OMKARA CAPITAL – DAILY NEWSLETTER (29th July 2026)

Happy Guru Purnima to the Omkara family! Your thoughtful questions continually spark our curiosity, inspiring us to learn something new and make fewer mistakes every day. Thank you for being our silent teachers throughout this amazing journey. 🙏

Earnings today: Prestige, Craftsman, Hawkins, Indostar Capital

INDIA June IIP Growth At 7.3% vs 5.1% MoM

Good news coming from Indian economy that IIP growth surged to a 23 - month high led by manufacturing (7.8 %) and electricity (10.6 %). Capital goods witnessed stellar growth of 14.2 % YoY, like 15.5 % YoY in the previous month. This is explained by domestic capex cycle in the country. Almost 19 out of 23 sub sectors reported higher growth for Jun’26 versus last year. This is manufacturing era.

A day when Korean stock index went down by 11% - Indian markets still saw positive flows from FIIs in the cash markets. It is very for anyone in the world that Korea/ Taiwan/ Brazil have been and are a trading markets & unlike anything like India. India provides depth, diversity, liquidity and many structural drivers. So, we believe that FIIs will start coming back for sure.

I have always experienced that earnings season confuses everyone. And moves can be wild. HUL can fall 7% and now at 52-week low. D-mart falls 5% on weak commentary. And on other side Indian IT Index has recovered 20% from its lows and other hyped AI stories around the world are down 40-50-60%. Lodha has bounced back 35% from lows. So – things are fast and volatile during earnings season. Staying quiet is better vs being adventurous during earnings season.

It is good to see that some new sectors are bouncing back like technology & real estate which have been laggards due to AI fear. We stay convinced about manufacturing, precision eng, healthcare and chemicals and NBFCs as core bets. But, we always love more and more winners in the stock markets and everyone to make money.

GOOD EARNINGS
• Tata Capital 1QFY27 review: posts strong with PAT up 56% YoY, loan book up 22%, improving asset quality, and ambitious FY28 targets. Net AUM ₹2,90,502 cr (+22% YoY, +5% QoQ); NII ₹3,571 cr (+25% YoY, +3% QoQ); Net Total Income ₹4,455 cr (+23% YoY, +7% QoQ). Guidance: AUM CAGR 23–25%, PAT CAGR >30%, ROA 2.5–2.7%, ROE 17–18%, Cost-to-Income 33–34%, Credit Cost below 1.0%.

IN-LINE EARNINGS
• L&T 1QFY27 review: posts steady with 7% revenue growth and strong order inflow of ₹1,08,000 cr (+14% YoY); PAT up 14% YoY, but key segments face margin pressure. Management guided FY27 order-inflow and revenue growth both at 10-12%; PPM EBITDA margin target 7.8%; NWC/sales ~10%; Middle East hydrocarbon award conversion expected to improve from Q2.

• Ambuja 1QFY27 review: in line — volumes down 7% YoY but EBITDA/ton rebounds sharply QoQ; cost cuts on track, capacity expansion underway. EBITDA per tonne ₹931 (+27% QoQ, -13% YoY). Management guided FY27 volume growth of 8% and trade share above 75%; net operating cost at ₹4,241/tonne in Q1, expected to stay at June levels or slightly better in Q2.

WEAK EARNINGS
NA

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.