| AARTECH Aartech Solonics Ltd Electric Equipment - Switchgears/Relays/Circuits ·Improving · Maintained | Electric Equipment - Switchgears/Relays/Circuits | Improving | Maintained | Aartech Solonics reported Q1 FY27 revenue of ₹7.28 crores, up from ₹4.33 crores YoY, with PBT at ₹1.19 crores versus ₹0.73 crores. The real driver was execution of the ₹7 crore opening order book, led by Control and Relay Panels at ₹2.24 crores and Trading at ₹1.81 crores, plus disciplined cost control. Management forecasts a "very healthy" FY27, expecting the ₹100 crore quoted pipeline to convert by year-end or early FY28. The main risk is long-gestation defense and ultracapacitor products, with technical evaluations taking 18 to 24 months and broad applicability only in five years. |
| ABREL Aditya Birla Real Estate Ltd Realty - National ·Mixed · Maintained | Realty - National | Mixed | Maintained | Q1 FY27 collections rose 31% YoY to ₹713 crores, but net sales were just ₹327 crores because no launches occurred and Birla Niara cancellations, rebooked at ₹4+ crores higher per apartment, hit the top line. The real driver was the balance sheet: ITC divestment proceeds of ₹3,325 crores cut net debt to nearly zero, plus the new Vashi redevelopment (₹2,600 crores GDV, 90/10 revenue share, 25-30% margins). Management reaffirmed ₹15,000 crores pre-sales in three years, an FY27 BD target of ₹10,000-15,000 crores GDV, and ₹9,600 crores of launches mostly in Q3-Q4 FY27. Main risks are slower BD conversion versus peers, acknowledged NCR pricing froth and Noida land scarcity, and premium-segment cancellations. |
| AEGISLOG Aegis Logistics Ltd Logistics ·Improving · Raised | Logistics | Improving | Raised | Q1 FY27 PAT jumped 212% YoY to ₹545 crore and normalized EBITDA rose 184% to ₹727 crore, driven by LPG distribution volumes up 91% to 2.77 lakh MT and record segment EBITDA. The driver is geopolitical war disruptions lifting distribution margins to a sustainable ₹7,000+/ton, replacing the historical ₹4,000 baseline, with management refusing speculative inventory positions. Management guides distribution volumes toward 2 million tons in 1-2 years, 25% logistics throughput growth floor, and EPS CAGR above 25%, funded by ~$1.2 billion FY27 CapEx. Main risk is margin compression if Middle East normalizes quickly, plus execution risk on the ~$5 billion pipeline and natural gas substitution in Morbi. |
| AEGISVOPAK Aegis Vopak Terminals Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Revenue rose 12.4% YoY to ₹233.8 crores with EBITDA up 15.6% to ₹179.4 crores (76.7% margin), but the real driver was liquid terminaling (+31% YoY to ₹126.5 crores) as JNPA matured, while gas fell 3.5% on Hormuz disruption. Management guides liquid capacity from 1.7M to ~2.2M CBM by FY27 end and ~3M by FY28 end, with ₹10,000 crore capex commissioned by March-June 2027 and a 25% annual volume growth aspiration. July gas throughput recovered to 80-85% of normal. Main risk is continued geopolitical disruption in the Strait of Hormuz and execution of the lumpy $5 billion capex program through FY31. |
| ALICON Alicon Castalloy Ltd Castings, Forgings & Fastners ·Improving · Raised | Castings, Forgings & Fastners | Improving | Raised | Q1 FY27 total income ₹579 crore, +37% YoY, first quarter over ₹500 crore, but EBITDA margin fell to 9.5% (11.4% adjusted for aluminium) from Middle East-driven input cost inflation. Real driver was 17.5% volume growth (22% standalone) from PV/CV ramp-ups and higher-value machining, while Europe declined due to mature program ends. Management guides FY27 volume growth of 12-15% and at least 1% EBITDA margin improvement from customer price recoveries and cost actions, with Europe reversal from Q4 FY27. Key risks: price recovery timing in Q2/Q3, capacity utilization above 90% limiting growth until Shikrapur SOP in March 2027, and JLR EV ramp-up execution from January 2027. |
| ALKEM Alkem Laboratories Ltd Pharma - Formulators ·Improving · Raised | Pharma - Formulators | Improving | Raised | Alkem Q1 FY27 revenue rose 10.9% YoY to ₹3,740 crores, EBITDA margin expanded 370 bps to 20.5%, but net profit fell 21.7% due to a ~32% consolidated tax rate from loss-making overseas entities. India sales grew 10.3% (branded 12%, trade generics flat), while international grew 16% on non-US markets and rupee depreciation. Management maintained FY27 guidance: India ~12%, US mid-to-high single digit, gross margin 66.5-67%, with US CDMO breakeven targeted FY28. Main risk: Daman facility OAI covers 45% of US revenue; API price inflation will hit gross margins in later quarters, and US Denosumab approval was delayed. |
| AMBER Amber Enterprises India Ltd Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Q1 FY27 consolidated revenue was ₹3,888 crore, up 13% YoY, with operating EBITDA of ₹337 crore, up 28% YoY, and adjusted PAT of ₹126 crore, up 19% YoY, before a ₹123 crore exceptional loss from the Iljin fire. The electronics division was the real driver, revenue up 29% to ₹985 crore and EBITDA margin nearly doubling to 10.8%, while consumer durables grew 8% on a large base. Management guides FY27 electronics growth of 40%+, railway/defense revenue growth of 30-35% with 15-16% EBITDA margin, OPPO mobile trial production in Q4 FY27, and PCB margin normalization to 15-16% from Q3. Key risks are copper and CCL inflation with a two-quarter pass-through lag, the Iljin fire recovery execution, net debt rising to ₹1,225 crore from ₹510 crore in March, and fixed-price railway contracts with no commodity pass-through. |
