Cr p.a., proposed Rs 50 Cr investment to cater to major US retail chains (Positive)
*CEAT:* Company to invest up to Rs 325 lakhs in subsidiary ‘Tyresnmore Online’ via rights issue (Neutral)
*Vedanta:* Company sets may 1, 2026, as record date for scheme of arrangement of demerger of Vedanta into 4 companies (Neutral)
*PNB Gilts:* NII at Rs 106 Cr vs 49 Cr. Profit at Rs13 Cr vs Rs 75 Cr, down 82.7% YoY (Neutral)
*Emudhra:* Company launches ‘Emsigner for SMEs’ to digitize document workflows, integrated e-signatures and automation for HR, Legal, and Finance functions (Neutral)
*AU Small Finance Bank:* Board to consider raising fund via QIP, Pref Issue, Debt on Apr 27 (Neutral)
*Muthoot Microfin:* AUM rises 13% YoY to ₹14,006 cr in FY26 (Neutral)
*Financials:* RBI withdraws April 1 circular on Forex risk management, interbank dealings. (Neutral)
*Indosolar:* Net Profit of Rs 42.0 Cr Vs Rs 40.0 Cr, Revenue at Rs 83.0 Cr Vs Rs 192.0 Cr (YoY) (Neutral)
*PDS:* Company’s arm files FIR over alleged employee misconduct. (Neutral)
*Hindustan Copper:* Company sees mine expansion capex of ₹7,189 cr under Vision 2030 (Neutral)
*Bajaj Finserve:* Bajaj General Insurance Gross Direct Premium: Rs 1,384.3 crore (-1.9% YoY). (Neutral)
*Container Corp:* The Ministry of Railways has officially appointed Vivek Gupta to serve as the Director of Finance for the company. (Neutral)
*Godawari Power:* Company allotted 2 crore convertible warrants to its promoters and members, while concurrently selling an additional 9.24% stake in Ardent Steel for Rs 22.2 crore. (Neutral)
*HMA Agro:* Company’s board is scheduled to meet on April 25 to consider the appointment of Gulzar Ahmad as Chairman and Managing Director (CMD). (Neutral)
*Kirloskar Ferrous:* Company has received trading approval from the NSE and will commence trading effective April 20. (Neutral)
*Carysil:* Company will invest Rs 50 crore to expand its quartz sink manufacturing capacity to 1.25 million units per annum to meet growing retail demand in the US market. (Neutral)
*HCL Tech:* Company has appoints Kimsuka Narsimhan as Independent Director. (Neutral)
*SPML Infra:* Company’s board will meet on April 23 to consider and approve various fund-raising options. (Neutral)
*HEG:* GDN Ventures LLP sold 10 lakh shares at Rs. 631.02 per share. (Neutral)
List of stocks included in short term ASM Framework: Allied Blenders, Apollo Micro, Bharat Wire, Man Industries, Elcid Investments. (Neutral)
List of stocks excluded from ASM Framework: Bhagiradha Chemicals, Easy Trip, eMudhra, EPack Prefab, JTL Industries, Sri Lotus, M&B Engineering, NACL Industries. (Neutral)
Circuit filter change from 20% to 10%: Indo Tech Transformers. (Neutral)
*CIE Automotive India Ltd* Ex-Date Tomorrow, Final Dividend – Rs. – 7.0 (Neutral)
*Sanofi India Ltd* Ex-Date Tomorrow, Final Dividend – Rs. – 48.0 (Neutral)
– Concall Update
Bank Of Maharashtra: Management provided FY27 guidance for advances growth at 18%, continuing a strategy of profitable growth without compromising quality. – Concall Update
Bank Of Maharashtra: Guidance – Management reported meeting or exceeding all 18-19 guidance parameters for FY2025-’26 across growth, asset quality, profitability, capital adequacy, and efficiency ratios.- Concall Update
Bank Of Maharashtra: Guidance – For FY2025-’26, the bank achieved a total business growth of 17%, advances growth of 22%, and deposits growth of 14%, with CASA growing 12% and maintaining a 52.51% ratio.- Concall Update
Bank Of Maharashtra: Guidance – Asset quality metrics were well within guidance, with Gross NPA at 1.45% (29 bps improvement) and Net NPA at 0.13% (5 bps improvement).- Concall Update
Bank Of Maharashtra: Guidance – Profitability metrics exceeded guidance, with NIM at 3.91% against a 3.75% guidance, and ROA at 1.86% against a 1.75% guidance.- Concall Update
Bank Of Maharashtra: Guidance – For FY2026-’27, new guidance includes 16-17% total business growth, 18% advances growth, 14-15% deposit growth, and maintaining CASA around 50%.- Concall Update
Bank Of Maharashtra: Guidance – The bank targets a NIM of 3.75%, cost to income below 40%, an upped ROA guidance of 1.80%, and ROE of 20% or more for FY2026-’27.- Concall Update
