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Nvidia’s Q3 fiscal-2026 results were nothing short of spectacular. The company clocked $57.0 billion in revenue, a 22% increase quarter-over-quarter and a massive 62% year-over-year jump.
The data-centre business, which fuels much of Nvidia’s strength, reported $51.2 billion — up 25% sequentially and a whopping 66% YoY.
Earnings per share (diluted) stood at $1.30, beating market expectations. Gross margins remained healthy: ~73.4% on a GAAP basis and ~73.6% on non-GAAP.
Jensen Huang, Nvidia’s CEO, painted a bold picture: “Blackwell sales are off the charts, and cloud GPUs are sold out … We’ve entered the virtuous cycle of AI.”
On the capital return front, Nvidia has distributed $37 billion to shareholders via buybacks and dividends in the first nine months of fiscal 2026, while still retaining $62.2 billion under its repurchase authorization.
Nvidia’s blazing growth is a clear sign that AI infrastructure is scaling up rapidly. For Indian cloud service providers, startups, and large enterprises, this means greater access to powerful compute — and hence more opportunity to build or scale AI-driven products, whether in generative AI, autonomous systems, or large-language-model applications.
IT services companies such as TCS, Infosys, HCL Tech, and Wipro stand to benefit in multiple ways:
India has long expressed ambitions to build a vibrant semiconductor ecosystem. Nvidia’s strong earnings fuel confidence in the global semiconductor demand outlook — which may in turn accelerate semiconductor-related investments in India.
While Nvidia’s results are a vote of confidence in the AI era, Indian investors and companies should also remain aware of potential headwinds:
For Indian investors looking to play the Nvidia or AI-infrastructure story:
Q1. Does Nvidia’s strong result mean an “AI bubble” is safe to ignore?
Not entirely. While Nvidia’s performance reinforces real demand, investors should maintain a balanced view — growth is strong, but it’s not without risks like supply chain bottlenecks, valuation, and geopolitical concerns.
Q2. How exactly will Indian semiconductor manufacturing benefit from Nvidia’s growth?
Higher global demand for AI chips strengthens the case for semiconductor investments in India. This could encourage more fabs, design centres, and collaborations if Indian policy and capital conditions align.
Q3. Should I invest in Nvidia directly or via Indian IT companies?
Both routes have merit. Direct exposure (NVDA shares) gives pure-play access, but investing in Indian IT companies offers leverage to India’s AI ecosystem growth, possibly with lower volatility and regulatory simplicity.
Q4. How does Swastika Investmart help in this context?
Swastika Investmart is SEBI-registered, offers powerful research tools, and supports international investing. Use its platform for guided insights, risk analysis, and thematic portfolios around AI/semiconductors.
Nvidia’s Q3 earnings are a resounding signal that AI infrastructure is accelerating, and the ripple effects could meaningfully shape the future of Indian technology markets. For Indian investors and corporations alike, this is more than just a U.S. company doing well — it’s an opportunity that aligns with India’s tech ambitions, semiconductor goals, and digital transformation journey.
If you’re looking to position yourself for this wave, Swastika Investmart offers the tools, trust, and technology to help you navigate global markets smartly. Open an account today and explore:
R R Kabel Limited is one of the leading companies in the Indian consumer electrical industry (comprising wires and cables and fast- moving electrical goods (“FMEG”)), with an operating history of over 20 years in India. They sell products across two broad segments - (i) wires and cables including house wires, industrial wires, power cables, and special cables; and (ii) FMEG including fans, lighting, switches, and appliances.
OBJECTS OF THE ISSUE
Executive Chairman of the Company. He has completed his secondary level school education from Hindi High School, Mumbai. He has extensive experience in the electrical industry. Previously, he was associated with Shramik Winding Wires Private Limited as a director. He was appointed to RR Kabel’s Board of Directors with effect from May 13, 1997.
Managing Director of the Company. He has extensive experience in the electrical industry. Previously, he was associated with the International Copper Association as the chairman of wire and cable product council and the Indian Electrical and Electronics Manufacturers’ Association as the president.
Joint Managing Director of the Company. He has extensive experience in the electrical industry. Previously, he was associated with MEW Electricals Limited as a director. He was appointed to the Board of Directors with effect from February 6, 1995.
