Curiosity Grid

Observational market analysis. Not investment advice.
No buy/sell/hold calls. Consult a SEBI-registered advisor.

[Curiosity Grid @CuriosityGrid]

1/#TVSMotor reported EBITDA margin of 12.8%, up 30bps YoY. That's the line everyone quoted.

Four pages later in the same filing, TVS prints its own operating margin table.

12.8% this quarter. 13.1% last quarter.

The margin didn't improve. It peaked in Q4.

[Curiosity Grid @CuriosityGrid]

9/Analysis, not advice. No buy/sell/hold call. Do your own research; consult a SEBI-registered advisor.

[Curiosity Grid @CuriosityGrid]

2/ First, the price. The 9,435 tick on the chart is a live, unclosed weekly candle, not a settled close. The index actually sat near ~9,300-9,324 into this week. So anchor to a ~9,300-9,435 band. And note: the 9,635 line is a swing high, below the real 52-wk high of 9,785.

[Curiosity Grid @CuriosityGrid]

8/ Near term: coiled at the ceiling, earnings decide it. Long term: intact uptrend off April, structural pipeline behind it. Watch: #HAL / #BEL / #Mazagon Q1 dates, late Jul-Aug — confirm on the exchange.

[Curiosity Grid @CuriosityGrid]

1/NIFTY_IND_DEFENCE is pressed against 9,635 - a ceiling it already failed at once.And it's arriving there exactly as HAL, BEL and Mazagon report Q1.
A wall and a catalyst, landing together. This is a retest, not a breakout. Here's what resolves it.

[Curiosity Grid @CuriosityGrid]

2/→ Pre-provision operating profit FELL 18.6% YoY (₹1,668 Cr → ₹1,358 Cr)
→ Profit rose because provisions dropped ₹464 Cr, not because the bank earned more
→ Employee cost up 21% vs NII up 6%
Asset quality's the bright spot. 👇

[Curiosity Grid @CuriosityGrid]

1/Bandhan Bank #BANDHANBNK Q1FY27: net profit ₹502 Cr, up 35% YoY. The market will cheer it. The engine tells a different story.

[Curiosity Grid @CuriosityGrid]

#BajajAuto Q1 #result:
Revenue ₹21,689cr +65%,
PAT ₹3,226cr +46%. Stock barely moved.

→ That press release is standalone. The 65% is KTM consolidating in
→ Overseas auto block: ~₹3,556cr revenue, ~₹259cr PBT. ~7% margin vs parent's ~20%

Breakdown ↓

[Curiosity Grid @CuriosityGrid]

13/Source: TVS Motor Q1 FY27 unaudited results, filed 21 Jul 2026

Analysis, not advice. No buy/sell/hold call. Consult a SEBI-registered advisor.

[Curiosity Grid @CuriosityGrid]

1/#TVSMotor reported EBITDA margin of 12.8%, up 30bps YoY. That's the line everyone quoted.

Four pages later in the same filing, TVS prints its own operating margin table.

12.8% this quarter. 13.1% last quarter.

The margin didn't improve. It peaked in Q4.

[Curiosity Grid @CuriosityGrid]

12/Dated and pending:
→ 17 Jul: Rs.500 Cr NCDs allotted, 3-year → 21 Jul: Board cleared up to Rs.1,000 Cr more debt → Net debt/equity 0.15 → 0.26 YoY → Interest cover 32.0 → 25.7 → Rs.805.90 Cr deployed: Rs.612.59 Cr TVS Singapore, Rs.193.31 Cr Jana SFB