| ANURAS Anupam Rasayan India Ltd Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Reported Q1 FY27 total income ₹667.5 cr (+36% YoY), EBITDA ₹174.9 cr (+35%, 26% margin), but PAT only ₹51.2 cr (+6%) because Jayhawk's depreciation. Growth driver was new product commercialization, Jayhawk's first full quarter (₹145 cr revenue, 19-20% EBITDA), ETFE flow chemistry (first global) and a US$300 mn Basfalt LOI. Management forecasts 20-25% organic revenue growth plus 10-15% from Jayhawk, consolidated EBITDA margin 22-24%, annual CapEx cut to ₹70-80 cr, and GVS close by mid-September 2026. Key risks: PAT accretion stays weak until depreciation normalizes, agro demand is seasonally tepid, and new products need 2-3 years to ramp. |
| ASHOKLEY Ashok Leyland Ltd Auto & Auto Ancl - CV ·Improving · Maintained | Auto & Auto Ancl - CV | Improving | Maintained | Ashok Leyland posted record Q1 FY27 revenue of Rs 9,634 crore (+10% YoY) and PAT of Rs 609 crore (+3% YoY), but EBITDA margin fell 100 bps to 10.1% on commodity costs. Volume gains drove results, with domestic MHCV up 15% YoY and LCV up 21%, though exports dropped 18% due to the GCC plant shutdown. Management guides high single-digit MHCV industry growth for FY27, Q2 stronger than Q1, and expects commodity pressure to peak in Q2 with relief from Q3. Key risks: Q2 margin compression from deferred inventory benefits, export recovery timing, and high-base H2 comparisons. |
| BCLIND BCL Industries Ltd Diversified ·Mixed · Maintained | Diversified | Mixed | Maintained | BCL Industries reported Q1 FY27 revenue of ₹623 crores, down from ₹820 crores YoY, but EBITDA rose 17% to ₹66 crores with margins at 10.5%, driven by the distillery segment's 12.4% margin and a 46% YoY jump in country liquor volumes to 6.37 lakh boxes. The real driver was vertical integration and ENA diversion, though ENA realizations fell to ₹58/litre from ₹70/litre YoY. Management expects 10-12% EBITDA margins, 100% capacity utilization through November 2026 via a Supreme Court order, and a Bathinda plant restart in ~15 days, while deferring all major capex pending ethanol policy clarity. Main risks are rising maize prices at ~₹25/kg and policy uncertainty that could slow ethanol offtake. |
| BRIGADE Brigade Enterprises Ltd Realty - National ·Improving · Maintained | Realty - National | Improving | Maintained | Brigade reported ₹1,179 crores consolidated revenue and ₹425 crores EBITDA (36% margin, up 800 bps YoY) in Q1 FY27, with PAT up 37% to ₹200 crores. The margin jump came from higher-margin real estate projects entering revenue recognition, lifting segment EBITDA margin to 21%, though residential pre-sales fell 5% to ₹1,061 crores due to no launches. Management maintained ₹9,000 crores FY27 pre-sales guidance, backed by 9.36 million sq ft launches weighted to H2, including Hyderabad Neopolis 2. Main risk is Morgan Heights: environmental clearance revoked, leaving ₹650 crores unsold inventory stuck pending legal resolution. |
| CEINSYS Ceinsys Tech Ltd Geospatial ·Improving · Maintained | Geospatial | Improving | Maintained | Q1 FY27 revenue was flat at ₹158 crore, but EBITDA jumped 27% to ₹39 crore with margins at 24.4%, driven by a shift to higher-margin geospatial enterprise solutions. Geospatial revenue rose 30% to ₹94 crore, while technology solutions fell 25% to ₹63 crore on execution phasing. Management expects two large L1 orders this quarter, ~₹100 crore Jal Jeevan Mission collections by Q3 FY27, and sustains 22-24% EBITDA margins. Main risk is weak cash conversion, with operating cash flow of only ~₹19 crore against ₹170 crore FY26 EBITDA. |
| CENTUM Centum Electronics Ltd EMS ·Improving · Maintained | EMS | Improving | Maintained | Q1 FY27 standalone revenue was ₹205 crore (+11% YoY), with standalone EBITDA margin at 11.2% and PAT ₹14 crore; consolidated PAT of ₹106 crore included a ₹94 crore one-time gain from deconsolidating overseas subsidiaries. The real driver was order inflow of ₹360 crore (+70% YoY), led by BTS segment growth of 150%, while BTS revenue stayed muted due to project phasing and semiconductor equipment revenue ramped from zero in FY25 to over ₹100 crore in FY26. Management guides ~25% revenue growth for FY27 and FY28, EBITDA margin above 13%, and semiconductor equipment reaching ₹25-30 million in 1-2 years. Main risks are lumpy BTS execution, customer concentration in one semiconductor OEM, and development program prototype outcomes (UHM, Virupaksha) due next year. |
| CHOLAHLDNG Cholamandalam Financial Holdings Ltd Finance - Holding Company ·Weakening · Maintained | Finance - Holding Company | Weakening | Maintained | Cholamandalam MS Q1FY27 GDPI grew 2.6% YoY to ₹1,860 crores vs industry +8.3%, combined ratio 120.4%, operating profit ₹71 crores. The driver was motor OD loss ratio ~86%, higher TP reserving and a ₹12.4 crore net fire loss. Management targets sub-80% motor OD via sourcing and claims fixes, expects commercial pricing discipline from June NATCAT industry losses of ₹3,000–4,000 crores net, and IFRS 17 from 1 April 2027 with impact next quarter. Main risk: adverse retrospective Supreme Court TP judgment, plus health rebuild execution and Gift City capacity prolonging softness. |
| DCW DCW Ltd Petrochem - Others ·Mixed · Cut | Petrochem - Others | Mixed | Cut | Q1 revenue was ₹542cr (+14% YoY) but EBITDA fell 28% YoY to ₹41.4cr as the West Asia VCM shortage and temporary import duty suspension turned basic chemicals EBITDA negative at ₹14cr. Specialty revenue grew 38% on 59% CPVC volume growth, yet segment EBITDA margin compressed to 29.1% from 33.6% YoY. Management cut steady-state FY27 EBITDA guidance to ~₹300cr from ₹400cr, expects basic chemicals break-even in Q2, and announced a ₹250cr capex for SIOP expansion and captive power. Main risks are VCM price shocks, Q2 CPVC-PVC spread lag squeezing specialty margins, and Chinese export pressure despite the ₹80/kg MIP floor. |
