| HEXT Hexaware Technologies Limited IT - Software · Improving · Cut | IT - Software | Improving | Cut | Hexaware reported $405M revenue, up 4.4% QoQ, with EBIT margin at 13.6%; about $5M of growth was a calendar benefit. Volume-led growth came despite GTT falling 18% YoY on Middle East cuts, while 13 of top 20 clients underwent AI-driven consolidation. Management cut CY2026 revenue growth guidance to 6%-7% from ~7.6%, citing three-to-four deals delayed to late Q3-Q4 and Middle East macro; it reiterated 13%-14% EBIT margin and forecasts double-digit YoY exit growth. Main risk is delayed ramps and travel weakness leaving insufficient runway, plus DSO normalization after ERP cutover. |
| MTARTECH MTAR Technologies Limited Aerospace & Defence - Equipments · Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 revenue was ₹360.7 cr (+130.4% YoY), PAT was ₹50.2 cr (+364.5%), and EBITDA margin was 23.54% versus FY27 guidance of 22% ±100 bps. The driver was record orders: closing book ₹5,143 cr plus ₹800 cr on call day, led by nuclear (Kaiga, PFBR) and clean energy, and working capital days fell from 172 in FY26 to 59. Management forecasts FY27 revenue growth of 80% (confident to beat), EBITDA margin 22% ±100 bps, working capital exit ~100 days, and ₹500 cr capex, 70% clean energy. Risks are gross margin down to 45.61% from 47.65% YoY, execution of the ₹5,900+ cr book, and dependence on fuel-cell and export data-center demand. |
| PPLPHARMA Piramal Pharma Limited Pharma - API & CRAMS · Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue rose 17% YoY to ₹2,270 crore, with EBITDA up 72% to ₹285 crore and a 12.5% margin, up about 400 bps. The driver was operating leverage from higher overseas CDMO utilization and pricing discipline, alongside CDMO growth of 19%, CHG growth of 17% to ₹743 crore, and mid-teens CHC growth. Management kept FY27 guidance unchanged despite the strong quarter, expects Kenalog supplies from Q2, and notes H2 is historically higher. Risks include persistent Chinese competition in hospital generics, elevated FY27 taxes normalizing to 24–25%, and no sales from the destocked large contract this year. |
| REDINGTON Redington Limited Computer - Hardware · Improving · Maintained | Computer - Hardware | Improving | Maintained | Redington reported Q1 FY27 revenue of ₹34,966 crore, up 34% YoY, and PAT of ₹486 crore, up 77%. Growth was led by India (+63%) and MEA (+15%) despite the West Asia crisis, but roughly two-thirds of endpoint growth came from component-shortage price hikes, not units. Management guides Q2 to keep growing, with data center backlog several times Q1's ~₹1,000 crore large deals and MEA recovery once the crisis settles. Risks are PC prices up 25-50% with 2-3 months of channel inventory inviting de-stocking, plus possible continued Arena losses. |
| STARHEALTH Star Health and Allied Insurance Company Limited Finance - Non Life Insurance · Improving · Maintained | Finance - Non Life Insurance | Improving | Maintained | Star Health reported Q1 FY27 GWP of ₹4,287 crore (+19% YoY) and PAT of ₹550 crore (+25%), with underwriting profit jumping to ₹111 crore from ₹16 crore. The driver was fresh retail health GWP of ₹730 crore (+37%) with 94% new-to-insurance and 90%+ proprietary distribution, though the group segment drove most of the YoY loss-ratio improvement and retail loss ratio stayed at ~67.5-68%. Management forecasts insurance revenue growth of 15-16%, 30-40 bps annual expense ratio improvement, reinsurance expense of 0.5-0.6% of GWP, and a mid-to-high teens ROE glide path. Main risks: Q2 vector-borne disease claims, optically moderated H2 growth on the GST base, retail market share down to 29% from 31%, and unquantified regulatory reform. |
| SYNGENE Syngene International Pharma - API & CRAMS · Weakening · Cut | Pharma - API & CRAMS | Weakening | Cut | Syngene's Q1 FY27 revenue fell 16% YoY to ₹736 crore, with operating EBITDA of ₹91 crore (12% margin) and a reported PAT loss of ₹9 crore after a ₹10 crore exceptional charge. The drop was driven by the absence of the ~$50 million annual Zoetis biologics offtake, client attrition in commoditized discovery chemistry, and a ₹50 crore FX hedge loss. Management guides FY27 revenue to a single-digit INR decline with mid-20s EBITDA margins, expecting H2 recovery and a return to double-digit profitable growth from FY 2028 as Mangalore, Stelis and Bayview ramp. Key risks are conversion lag on new capacity, residual Zoetis exposure, and Indian first-in-human regulatory delays despite Australia and Europe partnerships. |
| ZENSARTECH Zensar Technologies IT - Software · Mixed · Maintained | IT - Software | Mixed | Maintained | Zensar reported Q1 FY27 revenue of $159.5 million, up 1.1% QoQ CC, but EBITDA margin fell 150 bps and PAT margin fell 220 bps to 12.2% on $210 million mega deal pre-staffing and higher costs. Growth was driven by BFSI, up 8.3% QoQ CC, offsetting declines in HLS down 3.8%, MCS down 2.3% and TMT down 9.1%; order intake of $149.2 million was a multi-quarter low with an all-time high new-business mix. Management guides Q2 better than Q1, similar margins through Q3 then expansion, 0.9x-1.1x book-to-bill, and HLS recovery, with headcount up 5.2% QoQ and attrition at 9.6%. Main risks are softness outside BFSI, macro uncertainty and competitive intensity, plus margin pressure until full mega-deal revenue weight arrives in Q3-Q4. |
| KROSS Kross Ltd. Auto Ancillaries - Transmission · Improving · Maintained | Auto Ancillaries - Transmission | Improving | Maintained | Q1 FY27 revenue was ₹184.3 crore, up 32.3% YoY, with EBITDA margin 12.23% (+63 bps) and PAT ₹13.31 crore (+24.4%). The reported growth was driven by Q4 FY26 order spillover lifting axle and suspension volumes 30% YoY to ~9,500 and ~3,200-3,300 units, plus exports up 45% at 4-4.5% of revenue. Management forecasts CV demand to accelerate from September on OEM schedules and the Parivartan scheme, sequential margin gains from a retrospective ₹4,700/tonne steel settlement and a planned 1-2% price hike, and no new debt for existing business. Risks are unsettled CV conversion-cost pass-through, export validation for a new European Tier-1 not booked before H2 FY27, ~59% top-5 customer concentration, and possible Q2 softness. |
| GREENPOWER Orient Green Power Company Limited Power - Generation/Distribution · Weakening · Maintained | Power - Generation/Distribution | Weakening | Maintained | Orient Green Power's Q1 FY27 revenue fell 7% YoY to ₹81.43 crore, EBITDA 9% to ₹60.01 crore and PAT 16% to ₹23.94 crore, driven by a delayed monsoon. New capacity of 9.9 MW wind and 7 MW solar only partly offset the generation shortfall. Management guides FY27 revenue/EBITDA equal to or better than FY26, with 17.6 MW solar and 7.8 MW repowering commissioned by Sep-2026 and debt at ~₹535 crore by Mar-2027. Risks are wind variability and the lack of equity capital, leaving the 1 GW target without a revised timeline. |
| AUBANK AU Small Finance Bank Limited Banks - Small Finance · Improving · Maintained | Banks - Small Finance | Improving | Maintained | AU Small Finance Bank reported Q1 FY27 PAT of ₹796 crores, up 37% YoY, on a 5.9% NIM and 0.8% credit cost. The operating driver was secured-led lending: gold loans up 130% YoY to ₹4,500 crores, commercial banking up 34% to ₹32,800 crores, and a CGFMU-protected MFI book with 99.5% collection efficiency. Management guided to ~1.8% ROA from 1.7%, roughly 10 bps away, via credit cost, other income and opex, and reiterated 2x-2.5x nominal GDP growth. The main risk is the ECL transition, expected neutral given low LGDs but clarity only by Q3 FY27, alongside tight deposit liquidity and rate pressure. |
| ACUTAAS Acutaas Chemicals Ltd. Pharma - API & CRAMS · Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Acutaas Q1 FY27 revenue was ₹329.7 crore, up 59.1% YoY, with EBITDA margin 34.3% up 973 bps and PAT ₹74.9 crore up 70.4%. Growth came from Advanced Pharma Intermediates, up 76.5% to ₹292.7 crore, while Specialty Chemicals fell 10.6% on commodity phase-out. Management reaffirmed 25% FY27 revenue growth with FY26-like margins, expects to beat the ₹1,000 crore CDMO target, and sees battery chemicals at full 4,000 MT capacity by FY29. Risks are Gulf supply disruptions, the Spec Chem transition gap, CDMO anchor concentration, and margin dilution from lower-margin battery mix. |
| AVIENCE Avience Biomedicals Limited · Improving · Maintained | | Improving | Maintained | Avience reported FY26 revenue of ₹52.51 crore, up 16.1% YoY, with EBITDA margin at 28.45% and PAT of ₹8.75 crore, up 23.31%. Reported growth was driven by trading, roughly 72% of turnover, while manufacturing was 26.99%; management said real scale-up awaits the new facility commissioning from October 2026 with ₹250–265 crore capacity. Management guided FY27 revenue growth of at least 60%, potentially exceeding ₹100 crore, backed by a ~₹47 crore order book, plus exports of ₹5–7 crore and about 175 products by FY27 end, with EBITDA margin held during expansion. The main risk is working capital, with a ₹35–40 crore requirement at ₹100 crore revenue not fully funded, plus execution on approvals, order conversion and the 3–4 month facility transition. |
| DALBHARAT Dalmia Bharat Limited Cement · Improving · Maintained | Cement | Improving | Maintained | Dalmia Bharat reported Q1 FY27 revenue of ₹3,890 crore, up 7% YoY, with EBITDA at ₹805 crore, down 11% QoQ despite EBITDA per ton rising 3% QoQ to ₹1,055. The operating driver was price hikes of ₹10-20/ton and over ₹150/ton procurement-led savings, while volumes grew 9% YoY, an estimated 200-250 bps above the 7-8% industry pace. Management guides FY27 capex of ₹3,200-3,400 crore, ~67 MT capacity by Q3 FY28, and Jaypee EBITDA-neutral in ~2 quarters, but sees Q2 input costs ₹70-80/ton higher QoQ and evolving. Main risks are renewed West Asia fuel escalation and East India pricing pressure in Bengal. |
| FCL Fineotex Chemical Limited Speciality Chemicals · Improving · Maintained | Speciality Chemicals | Improving | Maintained | Q1 FY27 total income was ₹386.72 crore, up 165% YoY, with PAT at ₹48.21 crore, up 92.7%, and EBITDA margin at 15.7%, up ~150 bps QoQ. Growth came from full-quarter consolidation of CrudeChem US oilfield chemicals, now ~65% of revenue, while textile was flattish at ~₹132 crore versus ₹137 crore on monsoon seasonality and competition. Management forecasts CrudeChem revenue of USD 100 million in FY27 and USD 200 million in FY28, backed by order book, not crude prices; expanded Texas capacity to 148,000 MTPA is only 63% utilized on one shift, leaving 30–40% revenue headroom. Main risks are Middle East-driven raw material and freight volatility, US ramp-up execution, and Indian textile competitive pressure. |
| FRACTAL Fractal Analytics Limited IT Enabled Services/Business Process Outsourcing · Improving · Maintained | IT Enabled Services/Business Process Outsourcing | Improving | Maintained | Q1 FY27 revenue was ₹912.5 cr, up 20% YoY and 9% cc, with adjusted EBITDA margin 16.8% and net income ₹72 cr, up 92% YoY. Reported growth was dragged by a 22% TMT decline; ex-TMT grew 35–37%, led by healthcare & life sciences at 69%, with net revenue retention at 117%. Management forecasts TMT sequential growth in Q2 and overall acceleration once the new go-to-market structure under CCO Matt settles, targeting ~60% output/outcome/license mix and R&D up to 10% of revenue over time. Risks include TMT recovery not being guaranteed, AI-driven work compression, Fractal Alpha losses widening to ₹14 cr, and the CFO transition. |
| HINDZINC Hindustan Zinc Limited Metals · Improving · Maintained | Metals | Improving | Maintained | Q1 FY27 was a record: revenue ₹13,747 crore (+77% YoY), EBITDA ₹8,074 crore (59% margin), net profit ₹5,469 crore (+145%), and zinc cost of production excluding royalty at USD851/t (-16% YoY). The driver was record 260kt refined metal output, better grades, debottlenecking, silver at 46% of profitability, and a one-time 10kt lead concentrate sale adding ₹315 crore. Management reaffirmed FY27 guidance of ~1.1mt refined metal and 680t silver, with board approval for a ~650kt smelter (₹24,000-25,000 crore capex) expected in Q3 FY27. Risks: power and fuel cost inflation from lower coal linkage (36% vs 64% in Q4), ~₹200 crore hedge losses, a SEBI RPT observation, and the August 1 CEO transition. |
| KELLTONTEC Kellton Tech Solutions Limited IT - Software · Mixed · Maintained | IT - Software | Mixed | Maintained | Kellton Tech reported Q1 FY27 revenue of ₹316 crore, up ~7% YoY, with EBITDA of ₹35 crore (11.1% margin) and PAT of ₹22.3 crore (7.1%). The real constraint was delayed project starts in the US, where clients worried about cashflows, though AI-led Phoenix.ai won a 4-million-line-code modernization deal and the Kuwait JV targets 5% of the $1 billion digital oilfield market in three years. Management guided to meet or beat FY26 growth without a percentage, citing a nine-month order book for revenue predictability. Risks remain DSO above 100 days due to 90-day Fortune 100 terms and long government cycles, plus the delayed second FCCB tranche. |
| SURYODAY Suryoday Small Finance Bank Limited Banks - Small Finance · Improving · Maintained | Banks - Small Finance | Improving | Maintained | Q1 FY27 gross advances grew 32.5% YoY to ₹14,376 crore and deposits 29.4% to ₹14,634 crore, with ROA at 1.6% and credit cost at 0.8%. Reported ROA was lifted by one-off ₹46 crore PSL income and ₹387 crore CGFMU claims, with adjusted GNPA/NNPA at 2.9%/0.3%; the core shift is individual Vikas loans at ~80% of monthly onboarding. Management maintained FY27 guidance of 1.3-1.4% ROA with a 1.6% Q4 exit, 0.8-1.0% credit cost, ~7.5% cost of funds, and stable NIM. Risks are PSL income normalizing to ₹10-20 crore quarterly, CV PAR elevated at 11.5% expected to recover by Q3, and sustaining 30% deposit growth while holding CASA at 21%. |
| TATACONSUM Tata Consumer Products Limited FMCG - Foods · Improving · Maintained | FMCG - Foods | Improving | Maintained | Q1 FY27 consolidated revenue was ₹5,349 crores, up 12% reported and 9% constant currency, with EBITDA margin up 70 bps to 13.6% and net profit up 29% to ₹427 crores. Growth businesses were the actual driver, up 47% to ₹1,300 crores, now 36% of India business, while tea revenue fell 4% on price pass-through despite 2% volume growth. Management reaffirmed ~30% growth business growth, double-digit consolidated revenue, and +50-70 bps FY27 margin expansion. Main risk is 7-10% tea inflation with peak cropping season just starting, plus erratic monsoon and cost/FX timing mismatches. |
| ADANIPOWER Adani Power Limited Power - Generation/Distribution · Improving · Raised | Power - Generation/Distribution | Improving | Raised | Adani Power reported Q1 FY27 continuing revenue of ₹17,936 crore (+27% YoY), continuing EBITDA of ₹6,983 crore (+22%) and PAT of ₹4,867 crore (+47%). The driver was record summer demand, with PLF at 78% versus 67% YoY and volumes up 17% to 29 billion units, while merchant sales fell to 4 billion units as 95% of capacity moved to PPAs. Management guided to a 45 GW capacity target, over ₹2 lakh crore capex funded largely by internal accruals, net debt/EBITDA of 2-3x, and Korba Phase-II commissioning before December 2026. Risks include pending nuclear regulations, USD400 million Bangladesh receivables, imported coal cost up 30%, and Korba possibly selling merchant for 1-2 years. |
| BANSALWIRE Bansal Wire Industries Ltd. Steel - Wires · Mixed · Raised | Steel - Wires | Mixed | Raised | Q1 FY27 revenue was ₹1,168 crore, up 25% YoY, with EBITDA of ₹57 crore and net profit of ₹20 crore. The West Asia gas disruption raised consumable costs ₹5,000/tonne on committed 30 to 40 day orders, compressing EBITDA to ₹2/kg in the first 45 days before recovering to ₹7 to ₹8/kg from mid-May. Management guides ~20% volume growth for Q2 to Q4 FY27, at least 20% EBITDA growth, and raised combined FY27 and FY28 operating cash flow guidance to ~₹800 crore. Risks are elevated gas costs on renewed supply shocks and Steel Cord qualification delays, while the 20% target depends on sustained share gains in a 7–8% industry. |
| GEOJITFSL Geojit Financial Services Limited Finance - Capital Markets - Brokers · Mixed · Maintained | Finance - Capital Markets - Brokers | Mixed | Maintained | Q1 FY27 revenue was ₹160.40 crores, up 11% YoY, and PAT rose 14% QoQ to ₹19.83 crores. The driver was branch-referral client additions of 30,176 and cross-selling MF and insurance to existing clients, with recurring assets at ₹26,000 crores and Yield Plus AIF AUM at ₹1,778 crores. Management paused fresh hiring and expects operating leverage in about two quarters, with investments continuing for two more years and new trail-based hires taking 15-24 months to breakeven. The main risk is Middle East conflict and FCNR deposit competition pressuring GCC AUM slightly below $1 billion. |
| INDIGO InterGlobe Aviation Ltd Air Transport Service · Mixed · Maintained | Air Transport Service | Mixed | Maintained | IndiGo reported a Q1 FY27 net loss of ₹240 crores against a ₹2,180-crore profit a year earlier, with income up 19% to ₹25,600 crores and EBITDAR margin down to 15.6% from 28%. Management attributed the swing to fuel CASK jumping 80% YoY on Brent +50% and Singapore jet fuel +120%, plus rupee depreciation over 11%, which overwhelmed a 21.3% yield rise to ₹6.04. It guided Q2 PRASK growth above 25% on flattish capacity and held FY27 single-digit capacity, with FY28–FY30 mid-teens growth. Key risks are Middle East escalation, potentially bringing Q2 fuel back to Q1 levels if Hormuz is disrupted, and a possible airport-airline cross-holding rule. |
| IGIL International Gemmological Institute (India) Ltd. Lab Grown Diamonds · Improving · Maintained | Lab Grown Diamonds | Improving | Maintained | Q1 FY27 consolidated certification revenue was ₹359.8 crores (+23% YoY), EBITDA ₹223.8 crores (+29%, 60.4% margin), and PAT ₹165.7 crores (+31%). Growth was driven by LGD +25%, LGD jewellery +44%, and gemstones +200% from AGL consolidation, while natural loose stones +6% and jewellery +2% stayed soft. Management maintained FY27 guidance of ~15% base revenue and ~20% EBITDA growth, with AGL adding 2–3%, and consolidated margin improving at least 100 bps by year-end. Main risks are top 8–10 LGD growers contributing 40–50% of revenue, sustaining ₹80–120 per carat LGD pricing while growers double capacity, and slow natural diamond growth. |
| RADIOCITY Music Broadcast Limited Entertainment - Electronic Media · Mixed · Maintained | Entertainment - Electronic Media | Mixed | Maintained | Q1 FY27 revenue fell 10% YoY to ₹44.5 crores but rose 9% QoQ; operating EBITDA was ₹8.9 crores versus ₹0.9 crores a year ago, with PAT of ₹9.2 crores against a ₹2.2 crore loss. The driver was a 26% YoY cut in operating expenses from hub-and-spoke studios and ~20% manpower reduction; core radio revenue was ₹35.5 crores, Radio Plus ₹9.8 crores, EBITDA margin 20%. Management gives no revenue target, expects Q2 to stay soft with H2 contributing the typical 55% of annual revenue, and plans no buyback despite ₹270 crores net cash. Risks: subdued radio advertising, lumpy government spends, and year-end impairment if the share price, now ₹6.4, weakens. |
| THYROCARE Thyrocare Technologies Limited Diagnostics · Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 consolidated revenue was ₹240 crore, up 24.3% YoY, EBITDA margin 32.2%, PAT ₹51.3 crore, up 34% YoY. The beat came from franchisee and partnership channels (up 27% and 26% YoY) on 28% higher test volumes, not pricing. Management maintained FY27 mid-to-high teens revenue growth guidance despite Q1 strength, citing the high Q2 FY26 base, and raised net franchisee additions guidance to ~1,700. Key risks are franchisee churn and Q2-Q3 seasonality, specialty volume scaling, and parent API Holdings debt of ₹1,050 crore before any IPO. |
| 531279 Trishakti Industries Limited · Improving · Maintained | | Improving | Maintained | Trishakti Q1 FY27 total income was ₹1,680 lakhs, up ~310% YoY, with EBITDA of ₹1,087 lakhs at ~65% margin and PAT of ₹430 lakhs, all records. The driver was 100% utilization of 155-158 recently made machines from the ₹270 crore deployed against the ₹400 crore capex programme, plus an FY27 executable order book of ₹70-72 crores. Management guided 60-65% EBITDA and 25-30% PAT margins on the FY27 order book, wind crane revenue from Q3/Q4 FY27, UAE/KSA deployment in 2-3 quarters, and debtor days falling to 60-70. Risks are margin normalization to 58-62% as post-warranty maintenance costs emerge, OEM output capped at 4-5 cranes a month, and Middle East contracts not yet signed. |
| UJJIVANSFB Ujjivan Small Finance Bank Limited Banks - Small Finance · Improving · Raised | Banks - Small Finance | Improving | Raised | Ujjivan SFB reported Q1 FY27 PAT of ₹317 crores (ROA 2.2%, ROE 18.2%), with gross loans up 28.9% YoY to ₹42,903 crores and GNPA down 10 bps to 2.17%. The underlying driver was a secured-book push: gold loans up 248.6%, MSME 54%, vehicle 85.1%, and first microfinance borrower-base growth after seven quarters of degrowth. Management raised FY27 ROA guidance to 1.8-2.0%, with 25% asset growth, opex ~6.4% of average assets, and credit cost of 0.9-1.0% of average total assets. Main risks are El Nino hitting kharif sowing and H2 rural portfolios, plus micro mortgage PAR seasoning to ~1.5%. |
| CORDELIA Waterways Leisure Tourism Limited · Improving · Maintained | | Improving | Maintained | Q1 FY27 consolidated net profit was ₹22.77 crore (~12% margin) on ~₹190 crore revenue, with load factor up from 99.9% to 105% and average ticket price +4.3%. The real driver was domestic demand, while EBITDA absorbed ~₹14 crore YoY fuel cost inflation as VLS.0 fuel rose from a $580/MT prior average to a $1,228/MT peak, now ~$800/MT. Management guides FY27 revenue and earnings growth, fuel surcharge recovery visible from end Q2 or beginning Q3, and Cordelia Sky’s maiden voyage on October 23, 2026, with ₹65 crore advance bookings converting to ~₹110–115 crore revenue. Main risk is fuel price volatility, with pass-through delayed by the 50–60 day advance booking cycle and Q2 off-season port testing pressuring quarterly revenue. |
