Front Wave Research

Front Wave Focus: Are We At The Start Of A Festive- Season Rally? 💡 Quick Take Base case: Nifty tends to find footing between Jul–Oct, with a positive drift into the festive stretch (Onam → Ganesh Chaturthi → Navratri/Dussehra → Diwali). This year’s kicker: Better…

☀️ Front Wave Morning Pulse: NIFTY set to open 100+ points up Bank Nifty the lead gainer 🔴USDINR bounces back to 88.6 levels after yesterday’s dip to 88.4 Gold & Silver stay higher

🟢PARAGMILK - Q2FY26 - STRONG REV GROWTH Parag Milk Foods reported accelerated revenue growth of 15.7% YoY and a 56.3% YoY surge in PAT, driven by healthy top-line and a 12.8% YoY reduction in finance costs. The company achieved significant deleveraging, reducing total…

🟢PTC - Q2FY26 - FINANCIAL TURNAROUND PTC India delivered a strong Q2 FY26, with consolidated PAT surging 36.4% YoY, primarily due to a ₹5,689 Lakhs impairment reversal from successful NPA resolutions at its financing subsidiary. The company also achieved significant…

🟡SPORTKING - Q2FY26 - MEETING EBITDA GUIDANCE BUT REVENUE &PAT DECLINES Sportking India Ltd. reported a 7.1% QoQ revenue growth and a 66 basis points YoY EBITDA margin expansion, meeting its double-digit margin guidance. The company reduced total borrowings by 12.54% and…

🔴SUYOG - Q2FY26 - PAT DECLINE; SEVERE DEPLETION OF CASH #smallcap Suyog Telematics reported modest QoQ revenue growth but faced profitability pressure from rising costs and higher tax expense, leading to a PAT decline. The company's aggressive capex has resulted in a severe…

🔴GOKEX - Q2FY26 - SIGNIFICANTLY WEAK; HUGE MARGIN CONTRACTION Gokaldas Exports reported a deeply concerning Q2 FY26 with consolidated PAT falling 71.31% YoY and EBITDA margin contracting to 6.56%. Revenue growth of 5.96% YoY is significantly below the full-year guidance of…

🟢DIGISPICE - Q2FY26 - STRONG PERFORMANCE ON ALL FRONTS #smallcap DiGiSPICE Technologies reported a strong Q2 FY26, marked by a significant turnaround from loss to profit, 14.45% YoY revenue growth, and substantial operating cash flow generation. The company achieved an 86.17%…

🟡LAXMIDENTAL - Q2FY26 - MEETING REVENUE GUIDANCE BUT MARGINS CONTRACT #smallcap Laxmi Dental reported mixed Q2 FY26 results with 26.5% YoY revenue growth meeting guidance and achieving debt-free status. The core Laboratory business showed a strong turnaround, but this was…

🟢FORTIS - Q2FY26 - BEATING GUIDANCE; STRONG QUARTER Fortis Healthcare reported a very strong Q2 FY26, with consolidated revenue growing 17.25% YoY and PAT attributable to owners surging 82.43% YoY, significantly exceeding annual guidance for both revenue and margins. The…

🟢BIOCON - Q2FY26 - OVERALL STRONG PERFORMANCE Biocon delivered a strong Q2 FY26 with consolidated revenue growing 19.6% and a remarkable turnaround to profit attributable to shareholders of Rs. 845 million from a loss. This performance was driven by a 160 bps EBITDA margin…

📰 Front Wave Market Insights - 11th November, 2025 ⚡️Positive Trend Gaining Momentum… Upward momentum continues; Nifty closes above 25,700! 💻 IT Shines Post Upgrade IT was among the top performers today, validating our upgrade to strong yesterday. Our early call helped the…

🔴EIHOTEL - Q2FY26 - MARGIN CONTRACTION WITH REVENUE DECELERATION EIH Limited reported a mixed Q2 FY26 with significant operational deceleration and margin contraction, despite maintaining a strong balance sheet. Muted revenue growth in the standalone business and rising costs…

🔴CENTUM - Q2FY26 - MISSING GUIDANCE; Weak quarter Centum Electronics reported mixed Q2 FY26 results, with strong standalone growth overshadowed by persistent losses in international subsidiaries and a 41.3% increase in inventories. Consolidated revenue and EBITDA margins are…

🟡MARATHON - Q2FY26 - BALANCE SHEET STRENGTHENED BUT GROWTH IS MISSING GUIDANCE Marathon's Q2 FY26 results highlight a pivotal balance sheet transformation, with nearly 90% debt reduction and a shift to a net cash position of ₹45,466.46 Lakhs, driven by a successful QIP.…

🟢BELRISE - Q2FY26 - BEATING GUIDANCE Belrise reported strong Q2 FY26 results, surpassing revenue and EBITDA margin guidance with 13.8% YoY revenue growth and 13.7% EBITDA margin. Profitability surged with PAT growing 81.5% YoY, driven by a 37.4% reduction in finance costs due…

🟡TRANSRAIL - Q2FY26 - WITHIN GUIDANCE BUT CASHFLOW A STRAIN Transraill reported strong Q2 FY26 YoY revenue and PAT growth of 43.6% and 65.1% respectively, with EBITDA margins within guidance. However, the company faced significant sequential declines and a negative Cash Flow…

🔴LANDMARK - Q2FY26 - BIG DROP IN PROFITABILITY Landmark Cars reported strong Proforma Revenue growth and a positive turnaround in EPS, supported by robust operating cash flow and deleveraging. However, profitability significantly declined due to rising costs and margin…

🟢TARC - Q2FY26 - INFLECTION QUARTER TARC demonstrated a significant operational inflection in Q2 FY26, marked by a dramatic turnaround in H1 FY26 cash flow from operations to ₹26,458.64 Lakhs and a 77.3% YoY reduction in finance costs. Despite reported P&L losses due to…

🔴EXCELINDUS - Q2FY26 - MISSES GUIDANCE Excel Industries Ltd. reported a disappointing Q2 FY26 with a 40.62% YoY decline in PAT and EBITDA margin contracting to 11.07%, falling below management's target. The company faces severe working capital strain due to a 94.31% increase…