OMKARA CAPITAL – DAILY NEWSLETTER (31st July 2026)
If I am bullish, or if I believe that the world will look at India after 2-3 years of older performance, that is happening.
• DYK: Moody's rated RBL Bank higher than India sovereign (Because of Emirates NBD ownership & support). We remain bullish on this name
• Goldman increases target price on Craftsman Automation to 12,800 (vs Rs11,600 prior)
• Capital bought IIFL Finance in a block deal yesterday
• Kotak increase price target on Prestige to Rs 1700; On track to meet FY27E pre-sales guidance
• Motilal Oswal on Indostar Capital: Reiterate BUY with a TP of INR310
A small word on Indian markets
FIIs bought nearly Rs 3500 cr today as well in cash market. Yesterday it was Rs 3000 crore. More importantly, this buy figure is coming when the world is tumbling. Dow Jones was down 1,200 points yesterday, and you all know what is happening with Korea and Taiwan. If I am bullish, or if I believe that the world will look at India after 2-3 years of older performance, that is happening.
EARNINGS
- Bajaj Finance – wow: It seems a new beginning for Bajaj Finance after a long time. Q1 AUM was up 24% YoY (upper end of guidance) + positive commentary + AQ surprised positively + credit down to be down + investment in AI and tech – a new earnings cycle begins. AI bots originated Rs 2,500cr of loans in Q1 (11000cr FY27 target).Strong cycle + great management combo. NBFCs are in a different cycle.
- Vedanta Alumunium concall: strong: Vedanta India EBITDA guided $9.5–10B; VRL debt $5B→$3B; India leverage 0.7x by March. Aluminium hot metal cost $1,650–$1,700/ton FY27. BALCO potline contributing 260–270K tons FY27, scaling to 435K tons next year. CLSA maintains O-P with a target price of Rs 540. VAML announced a dividend of Rs8/share
- Exide – very strong quarter. Rev/Ebitda/PAT up 18/20/27% YoY. Co. has invested an additional Rs. 1bn into its Lithium-Ion Battery Biz, taking Co's total equity investment to Rs. 49bn.. Commercialisation remains on track for FY27
- Tata steel reported strong 1Q with pricing led growth in consol ebitda/t, leading to a Ebitda Beat.
- Torrent Pharma – super execution as always - Rev/EBITDA/PAT up 55/61% YoY, while PAT growth muted on higher Dep + Int..
- Data Patterns: Weak result; A big miss across all key parameters. Delays in customer approvals hit revenue, which further impacted operating and the bottom line. EBITDA at Rs 31 Cr vs Rs 193 Cr QoQ vs Rs 32 Cr
- Thermax 1QFY27: weak & a washout quarter on most counts. % miss in revenues compares to a larger 66% miss in EBITDA driven by additional provisions taken against one project of Rs910 mn
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.