| DIACABS Diamond Power Infrastructure Ltd Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | Diamond Power Q1 FY27 revenue rose 129% YoY to ₹690 crore, EBITDA ₹85 crore at 12.3% margin, PAT ₹58.5 crore up 191%. Operating leverage drove margin despite gross pressure from a 20% aluminum swing, with monsoon hurting MV/EHV installations. Management guides FY27 revenue of ₹4,300-4,500 crore at 11-13% EBITDA margin on H2 mix shift and utilization ramp, and FY28 revenue of ₹7,500 crore. Key risk is execution: Adani concentration at ~40% of the ₹3,688 crore order book, with a board mandate to halve that by year-end, plus metal price pass-through lags. |
| DSSL Dynacons Systems & Solutions Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Dynacons reported Q1 FY27 revenue of ₹313 crores, down 4.6% YoY, with EBITDA at ₹40 crores (~13% margin) and PAT near ₹20 crores. The revenue dip was timing-related due to extended OEM lead times on AI components, while margin gains came from a better mix of infrastructure and managed services. Management expects deliveries to normalize progressively and growth to resume, backed by a ₹3,104 crore order book and a ₹6,650 crore pipeline, but gave no quantitative guidance. Risks include 30-50% component price inflation, ROCE dilution from the asset-heavy as-a-service build, and rising competition from distributors and integrated OEMs. |
| ELGIEQUIP Elgi Equipments Ltd Compressors ·Improving · Maintained | Compressors | Improving | Maintained | Q1 FY27 revenue grew 23% YoY (India +28%, North America +37%) and EBITDA +28%, but PAT was flat near ~₹97 crore on reorganization costs in Australia, Europe and US. Volume-led growth rode Demand Match technology and in-house motors, with 5-6% raw material inflation only partially recovered in the quarter. Management guides EBITDA margin from ~15-16% to 18% by FY31 via price corrections effective end-Q2 and cost cuts, plus a September 2026 Tier 4 launch against Chinese imports. Key risks are US tariff policy uncertainty, commodity inflation, and Australia/Southeast Asia turnaround execution. |
| ENDURANCE Endurance Technologies Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Q1 FY27 standalone revenue rose 35.9% YoY to ₹3,194.15 crores with EBITDA margin at 11.2%, inflated by ~₹318 crores of commodity pass-through while raw material costs hit 68.4% of revenue versus 64.8% last year. The margin squeeze came from paying commodity increases upfront before purchase order amendments took effect, despite India two-wheeler sales growth of 23.5% and EV sales up 87.4% to ₹129.7 crores. Management forecasts all raw material increases recovered in Q2, aluminium alloy softening of ₹12-17/kg as a gain, and India capex of ~₹800 crores for FY27. The main risks are European structural decline with Chinese OEM share rising and €3.1 million accelerated depreciation on ICE assets, plus execution risk from new plant ramp-ups at Bidkin, Shendra and Chennai. |
| ENGINERSIN Engineers India Ltd Infra - Engineering - General ·Mixed · Maintained | Infra - Engineering - General | Mixed | Maintained | Q1 FY27 standalone PAT rose 55% YoY to ₹109 crore on 6.5% lower turnover of ₹801 crore, with consolidated PAT up 141% to ₹157.94 crore. The driver was a higher consultancy mix: consultancy revenue grew 22% to ₹499 crore at a 24% segment margin, while turnkey revenue fell 33% to ₹302 crore at 7.5% margin. Management maintained FY27 guidance of ₹8,000 crore order inflow, ~10% turnover growth to ~₹4,200 crore, and 16% operating margin with change-order upside. The main risk is Middle East project award delays, as Aramco has yet to generate inquiries and slow large-ticket orders like BPCL Andhra could slip the inflow target. |
| FINOPB Fino Payments Bank Ltd Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | Q1 FY27 EBITDA fell to ₹43.1 crores from ₹56 crores in Q4 FY26 on a 10% YoY throughput decline, though network revenue margin hit a record 42.8%. The real driver was the paused B2B UPI P2M business and cash-to-UPI migration, offset by referral loan disbursements up 214% YoY to ₹628 crores and CASA revenue contribution at 54%. Management guides SFB readiness submission by end Q4 FY27, B2B relaunch possibly then, and reaffirms 20%+ ROE and 8-9% NIM post-transition. Main risk is the B2B UPI relaunch slipping and structural cash transaction decline, plus SFB transition execution and unclear BC business restructuring. |
| FRATELLI Fratelli Vineyards Ltd Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 revenue rose 22% YoY to ₹46 crores with ~₹1 crore EBITDA versus a ₹2.3 crore loss, driven by 8% wine growth and RTD more than doubling to ~50,000 Shotgun cases. Premium mix stayed at 71% of bottle revenue, Janoon grew 36%, and Shotgun added 6,000 plus touch points in 22 states. Management guides ~20%+ revenue growth, 5-6% EBITDA margin, net-net breakeven, and over 200,000 Shotgun cases or ~10% of top line for FY27. Risks: grape prices nearly doubled, competitive discounting in Maharashtra, ₹130 crores debt, and temporary Delhi and UP regulatory delays management calls procedural, not demand related. |
| UTLSOLAR Fujiyama Power Systems Ltd Electric Equipment - General ·Improving · Raised | Electric Equipment - General | Improving | Raised | Fujiyama Q1 FY27 revenue was ₹1,345.7 crores, up 125.3% YoY, with EBITDA margin at 18.9% and normalized PAT of ₹165.2 crores (12.3%), though reported PAT was hit by a ₹143.6 crore insured fire loss. Growth came from DCR panel capacity running at 80%+ utilization, a channel network of 10,100+, and PM Surya demand, with on-grid now majority of mix. Management raised FY27 revenue guidance to ~70% growth, expects EBITDA margins to sustain near 19%, and targets 15,000 channel partners by FY28. Main risks are PM Surya 2.0 policy delays, insurance settlement by end of FY27, and falling module prices pressuring non-DCR margins. |
