OMKARA CAPITAL – DAILY NEWSLETTER (13th July 2026)

• U.S. and Iran trade airstrikes again amid conflicting claims over Strait of Hormuz
• Goldman Sachs: India Strategy | Room To Rebound. Target Nifty 26,500 by Jun'27 with expectation of FII flows returning and domestic recovery strengthening.

Weekend saw again some rumblings from USA & Iran – God knows when this will end ultimately. War has ended but posturing and threats continue.

Anyways, we are amid the earnings season, which remains v imp. A lot of earnings this week – tech & financials will be in focus. HCL Tech, ICICI Pru AMC on Monday. L&T Tech, Tata Elxsi on Tuesday. HDFC Life, HDFC AMC, ICICI Pru Life, HDB Fin, Jana SFB, Fedbank Financial on Wednesday. Wipro, Tech Mah, Polycab, Ceat on Thursday. JSW Steel, Havells, RBL Bank, Poonawalla, Tata Tech on Friday and big boys like HDFC Bank, ICICI Bank, Kotak Mah, Axis Bank, Yes Bank on Saturday. So lots of action next week.

Among cos who reported earnings over the weekend:

1. LTM (LT Mindtree) Q1FY27 Earnings Review: surprise on margins with +ve commentary as well. LTM reported revenue of USD1.2b in 1QFY27, up 0.3% QoQ in constant currency (CC) vs. estimate of flat revenue QoQ CC. EBIT margin at 15.5% was above estimate of 15.1%. Concall KTAs: Organic growth acceleration Q2→H2 FY27; FY27 trajectory better than FY26's 6.0% baseline. EBIT margin expansion continuing from 15.5%. Utilization target 86%–87% (currently 86.4%).
2. LT Finance Q1FY27 Earnings Review: continue to report strong earnings + outlook. Concall is scheduled on Monday – so that remains imp. Co’s Lakshya 2031 targets: book growth 20%+, credit cost below 2%, RoA 3.0%-3.2%, RoE 16%-18%. I love how RoA and RoE for NBFCs are improving every quarter. Q1 disbursements at Rs23852cr, up 36.1% YoY & down 1.1% QoQ & AUM at Rs129634cr, up 26.7% YoY & 6.5% QoQ. Net interest income at Rs2684cr, up 30.7% YoY & 5.3% QoQ & Operating profits at Rs2022cr, up 35% YoY & 9.9% QoQ. PAT at Rs902cr, up 28.7% YoY & 11.8% QoQ. RoA 2.48% (+11 bps YoY, +8 bps QoQ). RoE 12.71% (+185 bps YoY, +100 bps QoQ).
3. Avenue Supermarts Q1FY27 Earnings Review: revenue growth moderated to ~15% YoY in 1QFY27, as like-for-like (LFL) growth decelerated to 5.5% (vs. 10.8% in 4QFY26). Profitability was in line with expectations as ~45bp YoY gross margin expansion (~20bp beat, ~75bp YoY increase in the share of higher-margin GM&A category) was offset by higher employee costs (+32% YoY).
4. Indian Bank Q1FY27 Earnings Review: In line with estimates. Reported PAT up 10% YoY (in line), as strong traction in other income was offset by higher-than-expected provisions (additional provision of INR10b on account of ECL provisioning). NII grew 17% YoY/5% QoQ (in line) & NIM improved by 6bp QoQ to 3.29%. FY27 guidance – Deposit 9-11% | Advances – 11-13% | NIM – 3.1-3.25% | RoA – 1.2-1.3% | CC - <1%
5. Bank of Maharashtra Q1FY27 Earnings Review: Despite strong loan growth and CD ratio improvement, NIM declines; CASA ratio declines by 407bps QoQ

Warm regards,
Omkara Capital Private Limited
www.omkaracapital.in

Disclaimer: This newsletter is for informational purposes only and should not be construed as investment advice. Please consult your financial advisor before making any investment decisions.