Tale of the Tape 

Good evening ya’ll!

Markets bounced back in the second half of the day, with the Nifty and Sensex ending up +0.4% each. Investors were happy over the decent Q2 earnings season + Trump’s remarks on an India trade deal. Midcaps (+0.5%) and Smallcaps (-0.2%) traded mixed. The advance-decline ratio was in favour of the bulls (3:2).

Most sectors finished higher. IT (+1.2%) and Auto (+1.1%) were the top gainers. PSU Banks (-0.4%) and Real Estate (-0.2%) saw minor cuts.

In today’s issue of the Daily Rip, we look at why Goldman Sachs is bullish on India, Bharat Forge and Bajaj Finance’s Q2 results, the top newsmakers of the day and more.

Honourable Mentions:

Britannia (-3%) was down after long-time CEO Varun Berry, responsible for turning around the company, abruptly quit. Hindustan Copper jumped +6% after posting strong Q2 numbers.

Check out the NSE 500 heatmap:

Market
Apna Time Aayega!

Gif by ZeeCinema on Giphy

After a rough 2025, are Indian markets starting to get their mojo back? ICYMI -  both Goldman Sachs & HSBC upgraded India recently, hinting that there may be some light at the end of the tunnel. Here’s a breakdown of why stonks may be set for a better H2-FY26.

1) Valuations & FII interest: The biggest reason behind the 2024-25 corrections was that we needed one. There was froth across midcaps & smallcaps and stuff was too expensive. That’s starting to change. NIfty now trades at a ~20% discount to the S&P 500, the highest gap in nearly 17 years. India’s relative premium to Asia has also normalised (from a peak of 90% to just 45% right now). Historically when it hits this level, Indian markets see a moderate outperformance. FYI - FIIs turned net buyers in October but that was mostly due to IPOs. It’s been a mixed bag in November so far, so keep an eye out.

2) India Inc results: The Q2 earnings season is shaping up to be okay-ish. Most analysts are projecting a far better Q3 on the back of improved demand (GST cuts) + low inflation. Goldman projects MSCI India profits to recover from 10% in 2025 to 14% in 2026. This tracks with a bounceback in GDP growth. The last piece of the puzzle is India solving its tariff headache and with us cutting back on Russian oil, a US trade deal should be in the bag soon.

3) It’s AI dummy: Finally, there’s the narrative issue. US and Asian markets rallied like crazy in 2025 because investors were betting on AI stocks. India has none; which led to a lotta people ignoring us. But if the AI bubble pops up -- which some experts fear will happen soon -- India could be a key hedge according to HSBC. The investment bank says investors who feel uncomfortable with AI could flock to India which may become an “outsized beneficiary”. Not bad!

TL;DR: India is getting cheaper. Earnings & economy are starting to bounce back too.Trump is an overhang, but if the AI rally implodes, we could be back in the FII spotlight.

Specials
Time To Buy Suzlon?

Suzlon is down 33% from its highs, what’s next for the stock? 📉

In our latest video, we break down Suzlon’s fundamentals and technicals, along with the latest analyst ratings.

Earnings
Earnings Roundup

Bajaj Finance (-7%) nosedived after its Q2 results. FYI - the big headline is the company cutting its Assets under Management (AUM) growth guidance to 22-23% vs 24-25% given earlier. This is due to higher NPAs being recorded in its MSME segment + stiffer competition in the house loan vertical. The latter has been known because Bajaj Housing Finance raised a red flag in July. But the MSME stuff is new, with Bajaj expecting AUM from that vertical to grow 10%-12% YoY in FY26 vs 18% YoY seen so far. This also means credit costs will be a tad higher given that it's cutting down on MSME volumes.

This is a shame, because its Q2 numbers met Street estimates. AUM, lending income and new loans booked are all up. The only slightly negative note was asset quality worsening.

Here are its key stats:

• Net Interest Income: Rs 10,785 cr; +22% YoY

• PAT: Rs 4,875 cr; +22% YoY

• Gross NPA: 1.24% vs 1.03% QoQ

• Net NPA: 0.60% vs 0.60% QoQ

If you’re wondering whether a small AUM cut warranted this big of a fall, you’re not alone! Some of the reaction is profit-booking; the stock was up +27% over the last two months. But the rest of it is that Bajaj Finance has always commanded premium valuations. If you’re priced to a T, you can’t afford any slip-ups!

Bharat Forge (+5%) Q2 results beat Street estimates! FYI - Trump’s tariffs caused US-bound commercial vehicle exports to drop a whopping -63% YoY. But strong growth in the company’s defence & industrial businesses + export diversification led to a solid high single-digit topline bump.

At the other end of the balance sheet, careful cost controls + lower financing costs helped bring up operating margins. This, in turn, boosted the bottomline.

Here are its key stats:

• Revenue: Rs 4,032 cr; +9% YoY (vs Est: Rs 3,748 cr)

• EBITDA: Rs 726 cr; +12% YoY (vs Est: Rs 612 cr)

• EBITDA Margin: 18% vs 17.5% last year (vs Est: 16.3%)

• PAT: Rs 299 cr; +23% YoY (vs Est: Rs 236 cr)

It’s rare to find a company with a big US exposure that adapts so quickly. But Bharat Forge’s diversification has paid off, mostly due to the GOI’s defence requirements. The firm bagged new orders worth Rs 1,582 cr in H1FY26, taking its defence order book to Rs 9,467 cr. So what if it sells fewer Class 8 trucks in the US?

Bharat Forge is +7% YTD.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Atul Auto zoomed after a strong Q2 show. Robust demand across both 3-wheeler & CV segments led to a +10% YoY bump in the topline. A richer product mix led to operating margins jumping +250 bps YoY. This in turn boosted the bottomline which jumped nearly +2x YoY.  Just the quarter that the Vijay Kedia-backed firm needed after a rough 2025. 

2) Borosil Renewables gained after posting great Q2 numbers. Domestic volumes posted double-digit growth helped by GOI’s solar push. This led to its topline zooming +43% YoY to hit Rs 378 cr. Lower raw material costs + operating leverage helped its margins soar to 32.8% (vs 18.1% earlier), resulting in profits growing over +3x YoY.

3) Gokaldas Exports jumped after Trump said India & the US were “getting close” to a very “fair trade deal”. Lower tariffs = big boost for textile exporters like Gokaldas. ICYMI - the sticking point has been our Russian oil imports, which will start to reduce from November & December. There have been other issues on the agriculture front, but it looks like negotiations are going well. Both countries had set a ‘fall 2025’ deadline, with some experts saying the first phase of a deal could be announced by November-end.

Links That Don’t Suck

💯 What’s Happening with Suzlon? | Suzlon Stock Analysis | Suzlon Latest News 

🙏 Warren Buffett bids farewell in final Berkshire letter: 'I'm going quiet'

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❌ Esha Deol and Hema Malini dismiss Dharmendra's fake death news

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hola Amigos. Welcome back to the Daily Rip!

Markets kicked off the week on a positive note, with the Nifty (+0.3%) and Sensex (+0.4%) ending in the green. Midcaps (+0.5%) and Smallcaps (+0.4%) moved in sync. The advance-decline ratio was in favour of the bulls (3:2). FYI - this tracked a rise in global markets as investors cheered a deal to break the US govt shutdown.

Most sectors finished higher. IT (+1.6%) and Pharma (+1%) were the top gainers. Real Estate (-0.2%) and FMCG (-0.2%) stocks saw minor cuts.

In today’s issue of the newsletter we cover KPIT Tech and Trent’s Q2 results, the upcoming Physicswallah IPO, top newsmakers and more.

Honourable Mentions:

Lenskart defied expectations of an awful market debut. The stock ended Rs 405 p/sh; +1% higher than its IPO price. Sugar stocks were in focus after the GOI approved 1.5 million tons of exports for the ongoing sugar season.

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Trent (-7%) was the top NIfty loser after a disappointing Q2 show. Stiff competition + meh demand led to its topline missing Street estimates. FYI - the retailer’s revenue grew at its slowest pace since 2021. The slowdown is clearest in its core fashion portfolio where LFL (like-for-like) growth was in “low single-digits” vs double-digits last year.

At the other end of the balance sheet, things look a little better. Lower employee & rental costs helped bump up margins. But even with that, the bottomline still missed expectations.

Here are its key stats:

• Revenue: Rs 4,817 cr; +16% YoY (vs Est: Rs 4,998 cr)

• EBITDA: Rs 817 cr; +27% YoY

• EBITDA Margin: 17% vs 15.5% last year

• PAT: Rs 373 cr; +11% YoY (vs Est: Rs 446 cr)

Big Picture: Fundamentally, there’s nothing wrong with Trent. It had an insane 2021-24 and is now naturally being compared unfavorably to a high base quarter. There’s really just one big question. Can its fashion biz fend off newer rivals and post solid growth? Trent is trying with new youth-focused stores called Burnt Toast, but we’ll see how it pans out. FWIW - most analysts agree its correction is overdone at this point. Even Goldman Sachs, which cut its target price, still sees a +15% upside from current levels.

Trent is -39% YTD.

KPIT Technologies posted okay-ish Q2 results. Robust growth in UK & European markets helped offset a small slump in North America biz. FYI - it was helped quite a bit by its Caresoft acquisition, without which it would’ve actually reported a topline dip.

Margins stayed steady on the back of careful cost measures. Finally, while the bottomline numbers look bad, the drop is mostly because Q2FY25 was juiced up by a bump in other income.

Here is its Q2 report card:

• CC Revenue: $181 million; +2% QoQ

• PAT: Rs 169 cr; -17% YoY

We know what you’re thinking: if the results were mid at best, why did the stock rally +4% intraday? For starters, the management guided for a strong H2FY26 and FY27, noting that it would be “better”. But really, even semi-decent results are better than nothing during this tough time for the IT sector.

KPIT Tech is -20% YTD.

Specials
Time To Buy Suzlon?

Suzlon is down 33% from its highs, what’s next for the stock? 📉

In our latest video, we break down Suzlon’s fundamentals and technicals, along with the latest analyst ratings.

IPO
Physicswallah IPO Review

Giphy

Physicswallah IPO kicks off tomorrow! The price band is fixed at Rs 103-109 p/sh. The company aims to raise Rs 3,480 cr from the IPO.

Founded in 2016 as a YouTube channel, Physicswallah is one of India’s leading edtech platforms. The company has nearly ~99 million YouTube subscribers across channels. This has translated to a paid user base of ~4.5 million in FY25; +59% CAGR growth since FY23. As a result, its topline has jumped +3x over FY23-25, while managing to narrow its losses. PS - while the company’s expanded its course offerings, ~60% of its Q1FY26 topline came from students wanting to crack NEET, JEE or other govt exams. So edtech yes, but really still an online coaching academy.

FYI - the IPO’s fresh issue comes out to Rs 3,100-cr. The money raised will be used for marketing (Rs 710 cr), lease payments for tuition centers (~Rs 548 cr) and investing in new offline centers (Rs 461 cr).

FY25 Snapshot:

• Revenue: Rs 2,887 cr; +49% YoY

• EBITDA: Rs 193 cr vs EBITDA loss of Rs 829 cr last year

• Net Loss: Rs 243 cr vs Rs 1,131 cr last year

Big Picture: FY25 financials look really good mostly because FY24 was dragged by a one-off. But leaving that aside, there are positive signs. Salary costs grew only 21% YoY in FY25, far below topline growth. Overall expenses were in fact flat YoY helped by careful cost control measures which is what juiced up the EBITDA. 

That said, Physicswallah seems in no mood to slow down. If you’re looking for steady profits, you’re unlikely  to find it here. Finally, one big red flag: student dropouts jumped ~6x since FY23; a higher dropout rate is normal as you expand, but this has outpaced overall user base growth which is a concern. 

FWIW - Valuations are reasonable, but it’s clear investors are still jittery about edtech firms which is why current grey market data suggests a meh 4% listing premium.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Nykaa soared after a solid Q2 show. Gross merchandise value jumped +30% YoY to hit Rs 4,744 cr. Robust demand across both its beauty & fashion verticals led to +25% YoY topline bump. FYI - this is the 12th straight quarter of mid-20s revenue growth! A richer product mix boosted gross margins to their highest level in 12 quarters as well. All of this led to profits tripling YoY. PS - CLSA sees a further +15% upside from current levels.

2) Graphite India tanked -7% intraday after posting weak Q2 numbers. The company’s topline was up +135 yoY helped by higher graphite & carbon sales volumes. But the real horror show was in profits which more than halved YoY. The bottomline was hit by a double whammy of lower electrode prices & higher input costs. The former caused the company to take an inventory write-down of ~Rs 80 cr. Looks like investors were gearing up for a rough quarter cause the stock is down -14% over the last week.

3) Uno Minda zoomed after decent Q2 numbers + brokerage upgrades. Solid festive demand led to growth across its switches, lighting & seating verticals. The company’s topline was up +13% YoY which is 2x higher than the OEM industry volume growth! Meanwhile, steady expenses led to a +27% YoY jump in profits. Nomura has hiked its target price to Rs 1,493 p/sh (vs Rs 1,430 p/sh earlier). 

Links That Don’t Suck

💯 What’s Happening with Suzlon? | Suzlon Stock Analysis | Suzlon Latest News 

👍 US senate breaks gridlock in key vote toward ending shutdown

❤️ Elon Musk uses Grok to imagine the possibility of love

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🙏 Veteran actor Dharmendra in critical condition, placed on ventilator support - Reports

⚽ Arsenal will feel Man City on their shoulders now after big win

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks. Happy Friday!

Nifty and Sensex climbed from the day’s low but still ended with minor cuts. This tracked with weakness across global markets as investors try to figure out what tepid US jobs data would mean for the prospects of another Fed rate cut. Midcaps (+0.6%) saw decent buying, but Smallcaps (-0.2%) finished lower. FYI - this caps off a rough few days and leaves markets in the red for the full week.

It was a mixed-bag kinda day for sectors. Metals (+1.4%) and PSU Banks (+0.9%) were the top gainers. IT (-0.6%) and FMCG (-0.5%) witnessed selling pressure.

In today’s issue of the Daily Rip, we cover the Anil Ambani stock debacle, Venky’s and Amber Enterprises’s Q2 results, the big Unacademy deal, Elon Musk’s $1 trillion payout and more.

Honourable Mentions:

Bharti Airtel (-4%) was the top Nifty loser after 5.1 cr shares were traded in a big block deal; reports say Singtel was the likely seller. Paradeep Phosphates was up +6% on a strong Q2 show + announcing a Rs 3,600 cr expansion plan.

Check out the NSE 500 heatmap:

Stock
We Warned You!!!