Bank Of Maharashtra: Guidance – Asset quality guidance for FY2026-’27 includes GNPA within 2%, NNPA within 0.25%, slippage below 1%, and credit cost around 1%.- Concall Update
Bank Of Maharashtra: For the upcoming fiscal year (FY27), the bank has set a guidance for NII to grow at 15% || For FY2026-’27, the bank has set a NIM guidance of 3.75%.- Concall Update
GROWW: TRANSITIONING FROM DISCOUNT BROKER TO AI-LED WEALTH PLATFORM
#Q4FY26
CORE HIGHLIGHT
– Evolving into a full-stack wealth management platform with strong market share gains, AI-driven efficiency, and long-term structural growth opportunity
MANAGEMENT COMMENTARY
– Company still in early innings despite being public for three quarters
– Strong focus on long-term compounding and platform building
– Clear segmentation across Wisdom, Wealth, and Prime verticals post Fisdom acquisition
– High confidence in gaining market share even during volatile cycles
– Impact: Positive — long-term vision with execution clarity
FUTURE OUTLOOK & GUIDANCE
– Margin expansion expected if revenue growth exceeds ~15%; stronger expansion at ~30% growth
– Costs (serve + growth) expected to grow slower than revenue
– Fisdom projected to achieve profitability by FY28
– Industry expected to grow at ~10–15% CAGR, with cyclical spikes
– Impact: Positive — scalable model with operating leverage
INDUSTRY & MACRO TRENDS
– Massive underpenetration: ~70–80M investors vs ~500–600M internet users
– Industry growth highly cyclical, driven by bull markets
– FII flows remain key indicator for next growth phase
– Impact: Positive — long-term structural tailwinds intact
COMPETITIVE POSITIONING
– Market share in equity derivatives increased from 9.12% → 10.6%
– Differentiation through technology, product innovation, and user experience
– Value-based pricing vs zero-fee competitors
– Impact: Positive — gaining share with strong product moat
RISKS & CONCERNS
– Regulatory uncertainty in algo trading
– One-off risk costs due to volatility (commodities & geopolitical events)
– Market slowdown impacting equity participation
– Dependence on market cycles for growth acceleration
– Impact: Monitorable — cyclical + regulatory risks
GROWTH DRIVERS & STRATEGY
WEALTH MANAGEMENT SCALE-UP
– Three-tier strategy:
• Wisdom (bank partnerships)
• Wealth (HNI/affluent)
• Prime (mass affluent)
– Integration of Fisdom expanding capabilities
– Impact: Positive — diversification beyond broking
AI-LED TRANSFORMATION
– GR1 research co-pilot for users
– AI-driven customer support
– AI integration in software development lifecycle
– Impact: Strong — productivity + scalability driver
PRODUCT EXPANSION
– Scaling Margin Trading Facility (MTF)
– Entry into bonds (primary & secondary markets)
– Expansion in commodities segment
– Impact: Positive — deeper monetization per user
FINANCIAL & OPERATING METRICS
COST STRUCTURE
– Cost to operate expected to remain stable post Q1 FY27 normalization
– Employee costs increased due to investments in AI, AMC, and wealth segments
HEADCOUNT & PRODUCTIVITY
– Headcount ~1,800
– Focus on non-linear growth using AI (revenue growth > headcount growth)
MARKETING SPEND
– ~₹450–500 Cr annually
– Slight spike expected in Q1 due to IPL season
– Impact: Positive — controlled cost structure with scalability
PRODUCT MIX & USER BEHAVIOR
– Shift towards Mutual Funds, ETFs, SIPs due to market correction
– MTF book growing, driven by positional trading
– Active derivatives users increased from 14L → 17L
– Impact: Positive — diversified engagement across segments
MOAT CHARACTERISTICS
– Strong technology backbone and user experience
– AI integration across customer and internal workflows
– Multi-product ecosystem increasing user stickiness
– Growing market share in key segments
– Impact: Strengthening — platform-led advantage
KEY INSIGHT
– Groww is shifting from a transaction-led broking model to a platform-driven, AI-powered wealth ecosystem with multiple monetization levers
OUTLOOK
– Near-term growth tied to market conditions and FII flows
– Long-term growth driven by penetration, product expansion, and AI-led efficiency
– Wealth management vertical to play a key role in next phase
IMPACT
– Positive — strong long-term compounding story with cyclical near-term headwinds
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