| ANTHEM Anthem Biosciences Ltd. Pharma - API & CRAMS · Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Anthem's Q1 FY27 revenue was ₹418 cr with EBITDA of ₹176 cr (~39.6%) and PAT of ₹120 cr (27.1%); an analyst cited a ~25% YoY decline that management did not dispute. The softness came from CRDMO delivery deferrals (₹341 cr) and Specialty Ingredients (₹78 cr) raw material supply chain turmoil, while order book visibility stayed at ~60% of FY27 needs. Management forecasts double-digit FY27 growth, shortfall to be recovered in Q2-Q4, margins near Q1 levels, tax normalizing to ~25-25.5%, and ~₹700 cr capex for Unit 4 commissioning by end FY28. Main risk: quarterly lumpiness and Big Pharma acquisition of a late Phase 3 biotech client may re-evaluate that program, with Unit 4 ramp-up pressuring margins. |
| DPABHUSHAN D. P. Abhushan Limited Diamond, Gems & Jewellery · Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Reported Q1 FY27 revenue was ₹853.63 cr (+58% YoY), EBITDA ₹93.99 cr (+70%, 11.01% margin), PAT ₹64 cr (+77%). Growth was mostly price-driven: gold physical volume rose only 1-2%, though same-store sales grew 52% and inventory gains contributed just 10-15%. Management forecasts ~10% volume growth for FY27/FY28, 5-6 store additions in FY27 toward 51 stores by FY30, and studded/diamond mix reaching 12-15% by March 2028. Main risk is the May 2026 gold import duty hike from 6% to 15% and price volatility, while 95-98% of assets in inventory keeps operating cash flow negative. |
| HFCL HFCL Limited Telecom Services · Improving · Raised | Telecom Services | Improving | Raised | Q1 FY27 revenue was ₹1,914.98 crore, up 120% YoY, with PAT of ₹245.64 crore versus a ₹29.30 crore loss and EBITDA margin of 23.25%. The driver was US data-centre demand for optical connectivity, with exports of ₹1,063 crore at roughly 55% of revenue and an all-time-high order book of ₹26,665 crore, including about ₹16,000 crore of OFC. Management raised FY27 revenue guidance to 40%+ from ~20%, called ~23% EBITDA margins sustainable, and targets ₹800 crore data-centre connectivity and ₹500 crore defence revenue. Main risks are delayed Army warranty contract signing around mid-Q2, preform price resets, timely capacity commissioning, and aerostructure acquisition closure within CY2026. |
| SOUTHWEST South West Pinnacle Exploration Limited Mining/Minerals · Improving · Maintained | Mining/Minerals | Improving | Maintained | Q1 FY27 operating revenue rose 54% YoY to ₹62 crores, EBITDA margin hit 24.15%, and PAT jumped 289% to ₹9.3 crores. The driver was a record ₹761 crore order book, 77% private, led by the ₹307 crore Hindustan Zinc ramp and ₹166 crore Reliance CBM extension. Management forecasts significant FY27 growth, ~24% sustainable margins, and Reliance contributing 35-40% of revenue. The main risks are funding the ₹200 crore Jharkhand coal capex, pending Oman JV cash repatriation, and monsoon-hit Q2 seasonality. |
| AURUM Aurum PropTech Limited IT Enabled Services · Improving · Raised | IT Enabled Services | Improving | Raised | Aurum PropTech Q1 FY27 total income was ₹119.01 crores (+61.1% YoY) with PBT of ₹2.31 crores versus a ₹10.81 crores loss, aided by ₹52.38 crores discontinued income from a building sale. The operating driver was both rental (₹54.35 crores revenue, 81% occupancy) and distribution (₹55.94 crores, ₹7.97 crores segment profit) turning profitable, lifting adjusted EBITDA margin 1,320 bps YoY, though organic revenue fell 9.7% QoQ on seasonal PropTiger slab fees. Management guided Housing.com, carrying about ₹200 crores annualized burn, to profitability in 4-6 quarters publicly, 3-4 internally, company-level profit in 2-3 quarters, and the ₹1,000 crores ARR target faster. The main risks are Housing integration execution, REA dilution at a 24.9% stake, and tax-rate clarity only by Q3 FY27. |
| SAGILITY Sagility India Limited Miscellaneous · Improving · Maintained | Miscellaneous | Improving | Maintained | Sagility reported Q1 FY27 revenue of ₹19,635 million, up 27.6% YoY and 14.9% organic constant currency, with adjusted EBITDA margin at 24.0%. The driver was existing-client expansion and scaling FY26 additions plus CareSeed, while FX gains offset partial minimum-wage costs and seasonal de-leverage. Management reiterated FY27 guidance of low double-digit organic constant-currency growth and 24-25% adjusted EBITDA margin, expecting to beat the lower end. Main risks: full Q2 minimum-wage impact more than double Q1’s, AI-led deflation rising toward 200bps, and OE/AEP seasonality near 6% of revenue with visibility only by September. |
| CANFINHOME Can Fin Homes Limited Finance - Housing · Improving · Maintained | Finance - Housing | Improving | Maintained | Can Fin Homes reported Q1 FY27 disbursements of ₹2,609 crores, up 29% YoY, with AUM growth of 10.8%, NIM of 3.81% and ROA of 2.39%. The real driver was quarterly resets causing part prepayments of ₹1,072 crores, lifting book rundown to ₹1,857 crores, while SENP disbursements grew 44% and yields stayed at 9.81%. Management guided to FY27 disbursements of ₹13,000 crores, AUM growth of 14%, credit cost of 10 bps, and full LOS/LMS rollout at 250 branches by September with a ₹3,000 crore Q2 target. Main risk is a >100 bps rate gap versus banks (8.4% vs 7.15-7.25%) that pressures retention, plus execution risk in migrating the remaining 245 branches. |
| DYCL Dynamic Cables Limited Cables - Power · Improving · Maintained | Cables - Power | Improving | Maintained | Dynamic Cables reported Q1 FY27 revenue of ~₹348.6 crore (up 33% YoY), EBITDA of ₹38 crore (10.9% margin), and PAT of ₹25 crore (up 37%), with no one-offs. The reported growth was mostly aluminium price pass-through, as volumes rose only 5-6% YoY because customers postponed orders during the March-May raw material spike. Management expects to maintain its historical 18-20% annual revenue growth, keep solar cables near 20% of revenue with 25-30% segment growth, and see the ₹45 crore plant commission from September 2026 and contribute from Q4 FY27. The main risk is raw material price volatility and weak order booking, with the order book up only ~10% YoY to ₹811 crore and customer order cycles shortened to 2-4 months. |
| JKCEMENT J.K. Cement Limited Cement · Mixed · Maintained | Cement | Mixed | Maintained | JK Cement reported Q1 FY27 grey volumes up 19% YoY and consolidated net sales of ₹3,962 crores, but standalone EBITDA margin fell to 16.9% with per-ton EBITDA at ₹982. Growth came from Central India capacity (Panna, Bihar) and white cement gains from disrupted UAE imports, while pet coke and diesel inflation eroded profitability. Management guided Q2 costs up ₹150/ton with fuel peaking at ~₹1.75 per kilocalorie, flat pricing, FY27 grey volumes of 22.5-23 million tons, and Jaisalmer commissioning in H1 FY28. Main risks are further geopolitical fuel escalation and UAE shipping restrictions, with white cement import normalization expected to erase Q1's volume advantage. |
| ROSSARI Rossari Biotech Limited Seeds/Tissue Culture/Bio Technology · Mixed · Maintained | Seeds/Tissue Culture/Bio Technology | Mixed | Maintained | Q1 FY27 revenue was ₹697.2 crore (+28% YoY) and EBITDA ₹80.6 crore (+18.7% YoY), with EBITDA margin down 90 bps to 11.6% as PAT rose only 4.5% to ₹35.1 crore on higher finance costs. Growth was price-led (volume only ~10%) and aided by non-EO products, while a ₹5 crore phenol hit, freight spikes, and institutional/consumer losses compressed margins. Management kept FY27 revenue guidance at ~15% despite Q1’s 28%, treating 11.6% as the base, with 15%+ margins in ~2 years from B2C exit, pharma scale-up to ₹70-75 crore, and EO supply expected December 2026. Key risks are geopolitical freight volatility, sole EO supplier constraints, and KSA project execution after ~1.5-year gestation with pre-operative costs. |
| SGMART SG Mart Ltd. · Improving · Maintained | | Improving | Maintained | Q1 FY27 service center volumes rose 33% YoY to 160,000 tons, EBITDA margin exceeded 4%, ROCE annualized ~23%, net cash ₹690 crores. The driver was mix shift to coated steel plus ₹2,500-3,000/ton steel price uptick; inventory gains were minimal, absolute inventory down to ₹209 crores. Management reiterated FY27 EBITDA guidance of ~₹300 crores and capex of ₹400-500 crores, expecting the Raipur coated steel line in ~18 months to lift EBITDA per ton from ₹3,000-4,000 to ₹6,000-7,000. Main risk: severe macro or geopolitical disruption; the Iran-US war restart has raised oil and steel prices, and the 25 service centers by 2029 target carries execution risk. |
| HERITGFOOD Heritage Foods Limited FMCG - Dairy Products · Improving · Maintained | FMCG - Dairy Products | Improving | Maintained | Heritage Foods Q1 FY27 revenue was ₹1,338.1 crore, up 18% YoY, with EBITDA margin at 4.6% and PAT at ₹15 crore. The real driver was value-added products: VAP revenue rose 40% to ₹563.6 crore, mostly volume-led, lifting VAP to 44% of revenue, while milk procurement at ₹46.61/litre, up 7% YoY, cut milk EBITDA margin to 3.03% from 5.8%. Management guided to high single-digit EBITDA, about 50% VAP contribution by FY30, and roughly ₹250 crore FY27 capex. The main risk is continued raw milk inflation after the failed April-May flush, with recovery dependent on the October buffalo flush and El Nino uncertainty. |
| HEXAGON Hexagon Nutrition Limited · Improving · Maintained | | Improving | Maintained | Hexagon Nutrition reported FY26 revenue of ₹382.63 crores, up 17.8% YoY, EBITDA margin at 13.83%, and PAT up 56.1% to ₹37.94 crores. The real driver was branded segment volume growth, earning 60–68% margins, plus operating leverage and product mix. Management guides to historical ~15–20% revenue growth with revenue doubling every 4–5 years, blended capacity utilization improving from ~30% to 35–40%, and further margin expansion. Risks are West Asia exposure under 20% of exports, receivables rising from ₹60 to ₹82 crores, and whey price volatility with MRP-based pass-through. |
| SWSOLAR Sterling and Wilson Renewable Energy Limited Solar EPC · Mixed · Cut | Solar EPC | Mixed | Cut | Q1 FY27 revenue fell to ₹1,590 crore with 9.9% gross margin, but PAT rose 36% YoY to ₹53 crore partly from lower taxes. The decline reflects delayed LOAs/NTPs and completion of four South Africa, Spain and Italy projects; unexecuted order value hit a record ₹13,000+ crore including the USD560 million Egypt order. Management guides FY27 revenue growth of 10-15% ex-Reliance, Q2 revenue similar to Q1, and O&M revenue of ₹400-450 crore from an 18.3 GWp portfolio. Main risks are H2 execution needing ₹2,500-3,000 crore quarterly, ALMM/DCR module premiums of 130-160%, and ₹1,800 crore litigation claims. |
| TURTLEMINT Turtlemint Fintech Solutions Limited · Improving · Raised | | Improving | Raised | FY26 operating revenue rose 57% to ₹1,098 crore, Q4 saw the first adjusted EBITDA breakeven, and PAT before exceptional items was ₹129 crore. Growth was driven by 93,000+ active digital partners and a renewal book of ₹225 crore, up 51%, earning service EBITDA 2.5-3x new business, while corporate overheads stayed in a ₹230-260 crore band. Management forecasts FY27 consolidated full-year profitability with profitability improving over 40% YoY and historical 40%+ revenue growth, targeting 18-20% adjusted EBITDA margins in five years. The main risk is IRDAI's commission review and uncertain PoSP classification, which could compress distributor payouts. |
| WEWORK Wework India Management Ltd Realty - CoWorking · Improving · Maintained | Realty - CoWorking | Improving | Maintained | Q1 FY27: revenue INR 698 cr, up 28.5% YoY; EBITDA INR 138.3 cr at 19.8% margin; PAT INR 53.2 cr versus 8.4 cr. The driver was occupancy up to 84.9% from 76.5%, with member growth at 30% outpacing 18.5% capacity growth; rent per sq ft was flat and opex rose only 5.6%. Management guided to FY27 capex of INR 500-600 cr, 20%+ revenue and EBITDA growth, and about 155,000 desks by March 2027; large customization revenue is now amortized at INR 10-15 cr per quarter. Main risk: negative free cash from operations of INR 46.1 cr in a capex-heavy H1, ramp of 22,000 new desks, and a ~15% promoter pledge targeted for release in FY27. |
| EMMVEE Emmvee Photovoltaic Power Ltd Electric Equipment - General · Improving · Maintained | Electric Equipment - General | Improving | Maintained | Q1FY27 revenue was ₹1,555 crores, up 51% YoY, with EBITDA of ₹548 crores at a 35% margin and PAT of ₹380 crores, up 103% YoY. The driver was record output of 970 MW modules and 454 MW cells, 83% cell utilization, DCR above 50% of sales, and finance costs down to ₹11 crores. Management forecasts FY27 EBITDA of about ₹2,400 crores, new module lines by December 2026 and cells by March 2027, with capacity reaching 16.3 GW modules and 8.9 GW cells. Main risks are non-DCR demand compression, silver and raw material inflation, and expansion execution; the FY29-FY30 ingot and wafer plan depends on ALMM List 3 clarity. |
| POLYCAB Polycab India Limited Cables - Power · Improving · Maintained | Cables - Power | Improving | Maintained | Polycab reported Q1 FY27 consolidated revenue up 39% YoY, EBITDA margin of 13.8%, and record PAT of ₹797 crores, up 33%. Growth was led by domestic wires and cables (+43%) on only low to mid-single-digit volume growth, and FMEG (+71%) as solar more than doubled and premium mix reached 25%. Management reaffirmed Project Spring guidance of 11-13% W&C EBIT margin and 8-10% FMEG EBITDA by FY30, plus exports above 10% of revenue by 2030. Risks are Strait of Hormuz export disruption, July copper/aluminium price cuts causing destocking, and uncertain timing of T&D and data centre demand. |
| KALAMANDIR Sai Silks (Kalamandir) Limited Textiles - Readymade Apparel · Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Sai Silks reported flat Q1 FY27 revenue of ₹375 crores versus ₹379 crores a year ago, with same-store sales down 7.5–7.8% and EBITDA margin down about 1% despite gross margin holding at ~42%. The driver was Adhik Maas postponing wedding purchases, weak discretionary spending, and sustained KLM Fashion Mall degrowth in Telangana. Management reaffirmed FY27 revenue growth guidance of 12–15% and margin improvement, targeting ~1,00,000 sq ft net space addition and a Pune entry around Q4 FY27. The main risk is poor rainfall or El Nino hurting agriculture-dependent AP cities, plus fuel and dyeing cost inflation limiting gross margin upside. |
| FEDFINA Fedbank Financial Services Limited Finance & Investments - Gold Loan · Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | Fedbank Q1 FY27 AUM rose 34.7% YoY to ₹21,136 Cr and PAT 52.5% YoY to ₹114.4 Cr, but the real driver was gold loans, up 77% YoY despite a 15% gold price fall. Management expects FY27 entity AUM growth of 20-25%, sub-1% credit cost, ROA expansion of 20-30 bps and 200 branches, with gold alone growing 25-30% even if prices stay flat. Main risks are the RBI April LTV change inflating reported gold delinquencies (Stage II up 50 bps to 2.7%), co-lending disruption lifting leverage to 4.89x, and competitive yield pressure in medium-ticket LAP. GNPA improved to 1.6%, but management says the new structure makes 1+ delinquency numbers non-comparable. |
| HDBFS HDB Financial Services Ltd Conglomerate Backed NBFC · Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | HDB Financial reported Q1 FY27 PAT of Rs785 crore, up 38% YoY, with gross loan book at Rs1,21,846 crore (up 11.3% YoY), NIM 8.35%, credit cost 2.32% and Gross Stage 3 at 2.34% versus 2.44% in Q4 FY26. The beat came from consumer durables (+50% YoY), gold loans that doubled at ~500 branches, and an Asset Finance mix rejig that exited high-value, low-return tractors and HCVs. Management expects Asset Finance acceleration from Q2-Q3, ~18% book growth, credit cost ~2.3% steady-state, NIM 8%+ and ROA 2.5%, with unsecured business loans turning positive from Q2/Q3. Key risks are El Nino/weak monsoon, West Asia supply chains, and a steep 3-5% overnight fuel hike stressing CV operators. |
| UNIONBANK Union Bank of India Banks - PSU · Improving · Raised | Banks - PSU | Improving | Raised | Union Bank reported a record Q1 FY27 net profit, NIM up 16bps to 2.80%, ROA steady at 1.36%, aided by an 18bps cut in cost of deposits and ~500bps cost-to-income improvement as bulk deposit ratio fell to 19% from 27%. Management guides to ~19-20% credit growth (industry plus 1%), backed by ₹1 lakh crore corporate pipeline and $1.5-2.0bn FCNR by Sep'26. Asset quality saw record-low SMA above ₹5 crore at ₹2,382 crore, with recoveries exceeding slippages. Main risk is ₹6,000 crore remaining ECL provisioning before Apr'27, which would cut CRAR to 17.54%, plus low-ticket MSME stress. |
| LTTS L&T Technology Services Limited IT - ER&D · Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue was $310M, up 1.5% QoQ in constant currency, with EBIT margin at 15.7%. Growth was led by Sustainability (+11.3% YoY, 29.1% margin) and Mobility (+2.3% QoQ), while Tech declined on a concluded MedTech program and another delay. Management guides sequential revenue and margin growth, mid-16% EBIT by Q4 FY27, double-digit Sustainability, and a significant Telecom deal closing early Q2. Risks include European auto weakness, large-deal slippages (~$100M TCV with some moving to Q2), and hedge losses cutting other income. |
| NUVOCO Nuvoco Vistas Corporation Limited Cement · Improving · Maintained | Cement | Improving | Maintained | Q1 FY27 volume was 5.3 MTPA (+5% YoY) and EBITDA ₹572 crore (+7% YoY), helped by ₹320/ton QoQ realization gains from price hikes, geo-mix and premiumization against ₹230/ton cost inflation. Fuel was capped at ₹1.52/mcal by cutting petcoke share from 37% to 27%, though rail rake scarcity and West Asia price spikes constrained volumes. Management targets mid 7-8% FY27 volume growth, ₹900 crore capex (₹370 crore spent), Q2 cost up ~₹100/ton, and ~2 MTPA annualized Gujarat sales by Q4 FY27. Main risks are Q2 maintenance shutdowns, possible higher-cost petcoke flowing in Q3, and the West Asia conflict, with ~2 lakh tons lost to rake shortages. |
| SGFIN SG Finserve Ltd. · Improving · Raised | | Improving | Raised | SG Finserve reported Q1 FY27 PBT of Rs72 crore (27% QoQ) and AUM of Rs4,552 crore (16% QoQ, 82% YoY), with zero NPAs and 5.1% annualized ROA. The driver was high-churn supply chain and factoring, requiring over Rs7,000 crore of disbursements; factoring AUM hit Rs225 crore and portfolio yield stayed near 12.5%. Management guided FY27 PBT to about Rs300 crore, AUM exit near Rs5,500 crore, no equity raise, and sustainable 8-10% quarterly AUM growth after a 14-15% normalized Q1. The key risk is geopolitical tension softening working capital demand, while management conceded nil NPA is an aspiration, not a guarantee. |
| TATAELXSI Tata Elxsi Limited IT - ER&D · Mixed · Maintained | IT - ER&D | Mixed | Maintained | Tata Elxsi reported Q1 FY27 revenue of ₹1,021.1 crore, up 6.5% YoY in constant currency, with media & communication growing 11.5% YoY CC and transportation 6.7% YoY CC while healthcare slipped 0.3% QoQ CC. EBIT margin fell 330 bps QoQ because of ~150 bps one-offs, including a customer Chapter 11 provision, and ~220 bps US transition, subcontractor and AI investments. Management kept its high-single-digit FY27 CC growth aspiration, expects healthcare to return to growth during the year, and sees margins recovering sequentially from Q2 as one-offs fade. Main risks are slower German OEM ramp-ups, visa-driven onsite cost stickiness, and delayed healthcare deal awards. |
| 360ONE 360 One Wam Limited Finance - Capital Markets - Wealth Management · Improving · Maintained | Finance - Capital Markets - Wealth Management | Improving | Maintained | 360 ONE WAM reported Q1 FY27 AUM up 17% to ₹7.8 lakh crores, ARR AUM up 19% to ₹3.42 lakh crores, and PAT up 14.8% to ₹330 crores, with cost-to-income at 51.3% versus 53.5% in Q4. Wealth ARR flows of ₹13,379 crores drove the quarter, while asset management net flows turned negative after one institutional mandate cut its allocation from $550-600 million to $175-180 million. Management forecasts FY27 ARR net flows of ₹35,000-40,000 crores at a 70:30 to 75:25 wealth-to-AM split, cost-to-income near 49-49.5% by Q4, and HNI plus ET Money break-even. Risks are listed AM retention margin pressure, institutional mandate concentration, and lateral RM hiring costs extending productivity ramp-up. |
| 5PAISA 5paisa Capital Limited Finance - Capital Markets - Brokers · Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | 5paisa reported Q1 FY27 revenue of ₹88.4 crore, up 14% YoY, and PAT of ₹11.6 crore, with a customer base of 52.6 lakh. The sequential moderation was partly one-off, but the actual driver is a shift to higher-quality customers: RPC and LTV are improving, MTF funding has roughly doubled in 15 months to a ₹422 crore average book, and MF AUM rose 18% QoQ to ₹2,073 crore. Management guides revenue acceleration from Q2 FY27 and meaningfully better margins over 12 months, powered by a platform revamp moving to production in coming months and the ₹468 crore rights issue deployed across margins, repayments and growth. Main risk is F&O ADTO weakness from post-October 2024 regulatory changes and market volatility, plus adoption of new AlgoSpace, AI and revamp features. |
| AADHARHFC Aadhar Housing Finance · Mixed · Maintained | | Mixed | Maintained | Aadhar Housing Finance delivered steady Q1 FY27 results: AUM grew 18% YoY to ₹31,364 crores, PAT rose 19% to ₹282 crores, and spreads held at 5.8% despite a ... |
| AARTIIND Aarti Industries · Mixed · Maintained | | Mixed | Maintained | Aarti Industries reported a strong Q1 FY27 despite significant macro headwinds, with revenue of ₹2,627 crore (+41% YoY), EBITDA of ₹385 crore (+79% YoY), and... |