Surprise, surprise! Anil Ambani is in yet ANOTHER scandal. ICYMI - the group’s stocks are down upto -16% over the last week after the Enforcement Directorate attached a whopping Rs 7,500-cr in assets. That’s a sh!tload of money. So here’s a quick breakdown of what went wrong. 

The OG sin, as always, lies in the past. The ED says Anil Ambani firms took loans starting in 2010-11, out of which Rs 19.6k cr is still outstanding. What happened to the money? Officially they became NPAs but investigators say they were diverted to other group firms. For example: the ED alleges RCom and other firms diverted Rs 13.6k cr into ‘evergreening loans’ -- aka using a bank loan to pay interest on another bank loan in a twisted ponzi scheme. In another wild scheme, Reliance Nippon Mutual Fund gave money to Yes Bank, which in turn then loaned that money to Anil Ambani firms.

We know what you’re thinking though: what does this have to do with the two listed companies -- Reliance Power and Reliance Infrastructure? The firms say the attachment of properties won’t affect their operations. But the ED claims RPower and RInfra also diverted money without offering further details. Does this mean the two firms will simply have to cough up any money that may have been diverted to them? Or will a full investigation cripple their business? Your guess is as good as ours, but this isn’t great news…

FWIW - RPower and RInfra have had solid turnarounds which led to stocks rallying in 2024.  Their fundamentals are getting better with a reduction in debt + new biz forays. But if all this was built on a house of cards, it doesn’t matter. This is something we’ve flagged consistently: Anil Ambani goes hand-in-hand with corporate governance risk. The actual court case may take a decade, but in the meanwhile this overhang could destroy the hope of any gains.

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are tracking? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist!

Earnings
Earnings Roundup

Amber Enterprises (-8%) was the top NSE 500 loser after rough Q2 results! Heavy monsoons and a pre-GST reduction hit saw its core AC biz shrinking -18% YoY. FYI - the GST stuff has hurt many consumer stocks as buyers postponed purchases ahead of the tax cuts.

A smaller topline is one thing. But the double whammy comes from a drop in operating margins, with pressure across verticals. In electronics, higher raw material prices hurt its printed circuit board biz. Also higher ESOP costs affected its defence segment. All of this led to Amber reporting its first loss in nearly two years!

Here are its key stats:

• Revenue: Rs 1,647 cr; -2% YoY (vs Est: Rs 1,841 cr)

• EBITDA: Rs 91 cr; +20% YoY (vs Est: Rs 125 cr)

• EBITDA Margin: 5.5% vs 6.7% last year

• Net Loss: Rs 33 cr vs Rs 19 cr profit last year

Other AC firms are hurting too, so Amber isn’t alone. But people invest in the company because it’s well diversified and supposed to avoid seasonal slumps like this.

Amber Enterprises is -6% YTD.

Venky’s (-9%) posted a weak set of Q2 numbers! FYI - demand wasn’t great either, but the real issue is that the industry’s been hit with oversupply in key regional markets. This resulted in a sharp moderation in its topline. The company’s animal health product biz & oilseed segment did well, but they are too small to make a big difference.

At the other end of the balance sheet, elevated feed costs weighed on margins, which dragged down the bottomline. PS - this was the first quarterly loss reported in nearly two years!

Here are its key stats:

• Revenue: Rs 811 cr; +4% YoY

• Net Loss: Rs 27 cr vs Rs 8 cr profit last year

A rough Q2 for the company that comes after a not great Q1 either. The management says it’s betting big on ready-to-cook chicken products to offset the volatility in the live poultry market, but that will take time.

Venky’s (India) is -25% YTD.

Charts

Chartbusters

Edtech firm UpGrad may buy Unacademy in a deal worth $300-400 million! FYI - it’s all based on reports right now, but if it happens, it would be a ~91% drop from Unacademy’s last public valuation of $3.4 billion back in 2021! Shocking, but perfectly represents the hot mess that is the Indian edtech space. For the unaware, many firms like Unacademy saw INSANE growth during Covid. They raised a lot of money, expanded into an unnecessary amount of newer verticals then it all crashed when the demand for e-learning went away after the pandemic got over.

Byju’s gets most of the bad rep. But Unacademy hasn’t been great either: it tried pivoting into offline tutoring centres, which turned out to be a failure. Then came the layoffs, followed by founder Gaurav Munjal stepping down as CEO. Tbh, consolidation in any sector can be good. The basic edtech premise isn’t bad; just has to be scaled down a lot to satisfy actual & real demand. PS - keep an eye out for the upcoming Physicswallah IPO, the first major edtech to list!

The world’s richest man just got a WHOLE lot richer! Tesla shareholders voted to give Elon Musk the largest pay package in corporate history. Over the next decade, Musk will be given ~423 million shares that will likely be worth $1 trillion. If he gets all of these shares, that’s the equivalent to earning a cool $275 million a day. Don’t think about it too much; your mind will start melting.

The funniest part though is that this isn’t about the money for Musk. It’s about control as the new shares will up his ownership to ~25% vs 13% currently. This is important because he’s had plenty of disputes with his board. At the same time, this isn’t a free lunch. The stock payouts are tied to specific milestones. ICYMI - Musk’s trying to transform Tesla from a pure EV firm to an AI company that will see all its cars self-driven. It’s a long shot, but if it works, Musk definitely deserves to get paid.

Links That Don’t Suck

🚀 3 Stocks Traders are Tracking in November 2025 | SEBI RA Analysis | Stocks to Watch 

🤝 Trump Says He Plans to Visit India at Modi’s Invitation

👀 OpenAI seeks US government backing to boost its over $1 trillion AI investments

🎮 Grand Theft Auto VI launch delayed until November 2026 

👼 Katrina Kaif and Vicky Kaushal welcome baby boy

🏆 India look to clinch T20I series in decider in Brisbane

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening ya’ll!

Markets closed down for a second day. Broader markets got beaten up even more as Midcaps (-1%) and Smallcaps (-1.4%) came under heavy selling pressure. A rough 406 stocks in the NSE 500 finished lower.

Except IT (+0.2%), every other sector ended lower or flat. Metals (-2.1%) were the top loser followed by Real Estate (-1.5%) and Energy (-1.2%).

In today’s issue of the Daily Rip, we cover Ola Electric and Paytm’s Q2 results, the upcoming Pine Labs IPO, the top newsmakers and more.

Honourable Mentions:

Delhivery tanked -10% after posting a Q2 net loss of Rs 50 cr. PS - JM Financial downgraded the stock and cut its target price to Rs 530 p/sh (vs Rs 560 p/sh earlier). Adani Enterprises tanked -5% after approving a Rs 25,000 cr rights issue. 

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Paytm (+4%) was up on a solid Q2 show! Gross merchandise value (GMV) jumped +27% YoY to hit Rs 5.67 lakh cr, helped by higher UPI-based credit card transactions + EMI offers. Tbh, it was a strong performance across verticals: merchant subscriptions hit an all-time high of 1.37 cr; +22% YoY.  Its loan distribution arm also grew +63% YoY to hit Rs 611 cr.

At the other end of the balance sheet, the bottomline figures are a bit of a mess. Profits are down YoY, but that’s because of one-offs in the base quarter. But the two big takeaways are that its profitability streak continues. And that it’s able to control its costs; indirect expenses & customer acquisition costs dropped -18% YoY and -42% YoY respectively. 

Here are its key stats:

• Revenue: Rs 2,061 cr; +24% YoY

• EBITDA: Rs 141 cr

• PAT: Rs 211 cr;  -97% YoY

We’ve called out the Paytm turnaround for a while here at Stocktwits. Paytm still may not be the company it once was, but it’s slowly getting there. PS - Emkay Global has hiked its target price to Rs 1,600 p/sh; +21% upside from current levels.

Paytm is +33% YTD.

Ola Electric Mobility (-5%) fell after posting weak Q2 numbers! FYI - the big headline is the sharp cut to its FY26 revenue guidance. It now expects a topline of Rs 3,000-3,200 cr vs Rs 4,200-4,700-cr projected earlier. This is rough, but reflects how badly its sales are doing. In Q2, deliveries dropped -47% YoY to just 52.6k vehicles. 

On the flipside, its losses narrowed YoY helped by a bump in gross margins. Fun fact: its auto biz also turned EBITDA-positive for the first-time-ever! This was partly helped by strong demand for the premium Roadster models (which now accounts for ~15% of its topline). But the gloomy outlook -- which implies it will sell even fewer vehicles in Q3 & Q4 -- left investors disappointed.

Here is its Q2 report card:

• Revenue: Rs 690 cr; -43% YoY

• Net Loss: Rs 418 cr vs 495 cr last year

Big Picture: CEO Bhavish Aggarwal has tried to attribute the sales slump to two factors. Firstly, the overall market is down but competition has increased. Secondly, it’s stayed away from heavy discounts which means its volumes will fall. Fair enough. But Aggarwal’s key assumption -- that whenever the market’s next phase of growth comes, Ola will automatically start doing better, is not a given. Customers may have simply moved on from the brand.

Ola Electric is down -45% YTD.

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are tracking? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist!

IPO
Pine Labs IPO Review

Pine Labs IPO opens for subscription tomorrow! The price band is fixed at Rs 210-221 p/sh. The company aims to raise Rs 3,890 cr from the IPO.

Founded in 1998, the company started off by deploying those old PoS terminals used to swipe debit cards. But it’s evolved since then: 70% of its FY25 topline comes from its digital infra & transaction biz (payment gateways), with the rest accounted for in its ‘issuing and acquiring’ vertical (prepaid cards). It currently serves over 980k merchants, 700+ consumer brands, and 170+ financial institutions. Its gross transaction value jumped to Rs 11.4 lakh cr in FY25; +2x YoY. And while this has been good for the topline, the company’s struggled to post profits.

FYI - the IPO is roughly a 50:50 fresh issue & Offer for Sale. The money raised (Rs 2,080 cr) will be used to invest in tech infra including cybersecurity and & new product development.

FY25 Snapshot:

• Revenue: Rs 2,275 cr; +28% YoY

• EBITDA: Rs 235 cr; +8x YoY

• Net Loss: Rs 146 cr vs Rs 342 cr loss last year

Big Picture: Pine Labs did manage to become profitable in Q1FY26 but that’s mostly due to a one-off tax credit. That said, it’s in better shape than its closest listed peer aka Paytm. Pine Labs reported an adjusted EBITDA margin of 19.6% in Q1FY26 vs Paytm’s 5.3%. Pine’s expense problem is mostly due to salary & share compensation costs which should ease in coming years. Its biggest advantage may actually be the fact that it’s thriving in overseas markets (15% of FY25 topline).

Valuations are reasonable; in fact the IPO is at a 40% discount to its last fundraising round. But investors are still worried. New-age IPOs have been a hit-or-miss lately which is why grey market data suggests a meh 8% listing premium.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Asian Paints was the top Nifty gainer after a bunch of triggers. FYI - the big one is Birla Opus CEO’s resigning abruptly. The company was initially seen as a major rival to Asian Paints. But it’s lately become clear that the Birlas have hit a growth ceiling. And with the management in disarray, that’s great news for Asian Paints. Other key triggers have been a fall in crude prices and MSCI bumping up its weightage of the stock on key indices. PS - Nuvama hiked its target price to Rs 3,100 p/sh (vs Rs 2,285 p/sh earlier).

2) Hindalco tanked -7% intraday after bad news from its US unit Novelis. First off, a big fire at its Oswego plant could see a $150 million EBITDA hit in FY26. On top of that, Novelis’s Q2 results sucked with tariffs playing a big role. The stock was hit with a flurry of downgrades, with Investec seeing another -12% downside from current levels.

3) Bluestar nosedived after cutting its FY26 revenue growth guidance! The AC maker now expects its topline to be flat vs earlier estimates of 5% growth. This is mostly because festive season sales have been weak due to heavier rainfall. As a result, its channel inventory has now hit 65 days vs 34 days at the same time last year. PS - Bluestar’s management says GST cuts haven’t really helped the mood either. Tough times ahead.

Links That Don’t Suck

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💔 Tom Cruise & Ana De Armas Breakup: What Went Wrong Between The Hollywood Stars?

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks. Welcome back to the market of stocks!

Nifty and Sensex had a boring day, ending with very minor gains. But broader markets were more lively, with Midcaps (+0.8%) and Smallcaps (+0.7%) seeing solid buying. 338 stocks in the NSE 500 finished in the green.

Most sectors ended in the green. Real Estate (+2.2%) was the star of the day, followed by PSU Banks (+1.9%) and Pharma (+1.2%). IT (-0.2%) and FMCG (-0.1%) saw minor cuts.

In today’s issue of the Daily Rip, we cover Groww’s big IPO, Tata Consumer and Shriram Finance’s Q2 results, the top newsmakers of the day and more.

Honourable Mentions:

Vodafone-Idea zoomed +10% after the Supreme Court widened the scope of possible GOI relief. PS - sentiment was also boosted by reports PE firm TGH could pick up a stake in the company. Bank of Baroda (+5%) hit a new all-time high. Global brokerage firm HSBC sees a further +17% upside from current levels.

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Shriram Finance (+6.5%) was the top Nifty gainer after a solid Q2 show! Lending income beat Street estimates helped by strong demand in its commercial vehicle & MSME verticals. But really, the NBFC was firing on all cylinders with even its smaller car & 2W segments jumping +22% YoY and 19% YoY respectively. All of this led to its Assets under Management (AUM) growing 16% YoY to hit Rs 2.8 lakh. Finally, asset quality was mostly stable, which is a bit of a relief after the slight deterioration in Q1.

Here is its Q2 report card:

• Net Interest Income: Rs 6,026 cr; +10% YoY (vs Est Rs 6,024 cr)

• PAT: Rs 2,315 cr; +125 YoY (vs Est: Rs 2,216 cr)

• Gross NPA: 4.57% vs 4.53% QoQ

• Net NPA: 2.49% vs 2.57% QoQ

It’s been a good quarter for many NBFCs and Shriram is no exception. Looking ahead, the biggest trigger is rumors of Japan’s Mitsubishi picking up a 20% stake in the company. We’ll have to see how it pans out. Experts say it could either fuel the next wave of growth or be a disaster if the promoters exit.

Shriram Finance is +34% YTD

Tata Consumer (+3%) Q2 results beat Street estimates! Solid demand in both its food biz (+19% YoY) and the beverage vertical (+12% YoY) helped boost the topline. FYI - beverages revenue was helped by a sharp drop in tea prices. But an overall bump in marketing expenses + coffee prices dragged down margins. Despite that, the company’s bottomline beat Street estimates!

Special shoutout: the packaged foods segment (noodles, chili oil etc) also grew +27% YoY which is good news for a company trying to hedge against commodity fluctuations!

