| GODREJPROP Godrej Properties Ltd Realty - National ·Mixed · Maintained | Realty - National | Mixed | Maintained | Godrej Properties reported Q1 FY27 bookings of ₹8,651 crore (+22% YoY), but PAT fell 42% to ₹350 crore on only one project completion. The real driver was new launches, especially Bengaluru's Varamsra (₹3,237 crore) and Noida land acquisition, with construction spend pushing operating cash flow down 58% to ₹399 crore. Management guides FY27 bookings of ₹39,000 crore, collections of ₹24,000 crore, OCF near ₹9,000 crore, and targets 20% ROE plus FCF positivity in FY28 on a ₹40,000 crore revenue pipeline. Main risk is NCR delivery concentration under NGT construction bans and cost inflation, though steel is down 12% from February. |
| GPTHEALTH GPT Healthcare Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | GPT Healthcare Q1 FY27 revenue was ₹126.2 crores (+18.2% YoY), PAT ₹12.7 crores (+66%), with EBITDA margin 20.4%, driven by mature hospital occupancy at 58.07% and ARPOB ₹42,350 from a high-acuity case mix, not tariff hikes. Raipur losses of ₹3 crores persist but are expected to taper as occupancy targets ~30% by FY27 exit. Management guides FY27 EBITDA margin to ~21% (₹110-115 crores), with Jamshedpur commissioning in late Q4 FY27 and breakeven in ~20-24 months. Key risk is new-hospital ramp-up and approval delays, plus Agartala's election-related occupancy dip, though July recovered to 51% with record revenue. |
| GULFOILLUB Gulf Oil Lubricants India Ltd Lubricants ·Improving · Maintained | Lubricants | Improving | Maintained | Gulf Oil reported Q1 FY27 revenue of ₹1,320 crores, up 33% YoY, and EBITDA of ₹170 crores, up 35%, with volumes up 17% versus industry growth of ~3-4%. The real driver was supply-security conversions during the West Asia crisis, which pulled anticipatory stocking from OEMs and channel partners. Management guides to 2x-3x industry volume growth, 12-14% EBITDA margin medium-term, and +70% capacity at Silvassa/Chennai by Q4 FY27. Main risk is sustained Hormuz disruption pressuring base oil costs and demand elasticity from unprecedented B2C price hikes, with partial rollbacks likely if crude softens. |
| IMFA Indian Metals & Ferro Alloys Ltd Mining/Minerals ·Improving · Cut | Mining/Minerals | Improving | Cut | Q1 FY27 was a record: ~80,000 tonnes ferrochrome produced (vs 65,000 average), blended price ~₹1.20 lakh/tonne, EBITDA cost ~₹86,000/tonne. The KNR2 acquisition and captive chrome ore, amid firm global ferrochrome prices, drove the quarter. Management trimmed FY27 production guidance to ~380,000 tonnes from 400,000 due to 6-7 MW transformer load restrictions at KNR2 and pending gas cleaning plant work, targeting a Q4 FY27 monthly run rate of 120,000-125,000 tonnes and FY28 output of 475,000-500,000 tonnes. Key risks are South African restarts under Eskom's 62c/kWh tariff pressuring global prices and KNR2 transformer replacements only due in Q2/Q3. |
| INOXINDIA Inox India Ltd Industrial Gas ·Mixed · Maintained | Industrial Gas | Mixed | Maintained | INOX India Q1 FY27 revenue was ₹382 crore, up 8.3% YoY but missing the 18-20% guidance because ₹32-35 crore of ready dispatches were deferred as container freight to Europe collapsed to $800-900. EBITDA of ₹90 crore (23.5% margin) stayed within the 21-24% band, while record order inflow of ₹532 crore lifted the order book to ₹1,686 crore, driven by aerospace and LNG wins. Management maintained FY27 revenue growth of 18-20% and EBITDA margin guidance, flagged a possible upward revision to order intake guidance, and targets keg utilization at 50-60% by end-FY27. Main risks are freight-driven dispatch friction, delays in LNG and cryo-scientific awards, uncertain keg ramp, and a US market non-compete blocking entry until 2028. |
