Surya Roshni tanks as Q3 PAT drops 11% YoY to Rs 80 cr

by Hansraj Agrawal | Feb 11, 2026 | Share Market

Surya Roshni dropped 5.87% to Rs 234.90 after its consolidated net profit slipped 11.35% to Rs 79.69 crore in Q3 FY26 as against Rs 89.9 crore in Q3 FY25.

Profit after tax (PAT) for the quarter was impacted by inventory losses in the Steel Pipes business due to steel price corrections, partially offset by improved sequential operating performance.

However, revenue from operations rose 3.18% year on year to Rs 1,927.49 crore in Q3 FY26.

Profit before tax stood at Rs 107.42 crore in the Q3 FY26, down 11% year-on-year (YoY).

EBITDA fell by 5% to Rs 148 crore in Q3 FY26, compared with Rs 156 crore recorded in the similar quarter last year.

The Lighting & Consumer Durables segment delivered steady growth, with revenue increasing 6% year-on-year to Rs 476 crore. Performance was supported by festive demand, strong traction in LED bulbs, battens and downlighters, and continued momentum in professional lighting, despite input cost pressures in select appliance categories.

The Steel Pipes business reported stable revenue of Rs 1,451 crore, driven by higher dispatch volumes and a healthy product mix. EBITDA was impacted by inventory losses following a decline in steel prices, although value-added products and hollow sections continued to perform well.

Commenting on the results, Managing Director Mr. Raju Bista said, During Q3FY26, we delivered steady performance despite a volatile operating environment. Consolidated revenue increased 3% YoY to Rs 1,927 crore, with EBITDA at Rs 148 crore (7.7% margin). PAT stood at Rs 80 crore, lower YoY due to inventory losses in the Steel Pipes business following steel price corrections, though profitability improved sequentially. The Lighting & Consumer Durables segment grew 6% YoY to Rs 476 crore, led by festive demand and strong traction in consumer and professional lighting. Margins remained stable sequentially despite input cost pressures. The Steel Pipes business reported revenue of Rs 1,451 crore, supported by higher volumes and a healthy mix. EBITDA margins moderated due to steel pricerelated inventory losses, while underlying operations remained resilient.

Vinay Surya, Managing Director, added, In Lighting, consumer categories delivered strong volume growth, particularly LED bulbs, battens and downlighters. Professional lighting continues to see robust demand, with an order book of Rs 150 crore. While appliances were relatively muted, recovery is expected in the coming quarters. In Steel Pipes, volume momentum remained healthy, with 2.37 lakh tonnes sold during the quarter. EBITDA per tonne stood at Rs 4,810, impacted by steel price correction. Value-added products contributed 42% of mix, and exports accounted for 19% of volumes. Capacity expansion across plants remains on track to support future growth.

Commenting on the financial performance, Bharat Bhushan Singal, CFO said, For Q3FY26, revenue stood at Rs 1,927 crore, up 3% YoY. EBITDA and PAT were Rs 148 crore and Rs 80 crore, respectively, compared to Rs 156 crore and Rs 90 crore last year. For 9MFY26, revenue grew 2% YoY to Rs 5,377 crore, with EBITDA of Rs 371 crore and PAT of Rs 188 crore.

In Lighting & Consumer Durables, Q3 revenue increased 6% YoY to Rs 476 crore, with EBITDA and PBT at Rs 42 crore and Rs 31 crore, respectively. For 9MFY26, revenue rose 6% to Rs 1,308 crore, with EBITDA of Rs 112 crore and PBT of Rs 82 crore.

In Steel Pipes & Strips, Q3 revenue stood at Rs 1,451 crore, up 2% YoY. EBITDA per tonne was Rs 4,810. EBITDA and PBT were Rs 106 crore and Rs 76 crore, respectively. For 9MFY26, revenue was Rs 4,069 crore, with EBITDA of Rs 259 crore and PBT of Rs 171 crore.