Here are its key stats:

• Revenue: Rs 4,966 cr; +18% YoY (vs Est: Rs 4,782 cr)

• EBITDA: Rs 672 cr; +7% YoY (vs Est: Rs 630 cr)

• EBITDA Margin: 13.5% vs 14.9% last year (vs Est: 13.2%)

• PAT: Rs 397 cr; +11% YoY (vs Est: Rs 367 cr)

Tata Consumer is +30% YTD.

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are tracking? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist!

IPO
Groww IPO Review

Groww IPO opens for subscription tomorrow! The price band is fixed at Rs 95 -100 p/sh. The company aims to raise Rs 6,632 cr from the IPO.

About company: Groww is India’s largest stock broker with 12.9 million active users, far ahead of Zerodha (7.8 million) and Angel One (7.6 million). Like many discount brokers, it’s seen crazy growth since Covid, with its topline jumping +4x over FY23-25. But it’s also struggled to move beyond its roots, with broking still accounting for ~80% of its Q1FY26 revenue while AMC & insurance verticals are yet to take off.

FYI - the IPO is mostly an Offer for Sale, with the fresh issue being just Rs 1,060 cr. The money raised will be used to boost its cloud infrastructure. Fun Fact: while some investors are exiting,  the OG founders aren’t selling a single share!

FY25 Snapshot:

• Revenue: Rs 3,902 cr; +30% YoY

• PAT: Rs 1,824 cr vs Rs 805 cr loss last year

Big Picture: The FY25 financials don’t tell the full story. A bear market + SEBI’s F&O crackdown have brokers reeling and Groww is no exception. In Q1FY26, the company’s topline fell -10% YoY. It also added just ~800k new users in Q1FY26, less than half of the 1.7 million it added in Q1FY25. Growth tapering off is doubly important because until now that was its edge. Also, Groww’s ARPU was just Rs 3.3k in FY25 vs the average ~Rs 11k reported by Anand Rathi and Motilal Oswal. But that didn’t matter because Groww’s sheer scale translated to solid profits. But if that’s gone, a key assumption about its fundamentals no longer holds. Finally, valuations are expensive; Groww FY25 PE is 31x vs Nuvama’s 22x. That said, India’s equity story is just getting started. Which is why current grey market data suggests a decent 14% listing pop.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Urban Company cracked -6% intraday after a disappointing Q2 show. The company’s topline rose +37% YoY. But this was mostly because expenses jumped as the company spent more on customer acquisition + partner on-boarding. As a result, its net loss widened to Rs 59 cr from Rs 2 cr in Q2FY25. Not great, especially considering the company reported a profit in Q1FY26. PS - this is the first results after its IPO and not something new investors wanna hear!

2) Arvind Fashion jumped after posting strong Q2 numbers. Robust demand across key brands + store channels helped its topline grow +11% YoY. A richer product mix + cost control measures led to a bump in margins (13.3% vs 12.7%) which in turn resulted in a cool +25% YoY jump in profits. The company has also guided for a strong H2FY26, citing recent GST cuts.

3) Wockhardt soared after swinging back to profits in Q2. The drugmaker’s profit came in at Rs 78 cr (vs loss of Rs 22 cr in Q2FY25), helped by increased cost control measures, easing price pressure and a one-off. The topline is still a little shaky though, down -3% YoY, with experts saying to keep a careful eye on how Q3 pans out.

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🍿 Ra. One sequel possible, says SRK if director Anubhav Sinha agrees

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening ya’ll. Happy Friday!

Nifty and Sensex ended the week on a red note, down -0.6% each. This means that markets have snapped their four-week winning streak, which sucks. Broader markets didn’t do much better with Midcaps and Smallcaps each ending -0.5% lower. A cool 365 stocks in the NSE 500 took a hit today.

Except PSU Banks (+1.6%), every other sector was down or flat. Metals (-1.1%) and IT (-0.5%) were the top losers.

In today’s issue of the Daily Rip, we break down Lenskart’s crazy IPO valuations, cover Strides Pharma & Navin Fluorine Q2 results and look at the weekly movers and shakers and more.

Honourable Mentions:

Bharat Electronics was up +4% on decent Q2 results + bagging defence orders worth Rs 732 cr.

Narayana Hrudayalaya (-2%) fell after announcing it would acquire UK’s Practice Plus Group for ~Rs 1,930 cr.

Check out the NSE 500 heatmap:

IPO
Lenskart IPO Review

The Lenskart IPO is finally here! The eyewear firm is looking to raise Rs 7,278 cr with the price band fixed at Rs 382-402 p/sh.

There’s a lot to talk about here but let’s be real. One thing overshadows everything else: this IPO is expensive AF. It’s valued at around 230x P/E which means it's asking for 230 times more for every 1 rupee it earns. 

The management’s response has been embarrassing. But their one semi-decent argument is that as a ‘tech company’ when operating leverage kicks in, the growth potential is insane. And they aren’t totally wrong. Lenskart’s topline has +1.5x over FY23-25 and operating margins zoomed from 4.4% to 19.5% in Q1FY26. It’s currently Asia’s second-largest eyewear brand by volume. And while ~53% of Indians need vision correction, only 35% currently wear glasses. So the runway is indeed massive.

But what is Lenskart not saying? Well, it’s only reported one year of profit so far and that was achieved by accounting magic. But what’s far more damning is Lenskart’s past valuations. In July, CEO Peyush Bansal bought 17 million shares at a valuation of Rs 8,741 cr. And now just 3 months later, it’s demanding a valuation of ~Rs 70,000-cr which is ~8x higher. How on earth do you justify this? Spoiler alert: you don’t. It’s blatant greed and Lenskart is shamelessly milking retail investors. 

Big Picture: There’s a good chance this IPO crashes and burns. But we want to leave you with the full picture. Grey market data indicates listing gains of ~17%. Now, GMP data is fickle. But the anchor book has been strong, and ace investor RK Damani has also lent his name in the pre-IPO round. Tbh, it’s also 100% possible to make money in overvalued stocks. But beware you’re buying into a narrative and not fundamentals.

Earnings
Earnings Roundup

Navin Fluorine (+15%) was the top gainer on NSE500 after blockbuster Q2 results! Booming demand across verticals led to an insane topline jump. FYI - we’re not kidding when we say all engines are firing; its core refrigerant gas division grew +38% YoY, the speciality chemicals biz jumped +35% YoY and even the new CDMO vertical was up +2x.

The company also clocked its highest-ever quarterly EBITDA margin aided by operating leverage gains in the CDMO biz. Consequently, Navin hiked its EBITDA guidance to 28%-30% for FY26 (vs 25% earlier). 

No surprises that brokerages are bullish. Jefferies raised its PAT projections for FY26-27 and sees a further +16% upside from current levels.

Here are its key stats:

• Revenue: Rs 758 cr; +46% YoY

• EBITDA: Rs 246 cr; +2x

• EBITDA Margin: 32.4% vs 20.8% last year

• PAT: Rs 148 cr; +2x

Navin Fluorine is +74% YTD

Strides Pharma (+9%) zoomed after a solid Q2 show. Strong demand in its EU & UK markets helped boost the topline. FYI - this helped offset the US biz which was flat YoY due to trade war and stiff competition. Lower raw material costs and a richer product mix helped juice up margins. This led to the company reporting its highest-ever quarterly profit. To top things off, the company also managed to reduce net debt by ~Rs 47 cr despite forex volatility & ongoing capex. Not bad at all!

Here is its Q2 report card:

• Revenue: Rs 1,221 cr; +5% YoY

• EBITDA: Rs 232 cr; +25% YoY

• EBITDA Margin: 19% vs 15.8% last year

• PAT: Rs 132 cr; +2x

The pharma sector has had a complicated 2025 so far. Regulatory troubles & overstretched valuations has led to negative returns for most top companies. But just like IT, there’s still value to be found in smaller players like Strides!

Charts

Movers and Shakers

Here’s a look at this week’s top NSE500 movers. Chennai Petro took the pole position after rallying +27%. Five Star Business Finance (+22%) had its best ever week on strong Q2 earnings. Cohance Lifesciences (-14%) hit a new 52-week low. 360 One WAM (-9%) snapped its 4 week gaining streak. Check out their charts below: 

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks!

Nifty and Sensex ended down -0.7% each as the Fed’s hawkish comments + FII outflows weighed on investor sentiment. Broader markets fared better with Midcaps and Smallcaps finishing flat. 320 stocks in the NSE 500 ended in the red.

Most sectors ended lower or were flat. Pharma (-0.6%), Banks (-0.6%) and IT (-0.5%) stocks were under selling pressure.

In today’s issue of the Daily Rip, we cover the Fed’s latest warning, Dr Reddy’s Canada flop, Sagility India & Aditya Birla Capital’s Q2 results, the Studd Accessories IPO and more.

Honourable Mentions:

Cipla was down -3% after announcing that its MD and CEO both would be replaced in a management reshuffle. Canara Bank (+3%) hit a 52-week-high after its Q2 profit jumped +19% YoY.

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Sagility India hit a new all-time high on strong Q2 results. Robust US demand for its core healthcare vertical helped the topline post double-digit growth. Increasing AI automation aided margins and helped bag higher-value contracts. All of this resulted in a nice profit boost! FYI - Sagility also upped its FY26 revenue guidance to +21% YoY and EBITDA margin projection to +25%. No surprise that Jefferies hiked its target price to Rs 62 p/sh; implying a +13% upside from current levels.

Here are its key stats:

• Revenue: Rs 1,658 cr; +25% YoY

• EBITDA: Rs 415 cr; +38% YoY

• EBITDA Margin: 25% vs 22.7% last year

• PAT: Rs 251 cr; +2x

We’ve called out Sagility for a while here at Stocktwits. But the real takeaway is that there is value in the IT space still; just gotta find good opportunities whether it's in mid-tier firms or specialised players with a big growth runway.

Sagility India is +15% YTD.

Aditya Birla Capital (+5%) posted a strong set of Q2 numbers. Decent demand across lending verticals led to its overall loan book jumping +29% YoY to hit Rs 1.78 lakh cr. But really, everything was firing, with NBFC disbursements rising +14% YoY and its mutual fund average AUM growing +11% YoY.

FYI - don’t get fooled by the bottomline numbers. They fell because last year’s numbers had a one-off bump from the sale of its insurance broking subsidiary. Without that, profits were actually up +3% YoY.

Here is its Q2 report card:

• Revenue: Rs 12,481 cr; +4% YoY

• PAT: Rs 883 cr; -15% YoY

The company has had an insane 2025 despite multiple challenges across different financial services divisions. And the best part is that a lot of these concerns may ease in the coming quarters with interest rate cuts & increased consumer demand from GST hikes.

Aditya Birla Capital is +83% YTD.

IPO
Studds Accessories IPO Review

Studds Accessories IPO is open for subscription! The price band is fixed at Rs 557-585 p/sh. The company aims to raise Rs 455 cr from the IPO.

For the unaware, Studds is India’s largest two-wheeler helmet manufacturer, selling nearly 7.5 million units in FY25 which gives it a ~27% volume share. Some of its top clients include Yamaha, Honda, Hero and Royal Enfield. The company’s product portfolio stretches across the budget segment under its core Studds brand (<Rs 4,000) but has also slowly made inroads with its SMK brand (<Rs 13,000) which offers a more premium play. All of this is supported by four plants with a ~9 million unit capacity, with plans for a fifth unit by 2025-end.

FYI - the IPO is 100% an Offer for Sale, which means its being used to give the promoters an exit. So, no money comes into the company which is a negative!

FY25 Snapshot:

• Revenue: Rs 584 cr; +10% YoY

• EBITDA: Rs 105 cr; +17% YoY

• EBITDA Margin:17.96% vs 17.05% last year

• PAT: Rs 70 cr; +23% YoY

Big Picture: Experts say this is a pretty decent proxy play on India’s auto sector.Topline growth has slowed in recent years but that’s to be expected due to the 2W industry’s sluggishness + greater competition from rivals like Steelbird. Looking ahead, there are two potential triggers. Firstly, 2W volume growth is set to improve in FY26 on the back of GST cuts. And secondly the management is prepping for a major export push. So keep an eye on both! That said, valuations are okay-ish at 33x FY25 earnings. Current grey market data also suggests it may list at a 9% premium.

News

Bullets From The Day

Dr Reddy’s cracked -6% intraday after Canadian authorities delayed approval for its weight loss injection. FYI - the generic semaglutide (aka Ozempic) application received negative feedback that the company will need to fix before resubmitting. Experts say this could result in a delay of 8-12 months. JPMorgan estimates that roughly ~$30 million in FY26 revenue and ~$100 million in FY27 revenue is now at risk which sucks.

In the long run, this isn’t a huge deal. But it’s the latest nasty surprise for Dr Reddy’s pipeline. ICYMI - it’s had problems with several drugs (Sema, Rituximab, Premarin etc). And of course, its core cash cow Revlimid has been under a patent expiry cloud for most of 2025. So it’s no surprise that sentiment is negative right now. PS - Today’s development also had some rough spillover with Shaily Engineering (which produces injection pens for Dr Reddy’s) tanking -10%.

The US Federal Reserve’s latest meeting was a mixed bag. The central bank announced a quarter point cut as expected, which brings rates to their lowest level in three years. It also said it would stop its quantitative tightening strategy aka shrinking its balance sheet to fight inflation. Now, normally these two things should send stocks soaring because lower bond yields = more FII money into emerging markets like India. 

But, US treasury yieldsactually went up because Powell hinted that a December rate cut was no longer certain. They are worried, naturally, about inflation and unemployment. But trade wars & geopolitical uncertainty make things confusing. Everything’s uncertain which is why most global markets traded sideways today as well.

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😂 Why Liverpool have turned into a dysfunctional mess

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hola Amigos!

Markets were back in the green with Nifty (+0.5%) and Sensex (+0.4%) seeing decent gains. This tracks a rally across Asian markets that has been fuelled by expectations of a Fed rate cut, hopes of a US-India trade deal and renewed AI optimism. Broader markets were up too with Midcaps (+0.6%) and Smallcaps (+0.4%) seeing buying. A cool 341 stocks in the NSE 500 finished higher.

Except Auto (-0.7%), every other sector gained. Oil & Gas (+2.1%) jumped the most followed by Metals (+1.7%) and Pharma (+0.8%).

In today’s issue of the Daily Rip, we tell you how to avoid getting trapped in new trading scams, cover Varun Beverages and Blue Dart Express’s Q2 results, unpack the AMC stock sell-off and more.

Honourable Mentions:

Coherence Lifesciences cracked -9% after its managing director V Prasada Raju abruptly resigned. CG Power jumped ~4% after reporting all-time high quarterly sales.