| AAVAS Aavas Financiers Limited Finance - Housing · Improving · Maintained | Finance - Housing | Improving | Maintained | Aavas reported Q1 FY27 disbursements of ₹1,610 crore, up 41% YoY, AUM of ₹23,930 crore, up 15.4% YoY, and net profit of ₹171 crore, up 23% YoY. The beat came from operating leverage and cheaper funding, with NIM expanding 22 bps to 7.70% and cost-to-income improving 254 bps to 43.7%. Management reaffirmed FY27 guidance of 22-23% disbursement and 17-18% AUM growth, and a medium-term ~20% AUM goal driven by doubling field productivity to ₹20-22 lakh per resource. Risks are guided spreads falling below 5% from 5.06% on the lower-yield home loan push, plus repayment rates near 19% versus 16-17% historically, West Asia and rainfall-linked segments, and the RBI repossessed-asset circular. |
| ACMESOLAR ACME Solar Holdings Limited · Mixed · Maintained | | Mixed | Maintained | ACME Solar delivered its highest-ever quarterly revenue of ₹954 crores (+63% YoY) and EBITDA of ₹831 crores (+56% YoY) in Q1 FY2027, driven by a record 30.9%... |
| ACE Action Construction Equipment Limited Capital Goods - EPC/Cranes · Improving · Maintained | Capital Goods - EPC/Cranes | Improving | Maintained | Q1 FY27 total income rose 19% YoY to ₹836 crores and PAT rose 22.5% to ₹118.59 crores, driven by 17.25% core volume growth and ~10% cumulative price hikes. Reported gross margin still contracted ~140 bps YoY because steel is up ~20%, with 11-12% total cost inflation expected versus only ~10% pricing so far. Management deferred FY27 revenue guidance to end-September, targets a ~15%+ operating EBITDA margin, exports at 6-7% of revenue, defense above ₹200 crores, and meaningful KATO JV revenue only from FY28. Main risks are residual ~2% cost inflation, customer resistance to hikes, Middle East shipping delays, and deficient monsoon demand variability. |
| ADANIENSOL Adani Energy Solutions Limited Power - Transmission/Equipment · Improving · Maintained | Power - Transmission/Equipment | Improving | Maintained | Q1 FY27 had ₹3,500 crore capex, 13.4 million cumulative smart meters (2.1 million installed), and ₹590 crore Energy Solutions EBIT on 13,181 MUs; smart-meter operating revenue doubled to ₹161 crore from ₹68 crore, the reported QoQ decline being accounting. The real driver was a 5,000 MW tied-up supply stack selling partly on exchange/bilateral markets, where delayed-monsoon prices helped, plus a minimum ₹1 lakh crore annual transmission bid pipeline. Management guides to ₹20,000-25,000 crore annual transmission capex additions, 7.5 GW+ Energy Solutions market by 2031, and combined ~47 million meters after IntelliSmart, pending CCI approval. Main risks are quarterly P&L swings from open energy positions until back-to-back long-term contracts are signed, regulatory delays, and right-of-way execution. |
| ADANIENT Adani Enterprises Limited · Mixed · Maintained | | Mixed | Maintained | Adani Enterprises posted record Q1 FY27 results: consolidated income grew 50% YoY to ₹33,546 crore and EBITDA rose 49% to ₹5,642 crore, led by copper (₹10,92... |
| ADANIGREEN Adani Green Energy Limited Power - Generation/Distribution · Improving · Maintained | Power - Generation/Distribution | Improving | Maintained | Adani Green reported Q1 FY27 power-supply revenue of ₹4,280 crore, up 29% YoY, and EBITDA of ₹4,122 crore, up 33% with a 94% margin. The driver was 4.3 GW YoY capacity growth to over 20 GW, including 1.9 GWh BESS at Khavda, while management shifted merchant capacity to fixed-price AESL PPAs locking ~15-16% returns. Management guided FY27 to 5 GW RE addition, 10+ GWh BESS, ₹42,000 crore capex, and ~₹21,000 crore run-rate EBITDA by year-end. The main risks are 5-7% of EBITDA lost to curtailment until end-CY2026 and rising related-party concentration with AESL. |
| ADANIPORTS Adani Ports and Special Economic Zone Limited · Mixed · Maintained | | Mixed | Maintained | APSEZ delivered a strong Q1 FY27 with revenue and EBITDA both up 19% YoY to ₹10,821 crores and ₹6,541 crores, led by record international port results (reven... |
| ATGL Adani Total Gas Limited Gas Distribution · Mixed · Maintained | Gas Distribution | Mixed | Maintained | Adani Total Gas reported Q1 FY27 gas volume of 303 MMSCM (+13% YoY, CNG +18%), revenue of ₹1,908 crore (+27% YoY), and EBITDA of ₹281 crore, with margin near 15% versus 25% historically. The compression came from gas sourcing: Brent above $107/barrel, NWG above $5/MMBTU, APM allocation at roughly 40%, and the sudden withdrawal of pooled gas. Management guides similar double-digit volume growth, margin recovery to historical levels once the Middle East crisis resolves, and 10,000 EV charging points from 5,306. The main risk is the crisis duration, declining APM allocation, and uncertain pooled gas restoration keeping margins compressed. |
| ABCAPITAL Aditya Birla Capital Limited · Mixed · Maintained | | Mixed | Maintained | Aditya Birla Capital delivered a strong Q1 FY27, with consolidated PAT up 40% YoY to ₹1,175 crore and revenue growth of 29%. The lending businesses drove the... |
| ABSLAMC Aditya Birla Sun Life AMC Limited Finance - AMC · Improving · Maintained | Finance - AMC | Improving | Maintained | ABSL AMC Q1 FY27 PAT rose 12% YoY to ₹309 crore on revenue of ₹625 crore, but mutual fund QAAUM grew only 6% YoY to ₹4.28 lakh crore. The real driver was the ₹6.08 lakh crore EPFO mandate, lifting total closing AUM past ₹10 lakh crore and overall QAAUM to ₹6.28 lakh crore. Management guided yields to stay within ±1-2 bps under the new BER regime and PMS long-only AUM to reach ₹20,000-21,000 crore in three years, while fixing a marginally declining SIP book. Main risks are El Niño monsoon, FII outflows, fixed income volatility, and telescoping pricing pressure on fees. |
| RAMBHAJO Advit Jewels Limited · Mixed · Maintained | | Mixed | Maintained | Advit Jewels reported FY26 total income ₹167.03 cr (+33.68% YoY), 29.48% EBITDA margin and net profit ₹34.39 cr (+35.56%), though Q4 income fell to ₹43.23 cr on war-driven luxury caution and pulled-forward December orders. The real driver was IPO visibility and active customers nearly tripling to 274 across 21 states, not capacity: utilisation fell to ~31% on lighter-gold designs. Management guided to at least three company stores in FY27, a 30,000 sq ft Jaipur flagship by November-end 2026 and 30 franchise stores over three years, but gave no fresh FY27 numbers. The main risk is execution: the flagship slipped from Diwali, and store-driven scaling depends on trained Jaipur artisans plus export tariffs. |
| AETHER Aether Industries · Mixed · Maintained | | Mixed | Maintained | Q1 FY27 revenue of ₹326.6 crores (+27% YoY), EBITDA of ₹102.8 crores (+31% YoY) at a 31% margin, and PAT of ₹62.7 crores (+33% YoY) were driven by CRAMS/CEM ... |
| AJANTPHARM Ajanta Pharma · Mixed · Maintained | | Mixed | Maintained | Ajanta Pharma opened FY27 with revenue from operations up 25% YoY to ₹1,626 crores and PAT up 31% to ₹334 crores, led by India (+24%), US (+57%), Africa bran... |
| ABDL Allied Blenders and Distillers Limited · Mixed · Maintained | | Mixed | Maintained | ABD delivered steady Q1 FY27 results: consolidated revenue rose 5.8% YoY to ₹984 crore and volumes grew 6.2% to 9 million cases, outperforming an industry th... |
| ACC Ambuja Cements Limited · Mixed · Maintained | | Mixed | Maintained | Ambuja Cements reported Q1 FY27 revenue of ₹9,500 crore and operating EBITDA of ₹1,589 crore, with EBITDA per ton at ₹931 and margins up 331 bps to 16.7%. Th... |
| AMBUJACEM Ambuja Cements Limited · Mixed · Maintained | | Mixed | Maintained | Ambuja Cements opened FY27 with a deliberate value-over-volume quarter: revenue of INR 9,500 crore and EBITDA of INR 1,589 crore (16.7% margin, +331 bps QoQ)... |
| ARSSBL Anand Rathi Share & Stock Brokers Ltd Finance - Capital Markets - Brokers · Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Q1 FY27 revenue was ₹246.1 cr (+22.37% YoY) with EBITDA margin 39.54%; pre-exceptional PAT ₹39.1 cr (+71.22% YoY), but the ₹21 cr fraud provision cut reported PAT to ₹23.35 cr. Growth was driven by non-broking: MTF book +55% YoY to ₹1,330 cr, distribution AUM +25.82% to ₹9,479 cr, though MTF interest income stayed flat as average book matched Q4. Management guided MTF to ₹1,750-1,800 cr by FY27 end, distribution AUM +40%, PAT growth 30-35%, a medium-term 50-50 broking/non-broking mix, and 15-20% long-term revenue growth. Main risks are uncertain fraud recovery, SEBI/RBI curbs raising working capital needs, ₹1.43 lakh cr FII outflows, and a March mid-cap fall that cut the MTF book to ~₹1,100 cr. |
| ANANDRATHI Anand Rathi Wealth Limited · Mixed · Maintained | | Mixed | Maintained | Anand Rathi Wealth delivered a resilient Q1 FY27 despite acute market volatility: consolidated revenue (ex-fair value gains/ESOP) grew 18% YoY to ₹336 crores... |
| ANGELONE Angel One Limited Finance - Capital Markets - Brokers · Mixed · Maintained | Finance - Capital Markets - Brokers | Mixed | Maintained | Angel One reported Q1 FY27 gross revenue of ₹14.3 billion, up 25.4% YoY but down 2.3% QoQ, with PAT of ₹2.3 billion, up 102.1% YoY. The result was driven by non-broking businesses at 40% of revenue, including credit distribution up 130% YoY to ₹5.3 billion and total AUM up 33.3% YoY to ₹134.4 billion, while broking volumes moderated with industry derivatives softness. Management reaffirmed 45-50% stand-alone EBDAT margin guidance, ~₹11 billion FY27 employee cost, and 3-4 year wealth/AMC incremental breakeven. Main risks are QoQ credit disbursements falling from ₹710 crore to ₹530 crore on lender calibration, muted client additions, and small ₹6.2 billion AMC AUM scaling slowly. |
| APARINDS APAR Industries Limited · Mixed · Maintained | | Mixed | Maintained | APAR Industries delivered its strongest-ever quarter with consolidated revenue of ₹6,591 crore (+29.1% YoY), EBITDA of ₹814 crore (+62.7%) and PAT of ₹467 cr... |
| APCOTEXIND Apcotex Industries Limited · Mixed · Maintained | | Mixed | Maintained | Apcotex Industries delivered its best-ever quarter in Q1 FY27, with revenue of ₹526 crores (+40% YoY), operating EBITDA of ₹117 crores (+203% YoY, 22.3% marg... |
| ARVINDFASN Arvind Fashions Limited Textiles - Readymade Apparel · Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 revenue rose 15.5% to ₹1,279 crore with EBITDA of ₹160 crore, up 19.6%, and gross margin up 90 bps to 56.7%; PAT fell to ₹10 crore on lower other income. Growth came from the D2C pivot: direct channels reached 62% of sales, online B2C grew 38%, retail LFL was 11.6%, led by U.S. Polo inventory additions and PVH GST recovery. Management forecasts FY27 revenue growth of 12-15%, EBITDA margin expansion of 30-40 bps, and 1.5 lakh net square feet of stores, split roughly 50-50 between LFL and new stores. Risks are West Asia-linked raw material and wage inflation forcing SS27 pricing corrections in 45-60 days and PVH JV minority-interest and PAT compression in a seasonally weak quarter. |
| ASIANPAINT Asian Paints · Mixed · Maintained | | Mixed | Maintained | Asian Paints delivered a strong Q1 FY27, with decorative volumes up 9% (within guidance) and decorative value up 16.6% on a lower base, aided by ~7% price hi... |
| ATLANTAELE Atlanta Electricals Ltd Electric Equipment - Transformers · Improving · Maintained | Electric Equipment - Transformers | Improving | Maintained | Atlanta Electricals Q1 FY27 revenue was ₹466.33 crore, up 48% YoY, PAT ₹46.84 crore up 50.4%, EBITDA margin 16.5% (highest Q1). Growth came from new facility ramp-up and a shift to 220 kV products (56% of revenue), with record order inflow of ₹972.42 crore and order book ₹3,116.63 crore. Management maintained 40% revenue CAGR guidance and 17-18% EBITDA margin, with ~₹2,400 crore executable in FY27; 400 kV revenue is expected only from FY28. Risks include raw material inflation, first-time 400/765 kV execution and unknown margins, plus Chinese competition in PSU tenders, though no participation has been seen yet. |
| AURIONPRO Aurionpro Solutions Limited · Mixed · Maintained | | Mixed | Maintained | Aurionpro reported a muted Q1 FY27 - revenue of ₹358 crore (+6.3% YoY), EBITDA of ₹61 crore (17% margin), and PAT of ₹45 crore - below its historical traject... |
| AWL AWL Agri Business Limited · Mixed · Maintained | | Mixed | Maintained | AWL Agri Business delivered a strong Q1 FY27 with consolidated revenue up 18% YoY to ₹20,048 crore and operating EBITDA up 34% to ₹693 crore, driven by 7% vo... |
| AXISBANK Axis Bank · Mixed · Maintained | | Mixed | Maintained | Axis Bank delivered a resilient Q1 FY27, with PAT up 23% YoY to ₹7,114 crore, driven by 18% YoY QAB deposit growth, 19% YoY advances growth, and positive ope... |
| BAJAJ-AUTO Bajaj Auto Limited Auto - 2 & 3 Wheelers · Improving · Raised | Auto - 2 & 3 Wheelers | Improving | Raised | Bajaj Auto's Q1 FY27 PAT was about ₹3,000 crores (+42% YoY) on revenue ₹17,244 crores (+37%), with 1.4 million units (+29%) and a 20.9% EBITDA margin despite ~4.5% commodity inflation and a ransomware hit. The real driver was record exports of 7,32,000 units/USD 735 million and an EV portfolio at ~30% of domestic revenue with double-digit EBITDA and Chetak EBITDA-positive. Management guided exports above 2,50,000 units/month from Q2, 10+ launches in six weeks, and capacity rising 25% to 9 million units. Main risk: Q2 sees full-period broader inflation, with pricing recovering only half of Q1's commodity cost increase and rupee support possibly fading. |
| BAJAJCON Bajaj Consumer Care Limited · Mixed · Maintained | | Mixed | Maintained | Bajaj Consumer Care delivered a robust Q1 FY27 with revenue of ₹341 crores (up over 28% YoY), consolidated EBITDA of ₹84.4 crores (doubled YoY, 24.7% margin)... |
| BAJFINANCE Bajaj Finance Limited · Mixed · Maintained | | Mixed | Maintained | Bajaj Finance delivered a "clean, excellent" Q1 FY2027 — its best quarter in six-seven quarters — with a record ₹37,000 crore AUM addition, 5 million new cus... |
| BAJAJFINSV Bajaj Finserv Limited · Mixed · Maintained | | Mixed | Maintained | Bajaj Finserv reported a strong Q1 FY27 with consolidated income up 19% to ₹42,037 crores and PAT up 18% to ₹6,297 crores, driven by lending subsidiaries (Ba... |
| BAJAJHFL Bajaj Housing Finance Limited · Mixed · Maintained | | Mixed | Maintained | Bajaj Housing Finance delivered a record Q1 FY27, with AUM at ₹1.496 lakh crore (+24% YoY, highest-ever ₹8,918 crore quarterly addition), disbursements of ₹1... |
| BALKRISIND Balkrishna Industries Limited · Mixed · Maintained | | Mixed | Maintained | Balkrishna Industries delivered a strong Q1 FY27 with standalone revenue of ₹3,409 crore (+24% YoY) and highest-ever OHT volumes of 93,770 MT (+16% YoY), dri... |
| BANDHANBNK Bandhan Bank Limited Banks - Private · Mixed · Cut | Banks - Private | Mixed | Cut | Bandhan Bank Q1 PAT rose 35% YoY to ₹502 crore, with advances up 16% to ₹1.56 lakh crore, NIM stable at 6.2%, and credit cost down to 1.8%. Growth came from non-EEB lending, up 27% YoY to two-thirds of the book, while deposits rose 7% with bulk deposits deliberately cut 13% and CASA up 16%. Management cut FY27 exit ROA guidance to 1.2%-1.4% from 1.6%-1.8%, citing roughly 30 bps NIM pressure from funding costs and 10 bps opex pressure from tech inflation; it forecasts FY27 credit growth of about 14%. The main risk is the Middle East energy crisis raising MFI household costs and system deposit rates, with seasonal EEB SMA-0 at 3.5% versus 3.1%. |
| BANKBARODA Bank of Baroda Limited · Mixed · Maintained | | Mixed | Maintained | Bank of Baroda's Q1 FY27 was defined by the one-time USD 600 million NMC Group settlement, which pulled reported net profit to ₹1,278 crores (₹5,528 crores e... |
| BANK_OF_BARODA Bank of Baroda Limited · Mixed · Maintained | | Mixed | Maintained | Bank of Baroda delivered strong Q1 FY27 operating performance with global business at ₹30.5 lakh crores (+15.4% YoY), advances up 17.4% and deposits up 13.8%... |
| BANKINDIA Bank of India Limited · Mixed · Maintained | | Mixed | Maintained | Bank of India delivered a strong Q1 FY27 with net profit up 36% YoY to ₹3,068 crores, driven by 25.99% operating profit growth, 12.61% NII growth, and credit... |
| BANK_OF_INDIA Bank of India Limited · Mixed · Maintained | | Mixed | Maintained | Bank of India delivered a strong Q1 FY27, with net profit up 36% YoY to ₹3,068 crores, operating profit up 26% to ₹5,051 crores, NII up 12.6% to ₹6,833 crore... |
| MAHABANK Bank of Maharashtra · Mixed · Maintained | | Mixed | Maintained | Bank of Maharashtra delivered a strong Q1 FY27, with total business up 19% YoY (₹1,04,000 crores added), advances up 27% (₹65,000 crores added), and net prof... |
| BEL Bharat Electronics Limited Aerospace & Defence - Equipments · Mixed · Maintained | Aerospace & Defence - Equipments | Mixed | Maintained | Q1 FY27 revenue rose 25.27% YoY to ₹5,533 crore and PAT 8.17% to ₹1,048 crore, but EBITDA margin fell to 25.83% on product mix, not costs. Order inflow was lean at ₹3,754 crore because ~₹2,000–3,000 crore was pulled into Q4 FY26, leaving minimal backlog. Management reiterated FY27 forecasts of 15% revenue growth, 28% margin, and ₹55,000+ crore inflows, anchored by ₹30,000 crore QRSAM expected by September 2026 and ₹9,000+ crore Shatrughat/Samaghat. Main risk: CCS approval delays for QRSAM/NGC/P75I could push inflows to next year, while wage revision from January 2027 remains uncertain. |
| GROWW Billionbrains Garage Ventures Ltd Finance - Capital Markets - Brokers · Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Groww Q1 FY27 reported ~₹23,000 crore net customer inflows, ₹254 crore cash revenue, and ₹600-700 crore quarterly MTF additions, with LAS at 34% of disbursements and commodities above 28% retail notional ADTO share. The MTF growth was driven by larger tickets per user, not new borrowers, as active users stayed ~0.13 million; cash yields rose ~5% YoY. Management guides cash yields to rise 1-2% per quarter near term, sustained MTF additions, a GIFT City US-stock launch soon, and no major headcount increase. Main risks are F&O expiry-margin regulation, war-linked volume swings, and IPL-driven CAC of ~₹1,900 per new NTU, while Fisdom plus AMC remains under 2% of other income. |
| BIRLACORPN Birla Corporation Limited Cement · Mixed · Maintained | Cement | Mixed | Maintained | Birla Corporation Q1 FY27 reported realization fell ₹40/ton QoQ, but adjusted for lower incentive accrual (₹33 crore vs ₹60 crore) and year-end discounts, realization rose ₹80/ton. The real drag was stagnant trade prices with an over 80% trade mix, while bag and fuel costs added ₹150/ton, with another ₹70-80/ton expected in Q2. Management reaffirmed FY27 capex at ₹900 crore, net debt exit at ~₹2,000 crore, incentives at ₹130-135 crore, and FY29 capacity at 27.6 MT, but gave no FY27 EBITDA/ton guidance. Main risks are Central India competition from Dalmia's JP asset ramp-up, delayed monsoon impact on Q3 demand, and continued trade price stagnation. |
| BSOFT Birlasoft Limited · Mixed · Maintained | | Mixed | Maintained | Birlasoft started FY27 with a steady but modest quarter: consolidated revenue of $145.2 million (₹1,379.4 crore; +0.3% QoQ CC, +7.4% YoY INR), as BFSI and LS... |
| BLACKBUCK BlackBuck Limited · Mixed · Maintained | | Mixed | Maintained | BlackBuck delivered a robust Q1 FY27 despite an adverse April, with revenue from operations up 42% YoY (core +28%, growth businesses ~2.5x), net revenue +25%... |
| BLUESTONE Bluestone Jewellery & Lifestyle Ltd. Diamond, Gems & Jewellery · Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 49% to ₹733 crore and pre-Ind AS EBITDA margin hit 7.5%, up 273 bps, helped by 39% same-store growth and ~60% repeat revenue. The operating driver was scale: marketing stayed at 6.9% of revenue and in-house manufacturing gives 300-400 bps, so costs grew slower than sales. Management forecasts ~₹12,000 crore revenue and ~15% EBITDA margin in four years via ~30% mature-cohort SSSG and ~20% store CAGR. Risks: May gold duty hike to 15% softened demand until June, new customers fell to ~40,000 per quarter from ~50,000, and rent grew 35% against 25.5% area growth. |
| BORORENEW Borosil Renewables Limited Glass & Glass Products · Improving · Maintained | Glass & Glass Products | Improving | Maintained | Q1 FY27 standalone sales were ₹405.69 crores versus ₹332.26 crores YoY, with EBITDA of ₹142 crores and a 35.0% margin versus 27.9% YoY. Growth came from +8% volume and +16% average realization to ₹160.30 per sqm, including a ₹9.50 fuel surcharge, plus captive solar-wind power savings above ₹6 crores. Management expects the 600 TPD SG4/SG5 expansion commissioned by March 2027 to lift sales roughly 60% and add ₹80–85 crores EBITDA, with rooftop solar targeted at ₹36 crores for FY27. Main risks are domestic capacity rising to 7,700 TPD by March 2027, fuel price swings, module-industry consolidation under ALMM 2, and roughly 90 days of SG1/SG2 cold-repair downtime likely in FY28. |
| CANBK Canara Bank Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | Canara Bank reported Q1 FY27 net profit of ₹4,856 crore, up 2.19% YoY, with NII crossing ₹10,000 crore for the first time. The result was driven by advances growing 17.97% YoY to ₹12.93 lakh crore, helped by ECLGS 5.0 disbursements of over ₹10,000 crore, while treasury income fell to ₹654 crore from ₹1,617 crore. Management kept FY27 guidance of 10-12% advance growth, 2.50-2.60% NIM and 0.75% credit cost, and plans to absorb an estimated ₹10,000-12,000 crore one-time ECL provisioning over two years. The main risk is the ECL transition, which could dent CRAR by 1.2-1.25% if taken in one year, plus CASA at 29.70% remains below target amid deposit competition. |
| CRAMC Canara Robeco Asset Management Company Ltd Finance - AMC · Improving · Maintained | Finance - AMC | Improving | Maintained | Canara Robeco Q1 FY27 revenue from operations rose 20% YoY to ₹116.2 crore and PAT 24% to ₹75 crore, but QAAUM grew only ~7% YoY and ~1% QoQ. The beat came from overall yield up ~3bps QoQ to 37-38bps (equity 39-40bps) and scheme-level cost cuts, not inflows; closing AUM ₹1.2 lakh crore, 91% equity. Management guides ~2 mutual fund NFOs in FY27 (next in 2-3 months), passives and SIFs short-to-medium term, equity yields rationalizing to 36-40bps, and cost-to-income within 36-41%. Risks: SIP account count fell QoQ despite ₹41,000 crore SIP AUM, market share lost to concentrated flows in arbitrage/small-mid/passives, and passive entry will lower blended yield. |