| GALAXYSURF Galaxy Surfactants Ltd Speciality Chemicals ·Improving · Raised | Speciality Chemicals | Improving | Raised | Q1 FY27 EBITDA was ₹252.5 crores, up 87% YoY, with EBITDA per ton at ₹35,458 versus ₹20,009, helped by reformulation recovery, US tariff clarity, and mix gains. Underlying volume grew 5% YoY, India up 11% while AMET fell 4% on a seven-week West Asia supply disruption. Management raised FY27 EBITDA per ton guidance to ₹24,000-25,000 from ₹19,000-21,000, keeping 6-8% volume growth, and targets roughly ₹21,000-22,000 as a normalized quarterly run-rate. Main risk: a petrochemical price fall could reverse the favorable oleochemical-petrochemical reformulation dynamic and squeeze margins. |
| GAUDIUMIVF Gaudium IVF and Women Health Ltd Hospitals/Medical Services ·Improving · Maintained | Hospitals/Medical Services | Improving | Maintained | Q1 FY27 revenue was ₹19.4 crores, up 9.1% YoY, with EBITDA at ₹2.4 crores (12.5% margin) and PAT at ₹1.8 crores, down 42.3%. The margin compression came from front-loaded costs for new hubs, the AI tools Sid and Erica marketing push, and clinical hiring; excluding one-offs, EBITDA would have been ~₹5.35 crores at 27.6%. Management forecasts ~30% FY27 revenue growth and margins recovering to ~27-29%, driven by 10 new hubs at ₹2.5 crores capex each plus South Extension, Gurgaon and Nagpur ramping. The main risk is execution of the hub rollout timeline, and a failure to rebound in Q2/Q4 would signal structural slowdown rather than seasonality. |
| GEMAROMA Gem Aromatics Ltd Chemicals - Speciality ·Improving · Maintained | Chemicals - Speciality | Improving | Maintained | Q1 FY27 consolidated revenue was ₹99 crores, up 12.5% YoY, but consolidated PAT was a ₹7.9 crore loss from ₹9.1 crore depreciation at Dahed and Madagascar clove disruption. The driver is Dahed commercialization: cooling agents are approved by the two largest global consumers, safranal starts end-Q2, phenol derivatives meaningful in Q4, all guided as margin-accretive. Management calls FY27 a ramp-up year, expects Crystal to exceed 50% of revenue in FY28, and gave no interim guidance. Main risks are customer approval delays, shipping-related revenue recognition, and clove supply normalization. |
| HGINFRA HG Infra Engineering Ltd Infra - Construction & Contracting ·Mixed · Maintained | Infra - Construction & Contracting | Mixed | Maintained | Q1 FY27 standalone revenue fell to ₹907 crore from ₹1,700 crore a year ago, with PAT at ₹28 crore, as land clearances, delayed appointed dates and bitumen shortages stalled execution. The real driver was fixed cost drag: employee costs hit 10.3% of revenue, compressing EBITDA margin to 8.49%. Management guides FY27 revenue of ₹6,000-6,500 crore and EBITDA margin of 13.5-14%, relying on Q3-Q4 ramp-up to ~₹2,000 crore per quarter and ~₹800 crore HAM monetization proceeds. Main risk: about ₹6,000 crore of order book remains non-executable until October 2026 appointed dates, and the CBI investigation overhang persists. |
| HMAAGRO HMA Agro Industries Ltd FMCG - Animal/Polutry ·Improving · Maintained | FMCG - Animal/Polutry | Improving | Maintained | Q1 FY27 consolidated revenue rose 88% YoY to ₹2,110.32 crore, with EBITDA at ₹81.05 crore (3.8% margin) and PAT at ₹50.51 crore (2.39%). Frozen buffalo meat exports drove ~88-90% of growth, aided by other income from forex gains, duty drawback, and FD interest. Management forecasts sustained momentum and margin improvement via operating leverage, with pet food still in initial R&D. Key risk is export and forex dependence with no hedging quantified, plus value-added products showing weak market response. |
| INDIAGLYCO India Glycols Ltd Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | India Glycols Q1 FY27 net revenue ₹1,130 crore, up 9% YoY, record EBITDA ₹170 crore (15% margin) and PAT up 32%, driven by spirits margins at 22.9% and IMFL volumes up 55% to 1.4 million cases. The real driver is premiumization, with prestige-and-above cases nearly doubled YoY, plus ₹25 crore lower finance costs and Clarion dividends absent from Q1. Management guides spirits and biofuels EBITDA above ₹500 crore for FY27, with IMFL volumes doubling, while chemicals and biopharma targets are explicitly aspirational, not projections. Main risk: Middle East export collapse, freight spikes, and volatile raw material prices, especially propylene oxide and thyrotoxicoside inputs, threaten specialty chemicals and biopharma delivery. |
| INDIGOPNTS Indigo Paints Ltd Building Materials - Paints ·Improving · Maintained | Building Materials - Paints | Improving | Maintained | Indigo Paints Q1 FY27 standalone revenue was ₹350 crore, up 18.7% YoY, with EBITDA margin at 17.7% and PAT at ₹42.4 crore, up 60.7%. The beat came from operating leverage, tighter discretionary spend, and dealer micro-segmentation under the new CBO, not pricing. Management called the growth not aggressive enough, and guides to higher trade and influencer spend in Q2, Jodhpur plant commissioning before festive season, and no significant capex for three years. Risks: raw material volatility after March's Iran-related price spike, Q2 seasonal margin pressure, and Apple Chemie margin normalization only by Q3 FY27. |