Check out the NSE 500 heatmap:

Market
Reality Check!

Another day, another scam! Over a hundred brokers and investors have potentially been scammed of ~Rs 50 cr, all because they fell for the promise of assured returns. Here’s a quick rundown on what happened and what to avoid.

The bait was simple. A company called Green Wall Enterprise told investors that if they deposited around ~Rs 5 lakh, they would get the ability to trade with capital of Rs 50 lakh by paying some interest. The cherry on top: you also get fixed & assured returns per month which could help offset any losses. Sounds too good to be true, right? Well it was all a big fat lie, with reports saying investors finally learned they had been scammed when their accounts were blocked and funds frozen.

Now, the thing is that many brokerages do offer margin trading. But as podcaster Aseem Juneja notes, Green Wall’s model should trigger huge red flags. This is because 10x margin trades aren’t allowed by SEBI and charging interest would require registration with the regulator.

The bigger problem is that Green Wall was claiming to act on behalf of a decently known broker called Jainam Broking. It’s unclear at this point whether Jainam actually knew about any of this; whether they were in on it or just their name was illegally used by Green Wall. But this again should be a red flag. SEBI doesn’t allow funds to be routed through sub-brokers -- the regulator only recognised authorised persons which is why you should deal with them directly!

Big Picture: When you first start trading, it can be tempting to find shortcuts to making a lot of money. But remember, they will always fail. There’s no real method to getting rich quick. If we had to leave you with just one thing today, it’s that if anyone is offering ‘assured’ returns and it's not a fixed deposit, run in the other direction. That’s got Ponzi scheme written all over it.

Earnings
Earnings Roundup

Blue Dart Express was locked in a 20% upper circuit on solid Q2 results. Strong demand in the run-up to the festive season resulted in a topline bump. An ongoing shift towards premium services helped lift up margins despite a bump in freight costs and increasing competition.

Looking ahead, the company says Q3 has been a historically strong quarter with end-of-year deliveries expect big fireworks. Also, margins should continue to improve in FY26 as it announced a 9%-12% hike in prices to offset inflation.

Here are its key stats:

• Revenue: Rs 1,549 cr; +7% YoY

• EBITDA: Rs 252 cr; +16% YoY 

• EBITDA Margin: 16.3% vs 15.1% last year

• PAT: Rs 81 cr; +30% YoY

It’s been a rough year for logistics companies. Tariffs, global uncertainty, crazy competition and high inflation have all played a role. But a lot of this is starting to ease, setting them up for a better H2FY26. 

Blue Dart Express is -6% YTD.

Varun Beverages posted meh Q2 results. Domestic volumes were flat YoY, hurt by the onset of early monsoons. Decent demand in international markets however helped the overall topline. Operating margins were down slightly due to higher raw material and employee expenses. Also, don’t get too excited by the bottomline figures; they are boosted by lower finance costs and a one-off other income.

So why did the stock jump +9%? It’s mostly because the company announced an exclusive distribution partnership with Carlsberg to sell beer in Africa. This will open up markets like Kenya and Nigeria and be a major boost to earnings starting Q4!

Here is its Q2 report card:

• Revenue: Rs 4,897 cr; +2% YoY

• EBITDA Margin: 23.4% vs 23.9% YoY

• PAT: Rs 745 cr; +19% YoY

Varun Beverages is -24% YTD

News

Chartbusters

Asset management company stocks were KO-ed today! Reason: SEBI has floated a paper that proposes BIG changes to the way mutual funds make money. The regulator is basically proposing a major cut to brokerage & transaction costs. For example, it says brokerage for cash market trades will be capped at 2 bps vs current 12 bps. And for derivatives, it will fall to 1 bps vs 5 bps currently. But there are also more far-reaching changes like scrapping the 5 bps additional expense that AMCs could charge on their full AUM. 

This may not sound like a lot but trust me this is a pretty big deal! Brokerage firm Jefferies estimates top AMCs like HDFC or Nippon Life could see a 8%-10% profitability hit from FY27 onwards if the proposals go through. For context, HDFC AMC reported a profit of ~Rs 2500 cr last year. So you do the math!!! 

Nippon Life India AMC, HDFC AMC and Motilal Oswal fell between -5% and -8%. Check out their charts below.

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Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hi ya’ll. Markets had a pretty boring day.

Nifty (-0.1%) and Sensex (-0.2%) ended with minor cuts after failing to hold onto early morning gains. Midcaps and Smallcaps closed flat. The advance-decline ratio was in favour of the bears (3:2).

It was a mixed-bag kinda day for sectors. Metals (+1.2%) and PSU Banks (+1.2%) were the top gainers. Real Estate (-1.1%) and FMCG (-0.6%) witnessed selling pressure.

In today’s issue of the Daily Rip, we cover Cartrade Tech and Bata’s Q2 results, the Orkla India IPO, Indian refiners’ Russia problem, Zerodha’s new US foray and more.

Honourable Mentions:

MCX (-2%) was down after a technical glitch took its trading services offline for a whopping four hours today. TTK Prestige jumped +9% after its Q2 profits jumped +22% YoY.

Check out the NSE 500 heatmap:

Earnings
Earnings Roundup

Bata India (-4%) fell after a weak Q2 show. Disruptions due to the GST cuts + temporary warehouse closure led to a dip in its topline. ICYMI - many companies have been hurt because distributors refused to order new stock before the reduced taxes kicked in. Margins fell on higher festive-related marketing expenses. All this + a one-off hit led to Bata’s third straight quarterly profit drop.

Here are its key stats:

• Revenue: Rs 801 cr; -4% YoY

• EBITDA: Rs 145 cr; -17% YoY

• EBITDA Margin: 18.1% vs 20.8% last year

• PAT: Rs 14 cr; -73% YoY

Zooming out: GST chaos was expected. But unlike many other consumer stocks, festive demand didn’t help cushion the blow which is why investors were jittery today. FWIW - analysts say things should turn around from Q3 but remember the footwear sector is in a bit of a funk now.

Bata India is -20% YTD.

Cartrade Tech (+17%) hit an all-time high after blockbuster Q2 results! Insane demand across all key verticals helped the firm post its highest-ever quarterly revenue. Its core ‘consumer group’ division -- aka Bikewale and Carwale -- grew +37% YoY. The ‘remarketing’ and OLX verticals were no slouch either; both posting solid double-digit growth. Careful cost control measures + better operational synergies helped juice up margins which boosted the bottomline.

Here is its Q2 report card:

• Revenue: Rs 193 cr; +25% YoY

• EBITDA: Rs 64 cr; +2x

• EBITDA Margin: 33% vs 21% last year 

• PAT: Rs 60 cr; +2x

A crazy Q2 that comes after a solid 2025 overall so far. The company is small, yes, but it’s firing on all cylinders. PS - what helps is that ~95% of its traffic is organic, which means it’s doing something right.

Cartrade Tech is +2x YTD

IPO
Orkla India IPO Review

Orkla India IPO opens for subscription tomorrow! The price band is fixed at Rs 695-730 p/sh. The company aims to raise Rs 1,668 cr from the IPO.

For the unaware, the company’s better known as MTR Foods which offers ready-to-cook & ready-to-eat items! Its portfolio spans ~400 products with 2.3 million units sold per day on average. Spices account for ~70% of FY25 topline, while convenience foods make up the rest. Growth has also been solid: Orkla is the second-fastest growing company in its sector with a 39% PAT CAGR over FY22-24. Finally, while India remains its key market, NRIs abroad have been crucial customers with exports contributing ~20% to the firm’s topline.

FYI - the IPO is 100% an ‘Offer for Sale’. This means no money actually comes into the company which is a negative. 

FY25 Snapshot:

• Revenue: Rs 2,395 cr; +2% YoY

• EBITDA: Rs 423 cr; +13% YoY

• PAT: Rs 256 cr; +13% YoY

Big Picture: There’s a lot to like here. Virtually debt-free, healthy return ratios and stable cash flows. But its topline has been kinda stagnant over the last few years, which makes sense considering its core cash cow (spices) is tapped out. Future growth lies in ready-to-cook and pre-mixes as young Indians move from cooking at home to eating more packaged foods. Unfortunately, Orkla has no natural or deep advantage in this area, so keep an eye on how it pans out. FWIW - Valuations are reasonable and current grey market data suggests it may list at a decent ~15% premium!

News

Bullets From The Day

Indian oil refiners are in the spotlight after the US sanctioned Rosneft and Lukoil which supply ~60% of Russia’s oil to India. This effectively means no OMC can buy oil from these two energy giants -- which means they have to find other more expensive suppliers by November 21. Over the last three years, a lot of OMCs shifted sourcing  from the Middle East to Russia because Putin was willing to give higher discounts. But that era is finally ending which has consequences for their bottomlines.

FYI - every $1 per barrel increase in crude results in a 10% EBITDA hit for IOC, 9% for BCL, 7% for HPCL and ~2.5% for Reliance. In practical terms, RIL could see a Rs 3,500-cr EBITDA hit. Now, Russian discounts have already fallen from $10 a barrel in 2022 to $3 per barrel in 2025. Also, Indian refiners can still try to purchase Russian oil through other ways (intermediaries, approaching other non-sanctioned suppliers). But analysts say this is not sustainable. So if you’re an OMC shareholder take that into account.

Investing in US stocks is gonna be a LOT easier starting next quarter with Zerodha rolling out a new trading product. For the unaware, there’s been two ways to buy US stocks so far: you could use an Indian broker (like INDmoney) that had a partnership with an American broker who would actually buy the stocks. The second is to invest in mutual funds but a lot of those stopped after RBI limits on foreign investment.

Zerodha will probably go the first route. But even there it’s been pretty gnarly with a bunch of requirements including a TCS (tax collected at source) on investments more than Rs 7 lakh. ICYMI - Groww used to offer this but stopped due to this very reason. We’ll have to see if Zerodha can finally offer a painless experience. And it desperately needs this to be a success given how its topline has been hit due to the F&O crackdown!

Links That Don’t Suck

👀 Amazon To Lay Off 30,000 Corporate Employees In Largest Job Cut Since 2022: Report

✌️ OpenAI offers 1-year free ChatGPT Go access in India starting November 4

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❣️ Katy Perry and Justin Trudeau Confirm Relationship: Inside Their Secret Romance from Montreal to Paris

⚽ Arsenal don’t need to produce classics every week – this win was about the bigger picture

👫 The emotional toll of ‘banksying’—and how to heal from it

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening boys and girls!

Markets soared today with the Nifty and Sensex up +0.7% each. This tracked a surge in Asian markets with investors upbeat over a breakthrough in US-China trade talks. Midcaps (+0.9%) and Smallcaps (+0.8%) moved in sync. The advance-decline ratio was in favour of the bulls (3:2).

Except Pharma (-0.2%), all other sectors ended in the green. PSU Banks (+2.2%) were the top gainer, followed by Oil & Gas (+1.5%) and Real Estate (+1.5%).

In today’s issue of the Daily Rip, we cover the big Adani & LIC blow-up, SRF and SBI Cards Q2 results, the biggest newsmakers of the day and more. 

Honourable Mentions:

Ola Electric slipped -5% intraday after approving a Rs 1,500 cr fundraising plan. PS - they raised Rs 5,500 cr via their IPO fresh issue last year! Markets are clearly unhappy with this level of cash burn. Bharti Airtel hit a new all-time high after a double upgrade by ICICI Securities. They see a further +15% upside from current levels.

Check out the NSE 500 heatmap:

Market
Hit Flop Job

The latest Adani Group controversy is here. ICYMI - The Washington Post claims the GOI forced LIC to invest ~$3.9 in Adani debt & stocks to help it post-Hindenburg. There’s a LOT to unpack here so let’s get into.

The main allegation is that the finance ministry & Niti Aayog came with a plan to help inject confidence in the conglomerate.That involved nudging LIC to help Adani’s fundraising. Example: the PSU insurer was the only investor in a ~$585 million Adani Ports bond issue in May 2025. 

Why does any of this matter? Well, LIC is supposed to be independent. You don’t want North Block babus dictating how it should maximize policyholder money. On top of that, LIC is listed now. Its management is accountable to its public shareholders; if there’s someone secretly making decisions, we deserve to know. That said, there’s a whole other side to this. LIC has completely denied the allegations, saying the GOI has no role in any of its investments. But more importantly, the Washington Post leaves out context. 

For the unaware, LIC is India’s largest domestic institutional investor with ~Rs 50+ lakh cr in assets. It has to make investments somewhere! Crucially though: its exposure to Adani is less than ~2% of its debt and its equity allocation to other groups such as the Tatas is a lot higher (Rs 1.3 lakh cr vs Adani’s Rs 60k cr). So there’s no evidence of favouritism or undue risk either. 

Big Picture: There’s two issues here. One, even if the Washington Post is 100% wrong, LIC shareholders should absolutely push for greater transparency. It’s no secret it’s been used as a piggy bank in the past to save PSU IPOs although interference has reduced a lot since 2014. Secondly, be extremely careful of vested interests. A lot of Hindenburg’s claims against Adani haven't held up; ditto with Viceroy for Vedanta. Always do your own research!

Earnings
Earnings Roundup

SBI Cards (-3%) Q2 results were a mixed bag. Spending by cardholders was up +31% YoY helped by higher festive demand. Also, total credit cards issued rose +10% YoY. But there’s two problems with this. Firstly, higher spending in general means fewer ‘revolver’ customers which results in lower margins. Secondly, it’s clear this growth wasn’t organic and came due to higher customer campaigns & offers + incentives to corporate partners. This is why operating costs jumped +24% YoY, which led to the company’s PAT missing Street estimates by a MILE. 

FYI - asset quality did improve, but some analysts are bearish, citing high valuations, soaring credit costs and overly optimistic earnings projections. Nuvama downgraded the stock, while Morgan Stanley sees a -22% downside from current levels.

Here are its key stats:

• Revenue: Rs 4,960 cr; +12% YoY

• Net Profit: Rs 445 cr; +10% YoY (vs Est:  Rs 579 cr)

• Gross NPA: 2.85% vs 3.07% QoQ

• Net NPA: 1.29% vs 1.42% QoQ

SBI Cards is +33% YTD.

SRF (-2%) Q2 results missed Street estimates! Robust demand in its chemicals business was offset by a general slowdown in other businesses. FYI - the films division saw lower volumes due to GST cut-related destocking, while the textiles biz was hurt by aggressive Chinese imports.

Margins did jump on the back of lower finance costs which resulted in a solid bottomline bump. But analysts had overall expected a much better performance. PS - the stock was also hit by profit-booking; after gaining 10% over the last month alone.

Here is its Q2 report card:

• Revenue: Rs 3,640 cr; +6% YoY (vs Est: Rs 3,852 cr).

