"*Ipca Laboratories Ltd.* | *CMP* Rs. 1486 | *M Cap* Rs. 37691 Cr | *52 W H/L* 1758/1061 (Nirmal Bang Retail Research) *Result is marginally above expectations* Revenue from Operations came at Rs. 2246.7 Cr (0.1% QoQ, 10.5% YoY) vs expectation of Rs. 2214.6 Cr, QoQ Rs. 2245.4 Cr, YoY Rs. 2033 Cr EBIDTA came at Rs. 428.9 Cr (-7.4% QoQ, 33.2% YoY) vs expectation of Rs. 403.8 Cr, QoQ Rs. 463.1 Cr, YoY Rs. 321.9 Cr EBITDA Margin came at 19.1% vs expectation of 18.2%, QoQ 20.6%, YoY 15.8% Adj. PAT came at Rs. 272.9 Cr vs expectation of Rs. 195.9 Cr, QoQ Rs. 248.1 Cr, YoY Rs. 196.3 Cr Quarter EPS is Rs. 10.8 Stock is trading at P/E of 32.4x FY26E EPS   " "*Alkem Laboratories Ltd.* | *CMP* Rs. 5230 | *M Cap* Rs. 62532 Cr | *52 W H/L* 6440/4410 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 3143.8 Cr (-6.8% QoQ, 7.1% YoY) vs expectation of Rs. 3143.1 Cr, QoQ Rs. 3374.3 Cr, YoY Rs. 2935.8 Cr EBIDTA came at Rs. 391.3 Cr (-48.5% QoQ, -2.7% YoY) vs expectation of Rs. 437.6 Cr, QoQ Rs. 759.4 Cr, YoY Rs. 402 Cr EBITDA Margin came at 12.4% vs expectation of 13.9%, QoQ 22.5%, YoY 13.7% Adj. PAT came at Rs. 305.9 Cr vs expectation of Rs. 342.9 Cr, QoQ Rs. 625.8 Cr, YoY Rs. 306.1 Cr Quarter EPS is Rs. 25.6 Stock is trading at P/E of 25.7x FY26E EPS " "*Samvardhana Motherson International Ltd.* | *CMP* Rs. 148 | *M Cap* Rs. 104127 Cr | *52 W H/L* 217/107 (Nirmal Bang Retail Research) *Result below Expectation* Revenue from Operations came at Rs. 29316.8 Cr (6% QoQ, 8.3% YoY) vs expectation of Rs. 28830.9 Cr, QoQ Rs. 27665.9 Cr, YoY Rs. 27058.2 Cr EBIDTA came at Rs. 2642.9 Cr (-9.9% QoQ, -1.6% YoY) vs expectation of Rs. 2904 Cr, QoQ Rs. 2934.6 Cr, YoY Rs. 2685.8 Cr EBITDA Margin came at 9% vs expectation of 10.1%, QoQ 10.6%, YoY 9.9% Adj. PAT came at Rs. 1050.5 Cr vs expectation of Rs. 1054.6 Cr, QoQ Rs. 878.6 Cr, YoY Rs. 1371.4 Cr Quarter EPS is Rs. 1.5 Stock is trading at P/E of 22x FY26E EPS " "*Bajaj Hindusthan Sugar Ltd.* | *CMP* Rs. 25 | *M Cap* Rs. 3193 Cr | *52 W H/L* 46/17 (Nirmal Bang Retail Research) *Result has improved* Revenue from Operations came at Rs. 1553.7 Cr (5.3% QoQ, -16.9% YoY) vs QoQ Rs. 1475.8 Cr, YoY Rs. 1870.3 Cr EBIDTA came at Rs. 285.6 Cr (-1266.6% QoQ, 68.2% YoY) vs QoQ Rs. -24.5 Cr, YoY Rs. 169.8 Cr EBITDA Margin came at 18.4% vs QoQ -1.7%, YoY 9.1% Adj. PAT came at Rs. 217.7 Cr vs QoQ Rs. -102 Cr, YoY Rs. 90.8 Cr Quarter EPS is Rs. 1.7 Stock is trading at P/E of -122.1x TTM EPS   " "*Campus Activewear Ltd.* | *CMP* Rs. 294 | *M Cap* Rs. 8979 Cr | *52 W H/L* 372/210 (Nirmal Bang Retail Research) *Result is ok* Revenue from Operations came at Rs. 405.7 Cr (-21.2% QoQ, 11.5% YoY) vs QoQ Rs. 514.8 Cr, YoY Rs. 363.9 Cr EBIDTA came at Rs. 71.5 Cr (-13% QoQ, 11.9% YoY) vs QoQ Rs. 82.2 Cr, YoY Rs. 63.9 Cr EBITDA Margin came at 17.6% vs QoQ 16%, YoY 17.6% Adj. PAT came at Rs. 35 Cr vs QoQ Rs. 46.5 Cr, YoY Rs. 32.8 Cr Quarter EPS is Rs. 1.1 Stock is trading at P/E of 58.3x FY26E EPS   " "*Century Plyboards (India) Ltd.* | *CMP* Rs. 764 | *M Cap* Rs. 16964 Cr | *52 W H/L* 939/614 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 1198.3 Cr (5.1% QoQ, 13% YoY) vs expectation of Rs. 1206.6 Cr, QoQ Rs. 1140.5 Cr, YoY Rs. 1060.7 Cr EBIDTA came at Rs. 134.6 Cr (3.9% QoQ, -2% YoY) vs expectation of Rs. 146.7 Cr, QoQ Rs. 129.5 Cr, YoY Rs. 137.3 Cr EBITDA Margin came at 11.2% vs expectation of 12.2%, QoQ 11.4%, YoY 12.9% Adj. PAT came at Rs. 53.2 Cr vs expectation of Rs. 78.5 Cr, QoQ Rs. 58.5 Cr, YoY Rs. 79.5 Cr Quarter EPS is Rs. 2.4 Stock is trading at P/E of 41.5x FY26E EPS " "*Varroc Engineering Ltd.* | *CMP* Rs. 499 | *M Cap* Rs. 7624 Cr | *52 W H/L* 717/365 (Nirmal Bang Retail Research) *Result is in-line with expectations* Revenue from Operations came at Rs. 2099.2 Cr (1.2% QoQ, 6.3% YoY) vs expectation of Rs. 2195.5 Cr, QoQ Rs. 2075.3 Cr, YoY Rs. 1974.9 Cr EBIDTA came at Rs. 213.4 Cr (12.3% QoQ, -2.4% YoY) vs expectation of Rs. 216.8 Cr, QoQ Rs. 190 Cr, YoY Rs. 218.7 Cr EBITDA Margin came at 10.2% vs expectation of 9.9%, QoQ 9.2%, YoY 11.1% Adj. PAT came at Rs. 77 Cr vs expectation of Rs. 78.1 Cr, QoQ Rs. 43.5 Cr, YoY Rs. 56.9 Cr Quarter EPS is Rs. 5 Stock is trading at P/E of 19.7x FY26E EPS