| JAINREC Jain Resource Recycling Ltd Recycling ·Improving · Maintained | Recycling | Improving | Maintained | Revenue grew 76% YoY to ₹2,724 crores but EBITDA margin fell to 4.0% from 5.8%, with copper at 67% of revenue and copper EBITDA per ton down to ~₹31,000 from ~₹36,000. The driver is value-added copper ramp-up plus one-off raw material crisis costs, not a structural margin decline, per management. Management forecasts value-added copper to add ~₹25,000-30,000 per ton and ~2% margin once stabilized, with cathode commissioning in Q2 FY27 and wire rod, busbar, antimony in Q3. Main risk is West Asia supply disruption with ₹20-30 crores of insured material stuck, plus execution across five simultaneous projects. |
| JSL Jindal Stainless Ltd Stainless Steel ·Improving · Maintained | Stainless Steel | Improving | Maintained | Q1 FY27 revenue grew 10.5% YoY, EBITDA 1.4%, PAT 7.7%, but finished goods volumes fell 7.3% due to industrial gas shortages and Middle East logistics disruptions. Production is back to pre-war levels with pipe natural gas diversification, though power/fuel costs remain above pre-war despite being down 40-50% from peak. Management maintained H1 FY27 EBITDA per ton guidance of ₹18,000-20,000 and FY27 volume growth of 8-10%, with revision at Q2 if needed. Main risks are incomplete gas cost pass-through, volatile prices, the September 9 anti-dumping hearing, and possible QCO extension beyond March 2027. |
| KALPATARU Kalpataru Ltd Construction - Housing ·Mixed · Maintained | Construction - Housing | Mixed | Maintained | Kalpataru reported Q1 FY27 pre-sales of ₹1,329 crores (+6% YoY), collections ₹1,365 crores (+17% YoY), and a net loss of ₹29 crores due to completion-based revenue recognition, with 20% adjusted EBITDA margin. The real driver was Parkcity Thane pre-sales surging 350% YoY on a low base, while volumes rose 48% with no discounting and collections came mostly from older sold units. Management guided FY27 pre-sales of ₹6,500 crores (+23% YoY), net debt near FY26 levels despite a 2x net debt-to-equity now, and 5.5 msf completions in H2 FY27 to recognize profits. Key risks are execution delays on those completions, possible quarterly debt increases from project investments, and Middle East geopolitical shocks hitting pricing or sentiment. |
| KALYANKJIL Kalyan Jewellers India Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 consolidated revenue ex-bullion was ₹10,008 cr (+38% YoY), EBITDA ₹633 cr (+25%), PAT ₹349 cr (+32%), but PBT margin slipped to ~5.1% from 5.5-5.6%. The Shine with India campaign lifted recycled gold share to 46% (55%+ in June), yet exchange purchases and an employee cost increase diluted margins by ~0.4-0.5%, partly offset by accretive cash-for-gold. Management guides full-year PBT margins at FY26 levels, expects ~₹60 cr customs duty benefit in Q2, keeps 84 Kalyan and ~50 Candere store targets, and plans non-GML debt repayment by September 2026. Key risk is gold price volatility (15-20% correction) pausing discretionary demand, while exchange dilution persists, though July demand was strong and cash-for-gold is gaining traction. |
| KEI KEI Industries Ltd Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | KEI reported Q1 FY27 net sales of ₹3,185 crore (+23% YoY), EBITDA margin 13.04%, PAT ₹274 crore (+40%), driven by EHV cable growth of 47%, retail share rising to 59% of sales, and operating leverage. Exports fell 9.1% to ₹341 crore on Middle East conflict halting shipments and US customs duties; management expects full recovery. Management guides FY27 revenue growth above 25% (public guidance 20%+), operating margin 11-12%, export share 17-18%, Sanand contribution ₹1,500-2,000 crore, and annual capex of ₹600-700 crore. Key risks: greenfield ramp-up slippage (Sanand guidance corrected from ₹3,000 crore), geopolitical disruptions, and deliberately restrained growth versus the industry's 30-35% pace to preserve capital discipline. |
| RUSTOMJEE Keystone Realtors Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 pre-sales were ₹617 crore with no new launches, revenue ₹470 crore (+72% YoY) and EBITDA margin 21.3%, driven by POCM recognition and legacy project wind-down. Operating cash flow was soft at ₹68 crore, but management reaffirmed FY27 OCF guidance of ₹1,000 crore and an ₹8,000+ crore launch pipeline. Plotted development is guided to ₹500-750 crore annual pre-sales with ₹150-200 crore margins. Main risks are MHADA/HPC approval delays for GTB Nagar and Dindoshi, and the deliberate shift from ₹803 crore net cash to net debt. |