• EBITDA: Rs 774 cr; +44% YoY (vs Est: Rs 837 cr)

• EBITDA Margin: 21.3% vs 15.7% last year

• PAT: Rs 388 cr; +93% YoY (vs Est: Rs 454 cr)

SRF is +36% YTD.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Vodafone rallied +10% intraday after the Supreme Court ordered the GOI to reconsider key tax demands. ICYMI - the GOI had asked for an additional Rs 9,450 cr in dues on top of all that AGR (adjusted gross revenue) stuff that was decided in the last court case. But now the SC says the GOI needs to have a re-think. This is a huge positive for the struggling telco but it’ll be interesting to see what kind of relief they end up getting. 

2) Zen Tech was the top NSE 500 loser on weak Q2 results. The company’s revenue dropped -28% YoY due to lower ordering activity. FYI - it secured new orders worth only Rs 94 cr in Q2. Finally, higher other income helped bump up the bottomline, which is clearly not a good sign. Overall, the demand scenario remains a little iffy. 

3) Coforge’s Q2 results beat Street estimates. Topline grew +6% QoQ to hit $462 million thanks to decent demand across key markets. Operating margins rose 260 bps QoQ helped by careful cost controls. This led to a profit of Rs 376 cr vs expectations of Rs 357 cr. Mid-tier IT companies once again outshining their larger rivals!

Links That Don’t Suck

🤝 US and China agree framework of trade deal ahead of Trump-Xi meeting

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🙏 Shreyas Iyer out of ICU, condition stable after spleen injury

🫡 For 10 Years, This Man Has Climbed 236 Steps Daily To Keep Mumbai’s 146-YO Clock Alive

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hola Amigos!

Markets snapped their six-day winning streak with the Nifty and Sensex ending down -0.4%. Midcaps and Smallcaps, also traded lower -0.2% each. 316 stocks in the NSE 500 ended in the red. Overall, markets closed up for a 4th straight week and were inches away from hitting new all-time highs. As things stand, October is turning out to be the best month for stocks since March. Let’s hope DJT doesn’t spoil that with any surprise announcements over the weekend. 

Most sectors ended in the red. Metals (+1%) bucked the market trend. FMCG (-0.8%) and Banks (-0.7%) came under selling pressure.

In today’s issue of the Daily Rip, we look at big banking deals and how it could shake up the sector, ITC Hotels and HUL’s Q2 results, the rally in defence stocks and more.

Honourable Mentions:

Thyrocare (+1%) was in focus after a promoter entity sold a ~10% stake in the company. Utkarsh SFB zoomed +17% after ace investor Madhusudan Kela’s fund participated in the firm’s rights issue.

Check out the NSE 500 heatmap:

Market
Deal Street

India’s banking sector is red-hot right now! ICYMI - global players have been lining up with big fat cheques. The latest transaction announced today was Blackstone buying a 10% stake in Federal Bank for ~Rs 6,200 cr. But this is the fifth big deal so far in 2025, with major implications for the industry. Here’s what you need to know.

Recap time: In the last five months, we’ve seen Japan’s Sumitomo pick up a 25% stake in Yes Bank, Emirates NBD buying RBL Bank, Bain Capital acquiring 18% in Manappuram and IDFC First & Sammaan Capital receiving funding from Warburg Pincus and Abu Dhabi’s IHC.

Who gets what: The combo is simple. Foreign players need growth and their home markets have dried up. So they bring in the capital, reputation and latest tech. Indian partners offer the local know-how and deal with regulators and the GOI.

Has this been done before?: Most peeps are too young to remember, but in the 2000s, global banks tried to grab a share of Indian savings. Standard Chartered, HSBC and Citi all gave it a shot but failed, eventually exiting with their hands burnt. India is NOT an easy market to crack. It takes patience and always involves catering to the lowest common denominator even though you want those high-value banking margins. Even ICICI walked back its minimum balance requirement of Rs 50k after major outrage. PS - even now, the foreign bank share of assets in the banking sectors is <5%.

Big Picture: So will the new model -- aka buying and not building -- succeed when previous attempts failed? It’s tough to say. There’s no doubt that Indian banking has a big runway. But ICICI and HDFC have that sh!t on lock. Analysts, however, say there’s plenty of room for many more Axis and Kotak-sized lenders which implies a big pop for Yes Bank, RBL and even IDBI (which will be privatised in FY26-27). Interesting times to say the least!

Stocktwits Specials
Top Diwali Picks By Brokerages

We’ve curated a list of top stock picks by broking houses like ICICI Direct, Axis Securities, Kotak Securities, SBI Securities and HDFC Securities. 

In less than 5 minutes, we’ll walk you through these top picks by brokerages with a timeframe of ~12 months and cover key fundamental, technical and news events surrounding these.

Earnings
Earnings Roundup

HUL (-3%) was the top Nifty loser after meh Q2 results. Volume growth was flat YoY. The company was hit by the GST cuts announced in August. Since the actual cuts came into effect a month later, distributors focused on liquidating existing inventory and didn’t order new stock for a full month. Price hikes across key portfolios still led to a small sales bump. But even with that, margins still dropped -60 bps YoY. And oh, don’t get fooled by the bottomline numbers. They were boosted by a one-off; without that profits actually dropped -5% YoY.

Here is its Q2 report card:

• Revenue: Rs 16,241 cr; +2% YoY (vs ESt: Rs 16,031 cr)

• EBITDA: Rs 3,653 cr; -2% YoY

• EBITDA Margin: 22.9% vs 22.3% YoY

• PAT: Rs 2,694 cr; +4% YoY

FWIW, most analysts are bullish on HUL, noting that things should return to normal from Q3. Management commentary also was positive with HUL's new CEO Priya Nair saying the company would be "obsessed" with volume-led topline growth. But it looks like investors are jittery considering rivals like Nestle India managed the GST hit a LOT better.

HUL is +8% YTD.

ITC Hotels had a solid Q2 show. Decent demand saw it post high single-digit YoY topline growth. FYI - this may not sound great but the September quarter is usually a sluggish period. That’s because monsoons + festive season usually mean less travel, tourism and events. Despite that, its occupancy rate grew +254 bps YoY, with RevPAR (revenue per available room) growing +9% YoY. At the other end, careful cost controls saw its margins grow. A nice bump in other income also helped its bottomline jump.

Here are its key stats:

• Revenue: Rs 839 cr; +8% YoY

• EBITDA:Rs 246 ccr; +16% YoY

• EBITDA Margin: 29.3% vs 27.3% last year

• PAT: Rs 133 cr; +74% YoY

ITC Hotels is +29% YTD.

Charts

Chartbusters

Defence stocks were on a roll today! Reason: the GOI approved capex proposals worth Rs 79,000 cr for a range of systems including missiles, high mobility vehicles, torpedos and landing platform docks. This is the third big sign-off in just the last few months. In July we got GOI clearance for Rs 1.05 lakh cr in projects and then another Rs 67,000 cr in August. After a pretty weak 2024, defence companies are finally getting the boost they need after Op Sindoor.

Cochin Shipyard, Ideaforge and Paras Defence rallied between +3% and +8% intraday. Check out their charts below:

Links That Don’t Suck

🚀 Stocks to Watch this Diwali 2025 | Samvat 2082 Picks by Top Brokerages | Diwali Picks on Stocktwits 

🤝 Trump to meet China’s Xi for the first time in second term as trade deal remains elusive

🧑‍💻 Meet Mico, Microsoft’s AI version of Clippy

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👻 Halloween 2025: The Most Iconic Horror Movies For the Spooky Season

🏆 Can Arsenal's defence lead them to title glory?

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening folks. Welcome back to the Daily Rip!

Markets failed to hold onto their morning gains with the Nifty and Sensex ending flat-ish. Midcaps and Smallcaps also moved in sync. The advance-decine ratio was in favour of the bears (3:2).

Most sectors ended in the green but the gains were muted. IT (+2.2%) was the star of the day. Oil & Gas (-0.6%) witnessed selling pressure.

If you’re just logging in today after enjoying your Diwali leave, it’s been a pretty crazy week. Gold finally snapped its rally, crude oil spiked after new US sanctions on Russia we may finally be on the cusp of getting a trade deal.

In today’s issue of the newsletter, we take a look at Samvat 2081’s report card and the triggers that lie ahead, Reliance’s big quick commerce push, the textile stock rally and more.

Honourable Mentions:

Infosys (+4%) was the top Nifty gainer after the firm’s promoters opted out of the company’s share buyback. PS - this leaves more on the table for normal investors like me and you! Urban Company slipped -4% after global brokerage firm Morgan Stanley said it sees a further -23% correction from current levels.

Check out the NSE 500 heatmap:

Market
Market Kya Lagta Hai?

Hi guys! It’s no secret the last year has been rough for markets. As Samvat 2082 kicks off, here’s a quick look at the year gone by, the top winners & losers and the way ahead.

If you had to name one flop show since last Diwali, it would be Indian stocks. The Nifty was up just ~6% in Samvat 2081. Not only did this underperform all major Asian rivals, it was also the market’s worst performance in three years. Midcaps (+1%) and Smallcaps (-4%) did even worse. Yes, geopolitical uncertainty and Trump's tariffs played a role. But we also came off an insane rally in 2023-24 which means some correction was warranted. So take the bad with the good.

On the flipside, shiny metals were the big winner. Silver soared +60% over the last year, with gold just behind +55%. Not a surprise; greater turmoil = greater demand for safe-haven assets. Even some agri-commodities like coffee KILLED It, jumping +63% in Samvat 2081. Finally, Brent crude slipped around -17%, which is good for our import bill but is a sign that the global economy & demand isn’t so hot right now.

That said, it’s not all gloomy. Most analysts expect a much better Samvat 2082. This is on the back of micro factors (the correction is now done) but also macro triggers including a GDP recovery, GOI’s tax cuts, RBI’s rate reductions and stronger corporate earnings. The Q2 earnings season was okay-ish and hints at a bottoming out. Brighter-than-expected spots include banks and FMCG. 

And of course, the biggest short-term trigger is the India-US trade deal. And if you go by reports, negotiations are almost done. The latest US sanctions on Russian oil, experts say, should also see Indian refiners finding new suppliers which solves a key pain point between Modi and Trump!

Stocktwits Specials
Top Diwali Picks By Brokerages

We’ve curated a list of top stock picks by broking houses like ICICI Direct, Axis Securities, Kotak Securities, SBI Securities and HDFC Securities. 

In less than 5 minutes, we’ll walk you through these top picks by brokerages with a timeframe of ~12 months and cover key fundamental, technical and news events surrounding these.

Stock
Make Way For The King

Reliance’s quick commerce (QC) push is FINALLY showing signs of life! After years of stalling, the company says JioMart has 600 operational dark stores. This has big implications for Swiggy, Zomato and the broader sector. Let’s get into it. 

ICYMI - this update was kind of a surprise, because everyone had forgotten about RIL. They piloted online shopping in 2020; it went nowhere. They bought Dunzo and that went nowhere. In the end, yoinking your competitor’s business model turned out to be the best solution. And the stats so far are impressive: 6 million new transacting customers in Q2; +120% QoQ. Quick commerce is now ~20% of total Reliance Retail revenue, with average daily orders up +42% QoQ. It’s also gone from same day delivery to <30 minute delivery. 

Zooming out, this sucks for the broader industry. In the last year, companies went from ‘QC investment is over’ to ‘oh no, food delivery growth has tapped out’ to ‘we need to spend millions more in QC to stave off competition’. This led to profits plunging across the board. But despite Zepto’s insane cash burn and Rapido & BigBasket entering the market, investors thought margins had bottomed out and that we were on the path to recovery. If Reliance genuinely poses an actual threat, all bets are off and this assumption needs to be recalibrated.

Yes, RIL’s 600 dark stores are far behind Blinkit’s 1,800 and Swiggy’s ~1,000. But remember, Reliance Retail already has 3k physical stores which are used for QC too; the dark stores just fill in the gaps. And lastly, nobody has ever made money betting against Mukesh bhai.

TL;DR: If you thought 2025 was hella chaotic for quick commerce, it’s about to get worse. Analysts say that if Reliance is successful, it could speed up consolidation (either through acquisitions or companies shutting down).

Charts

Chartbusters

Textile stocks zoomed today! Reason: reports say the US-India trade deal is in the last lap of negotiations and we could get an announcement pretty soon. Most of the details are coming right now from just one source, so take it with a pinch of salt. But Mint says India has made concessions on the agriculture front. And with new sanctions against Russia, Reliance has already promised to “recalibrate” oil imports from Moscow. This removes most of the obstacles towards a deal. So it may take a few weeks to a month but a deal is coming. And that's a huge relief for top garment firms that export to the US.

Welspun Living, Indo Count Industries and Vardhman Textiles rallied between +4% and +8% intraday. Check out their charts below.

Links That Don’t Suck

🚀 Stocks to Watch this Diwali 2025 | Samvat 2082 Picks by Top Brokerages | Diwali Picks on Stocktwits 

 👀 Oil Jumps as Trump Steps Up Pressure on Russia With Sanctions

🧑‍💻 I joined a 24-hour ‘vibe coding’ hackathon and helped build an app – here are my biggest takeaways

👑 Why Jewels Worth $102 Million Lost In Louvre Heist May Never Be Recovered

🏏 Two Ducks In Two ODIs Vs Australia: Is Virat Kohli's Career Nearing An End? Not Before Last Shot At Redemption

🧳 Here's How To Explore Kerala’s Backwaters and Beaches On A Budget

Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening ya’ll. Wishing you all a very happy Dhanteras and a happy Diwali!

Markets climbed higher for a third straight week! Nifty (+0.5%) and Sensex (+0.6%) extended their unbeaten streak led by heavyweight buying. Fun fact: Bank Nifty hit a new all-time high! On the flip side, Midcaps (-0.5%) and Smallcaps ended lower. A cool 344 stocks in the NSE 500 finished in the red. 

It was a mixed-bag kinda day for sectors. FMCG (+1.4%) and Pharma (+0.7%) were the top gainers. IT (-1.6%) and Metals (-0.9%) witnessed selling pressure.

In today’s issue of the Daily Rip, we cover HDFC Securities's top Diwali picks, Polycab and Wipro’s Q2 results, the weekly movers and shakers and more.

Honourable Mentions:

Whirlpool of India was the top NSE 500 gainer after agreeing to hold royalty payments at current rates until FY29! Paint stocks were up after crude oil prices dropped to a 5-year-low. Berger, Asian Paints and Kansai Nerolac were up +2% to +4%.

Check out the NSE 500 heatmap:

Stock
(More) Diwali Stock Picks

Hiya guys, today we’re gonna take a look at HDFC Securities’ top Diwali 2025 picks.

