Stocks to Watch: Coal India, Hindalco, ONGC, IHCL, Defence & Infra stocks to remain in focus today

Indian equity markets are likely to see stock-specific action on Friday following a heavy flow of earnings, corporate announcements and global developments.

Global cues remain in focus with Europe’s fourth-quarter GDP data and US core CPI for January due later in the day.

Coal India

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Among index heavyweights, Coal India reported a year-on-year decline in its third-quarter consolidated numbers for FY26, although performance was better than estimates. Revenue fell 5.2 per cent to Rs 34,924 crore, while EBITDA declined 24.2 per cent to Rs 9,331.19 crore. Margin contracted to 26.7 per cent from 33.4 per cent a year ago. Net profit dropped 15.8 per cent to Rs 7,157.45 crore. However, all key parameters came in above Street expectations. Coal production stood at 228.66 million tonnes, down 1 per cent, while offtake declined 3 per cent to 234.9 million tonnes.

Hindalco Industries

Hindalco Industries posted mixed consolidated results, impacted by an exceptional loss related to a fire incident at Novelis’ Oswego plant in the US. Revenue rose 13.9 per cent year-on-year to Rs 66,521 crore, supported by higher aluminium realisations. EBITDA increased 5.4 per cent to Rs 7,994 crore, though margin narrowed to 12 per cent. Net profit fell sharply by 45.1 per cent to Rs 2,049 crore due to an exceptional item of Rs 2,610 crore, net of insurance proceeds, along with higher finance costs.

ONGC

ONGC reported operationally better-than-expected standalone performance on a sequential basis. Revenue declined 4.5 per cent quarter-on-quarter to Rs 31,547 crore, while adjusted EBITDA stood at Rs 17,323 crore, down 2 per cent but above estimates. Margin improved to 54.9 per cent. Profit after tax fell 15 per cent to Rs 8,372 crore. The company declared a second interim dividend of Rs 6.25 per share. It said TSP-1 at the Mumbai High field is showing encouraging results and that modules under the KG-98/2 project have been installed.

Muthoot Finance

In the financial segment, Muthoot Finance reported record standalone quarterly numbers. Net interest income jumped 64 per cent year-on-year to Rs 4,467 crore and profit after tax surged 94.9 per cent to Rs 2,656 crore. Gross NPA improved to 1.58 per cent, while provisions declined 74 per cent to Rs 111 crore. Gold loan AUM rose 50 per cent year-on-year to Rs 1,39,658 crore as of December 31, 2025. The company revised its FY26 growth guidance upward to 44–45 per cent and plans to open 150–200 branches next year.

Petronet LNG

Petronet LNG reported softer-than-expected standalone quarterly numbers. Revenue rose 1 per cent sequentially to Rs 11,164 crore, while EBITDA increased 7 per cent to Rs 1,200 crore. Margin stood at 10.7 per cent. Profit after tax rose 5 per cent to Rs 848 crore.

PI Industries

PI Industries posted weaker-than-expected consolidated results. Revenue declined 27.6 per cent year-on-year to Rs 1,376 crore and EBITDA fell 41 per cent to Rs 297 crore, with margin at 21.6 per cent. Net profit dropped 17 per cent to Rs 311 crore, aided by an exceptional gain of Rs 105 crore.

Indian Hotels

Indian Hotels reported steady performance with revenue rising 12.2 per cent year-on-year to Rs 2,842 crore. EBITDA increased 11.9 per cent to Rs 1,075.82 crore, while net profit surged 55.1 per cent to Rs 903.23 crore. Average room rate stood at Rs 17,700 with occupancy at 78 per cent. The hotel segment’s quarterly EBITDA crossed Rs 1,000 crore for the first time.

Defence Stocks In Focus

Defence-related stocks, including HAL, BEL and BHEL, will be in focus after the Defence Acquisition Council approved capital acquisition proposals worth Rs 3.60 lakh crore, including procurement of 114 Rafale jets and P-8I aircraft. The Ministry of Defence will also procure eight Dornier 228 aircraft from HAL for Rs 2,312 crore.

BHEL

BHEL’s retail offer for sale was subscribed to 95.04 per cent. CESC secured a 250 MW wind power project order from SECI. J Kumar Infraprojects received an order worth about Rs 616 crore from NBCC for the redevelopment of a GPRA colony in New Delhi.

HCC

Hindustan Construction Company said its joint venture secured a Rs 578 crore railway contract from Northeast Frontier Railway.

AU Small Finance Bank

AU Small Finance Bank said the Reserve Bank of India has approved the reappointment of Sanjay Agarwal as Managing Director and CEO for three years.