During Q3FY26, the Net Working Capital cycle stood at 61 days, with ROCE of 17.57% and ROE of 12.65%. Improved capacity utilization and working capital discipline enabled us to become debt-free, with a cash surplus of Rs 245 crore.

Surya Roshni incorporated in 1973 has emerged as Indias largest ERW Pipes exporter, largest GI Pipes producer, and the second largest in the lighting segment. Its focus is on developing the value-added product mix (3LPE Coated pipes, Alkyd pipes, etc.

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BHEL tumbles after Government launches OFS to pare up to 5% stake

by Hansraj Agrawal | Feb 11, 2026 | Share Market

Bharat Heavy Electricals slumped 5.80% to Rs 260.05 after the company’s promoter announced an offer for sale to pare its stake in the company.

The Government of India, the companys promoter, is offering a base lot of 10.44 crore shares, representing 3.00% of the companys equity. The offer includes an oversubscription option for an additional 6.96 crore shares or 0.79% stake, taking the total potential divestment to 17.4 crore shares, or 5.00% stake.

The floor price has been set at Rs 254 per share, a discount of 7.99% to the stocks previous close of Rs 276.05 on January 27, 2026.

The OFS opened on February 11 for non-retail investors. Retail investors can participate on February 12, along with non-retail bidders carrying forward unallotted bids. The offer is being conducted through a special window on the BSE and NSE during market hours.

By 2:00 p.m. on T Day, the non-retail portion was subscribed 12.99% of the base offer size. Bids were received for 1.22 crore shares against 9.40 crore shares on base non-retail offer.

As of December 2025, the Government of India held a 63.17% stake in Bharat Heavy Electricals.

Bharat Heavy Electricals (BHEL) is an integrated power plant equipment manufacturer, engaged in the design, engineering, manufacturing, erection, testing, commissioning, and servicing of a diverse range of products and systems. The company caters to key sectors of the Indian economy, including power, transmission, industry, transportation, renewable energy, oil & gas, and defence. BHEL is the flagship engineering and manufacturing enterprise of India and is owned and operated by the Government of India.

The company’s consolidated net profit surged 189.82% to Rs 390.40 crore while revenue from operations rose 16.43% to Rs 8,473.10 crore in Q3 December 2025 over Q3 December 2024.

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Opec+ supply pause, geopolitical risks tighten outlook for crude: Analyst

by Hansraj Agrawal | Feb 11, 2026 | Share Market

Sanctions and geopolitical risk to see oil trending higher

Global crude prices are holding in a tight range amid uncertainty surrounding the US–Iran diplomatic talks in Oman. Despite softer economic data, markets remain supported by persistent geopolitical risk premiums. WTI is steady near $64, while Brent trades above $69, reflecting continued caution and limited clarity on potential outcomes from the negotiations.

US-Iran development

The US Department of Transportation has issued a maritime advisory urging American-flagged vessels to avoid Iranian waters when transiting the Strait of Hormuz. The warning reflects growing concerns that stalled US–Iran negotiations over Tehran’s nuclear enrichment could trigger US military action. Any escalation could disrupt critical shipping lanes and jeopardize Iran’s 3.3 million barrels per day of crude output. As Opec’s fourth-largest producer, Iran plays a key role in global supply, and a conflict-driven closure of the Strait—through which roughly 20 per cent of the world’s oil flows—would pose significant risks to global energy markets.

Russia-Ukraine talks in cold waters

Oil prices remain supported by the continued lack of progress in the Russia–Ukraine peace negotiations. The Kremlin maintains that key territorial issues are unresolved, leaving little prospect for a long-term settlement. As a result, sanctions on Russian crude are expected to persist, keeping pressure on global oil flows and contributing to a tighter market.

Ukraine’s sustained campaign against Russian energy infrastructure has further constrained supply. Over the past six months, drone and missile strikes have damaged at least 28 Russian refineries, reduced Russia’s export capacity, and limited its ability to stabilise output. In addition, Ukraine has intensified attacks on Russian tankers since late November, with at least six vessels targeted in the Baltic Sea.