| KIMS Krishna Institute of Medical Sciences Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Revenue rose 36% YoY to ₹1,196 crore, with EBITDA up 20% to ₹240 crore at a 20.1% margin, but PAT fell to ₹37 crore from ₹85 crore due to new unit ramp-up costs. The real driver was 26.6% YoY IP volume growth and 28.5% OP growth, offset by Kondapur pre-operative costs and Bangalore/Maharashtra drags. Management forecasts Kondapur reaching ₹1,200 crore annual revenue and 30-35% EBITDA in 4-5 years, with Bangalore at breakeven for FY27. Key risk: remaining insurance empanelments may slip past mid-September, delaying new unit ramp-up and margin recovery. |
| MARICO Marico Ltd FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | Marico reported consolidated revenue growth of 23% YoY and PAT growth of 25%, highest in 28 quarters, with EBITDA margin at 20.7%. The driver was India volumes up 11% led by Parachute rigid (+10% volume, +400bps share), foods ARR at ₹1,300 crores, and international constant-currency growth of 15% from Vietnam and MENA. Management guides FY27 revenue to cross ₹15,000 crores with high-teens EBITDA growth, but calls Parachute's 10% volume an aberration with mid-single-digit guidance. Key risks are crude-linked input costs up 60-70%, Saffola edible oil high single-digit volume decline during a 1-2 year structural reset, and Bangladesh growth moderating to 4% constant currency. |
| NESTLEIND Nestle India Ltd FMCG - Dairy Products ·Improving · Maintained | FMCG - Dairy Products | Improving | Maintained | Volume growth was double-digit in recent quarters on a 5-yr CAGR of ~4.2%; premium mix rose to 14% and ad spend grew ~40% YoY. The driver: distribution points 4x since 2021 (~500,000 outlets added), controlled rural reach, and brand strength, with India now the largest Maggi and KitKat market and Nescafe's 20th straight double-digit quarter. Management gave no numeric guidance but expects sustained double-digit growth given noodles penetration of ~35% vs biscuits ~100%, with ad-spend growth normalizing from 40% and margins held in line with past record. Risks: food inflation, commodity/shipping costs, confectionery capacity constraints, and infant-nutrition regulatory pressure that triggered the CERELAC Zero Added Sucrose launch after consumer sugar feedback. |
| ORKLAINDIA Orkla India Ltd FMCG Processing - Other ·Improving · Maintained | FMCG Processing - Other | Improving | Maintained | Q1 FY27 revenue rose 10.4% YoY to ₹659 crores, with EBITDA margin at 17.5%, up 150 bps sequentially. Growth was price-led at 11.4% to pass through 32.8% spice inflation, while volume growth fell to 1.7% overall and 4.4% ex-Kerala. Management maintains a double-digit growth ambition without formal guidance, expecting some price impact to flow into Q2 and uncertain PLI eligibility for FY27. Main risks are volume elasticity under sustained inflation, execution of Kerala restructuring that caused a 30 bps share decline, and West Asia conflict pressures on international costs. |
| PARKHOSPS Park Medi World Ltd Hospitals/Medical Services ·Improving · Maintained | Hospitals/Medical Services | Improving | Maintained | Q1 FY27 revenue was ₹476 cr (+19% YoY), EBITDA ₹126 cr at 26.5% margin, PAT ₹89 cr (+35%), with earnings growth driven by lower interest outgo after debt repayment. Occupancy fell to 56% from 68% as 960 new beds hit the denominator, while government schemes still fund 77% of revenue. Management guides FY27 revenue to ₹2,080 cr, EBITDA ₹530 cr, PAT ₹360 cr, adding 1,490 beds in CY26 at ₹36 lakh per bed, with no new-unit EBITDA losses forecast. Main risks are occupancy dilution from rapid bed additions and three concurrent hospital commissions in Nov-Dec 2026; the 7-7.5% CGHS rate benefit is being reinvested, not retained as EBITDA. |