1) Sheela Foam: The company is the largest maker of mattresses in India with a ~30% market share. The stock is down -33% YTD mostly cause FY25’s margins sucked (7.3% vs 10.1% in FY24). The good news is that this will recover due to two reasons.  Firstly, the Kurlon acquisition (which was a mess due to high expenses) is finally being digested through careful cost control measures. Secondly, raw material volatility is expected to settle in FY27. This should push  margins back to 10%+ levels. The recent correction also offers a chance to buy the dip. FYI - HDFC sees a +25% rally over the next year.

2) JSW Energy: The energy sector is crowded AF,  but JSW has pulled out all the stops. The company hit its 20 GW goal in FY25, five years ahead of schedule! And it’s already set a new target of 30 GW by 2030 for which it’s investing Rs 1.3 lakh cr. A mix of hydro & solar in addition to thermal is keeping cash flows strong. And oh, it’s also corrected -20% over the last year which provides an attractive entry point. PS - HDFC has a target price of Rs 639 p/sh; +18% upside from current levels.

3) Bharti Airtel: The stock is already a clear 2025 winner. But the brokerage says there’s more juice left in the rally based on two triggers. The big one is another round of tariff hikes in H2FY26. This should help push ARPUs from Rs 250 to ~Rs 300 over the next two years. The other has to do with Indus Towers becoming an Airtel subsidiary. Consolidated financials + Indus’s Africa push will pay off in a major way.  FYI - HDFC sees a 10% upside from current levels over the next year.

Earnings
Earnings Roundup

Wipro posted an okay-ish set of Q2 results. Revenue growth was in line with the company’s guidance led by robust demand across key markets. EBIT margins slipped -60 bps QoQ but that’s mostly due to a one-off (provisions due to a client’s bankruptcy + tax changes). Adjusted for that, the company’s PAT was in-line too. 

So, why did the stock crack -5% and end up the top Nifty loser? For starters its topline growth was the lowest across the top 5 IT firms. At this point, you have to be a brave soul to be on IT stocks. Conversion of large deal wins (rather lack of) was also critical, raising the alarm bells. Top it off with Wipro’s steep valuations, the risk-to-reward ratio simply sucks, according to  Jefferies.

Here are its key stats:

• CC Revenue: $2.6 billion; +0.3% QoQ (vs Est: +0.2% QoQ)

• PAT: Rs 3,246 cr; +1% YoY (vs Est: Rs 3,279 cr)

Wipro is -20% YTD.

Polycab Q2’s numbers were slightly above Street estimates. Strong demand from both GOI & private clients helped its core ‘wire & cables’ segment grow +21% YoY. Its fast-moving electrical goods vertical also rose +14% YoY and helped offset a slump in its EPC segment. 

All of this helped it post its highest-ever Q2 revenue and profits. So, if things are solid, why did the stock end down -2%? That’s mostly due to profit booking; Polycab has seen a +28% rally from its June lows.

Here are its Q2 stats:

• Revenue: Rs 6,477 cr; +18% YoY (vs Est: Rs 6,474 cr)

• EBITDA: Rs 1,021 cr; +61% YoY (vs Est: Rs 915 cr)

• EBITDA Margin: 15.8% vs 11.5% last year (vs Est 14.1%)

• PAT: Rs 693 cr; +56% YoY 

The company’s been a cash churning machine. Not even increased competition from the Adani’s and Birlas are fazing it.

Polycab is +1% YTD

Charts

Movers and Shakers

Here’s a look at this week’s top NSE500 movers. Whirlpool of India took the pole position after rallying +18%. Ather Energy (+17%) hit a new all-time high. Anant Raj (-11%) closed down for a 2nd consecutive week. Chennai Petro (-10%) snapped its six-week gaining streak. Check out their charts below:

Links That Don’t Suck

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🎁 Brunches, gourmet hampers and everything you need for a delicious Diwali

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks. Markets had a great day!

Nifty and Sensex ended up 1% each on the back of heavyweight buying. Sentiment was up on the back of a stable Q2 earnings, Trump hinting that India could stop Russian oil imports and lingering Fed rate cut optimism. Broader markets were up too, but Midcaps (+0.5%) and Smallcaps (+0.2%) saw more muted gains. The advance-decline ratio was in favour of the bulls (3:2).

Except PSU Banks (-0.4%), every other sector finished in the green. FMCG (+2%) led the rally, followed by Real Estate (+1.9%) and Auto (+1.3%).

In today’s issue of the Daily Rip, we cover ICICI’s top Diwali picks, Nestle India and Axis Bank’s Q2 results, Hyundai’s investor day and the IEX insider trading scandal.

Honourable Mentions:

BLS International zoomed +15% after bagging a 3-year GOI contract for visa centres in China. PS - it bid for it before being blacklisted, but it looks good for its decision to appeal the debarment. Rubicon Research kicked off its Dalal Street debut in style; closing at Rs 620 p/sh (+28% from its IPO price).

Check out the NSE 500 heatmap:

Stock
Fataka Stocks 2.0

Hey guys! Our series on Diwali stocks continues. Today, we have ICICI Direct’s top picks for Samvat 2082. Let’s get into it.

1) Kaynes Technology: After an INSANE 2024, the stock is down -7% YTD. But that was mostly a well-deserved correction. Under the hood, Kaynes is prepping for the next wave of growth. Over the last year, it has invested Rs 3,300-cr in chip manufacturing (testing & packing) and another Rs 1,400 cr in PCB manufacturing. FYI - both projects will finally start operations in Q4FY26 and are expected to be profitable from Day 1. PS - ICICI has a target price of Rs 8,900 p/sh; implying a cool +29% upside from current levels. 

2) Data Patterns: For the unaware, the company is India's fastest-growing defence & aerospace electronics provider. Data Patterns currently has an order backlog of Rs 1,080 cr (1.5x TTM revenue) but is guiding for inflows of Rs 3,000-cr over the next two years! When combined with its excellent execution track record + Make-in-India push, it could be a winning combo. FYI - ICICI sees a +31% rally over the next year.

3) Greenlam Industries: The firm is a top maker of global laminates, with a ~18% market share in the domestic market and a ~29% share in exports. What’s popping? Well, its greenfield & brownfield expansion plans are finally coming to an end. After entering new segments like plywood & chipboards, its total addressable market will jump to Rs 49,000 cr vs Rs 11,000 cr earlier. This is why experts are projecting its topline to grow at a CAGR of 16.7% over FY25-28. PS - the brokerage has a target price of Rs 300 p/sh; +16% upside from current levels.

Earnings
Earnings Roundup

Axis Bank posted a mixed set of Q2 numbers! Let’s get the bad stuff outta the way first. The big profit drop was due to two factors: a) one-off provisioning for bad loans of around Rs 1,230 cr. This is technical in nature; it started in Q1 and will be written back into the balance sheet by 2028. b) its trading income fell -55% YoY which again sucks but isn’t core to its operations.

So why did the stock rally +4% intraday? Well cause there’s good stuff too. Credit growth of +11% YoY beat expectations helped by corporate & SME lending. Net interest margins also contracted less than expected. Finally, asset quality improved which is a big positive.

Here are its key stats:

• Net Interest Income: Rs 13,744 cr; +2% YoY (vs Est: Rs 13,224 cr)

• PAT: Rs 5,090 cr; -26% YoY (vs est: Rs 5,692 cr)

• Gross NPA: 1.46% vs 1.57% QoQ

• Net NPA: 0.44% vs 0.45% QoQ

Most analysts are bullish. This is because they believe with the RBI rate cuts - credit demand should boom and valuations are super attractive! HSBC upped its target price to Rs 1,460 p/sh (vs Rs 1,340 p/sh earlier) saying that growth will start to pick-up.

Nestle India (+5%) was the top Nifty gainer on outstanding Q2 results! Domestic volume growth was in the high single-digits vs Street estimates of 1%-2%. Overall domestic sales grew +11% YoY helped by a bump in urban demand. FYI - there was robust growth across segments including food (Maggi volumes grew in double digits) and beverages (Nescafe continued to kill it). Margins were flat due to higher milk & coca prices. Still, profits beat Street expectations!

Here is its Q2 report card:

• Revenue: Rs 5,644 cr; +11% YoY (vs Est: Rs 5,285 cr)

• EBITDA: Rs 1,237 cr; +6% YoY

• EBITDA Margin: 21.9% vs 22.9% (vs Est 22.1%)

• PAT: Rs 753 cr; -24% You (vs Est: Rs 710 cr)

Big Picture: FMCG firms are starting to turn the corner and Nestle India is not left behind which is good news. Another factor boosting sentiment today was that its parent company announced 16k job cuts. We don’t know if it will affect India yet, but anything that cuts flab in these tough times is great!

Nestle India is +18% YTD.

News

Bullets From The Day

Another day, another insider trading scandal! SEBI has cracked down on what may be its biggest case of this kind yet, banning 8 individuals and impounding a whopping Rs 173 crore in illegal gains. What’s it all about? If you've been an IEX shareholder, you know that whenever the CERC takes steps on ‘market coupling’ it moves the stock like crazy. Well, it turns out that CERCs’s employees knew that too. 

Two bright individuals with the CERC’s economics division -  Yogeita S Mehra and Gagan Diwan -- slipped insider info on when market coupling would be implemented to two sets of family friends. Those friends then promptly invested heavily in put options to profit off IEX’s fall when the CERC’s decision was made public. If that wasn’t enough, those family friends cued in their astrologer also to have him join the fun too. Guess the stars couldn’t guide him to pick winning stocks.

Hyundai India unveiled big plans at its investor day! While it had a disappointing IPO, the stock is up +29% over the last year and it recently took back the No 2 spot from Tata. Here’s what it has in store:

There’s 26 new launches planned over the next 5 years. This will expand its current portfolio to 18 models across combustion, EV and hybrid models. PS - its new SUV, which it says will be ‘muscular’ & have ‘off-road capabilities’ is the one to watch out for. Potential competition for the Mahindra Thar? While the industry is estimated to grow at 5.2% CAGR over FY25-30, Hyundai is guiding for ~7% CAGR growth. It’s targeting 15% market share by FY30, with exports forming ~30% of its volumes (which come with higher margins!). It will also spend Rs 45,000 cr over FY26-30 to help fuel all of the above!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hola Amigos!

Markets were fine mood today with the Nifty and Sensex gaining +0.7% each! Broader markets were up big too as Midcaps (+1.1%) and Smallcaps (+0.8%) clawed back most of this week’s losses. Gold continued to break all records crossing the $4.2k mark for the first-time-ever, as Fed rate cut optimism lifted spirits.

It was a wave of green across sectors. Real Estate (+3%) led the rally, followed by PSU Banks (+1.7%) and Metals (+1%).

In today’s issue of the Daily Rip, we cover Axis Securities’s Diwali picks, Tata Communications & Persistent Systems Q2 results, the top newsmakers and more.

Honourable Mentions:

Keystone Realtors tanked -8% after the promoters will sell ~46 lakh shares (3.6% equity) via the OFS route. SKF India was in focus after adjusting for the demerger of its industrial business. PS - the newly demerged business will be listed as a separate entity later next month.

Check out the NSE 500 heatmap:

Stock
Fataka Stocks!

It’s that time of the year again folks! As we kick off festivities next week, the mood is shaky. Nifty has underperformed every major Asian rival YTD, FII flows are weak and the Trump tariff bomb hasn’t been defused. But in every crisis, there is opportunity. Here are Axis Securities’s top three Diwali picks:

1) Rainbow Children’s Medicare: For the unaware, this is India’s largest pediatric healthcare network with nearly ~1,900 beds across 3 cities! What’s popping? Well, it’s in the process of a big 1.5x increase in total bed capacity by FY28 which includes expanding into 4 new cities. Analysts expect double-digit revenue growth in the medium-term and best of all, it’s a ‘defensive’ pick which means it’s insulated from the domestic & global economy. PS - Axis sees a +22% upside from current levels.

2) DOMS Industries: India’s leading stationery maker is down -8% YTD. But there are three big triggers that could spark a rally. The first are the GST cuts which are already starting to boost volume growth. Secondly, its recent acquisition of notebook manufacturer Super Treads should juice up its paper stationery portfolio. And finally its new 44-acre greenfield facility will start production from Q4FY26 which should help cater to rising demand + grow exports. FYI - Axis has a target price of Rs 3,110 p/sh; implying a +25% rally. 

3) Kotak Mahindra Bank: The stock is up +20% YTD easily beating most benchmark indices. But analysts say its rally is just getting started. Let’s start with the positives; it’s finally got its unsecured book under control which means it can now look at credit card & personal loans as a growth driver again. The stress in the microfinance & retail CV verticals is tapering off and should be fine by H2FY26. All of this could pave the way for big-time growth. PS - Axis sees a further +16% jump from current levels.

Earnings
Earnings Roundup

Persistent Systems rallied +7% intraday after its Q2 results beat Street estimates. Robust growth in its key BFSI and healthcare verticals led +4.4% CC revenue growth QoQ (vs Est: +3.9% QoQ). Careful cost controls + higher value contracts helped margins expand 80 bps QoQ. And the cherry on top: Persistent also reported its highest-ever total contract value at $609 million; +15% YoY. 

Finally, it maintained its $2 billion revenue target by FY27 and has guided for 100 bps margin expansion in FY26 & FY27. No wonder JPMorgan upped its target price to Rs 7,400 p/sh (vs Rs 7,200 p/sh earlier).

Here is its Q2 report card:

• CC Revenue: $406 million (+4.4% QoQ)

• EBIT Margin: 16.3% vs 15.5% last year 

• PAT: Rs 471 cr; +45% YoY

Mid-tier IT companies continue to smoke their large-cap competition and Persistent is no different. While things look great, analysts do warn that valuations are on the higher side, which may limit future upside in the short-term.

Persistent Systems is -12% YTD.

Tata Communications posted okay-ish Q2 results. Decent growth in its core data services vertical helped prop up the topline. But a +10% YoY jump in network & transmission costs pushed up expenses and hurt margins. Finally, a one-off this quarter -- and higher other income in Q2FY25 -- impacted profit growth. So if the headline numbers weren’t too hot, why did the stock end up +5%? 

CEO AS Lakshminarayanan talked up how their new “Voice AI” and “cloud networking” products are starting to generate “significant interest”. This would juice up margins & profits starting next quarter. PS - there’s also been a lot of buzz that TCS’s $7-billion data centre bet will depend on Tata Communication’s massive land bank which offers monetisation opportunities.