| IGL Indraprastha Gas Ltd Gas Distribution ·Improving · Maintained | Gas Distribution | Improving | Maintained | Q1 FY27 revenue was ₹5,028 crores (+16% YoY) with gas sales of 9.66 mmscmd (+6%), but EBITDA fell to ₹296 crores and PAT ₹186 crores as gas costs hit ₹40-45/scm. The driver was 52% imported gas with spot at $17-22/MMBtu from West Asia disruption, while CNG ex-DTC grew 11% on 27,300 monthly vehicle conversions and new GAs contributed half of incremental volumes. Management retains long-term EBITDA guidance of ₹7/scm but declined quarterly margins, guided FY27 capex of ₹1,800-2,000 crores, and expects double-digit CNG growth with Delhi EV policy impact under 1% in FY27 and 2-3% by 2030. Main risks are the ~1 mmscmd long-term supply shortfall, volatile spot prices, and unstable APM allocation. |
| IPCALAB Ipca Laboratories Ltd Pharma - Formulators ·Improving · Raised | Pharma - Formulators | Improving | Raised | Q1 FY27 consolidated revenue rose 21% YoY to ₹2,788 crore with EBITDA margin up 449 bps to 22.88%, helped by personal and manufacturing cost ratio cuts, not material savings. The real driver was UK/Europe generics up 70% to ₹137 crore, plus India chronic growth 17.2% and API up 30%; institutional growth included a ₹40 crore March-to-April shipment shift. Management raised FY27 revenue guidance to 14-16% and EBITDA margin to ~23%, with biosimilar revenue only from FY29-30 and ₹700-800 crore capex planned. Main risks are freight costs up to 3x on some routes, rupee depreciation raising dollar-denominated costs, and Unichem US margin pressure; FY28 guidance is deferred to Q4 FY27. |
| JAIBALAJI Jai Balaji Industries Ltd DI Pipes/Saw Pipes ·Improving · Maintained | DI Pipes/Saw Pipes | Improving | Maintained | Q1 FY27 revenue rose 24% YoY to ₹1,683 crores, EBITDA up 46% to ₹154 crores (9% margin), driven by ferroalloy prices (+46% YoY) and 42% value-added product mix, while DI pipes ran at ~30% utilization. Management expects post-monsoon DI pipe recovery from Q3 FY27 with Jal Jeevan Mission fund releases, targeting 50-60% utilization, and full-capacity turnover of ₹7,000-7,500 crores by end CY 2026. Ferroalloy margins guided at 15-20% with 80-90% utilization after Q3 FY27 commissioning. Main risk: slow government ordering and industry DI pipe utilization at 25-35% keeps pricing pressure, with no firm EBITDA guidance until next quarter. |
| JSWCEMENT JSW Cement Ltd Cement ·Improving · Maintained | Cement | Improving | Maintained | JSW Cement reported Q1 FY27 consolidated revenue of ₹1,896 crores (+22% YoY) on volumes of 3.81 Mn tonnes (+15% YoY), but operating EBITDA fell 7.5% YoY to ₹299 crores (₹784/tonne). The drop came from a 21% QoQ fuel cost jump to ₹1.80/Mcal and ₹33 crores of north marketing spend, while GGBS growth slowed to 2.6% YoY on south aggregate issues and west RMC closures. Management guides north EBITDA breakeven in Q2 FY27, overall volume growth in high teens, GGBS trimmed to high single digits from mid-teens, fuel cost decline from Q3, and FY27 capex of ₹2,300 crores. Key risks are West Asia fuel price volatility, the pending ₹650 crore north capital subsidy certificate, and net debt/EBITDA at 2.95x against the sub-3x board limit. |
| KSCL Kaveri Seed Company Ltd Miscellaneous ·Mixed · Maintained | Miscellaneous | Mixed | Maintained | Q1 FY27 revenue fell 14% YoY to ₹815 crore, with net profit at ₹271.3 crore, hit by El Nino and the shortest sowing window in years. Margins held at 35% EBITDA because production costs dropped 4-5%, while realizations fell only 2-3%. Management forecasts a ₹40-60 crore Karnataka maize recovery in Q2-Q3, but full-year revenue gap will not close and FY27 margins will fall below Q1's 35%. Main risk is illegal cotton seed uptake in Gujarat and Maharashtra, plus ₹200 crore excess inventory requiring production cuts next year. |
| KNRCON KNR Constructions Ltd Infra - Construction & Contracting ·Mixed · Maintained | Infra - Construction & Contracting | Mixed | Maintained | Q1 FY27 consolidated revenue was ₹587.9 crore with EBITDA margin 16.4%, but that included a ₹46 crore net one-off from SPV sales; recurring EBITDA margin was about 5.5%. The operating driver is a shift toward mining (now 45% of the ₹15,234 crore order book after the Kusumunda win) and HAM annuity revenue (70% of Q1 revenue), while ₹1,300 crore of Telangana irrigation receivables remain stuck. Management guides FY27 revenue of ₹2,200-2,300 crore at 8-9% EBITDA margin (11-12% in H2) and FY28 revenue above ₹3,000 crore at 11-12%, targeting ₹8,000-10,000 crore order inflows. The main risk is delayed recovery of the irrigation receivables and ₹350-400 crore mining capex, with working capital days up from 78 to 133. |
| KRSNAA Krsnaa Diagnostics Ltd Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 revenue was ₹2,355 million, up 22% YoY, but EBITDA margin fell to 25% from 27% and PAT margin was 7%, as Rajasthan PPP ramp-up absorbed ~4,000 manpower costs ahead of revenue. The driver is Rajasthan's first full quarter at ₹26 crores, expected to double in Q2, plus retail up 64% to ₹193 million, with like-to-like growth ~12%. Management guides Rajasthan FY27 revenue of ₹100-150 crores conservative, retail EBITDA positive by Q2 and 10-15% of revenue by year-end, and consolidated margins back to double digits. Main risk: government receivables from Himachal, Karnataka and Maharashtra remain delayed, with Karnataka recovery expected only by Q2. |
| KUANTUM Kuantum Papers Ltd Paper ·Improving · Maintained | Paper | Improving | Maintained | Q1 FY27 operational income rose 36% YoY to ₹304 crore on 42,922 MT volume, but EBITDA margin fell to 13.20% and PAT was ₹6 crore. The driver was a ₹4,200/tonne cost surge, half from West Asia conflict inputs and half from wheat straw inflation, with only ₹3,400 passed through. Management guides 16-18% EBITDA margin by Q3 FY27 after PM3 commissioning, ₹1,300+ crore FY27 revenue, and debt reduction from ₹760-770 crore peak to under ₹300 crore in three years. Main risk is margin shortfall if input costs stay elevated, delaying deleveraging. |