| PRINCEPIPE Prince Pipes & Fittings Ltd Building Materials - Plastic Pipes ·Improving · Maintained | Building Materials - Plastic Pipes | Improving | Maintained | Prince Pipes Q1 FY27 revenue rose 5% YoY to ₹609 crores but volumes fell 7% to 40,729 MT, with EBITDA up 93% to ₹77 crores (13% margin) on a plumbing-over-agri and CPVC/PPR-over-PVC mix, not inventory gains. Management reaffirmed FY27 volume growth of 12-15% and EBITDA margin of 11-13%, citing the $766/tonne MIP floor, while bathware targets ₹25 crores quarterly revenue and near-breakeven by Q3. Elevated inventory at 100 days versus 65-75 day guidance is expected to correct by September, with debtor days at 40 versus a 30-day two-year target. Main risk: Q1 volume degrowth forces a strong H2 ask rate, and higher-cost pre-MIP cargo may offset any Q2 price-hike inventory gains. |
| PROTEAN Protean eGov Technologies Ltd IT Enabled Services ·Improving · Maintained | IT Enabled Services | Improving | Maintained | Q1 FY27 revenue rose 19% YoY to ₹251 crore, but EBITDA fell 38% to ₹28 crore (10% margin) due to ₹18 crore of front-loaded RFP implementation costs and geopolitical cost inflation; normalized EBITDA was ~17.2%. The real driver was strategic share gains: PAN share hit 62%, CRA added 3.9 million subscribers at 95% incremental share with a record 1,000 new corporates, while new initiatives grew to 17% of revenue. Management guided margins to stabilize from Q2 or Q3 and "substantially improve" over 2-3 years as RFP mandates reach steady-state, with Aadhaar Seva Kendra fully rolled out by Q3 FY27. Main risk is execution: ASK volume ramp needs a further quarter to validate, PAN 2.0 regulatory impact remains uncertain, and large RFP deployments carry cost-before-revenue volatility. |
| SANATHAN Sanathan Textiles Ltd Textiles - Spinning ·Improving · Maintained | Textiles - Spinning | Improving | Maintained | Q1 FY27 revenue rose 79.08% YoY to ₹1,334.74 cr and EBITDA rose 55.38% to ₹108.08 cr, but PAT fell 41.1% YoY to ₹23.82 cr as depreciation of ₹34.7 cr and finance costs of ₹38.6 cr on Punjab hit P&L. Growth came from higher selling prices and Punjab's full quarter (₹550 cr revenue, ₹12 cr EBITDA at 80% utilization), plus technical textiles contributing ₹33 cr. Management maintained FY27 EBITDA guidance of ₹520-540 cr, targeting Punjab utilization of 85-90% in Q2 and 95-96% by Q4, with Phase 2 in Q1 FY28. Risks are raw material price volatility from West Asia, dependence on ~20 million tons of PTA imports, and April-May demand deferral needing to sustain. |
| SAREGAMA Saregama India Ltd Music Licensing ·Improving · Maintained | Music Licensing | Improving | Maintained | Saregama Q1 FY27 revenue was ₹263.6 crore (+27% YoY), adjusted EBITDA ₹112.4 crore (+69%), operational PBT ₹70 crore (+38%), with music vertical revenue ₹230.6 crore (+39%) but video down 53% by design as films wind down. Real drivers are prior content investments now yielding positive margins, scaled artist management (309 artists, 440 million followers), and brand partnerships, plus 60% of music revenue from post-2000 releases. Management maintains FY27 guidance of 20-23% music revenue growth and 60-65% EBITDA margin, with content spend of ₹300-350 crore (a flagged ₹265.3 crore discrepancy) and profit acceleration from FY28. Main risks: India's 3% paid streaming penetration, dependence on 100 million subscribers at ₹100/month, unlicensed AI use, and live event margin volatility, with quarterly guidance declined. |
| SEJALLTD Sejal Glass Ltd Glass & Glass Products ·Improving · Maintained | Glass & Glass Products | Improving | Maintained | Q1 FY27 revenue rose 52.88% YoY to ₹117.95 cr and PAT 63% to ₹7.22 cr, but PAT margin at 6.1% was a five-quarter low due to one-time personnel costs, UAE logistics disruption, and input inflation. Driver: India revenue up 67% on developer orders and UAE up 47%, with combined order books of ~₹175 cr (UAE) and >₹50 cr (India). Management guides FY27 revenue growth of 25% minimum (40% if geopolitics stabilize), Q2 revenue ₹142-145 cr, PAT margin 9-10% from Q3/Q4, and FY28 minimum 25% growth. Main risk: GCC geopolitical disruption since UAE is ~69% of revenue, and capacity ramp-up at Taloja (55% utilization) and Erode (15%) must deliver for margin guidance. |