Here are its key stats:

• Revenue: Rs 6,100 cr; +7% YoY

• EBITDA: Rs 1,174 cr; +4% YoY

• EBITDA Margin: 19.2% vs 19.7% last year

• PAT: Rs 183 cr; -19% YoY

Tata Communications is up +12% YTD.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Ola Electric hit an upper circuit after CEO Bhavish Aggarwal announced the firm would launch its first ‘non-vehicle product’ tomorrow. Reports indicate that it could be a battery storage foray. PS - in other news, October sales data (until the 14th) shows that Ola is still firmly in 4th position with Hero Electric sliding into third place.

2) HDFC AMC was up after a solid Q2 show. Strong retail investor demand saw its AUM grow +14% YoY to Rs 8.73 lakh cr. Overall revenue was up +16% YoY to hit Rs 1,027 cr, while profits grew +25% YoY to Rs 577 cr. PS - the company also announced its first-ever bonus issue in the ratio of 1:1. A nice Diwali bonus considering the stock is also up +38% YTD!

3) ICICI Lombard soared after posting great Q2 numbers. Net premiums earned was up +12% YoY helped by strong demand in its retail health vertical + a revival in motor insurance (helped by the recent car industry bounceback). Fun fact: retail health premiums jumped +50% YoY alone. All of this resulted in a +18% YoY bump in PAT.

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Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Good evening everyone!

Nifty (-0.3%) and Sensex (-0.4%) cooled off from the highs to end in the red. Broader markets saw deeper cuts as Midcaps (-0.8%) and Smallcaps (-0.9%) witnessed selling pressure. 380 stocks in the NSE 500 ended lower.

Not a single sector finished in the green. PSU Banks (-1.5%) led the sell-off, followed by Real Estate (-0.9%) and Oil & Gas (-0.8%).

In today’s issue of the Daily Rip, we cover LG Electronics’ blockbuster listing, IREDA and Anand Rathi Wealth’s Q2 results, the biggest newsmakers and more.

Honourable Mentions:

RBL Bank was in focus after reports said Emirates NBD could acquire a majority stake in the lender. MCX (+5%) hit a 52-week-high after raising margins on silver contracts amid global supply uncertainty.

Check out the NSE 500 heatmap:

Stock
Dhamakedaar Listing!

LG Electronics lived up to its crazy IPO hype! The stock listed at Rs 1,710 p/sh; a whopping +50% premium to its issue price. FYI - this makes it the best billion-dollar IPO listing since Zomato’s in 2021. Here’s a quick look at LG’s IPO magic and the way ahead.

Indian equities have underperformed their Asian rivals this year, but our IPO market remains red hot. The stats speak for themselves.  LG’s IPO was oversubscribed 54x making it the most-subscribed IPO since Reliance Power back in 2008. Fun fact: with its INSANE listing today, LG India’s market cap (~$12.7 billion) is now more than its Korean parent (~$9.8 billion). 

The thirst for quick gains isn’t limited to retail investors either. A tiny microcap firm called Winro Commercial, placed bids for a whopping Rs 748 cr. That’s right. They were allotted 37,482 shares, netting them an easy ~Rs 2.3 cr in gains. The company is an NBFC so even if you assumed they borrowed the money, that’s still ~Rs 1.7cr in profit for a week’s work. Not bad at all…

Everyone who missed the IPO lottery is only thinking - Should I buy here? Emkay is the biggest bull on the Street and sees a further +21% upside from current levels. The brokerage cites export potential (~15% of topline by FY30 vs 6% now), a new mass premium product push (helped by its new $600 million upcoming plant in Andhra Pradesh) and a revival in consumption growth led by the GOI’s tax cuts as key triggers.

Earnings
Earnings Roundup

Anand Rathi Wealth (+8%) posted a solid set of Q2 numbers! Strong growth in its core wealth management vertical resulted in a double-digit bump in its topline. FYI - overall AUM rose +22% YoY to hit Rs 91,568 cr while the firm’s equity MF inflows doubled YoY to hit Rs 2,062 cr. With these results, the company has already hit more than 50% of its FY26 revenue & profit guidance, which is a big W. Finally, client attrition -- which is measured by AUM lost -- remained at a record low of 0.18%.

Here is its report card:

• Revenue:  Rs 297 cr; +23% YoY

• EBITDA: Rs 138 cr; +32% YoY

• EBITDA Margin: 46.2% vs 43% last year

• PAT: Rs 99 cr; +31% YoY

Quote of the day from the firm’s management: “Despite Indian equity markets declining during both the last quarter and full year, Anand Rathi Wealth delivered yet another quarter of consistent, market-agnostic growth…” 

Anand Rathi wealth is up a whopping +61% YTD.

IREDA gained +3% on strong Q2 results. Robust growth across key verticals helped its outstanding loan book grow +31% YoY to Rs 84,445 cr. Disbursements also doubled YoY to Rs 8,062 cr. Interestingly, the PSU financier pulled off this growth while still improving its asset quality, which is a big positive. 

Here are its key stats:

• Net Interest Income: Rs 817 cr; +50% YoY

• PAT: Rs 549 cr; +42% YoY

• Gross NPA: 3.97% vs 4.13% QoQ

• Net NPA: 1.97% vs 2.06% QoQ

The stock’s correction has been pretty brutal this year. Which makes sense considering the bull run it had in 2024. Analysts say it could be reaching buy the dip levels soon!

IREDA is down -30% YTD.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Just Dial fell on weak results. Tepid demand across key segments saw its topline grow just +6% YoY. Overall traffic aka unique visitors was flat YoY, but active listings still managed to increase +11% YoY. To wrap things off, the company’s profit fell -23% YoY hurt by a drop in other income and higher taxes. 

2) The Tata Motors CV demerger is officially done. FYI - it kicked into effect from October 1, but the record date was today. The stock looks like it fell almost ~40% but it was really just adjusting the CV segment being spun off. A special price discovery session took place, with the stock opening at Rs 400 before dropping to Rs 395. PS - all stockholders will get one share of the commercial vehicle unit for every share they own of Tata Motors.

3) Leela Palaces had a great Q2. The hotel chain returned to profits (Rs 75 cr vs net loss of Rs 52 cr in Q2FY25) on the back of improved demand & lower expenses. So why did the stock drop -7%? Well, it could be for two reasons. One, profit-booking -- Leela is actually up +13% over the last two weeks. Secondly, the company also announced a $50 million investment for its UAE subsidiary. This could go either way; investors who were happy that the company returned to the black may not be happy by new capex.

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks. Welcome back to the market of stocks!

Nifty and Sensex ended with minor cuts; down -0.2% each. This tracks the muted sentiment across Asian markets today after Trump’s flip flop on tariff war with China. Broader markets also traded mixed with Midcaps (+0.1%) barely up and Smallcaps (-0.2%) down. 334 stocks in the NSE 500 ended in the red.

Except PSU Banks (+0.2%) all other sectors finished flat or lower. FMCG (-0.9%) and IT (-0.8%) were the top losers.

In today’s issue of the Daily Rip, we break down the insane crypto meltdown over the weekend, unpack Dmart and Waaree Renewables Q2 results, the biggest newsmakers and more.

Honourable Mentions:

CE Info Systems rallied +10% intraday on buzz that it could be integrated with Zoho’s Arattai app. PS - MapMyIndia was also endorsed by the IT minister last Friday. BSE was up +4% on reports that SEBI may not remove weekly expiries anytime soon.

Check out the NSE 500 heatmap:

Crypto
Crypto Is Not For Beginners

Crypto had a crazy AF weekend after Trump threatened China with new tariffs. The biggest one-day selloff on Friday was a goddamn thriller with insane losses, eyewatering margin calls and one big whale walking away rich. Here’s a quick breakdown of what happened.

The flashpoint was Trump threatening retaliation against China’s crackdown on rare earth exports. He then followed it up in like ~6 hours with a 100% tariff threat from November 1. Investors naturally got spooked. Big trade war returning = spike in geopolitical uncertainty = panic crash.

The numbers: In ~24 hours, crypto bets worth more than $19 billion were wiped out. ~$7 billion of those positions were sold in less than 1 hour of trading. Overall, 1.6 million traders liquidated. Bitcoin nosedived from ~$125k to ~$101k while ETH, Solana and XRP plunged up to -22%. PS - CoinGlass called it the “largest liquidation event in crypto history”, worse than the FTX crash in 2022 and Covid in 2020!

So why did crypto get hit worse than equities? Experts say the blow was harder because of the way crypto margin calls work. Some exchanges use auto-deleveraging (aka ADL) which means highly-leveraged positions are closed automatically. This speeds up selling, which in turn speeds up the crash.

Except, one whale PRINTED money by taking a massive short position allowing them to net ~$200 million in profit. Was it a lucky guess or actually a seller that was looking to mitigate some of their losses? Some industry analysts are pointing out that the selloff started at least an hour before Trump issued his first threat… so you decide.

Big Picture: Since 2020, investors have treated crypto as a safe haven asset like gold. The underlying idea is that both gold & crypto will be safeguards against geopolitical uncertainty like tariffs. But if there’s one thing this last weekend taught us, that’s no longer true.

Earnings
Earnings Roundup

Avenue Supermarts dipped -3% intraday on weak Q2 results. Decent demand in its core F&B vertical + store expansion helped it post double-digit topline growth. Despite that, revenue still grew at a slower pace than its 3-year CAGR. Like-for-like growth, a key metric, came in at 6.8% vs 7.1% in Q1. FYI - the real disappointment was margins, which missed Street expectations. Analysts say tough competition from quick commerce, an inferior product mix & higher salaries all took a toll. 

Here are its key stats:

• Revenue: Rs 16,676 cr; +15.5% YoY 

• EBITDA: Rs 1,214 cr; +11% YoY

• EBITDA Margin: 7.28% vs 7.57% YoY

• PAT: Rs 685 cr; +4% YoY

Big Picture: Overall, not a great quarter. But what’s really hurt sentiment is that other retailers are reporting GREAT numbers helped by the GOI’s income & GST tax cuts. Lagging behind the rest of the pack can be brutal. PS - HSBC has a target price of Rs 3,700 p/sh; -12% from current levels.

Avenue Supermarts is +18% YTD.

Waaree Renewables (+9%) hit a record high after blockbuster Q2 results! The company’s core solar EPC vertical reported its highest-ever quarterly revenue. Timely execution + backward integration helped margins jump which in turn resulted in its profit doubling. Fun fact: the company currently has an order book of ~3.48 GWp to be executed over the next year which provides solid revenue visibility. 

On top of this, Waaree’s current bidding pipeline is worth ~27 GWp. PS - its board also approved plans to set up new solar plants in Maharashtra (28 MWp) & Rajasthan (37.5 MWp).

Here is its Q2 report card:

• Revenue: Rs 775 cr; +48% YoY

• EBITDA: Rs 158 cr; +2x

• EBITDA Margin: 20.4% vs 13.6%

• PAT: Rs 116 cr; +2x

While there may be a solar panel supply glut, the demand for actual projects in India remains strong. FYI - Waaree is just getting started here and its new battery system & data centre verticals are yet to properly take off.

Waaree Renewables is +44% YTD.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) BLS International tanked -17% intraday after GOI debarred them for the next two years! For the unaware, the company provides visa, passport & consular services, so yeah this is rough news. In Q1FY26, GOI business contributed ~12% of its topline, which means we’re looking at a significant hit. FWIW - BLS says its current projects are all unaffected, that it is working to resolve this issue and that it’s significantly diversified.

2) Reliance Power fell after its CFO was arrested in a false bank guarantee case. The GOI says Reliance submitted ‘fake documents’ for a battery storage system tender to show that the company was in good standing. The company admits the bank guarantee is fake, but says it is actually a victim of fraud and blames a third-party who arranged the documents for the bank guarantee. Classic ADAG sh!t. 

3) Kfin Technologies (+7%) soared after a double upgrade by Citi. The global brokerage firm is particularly bullish on its recent acquisition of Ascent Fund Services. The deal should boost Kfin’s international business and would contribute up to 50% of its topline in the coming years. This will help in part combat the sluggish mutual fund inflows seen in India. PS - Citi sees a further 6% upside from current levels.

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Tale of the Tape 

Good evening boys and girls. Markets climbed higher for a second straight week!

Nifty and Sensex gained another half a percent on Friday. Easing geopolitical tensions following the Gaza peace accord, hopes of a US-India trade deal and FII buying boosted sentiment. Going forward, markets will keep a close eye on the Q2 earnings season to confirm growth trends.

Broader markets also saw strong buying. The advance-decline ratio (3:2) was in favour of the bulls. Except for Metals (-0.9%), all the other sectors ended in the green. PSU Banks and Real Estate stocks jumped the most; +1.7% each.

In today’s issue of the Daily Rip, we breakdown TCS’s Q2 results + big AI plans, IPO review of Rubicon Research and Canara Robecco AMC, WTF is happening to Silver ETFs and Natco Pharma’s big legal win.

Honorable mentions:

Pharma stocks like Divi’s Lab (+6%) and Neuland Lab (+4%) were in focus after the US Senate passed the Biosecure Act. Tata Elxsi fell -3% on weak Q2 results.

Check out the NSE 500 heatmap:

Earnings
TCS Q2 Review

TCS (-1%) kicked off Q2 earnings season! PS - muted earnings with a slightly confusing AI pivot thrown in. There’s a lot to unpack here, so let’s get into it. 

TCS topline was up +0.8% QoQ and beat Street estimates. FYI - this comes after two quarters of decline, so that’s a relief. The key North America market was flat YoY and 4 out of 7 verticals shrank YoY too. Margins were up, but that was mostly due to favorable forex movement. Deal bookings came in at $10 billion vs $9.4 billion in Q1, but at this point, nobody bets on those actually converting anymore. PS - the bottomline missed expectations, but that's due to a Rs 1,135-cr one-off. 

Then there’s the AI stuff. TCS will set up 1GW in datacentre capacity over the next 6 years for an investment of $6-7 billion. That’s a STEEP bill, but will be funded through debt + equity and have external partners. So, WTF is it going to use it for? TCS says hyperscalers & AI firms will rent compute capacity - aka a passive role rather than using it for itself. Its niche will be GOI projects and companies with sovereign data needs. This is cool but it’s unclear what exactly this has to do with IT services aka TCS’s core business. FWIW, the management says it will take 18-24 months for this vertical’s revenue to start showing up. 

TL;DR: Another rough quarter and not one where you can really say things have bottomed out. The AI bandaid is cool -- and far better than spending on more share buybacks -- even if we don’t know how it ties into the bigger picture. Analysts are divided; JPMorgan has upped its target price to Rs 4,050 p/sh (vs Rs 3,900 p/sh earlier), but Nuvama has cut its target to Rs 3,650 p/sh (vs Rs 3,950 earlier).

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are watching right now? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist.