Chief Financial Officer of the Company. He joined the Company on July 1, 2000 and is responsible for heading the financial functions of the Company including leading various initiatives in the organization of business excellence and operational efficiency of the Company.
Chief Executive Officer of the Company. He joined the Company on December 16, 2022 and is responsible for handling the domestic business administration of the Company.
Company Secretary and Compliance Officer of the Company. He joined the Company on June 1, 2013 and is responsible for secretarial and legal functions of the Company. Previously, he has worked with MEW Electricals Limited.
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OUTLOOK & VALUATION
RR Kabel is a well-established player with strong brand recall and quality products. The company has a diverse product portfolio and an extensive domestic and global distribution network, and it is working on strategies for further enhancement as well. Other than the wire and cable industries, they are also well-positioned for growth in the FMEG segment.
Financial performance has been mixed, where there is growth in revenue and net worth but pressure on its margins with declining profits. The issue size is around 1964 crore, but most of its portion belongs to the offer for sale. Finally, the IPO is coming at a P/E valuation of around 60.5x, which is looking high-priced.
Due to the high valuation and current market sentiments, we will avoid this IPO for listing benefits. However, it could be a good pick for the long term, and investors may consider it during any post-listing correction.
Ratnaveer Precision Engineering Limited is a stainless steel (“SS”) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes, and tubes. Their products find application across various industries and their products are used in both commercial and residential sectors and are sold within India and overseas.
Chairman, Managing Director and Chief Financial Officer of the Company. He has been associated with the Company since its incorporation. He has over two decades of experience in ferrous and nonferrous metal industries.
Whole time Director of the Company. He has over four decades of experience and has worked in different sectors such as metals, agriculture, automobile etc. He has been associated with the Company since past fifteen years and has been acting as a Director on the Board since 2011. He oversees production as well as commercial functions.
Company Secretary & Compliance Officer of the Company. She is an associate member of the Institute of Company Secretaries of India. She has over 5 years of experience in secretarial and compliance field.
Chief Operating Officer of the Company. He has been associated with the Company since 2011. He holds Diploma degree in Mechanical Engineering. He has over 50 years of experience in terms of consultant as well as employee of the various Company.
Ratnaveer Precision Engineering Limited is a manufacturer of stainless steel products with a wide range of products and multiple designs. The company has a backward-integrated business model, which gives it control over the supply chain, and a research and development (R&D) setup for new product development. It has also reported strong financial performance in the last three years.
However, the steel industry is subject to market volatility and economic conditions. Additionally, it is a highly competitive industry. The major concern for investors here is the high debt-to-equity ratio and low-margin business. However, the IPO is coming at a fair price-to-earnings (P/E) valuation of 13.49x.
Thus, after considering all the factors, we suggest applying for this IPO for listing gain.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