| LOTUSDEV Sri Lotus Developers & Realty Ltd Construction - Factories/Offices/Commercial ·Improving · Maintained | Construction - Factories/Offices/Commercial | Improving | Maintained | Q1 FY27 pre-sales were ₹409 crore, up 567% YoY, with revenue of ₹132 crore, PAT of ₹46 crore and 34.5% PAT margin, but the driver was Celestia alone contributing ₹350 crore while new launches added only ₹25 crore. Management kept FY27 guidance of ₹1,800-2,000 crore pre-sales, 55-60% revenue/PAT growth, 35-40% EBITDA margin and ~₹1,000 crore collections, backed by four launches worth ₹3,500-4,000 crore GDV. The key risk is launch execution: any approval delays push sales into FY28, while promoter stake must fall from 80.75% to 75% within two years with no investor discussions started. |
| STOVEKRAFT Stove Kraft Ltd Domestic Appliances ·Improving · Raised | Domestic Appliances | Improving | Raised | Q1 revenue was ₹480.6 crore, up 41.3% YoY, EBITDA margin 11.2% (up 71 bps YoY), PAT ₹17.1 crore, up 63.5%. Induction cooktops drove the quarter, surging 315.9% to 27% of revenue during the Southeast Asian supply crisis; pressure cookers and non-stick grew 41.3% and 21.8% respectively, and general trade hit a 3-year best with 56.2% growth. Management guides 15-20% revenue growth, 14-15% EBITDA margin in 2-3 years, induction ~2x YoY in FY27, IKEA supplies from Q2, and exports at 15%+ of revenue in two years. Main risks: input cost inflation and rupee depreciation pressuring margins, induction demand normalization after the spike, and possible slippage in China JV triply production targeted for December 2026. |
| SYMPHONY Symphony Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 FY27 consolidated revenue rose 8% YoY to ₹378 crore, adjusted EBITDA up 26% to ₹53 crore at 12.6% margin, the second-highest June quarter ever. Drivers were Bonaire USA (up 35%, EBITDA ₹18 crore), GSK China (up 43%, now debt-free), and India modern trade growing over 100%. Management forecast near-term margin pressure from elevated plastic costs with only partial 7-10% hikes in non-household segments, plus a significant Mexico rebound in summer 2027 after two unprecedented mild summers. Risks: Australia's continued losses (EBITDA -₹4 crore, capital frozen, no turnaround plan), Middle East freight disruptions, and management's own call that over 100% modern trade growth is "very unlikely" to continue. |
| THOMASCOOK Thomas Cook (India) Ltd E-Commerce - Platform - Travel ·Weakening · Cut | E-Commerce - Platform - Travel | Weakening | Cut | Q1 FY27 consolidated revenue fell 12% YoY to Rs 21,530 million and PBT fell 21% to Rs 885 million, driven by West Asia conflict hurting DEI (EBIT swung to Rs -152 million from +106 million) and Desert Adventures (-89%). India businesses held up: forex EBIT margin 45.3%, MICE grew 14%, domestic leisure grew 29%, and Sterling posted record revenue up 21% with 37% EBITDA margin. Management guided travel EBIT margin at 4-5%, DEI normal-year EBIT at 6-7% on sales, and expects H2 long haul better than H1, with DEI Middle East recovery at 30-35% in July. Main risk is continued geopolitical uncertainty; management declined formal FY27 guidance, with DEI revenue recovery and cost-revenue mismatch in downcycle determining earnings quality. |
| UNIMECH Unimech Aerospace and Manufacturing Ltd Engineering - Heavy - General ·Improving · Raised | Engineering - Heavy - General | Improving | Raised | Unimech reported Q1 FY27 revenue of ₹198 crores, up 71% YoY, PAT of ₹28 crores, and EBITDA margins of 36.5%, aided by two months of Hobel Bellows contribution of ₹22 crores. Tooling remained 76% of revenue, with ~80% of qualified PCA parts converting to serial production and a cumulative nuclear order book of ₹887 crores slated for H2 execution. Management guides Q2 revenue higher on full Hobel consolidation, FY27 EBITDA margin of 34-35%, and working capital days rising to 160+. Key risk: US tariff policy, unquantifiable, partly hedged by FTWZ, European customers, and Saudi JV, while ROCE stays near 14-16% on 58% utilization. |