| KUSUMGAR Kusumgar Ltd Textiles - Manmade - PFY/PSF ·Improving · Maintained | Textiles - Manmade - PFY/PSF | Improving | Maintained | Q1 FY27 revenue was ₹247.2 cr, up 102% YoY, with EBITDA margin at 31% (up 900 bps YoY) and PAT of ₹42.6 cr. The driver was parachute contract execution spilling over from Q4, which was inflated by tariff-driven export push and expedited shipments, and Q1 is seasonally the weakest quarter. Management expects FY27 to be a steady good year with EBITDA margins similar to FY25/FY26 around 27%, but gives no formal guidance due to approval timing (90% of business tied to product approvals), tender unpredictability, and geopolitical volatility. Key risks are US tariff recurrence despite mitigation arrangements, licensing-dependent parachute revenue, and low capacity utilization at 55-60% post-capex. |
| LGEINDIA LG Electronics India Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | LG India Q1 FY27 revenue grew 15.5% YoY to ₹7,233 crore, EBITDA up 26.2% to ₹944 crore with margin at 12.5%, and net profit up 27.2% to ₹653 crore. The beat came from premium TV mix, with 55-inch+ now about half of TV sales and 19% segment EBIT margin, plus 30% export growth to 65 countries. Management guides sustained double-digit FY27 growth, Sri City compressor output from Q3 and RAC from Q4, and a 65% localization target in 3-4 years. Main risks are commodity inflation, rupee depreciation, Sri City ramp-up costs, and aggressive pricing from competitors hurt by compressor import restrictions. |
| MAANALU Maan Aluminium Ltd Aluminium Products ·Mixed · Maintained | Aluminium Products | Mixed | Maintained | Maan Aluminium reported Q1 FY27 revenue of ₹232 crore (+10% YoY), EBITDA of ₹7 crore (+40% QoQ), PAT of ₹3 crore, and ~3% margin. The driver was cost discipline and conversion fee hikes recovering only 50% of gas inflation, while manufacturing export share fell to 40% from 60-70% due to export duties. Management guides flattish FY27 volumes, Devas precision tubing plant online before mid-FY28, Italian press at 25% ramp-up, and ₹100 crore CapEx funded internally. Main risks are 5-10x higher freight rates from Middle East tensions, sluggish export demand, and possible commissioning delays. |
| MANORAMA Manorama Industries Ltd FMCG - Chocolate ·Improving · Maintained | FMCG - Chocolate | Improving | Maintained | Manorama Industries reported Q1 FY27 revenue of ₹404 crore (+39.5% YoY), EBITDA margin at 26.3%, and PAT margin at 19.5%, crossing ₹4,000 million quarterly revenue for the first time. Growth was about 85% volume-led, driven by value-added mix and expanded fractionating capacity, with exports at 60% of revenue. Management guides to 80-85% capacity utilization on ~52,000 tons for FY27, debottlenecking +4,500 tons in Q3 FY27, and greenfield commissioning around Q3 FY28, funded by ₹500 crore QIP and ₹460 crore capex. Main risks: supplier quality recovery, Nigeria sheanut export ban (deemed immaterial), and subsidiary drag from African procurement vehicles and Brazil build-out. |
| MAXHEALTH Max Healthcare Institute Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Q1 FY27 network revenue was ₹2,982 cr (+16% YoY) with EBITDA of ₹704 cr (+15%), but margins compressed to 24.8% from pre-operating costs of new brownfield beds and the Kalinga acquisition. Oncology share dropped to 22% from 26% due to CGHS drug discontinuation, which also pushed institutional mix down, a decline management calls deliberate. Management guides oncology normalization by Q4 FY27, ~2,900 beds through FY30, medical college entry at ₹300 cr per 150 seats, and a 50-80% Kalinga occupancy/RPOB improvement over 12 months. Key risks are minority litigation over 39% Kalinga shares, insurance renewals due September-October, and free cash flow at 56% conversion with DSOs at 95 days from CGHS portal delays. |
| MSTCLTD MSTC Ltd E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | MSTC reported record Q1 FY27 revenue of ₹94.25 crore, up 22% YoY, with PAT at ₹58.12 crore, up 31%, and EBITDA margin at 69.05% of total income. Growth came from highest-ever Q1 e-commerce revenue of ₹89.49 crore, driven by mineral block sales and scrap auctions after exiting the legacy trading segment. Management guides for sustained double-digit revenue growth on average, with EBITDA margin around 60% plus, and awaits RBI approval for TRADS and government notification for the EPR platform to launch in FY27. Risks remain regulatory delays, scrap cyclicality at 50-55% of revenue, and coal exchange competition from IEX. |
| NATCOPHARM Natco Pharma Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Natco Pharma reported Q1 FY27 consolidated revenue of ₹794.4 crores, down ~43% YoY as Revlimid turned negligible, but PAT rose 24% QoQ to ₹206.5 crores on a 30.9% EBITDA margin. The driver was Adcock Ingram's ₹84.3 crore profit share, boosted by a flu season versus a ₹35-40 crore quarterly normal, with the stake now raised to 49%; Brazil grew 180% YoY to ₹178 crores. Management guides FY27 gross sales of ₹3,300-3,400 crores, ~25% domestic growth, Crop Health breakeven, ~₹750 crores Adcock contribution, and a ₹2,000 crore fundraise for two M&A targets. Key risk: 35-40% of earnings depend on Adcock's unsustainable flu-season bump, with equity dilution and semaglutide price competition pending. |
| NAVA Nava Ltd Diversified ·Improving · Maintained | Diversified | Improving | Maintained | Nava's Q1 FY27 consolidated income hit a record ₹1,269 crores, driven by MEL's 89.3% plant load factor, lower coal costs, and Nava Global dividends. But the real driver was Zambia energy, whose sustainable EBITDA margin fell to 45 50% on lower credit loss reversals. Management guides the 300 MW Phase 2 fully commissioned by Q2 FY27-28 at ~15% ROE, with a 100 MW solar project starting shortly. Main risk is Zambian kwacha volatility, which cut deferred tax expense to ₹40 crores from ₹163 crores and could reverse. |