Simultaneously, new US and EU sanctions on Russian oil companies, infrastructure, and shipping have added another layer of restriction, curbing exports and reinforcing the short-term bullish outlook for crude prices.

Opec+ holds the card

Opec+, which supplies roughly 40 per cent of global crude, remains the key stabilising force in the oil market. After restoring about 3 per cent of global output in 2025, the group has paused further increases until Q1-2026. Opec remains optimistic about 2026 demand and is expected to maintain tighter market conditions during the April–September peak-consumption period to keep Brent near $70, supporting member-state revenues. This strategy may conflict with US interests, as lower oil prices would help ease inflationary pressures.

In January, Opec’s crude production declined by 230,000 bpd to a five-month low of 28.83 million bpd. EIA data also shows a tightening market, with the global surplus narrowing to 1.5 mbpd in December from 2.6 mbpd in November.

Asian demand

Asian demand—driven primarily by China and India—will remain a critical determinant of crude oil market performance in 2026. Last year, China accounted for a 4.6 per cent year-on-year (y-o-Y) increase in incremental crude oil imports at 578.98 million tons, while India followed with 3.5 per cent at 248.64 million tons. However, China’s outlook is becoming increasingly uncertain as structural challenges intensify.

Rising debt levels, a deepening real-estate correction, and weakening domestic consumption are expected to temper its crude demand growth. In contrast, India is positioned to be the strongest engine of global economic expansion in 2026, supported by resilient consumption, industrial activity, and ongoing infrastructure investment. As a result, India is likely to play a more influential role in sustaining regional oil demand, partially offsetting China’s slowdown.

Outlook

We maintain a constructive short- to medium-term outlook for crude oil, supported by elevated geopolitical risks and Opec+’s decision to hold production at December levels. This pause is expected to create tighter market conditions during the peak demand period from April to September. As a result, WTI prices could trend toward $70, while Brent may move toward $75, assuming supply discipline and demand resilience continue.

Disclaimer: This story is by Mohammed Imran, research analyst at Mirae Asset Sharekhan. View expressed are his own.

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HLE Glascoat slumps after weak Q3 performance

by Hansraj Agrawal | Feb 11, 2026 | Share Market

HLE Glascoat tumbled 8.82% to Rs 359.25 after the company reported 55.3% drop in consolidated net profit to Rs 4.60 crore despite a 41.4% increase in revenue to Rs 326.57 crore in Q3 FY26 as compared with Q3 FY25.

While EBITDA declined by 10.8% to Rs 24.59 crore, EBITDA margin contracted by 440 basis points YoY to 7.5% in Q3 FY26.

Profit before tax and before exceptional items in Q3 FY26 stood at Rs 6.83 crore, down by 40.1% from Rs 11.41 crore recorded in Q3 FY25.

The company had an orderbook of Rs 653.39 crore as on 31 December 2025. The company said that it continues to receive enquiries for orders across all business segments.

HLE Glascoat further said that it would undertake capital expenditure of upto Rs 25 crore to manufacture glass-fused tanks, silos and other allied products at its existing Silvassa manufacturing campus, based on the experience and knowledge of the Omeras business acquisition.

Himanshu K. Patel, managing director, said: The quarter highlighted exceptional performance in our Heat Transfer Equipment segment, which surged 151% year-on-year, alongside solid contributions from Glass Lined Products (24% growth) and Filtration and Drying Equipment (41% growth).

Building on the Omeras acquisition completed in Q2, which expanded our footprint into Glass Fused Steel products with strong potential in Biogas Digestors, Large Storage Tanks, and Architectural Facades, we are now seeing early synergies and enhanced diversification.

Looking ahead, the second half of the fiscal year typically contributes between 55% and 60% of our revenues. Omeras is expected to achieve breakeven by Q4 FY26, with meaningful contribution anticipated from FY27 onwards.

HLE Glascoat is engaged in the specialized business of manufacturing chemical process equipment. The companys key product segment has been filtration and drying equipment. The flagship products in this segment are agitated nutsche filters and dryers.