| UFBL United Foodbrands Ltd Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Revenue was ₹426 crore, up 43.4% YoY, with consolidated SSSG of 28.7% and dine-in transactions up 63.5%, all volume-led with no price hikes. Operating EBITDA margin rose 350 bps to 8.1% on back-end cost leverage and India gross margin recovery, though international margins fell ~3 points on Middle East food inflation. Management guides FY27 to 300 restaurants with ₹140 crore capex, expects SSSG to moderate from Q3 as it laps strong bases, and sees margins improving directionally. Key risks are Middle East commodity inflation, a 140-150 bps energy and manpower margin drag, and the unresolved food blogger quality controversy. |
| UNOMINDA Uno Minda Ltd Auto Ancillaries - Head lamps lights ·Improving · Maintained | Auto Ancillaries - Head lamps lights | Improving | Maintained | Uno Minda reported Q1 FY27 revenue of ₹5,557 crore, up 26% YoY, with EBITDA margin at 10.3%, down 40bps YoY on commodity pass-through dilution and wage inflation, and PAT up 24% to ₹296 crore. Growth was broad-based, led by casting up 32%, seating up 28%, and green mobility up 78% to ₹542 crore, plus exports from India up 62% to ₹228 crore. Management maintained FY27 EBITDA margin guidance of 11% plus or minus 50bps with upward bias, supported by H2 plant ramp-ups and a ₹3,800 crore project pipeline. Main risks are China regulatory delay for the Inovance JV, commodity price persistence, and industry demand moderation against a high H2 base. |
| VHLTD Viceroy Hotels Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Q1 FY27 revenue rose 77% YoY to ₹44.9 crores, EBITDA up 144% to ₹11.8 crores (26.3% margin), and PAT turned to ₹1.4 crores from a ₹3 crores loss. The driver was full availability of the renovated 168-key Courtyard (occupancy up to 83.65%) and a full quarter from MEA, which delivered 94% occupancy and ₹12,519 RevPAR. Management targets EBITDA margin above 30% this year and 40% after renovation, with Courtyard ADR guiding to ₹8,500-9,500 by FY28 and occupancy at 80-85%. Main risks are the ~₹10 crores EBITDA displacement from the convention center outage until December, elevated net debt of ₹220 crores, and ADR pressure from geopolitical factors reducing foreign demand. |
| ZYDUSWELL Zydus Wellness Ltd FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | Q1 FY27 net sales rose 66.7% to ₹1,430 crores on Comfort Click consolidation; EBITDA grew 55.3% to ₹242 crores with 0.4% like-to-like margin expansion, while reported net profit fell 7% on brand amortization. Core domestic growth was just 4.6%, as skin and hair care (+34.5%) and food and nutrition (+16%) offset a 12% seasonal brand decline from unseasonal rains; Nycil suffered high channel inventory, but management sees recovery on a low base. Management guides international like-to-like growth to stay double-digit, Comfort Click remains EPS accretive, and FY27 effective tax rate normalizes to ~25% (12–15% cash), with finance costs reduced via euro loan refinancing. Risks: continued weather disruption, UK thin cap tax disallowances, and Complan's degrowing kids category despite its outperformance. |
| ATHERENERG Ather Energy Ltd Auto - 2 & 3 Wheelers ·Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | Ather Energy reported a first-ever positive EBITDA of ₹9 crores (0.8% margin) in Q1 FY27, though adjusted gross margin fell 560 bps to 22.4% on commodity inflation. Retail registrations outpaced wholesale at 90,000 units (+102% YoY) versus 83,000 (+81%), leaving 13,000-15,000 units/month of unmet demand and dealer inventory at 3 days. Management guided AURIC Phase 1 to go live later this calendar year, adding 5 lakh units annual capacity to reach 9.2 lakh/year by Q1 FY28, and the EL scooter platform launches August 29 targeting 60,000 units/month. The main risks are a further 100-200 bps commodity margin hit and PM E-DRIVE subsidy expiry, with about 15-20% of Q1 vehicles sold without subsidy. |