| CAPITALSFB Capital Small Finance Bank Limited · Mixed · Maintained | | Mixed | Maintained | Capital Small Finance Bank delivered a strong Q1 FY27: gross advances grew 22% YoY to ₹9,074 crores, deposits 16% YoY to ₹10,596 crores, NIM expanded 15 bps ... |
| CAPITAL_SMALL_FINANCE_BANK Capital Small Finance Bank Limited · Mixed · Maintained | | Mixed | Maintained | Capital Small Finance Bank delivered Q1 FY27 PAT of ₹41.3 crores (+29% YoY), with NIM expanding to 4.21% as deposit repricing benefits flowed through — cost ... |
| CGCL Capri Global Capital Limited · Mixed · Maintained | | Mixed | Maintained | Capri Global Capital delivered its strongest quarter on record in Q1 FY27, with consolidated AUM up 62% YoY to ₹40,112 crores and PAT more than doubling to ₹... |
| CARTRADE CarTrade Tech Limited · Mixed · Maintained | | Mixed | Maintained | CarTrade Tech delivered its highest-ever quarterly total income of ₹230 crores in Q1 FY27, with 16% YoY revenue growth, 45% YoY EBITDA growth, and EBITDA mar... |
| CCL CCL Products Limited · Mixed · Maintained | | Mixed | Maintained | CCL Products opened FY27 with revenue of ₹1,203.59 crores (+13.76% YoY) on ~20% volume growth, EBITDA of ₹196.69 crores (+21.84%), and net profit of ₹116.87 ... |
| CEATLTD CEAT Limited Tyres & Tubes · Mixed · Maintained | Tyres & Tubes | Mixed | Maintained | CEAT's Q1 FY27 standalone revenue rose 18.2% YoY to ₹4,163 crore, but EBITDA margin fell to 9.1% and consolidated PAT dropped to ₹4 crore. Volume growth of 13-14% was offset by a 16-18% QoQ raw material surge, with natural rubber at 15-year highs and crude above $100/bbl. Management forecast another 4-6% replacement price hikes on top of ~11% cumulative, Q2 raw material costs up 8-10%, demand moderating not collapsing, and CAMSO transition about 90% by September. The main risk is incomplete cost pass-through against ~26% Q1-Q2 raw material inflation if competitors do not follow, plus Sri Lankan rupee exposure after a ₹48 crore depreciation loss. |
| CENTRALBK Central Bank of India Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | Central Bank reported Q1 FY27 net profit of ₹1,324 crore, up 13.26% YoY, with NIM 3.06%, GNPA 2.60% and slippage 0.29% (0.19% ex-KCC). The beat came from advances up 28.58% YoY, but corporate growth of 46.52% was off a low base; treasury income fell to ₹276 crore and cost-to-income stayed at 55.40%. Management reaffirmed FY27 guidance of 11-12% deposit and 14-16% advances growth, NIM at least 3%, ROA at least 1%, and a 1.5-1.6% cost-to-income reduction. Risks are the ECL transition from 1 April 2027 requiring ₹4,500-5,000 crore provisions versus ₹1,525 crore already held, plus ₹200 crore agriculture KCC slippages expected to be liquidated by a debt waiver scheme. |
| CGPOWER CG Power & Industrial Solutions · Mixed · Maintained | | Mixed | Maintained | CG Power delivered a strong Q1 FY27, with standalone revenue of INR 3,061 crores (+16% YoY), PAT of INR 364 crores (+27% YoY, 11.9% of sales) and order backl... |
| CHALET Chalet Hotels Limited · Mixed · Maintained | | Mixed | Maintained | Chalet Hotels delivered a resilient Q1 FY27 with core revenue of ₹5,140 million (+10% YoY) and EBITDA of ₹2,400 million (+15% YoY) despite a flat internation... |
| CHAMBLFERT Chambal Fertilisers and Chemicals Limited · Mixed · Maintained | | Mixed | Maintained | Chambal Fertilisers delivered resilient Q1 FY27 results despite geopolitical disruption and a delayed monsoon: revenue fell ~12% YoY to ₹5,000 crore, while E... |
| CHOLAFIN Cholamandalam Investment and Finance Company Limited · Mixed · Maintained | | Mixed | Maintained | Chola delivered a strong Q1 FY27 with disbursements up 22% YoY to ₹29,612 crore and AUM up 23% to ₹2,54,392 crore, although reported disbursements absorbed a... |
| CIPLA Cipla Limited Pharma - Formulators · Mixed · Maintained | Pharma - Formulators | Mixed | Maintained | Cipla reported Q1 FY27 revenue of ₹7,119 crores, up 2% YoY (about 4% adjusted for the marketing reclassification), PAT of ₹789 crores, and EBITDA margin of 16.7%. The margin miss came from product mix, war-related costs of about 1–2% of revenue, higher inventory write-offs, and pre-launch U.S. spending, while India grew 12% and North America was US$162 million. Management maintained FY27 EBITDA margin guidance of 18.5–20% and forecasts roughly US$1 billion annualized North America exit run rate by Q4 FY27 from Ventolin, three respiratory launches including generic Advair, and one peptide. Risks are delayed U.S. approvals, Advair competition with 3–4 players limiting its opportunity, continued South Africa tender loss, and pending Indore reinspection and Invagen 483 response. |
| CUB City Union Bank Limited · Mixed · Maintained | | Mixed | Maintained | City Union Bank delivered a record Q1 FY27 with PAT of ₹383 crore (+25% YoY) and operating profit of ₹581 crore (+29% YoY) — both highest in bank history — o... |
| COFORGE Coforge Limited · Mixed · Maintained | | Mixed | Maintained | Coforge opened FY2027 with consolidated revenue of $592.2 million (+33.3% YoY USD, +21.1% QoQ), including two months of Encora ($100.7 million); organic CC g... |
| CONCOR Container Corporation of India Limited · Mixed · Maintained | | Mixed | Maintained | Container Corporation of India posted an all-time-high Q1 FY27 throughput of 1.4 million TEUs (+9% YoY; EXIM +9.8%, domestic +6.2%) with rail freight margin ... |
| CONTROLPR Control Print Limited Computer - Hardware · Mixed · Maintained | Computer - Hardware | Mixed | Maintained | Q1 FY27 standalone operating revenue rose about 5% YoY to ₹105 crores, consolidated ₹115 crores (+3.6%), with coding and marking about 95% of revenue. The real driver was sluggish pipes/extrusion demand from Iran-linked polymer price swings and FX pressure on PBT, offset partly by a price increase and surcharge. Management reaffirmed FY27 standalone coding and marking growth of 10-15%, 60% gross and 30% EBIT margin targets, packaging breakeven by H1 FY28, and no further V-Shapes cash after IP transfer. Main risk is V-Shapes machines still too unreliable for changeovers, limiting sales and cash burn, while QR code mandate expansion from 2,000 to 25,000 SKUs remains a discussion paper. |
| CONTROL_PRINT Control Print Limited · Mixed · Maintained | | Mixed | Maintained | Control Print's Q1 FY27 standalone operating revenue grew ~5% YoY to ₹105 crores (₹100 crores in Q1 FY26), with consolidated operating revenue at ₹115.56 cro... |
| COROMANDEL Coromandel International Limited · Mixed · Maintained | | Mixed | Maintained | Coromandel delivered a resilient Q1 FY27 despite monsoon deficit and raw material inflation, with consolidated revenue up 15% YoY to ₹8,215 crores, though EB... |
| CRAFTSMAN Craftsman Automation Limited · Mixed · Maintained | | Mixed | Maintained | Craftsman Automation's Q1 FY27 call centered on capacity expansion and the heavy horsepower engine ramp rather than detailed financials, which were not prese... |
| CREDITACCESS_GRAMEEN CreditAccess Grameen · Mixed · Maintained | | Mixed | Maintained | CreditAccess Grameen delivered one of its strongest Q1s on record in Q1 FY27: AUM grew 16.4% YoY to ₹30,319 crores, PAT surged 720% YoY to ₹493 crores, and q... |
| CREDITACC CreditAccess Grameen Limited Finance & Investments - Microfinance · Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Q1 FY27 PAT rose 720% YoY to ₹493 crore with AUM up 16.4% to ₹30,319 crore, ROA/ROE 5.9%/24.4%, GNPA 2.18%. The driver was normalized credit costs and high-vintage MFI customers graduating into retail finance, which reached 20.6% of AUM; annualized credit cost ran ~2.8-2.9% versus 3-4% guidance. Management retained FY27 credit-cost guidance and CY2028 AUM target of ₹50,000 crore, and guided ~50 bps price cuts in Q3 and Q4 if credit costs hold. Main risk is West Asia crisis and monsoon stress on rural cash flows, with ₹41 crore overlay and a guidance revisit after Q2. |
| CSBBANK CSB Bank Limited Finance & Investments - Gold Loan · Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | Q1 FY27 net profit rose 27% YoY to ₹150 crore, NII 26% to ₹479 crore, NIM 3.66%, GNPA 1.75%, NNPA 0.39%. Growth came from gold loans at ~54% of advances and wholesale, but bulk deposits at 52% of term deposits pushed cost of funds to ~6.5%, and SME slippages jumped to ₹98 crore from ~₹60 crore. Management guides FY27 NIM ~3.75%, ROA 1.3-1.5%, gold growth 30-35%, wholesale growth 35-40%, fee income 16-17% of total, and gold mix down to ~50% in FY27 and ~30% by FY2030. Key risks are bulk deposit dependence, gold regulatory execution, and delayed SME upgrades; Fairfax's IDBI stake talks do not involve CSB. |
| CYIENTDLM Cyient DLM Limited Consumer Electronics - EMS · Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Cyient DLM reported Q1 FY27 revenue of ₹373.8 crores (+34.3% YoY), EBITDA margin of 10.5% (+147 bps YoY) and PAT of ₹16.3 crores (+118.2% YoY), its strongest Q1 ever. Growth was driven by industrial (+90% YoY), aerospace (+40%), and a record order book of ₹2,598 crores, with no lumpy orders in the ₹551.9 crores intake. Management forecasts maintaining 1.5x book-to-bill for FY27, B2S adding 250–300 bps to EBITDA margin within 1–2 years, and margin expansion to 11–13% by FY29. Risks: net working capital rose to 161 days on strategic inventory build-up (162 days DIO), cash flow is negative, and West Asia logistics disruptions continue. |
| DBCORP D. B. Corp Limited Newspaper · Improving · Maintained | Newspaper | Improving | Maintained | Q1 FY27 reported revenue was ₹622 crore, up 8% YoY, PAT ₹100.7 crore, up 25%, and EBITDA margin 26.1%, up 250 bps. The real driver was volume-led print advertising up 10% to ₹432 crore, while decentralized cost cuts absorbed 13% YoY newsprint inflation to ~₹53,000/ton; education stayed flat and auto fell. Management forecasts FY27 capex of ₹150-160 crore for owned properties, newsprint costs rising in Q2 then moderating in Q3-Q4, and circulation held at ~38-39 lakh copies with no cover price hikes. Main risks are structural industry circulation decline of 2-4% as marginal readers go digital, and digital revenue below 5% with meaningful 10-20% contribution still a couple of years away. |
| DABUR Dabur India Limited · Mixed · Maintained | | Mixed | Maintained | Dabur delivered a strong start to FY27 with consolidated revenue growth of 10.6%, India FMCG up 9.5% (5% volume) and international up 15.5% in INR terms desp... |
| DATAPATTNS Data Patterns India Limited · Mixed · Maintained | | Mixed | Maintained | Data Patterns delivered steady Q1 FY27 results with revenue of ₹116 crore (+17% YoY) and gross margin at 78.9%, though EBITDA margin fell to 27% on elevated ... |
| DCBBANK DCB Bank Limited · Mixed · Maintained | | Mixed | Maintained | DCB Bank posted its fourth consecutive record quarter with net profit of ₹213 crores (+36% YoY), EPS of ₹6.62, and ROE of 13.61% (+205 bps YoY), meeting all ... |
| DCB_BANK DCB Bank Limited · Mixed · Maintained | | Mixed | Maintained | DCB Bank delivered a record Q1 FY27 net profit of ₹213 crores, up 36% YoY, meeting all four time-bound guidance metrics: cost-to-assets at a historic low of ... |
| DCMSHRIRAM DCM Shriram Limited · Mixed · Maintained | | Mixed | Maintained | DCM Shriram delivered a resilient Q1 FY27 with revenue up 9% YoY to ₹3,564 crores and adjusted PAT up 28%, despite compound headwinds from the West Asia conf... |
| DEEPAKFERT Deepak Fertilisers And Petrochemicals Corporation Limited · Mixed · Maintained | | Mixed | Maintained | Deepak Fertilisers delivered its best-ever quarter in Q1 FY27, with operating EBITDA of ₹845 crore (+65% YoY), PAT of ₹490 crore (+101% YoY) and revenue of ₹... |
| DEVYANI Devyani International · Mixed · Maintained | | Mixed | Maintained | Devyani International opened FY2027 strongly: consolidated revenue of ₹1,581 crores (+16.5% YoY), highest-ever operating EBITDA of ₹151 crores (+38% YoY, 9.6... |
| DIXON Dixon Technologies · Mixed · Maintained | | Mixed | Maintained | Dixon Technologies delivered Q1 FY27 revenue of ₹15,557 crores with EBITDA of ₹472 crores and PAT of ₹218 crores (both excluding Aditya Infotech fair value g... |
| DODLA Dodla Dairy Limited · Mixed · Maintained | | Mixed | Maintained | Dodla Dairy posted record Q1 FY27 revenue of ₹1,198 crore (+19% YoY) with highest-ever procurement of 21.1 LLPD (+13%) and VAP sales of ₹415 crore (+17.6% Yo... |
| DR._LAL_PATHLABS Dr. Lal PathLabs Limited · Mixed · Maintained | | Mixed | Maintained | Dr. Lal PathLabs delivered a strong Q1 FY27 with revenue of ₹798 crores (+19.1% YoY, the fastest quarterly growth in four years), EBITDA of ₹247 crores (31% ... |
| LALPATHLAB Dr. Lal PathLabs Limited · Mixed · Maintained | | Mixed | Maintained | Dr. Lal PathLabs delivered its strongest quarterly revenue growth in four years, with Q1 FY27 revenue up 19.1% YoY to ₹798 crores, driven by patient volumes ... |
| DRREDDY Dr. Reddy's Laboratories Limited Pharma - Formulators · Mixed · Maintained | Pharma - Formulators | Mixed | Maintained | Reported Q1 FY27 consolidated revenue fell 5.6% YoY to ₹8,071 crore and EBITDA margin was 12.5%, dragged by a ₹240 crore semaglutide API provision, lower lenalidomide, and Middle East solvent costs. Underlying base business grew double-digit across geographies, with India up 17% (15.5% organic), Emerging Markets up 31%, and US ex-lenalidomide double-digit. Management guides ~20% EBITDA margin ex-semaglutide impacts, semaglutide supply resuming November with 6-7 million pens through March, abatacept BLA goal mid-December 2026, capex ~₹1,800 crore, and tax 24-25%. Main risk is semaglutide API resolution has 80-90% success, not 100%, and failure would delay November resumption and cut the pen program; Bachupally Form 483 and US tariff uncertainty also remain. |
| E2E E2E Networks Limited Data Centre · Improving · Maintained | Data Centre | Improving | Maintained | Q1 FY27 revenue was ₹156.8 crores, up 334% YoY and 64% QoQ, with EBITDA margin at 75.2%, PBT at ₹58.6 crores and PAT at ₹43.9 crores. The driver was 1,024 B200 GPUs going live at near-maximal utilization, plus July GPU and CPU price hikes from demand and memory cost inflation. Management guides another 1,024 B200 lot in the next couple of months, more Blackwell and Vera Rubin later, a shift to 1–3 year contracts, and sustainable current margins medium-to-long term. Risks are GPU supply delays, debt rising above ~₹450 crores, pricing pressure, and India AI revenue mix falling to ~20–21% from ~40% last quarter. |
| EICHERMOT Eicher Motors Limited · Mixed · Maintained | | Mixed | Maintained | Eicher Motors opened FY27 with its best-ever Q1: consolidated revenue of ₹6,632 crores (+32% YoY), EBITDA of ₹1,591 crores (+13% YoY), and PAT of ₹1,463 cror... |
| ELECON Elecon Engineering Company Limited Capital Goods - Mining Equipement · Mixed · Maintained | Capital Goods - Mining Equipement | Mixed | Maintained | Q1 FY27 consolidated revenue was ₹521 crores, up 11.9% YoY, with PAT at ₹70 crores and EBITDA margin stable at 21%. Growth came from the Gear division, +16.3% to ₹416 crores at 80% of revenue, while MHE fell 2.9% to ₹105 crores due to two power orders awaiting design clearance; the order book rose 36.8% to ₹1,518 crores and overseas intake gained 63%. Management guided to low double-digit FY27 revenue growth with FY26-level ~21% EBITDA margin, expecting improvement from Q3/Q4, and reiterated a challenging ₹5,000 crore FY30 target with ₹400 crore capex on track. Main risks are ~5% blended BOM cost inflation, US-Iran tensions, MHE execution delays, and Europe needing at least two quarters to recover. |
| EMBASSY-RR Embassy REIT · Mixed · Maintained | | Mixed | Maintained | Embassy REIT delivered a record Q1 FY27 with revenue and NOI both up 17% YoY to ₹1,241 crores and ₹1,020 crores, and DPU of ₹6.31 per unit (+9% YoY). Leasing... |
| EMUDHRA eMudhra Limited · Mixed · Maintained | | Mixed | Maintained | eMudhra delivered a strong start to FY2027: total income of ₹1,925 million (+27.8% YoY; ~13 pp CRYPTAS, ~15 pp organic), EBITDA of ₹504 million (+40.4%, 26.2... |
| EQUITASBNK Equitas Small Finance Bank Limited · Mixed · Maintained | | Mixed | Maintained | Equitas Small Finance Bank reported a resilient Q1 FY27 despite elevated funding costs: gross advances grew 27% YoY to ₹47,641 crore on record Q1 disbursemen... |
| ETERNAL Eternal Ltd. E-Commerce - Platform - Food · Improving · Raised | E-Commerce - Platform - Food | Improving | Raised | Blinkit delivered 21% QoQ order growth and over 30 million MTUs, but NAOV fell for a second quarter as price-matching and low-ticket mix offset frequency gains. Management raised long-term adjusted EBITDA margin guidance to about 6% from 5-6%, citing ₹2.5 crore per-store capex, larger stores and supply-chain efficiency. Management expects competitive intensity to ease after a Q1 peak, NAOV to stay range-bound with a Q3 uptick, and working capital to reach a 12-day steady state from 14 days. Risks are minimum wage inflation, new larger stores starting with lower contribution, and subsidy-led rivals whose pullback timing is uncertain. |
| FINEOTEX_CHEMICAL Fineotex Chemical Limited · Mixed · Maintained | | Mixed | Maintained | Fineotex delivered a transformative Q1 FY27, with total income of ₹386.72 crores (+165% YoY), EBITDA of ₹59.14 crores (+134.7% YoY, 15.70% margin), and PAT o... |
| FIVESTAR Five-Star Business Finance · Mixed · Maintained | | Mixed | Maintained | Five-Star Business Finance delivered a record Q1 FY27, with disbursements of ₹1,496 crores (+23% QoQ, +16% YoY), AUM of ₹13,722 crores (+4% QoQ), and the mil... |
| FROG Frog Innovations Limited · Mixed · Maintained | | Mixed | Maintained | Frog Innovations reported FY26 revenue of ₹106 crores, down from ~₹220 crores in FY25, reflecting the DAS market disruption from the infra provider-operator ... |
| GABRIEL Gabriel India Limited · Mixed · Maintained | | Mixed | Maintained | Gabriel India reported Q1 FY27 standalone revenue of ₹1,274 crore (+19% YoY) and consolidated revenue of ₹1,426 crore (+15.5%) on a like-to-like post-restruc... |
| GAIL GAIL India Limited · Mixed · Maintained | | Mixed | Maintained | GAIL opened FY27 with record quarterly profitability as consolidated PAT jumped to ₹4,665 crore (vs ₹1,485 crore in Q4 FY26), powered by crisis-elevated crud... |
| GANDHAR Gandhar Oil Refinery (India) Limited Refineries · Improving · Maintained | Refineries | Improving | Maintained | Reported Q1 FY27 revenue was ₹1,731.9 crore (+92% YoY), EBITDA ₹281 crore (16.2% margin), PAT ₹206 crore, exceeding full FY26 PAT. The real driver was a ₹28,145/KL gross margin spread, 3.4x normal, as Strait of Hormuz closure allowed Gandhar to sell from South Korea and domestic sourcing at higher realizations, with exports at 51% of revenue. Management forecasts FY27 volume growth of 8-10% and hopes current spreads continue for most of the year, with capex plans in Q2 FY27. Risk is spread reversion to ₹8,274/KL once supply normalizes, plus 10-15% customer stocking pull-forward and Texol's exposure to Middle East disruptions. |
| GANESHHOU Ganesh Housing Limited Realty - Construction & Contracting · Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 revenue was ₹280 crore (+130% QoQ, +86% YoY), EBITDA ₹110 crore, PAT ₹42 crore after a one-time tax on the Thaltej land sale. The driver was One 91 Thaltej land monetization and old inventory sales; Million Minds LoIs reached 43% of leasable area (2.64 lakh sq ft), and Malabar Retreat booked ₹183 crore at 83% completion. Management guided FY27 revenue of ₹1,000-1,200 crore, PAT ₹300-325 crore, rentals from Q4 FY27, Million Minds Phase-II in Q3 FY27, residential Phase-I in Q4 FY27. Risks: 15-20% of Million Minds area still under negotiation, Godhavi monetization timing fluid, no FY28 guidance until Q4 FY27/Q1 FY28. |
| GVPIL GE Power India Limited Infra - General · Improving · Maintained | Infra - General | Improving | Maintained | GE Power India reported FY26 EBITDA of ₹277 crores, reversing a ₹251 crore FY23 loss, with net worth at ₹483 crores and cash at ₹880 crores. The real driver was a shift to high-margin services: core services bookings rose 34% YoY, lifting total bookings to ₹734 crores, while other OEM orders doubled to ₹322 crores. Management guides to demerge the loss-making Durgapur business (average ₹27 crores annual losses) to JSW Energy at a 139:10 share ratio, backed by a five-year manufacturing services agreement. Main risk: the scheme needs shareholder and NCLT approval, and any delay extends Durgapur losses while the independent supply chain transition remains incomplete. |
| MEDANTA Global Health Limited · Mixed · Maintained | | Mixed | Maintained | Global Health (Medanta) delivered a strong Q1 FY27 with consolidated income of ₹1,326.2 crores (+26% YoY) and reported EBITDA of ₹315.3 crores (23.8% margin)... |
| GLOBUSSPR Globus Spirits Limited Alcoholic Beverages · Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 revenue rose 13% YoY to ₹789 crore, EBITDA rose 33% to ₹79.5 crore (10% margin), and PAT rose 49% to ₹27.6 crore, driven by record 89% manufacturing utilization and P&A volumes up 45%. P&A EBITDA stayed negative at ₹1.3 crore, while R&O EBITDA grew 13% to ₹44 crore as UP volumes rose 2.4x to 0.2 million cases a month. Management guides manufacturing EBITDA at ₹5–7 per litre, R&O margins at 15–17% likely toward the lower end due to UP mix, no capacity expansion, and West Bengal re-entry in Q2 FY27. Main risk is input cost inflation, with glass/PET up 10–17%, and UK FTA scotch benefits limited by ~20% rupee depreciation against GBP. |
| GOCOLORS Go Fashion (India) Limited · Mixed · Maintained | | Mixed | Maintained | Go Fashion delivered a flat Q1 FY27, with revenue at ₹223 crore and gross margin stable at 62.9%, while EBITDA before exceptional items fell 2% to ₹67.4 cror... |
| GRANULES Granules India Limited Pharma - API & CRAMS · Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Granules India Q1 FY27 revenue rose 22% YoY to ₹1,476.8 crore and PAT rose 60% to ₹180 crore, helped by complex generics reaching 50% of finished dosages. EBITDA margin was 22.9%, lifted by that mix, while net debt/EBITDA fell to 0.07x and operating cash flow was ₹387.4 crore. Management guides FY27 EBITDA margin of 22-23%, capex of ₹600 crore, about 9 U.S. launches pending Gagillapur FDA clearance, and peptide CDMO PAT-positive status with H2 stronger. Main risks are West Asia-linked raw material inflation pressuring margins and peptide revenue lumpiness after Q1 negative EBITDA. |