IPO
IPO Rush Continues

Rubicon Research’s Rs 1,378-cr IPO is open for subscription! The price band is fixed at Rs 461-485 p/sh. Here’s what you need to know.

The company is a fast-growing pharma player that specialises in pain, nerve and heart drugs. FYI - nearly 100% of its revenue comes from the US and it has a market share of +25% in 9 out of the 66 products it sells. Fun fact: Rubicon’s average price per unit grew 8% over FY22-25 vs -5% for the generics industry. This is because it focuses specifically on complex low competition formulations. Finally, Rubicon’s topline tripled over FY23-25 to Rs 1,284 cr and swung from losses to a profit of Rs 134 cr in FY25.

The IPO’s fresh issue comes to Rs 500 cr which will be used to repay debt. The big red flag is of course tariffs. Rubicon has zero diversification and could collapse if Trump goes after generics. Valuations are also on the expensive side. But that’s not deterring investors, with grey market data showing a solid +21% listing pop.

Speaking of listings, Canara Robeco AMC’s IPO is also open for bids! The price band is fixed at Rs 253-266 p/sh. The company aims to raise Rs 1,326 cr.

For the unaware, the company is India’s second-oldest AMC with an AUM of Rs 1.1 lakh cr. Its portfolio is diversified across, large, mid, smallcap and thematic funds. In FY25, its equity returns were 31.8%, which is good but tbh FY25 was mostly a great year for the market.

The IPO is 100% an Offer for Sale, which sucks. The positives include pretty cheap IPO pricing (26x PE vs industry average 33x). There’s also a lot of growth potential but do keep in mind we’re in a bear market + competition has never been tougher in the MF space. PS - current grey market data shows it may list at a 8% premium.

News

Bullets From The Day

Natco Pharma rallied +5% intraday after winning a big patent order. FYI - the Delhi HC ruled that Natco could make and sell a generic version of Roche’s muscular atrophy drug in India. For the unaware, Roche’s patent for ‘Risdiplam’ expires only in March 2035. But back in 2022, Natco applied for its own patent on the grounds that it found a cheaper & quicker way to make a generic version of Risdiplam. Roche sued and now the courts have cleared the way for Natco to launch its drug.

PS - Natco’s drug costs Rs 15,900 vs Roche’s imported price of Rs 6 lakh. The GOI’s current subsidies for muscular atrophy patients doesn’t cover Roche’s price tag, so experts say Natco is bound to see a huge jump in sales.

Silver breached the $50-mark for the first time ever! And with it, silver ETFs in India are spiraling outta control. Leading funds like SBI Silver, HDFC Silver and Axis Silver are up 9%-13%, and more importantly trading well above their NAV (net asset value). This means if you're just now piling into a silver ETF you’re paying a premium for no good reason.

As Capital Mind’s Deepak Shenoy points out, silver ETFs depend on market makers buying the actual metal in physical form and giving it to the AMC for ETF units. But when supply is low, the ETF trades a LOT higher than it actually should. This results in a premium that really doesn’t reflect market sentiment on how much the price of silver actually may go up by.

Which is why some funds like Kotak are suspending lump sum subscriptions in their silver ETFs. As Nilesh Shah notes: “Whenever the spot premium aligns with the import parity price, the fund of fund will open [back again] for subscription”

Links That Don’t Suck

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Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Hola Amigos!

Markets failed to hold onto their afternoon gains and ended the day with a minor bump. Broader markets did slightly better, with Midcaps (+0.5%) and Smallcaps (+0.3%) seeing buying. The advance-decline ratio was evenly split.

It was an even mix of green and red across sectors. Real Estate (+1.1%), Oil & Gas (+0.5%) and Pharma (+0.5%) were the top gainers. FMCG (-0.5%) and PSU Banks (-0.4%) witnessed selling pressure.

In today’s issue of the Daily Rip, we cover the troubles in Tata Group’s boardroom, LG Electronics India IPO, buzzing stocks and more.

Honourable Mentions:

IGL jumped +6% after reports said the tax on gas sourced from Gujarat would be cut to 2% vs 15% earlier.

Vodafone Idea rallied +9% on hopes of AGR relief ahead of the British PM’s visit to India.

Check out the NSE 500 heatmap:

STOCK
From Trust to Tussle

Is the house of Tata in trouble again? Yes if you go by a crazy amount of speculation over the last week. ICYMI - multiple media reports say there’s a boardroom battle brewing for control over Tata Sons (the group’s parent firm). This is the last thing the conglomerate needs considering a lot of its companies aren’t doing that hot. Here’s a quick breakdown.

Origin story: The core problem is how Tata Trusts (a group of philanthropic trusts) exercises control over Tata Sons. Put simply, the Trusts appoints people to the Tata Sons board which in turn effectively controls the Tata Group. When Ratan passed away last year, the Trusts decided that if a Tata Sons director turned 75 y/o, they would need to be re-appointed every single year. 

Act 1: The first casualty was former defence secretary Vijay Singh whose re-appointment as a Tata Sons director was rejected in September by four Tata Trusts members led by Mehli Mistry. These four also proposed Mehli’s name as Singh’s replacement --- which was opposed by another camp led by Noel Tata (Ratan’s half-brother and the new chief) and Venu Srinivasan (ya the TVS boss). Why’s the Mehli camp upset? Well, they allegedly feel they’ve been kept in the dark by many Tata Sons decisions.

Act 2: Reports say the Mehli camp is so upset they may try to remove Venu Srinivasan at the upcoming board meeting. As a result, the GOI has stepped in and will meet multiple board members soon. PS - also on the agenda is the RBI’s order that Tata Sons needs to be listed as a public entity which adds to the chaos..

Big Picture: We’ll see how Act 3 progresses. But, Tata shareholders need to pray this isn’t Cyrus Mistry 2.0. The Tata Group’s market cap has eroded by more than -15% YTD. This is because Tata Motors, TCS, Tejas Networks, Indian Hotels and Trent are down -6% to -50% YTD, vastly underperforming the market. Tata needs to get its house in order.

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are watching right now? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist.

IPO
Cool Products, Hot Valuations

LG Electronics India IPO is open for subscription! The price band is fixed at Rs 1,080-1,140 p/sh. The company aims to raise Rs 11,607 cr from the IPO.

The company is the India arm of LG, a market leader across multiple home appliances & consumer electronics categories. In FY25, roughly ~75% of its topline came from air solutions & home appliances (aka ACs, fridge etc), with the rest coming from home entertainment (TVs etc). LG India’s topline has grown at a CAGR of 11% over FY23-25 which sounds low, but given that the company is massive, it’s impressive growth. Its Noida and Pune units account for ~86% of its India sales and it’s also investing ~Rs 5,000-cr+ for a new plant in Andhra Pradesh for exports. Fun fact: LG India had a ROCE  of 45% in FY24, the highest among its peers!

FYI - the IPO is a 100% Offer for Sale, which means the promoter is reducing their stake. This is disappointing but to be expected for these big global firm IPOs.

FY25 Snapshot:

• Revenue: Rs 24,367 cr; +14% YoY

• EBITDA: Rs 3,110 cr

• EBITDA Margin: 12.8% vs 10.4% last year

• PAT: Rs 2,203 cr; +46% YoY

Big Picture: Valuations are very reasonable (~35x PE vs industry average of 43x). LG’s growth runway is also huge (only 35% of Indian homes have a fridge vs 80% in the US). And finally, the company has an insane distribution network.

On the flipside, there are three things to watch out for. Firstly, the royalty issue. LG India currently pays ~2.3% of sales to its parent as part of a licensing agreement. That’s standard practice but it can be a MAJOR risk if things change as Nestle shareholders found out. Secondly ~46% of the company’s raw materials are imported which makes forex fluctuations an issue. And lastly, the company has some liabilities hanging over its head (tax, advance pricing agreements) that need to be resolved.

FWIW - these are kinda minor for now. Which is why current grey market data suggests it may list with solid 28% gains.

Charts

Chartbusters

Railway stocks were buzzing today! Reason: the GOI approved four new mega projects worth Rs 24,634 cr. These include new multi-tracking initiatives that will add new lines in the states of Maharashtra, Chhattisgarh, Gujarat and Madhya Pradesh. Overall it will cover around 18 districts and expand the Railways network by around ~894 kms.

FYI - as projects go, this is probably medium-size at best. But after the great GOI capex decline of 2024-25, every spending announcement helps improve sentiment around PSU stocks. RVNL, Railtel and IRCON rallied between +3% and 7% intraday. Check out their charts below:

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Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.

 

Tale of the Tape 

Howdy folks. Welcome back to the Daily Rip!

Markets kicked off the week on a strong note, with the Nifty and Sensex ending up +0.7% each. The Nifty closed above the 25k-mark, but let’s not jinx it. Midcaps (+0.9%) saw strong buying, but Smallcaps (+0.3%) ended with minor gains. The advance-decline ratio was evenly split.

Most sectors finished in the green. IT stocks (+2.3%) were the star of the show, followed by Banks (+0.9%) and Oil & Gas (+0.8%). Metals (-0.9%) witnessed heavy selling pressure.

In today’s issue of the newsletter, we dive into Tata Capital’s big IPO, look at Nykaa (+7%) and Avenue Supermarts (-3%) Q2 updates, cover the day’s biggest newsmakers and more.

Check out the NSE 500 heatmap:

IPO
Big Numbers, Lukewarm Pop

Tata Capital IPO -- India’s biggest listing so far in 2025 -- is open for subscription! The price band is fixed at Rs 310-326 p/sh. The company aims to raise Rs 15,512 cr from the IPO.

In case you’ve been living under a rock, the company is the Tata Group’s flagship NBFC arm It’s India’s third-largest NBFC with an AUM of Rs 2.3 lakh cr as of June 2025. Fun fact: its loan book has grown at a CAGR of 37% over the last two years, which is INSANE. Most of its lending biz goes towards housing & LAP (~30% of AUM), with vehicle financing (~10%) also forming a decent chunk. Its asset quality also is better than peers (gross stage 3 loan ratio of ~2.1% vs industry average of 2.6%). That’s not bad considering it had a ~20% exposure to unsecured loans which is higher than most rivals.

FYI - the IPO’s offer for sale portion is around ~Rs 8,666 cr. The remaining Rs 6,846 cr is a fresh issue which will help boost the company’s Tier-1 capital.

FY25 Snapshot:

• Net Interest Income: Rs 10,690 cr; +57% YoY

• PAT: Rs 3,655 cr; +10% YoY

• Gross NPA: 1.9% vs 1.5% last year

• Net NPA: 0.8% vs 0.4% last year

Big Picture: A Tata IPO should be exiting but current grey market data suggests a meh ~2% listing pop. So why are markets feeling blah? Well, for starters, Tata Capital kinda sits in the middle of the pack. Smaller than leader Bajaj Finance but not small enough to have carved out a really unique space for itself. Its net interest margins -- a key profitability indicator -- are also on the lower side (~5% vs ~8% levels of a Shriram Finance). Valuations are also a tad expensive.

But finally, there’s a question of why Tata is listing this firm in the first place. It doesn’t need the money; it’s been forced by the RBII which isn’t super encouraging. FWIW - most analysts say subscribe for the long-term. While Tata stocks have been a bit of a funk recently, they have a reliable track record of making their shareholders money.

Specials
3 Stocks On Traders’ Radar

Wondering what stocks the pros are watching right now? In our latest video, we reveal three stocks that SEBI RAs have recently added to their Stocktwits watchlist.

News
Bullets From The Day

Nykaa jumped +6% intraday after a blockbuster Q2 biz update. The big headline is that it expects GMV (gross merchandise value) growth to be “close to thirties” vs mid-twenties recorded in the last few quarters. This is on the back of early festive demand being seen in both its fashion & beauty verticals. 

ICYMI - the fashion division has been a bit of a weak spot. But Nykaa now expects NSV (net sales value) growth in the "higher mid twenties” led by a more expansive portfolio + strong customer acquisition. PS - this should lead to net revenue growth clocking in at “low twenties” vs “low to midteens” in the last few quarters.

As for the firm’s core cash cow, beauty and & personal care (BPC), all engines are firing. The vertical will see yet another consecutive quarter of solid NSV & topline growth in the mid-twenties. New acquisitions like Dot & Key are starting to pay off, while Nykaa Cosmetics remains robust. PS - Nykaa says its just getting started with GST 2.0 set to drive further growth in Q3 & Q4.

At the other end of the spectrum, Avenue Supermarts aka DMart fell -3% intraday after signalling a disappointing Q2 show. The retailer reported topline growth of 15.4% in Q2, lower than its 3-year CAGR of 15.8%. That might not sound like a huge miss, but if you take into account that it's coming off a weak base last year, then yeah it's kinda disappointing especially considering a majority of retailers have been absolutely KILLING it lately.

Goldman Sachs also cut its target price to Rs 3,370 p/sh vs Rs 3,450 earlier which added to the negative sentiment. The brokerage says sales growth was weaker-thane-expected. It also noted there had been no “meaningful acceleration” in store growth. As a result, Goldman has cut its profitability estimates for FY26-28 by around ~2%.

Charts

Chartbusters

Here are three companies that saw big moves today!

1) Fortis Healthcare zoomed after SEBI finally approved IHH’s open offer for the company. ICYMI - way back in 2018, the Malaysian firm acquired a ~31% stake in Fortis. But before it could launch an open offer and take control, there was a legal battle between Daiichi & the Singh brothers and the Supreme Court ordered status quo on everything. However in 2022, the SC allowed things to go ahead and three years later SEBI has now greenlit the takeover. PS - wait for the fine print; for instance there needs to be an updated open offer price. But this removes a MAJOR overhang on Fortis.

2) Aditya Birla Lifestyle rallied over +10% intraday after 7.24 cr shares, or 5.93% equity, changed hands in a big block deal. FYI - reports say Flipkart, which picked up a stake back in 2020, was the likely seller and that the e-commerce firm likely offloaded its full ownership. This is mostly a ‘cleaning house’ kinda decision given that Aditya Birla Lifestyle was recently spun off and listed. Which is good news for shareholders as things move forward with a clean slate. 

3) Vodafone Idea fell after the Supreme Court adjourned the long-awaited AGR hearing to next week. The delay was because the GOI asked for more time. It’s natural for investors to be jittery, but if you go by a Bloomberg report, it looks the GOI may waive dues worth Rs 2 lakh cr and that’s why it asked for an adjournment. Analysts say be careful though as Vodafone news cycle tends to be filled with a bunch of wrong rumors.

Fortis Healthcare

Aditya Birla Lifestyle

Vodafone Idea

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Get In Touch

Have feedback on The Daily Rip India? Let me know using the poll below or email me (Yash Upadhyaya) at yupadhyaya@stocktwits.com!

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Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here.