सोने की कीमतें तीन सप्ताह के उच्चतम स्तर के करीब पहुंच गई है, क्योंकि अमेरिका से कमजोर आर्थिक आकड़ो से अटकलें लगाईं जा रही है कि फेडरल रिजर्व के पास ब्याज दरें बढ़ाने के लिए बहुत कम गुंजाइश है। पिछले सप्ताह सोने में मजबूत बढ़त देखी गई क्योंकि कमजोर अमेरिकी जीडीपी और रोजगार आंकड़ो ने डॉलर और ट्रेजरी यील्ड को कम कर दिया। चीनी आर्थिक मंदी की बढ़ती आशंकाओं के बीच सोने की सुरक्षित निवेश मांग में भी वृद्धि देखी गई, क्योंकि एशिया की सबसे बड़ी अर्थव्यवस्था चीन के आंकड़े मंदी की और संकेत कर रहे है। चीन के आंकड़ों से पता चला है कि मैन्युफैक्चरिंग सेक्टर अगस्त में लगातार पांचवें महीने सिकुड़ गया है, जबकि नॉन-मैन्युफैक्चरिंग विकास भी धीमा हो गया है। आर्थिक आकड़ो ने चीन में निरंतर आर्थिक कमजोरी की ओर इशारा किया है, जबकि चीन ने अर्थव्यवस्था को समर्थन देने के लिए और अधिक प्रोत्साहन उपाय करना जारी रखा है। फोकस अब चीन के अधिक प्रोत्साहन उपायों पर है, खबरों से स्पष्ट होता है कि पीपुल्स बैंक ऑफ चाइना तरलता को बढ़ावा देने के लिए मॉर्गेज और युआन जमा दरों को और कम करने की योजना बना रहा है, और फॉरेक्स रिज़र्व रेक्विरेमेंट रेश्यो को पिछले सप्ताह कम कर दिया है। अमेरिकी डॉलर, जो सोने के विपरीत दिशा में चलता है, पिछले सप्ताह 1 प्रतिशत तक लुढ़क गया और बेंचमार्क अमेरिकी बांड यील्ड उच्च स्तरों से पीछे हट गई है जिससे सोने और चांदी की चमक बढ़ती दिखाई दी है। पिछले सप्ताह एमसीएक्स में ऑक्टूबर वायदा सोना और दिसंबर वायदा चांदी में 1.5 प्रतिशत बढ़ोतरी दर्ज की गई है। अमेरिका ब्याज दरें अधिक होने के बावजूद कोर पीसीई प्राइस इंडेक्स के आंकड़े स्थिर रहे जबकि पर्सनल स्पेंडिंग में बढ़ोतरी दर्ज की गई है। लेकिन ऊंची दरों के बीच अगर वैश्विक आर्थिक हालात बिगड़ते हैं तो इस साल भी सोने में कुछ मजबूती देखने को मिल सकती है। हाल के अमेरिकी जीडीपी आंकड़ों से पता चला है कि साल की पहली छमाही में आर्थिक मंदी का असर नहीं होने के बावजूद, दुनिया की सबसे बड़ी अर्थव्यवस्था अभी ठंडी पड़ी हुई है। त्यौहार सीजन के पहले कीमती धातुओं में घरेलु मांग बढ़ने के आसार है, और भारत में अलनीनो प्रभाव के चलते 122 साल में अब तक सबसे कम बारिश हुई है जिससे फ़ूड इन्फ्लेशन बढ़ने की सम्भावना भी है, जो कीमती धातुओं के भाव को सपोर्ट कर सकता है।
इस सप्ताह कीमती धातुओं के भाव में तेज़ी बनी रहने की सम्भावना है। एमसीएक्स अक्टूबर वायदा सोने में सपोर्ट 58800 रुपये पर है और रेजिस्टेंस 60500 रुपये पर है। दिसंबर वायदा चांदी में सपोर्ट 74000 रुपये पर है और रेजिस्टेंस 78000 रुपये पर है।
Rishabh Instruments Limited is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, et al. with diverse applications across industries including power, automotive and industrial sectors. The company supply a wide range of electrical measurement and process optimization equipment, and is engaged in designing, developing and manufacturing, and sale of devices significantly under their own brand across several sectors.
Chairman and Managing Director of the Company. He is the founder and Promoter of the Company. He has been associated with the Company since its incorporation and accordingly has over four decades of experience in the manufacturing and electrical industry.
Group CEO. He has been associated with Lumel since January 16, 2014. He holds a bachelor’s degree of engineering (electronics and communication) from the Karnatak University Dharwad and a master’s degree in human resources development management from Somaiya Institute of Management Studies and Research, University of Mumbai.
Head – Marketing, Business Development and Profit Centre Head of the Company. He has been associated with the Company since July 8, 2018. He holds a bachelor’s degree of engineering (electrical engineering) from the University of Mumbai. He was previously associated with ABB Limited, Siemens Limited and Schneider Electric India Pvt Limited.
Chief Financial Officer of the Company.He has been associated with the Company since July 21, 2014. He holds a master’s degree in commerce from the University of Pune. He is an associate member of the Institute of Company Secretaries of India. He was previously associated with Techno Force (I) Pvt Ltd. and ThyssenKrupp Electrical Steel India Private Limited.
Company Secretary and Compliance Officer of the Company. He has been associated with the Company since August 8, 2022. He holds a bachelor’s degree in commerce from the Rashtrasant Tukadaji Maharaj Nagpur University. He is an associate member of the ICSI. He was previously associated with Galactico Corporate Services Limited.
As mentioned in Company's RHP, there are no comparable listed companies in India or globally that engage in a business similar to that of Rishabh Instruments Limited. Accordingly, it is not possible to provide an industry comparison in relation to this Company
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Rishabh Instruments is a multinational company offering energy efficiency solutions. The company has a diverse product portfolio and a vertically integrated operation. The company is operating globally in a large, addressable market. Their brands ‘Rishabh’, ‘Lumel’, Sifam, and ‘Tinsley’ are well recognised in multiple countries. The financial position of the company is currently not very attractive, but it is stable.