| PWL Physicswallah Ltd Platform - Education ·Improving · Maintained | Platform - Education | Improving | Maintained | Reported revenue was ₹1,054 crores, +24% YoY, with pre-IndAS EBITDA loss narrowing to ₹44 crores (-4% margin) from ₹88 crores, and EBITDA positive at ₹52 crores. The NEET exam delay lowered offline growth to 14% versus 20-25% like-to-like, while online early learning/K12 rose 88% to ₹105 crores with enrollments up 41% to 0.78 million. Management maintained FY27 guidance of ~30% revenue growth and ~100% EBITDA improvement, targeting offline near profitability and 13-15% steady-state margins. Main risks are Q2 NEET normalization, government exam notification cyclicality cutting ~800K Utkarsh enrollments, and loss-making NEET PG, Skills, Curious Junior, and Vernacular categories staying margin dilutive. |
| PRAJIND Praj Industries Ltd Capital Goods - Engineering Heavy ·Improving · Maintained | Capital Goods - Engineering Heavy | Improving | Maintained | Q1 FY27 consolidated revenue was ₹7.16 billion (+12% YoY) with PAT at ₹116.1 million (+117% YoY) on better execution, though margins stayed subdued. The real driver was mix: export revenue fell YoY to 25% of sales due to timing, while ₹10 billion order intake was 43% international, including a $50 million data center supply deal for GenX. Management guides GenX to EBITDA breakeven by FY27-end, export revenue conversion from Q3, and structural margin gains from services and international mix, with Bio-IBA demo plant by December 2026. Main risks: domestic 1G ethanol demand is policy-gated with extended execution cycles and client funding issues, plus steel cost inflation and execution quality in new verticals. |
| PREMEXPLN Premier Explosives Ltd Industrial Explosives ·Mixed · Maintained | Industrial Explosives | Mixed | Maintained | Premier Explosives reported Q1 FY27 revenue of ₹102.6 crores, down 28% YoY, and EBIT of ₹4.8 crores, down 80%, due to export license delays, maritime shipping issues, and elevated raw material costs. The real driver was dispatch backlog from licenses now received, with Q2 export target of ₹150-200 crores and a ₹1,393 crore order book, 94% defence. Management maintains FY27 revenue guidance of ~₹600 crores and 15-20% EBITDA margin, with Kattapalli water trials in September and flare orders to complete by FY27 end. Main risks: the ₹350 crore international order still needs a license with Q4 dispatches, DRDO raw material clearance takes ~6 months, and bulk explosives margins remain thin or negative. |
| RICOAUTO Rico Auto Industries Ltd Auto Ancillaries - Spare Parts Accessories ·Improving · Raised | Auto Ancillaries - Spare Parts Accessories | Improving | Raised | Rico Auto posted record Q1 FY27 revenue of ₹755 cr, up 39% YoY, but EBITDA margin fell to 4.6% with a ₹2.4 cr PAT loss. The driver was 55 new single-source programs with Toyota, BMW and Ford, offset by ~₹13 cr air freight from ocean lead times stretching 5 to 9-10 weeks and ~₹10 cr aluminium lag from metal up 57% YoY to ₹349/kg. Management raised FY27 revenue guidance to ~₹3,250 cr with quarterly trajectory ₹840/₹850/₹900 cr, targeting near 10% EBITDA by Q3 once air freight ceases and one OEM reimburses ~50%. Main risks: aluminium price volatility, slow overseas customer settlements, conflict-driven freight escalation, plus a Haryana ~40% labor cost hike pending recovery claims. |
| ROHLTD Royal Orchid Hotels Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Revenue rose 36% YoY to ₹107 crore and EBITDA 39% to ₹33 crore (30.7% margin), but reported PAT fell to ₹6.4 crore from ₹10.9 crore on Ind AS impacts, depreciation, finance costs, a ₹2.5 crore GST input credit loss, and Iconica ramp-up. The driver was JLo owned and leased hotels (80% of revenue, ADR up 14% to ₹6,233), while 5 new hotels with 237 keys were asset-light and contributed negligible fees. Management targets Iconica break-even at ₹85 crore annualized and ₹100 crore revenue with 60 to 65% flow-through, plus ROCE of 20% within a year, but gives no profit timing. Main risks: war-driven inbound traffic collapse via Middle East carriers, Iconica competition from roughly 1,000 new nearby keys, and unresolved GST input credit loss. |
| RUBICON Rubicon Research Ltd Pharma - Formulators ·Improving · Raised | Pharma - Formulators | Improving | Raised | Q1 FY27 revenue rose 52% YoY to ₹534 crores, EBITDA margin at 24.2%, and PAT up 96% to ₹85 crores including a one-off insurance claim. The driver was exiting lower-margin US contracts and shifting mix toward specialty products with 0-1 competitors, lifting gross margin 140 bps QoQ to 67.7% despite input cost and freight inflation. Management raised FY27 EBITDA margin guidance to 23% from 22-23%, with Pitampur commercial from Q1 CY2027 and New Jersey facility from CY2027. Main risks are ~97% US export tariff exposure, continued freight and input cost pressure, and GST refund delays cutting Q1 operating cash flow to ₹28.5 crores. |
| SAATVIKGL Saatvik Green Energy Ltd Electric Equipment - General ·Mixed · Maintained | Electric Equipment - General | Mixed | Maintained | Saatvik's Q1 FY27 revenue fell 44% YoY to ₹511 crore and PAT collapsed 95% to ₹5.4 crore on 408 MW production, as management prioritized margin over volume. The real driver was customer deferrals on ALM1→ALM2 transition plus Iran-war commodity, freight and FX inflation, but EBITDA margin improved to 8.33% from 7.25% in Q4 FY26. Management reaffirmed FY27 guidance of 3.5-4 GW sales, ~₹6,000 crore revenue and ~12% EBITDA margin, with cell ramp in Odisha (ALM2 inspection September, 80% utilization by Q4 FY27) expected to lift EBITDA to high double digits. Main risks: geopolitical/cell-polysilicon price spikes, peak net debt of ₹2,200-2,400 crore, and any renewed ALM2 delay compressing module demand. |
