Tale of the Tape 

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Nifty (-0.3%) and Sensex (-0.2%) snapped a two-day gaining streak after India-Pak tensions continued to escalate. PS - India is holding mass civil defence drills in 244 districts tomorrow to prepare for “new and complex threats”. Midcaps (-2.3%) and Smallcaps (-2.5%) got KO-ed! 424 stocks in the NSE 500 ended lower. Check out the Stocktwits Sentiment Meter:

Except Auto (+0.2%), all other sectors finished in the red. PSU Banks (-4.8%) and Real Estate (-3.6%) saw the deepest cuts.

Polycab gained after posting strong Q4 numbers. Meanwhile, CG Power was down big despite a decent Q4 show. More details below.

Cummins India cracked -5% after its parent firm signalled a bleak outlook. Also, Yes Bank was volatile after reports said Japan’s Sumitomo was ready to buyout the lender. More details below. 

Vedant Fashions, CCL Products and Bank of Baroda saw big moves today. Check out their charts below to find out more.

Ather Energy had a weak market debut. The stock ended at Rs 300 p/sh; -7% lower than its IPO price.

KPIT Technologies was in focus after it approved the acquisition of an automotive solutions firm for $191 million.

JSW Steel was up +1% after the GOI said it was weighing its legal options over the SC’s decision to kill the Bhushan Steel takeover. PS - the GOI is involved because the case has big implications for SBI and PNB.

Earnings
Earnings Roundup

Polycab (+4%) posted solid Q4 numbers! Higher government spending & quicker project execution helped boost its core ‘wire & cables segment’ by +22% YoY. Its other fast-moving electrical goods vertical grew +33% YoY and turned profitable for the first-time-ever.

Margins also improved, helped by strict cost control measures, which helped bump up profits. And finally, the company also announced a dividend of Rs 35 p/sh, its highest payout in six years! Not a bad day to be a Polycab India shareholder.

Here are its key stats:

• Revenue: Rs 6,986 cr; +25% YoY (vs Est: Rs 6,621 cr)

• EBITDA: Rs 1,026 cr; +35% YoY (vs Est: Rs 958 cr)

• EBITDA Margin: 14.7% vs 13.6% YoY

• PAT: Rs 727 cr; +35% YoY

Big Picture: Sentiment around Polycab has been weak after reports of Birla Group and Adani entering the wires & cables business. So while things look great now, make sure to watch out for how increased competition will affect the sector in the years ahead.

Polycab India is -19% YTD

CG Power posted decent Q4 numbers! Strong demand for its industrial systems segment saw sales grow +24% YoY, which helped juice up the overall topline. Its order backlog at the end of FY25 was a robust Rs 9,909 cr, providing strong revenue visibility for FY26.

So if the results were solid enough, why did the stock crack -6%? It’s partly due to overall market weakness. But analysts also flagged that the industrial segment margins fell -200 bps YoY to 11%. Some of this is due to investments in its new semiconductor business, but it’s also due to higher input costs which need to be monitored in the year ahead!

Here is its Q4 report card:

• Revenue: Rs 2,753 cr; +26% YoY

• EBITDA: Rs 284 cr; +22% YoY

• EBITDA Margin: 12.6% vs 13% YoY

• PAT: Rs 272 cr; +16% YoY

CG Power is -20% YTD.

Specials
Buy The Dip In Zomato!

Eternal aka Zomato is down -20% from its all-time highs. Is the worst priced in or should you expect further pain? Check out our latest YouTube video for all the answers and bonus trade ideas by SEBI registered experts.