| GRAVITA Gravita India Limited · Mixed · Maintained | | Mixed | Maintained | Gravita India delivered Q1 FY27 revenue of ₹1,475 crores (+42% YoY) and EBITDA of ₹145 crores (+29% YoY), with volumes constrained at 55,455 MT (+4% YoY) by ... |
| GREENPLY Greenply Industries Limited Plywood Boards/Laminates · Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Greenply reported Q1 FY27 consolidated revenue of ₹724.9 crore, up 20.7% YoY, with core EBITDA margin up 50 bps to 10.8%. The result came from plywood volume growth of 13.8% and MDF volume growth of 24.7%, though plywood EBITDA margin was only 8.4% because utilization fell to 92-93% from Q4's 98-99% on election-related labour shortages. Management guided FY27 plywood volume growth of 10%, MDF volume growth of 25-30%, plywood EBITDA margin around 10%, and peak net debt of ₹710-730 crore with D/E of 0.75x by March 2027. Main risks are rising chemical costs from Middle East tensions, poor BIS enforcement hurting the furniture JV, and execution of the ₹500 crore capex plan. |
| GTPL GTPL Hathway Limited Entertainment & Media · Improving · Raised | Entertainment & Media | Improving | Raised | GTPL Q1 FY27 consolidated income rose 12% YoY to ₹1,020 crore, but PAT fell about ₹8 crore YoY to ₹2.3 crore. The profit drop came from roughly ₹6 crore extra depreciation and finance costs from capitalizing HITS right-of-use assets, while HITS delivered only ₹4 crore bandwidth savings on 2.7 million onboarded subscribers. Management guided operating margin up from 22% to 25%, ACT acquisition closure by September 15 adding about 6 lakh subscribers, FY27 capex of ₹400 crore, and broadband extraction up to 19-20% from 16-17%. Risks are ACT integration execution, HITS benefit timing, and Digital TV ARPU erosion from churn and lower new-market pricing. |
| HAPPSTMNDS Happiest Minds Technologies Limited · Mixed · Maintained | | Mixed | Maintained | Happiest Minds started FY2027 on a strong note with operating revenue of ₹629 crores (+14.3% YoY in INR; +6.7% YoY and +2.6% QoQ in constant currency), led b... |
| HAVELLS Havells India Limited Consumer Electronics · Mixed · Maintained | Consumer Electronics | Mixed | Maintained | Havells reported strong Q1 FY27 revenue growth with contribution margin near 18.3%, but ad spend of ₹286 crores more than doubled YoY, compressing profitability. Calibrated price hikes averaging 7-8% offset raw material inflation; switchgear revenue fell ~4% on West Asia shipping disruptions, with EBIT margin down ~260 bps, while cables/wires volumes stayed flat and Lloyd AC grew single digits. Management guides A&P normalizing to ~2.7% of revenue (~₹700-800 crores), a Q2 switchgear rebound, and double-digit Lloyd contribution margins in full quarters. Main risks are copper/aluminum volatility, AC and wires competitive intensity, and renewables policy dependence. |
| HCLTECH HCL Technologies Limited · Mixed · Maintained | | Mixed | Maintained | HCLTech's Q1 FY27 was a seasonally weak quarter handled well: revenue declined 0.5% QoQ to $3,650 million but grew 2.6% YoY CC, with EBIT margin at 16.9% (+3... |
| HDFCAMC HDFC Asset Management Company Limited Finance - AMC · Improving · Maintained | Finance - AMC | Improving | Maintained | HDFC AMC reported Q1 FY27 QAAUM of ₹9.35 lakh crore (+13% YoY), revenue of ₹1,100 crore (+14%) and PAT of ₹840 crore (+12%), with operating margin of 35 bps. Margins were protected despite the April TER-to-BER regulatory transition through commission restructuring and cost control, while SIP+STP flows rose 20% YoY to ₹4,810 crore and alternatives AUM scaled to ₹14,800 crore from ₹6,000 crore. Management guided to maintaining a 33-35 bps net operating margin corridor annually, put FY27 ESOP noncash expense at roughly ₹79-80 crore, and approved a first SIF equity long-short fund. The main risk is untested behavior of fintech-originated SIP investors through an extended downturn, alongside two quarters of debt outflows and QoQ equity market share dips from mark-to-market. |
| HDFCAMC_API HDFC Asset Management Company Limited · Mixed · Maintained | | Mixed | Maintained | HDFC AMC delivered a steady Q1 FY27 with QAAUM at ₹9.35 lakh crores (+13% YoY), market share of 11.2% (12.4% ex-ETF), and PAT of ₹840 crores (+12% YoY). Acti... |
| HDFCBANK HDFC Bank Limited Banks - Private · Improving · Maintained | Banks - Private | Improving | Maintained | HDFC Bank reported Q1 FY27 adjusted PAT growth of 9.8% YoY with NIM near 3.4% and CASA at ~34%. The operating driver was corporate/wholesale advances up ~18% YoY, business banking up 22.3%, and ₹14,000 crores of ECLGS 5.0 disbursements, while retail deposit costs stayed steady. Management guided to profit growth at or above balance sheet growth over the longer term, with full-year NIM improvement from 40-50 bps cost of funds headroom and borrowing mix falling from 11% toward the industry norm of 5-6%. The main risks are volatile system liquidity keeping non-retail deposit costs elevated, single-digit household deposit growth capping CASA, and possible El Niño effects on rural credit in Q3. |
| HDFCLIFE HDFC Life Insurance Company Limited Finance - Insurance · Improving · Maintained | Finance - Insurance | Improving | Maintained | HDFC Life reported Q1 FY27 individual APE up 7% YoY and VNB up 9% to ₹879 crores, with new business margin at 25% and ~25.6% ex-GST. The real driver was product mix: retail protection rose 42%, non-par savings mix reached 22% with a mid-20s run rate, and annuities doubled to 11%, offsetting flattish HDFC Bank volumes. Management guides FY27 APE growth in line with or faster than a 15-17% industry, VNB growth broadly in line with APE, and margins range-bound at ~25% with ~60 bps residual GST to be neutralized. Main risks are 13-month persistency at 84%, guided to an 84-85% steady state, and H2 protection growth moderation on a high base. |
| HEG HEG Limited Electrodes - Welding Equipment · Improving · Maintained | Electrodes - Welding Equipment | Improving | Maintained | Q1 FY27 standalone revenue rose 11% YoY to ₹681 crores, EBITDA 38% to ₹211 crores (29% margin), and PAT 53% to ₹110 crores, recovering from Q4 FY26 MTM losses. The beat came from improved product and geographical mix, 90%+ utilization, and operating efficiencies. Management guided 90-95% utilization and ~29% margins for FY27, with price hikes from October following GrafTech’s $600-1,200/t and Tokai Carbon’s $930/t increases. Risks: needle coke up $200-300/t hits P&L November-January, US CVD preliminary due end-July and anti-dumping end-September, and Middle East shipping disruptions. |
| HERITGFOOD_API HERITAGE FOODS LIMITED · Mixed · Maintained | | Mixed | Maintained | Heritage Foods posted its highest-ever quarterly revenue of ₹1,338.1 crores (+18% YoY) in Q1 FY27, led by VAP growth of 40% to ₹563.6 crores — a record 44% o... |
| HSCL Himadri Speciality Chemical Limited Carbon Black · Improving · Maintained | Carbon Black | Improving | Maintained | Himadri's Q1 FY27 consolidated revenue rose 28% YoY to ₹1,432 crore, EBITDA 33% to ₹313 crore (22% margin), and PAT 27% to ₹228 crore, driven by higher-value product mix and Birla Tyres volume ramp-up. Management reaffirmed FY28 PAT guidance of ₹1,100 crore and a ~₹2,000 crore capex plan self-funded over FY27 and FY28, with 2,000 MTPA LFP cathode due Q3FY27, CNT commissioning by Q4FY27, and Birla Tyres EBITDA breakeven in FY27. The near-term drag is suspended mining awaiting environmental clearance, cutting Other segment EBIT to ₹1 crore from ₹25 crore QoQ. Management expects negative FX impact to end after Q1, but Chinese LFP dominance and 1.5-2 year customer qualification cycles remain risks. |
| HINDPETRO Hindustan Petroleum Corporation Limited · Mixed · Maintained | | Mixed | Maintained | HPCL swung to a net loss in Q1 FY27 as marketing under-recoveries exceeded ₹26,000 crore (₹20,000 crore on auto fuels; LPG at ₹510/cylinder), inventory write... |
| HINDUNILVR Hindustan Unilever Limited · Mixed · Maintained | | Mixed | Maintained | HUL delivered its strongest quarter in 13 quarters - turnover of ₹17,184 crore with 10% USG split equally between volume and price - while EBITDA grew 8% to ... |
| HOMEFIRST Home First Finance Company India Limited · Mixed · Maintained | | Mixed | Maintained | Home First Finance Company delivered a strong Q1 FY27: AUM grew 25.7% YoY to ₹16,938 crore, disbursements rose 31% YoY to ₹1,628 crore, and PAT increased 34.... |
| HUDCO Housing and Urban Development Corporation Limited · Mixed · Maintained | | Mixed | Maintained | HUDCO delivered a strong Q1 FY27, with sanctions exceeding ₹60,000 crores—nearly half of FY26's full-year ₹1.24 lakh crores—against a sanctions pipeline of ₹... |
| HUHTAMAKI Huhtamaki India Limited · Mixed · Maintained | | Mixed | Maintained | Huhtamaki India delivered a robust Q2 CY2026, with net sales rising 23.1% YoY to ₹723 crore, supported by roughly equal contributions from price, volume and ... |
| HYUNDAI Hyundai Motor India Limited · Mixed · Maintained | | Mixed | Maintained | Hyundai Motor India's Q1 FY27 was a resilience story: domestic volumes rose 5.4% YoY despite a June supplier fire costing ~13,900 units, while exports fell 1... |
| ICICIBANK ICICI Bank Limited · Mixed · Maintained | | Mixed | Maintained | ICICI Bank posted a strong Q1 FY27, with PAT up 15.9% YoY to ₹148.05 billion and PBT ex-treasury up 20.9% to ₹189.75 billion, driven by 12.7% NII growth, 23.... |
| ICICIGI ICICI Lombard General Insurance Company Limited Finance - Non Life Insurance · Mixed · Maintained | Finance - Non Life Insurance | Mixed | Maintained | Reported Q1 FY2027 GDPI rose 7.5% to ₹83.18 billion versus industry 10.9%, but PAT fell 46.0% to ₹4.03 billion on a ₹1.65 billion Motor TP reserve and ₹0.63 billion Fire losses. Underlying operations were mixed: retail health grew 69.5%, motor units 33.6% versus industry 14.9%, while commercial lines de-grew 13.8% on extreme Fire pricing. Excluding one-offs, CoR was 102.3% versus 102.2% YoY, and management termed Motor TP premium revision necessary and urgent given a 12-15% industry loss ratio impact. Management expects industry solvency erosion to 1.56x to force rationalization, but risks remain the Supreme Court review outcome, TP pricing, health incidence, and Fire pricing. |
| ICICIAMC ICICI Prudential Asset Management Co Ltd Finance - AMC · Improving · Maintained | Finance - AMC | Improving | Maintained | ICICI Prudential AMC reported Q1 FY27 PAT of ₹965 crore, up 23.1% YoY, with total MF QAAUM at ₹11.17 lakh crore, up 18.3% YoY. The operating driver was the broad equity rally (small caps +24%, mid-caps +17.2%) supporting a 14% equity market share, while net yield held at 48.3 bps despite ESOP costs. Management guided FY27 ESOP expense at ₹64-68 crore and a pipeline of life cycle funds, contra fund, sector rotation SIF and CRE alternatives. Main risks are SIP stoppages exceeding new additions, tight-liquidity institutional debt redemptions, and AUM dependence on equity market moves. |
| ICICIAMC_API ICICI Prudential Asset Management Company Limited · Mixed · Maintained | | Mixed | Maintained | ICICI Prudential AMC delivered a strong Q1 FY27 with PAT of ₹965 crores (+23.1% YoY) and operating revenue of ₹1,564 crores (+17.6% YoY), anchored by total m... |
| ICICIPRULI ICICI Prudential Life Insurance Company Limited Finance - Insurance · Improving · Maintained | Finance - Insurance | Improving | Maintained | ICICI Pru Q1 FY27 VNB rose 24.9% to Rs5.71bn, margin 26.7% up 200bps from FY26, PAT Rs3.86bn up 27.8%, APE Rs21.36bn up 14.6%. Driver was protection mix: retail protection APE grew 60.4%, group protection 37.8%, while savings APE rose just 5.8% as high-sticker fixed deposits cut non-par demand. Management gave no VNB or margin guidance, expects H2 retail protection growth to taper on a steep base, and sees MFI credit-life recovery and eventual non-par revival as FD rates temper. Key risks are Standard Chartered banca continuity after Prudential's exclusive StanC Asia deal and 25th-month persistency slipping to 77%. |
| IDFCFIRSTB IDFC FIRST Bank · Mixed · Maintained | | Mixed | Maintained | IDFC FIRST Bank delivered a landmark quarter in Q1 FY27, crossing ₹1,000 crores PAT for the first time at ₹1,075 crores (+132% YoY), with loans up 20.6% to ₹... |
| IIFL IIFL Finance Ltd. Finance & Investments - Gold Loan · Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | IIFL Finance reported Q1 FY27 PAT before NCI of ₹713 crore, up 14% QoQ, with consolidated AUM at ₹1.15 lakh crore, up 38% YoY, GNPA stable at 1.6% and ROE at 19.5%. Growth was driven by gold loans of ₹58,406 crore, up 11% QoQ on 5–6% tonnage growth, while housing finance cleanup of micro LAP and BLC books kept credit cost elevated. Management guided FY27 credit cost at 1.5–1.7%, home finance book/AUM growth of 17–18%, opex-to-AUM of 3.3–3.4%, and an equity enabling resolution to address standalone CET1 of 12.24%. Key risks are gold price correction, aggressive new NBFC gold entrants on yield and LTV, and dilution from a potential equity raise. |
| INDGN Indegene Limited · Mixed · Maintained | | Mixed | Maintained | Indegene opened FY27 with ₹1,063.1 crores revenue (+39.7% YoY INR, +6.0% QoQ — its best first-quarter sequential growth in four years), driven by diversifica... |
| INDIAMART IndiaMART InterMESH Limited E-Commerce - Platform - Utility · Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 consolidated revenue was ₹414 crore, up 11% YoY, with 35% EBITDA and net profit of ₹172 crore that included ₹107 crore treasury mark-to-market gains. Paying suppliers fell 1,850 to 2,18,000 because Silver-tier monthly churn stayed at 7% and gross additions were held back, while Gold/Platinum, over 75% of revenue, retained better. Management guides BUSY to 27-30% revenue CAGR over two years on ~30% normalised billing growth, and will not resume aggressive supplier additions until churn improves, visible only after about a year. Main risks are LLM-driven enquiry migration, with flattish 26 million enquiries partly hit by OTP verification, and sustained Silver churn in first-year cohorts. |
| INDIANB Indian Bank Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | Indian Bank reported Q1 FY27 net profit of ₹3,273 crore, up 10.09% YoY, with gross NPA improving to 1.86% and credit cost at 0.23%. The driver was funding discipline: bulk deposits kept flat at ₹1.61 lakh crore, about ₹6,000 crore of thinly priced loans were shed, and CASA reached 39.73%. Management forecasts FY27 gross NPA of 1.50-1.60%, CASA of 40%, NIM at the upper end of 3.15-3.25%, and credit cost within 1%. The main risk is the ₹3,000-3,500 crore ECL transition provision, adding 8-10 bps post-tax credit cost, while MSME stress remains latent but unobserved. |
| IOB Indian Overseas Bank Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | Indian Overseas Bank reported all-time high Q1 FY27 net profit of ₹1,659 crore, up 49.3% YoY, driven primarily by 34.3% NII growth and NIM expansion to 3.37%. The bank exited one ₹10,000 crore low-yield corporate account and replaced ~40% in Q1, keeping credit growth at 22.75% YoY. Management guides minimum 13-14% FY27 credit growth, ROA ~1.46%, credit cost 0.35-0.40%, and full ECL provisioning of ₹3,000 crore without RBI's four-year dispensation. Main risks are West Asia spillovers into SME/agri, SMA-2 rising ₹500 crore QoQ to ₹4,246 crore, and dilution from the ₹5,000 crore Q3/Q4 equity raise. |
| IRFC Indian Railway Finance Corporation Limited · Mixed · Maintained | | Mixed | Maintained | IRFC delivered a seasonally soft Q1 FY27, with disbursements of ~₹2,000 crores and a marginal net AUM decline from ₹4.84 lakh crores as railway repayments we... |
| INDOCO Indoco Remedies · Mixed · Maintained | | Mixed | Maintained | Indoco Remedies delivered steady Q1 FY27 results with consolidated revenue of ₹4,662 million (+8.2% YoY) and consolidated EBITDA margin of 8.8% (vs 4.1% YoY)... |
| INDUSTOWER Indus Towers Limited · Mixed · Maintained | | Mixed | Maintained | Indus Towers delivered steady Q1 FY27 results with gross revenue of ₹8,430 crores (+4.6% YoY), EBITDA of ₹4,520 crores (53.6% margin), and FCF of ₹1,440 cror... |
| INDUSINDBK IndusInd Bank · Mixed · Maintained | | Mixed | Maintained | IndusInd Bank's Q1 FY27 marked a clear inflection point: period-end deposits and advances grew 3.7% and 3.3% QoQ after a year of calibration. Retail deposit ... |
| INFY Infosys Limited IT - Software · Mixed · Cut | IT - Software | Mixed | Cut | Infosys reported Q1 FY27 revenue of $5,082 mn, up 2.4% YoY in constant currency, with operating margin of 21.1%, up 20 bps QoQ. The quarter was supported by AI services reaching 8.2% of revenue with double-digit QoQ growth and $3.6 bn large deal TCV at 61% net new, but a 50 bps EURS contract termination, soft volumes, and slower price gains weighed on results. Management cut FY27 constant currency revenue growth guidance from 1.5%-3.5% to 1.5%-3%, while holding margin guidance at 20%-22%, citing macro uncertainty, offshoring shifts, and AI productivity expectations. The main risks are AI-led pricing deflation in client contracts and client-specific impacts, including a >1% European manufacturing headwind and a European deal closure in Q4. |
| INTELLECT Intellect · Mixed · Maintained | | Mixed | Maintained | Intellect delivered a Q1 FY27 total income of ₹872 crores (+19% YoY), with license-linked revenue at ₹457 crores (+17%) and collections strongly up 30% to ₹7... |
| IRB IRB Infrastructure Developers · Mixed · Maintained | | Mixed | Maintained | IRB Infrastructure Developers delivered Q1 FY27 consolidated income of ₹2,173 crores (+0.5% YoY) with PAT up 50% to ₹306 crores, driven by 17% EBITDA growth ... |
| IRBINVIT IRB InvIT Fund · Mixed · Maintained | | Mixed | Maintained | IRB InvIT Fund's first full quarter with its enlarged 10-asset portfolio delivered 8% like-to-like toll revenue growth to ₹490 crores despite a modest 2.25-2... |
| IRB_INVIT IRB InvIT Fund · Mixed · Maintained | | Mixed | Maintained | IRB InvIT Fund's Q1 FY27 results reflected the enlarged 10-asset portfolio, with gross toll revenue at ₹490 crores (+8% YoY like-to-like; +93% reported), EBI... |
| JAGSNPHARM Jagsonpal Pharmaceuticals Limited · Mixed · Maintained | | Mixed | Maintained | Jagsonpal Pharmaceuticals started FY27 with revenue of ₹82 crores (+9% YoY), operating EBITDA of ~₹19 crores (+21%, 23%+ margin), and PAT of ₹13 crores (+22%... |
| J&KBANK Jammu and Kashmir Bank · Mixed · Maintained | | Mixed | Maintained | Jammu and Kashmir Bank opened FY27 with strong business momentum - deposits +16.75% YoY and advances +25.44% YoY, crossing the ₹3 lakh crore milestone - but ... |
| JKBANK Jammu and Kashmir Bank · Mixed · Maintained | | Mixed | Maintained | Jammu and Kashmir Bank delivered strong growth with compressed margins in Q1 FY27: deposits rose 16.75% YoY - the first Q1 sequential deposit growth in six y... |
| JSFB Jana Small Finance Bank Limited Banks - Small Finance · Improving · Maintained | Banks - Small Finance | Improving | Maintained | Reported Q1 FY27 PAT was ₹155 crore with NIM at 7.5%, GNPA at 2.24% and net credit cost at 0.45%. The driver was cost of funds down 60 bps YoY to 7.4% plus lower interest-in-suspense, while flat total deposits masked a 6% bulk deposit cut and CASA growth of 7.1% QoQ. Management guides FY27 loan growth of 19%-21%, deposit growth of 23%-25%, PAT growth above 80% and cost-to-income of 63%-65% by year-end, with Credit Line on UPI and loans against shares launching in Q2. The main risk is promoter holding company rating downgrade contagion, plus deposit pricing pressure after June rate hikes and gold price correction on the 100% YoY gold loan book. |
| JINDALSAW Jindal Saw Limited DI Pipes/Saw Pipes · Weakening · Maintained | DI Pipes/Saw Pipes | Weakening | Maintained | Jindal Saw's Q1 FY27 consolidated revenue rose 9% YoY to ₹4,476 crore, but EBITDA fell 39% to ₹421 crore and PAT fell 78% to ₹91 crore at 60-65% utilization. The Strait of Hormuz blockade suspended MENA exports since March 2026, Jal Jeevan fund delays and the Jan-mid-June API license suspension caused Jindal Hunting's first ₹5.3 crore loss. Management guides FY27 volumes flattish vs FY26, Q2 similar to Q1, H2 improvement, and Nashik seamless at 70,000-80,000 tons quarterly from Q3 FY27. Risks: 600,000-ton Saudi order on hold, limited MENA visibility, and term debt forecast to peak near ₹3,500 crore on Middle East capex. |
| JINDALSTEL Jindal Steel Limited · Mixed · Maintained | | Mixed | Maintained | Jindal Steel delivered a resilient Q1 FY27 despite a planned BOF refractory shutdown: adjusted EBITDA of ₹2,667 crore with per-tonne EBITDA at ₹1,197, as a 1... |
| JIOFIN Jio Financial Services Limited Conglomerate Backed NBFC · Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Reported consolidated PAT rose 156% YoY to ₹830 crores, with ex-dividend total income up 141% to ₹1,496 crores, aided by RSHL line-by-line consolidation and ₹509 crores of dividend income. The real driver was Jio Credit, whose gross AUM grew 163% YoY to ₹30,667 crores with over ₹11,000 crores quarterly organic disbursements and PAT doubling to ₹96 crores, while both payments businesses turned operationally profitable. Management guides to a securities broking beta launch in Q2 FY27 and a personal CFO rollout, backed by ₹9,890 crores cumulative promoter warrant infusions and a 7.07% borrowing cost. Main watch items are ₹19 crores of JV incubation losses, thin 12 bps payment processing margin, and asset quality as the loan book scales, with only ₹25 crores provisions booked. |
| JSWENERGY JSW Energy Limited Power - Generation/Distribution · Improving · Maintained | Power - Generation/Distribution | Improving | Maintained | Reported Q1 FY27 revenue flat at ₹5,437 crore and EBITDA up 2% to ₹3,103 crore, but attributable PAT fell to ₹471 crore. The driver was 873 MW of additions, with depreciation up 20% and interest up 16%, while hydro generation fell 26% on weak hydrology. Management guided to 3 GW FY27 additions, ₹20,000 crore capex, net leverage below 5x by 2030, and Mahanadi Unit 4 in FY28 with 25-30% lower capex. Main risks are TGNA curtailment of 69 MUs, thermal backdowns from solar saturation, and a 4-5 year PAT stabilisation as new assets capitalise. |