| SEAMECLTD SEAMEC Ltd Shipping ·Improving · Maintained | Shipping | Improving | Maintained | SEAMEC's Q1 FY27 consolidated revenue rose 41% YoY to ₹297 cr, EBITDA margin was 42%, and PAT grew only 7% to ₹81 cr because Paladin sat idle in Dubai after Middle East conflict. Higher fleet deployment across domestic and Middle East contracts drove revenue, while Paladin's costs without revenue capped profit growth. Management guides 15-20% revenue CAGR over 3-5 years, sustainable 40-42% EBITDA margins, and a $70 million vessel acquisition closing by end August. Key risks are monsoon-season EPC idling, the 4% related-party royalty, and geopolitical disruption to vessel movement. |
| SHANTIGOLD Shanti Gold International Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 144.7% YoY to ₹716.38 crore with PAT at ₹50.48 crore, but the 9.97% EBITDA margin included a 2-2.5% one-time inventory gain from an accounting change, masking the real driver: 61-62% volume growth from the new Marol facility. Management guides FY27 value growth of 50-60% to ₹3,500 crore, volume growth of 30-40%, sustainable EBITDA margin of 7.5-8%, and a ₹100 crore rights issue to fund working capital. Main risks are structural negative operating cash flows from the ready-stock model, gold price volatility, and export expansion pending RBI approval for the Dubai office. The Jaipur facility, with ₹47 crore CapEx, is expected operational by December 2026. |
| SHILCTECH Shilchar Technologies Ltd Capital Goods - Transformers ·Mixed · Maintained | Capital Goods - Transformers | Mixed | Maintained | Q1 FY27 revenue was ₹134.60 cr, EBITDA ₹29.23 cr (margin ~21.7%), PAT ₹20.86 cr, with ~₹30-35 cr of revenue deferred due to West Asia crisis-driven shipping costs up 3-5x and capacity utilization at 60-65%. No order cancellations, but export liftings were bare-minimum, and raw material pass-through on older orders was only 50-60%, dragging margins as domestic mix carries ~10% lower EBITDA. Management maintains FY27 revenue guidance of ~₹800 cr, targets near-100% utilization of 7,500 MVA, expects Q2 notably better, and says ~30% EBITDA margin is achievable only if exports normalize. Main risk is persistence of the West Asia crisis, which would keep export dispatches suppressed and shift mix to lower-margin domestic business, while 220 kV ramp-up starts at lower margins post April 2027 commissioning. |
| STANLEY Stanley Lifestyles Ltd Miscellaneous ·Mixed · Maintained | Miscellaneous | Mixed | Maintained | Q1 FY27 revenue fell 16.3% YoY to ₹9,093.5 lakhs, but EBITDA margin was 17.3% and gross margin held at 56-60% pre-IND-AS. The decline came from Middle East freight disruption halting B2B shipments and delayed residential handovers hurting retail conversions, with order book up to ₹68 crores. Management guides 15-20% same store sales growth for matured stores as it folds three brands into two and opens Stanley Superlative Living stores, starting with Hyderabad. Main risks are unresolved logistics, 12-18 month handover delays for 80-85% of customers, and an ongoing fraud investigation into the former Company Secretary. |
| SUDARSCHEM Sudarshan Chemical Industries Ltd Dyes & Pigments ·Improving · Maintained | Dyes & Pigments | Improving | Maintained | Sudarshan's Q1 FY27 revenue was ₹2,642 cr, business EBITDA ₹247 cr (+60% YoY), net debt down to ₹531 cr from ₹922 cr peak. The driver was acquired group EBITDA nearly doubling to ₹128 cr on value capture and cost cuts, with legacy growth at 12-13% and acquired revenue only +5% due to geopolitical disruption. Management kept acquired group FY27 guidance at $700M revenue and $35M EBITDA, and expects gross margins to stay above 50%. Main risks: geopolitical demand delays plus raw material price reversals could erase pass-through pricing, and the employee restructuring charge remains unquantified until Q2 end. |
| SUPRIYA Supriya Lifescience Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 revenue was ₹190 crores (+31% YoY), EBITDA ₹47 crores (25% margin, -8.1%), PAT ₹24 crores (-31.4%). Higher costs from a first-time water shortage, a solar policy change, and solvents caused a ~₹10.5 crore one-off hit and deferred ~₹35 crores of sales. Management guides FY27 revenue to ~₹1,000 crores and 33-35% EBITDA margin excluding one-offs, with deferred sales recovered and costs passed on, plus an EU audit in November and contrast media in H2 FY27. Key risks are the subjudice customs matter (employee in custody, no provision), regulatory delays, and a possible US tariff, though North America is only ~3% of revenue. |
| TIL TIL Ltd Capital Goods - EPC/Cranes ·Improving · Maintained | Capital Goods - EPC/Cranes | Improving | Maintained | Consolidated revenue rose 86% YoY to ₹117.1 crore in Q1 FY27, with EBITDA margin 6.2% versus 1.5% a year ago, driven by standalone growth and partial Tulip consolidation. Operating driver was execution of existing orders, nine REACH stackers shipped restoring market share to 38-40%, and Tulip's ₹328 crore clean-energy order book. Management guides FY27 revenue to jump significantly, long-term 3x revenue in 5-7 years and 15-16% standalone EBITDA margin, needing only ₹5-10 crore capex given 30-35% plant utilization. Main risks are volatile quarterly margins for 6-8 quarters, receivables from defense deliveries, and slow defense component-localization approvals. |