Stock notes, 05 May 2026

Things I compiled yesterday as part of my stock research activities.

Core Business

🟢 Maruti Suzuki starts FY27 with a market share of 42%, up from 39% in FY26, led by passenger cars and SUVs. Record April domestic sales of 1,91,122 units were powered by a 141% YOY surge in SUV volumes, with the segment nearing category leadership.

🟢 Bajaj Auto reports April total sales of 5,13,792 units vs 3,65,810 units YOY, beating the estimate of 4,80,080 units. Exports surged 83% YOY to 2,65,582 units, making international markets the primary FY27 growth driver.

🔴 Ashok Leyland reports April total sales of 14,646 units vs 13,421 units YOY, slightly below the estimate of 15,800 units. LCV domestic volumes rose 23% YOY and M&HCV trucks grew 15%, but export headwinds and bus segment softness capped the overall result.

🟢 Ather Energy delivers highest-ever quarterly volumes of 83,418 units, up 76% YOY, with adjusted gross margin jumping 116% YOY to ₹925 Cr in FY26. Q4 net loss narrowed 57% YOY to ₹100.2 Cr, signalling improving unit economics. It also announces 10 lakh units of total manufacturing capacity, with Phase-I of 5 lakh units commencing from Q3 FY27. The Aurangabad facility at approximately 42,000 units per month anchors Phase-I, targeting the ₹1 lakh to ₹1.3 lakh EV price segment.

🟢 Netweb Technologies guides for 30-35% revenue growth in FY27. AI segment contribution has risen sharply to 43% from 15% previously, driven by deepening hyperscaler and enterprise AI infrastructure deployments across India.

🟢 Adani Ports handles 43.1 MMT of cargo in April 2026, up 15% YOY, led by containers and dry cargo both rising 17% YOY. Logistics rail volume fell 16% YOY to 48,490 TEUs, a divergence that could weigh on higher-margin integrated logistics revenue.

🟢 Lloyds Metals commissions its second 4 MTPA pellet plant at Konsari, taking total pellet capacity to 8 MTPA and ranking among India’s largest merchant pellet players.

🟢 BSE has overtaken NSE in the F&O segment with 55.4% market share in April while NSE dropped to 44.6%.

New Orders Received

🟢 EMS Limited receives a ₹143.80 Cr letter of award for sewer network and house connection work in Varanasi from UP Jal Nigam.

Partnerships & Acquisitions

🟢 Knowledge Marine and Engineering Works acquires approximately 15 acres of waterfront land in Saphale, Palghar for shipyard expansion near Vadhvan Port. Vadhvan Port’s 298 MTPA capacity ambition creates long-term anchor demand for proximate shipbuilding and repair infrastructure.

🟢 Tata Chemicals’ board approves ₹100 Cr investment to debottleneck salt capacity at Mithapur, targeting 82,500 TPA additional output. Mithapur is India’s largest integrated salt complex and this low-capital investment delivers roughly 12% incremental capacity.