| JSWINFRA JSW Infrastructure Limited · Mixed · Maintained | | Mixed | Maintained | JSW Infrastructure delivered Q1 FY27 cargo volumes of 31 million tonnes (+6% YoY) despite the Fujairah disruption, with India operations growing 11% YoY; con... |
| JUBLINGREA Jubilant Ingrevia Limited Pesticides/Agrochemicals · Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Q1 FY27 revenue was ₹1,300 crore (+25% YoY), EBITDA ₹209 crore (+36% YoY), PAT ₹106 crore (+41% YoY). The beat came from Chemical Intermediates acetyls rebound (revenue ₹524 crore, +38% YoY; EBITDA ₹57 crore, +240% YoY), plus Specialty 26% margins and Nutrition’s best EBITDA in three years. Management kept FY27 EBITDA guidance at ₹750–800 crore, with H1 around ₹400 crore+, and niacinamide plant to reach 70%+ of peak by year-end. Main risks: the large agro CDMO customer paused volumes due to Middle East raw material escalation (clarity in a month), B3 pricing may soften by Q3, and pyridine price pressure from Chinese overcapacity. |
| KAJARIACER Kajaria Ceramics Limited · Mixed · Maintained | | Mixed | Maintained | Kajaria delivered a strong Q1 FY27 — consolidated revenue grew 20% YoY to ₹1,328 crores, EBITDA margin expanded 288 bps to 19.60% (~₹260 crores implied), and... |
| KELLTON_TECH_SOLUTIONS Kellton Tech Solutions Limited · Mixed · Maintained | | Mixed | Maintained | Kellton Tech Solutions reported Q1 FY27 revenue of ₹316 crores (~7% YoY), EBITDA of ₹35 crores (11.1% margin), PAT of ₹22.3 crores (7.1% margin), and EPS of ... |
| KFINTECH KFin Technologies Limited · Mixed · Maintained | | Mixed | Maintained | KFin Technologies delivered a resilient Q1 FY27 with consolidated revenue up 30% YoY (10% ex-Ascent) and PAT of ₹75.2 crores (+2.6% YoY), despite negligible ... |
| KOTAKBANK Kotak Mahindra Bank Limited · Mixed · Maintained | | Mixed | Maintained | Kotak Mahindra Bank delivered a strong Q1 FY27, with consolidated PAT up 23% YoY to ₹5,480 crore and standalone PAT up 26% to ₹4,123 crore, underpinned by st... |
| KPITTECH KPIT Technologies · Mixed · Maintained | | Mixed | Maintained | KPIT Technologies reported a weak Q1 FY27, with CC revenue growth of 0.1% YoY, a 3.6% QoQ CC decline, EBITDA margin at 17.2%, EBIT at 12.3%, and PAT of ₹117 ... |
| KRISHANA Krishana Phoschem Limited Fertilisers · Improving · Maintained | Fertilisers | Improving | Maintained | Q1 FY27 revenue grew 35% YoY to ₹532 crore, EBITDA 36% to ₹89 crore at 16.7% margin, and PAT 54% to ₹47 crore. The operating driver was new NPK grades, lower-cost carried inventory and backward integration, though NPK-DAP ran at only 43% utilization on raw material shortages while SSP hit 121%. Management guided 30-35% FY27 revenue growth and a >₹500 crore quarterly run-rate in Q2-Q4, sustaining ~16% EBITDA margin as raw material supply normalizes. The main risk is sulphur inflation to ~₹1 lakh/tonne from ₹65,000-70,000 on Strait of Hormuz disruption, with only 25-30% pass-through plus higher depreciation and finance costs on new capacity. |
| KRISHANA_API Krishana Phoschem Limited · Mixed · Maintained | | Mixed | Maintained | Krishana Phoschem delivered a resilient Q1 FY27 despite a challenging phosphatic fertilizer environment, with revenue from operations at ₹532 crore (+35% YoY... |
| KSOLVES Ksolves India Limited · Mixed · Maintained | | Mixed | Maintained | Ksolves India delivered a resilient Q1 FY27 despite a challenging demand environment, with revenue of ₹41.4 crores (up 10% YoY, down 3.7% QoQ), EBITDA of ₹12... |
| LTF L&T Finance Ltd Conglomerate Backed NBFC · Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Q1FY27 consolidated PAT was a record ₹902 Cr, up 29% YoY, with retail disbursements up 36% to ₹23,852 Cr and RoA at 2.48%. The real driver was Personal Loans, up 126% YoY, and Urban Finance up 57% YoY, while credit cost improved 10 bps QoQ to 2.54%. Management guides to FY27 WACB of 7.35-7.40% and RoA of 2.8% by Q4FY27, and says it deliberately let go ₹1,000-1,200 Cr of disbursements on prudence. Main risks are a forecast ~10% deficient monsoon affecting rural portfolios and a ~20 bps RoA drag from ARC resolution for 2-3 years. |
| LT Larsen & Toubro · Mixed · Maintained | | Mixed | Maintained | Larsen & Toubro reported resilient Q1 FY27 results despite Middle East disruptions: order inflows grew 14% YoY to ₹1.08 lakh crores (international share 55%)... |
| LAURUSLABS Laurus Labs Limited · Mixed · Maintained | | Mixed | Maintained | Laurus Labs delivered record Q1 FY27 results — revenue of ₹2,026 crores (+29% YoY), EBITDA of ₹644 crores (31.8% margin, +7pp QoQ), and PAT of ₹368 crores — ... |
| LAURUS_LABS Laurus Labs Limited · Mixed · Maintained | | Mixed | Maintained | Laurus Labs delivered its highest-ever quarterly revenue (₹2,026 crores, +29% YoY), EBITDA (₹644 crores, 31.8% margin, +7pp QoQ) and PAT (₹368 crores) in Q1 ... |
| LXCHEM Laxmi Organic Industries Limited · Mixed · Maintained | | Mixed | Maintained | Laxmi Organic delivered a strong Q1 FY27, with revenue of ₹968 crore, up 40% YoY and 32% QoQ, and EBITDA of ₹114 crore, up 272% YoY, driven by ~10% volume gr... |
| LICHSGFIN LIC Housing Finance Limited · Mixed · Maintained | | Mixed | Maintained | LIC Housing Finance delivered a steady but muted Q1 FY27, with AUM up 4% YoY to ₹322,098 crore and disbursements up 14.5% to ₹15,014 crore, matching its 15% ... |
| LODHA Lodha Developers Limited · Mixed · Maintained | | Mixed | Maintained | Lodha reported its best-ever quarter with revenue of ₹5,000 crore (+43% YoY), adjusted EBITDA of ₹2,150 crore (43% margin) and PAT of ₹1,370 crore (2x YoY, 2... |
| LTFOODS LT Foods Limited · Mixed · Maintained | | Mixed | Maintained | LT Foods delivered a record Q1 FY27 with revenue of ₹3,161 crore (+26.4% YoY; +19% normalized; +8% QoQ), EBITDA of ₹363 crore (+20% YoY) at ~11.5% margin, an... |
| LTM LTM Limited IT - Software · Improving · Maintained | IT - Software | Improving | Maintained | LTM reported Q1 FY27 revenue of USD 1,224 million, +0.3% QoQ/+6.4% YoY CC, with EBIT margin up 40 bps to 15.5%. The quarter was driven by New Horizons operating efficiencies plus forex benefit, offsetting a ~1% wage hike, as Financial Services returned to +3.2% QoQ growth. Management guides FY27 organic CC growth above FY26's 6%, accelerating Q2 through H2, with Randstad closing end-Q2/early-Q3 and FY27 margins similar or better. Risks are India income-tax hardware/memory shipment delays, Middle East escalation (under 3% of revenue), and Randstad's possible 1-2 quarter amortization impact. |
| LTM_API LTM Limited · Mixed · Maintained | | Mixed | Maintained | LTM Limited opened FY2027 with Q1 revenue of USD 1,224 million, up 0.3% QoQ and 6.4% YoY in constant currency, while EBIT margins expanded 40 bps sequentiall... |
| MADHUSUDAN Madhusudan Masala Ltd. Food - Processing - Others · Improving · Raised | Food - Processing - Others | Improving | Raised | Q1 FY27 revenue rose 34.5% YoY to ₹98.28 crore, with EBITDA at ₹11.1 crore, an 11.3% margin, and PAT at ₹6.5 crore. Growth came from branded mix at 72% of revenue and 29.7% volume growth to 8,134 MT, not pricing, as ground spice prices are market-driven and gross margin declined YoY. Management reaffirmed FY27 revenue guidance of ₹400+ crore and 11.5% EBITDA margin, with Sanosara's 6,000 MTPA commissioning set for September 2026. Key risks are commodity inflation, with 20–25% chili price rises yielding only ~5% price realization, and inventory days near 140. |
| MBAPL Madhya Bharat Agro Products Limited Fertilisers · Improving · Maintained | Fertilisers | Improving | Maintained | Q1 FY27 revenue was near flat at ₹416 crore, but EBITDA rose 16% YoY to ₹66 crore and PAT rose 17% YoY to ₹33 crore, aided by low-cost raw material inventory bought in March. Production of 99,224 MT trailed sales of 101,583 MT because delayed monsoon and raw material shortages cut industry output, with utilization around 45% at SSP and 43% at NPK/DAP plants. Management expects raw material issues largely resolved, ~90% utilization at existing plants, ~60% at new Dhule NPK/DAP after October 2026 commissioning, over 50% turnover growth, and maintained FY27 EBITDA. Main risks are elevated ammonia and sulfur prices, West Asia supply chain disruption, and unfinalized funding for the October 2027 Dhule phase backing the ₹3,500 crore FY28 revenue target. |
| MGL Mahanagar Gas Limited · Mixed · Maintained | | Mixed | Maintained | Mahanagar Gas reported Q1 FY27 total volumes of 4.766 MMSCMD (+7.0% YoY), led by CNG at 3.496 MMSCMD (+9.7%) and DPNG at 0.623 MMSCMD (+9.1%), while I&C fell... |
| M&MFIN Mahindra Finance · Mixed · Maintained | | Mixed | Maintained | Mahindra Finance delivered a strong Q1 FY27 with standalone PAT up 70% YoY and consolidated PAT at ₹927 crores (+75% YoY), underpinned by 20% growth in the c... |
| MHRIL Mahindra Holidays & Resorts India Limited Resorts · Improving · Maintained | Resorts | Improving | Maintained | MHRIL's Q1 FY27 standalone income rose 3% YoY to ₹424 crore, but PAT fell about ₹22 crore YoY to ₹54 crore, stable against Q4 FY26's ₹55 crore. The operating driver was renovation and premiumization: about 400 keys generated no revenue, Keystone sales rose 22% to ₹154 crore with AUR up 73% to ₹14.4 lakh, and resort revenue grew 10% to ₹126 crore at 86.7% occupancy. Management expects H2 FY27 to be significantly stronger, guides about 1,000 gross key additions against 600-700 exits, and targets 10,000 keys by FY30. The main risk is HCRO Finland, whose loss nearly doubled to ₹67 crore, with strategic review conclusion due in FY27 and dividends deferred to FY28. |
| MAHLIFE Mahindra Lifespace Developers Limited · Mixed · Maintained | | Mixed | Maintained | Mahindra Lifespace delivered Q1 FY2027 residential pre-sales of ₹925 crore (+106% YoY), anchored by the Mahindra Rainforest launch, which clocked ~₹600 crore... |
| MAHLOG Mahindra Logistics Limited Logistics - Warehousing/Supply Chain · Improving · Maintained | Logistics - Warehousing/Supply Chain | Improving | Maintained | Q1 FY27 revenue rose 23% YoY to ₹2,003 crore and PAT swung to ₹25.4 crore from a ₹10.8 crore loss, helped by 58% Express growth with gross margin positive at 6% and Contract Logistics operating leverage. The underlying driver was M&M auto and farm momentum plus new manufacturing wins, while margin headwinds came from weekly site start-ups, manpower shortages and incomplete fuel pass-through. Management guides Express EBITDA breakeven in FY27, a 95% white-space cut by September 2026, and 150-200 bps gross margin expansion medium-term. The main risk is ~60% revenue concentration with M&M, plus Freight Forwarding revenue falling 39% YoY. |
| MANAKCOAT Manaksia Coated Metals & Industries Limited Aluminium Products · Improving · Maintained | Aluminium Products | Improving | Maintained | Q1 FY27 revenue rose 15% QoQ to ₹263 crore and EBITDA jumped 86% QoQ to ₹29.08 crore (11.06% margin), with record ₹10,400 EBITDA per ton. The recovery came from full cost pass-through pricing, the completed shift from galvanized to Alu-Zinc, and exports at 65% of volume with four new markets. Management guides FY27 revenue of ₹1,300-1,350 crore on ~150,000 tons and FY28 revenue of ₹1,700-1,750 crore, backed by Q2 commissioning of a second coating line and solar plant. Risks are LPG costs still ~25% above pre-war levels, Alu-Zinc utilization only 62% with volume down YoY, and ₹350 crore Phase 2 capex within a 1.25x debt-to-equity cap. |
| MANKIND Mankind · Mixed · Maintained | | Mixed | Maintained | Mankind Pharma opened FY27 with revenue of ₹4,031 crore (+12.9% YoY), EBITDA margin expanding 250 bps to 26.3%, and PAT of ₹574 crore (+29.1% YoY), despite a... |
| MARUTI Maruti Suzuki · Mixed · Maintained | | Mixed | Maintained | Maruti Suzuki delivered record Q1 FY27 domestic wholesale volumes of 534,000+ units (+33% YoY) and net sales of ₹49,960 crores (+36.4% YoY), but net profit f... |
| MASTEK Mastek Limited IT - Software · Mixed · Maintained | IT - Software | Mixed | Maintained | Q1 revenue was $104.8 million, up 1.8% QoQ constant currency, with EBITDA margin of 15.4% hit by Middle East bench costs and delayed collections. Backlog rose to $310 million, aided by a $25 million North America AI deal, while top-5 client revenue fell 12% YoY on an NHS England project timing gap. Management expects FY27 revenue to exceed FY26, with U.K. healthcare recovering from Q2 and North America turning around by H2. Main risks are Middle East ramp unpredictability and ~15% renewal discounting, plus Q2 ESOP and increment costs. |
| MEDPLUS MedPlus Health Services Limited Pharmacy Distribution · Mixed · Maintained | Pharmacy Distribution | Mixed | Maintained | Q1 FY27 revenue was ₹1,879.6 cr with pharmacy up 21.8% YoY, but consolidated operating EBITDA margin fell to 3.5% (₹65.1 cr). The margin miss came from a ~200 bps YoY pharma private-label mix decline, ₹11-12 cr inventory provisions versus ₹4.5-5 cr in Q4 FY26, and wage hikes Karnataka +60%, Telangana +25% effective June 1, 2026. Management kept FY27 guidance of 800 net store additions and ~₹400+ cr operating EBITDA, expecting private-label mix recovery of 0.25-0.5% per quarter and a membership fee hike from ₹99 to ₹149. Main risks are the full-quarter labour cost hit from Q2, 27 franchisee closures with average age 0.7 years, and ~₹1,150 cr promoter debt with no reduction timeline. |
| MEESHO Meesho Ltd. New age - Platform - E-Retail · Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | In Q1 FY27, Meesho's annual transacting users rose 29% YoY and frequency 9%, while AOV fell 2% versus a ~5% baseline as polyester inflation and fuel pass-through slowed deflation. The operating driver was logistics efficiency: cost per delivered order dropped ~₹1 QoQ despite May fuel and wage hikes, and ~two-thirds of sellers advertise. Management reaffirmed a ~25% five-year NMV CAGR, said Q2 FY27 YoY growth will look lower because Diwali shifts the sale to October, and kept Horizon 2 losses at ₹39 crores within the ~₹200 crore annual cap. The main risk is scrutiny of the Valmo GTA restructuring after a proxy advisory asked SEBI, though no regulator has communicated, and competition remains intense. |
| MENONBE Menon Bearings Limited Auto Ancillaries - Bearings · Improving · Maintained | Auto Ancillaries - Bearings | Improving | Maintained | Menon Bearings posted record Q1 FY27 consolidated revenue of ₹91.79 crores, up 36.6% YoY, with PAT up 67% and consolidated EBITDA margin around 21.5-22%. The beat came from bi-metal demand at ~80% utilisation, a product-mix-driven jump in brake margins to 25% from 12-14%, and pre-invested capacity, not price increases. Management kept FY27 revenue guidance at a conservative ~₹360 crores, expects ₹65-75 crores of incremental US/Canada business in FY27-FY28, exports at ~37% of revenue by FY28, and railway brake revenue of ₹5-6 crores after the dynamometer is commissioned in August 2026. Risks are the Strait of Hormuz disruption, monsoon-dependent tractor demand, Chinese competition in export brake markets, and raw material inflation not fully passed on. |
| MONOLITH Monolithisch India Limited · Improving · Maintained | | Improving | Maintained | Monolithisch Q1 FY27 revenue was ₹47 cr, +64% YoY, with EBITDA margin 28% and PAT ₹10 cr, +135% YoY. Growth came from the SGB Limited premium product, ~50% of revenue versus ~15% in Q4 FY26, at ₹700-800/MT price premium on ₹250-300/MT added cost. Management guided Q2 FY27 revenue of ₹55-60 cr and FY27 of ~₹250 cr, with EBITDA margin at 22-25%, as SGB mix rises to 60-65% and greenfield starts September 2026. Greenfield capacity needs 1-1.5 years to reach 90-95% utilization, while steel demand swings can cause 2-5% quarterly misses; unorganized players serve ~14 lakh tons of the 18-22 lakh ton market. |
| MOTILALOFS Motilal Oswal Financial Services · Mixed · Maintained | | Mixed | Maintained | Motilal Oswal Financial Services reported Q1 FY27 operating PAT of ₹609 crore, up 14% YoY on a 16% FY26 base, with asset and private wealth businesses growin... |
| MPHASIS Mphasis Limited IT - Software · Improving · Maintained | IT - Software | Improving | Maintained | Mphasis reported Q1 FY27 revenue of $471M, up 2.1% QoQ and 8.3% YoY in constant currency, with EBIT margin down 60bps from TAP acquisition costs (~0.35%) and ramp-up investments. The real driver was AI-led deal conversion: net new TCV of $461M, the fifth quarter above $400M, with 63% of wins AI-led and an all-time high pipeline. Management guided Q2 to deliver the best sequential constant currency growth in three years and maintained FY27 forecasts of high single-digit to low double-digit revenue growth, 14.75%-15.75% EBIT margin, and 80% OCF conversion. Main risks are margin pressure from the TAP earn-out and utilization normalization, plus macro and hedge losses; management said traditional discretionary spend will not return. |
| MPSLTD MPS Limited E-Commerce - Platform - Utility · Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 revenue rose 20.4% YoY to ₹224.24 crore and EBITDA 53% to ₹76.96 crore, with margin 34.3% versus 27.0%. The driver was under 3% headcount growth, AI-enabled production and a shift to outcome-based revenue, with Ex-AJE core up 26.3% and Corporate Learning margin up from 16.9% to 25.3%. Management reaffirmed FY27 EBITDA guidance to comfortably cross ₹300 crore and cited FY28 targets of ~₹1,500 crore revenue and ~₹450 crore EBITDA. Main risks are Corporate Learning organic growth of 6.9% versus a 12-13% market and the deliberate AJE pruning dragging reported growth until client base stabilizes. |
| MUTHOOTCAP Muthoot Capital Services Limited Finance & Investments - CV Finance · Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | Q1 FY27 PAT was ~₹8 crore on ₹3,300 crore AUM, with GNPA down 182 bps YoY to 3.94% after a ₹203 crore ARC sale. The real driver was own-sourced retail, now 84% of the book, lifting income to ₹160 crore while co-lending shrank to ₹499 crore. Management guides FY27 AUM of ₹4,000-4,200 crore, pre-tax ROA ~2.5%, retail GNPA sub-4%, and 40-50 bps lower funding costs after the AA- upgrade. Risks include unknown war impact, ARC security receipt recoveries on ₹81 crore, and corporate NPA resolution in 6-8 months. |
| MUTHOOTCAP_API Muthoot Capital Services Limited · Mixed · Maintained | | Mixed | Maintained | Muthoot Capital delivered a balance-sheet transformation quarter in Q1 FY27: GNPA fell 182 bps YoY to 3.94% (retail 3.49%) aided by a third ARC sale of ₹203 ... |
| NSDL National Securities Depository Limited · Mixed · Maintained | | Mixed | Maintained | NSDL delivered a steady Q1 FY2027 with standalone total income up 15.3% YoY to ₹219.7 crore and PAT up 7.9% to ₹89.1 crore, while consolidated income surged ... |
| NEOGEN Neogen Chemicals Limited · Mixed · Maintained | | Mixed | Maintained | Neogen Chemicals delivered a strong Q1 FY27 with consolidated revenue of ₹250 crores (+34% YoY)—its highest-ever quarterly revenue in both organolithium and ... |
| NETWEB Netweb Technologies · Mixed · Maintained | | Mixed | Maintained | Netweb Technologies delivered a record Q1 FY27 with revenue of ₹819.7 crores (+172.1% YoY) and PAT of ₹85.3 crores (+179.9% YoY), powered by the AI segment a... |
| NEWGEN Newgen Software Technologies Limited IT Product Companies · Improving · Maintained | IT Product Companies | Improving | Maintained | Q1 FY27 revenue was ₹357 crore, up 11% YoY, with PAT ₹63 crore, up 26%, and EBITDA margin 15.7%, but implementation revenue fell about 23% YoY on delayed EMEA and India project starts. Strength came from annuity revenue of ₹254 crore, up 14%, and SaaS/license subscription revenue of ₹60 crore, up 40%, while AI-led engineering efficiencies expanded margins. Management guides to double-digit FY27 revenue growth, around 20% EBITDA margin, and recovery of the roughly ₹12 crore implementation shortfall in Q2/Q3 from the unexecuted order book. Main risks are project kick-off timing, flat India revenue with 4-5% cost inflation, and an AI pricing model management calls work in progress. |
| NIITMTS NIIT Learning Systems Limited · Mixed · Maintained | | Mixed | Maintained | NIIT Learning Systems reported Q1 FY27 revenue of ₹565.1 crores, up 25% YoY (11.4% constant currency), with organic constant-currency growth of 5% excluding ... |
| NIITLTD NIIT Limited Computer Education · Improving · Maintained | Computer Education | Improving | Maintained | Q1 FY27 revenue rose 14% YoY to ₹957m, with EBITDA loss narrowing to ₹14m from ₹63m and PAT up 85% to ₹81m, helped by opex growing 7% versus revenue 14%. The real driver was AI-led enterprise tech training, up 16% to ₹498m, and consumer up 27% to ₹339m, with AI programs now 9% of revenue, while order intake was ₹953m. Management guided to double-digit YoY revenue growth in Q2 FY27, near-breakeven EBITDA, and positive margins in H2, with capex past peak. Risks are muted fresher hiring, constrained private-bank L&D budgets, crowded IIT/IIM certification competition, and macro uncertainty, which management says AI demand can offset. |
| NAM-INDIA Nippon Life India Asset Management Limited Finance - AMC · Improving · Maintained | Finance - AMC | Improving | Maintained | Q1 FY27 PAT was ₹504 crores (+27% YoY), operating profit ₹494 crores, revenue ₹767 crores, with MF QAAUM up 22.7% YoY at ₹7.52 lakh crores and MF market share at 9.04%, highest since June 2019. The driver is distribution de-risking: corporate share fell to ~37% from ~50% five years ago, no distributor exceeds 5%, equity net sales market share is double digits, and 90-95% of AUM ranks quartile 1-2. Management guides 18-20% OpEx growth ex-ESOP over the next 6-8 quarters for technology, brand and digital, and a 1-2 bps YoY blended yield decline. Risks are equity flow moderation if large-cap and multi-cap performance stress persists, volatile fixed income outflows, and voluntary gold/silver inflow caps. |