However, multi-location operations and global sales raise concerns related to international exposure. Secondly, any kind of shortage in their production inputs, like semiconductors, could also impact their business. The IPO is coming at a P/E valuation of 34.34x. Though the company does not have any listed peers to compare, its valuation is looking high in general. We will recommend this IPO only for high-risk investors.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
सोने और चांदी की कीमतों में पिछले सप्ताह कमजोर वैश्विक आकड़ो से तेज़ी दर्ज की गई है क्योकि अमेरिका और यूरोप से जारी होने वाले मैन्युफैक्चरिंग आंकड़े अनुमान से कमजोर दर्ज किये गए है। कमजोर मैन्युफैक्चरिंग आंकड़े, धीमी होती व्यापार गतिविधिओ की और संकेत कर रहे है जो फेड और यूरोपियन सेंट्रल बैंक को आगे ब्याज दर वृद्धि से रोक सकते है। जिससे कीमती धातुओं को राहत मिल रही है। इस बीच, सोने की कीमते चार महीने के निचले स्तरों पर रहने के कारण इसके भाव को सपोर्ट मिला है। हालांकि, रुपये में मजबूती रहने से सोने के भाव में तेज़ी सीमित रही लेकिन निवेशकों का भरोसा चांदी में बढ़ता दिखा। पिछले सप्ताह सोने की कीमतों में 0.75 प्रतिशत की तेज़ रही और ऑक्टूबर वायदा सोने के भाव 58800 रुपये प्रति दस ग्राम के स्तरों पर रहे। चांदी के भाव में पिछले सप्ताह 5 प्रतिशत की तेज़ी दर्ज की गई और इसके भाव 73500 रुपये प्रति किलो के स्तरों पर कारोबार करते दिखे। कमजोर मैन्युफैक्चरिंग पीएमआई के आकड़ो के कारण अमेरिकी डॉलर दो महीने की उचाई और बेंचमार्क अमेरिकी ट्रेज़री यील्ड कई दशकों की उचाई से पीछे हट गए है, जिससे कीमती धातुओं के भाव में पिछले सप्ताह तेज़ी देखने को मिली है। हालांकि, अमेरिका में उच्च ब्याज दरे लम्बी अवधि के लिए रहने का अनुमान है जो कीमती धातुओं में तेज़ी को सीमित कर सकता है। डॉलर के मुकाबले भारतीय मुद्रा को मजबूत करने के लिए भारतीय रिजर्व बैंक (आरबीआई) के संभावित हस्तक्षेप की अटकलें बाज़ार में चल रही हैं। इस तरह का हस्तक्षेप रुपये के मूल्य पर महत्वपूर्ण प्रभाव डाल सकता है, जिससे रुपये में मजबूती रह सकती है और सोने में तेज़ी सीमित रह सकती है।
इस सप्ताह कीमती धातुओं के भाव सकारात्मक दायरे में रहने की सम्भावना है। एमसीएक्स अक्टूबर वायदा सोने में सपोर्ट 57500 रुपये पर है और रेजिस्टेंस 59500 रुपये पर है। दिसंबर वायदा चांदी में सपोर्ट 73000 रुपये पर है और रेजिस्टेंस 76500 रुपये पर है।
Concord Biotech Limited is an India-based biopharma company and one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2022, supplying to over 70 countries including regulated markets, such as the United States, Europe and Japan, and India. The Company manufacture (i) bio- pharmaceutical APIs through fermentation and semi-synthetic processes, across the therapeutic areas of immunosuppressants, oncology and anti-infectives; and (ii) formulations, which are used in the therapeutic areas of immunosuppressants, nephrology drugs and anti-infective drugs for critical care.
Concord Biotech is a leading fermentation-based API company with a strong track record. The company has a diversified global customer base, strong R&D capabilities, and scaled manufacturing facilities. However, its international operations expose it to complex management, legal, tax, and economic risks. Additionally, the industry has been facing margin pressure in recent quarters. It is also worth noting that this IPO is purely an OFS, meaning that the company will not receive any proceeds from the offering. While the valuations may not appear overly attractive, this IPO could still deliver a moderate return, thus investors may apply for listing gain.
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