OMKARA CAPITAL – DAILY NEWSLETTER (22nd May 2026)

Headlines:
•⁠ ⁠US-Iran deal rumours again in the night, but no final news after the news
•⁠ ⁠Nomura on Sansera: Raise target price to Rs 3,114 from Rs 2,342
•⁠ ⁠On radar: Shilpa Medicare, Gokaldas earnings today. Belrise on Sunday. Sudarshan Chem, Aarti Pharma on Monday.
•⁠ ⁠Happy Forging concall at 1030 am, Xpro at 1230 pm today

MARKET COMMENTARY: war don’t let to live & recovery doesn’t let to die

These days, sometimes a feeling inside that war/ geopolitical issues/ yields/ crude and all are too much to handle and gives a feeling to lighten the portfolio. But, than there is some hope – some news – and a recovery which makes believes to let it go & invest more. This is the kind of emotions most of investors are struggling with.

And than there are earnings/ conference calls from the likes of Bharat Forge, Craftsman, SJS, Borosil, Acutaas, Sansera, Happy, NBFCs which makes us the see the next 1-2-3 years and how great some of these cos can become. Mind says – ignore noise, focus earnings. Investment is simple, but surely not easy.

My learning is to stop stressing on every-day news as it changes within minutes. We cannot be a better trader than Mr Trump. Keep risk management ahead when things are not clear. Earnings are re-enforcing our thesis on some great businesses – so hold them tight. Just don’t do mistake of selling great businesses amid noise.

Good earnings
1.⁠ ⁠Happy Forging 4QFY26 earnings review: What a co with 60%+ gross margins and 30% ebidta margins consistently – much better metrics than even a consumer company. Q4 results were ahead of estimates on all lines | Q4 Revenue +20% YoY | EBITDA Margin 31.5% | PAT Rs. 84 cr (+24% YoY).
2.⁠ ⁠Prestige Estates 4QFY26 earnings review: Solid end to FY26 as the company closes the year slightly above Rs30,000crs pre-sales. Sales at Rs 4073.8 Cr vs 3872.6 Cr QoQ vs Rs 1528.4 Cr YoY PAT at Rs 291.8 Cr vs Rs 244.7 Cr QoQ vs Rs 43.1 Cr YoY. Operational performance: Pre-Sales stood at Rs7697crs up 10% YoY and 66% QoQ. Sales volume stood at 5.34msf up 79% QoQ and 19% YoY
3.⁠ ⁠IOL Chemicals4QFY26 earnings review: EBITDA ₹94 cr (+39.8% YoY, +50.8% QoQ) — margin 15.2% (vs 12.7% in Q4FY25, vs 10.7% in Q3FY26). Pharma segment revenue Q4FY26: ₹375 cr vs ₹322 cr in Q4FY25. Chemicals segment revenue (net of intersegment) Q4FY26: ₹245 cr vs ₹206 cr in Q4FY25

In-line earnings
1.⁠ ⁠NA

Weak earnings
1.⁠ ⁠GMM Pfaudler 4QFY26 earnings review: continues to disappoint: EBITDA ₹75 cr (-10% YoY, -28% QoQ) — margin 8.0% (-236 bps YoY, -392 bps QoQ)

Warm regards,
Omkara Capital Private Limited, India
www.omkaracapital.in
Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.