| NIVABUPA Niva Bupa Health Insurance Company Limited · Mixed · Maintained | | Mixed | Maintained | Niva Bupa Health Insurance delivered a strong Q1 FY27, with total GWP up 31.7% reported (23% like-to-like), retail health up 47.1% reported (35.5% like-to-li... |
| NUVAMA Nuvama Wealth Management Limited · Mixed · Maintained | | Mixed | Maintained | Nuvama Wealth delivered a record Q1 FY27, with client assets crossing ₹5 lakh crore to ₹5,36,000 crore, revenue of ₹909 crore (+18% YoY) and operating PAT of... |
| OBEROIRLTY Oberoi Realty Limited Realty - Regional · Mixed · Maintained | Realty - Regional | Mixed | Maintained | Oberoi Realty booked ₹8,000+ crores at Three Sixty North, its first NCR launch, selling 1.4 msf in Q1 FY27; residential revenue recognized fell to ₹880 crores from a ₹1,300–1,400 crores prior average. Management said the revenue dip and margin decline to 51–52% from 55% reflected possession/payment timing and project mix, not demand or cost overruns. Guidance: FY27 launches include Adarsh Nagar in Q3, Aurelius, two Thane towers and Alibaug; Sky City Mall targets ~100% occupancy, and management endorsed analyst-estimated ₹10,000–12,000 crores annual sales for FY27–FY28, "maybe even beyond." Main risk is Three Sixty North litigation, with no customer refunds sought but an adverse outcome potentially hurting reputation and timelines; revenue recognition stays lumpy. |
| PAYTM One97 Communications Limited E-Commerce - Platform - Utility · Improving · Raised | E-Commerce - Platform - Utility | Improving | Raised | Paytm reported Q1 FY27 revenue growth of about 28% YoY and EBITDA margin ex-PIDF of 8%, up from 1% YoY. The driver was broad GMV growth of 31% YoY, with MTU up 8%, consumer GTV up 45% and DAU above January 2024, but net payment margin fell to 8.4 bps from 8.8 bps on subscription waivers and stricter revenue recognition. Management guided to aiming for higher revenue growth, 15-20% EBITDA margin in 2-3 years possibly sooner, meaningful Postpaid contribution in FY28, and an AI revenue line within a year. Main risks are UPI MDR policy uncertainty, digital lending regulation, travel headwinds, and non-receipt of last year's P2M incentive. |
| ONWARDTEC Onward Technologies Limited IT - ER&D · Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue hit ₹151.2 crore (up 11.5% YoY, 8.7% QoQ), EBITDA margin 12.3% (up 113 bps QoQ), PAT ₹11.2 crore (up 16.9% QoQ). The driver was mining existing 73 MSA clients: $1M+ accounts rose 16 to 18, and a ₹33 crore ODC contract with a North American power management company lifted FY27 order book ACV above FY26 revenue. Management guides double-digit FY27 revenue growth, sustained double-digit EBITDA margins, ODC billing from Q2 and full revenue in Q3, plus 20-50% YoY healthcare growth. Main risks: subcontracting costs jumped 36% YoY to ₹34 crore from Middle East travel limits, European automotive OEM cancellations, offshore mix timing, and top-25 clients making up 87% of revenue. |
| ORIENTELEC Orient Electric Limited Consumer Electronics · Improving · Maintained | Consumer Electronics | Improving | Maintained | Orient Electric reported Q1 FY27 revenue growth of 23.5% YoY, PAT of ₹31.5 crores up 79.7%, and EBITDA margin of 7.0%, up 102 bps. Operating driver was summer demand and premiumization, with fans high double-digit, BLDC growing 36% to 27-30% of fan sales, and wires up over 200% on a small base. Management guides to 32-34% gross margin on BAU conditions, 14-15% CAGR to ₹5,000 crores, and a double-digit EBITDA path. Key risk is unprececedented copper and aluminum inflation, with six fan price hikes cumulative 15-16% potentially hurting demand as gross margin sits at 29.8%. |
| PARADEEP Paradeep Phosphates Limited · Mixed · Maintained | | Mixed | Maintained | Paradeep Phosphates delivered a strong Q1 FY27, with revenue of ₹6,124 crore (+36% YoY), EBITDA of ₹742 crore (+25%), and PAT of ₹393 crore, driven by low-co... |
| PCBL PCBL Chemical Limited · Mixed · Maintained | | Mixed | Maintained | PCBL Chemical delivered a strong Q1 FY27, with consolidated revenue, EBITDA, and PAT up 17%, 23%, and 65% YoY to ₹2,474 crores, ₹400 crores, and ₹155 crores,... |
| PIRAMALFIN Piramal Finance Ltd Conglomerate Backed NBFC · Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Piramal Finance reported Q1 FY27 PAT of ₹461 crore, up 67% YoY, on AUM of ₹1,06,940 crore (up 25% YoY; Growth AUM up 32%), with Growth ROAUM of 1.9%, up 33 bps YoY. The driver was retail momentum: mortgages up 30% YoY to ₹61,199 crore and unsecured up 45% to ₹21,412 crore, while retail 90+ DPD stayed at 0.7%, though wholesale prepayments hit 74% of disbursements. Management reaffirmed FY27 guidance, including 2.5% Growth ROAUM exit by Q4, 200 gold branches by March 2027, and a ₹4,000 crore approved capital raise to keep CRAR above the 18% floor, currently 18.85%. The main risk is early stress signals in Southern India IT salaried customers, more visible in secured products, plus a slight LAP 90+ uptick from four idiosyncratic cases, with no NPA flow yet. |
| POONAWALLA Poonawalla Fincorp Limited Conglomerate Backed NBFC · Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Poonawalla Fincorp reported Q1 FY27 AUM of ₹67,054 crore (+11.1% QoQ), PAT of ₹308 crore (+20.8% QoQ) and ROA of 1.98% (+17 bps QoQ). The operating driver was disbursement yield up 50 bps QoQ, lifting NIM to 9.10%, with credit cost down 11 bps to 2.40%, opex/AUM at 4.06% and 6-MoB 30+ improving to 0.64%. Management guides to 3.0-3.5% ROA by June 2028 exit and continuing structural QoQ credit cost improvement. Risks are cost of borrowings up 9 bps to 7.72%, fuel-price pressure on CV demand, and peer-flagged IT salaried stress that management says is absent in its book. |
| PRESTIGE Prestige Estates · Mixed · Maintained | | Mixed | Maintained | Prestige Estates delivered a steady Q1 FY27 with residential pre-sales of ₹6,579 crore (49% from Hyderabad via Golden Grove), collections of ₹4,802 crore, an... |
| PRIVISCL Privi Speciality Chemicals Limited · Mixed · Maintained | | Mixed | Maintained | Privi Speciality Chemicals delivered a strong Q1 FY27 opening — revenue of ₹666 crore (+19.2% YoY), EBITDA of ₹167.47 crore (24.58% margin), and PAT of ₹83.2... |
| PSB Punjab & Sind Bank Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | Q1 FY27 net profit was ₹331 crore (+23.05% YoY) on 15.27% business growth to ₹2,66,420 crore, with advances up 19.35% led by retail, MSME and agri. Driver was shedding low-yield corporate assets; NII rose 15.33% YoY, but treasury income fell to ₹80 crore from ~₹200 crore, leaving operating profit flat at ₹545 crore. Management kept FY27 guidance: 13-14% deposit growth, 16-18% credit growth (18-20% achievable), NIM 2.60-2.65%, ROE ~12%, core fee income ₹900-1,000 crore, net slippage below ₹600 crore. Risks: MSME slippage uptick from global effects, treasury volatility with crude near $90, ECL pre-funding before April 2027, and FCNR(B) constrained until Gift City opens in Q3. |
| PNB Punjab National Bank Banks - PSU · Improving · Maintained | Banks - PSU | Improving | Maintained | PNB reported Q1 FY27 net profit of ₹5,253 crore, roughly flat QoQ after a deliberate ₹390 crore ECL floating provision, with core operating profit up 35.7% YoY. The driver was balance-sheet rejigging: it shed ₹22,411 crore of low-yielding IBPC and ~₹40,000 crore of sub-7% corporate advances while retail ex-IBPC grew 17.5%, MSME 19.8% and agri 16.4%, lifting domestic NIM to 2.64%. Management guided FY27 GNPA below 2.5%, cost-to-income of 47-48%, recoveries of ₹13,000 crore, and an ECL transition provision of ₹9,500-10,000 crore by April 2027. Key risks are poor monsoon impact on agriculture and whether margin gains survive industry NIM compression. |
| PVRINOX PVR INOX Limited · Mixed · Maintained | | Mixed | Maintained | PVR INOX delivered a strong start to FY27 and a balance-sheet landmark: Ind AS 116 adjusted revenue rose 12% YoY to ₹1,642 crores, EBITDA nearly doubled to ₹... |
| RRKABEL R R Kabel Limited · Mixed · Maintained | | Mixed | Maintained | R R Kabel delivered its best-ever quarter in Q1 FY27, with revenue of ₹3,168 crore (+54% YoY), operating EBITDA of ₹285 crore (9.0% margin), and PAT of ₹205 ... |
| RADICO Radico Khaitan Limited · Mixed · Maintained | | Mixed | Maintained | Radico Khaitan delivered a record Q1 FY27 with highest-ever quarterly revenue of ₹1,684 crores, IMFL volumes of 10 million cases and EBITDA of ₹348 crores (2... |
| RAILTEL RailTel Corporation of India Limited · Mixed · Maintained | | Mixed | Maintained | RailTel delivered a strong start to FY27 with operating revenue of ₹893 crore (+20% YoY) and PBT before exceptional items of ₹96 crore (+12% YoY), though rep... |
| RAINBOW Rainbow Children's Medicare Limited · Mixed · Maintained | | Mixed | Maintained | Rainbow Children's Medicare delivered a strong Q1 FY27 with operating revenue of ₹470 crore (+33% YoY, ~24% like-to-like), EBITDA of ₹134.6 crore (+29.9%, 28... |
| RALLIS Rallis India Limited Pesticides/Agrochemicals · Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Rallis reported Q1 FY27 revenue of ₹1,022 crore, up 7% YoY, with EBITDA up 23% to ₹184 crore and PAT up 31% to ₹125 crore including a ₹2 crore exceptional gain. Growth came from domestic B2C, up 19% with 15% volume growth and early price increases, while exports fell 28% on China pricing pressure and weak European pendimethalin demand. Management forecasts FY27 Indian agrochemical industry growth of 6-8%, price-led, prioritizes volume to take share, and reiterates a 15%+ EBITDA margin target even in a bad year. Risks include rainfall 15% below normal, kharif sowing down 21% YoY, possible Middle East-driven rabi input cost inflation, and a 15-20 day working capital increase from fertilizer-led channel cash crunch. |
| RKFORGE Ramkrishna Forgings Limited · Mixed · Maintained | | Mixed | Maintained | Ramkrishna Forgings reported a strong Q1 FY27 with consolidated revenue of ₹1,217 crores (+19.84% YoY, flat QoQ), EBITDA of ₹218.47 crores (+47% YoY) at a 17... |
| RBLBANK RBL Bank Limited · Mixed · Maintained | | Mixed | Maintained | RBL Bank's Q1 FY27 marked the first full quarter under Emirates NBD's promoter ownership following the ₹26,016 crore infusion at ₹280 per share (60% stake, J... |
| 540175 Regency Fincorp Limited · Improving · Maintained | | Improving | Maintained | Regency Fincorp reported Q1 FY27 PAT of ₹7.0 crore on ₹345 crore AUM, with GNPA at 0.98% and total income up 86% YoY. Growth came from secured MSME lending, up 44% QoQ to ₹230 crore, and a newly launched ₹23 crore Cash My Salary digital book, while unsecured share fell from 26% to 18%. Management guides to ₹500–550 crore AUM, ₹75+ crore revenue, ₹25–30 crore PAT and cost of funds easing from 13.25% to 11.75–12.5% by FY27-end. Main risk is the fast-growing unsecured digital portfolio: the 1–1.25% GNPA guidance depends on day 0–1 collections of 95–96% holding. |
| RELIANCE Reliance Industries Limited Refineries · Mixed · Maintained | Refineries | Mixed | Maintained | Q1 FY27 consolidated revenue rose 25% YoY; EBITDA exceeded ₹54,000 crore (up 10% excluding the prior-year Asian Paints gain) and PAT was ~₹23,200 crore, up 6%. The driver was O2C EBITDA up 17% to ₹17,000 crore on surging cracks like gas oil at $63/bbl, despite Hormuz closure, ~$20/bbl crude premiums, SAED and under-recoveries; Jio EBITDA margin hit 53.3%, up 150 bps. Management guides Retail EBITDA to double by FY30, FMCG revenue to ₹1 lakh crore by FY2030, KGD6 ceiling to ~$9.9 in H2 FY27, and three ethane VLECs to exceed the 1.6 million tonne design. Main risks: renewed Hormuz disruption and demand destruction (polymer demand fell 22%), plus retail margin compression from dark-store spending. |
| RELIANCE_API Reliance Industries Limited · Mixed · Maintained | | Mixed | Maintained | Reliance Industries delivered a resilient Q1 FY27 despite unprecedented Middle East supply disruption: group revenue rose 25% YoY, EBITDA surpassed ₹54,000 c... |
| ROUTE Route Mobile Limited IT Enabled Services · Improving · Maintained | IT Enabled Services | Improving | Maintained | Q1 FY27 revenue rose 9.6% YoY to ₹1,151.5 crores, but adjusted EBITDA margin fell to 9.5% and gross margin to 20.9%. Growth came from new products (RCS, WhatsApp, IP-based messaging), about 9% of revenue and up 14% YoY, while margins were hit by one large Indian banking customer's temporary traffic disruption, aggregator pressure and the Masivian security incident. Management holds its ~12% FY27 adjusted EBITDA margin forecast, guides 10-15% volume growth over two quarters and 21.5%-23% gross margin, with Heltar acquisition closing in weeks. Risks: restoring disrupted customer traffic, securing Masivian attestation, delayed Claro go-live now in Q2, ILD recovery dependent on operator pricing, and Meta's October 2026 WhatsApp LLM rules. |
| SAGCEM Sagar Cements Limited · Mixed · Maintained | | Mixed | Maintained | Sagar Cements delivered ~13% YoY volume growth in Q1 FY27 with revenue up 5% as realizations stayed broadly stable; EBITDA per tonne moderated to ₹451 on ele... |
| SAPPHIRE Sapphire Foods · Mixed · Maintained | | Mixed | Maintained | Sapphire Foods delivered its strongest quarter in over two years: consolidated revenue rose 15% YoY to ₹888 crores (best in 11 quarters) and adjusted EBITDA ... |
| SATIN Satin Creditcare Network Limited · Mixed · Maintained | | Mixed | Maintained | Satin Creditcare delivered its strongest first quarter in eight years marking its 20th consecutive profitable quarter: consolidated AUM grew 27% YoY to ₹15,9... |
| SBFC SBFC Finance Limited · Mixed · Maintained | | Mixed | Maintained | SBFC Finance delivered a steady Q1 FY27 with AUM at ₹11,922 crore (+27% YoY, +6% QoQ) and PAT at ₹130 crore (+29% YoY, +6% QoQ), as spreads expanded 39 bps Q... |
| SBICARD SBI Cards and Payment Services Limited · Mixed · Maintained | | Mixed | Maintained | SBI Cards delivered a strong Q1 FY27 with PAT up 20% YoY to ₹664 crores and ROA at 3.9% (+51 bps YoY), driven by gross credit cost improving 301 bps YoY to 6... |
| SBI_CARDS SBI Cards and Payment Services Limited · Mixed · Maintained | | Mixed | Maintained | SBI Cards delivered a strong Q1 FY27 with PAT up 20% YoY to ₹664 crores and ROA improving 51 bps YoY to 3.9%, driven by sharply lower credit cost of 6.5% (-3... |
| SBILIFE SBI Life Insurance Company Limited · Mixed · Maintained | | Mixed | Maintained | SBI Life delivered a steady Q1 FY27 with individual rated premium up 14% to ₹3,970 crores and PAT up 22% to ₹720 crores, while VNB rose 29% to ₹1,410 crores ... |
| SCHAEFFLER Schaeffler India Limited Bearings · Mixed · Maintained | Bearings | Mixed | Maintained | Reported Q2 CY26 revenue was ₹2,681 crore (+17.5% YoY), EBITDA ₹513 crore (19.1% margin) and PAT ₹337 crore. Growth was driven by Automotive Technologies (+33% YoY) on ~20% conventional ICE growth plus e-mobility and market share gains despite passenger vehicle output down 8% QoQ, exports (+24% YoY) from intercompany allocations, while VLS (+9.9% YoY) was constrained by Hosur capacity. Management guides 15-20% export momentum, CY26 capex of ₹400-500 crore (₹175 crore spent in H1), H2 price pass-through recovery and Koovers EBITDA breakeven in 2029. Main risks are non-recoverable ~10% wage hikes, LPG/propane and freight inflation, FX, weak monsoon tractor demand and wind contract renegotiations. |
| SENORES Senores Pharmaceuticals · Mixed · Maintained | | Mixed | Maintained | Senores Pharmaceuticals delivered a strong Q1 FY27, with consolidated revenue of ₹180 crores (+36% YoY), EBITDA of ₹54 crores (+87% YoY, ~30% margin), and PA... |
| SERVOTECH Servotech Renewable Power System Limited Capital Goods - Electric General · Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | Servotech reported standalone revenue of ₹208.10 crore, up 66.31% YoY, with consolidated EBITDA of ₹20.94 crore and consolidated PAT of ₹7.95 crore, up 93.35% and 74.51% YoY respectively. Growth is driven by fully utilized BESS capacity with orders exceeding production, plus solar channel expansion under PM Surya Ghar, while the EV charger market is described as "stagnant." Management guides to sustaining Q1 FY27 momentum, doubling BESS capacity in about 6 months, 3x by 21 March 2027 and 10x in 2 years, funded by debt within declared capex. Risks include the loss-making Sports & Entertainment subsidiary, which cut consolidated PAT by about ₹3.15 crore, and capacity ramp-up execution. |
| SGFIN_API SG Finserve Limited · Mixed · Maintained | | Mixed | Maintained | SG Finserve Limited Q1 FY27 earnings call summary with key financial metrics, guidance, and analyst Q&A highlights. |
| SHAKTIPUMP Shakti Pumps India Limited · Mixed · Maintained | | Mixed | Maintained | Shakti Pumps delivered a record Q1 FY27 revenue of ₹859 crores (+37.9% YoY), led by solar pump installations of 27,678 units (+57.6% YoY) and a ~₹1,000 crore... |
| SHARDACROP Sharda Cropchem Ltd · Mixed · Maintained | | Mixed | Maintained | Sharda Cropchem delivered a strong operating quarter with revenue of ₹1,074 crore (+9% YoY) and EBITDA of ₹178 crore (+25%), though reported PAT fell to ₹88 ... |
| SHEMAROO Shemaroo Entertainment Limited Entertainment - Content Providers · Mixed · Maintained | Entertainment - Content Providers | Mixed | Maintained | Q1 FY27 revenue fell 6% YoY to ₹132 crore, with EBITDA loss narrowing to ₹2 crore from ₹56 crore, and +₹18 crore excluding ₹20 crore new initiative spend. Digital revenue dropped 17% to ₹56 crore due deferred B2B syndication on geopolitical uncertainty, while traditional rose 5% to ₹76 crore on B2B licensing closures despite weak ads. Management guides healthy double-digit FY27 revenue growth, EBITDA-positive year, over 50% cut in new initiative spend, and FY28 bottom-line profit. Main risk is the BARC ratings blackout and macro pressures keeping advertising subdued, hurting TV break-even and debt reduction from ₹311 crore. |
| SHEMAROO_ENTERTAINMENT Shemaroo Entertainment Limited · Mixed · Maintained | | Mixed | Maintained | Shemaroo reported Q1 FY27 revenue of ₹132 crores (-6% YoY) as digital revenue fell 17% to ₹56 crores on deferred B2B syndication deals amid geopolitical unce... |
| SHOPERSTOP Shoppers Stop · Mixed · Maintained | | Mixed | Maintained | Shoppers Stop opened FY27 with consolidated revenue growth of 10% YoY, EBITDA up 40%, and PAT turning positive at ₹5 crores versus a ₹4 crore loss in Q1 FY26... |
| SHREECEM Shree Cement Limited · Mixed · Maintained | | Mixed | Maintained | Shree Cement's Q1 FY27 was an abnormal quarter hit by Gulf War supply disruptions: contracted petcoke (54%→9% of fuel mix) and Omani gypsum were replaced by ... |
| SHRIRAMFIN Shriram Finance Limited Finance & Investments - CV Finance · Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | Shriram Finance's Q1 FY27 PAT rose 59.79% YoY to ₹3,444.56 crore on AUM of ₹3,13,798 crore, up 15.26% YoY. The outperformance came from deploying the ₹39,600 crore April equity raise to repay high-cost debt, contributing ~₹500 crore NII and lifting CAR to 34.1%, not from core loan demand. Management maintained ~18% FY27 AUM growth guidance, expects reported NIM to ease from 9.04% to ~8.5% over 2-3 years, and plans new-vehicle financing to reach 20-25% of disbursements. Key risk: monsoon rainfall 24% below normal may hurt rural collections and trigger a Q2 guidance reassessment, while West Asia fuel inflation could lift costs. |
| SHRIRAM_FINANCE Shriram Finance Limited · Mixed · Maintained | | Mixed | Maintained | Shriram Finance delivered a robust Q1 FY27 with disbursements up 19.51% YoY to ₹49,974.49 crores and AUM up 15.26% YoY to ₹3,13,798.39 crores, riding industr... |
| SHYAMMETL Shyam Metalics and Energy Limited Steel Products · Improving · Maintained | Steel Products | Improving | Maintained | In Q1 FY27, revenue rose 23.3% YoY to Rs 5,455 crore, EBITDA 28.3% to Rs 812 crore (14.9% margin), and PAT 20.6% to Rs 351 crore. The reported beat came from product mix gains, cost optimization and B2C penetration, with the color-coated line commissioned and aluminium foil commissioning started. Management guides FY27 EBITDA growth above 20% (internal projections above 25%) and volume growth around 25%, with power, iron-making and aluminium commissionings due by Q3. Risks are monsoon-driven demand softness and rebar price declines, plus competitive downstream pricing, while 2-3 month inventory norms keep working capital elevated. |
| SMARTWORKS Smartworks Coworking Spaces Ltd. Realty - CoWorking · Improving · Maintained | Realty - CoWorking | Improving | Maintained | Q1 FY27 revenue rose 44% YoY to ₹546 crores, normalized EBITDA rose 74% to ₹107 crores at 19.6% margin, and PAT nearly tripled to ₹39 crores. Growth came from mature centre committed occupancy of 92%, GCC client revenue share rising from 15% to 21%, and realisation up to ₹181 per sq ft, while 74% seat retention reflected deliberate mark-to-market churn. Management reaffirmed FY27 guidance of 28-30% revenue growth, 19-20% EBITDA margin, ₹550-600 crores capex, and over 13 million sq ft by March 2027, with 87% of revenue contracted. Main risks are occupancy dilution from new centre ramps (overall 81% versus 92% mature committed) and negative free cash flow of ₹56 crores from higher capex and security deposits for FY28-29 buildings. |
| SOBHA Sobha Limited Realty - National · Improving · Maintained | Realty - National | Improving | Maintained | Q1 FY27 presales hit a record ₹3,656 crore, up 76% YoY; total income rose 48% to ₹1,330 crore, PAT ₹50.7 crore versus ₹13.5 crore. The driver was new launches: SOBHA One World in Bengaluru contributed ~45% of sales and Crescent in Gurgaon, with Bengaluru and NCR together ~87%, while EBITDA margin stayed ~9.7% until high-margin projects complete. Management guided to ≥30% FY27 presales growth, 9 remaining launches ~8.2 million sq ft (~₹12,000 crore GDV), and EBITDA margin of 17–20% by Q4 FY27, with land investment of ₹1,500–1,600 crore. The main risks are margin dilution from more joint developments, Karnataka’s 60% minimum wage hike, and collections lagging presales due to labour shortages and end-quarter sales timing. |