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Apollo Hospitals gains after Q3 PAT jumps 35% YoY to Rs 502 cr; board declares Rs 10 interim dividend

by Hansraj Agrawal | Feb 11, 2026 | Share Market

Profit before tax (PBT) increased 27.19% YoY to Rs 682 crore in the quarter ended 31 December 2025.

EBITDA grew by 26.64% to Rs 965 crore in Q3 FY26, up from Rs 762 crore in Q3 FY25. This includes Apollo 24/7 costs of Rs 124 crore during the quarter (including Rs 38 crore in non-cash ESOP charges), compared to Rs 141 crore in Q3 FY25.

On a segmental front, revenue from Healthcare Services rose 14% YoY to Rs 3,183 crore. Revenue from Apollo Health and Lifestyle (AHLL) stood at Rs 467 crore, up 20% YoY, while revenue from Apollo HealthCo reached Rs 2,827 crore, also up 20% YoY.

As on 31 December 2025, Apollo Hospitals had 8,072 operating beds across the network (excluding AHLL & managed beds). The overall occupancy for hospitals was at 67% in Q3FY26 vs 68% in the same period in the previous year.

Dr. Prathap C Reddy, Chairman, Apollo Hospitals Enterprise Ltd. said, Q3FY26 reflects the fundamental strength and clinical depth of Apollos integrated care model. Across our network, teams are consistently delivering strong outcomes through disciplined execution in patient safety, quality, and experience. This quarter, sustained investments in advanced clinical capability translated into meaningful progress across key specialties from Apollo OMR completing 150 robotic joint replacement surgeries in its first 150 days, to the expansion of our stroke care network in Chennai with nine advanced stroke labs, strengthening rapidaccess care and outcomes.

We further reinforced our differentiated leadership in neurosciences with the launch of a dedicated Centre of Excellence for Parkinsons disease and Deep Brain Stimulation care in Chennai, strengthened comprehensive oncology care through the Save My Stomach early detection programme at Apollo Cancer Centres, and expanded high-acuity capability with a dedicated heart and lung transplant unit in Karnataka. In parallel, partnerships such as the MoU with Coal India reflect Apollos vision to expand access to standardized, high-quality healthcare by building integrated preventive and tertiary care pathways for large workforce populations.

Apollos transplant programme reflects the depth, scale, and discipline of our clinical systems. As one of the worlds busiest solid organ transplant programmes, our teams now perform an average of five solid organ transplants each day. Cumulatively, we have completed more than 21,000 kidney transplants and over 5,000 liver transplantsbecoming the first hospital group in India and the region to reach this landmarkalong with 159 heart transplants and 232 lung transplants. These outcomes are the result of standardized clinical pathways, multidisciplinary expertise, and a sustained commitment to patient safety, ethics, and long-term outcomes.

The Union Budget provides an important tailwind to Indias aspiration to become a global destination for healthcare. The proposal to support states in establishing five regional medical hubs through public private partnership is a strategic step toward building a high-quality, well-coordinated Medical Value Travel ecosystem. At Apollo, we view Medical Value Travel as a long-term national mission that reflects Indias depth of clinical expertise, outcomes excellence, and cost advantage. We will continue to work closely with policymakers and state partners to strengthen international patient pathways, expand high-acuity capacity, and ensure seamless coordination across pre-travel evaluation, clinical care, and post-discharge followup.

The board has declared an interim dividend of Rs 10 per share for the financial year 2026. The record date for the same has been fixed as February 16 and it will be paid on or before February 27.

Apollo Hospitals was established in 1983 by Dr. Prathap C Reddy, renowned architect of modern healthcare in India. As the nations first corporate hospital, Apollo Hospitals is acclaimed for pioneering the private healthcare revolution in the country. Apollo Hospitals has emerged as Asias foremost integrated healthcare services provider and has a robust presence across the healthcare ecosystem, including Hospitals, Pharmacies, Primary Care & Diagnostic Clinics and several Retail Health models.

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