Stocks to Watch: Kalyan Jewellers, MTNL, Dabur, IIFL Finance, MRF, NBCC

Earnings, Funding and Asset Plans Put Six Stocks on Investors’ Radar

The watchlist spans strong jewellery growth, a proposed NBFC capital infusion and pressure from rising costs.

Investors tracking the market will have several company-specific developments to assess, rather than one common theme behind Wednesday’s watchlist. The updates range from quarterly earnings and order visibility to capital raising, asset sales and pricing decisions—factors that may influence how investors evaluate each business.

Jewellery growth contrasts with tyre-profit pressure

Kalyan Jewellers reported a 64% year-on-year rise in consolidated profit after tax to ₹427 crore in Q2FY27. Revenue from operations increased 32% to ₹10,323 crore. The figures give investors evidence of growth in both earnings and revenue, though the supplied update does not break down the drivers or indicate whether that pace is expected to continue.

MRF presents a different picture: revenue grew 17.4% to ₹8,660.19 crore, but net profit fell 22.8% to ₹417.19 crore. The divergence makes profitability the central issue to watch. Revenue growth alone does not establish that higher costs or other pressures have eased, and investors will need to assess whether the company can protect earnings as sales expand.

IIFL’s proposed raise and MTNL’s asset plans

IIFL Finance has announced a ₹6,414-crore capital raise through a preferential issue, with Blackstone set to invest ₹5,000 crore. The scale of the proposed investment makes the transaction a significant funding development for the non-banking lender. Its implications for growth will depend on the capital being secured and how the company deploys it; the announcement itself does not specify those outcomes.

For debt-laden MTNL, the government is considering monetising non-core assets worth up to ₹6,000 crore in FY27 to raise funds for repaying part of its liabilities. This is a potential balance-sheet measure, not a completed sale. The amount ultimately realised, timing and use of proceeds will determine how much relief the plan provides.

NBCC’s order book offers visibility; Dabur weighs pricing

NBCC’s consolidated order book exceeded ₹1.26 lakh crore at the end of the September quarter, and the state-owned company expects to secure more contracts in the second half of FY27. A large order book can support business visibility, but investors should distinguish the stock of orders from their execution: the update does not provide a delivery schedule or the profitability of individual contracts.

Dabur is considering calibrated price increases across its portfolio to counter elevated input-cost inflation. It is also stepping up cost optimisation and working to improve its product mix to protect margins and sustain growth. For investors, the balance is whether these measures can support profitability without undermining demand; the company’s update does not quantify the proposed increases.

A cautiously mixed global backdrop

The broader setup offers mixed signals. GIFT Nifty was largely flat at 25,332 at 7:45 a.m., while Asian markets were higher in Japan and South Korea but slightly lower in Australia. US benchmarks ended lower overnight. Crude had fallen towards $90 a barrel before edging up: Brent was quoted at $92.17 and WTI at $86.45 at the last check. For businesses facing input-cost pressure, oil’s direction remains relevant, but a single move does not establish a lasting trend.

Key Highlights

• Kalyan Jewellers’ Q2FY27 profit rose 64% year on year; revenue grew 32%.
• MRF’s revenue increased, while net profit declined 22.8%.
• IIFL Finance announced a ₹6,414-crore preferential issue, including a proposed ₹5,000-crore investment by Blackstone.
• MTNL’s potential asset monetisation is intended to fund repayment of part of its liabilities.
• NBCC’s order book exceeded ₹1.26 lakh crore at September-quarter end.
• Dabur is weighing price increases and cost measures to address input inflation.

Investor Note: These updates reflect different business and balance-sheet considerations, so the stocks should not be treated as a single trade theme. Investors may want to distinguish reported results from proposed plans, and track execution, margins and funding outcomes before drawing conclusions.