| SOLARA Solara Active Pharma Sciences Limited Pharma - API & CRAMS · Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Solara reported Q1 FY27 consolidated revenue of ₹384 crores (+20% YoY) and PAT of ₹16.3 crores (+55% YoY), but the real driver was the base business at ₹307 crores revenue (+24% YoY) and 51.3% gross margin. Growth came from debottlenecking high-margin products and geographic expansion, while Ibuprofen stayed a drag at negative 12% EBITDA margin with ~₹700 crores capital deployed. Management guides base business growth of at least 10% YoY and 25% ±1% EBITDA margin, with net debt falling to sub-₹450 crores by Mar-27. The main risk is West Asia-led solvent shortages and input cost inflation causing intermittent shutdowns, plus a likely capital cut in the Ibuprofen strategic review due in H1 FY27. |
| SONACOMS Sona Comstar · Mixed · Maintained | | Mixed | Maintained | Sona Comstar delivered its best-ever quarter in Q1 FY27 - revenue of ₹1,310 crore (+54% YoY), EBITDA of ₹303 crore (+49% YoY, 23.1% margin), and PAT of ₹181 ... |
| SONAMLTD Sonam Limited Watches & Accessories · Improving · Maintained | Watches & Accessories | Improving | Maintained | Sonam reported Q1 FY27 revenue of ₹66.57 crore, up 75.65% YoY, with EBITDA margin at 8.06% and PAT up 127%. The growth was driven mainly by raw material inventory purchased 6-7 months ahead of price hikes and monthly product launches, not a sustainable quarterly run-rate. Management guides FY27 revenue growth of 25-30% and Q2 revenue of at least ₹40-50 crore, conditional on monsoon and tier 2/3 city demand. Key risks are daily raw material price swings hitting margins, softening export demand, and unpatented designs being copied within 6-12 months. |
| SRF SRF Limited · Mixed · Maintained | | Mixed | Maintained | SRF delivered its best-ever quarterly performance in Q1 FY27 with gross revenue of ₹5,033 crore, operational EBIT of ₹1,116 crore (+61% YoY, 22% margin), and... |
| SAIL Steel Authority of India · Mixed · Maintained | | Mixed | Maintained | SAIL delivered its best EBITDA margin since FY22 in Q1 FY27 — EBITDA up ~49% YoY to ₹4,356 crores (16.7% margin, ₹10,464/tonne) — driven by a ₹5,000/tonne Qo... |
| SSWL Steel Strips Wheels Limited Auto Ancillaries - Wheels · Improving · Raised | Auto Ancillaries - Wheels | Improving | Raised | Steel Strips Wheels reported Q1 FY27 revenue of ₹1,509 crore (+27% YoY) and PAT of ₹71.51 crore (+43% YoY), with EBITDA per wheel at ₹314 versus ₹262 a year ago. Management attributed the result to secured OEM input price increases of 1–5%, premium alloy mix and >95% utilisation across sold-out plants, especially steel wheels. It guided FY27 revenue growth above 20% (implied ~₹6,500 crore), export revenue near ₹600 crore, EBITDA per wheel above ₹310, and Bhuj trial output in Q4 FY27 with at least 80% utilisation by Q1 FY28. Risks are aluminium price swings requiring extra working capital, West Asia escalation, domestic alloy competitors pricing below cost, and US tariff policy reversal. |
| STLTECH Sterlite Technologies Limited Cables - Telecom · Improving · Raised | Cables - Telecom | Improving | Raised | Sterlite Q1 FY27 revenue rose 87% YoY to ₹1,910 crore, EBITDA margin was 20%, PAT was a record ₹197 crore, and order intake reached ₹13,100 crore. The driver was data center sales rising to 21% of revenue from 1% in FY26, anchored by a $1.1 billion hyperscaler deal and North America at 54% share. Management raised FY27 EBITDA margin guidance to 23% from 20%, expects data center plus enterprise to be 50% of revenue, and targets a 25% connectivity attach rate by Q4. Main risks are germanium, helium and polyethylene costs at significant multiples, capacity-limited order selection, and potential AI capex deflation from cheaper Chinese tokens. |
| STAR Strides Pharma Science Limited · Mixed · Maintained | | Mixed | Maintained | Strides Pharma delivered a steady Q1 FY27: total revenue rose 13% YoY to ₹1,215.7 crores (U.S. $68M/₹628.2 crores; ex-U.S. ₹587.5 crores, +17% YoY) despite ₹... |
| STYLAMIND Stylam Industries Limited Plywood Boards/Laminates · Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Stylam reported Q1 FY27 revenue growth of 15% YoY and EBITDA margin above 21%, driven by efficiency and higher utilization from the existing plant, not inventory gains. Exports hit a record quarterly high led by Europe while domestic revenue stayed flat at a ₹300 crore run rate, with losses narrowed. Management guides Plant III commercial production by September 1, 2026, adding ₹250-300 crore FY27 revenue at a conservative 25-30% first-year utilization, and sustainable EBITDA margins of 19-20%+. Main risks are elevated phenol at ~USD1,400/ton and melamine at USD1,000-1,100/ton from the West Asia war, re-implemented 10% US tariffs, and further Plant III slippage after repeated delays. |
| STYLAM_INDUSTRIES Stylam Industries Limited · Mixed · Maintained | | Mixed | Maintained | Stylam Industries delivered record quarterly exports in Q1 FY27 with EBITDA margin crossing 21%, surpassing the perceived 20% ceiling; management attributes ... |
| SUNTECK Sunteck Realty Limited Realty - Construction & Contracting · Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Sunteck's Q1 FY27 presales rose 20% YoY to ₹787 crore and collections 17% to ₹409 crore, with EBITDA up 40% to ₹67 crore on a 35% margin from embedded margins on sold inventory. Net profit rose 26% to ₹42 crore. Management guided to 25-30% presales and collections growth for FY27, backed by a ~₹7,000 crore domestic launch pipeline and business development spend above FY26's ₹800 crore. The main risk is the launch-ready Dubai project's timing, with ₹9,000 crore GDV and ₹200-225 crore invested, plus Nepean Sea Road construction dependency for collections. |
| SURYODAY_SMALL_FINANCE_BANK Suryoday Small Finance Bank Limited · Mixed · Maintained | | Mixed | Maintained | Suryoday Small Finance Bank delivered Q1 FY27 gross advances growth of 32.5% YoY to ₹14,376 crores and deposit growth of 29.4% to ₹14,634 crores, with retail... |
| SUZLON Suzlon Energy Limited · Mixed · Maintained | | Mixed | Maintained | Suzlon Energy Limited Q1 FY27 earnings call summary with key financial metrics, guidance, and analyst Q&A highlights. |
| TAC TAC Infosec Ltd. IT - Software · Improving · Maintained | IT - Software | Improving | Maintained | TAC Infosec's Q1 FY27: income ₹20.0 cr (+96.8% YoY), EBITDA margin 48.82%, PAT ₹8.0 cr, beating 20% QoQ growth and 40% margin guidance. Driver was proprietary platforms: ESOF contributed ₹15.1 cr (76% of income) from Anthropic, Amazon, Google, Samsung and Dropbox; Sockify.ai added 100 customers, doubling to 200. Management guided Q2 FY27 income to ₹24 cr and FY27 to ~₹100 cr, and reiterated $100M ARR by FY30 with ~40% EBITDA margins. Risks: CyberScope's crypto downturn, Cyber Sandia excluded from FY27 guidance, and tax holiday expiry in March 2026. |
| TATATECH Tata Technologies Limited IT - ER&D · Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue was $175.4 million, up 25.2% YoY in constant currency, with services at $136.6 million and EBITDA margin at 16.1%. Growth was driven by non-anchor automotive work, up 56.3% YoY to $43.9 million, and the $100 million Tenneco deal, not existing anchor accounts. Management reaffirmed strong double-digit organic FY27 growth, with H2 greater than H1 and quarter-over-quarter margin expansion, targeting about $100 million aerospace in 2 to 3 years. Risks are German customer restructuring, Q2 wage inflation, and Technology Solutions margin mix. |
| TATVA Tatva Chintan Pharma Chem Limited Speciality Chemicals · Improving · Maintained | Speciality Chemicals | Improving | Maintained | Tatva Chintan reported Q1 FY27 operating revenue of ₹167.1 crores, up 43% YoY and 25% QoQ, with EBITDA of ₹32.3 crores, up 86% YoY, but margin below the 20-22% band due to delayed raw material cost pass-through. Growth was volume-led across PTC, SDA and PASC, while Electrolyte Salts fell 52% QoQ to ₹6.3 crores on Middle East crisis-driven raw material shortage. Management maintains FY27 guidance of 25-30% revenue growth, 20-22% EBITDA margin and ₹40-60 crores Electrolyte Salts revenue, with price pass-on begun 40-50 days ago. Risks include Chinese pricing pressure, no large semiconductor sales before Q4 2028, and timely execution of the ₹200 crore greenfield plant within 18-21 months. |
| TECHM Tech Mahindra Limited IT - Software · Improving · Maintained | IT - Software | Improving | Maintained | Tech Mahindra reported Q1 FY27 revenue of US$1.66 billion, up 6.6% YoY in constant currency, and EBIT margin of 14.4%, up 330 bps YoY. The beat came from manufacturing (up 17.2% YoY) and BFSI (up 8.1% YoY), with an early pull-forward of a large European automotive program inflating the quarter. Management guides to above-peer FY27 growth and a 15% operating margin, with Q4 exit above 15%, while warning Q2 faces about 1-1.3% sequential revenue pressure from that auto acceleration and phased wage hikes. Key risks are macro volatility, irrational competitor pricing in 5-7 year deals, and continued volatility in a large US telecom client. |
| INDIACEM The India Cements Limited Cement · Improving · Maintained | Cement | Improving | Maintained | UltraTech's Q1 FY27: domestic grey volumes +13.1% YoY (industry 7-8%), EBITDA ₹5,146 crores +12%, PAT ₹2,604 crores +17.2%, EBITDA/ton above ₹1,200. Driver: 81% utilization versus 76% on 200.1 MT capacity and 100% brand conversion of Kesoram/India Cements lifted UltraTech brand 21.3% at a premium without share loss. Management guides double-digit FY27 volume growth, net debt/EBITDA below 1x, India Cements EBITDA/ton near ₹1,000, and consolidated ₹1,400/ton by Q4 FY28 if fuel normalizes; Q2 costs rise ₹130-140/ton sequentially. Main risk: West Asia war shock, Q2 full fuel cost flow-through, Rajasthan dry patch hurting rural demand next year, and H2 price softness if fuel costs fall. |
| INDHOTEL The Indian Hotels Company Limited Hotels · Improving · Maintained | Hotels | Improving | Maintained | IHCL reported Q1 FY27 consolidated revenue ₹2,419 cr (+15% YoY), EBITDA ₹753 cr (+18%, 31.1% margin) and PAT ₹358 cr (+21%). The beat came from domestic demand, with standalone occupancy up ~6pp to 82% and domestic RevPAR +14%, offsetting West Asia-driven softness in Dubai and TajSATS catering. Management guided to double-digit FY27 revenue growth, Q2 at least matching Q1, Frankfurt turning positive from September, and management fees at high-teens CAGR. Main risk is foreign tourist arrival shortfall in Q3-Q4, with West Asia geopolitics unresolved and international assets still below prior revenue. |
| KARURVYSYA The Karur Vysya Bank Limited Banks - Private · Improving · Maintained | Banks - Private | Improving | Maintained | Q1 FY27 net profit rose 45% YoY to ₹756 crores with ROA 2.11% and GNPA 0.74%, driven by front-loaded 6% QoQ advances and deposits growth plus NII up 32% YoY. Operating driver was a higher fixed-rate book (34% of advances) and lower Q1 slippages of ₹138 crores, though write-off recoveries fell to ₹103 crores from ₹216 crores. Management guides FY27 NIM of 3.7-3.8%, Q2 NIM above 4%, credit growth 1-2% above system only if RAM-led, and says Q1's 6% QoQ pace is not a run-rate. Main risk is Q2 margin pressure from ~10 bps yield compression and 5-10 bps deposit-cost rise, plus competition forcing concessions on customers. |
| PHOENIXLTD The Phoenix Mills Limited · Mixed · Maintained | | Mixed | Maintained | Phoenix Mills delivered a strong start to FY27, with consolidated revenue up 13% YoY to ₹1,075 crores, operating EBITDA up 14% to ₹642 crores (60% margin), a... |
| SOUTHBANK The South Indian Bank Limited Banks - Private · Improving · Maintained | Banks - Private | Improving | Maintained | Reported Q1 FY27 net profit was ₹378 crores (+17% YoY) on highest-ever NII of ₹1,025 crores (+23% YoY) and NIM of 3.23% (+28 bps QoQ). The operating driver was high-cost deposits repricing 40-60 bps lower and bulk deposits halved, with gold loans +43% YoY and opportunistic corporate growth to ~40% of loans on West Asia risk aversion. Management guided FY27 slippage of ₹500-750 crores (max ₹800 crores), recoveries of ₹800-1,000 crores, and NIM hardening if the rate up-cycle holds, with ROA migrating toward 120-125 bps. Main risks are the CEO transition after P. R. Seshadri's departure, fading deposit-repricing benefit, core fee income dipping to ₹179 crores from ₹191 crores, and FCNR volume constraints from no external credit lines. |
| SUPREMEIND The Supreme Industries Limited · Mixed · Maintained | | Mixed | Maintained | The Supreme Industries delivered a mixed Q1 FY27: revenue grew 4% YoY to ₹2,718 crore and operating profit jumped 25% to ₹398 crore (14.6% margin), but volum... |
| TINNARUBR Tinna Rubber & Infrastructure Ltd · Improving · Maintained | | Improving | Maintained | Q1 FY27 revenue was ~₹156 crores (+20% YoY consolidated), with record EBITDA above ₹30 crores at 21%+ margin and PAT ₹21 crores. Margin expansion came from feedstock optionality and value-added mix, not inventory gains, which were "very marginal"; Industrial revenue rose 58% YoY and PCMB tripled to ₹12 crores. Management guides FY27 revenue at ₹670-700 crores and EBITDA margin 18-20%, with TPO sales from Q2 and rCB by Q4, despite Q1's 21%+ actual. The Middle East conflict hit Oman volumes, roughly tripled turf binder prices and cut consumer volumes ~20% YoY, while South Africa/Saudi start-ups lost ₹53 lakhs combined in Q1. |
| TIPSMUSIC Tips Music Ltd. Music Licensing · Improving · Maintained | Music Licensing | Improving | Maintained | Tips Music Q1 FY27 revenue ₹106.51 cr (+21% YoY) but PAT fell 4% to ₹43.89 cr, because content costs ~₹40-45 cr (+90% YoY) were expensed upfront while revenue from mid-May/June releases starts in Q2. Management maintained FY27 guidance of ~20% revenue and PAT growth, ₹90-100 cr content budget, and 65-70% annual EBITDA margin. The driver is catalog monetization (~85% of revenue from content older than 3 years) and subscription mix shift (10-15% of revenue, paid subscribers growing 40-50% CAGR). Risks are delayed YouTube Shorts renewal (update by Q2 end), film release schedule shifts causing quarterly variance, and possible competition from global entrants. |
| TARIL Transformers and Rectifiers (India) Limited Capital Goods - Transformers · Improving · Maintained | Capital Goods - Transformers | Improving | Maintained | Q1 FY27 standalone revenue was ₹559 crore (+10% YoY) with 15.6% EBITDA margin and 8.9% PAT margin, held back by Changodar expansion. The real driver was lower Changodar utilization (27%) while Odhav ran at 100%, despite order inflow jumping 218% YoY to ₹2,114 crore, led by a PGCIL order above ₹1,000 crore, lifting order book to ₹6,630 crore. Management reaffirmed FY27 guidance of 25% revenue growth, 16% standalone EBITDA margin and 9–10% PAT margin, with consolidated EBITDA margin at 20–21%, as Changodar completes by August 2026 and utilization recovers from Q3. Main risks are further Changodar commissioning slippage threatening that 25% growth, the CRGO anti-dumping investigation, and raw material protection only through December 2026. |
| TVSMOTOR TVS Motor Company Limited Auto - 2 & 3 Wheelers · Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | TVS Motor reported Q1 FY27 revenue of ₹13,896 crore (+38% YoY), EBITDA margin of 12.8% (+30 bps), and PAT of ₹1,174 crore (+51%). Growth was driven by domestic 2W ICE sales up 21% against industry 13%, record international volumes of 4.68 lakh units (+33%), and EV sales of ~130,000 units (+86%). Management guided to double-digit FY27 industry growth with TVS outperforming, ₹3,500 crore capex lifting 2W capacity to 8.3 million by Q4 FY27, and a planned ~0.5% Q2 price hike. Main risks are ~4% cumulative commodity cost inflation from the West Asia conflict, Q3 base effects from last year's GST rationalization, and possible monsoon-related demand weakness. |
| ULTRACEMCO UltraTech Cement Limited Cement · Improving · Maintained | Cement | Improving | Maintained | UltraTech reported its highest-ever Q1 FY27 with domestic grey cement volumes up 13.1% YoY, EBITDA ₹5,146 crores (+12%) and PAT ₹2,604 crores (+17.2%). Drivers were market share gains, premiumisation, 47% green power share and India Cements' EBITDA/ton rising to ₹603 from ₹386, offsetting a fuel shock that added ~₹40/ton. Management guides double-digit FY27 volume growth, a sequential Q2 FY27 cost increase of ₹130-140/ton, and Cables & Wires launch in Q3 FY27, with net debt/EBITDA below 1x by year-end. Risks include West Asia fuel costs, dry conditions in Rajasthan and industry capacity additions of 37 mn t that could pressure pricing. |
| UTIAMC UTI Asset Management Company Limited Finance - AMC · Mixed · Maintained | Finance - AMC | Mixed | Maintained | Q1 FY27 consolidated core revenue was flat at ₹379 crore and core PAT rose 6% YoY to ₹129 crore. Reported profit was driven by post-VRS employee cost savings, while MF QAAUM reached ₹3,92,691 crore with a 70% equity mix, though flexi cap saw net redemptions. Management guides standalone employee costs at ~₹95 crore and consolidated at ~₹130 crore per quarter, other expenses up 8-10% over FY26, and 2x AUM under Mission 2031 if equity flow market share exceeds stock share. Main risks are investment performance, with flexi cap redemptions, two years of negative international flows, and PMS AUM down ₹3,16,000 crore QoQ on the revised EPFO mandate. |
| VSSL Vardhman Special Steels Limited Steel Products · Improving · Raised | Steel Products | Improving | Raised | Vardhman Special Steels Q1 FY27 sales volume was 59,000 tons, revenue ₹486 crore, EBITDA ₹68 crore, and PAT ₹41 crore, more than doubling YoY. The driver was full rolling capacity and OEM price revisions, though EBITDA per ton of ₹10,700 excludes Aichi surplus fund earnings. Management guides FY27 sales of ~255,000 tons and EBITDA per ton of ₹8,000-11,000, with FY28 at ~270,000 tons unless environment clearance for 360,000 tons is approved. Risks are pending OEM price settlements and greenfield cost inflation from Iran-war metal prices and rupee depreciation. |
| MANYAVAR Vedant Fashions · Mixed · Maintained | | Mixed | Maintained | Vedant Fashions started FY27 with revenue from operations of ₹301 crores (+7.2% YoY), retail sales of ₹419.5 crores (+3.4%) and domestic SSG of 3.8%, despite... |
| VIMTALABS Vimta Labs Limited Diagnostics · Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 reported total income was ₹112.9 crores (+13.7% YoY), EBITDA ₹41.1 crores at 36.4%, and PAT ₹21.0 crores (+11.4%), with QoQ margin moderation from facility costs, new labour laws, and rupee appreciation. The operating driver was pharma CRO enquiry growth plus the first domestic Biologics CRADS order, with commercial revenue started, while Middle East issues cut food import/export testing volumes. Management maintains the FY27 revenue growth aspiration of 20-25%, expects no further margin decline, and guides Biologics meaningful contribution only from FY29. Main risks are Middle East trade disruption, since ~50% of food business is import/export-linked, and rupee appreciation against ~40% export revenue. |
| VMM Vishal Mega Mart Ltd. Textiles - Readymade Apparel · Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Vishal Mega Mart Q1 FY27 revenue was ₹3,727 crores, up 18.7% YoY, with PAT ₹259 crores up 25.6% and operating EBITDA margin 10.4%. The operating driver was 10% same-store sales growth, split roughly 8% from new customers and 3% from higher existing-customer spend, plus a 30bps gross margin gain to 28.7% from lower promotions and price discipline, not price hikes. Management expects inflation to taper, reaffirms 80–100 small-format store additions, plans full RFID rollout in slightly over one year, and projects no further price hikes currently. Main risks are a structural ~13% YoY rise in employee cost per sq ft from minimum wage increases and possible West Asia-related cost pressure on margins. |
| WIPRO Wipro Limited IT - Software · Weakening · Maintained | IT - Software | Weakening | Maintained | Wipro reported Q1 FY27 IT services revenue of $2.61 billion, up 0.9% YoY but down 1.2% QoQ, with margin at 16.0%, down 120 bps YoY. Growth was driven by APMEA (+13.5% YoY) and Europe (+6% YoY), offset by Americas 2 (-7.3%), Health (-3.0%) and EMR (-8.9%), while salary increases, AI investments and large-deal ramp-ups hurt margin. Management guided Q2 FY27 revenue of $2.574–$2.627 billion, or -1.5% to +0.5% QoQ in constant currency, citing soft demand and geopolitical uncertainty, and reaffirmed the 17%–17.5% margin band without a timeline. The main risk is longer client decision cycles and weaker discretionary spending, with some large-deal decisions already slipping into Q2 and no recovery timeline for US Healthcare or EMR. |
| WPIL WPIL Ltd · Improving · Maintained | | Improving | Maintained | Q1 FY27 consolidated revenue rose 32% YoY to ₹501cr and EBITDA margin was 15.04%, the lower end of the 15-20% band. The driver was international business, which nearly doubled to ₹386cr at a 15% EBITDA margin, while standalone revenue fell 37% to ₹115cr because domestic project invoicing stayed stalled on delayed government fund releases. Management guides Q2 inflow of the ₹300-350cr JJM receivables, H2 domestic execution recovery, and consolidated EBITDA margins averaging 16-17%, though reported Q1 margin is already at band's low end. Main risks are the MP debarment blocking new bids until existing 65-70% complete projects finish within a year and any slippage in receivable timing. |
| YESBANK Yes Bank Limited Banks - Private · Improving · Maintained | Banks - Private | Improving | Maintained | Yes Bank's Q1 FY27 net profit rose 33.7% YoY to ₹1,071 crore with NIM stable at 2.7% and GNPA at 1.3%. Core fees grew 18.7% and cost-to-income improved to 62.8%, offsetting security receipt gains falling to ₹86 crore from ₹338 crore; advances rose 18.3% on corporate and commercial lending while retail disbursements jumped 27.5%. Management forecasts FY27 loan growth of 15-17%, reported ROA near 1%, SR gains of ₹800-1,000 crore, and NIM above 3% by FY28. Risks include slower-than-guided SR recoveries due to JC Flower timing, deposit competition pressuring NIM, and a possible West Asia war impact on MSME clients, with ECL flow through P&L. |