PB Fintech Ltd reported a standout performance in Q2 FY26, with consolidated PAT rising 165% YoY to ₹135 crore, up from around ₹51 crore a year ago. Operating revenue increased 38% YoY to ₹1,614 crore, led by a 40% jump in insurance premiums. The insurance business, particularly protection products and renewals, is proving to be a key growth driver.
Varun Beverages Ltd posted a consolidated profit after tax (PAT) of ₹745.2 crore in Q3 CY2025, up 18.5% year-on-year from ₹628.8 crore in the same quarter last year. Revenue from operations rose modestly by 1.9% to ₹4,896.6 crore.
The US Federal Reserve has implemented its second consecutive interest rate cut, reducing the benchmark rate by 25 basis points, while refraining from committing to further easing. The move, aimed at supporting economic growth amid moderating inflation and global uncertainties, has sparked mixed reactions across global markets.
A major global investment fund, overseeing roughly $40 billion, believes the prolonged streak of earnings cuts for Indian companies is finally coming to an end. Analysts covering the Indian market had spent much of the past year reducing profit forecasts amid a weak domestic economy and export headwinds.
India’s benchmark indices, the Nifty 50 and BSE Sensex, are inching close to their all-time highs, yet the broader market tells a different story. The rally is being driven by a handful of large-cap stocks, leaving many mid- and small-cap portfolios behind.
1. FIIs’ net long position is at 19.5%.
2. PCR is at 1.05.
3. VIX is at 11.97.
4. FIIs sold Rs.2,540 cr in the cash segment, sold Rs.1,222 cr in index futures, and bought Rs.833 cr in stock futures.
The upcoming IPO of Lenskart has the potential not only to make headlines but also to trigger a re-evaluation of Titan Company’s eyewear segment, which has largely remained under the radar despite being part of a renowned retail conglomerate.
Capri Global Capital (CGCL)
Blockbuster Q2FY26 – Highest ever revenue, PBT & PAT.
Revenue ₹1,121 cr vs ₹752 cr YoY; PBT ₹314 cr vs ₹128 cr; PAT ₹236 cr vs ₹97 cr.
GNPA 1.23%, NNPA 0.69%. Stable asset quality.
Nuvama on Varun Beverages
TP ₹595 vs ₹606 (Buy). Weak Q3CY25 as expected; entry into AlcoBev via Carlsberg pilot in Africa.
EPS cut ~5%.
LENSKART IPO INSIGHT
Compared to 4 global peers, Lenskart has the lowest EBITDA margin at 9.5% but trades at the highest P/E of 543.2x and Mkt Cap/Sales of 10.5x, indicating stretched valuations.
While listing gains may remain muted, the business model is strong and supported by a large, underpenetrated ₹15,207 Bn eyeglasses market, offering long-term growth potential for organized players.
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