OMKARA CAPITAL – DAILY NEWSLETTER 4th August 2026
SOME MARKETS GYAAN – REMAIN BULLISH, BUT WITH CONTROL AND RISK MANAGEMENT IN MIND
BUSY DAY TODAY
Sundram Fasteners, Shriram Pistons, Happy Forgings, Alkyl Amines, Styrenix and Thirumalai Chemicals report earnings today.
MORNING TAKE
Restaurant Brands Asia was the standout result, with India SSSG reaching a 15-quarter high and pre-Ind AS EBITDA rising 134% YoY. KEI Industries delivered a broad-based beat, led by robust domestic Cables & Wires growth and record segment margins. DLF reported a weak quarter due to the absence of new launches, although cash flows remained healthy.
SOME MARKETS GYAAN – REMAIN BULLISH, BUT WITH CONTROL AND RISK MANAGEMENT IN MIND
Indian markets have clearly come back, and the data supports this. The Nifty is at a four-month high, while several mid- and small-cap stocks are at all-time highs. Participation is broad-based across sectors, with significant fund-raising activity today: LIC OFS worth ₹31,700 crore, Paytm block worth ₹2,000 crore, Meesho block worth ₹1,900 crore and Arvind QIP worth ₹500 crore. Clearly, the market is in action mode.
One important highlight is Indo Edge’s July JobSpeak report, which indicates that hiring is returning in the technology sector. The overall JobSpeak Index rose 5% YoY, while AI and Machine Learning hiring increased 33% YoY. We do not have coverage in this space, but more positive news for technology is good for the broader market.
Jefferies expects FCNR mobilisation to reach $80–100 billion—an Eureka moment.
Apart from earnings and conference calls, we will closely track the Indian credit policy tomorrow.
🟢 STRONG EARNINGS
- KEI INDUSTRIES: Robust Cables & Wires growth and margin expansion drive a beat across all fronts
KEI reported revenue, EBITDA and PAT growth of 23%, 53% and 40% YoY, respectively, despite the surge in copper prices. The performance was led by record Cables & Wires operating margin of 13.6% versus 10.8% in Q1FY26 and 12.4% in Q4FY26, supported by a better mix and operating leverage. Domestic sales grew strongly by 42% YoY, while exports declined 7%.
- RESTAURANT BRANDS ASIA: India SSSG reaches a 15-quarter high; strongest post-Covid performance
RBA reported revenue growth of 24% YoY and pre-Ind AS EBITDA growth of 134%, led by traffic-driven India SSSG of 12.6%—the strongest print since the post-Covid base. Gross margin stood at 70.8%, with management raising its target to around 72% over the next two to three years from 70% earlier. The company plans to add around 80 restaurants annually in India.
🔴 WEAK EARNINGS
- DLF: Absence of new launches hits pre-sales; full-year guidance appears challenging
DLF reported a weak quarter due to the absence of new launches, although cash flows remained healthy. The ask rate for achieving full-year guidance remains high and depends on two to three major launches during the year. Sales fell 29.4% QoQ and 52.9% YoY to ₹1,280.3 crore, while EBITDA declined 63.4% QoQ and 58.7% YoY to ₹150 crore. EBITDA margin contracted to 11.7% versus 22.6% QoQ and 13.4% YoY.
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.