| BANSWRAS Banswara Syntex Ltd Textiles - Spinning ·Improving · Maintained | Textiles - Spinning | Improving | Maintained | Q1 FY27 total income was ₹322.4 crore (+4.1% YoY) with PAT of ₹4.4 crore versus a ₹1.4 crore loss, but EBITDA margin was 9% versus the 12% target. The real driver was the fabric division, up 25% YoY to ₹147 crore at 80% utilization, while yarn and garment lagged due to labor shortage and West Asia shipping deferrals. Management maintained FY27 revenue guidance of ₹1,450–1,500 crore at 12% EBITDA margins, backed by garment orders booked through December and a ₹100 crore quarterly run-rate. Main risk: investors doubt credibility after a flat decade despite ₹350-500 crore capex, with growth execution hinging on Q2-Q4 delivery and FTA benefits. |
| BLUEJET Blue Jet Healthcare Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue was ₹293 crores (+25% QoQ) with operating EBITDA of ₹98 crores (33.5% margin), driven by PI/API normalization after customer destocking and a robust order book with 3-4 quarter visibility. Contrast media deferred ~₹30 crores to Q2 on transit timing despite production at 100%, while gross margin fell 3pp to 53% on raw material inflation with pass-through on a lag. Management guided to ~₹250 crores FY27 capex, Mahad commissioning pulled ahead to calendar year-end, three contrast media launches, and two of four high-conviction NCE programs fructifying in FY27-28. Risks are raw material price inflation with lagged pass-through, quarterly revenue recognition volatility from goods-in-transit, and NCE conversion timelines. |
| CDSL Central Depository Services (India) Ltd Finance - Capital Markets ·Mixed · Maintained | Finance - Capital Markets | Mixed | Maintained | CDSL Q1 FY27 consolidated net profit rose 15.7% YoY to ₹118 crore on income of ₹340.5 crore, but standalone profit fell 5.3% to ₹144 crore on lower subsidiary dividends. Operating drivers were folio growth (38.73 crore, +16.7% YoY) lifting issuer charges 12.3%, partially offset by SEBI-mandated KYC fee cuts (fetch ₹28, creation ₹5) where higher volumes and a new ₹0.25 search API charge softened the hit. Management gave no guidance on technology spend, search API run rate, or unlisted revenue, citing regulatory flux; they expect KYC stabilization in one more quarter. Key risks: CDSL lost ~420 bps incremental demat share since March to ~81.4%, KYC pricing reset uncertainty, and unlisted revenue normalizing to ₹0.30 crore. |
| CLEANMAX Clean Max Enviro Energy Solutions Ltd Power Generation & Supply ·Improving · Raised | Power Generation & Supply | Improving | Raised | Revenue doubled to ₹832 crore (+107% YoY) with adjusted EBITDA up 74% to ₹494 crore and PAT ₹55 crore. Operating driver was RE Power Sales margin expanding to 84% and RE Services revenue surging 6x at 11.2% margin, plus debt cost down 100 bps to 8.4%. Management guided FY28 minimum EBITDA of ₹3,000 crore on 4.6 GW opex capacity and ≥1.5 GW FY27 additions. Main risk is ~70% Bikaner CTU curtailment, costing ~₹170 crore annual EBITDA if persistent, while execution capability caps additions near 4,000 MW over two years. |
| CORONA Corona Remedies Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue was ₹422 crore, up 21.9% YoY, with EBITDA at ₹93 crore (22.0% margin, +190 bps) and PAT at ₹60 crore, up 30.1%. Growth was driven by India volume at 6.3% versus IPM's 1.3%, price-led growth of 8.7%, and organic brands contributing roughly 85% of incremental sales. Management guided FY27 organic revenue growth of 15%, inorganic of 1.5-2%, and PAT growth of 20%, with Wokadine targeted to double from ~₹20 crore over three years. The key risk is raw material inflation from the late-February geopolitical disturbance, with fresh purchases from June potentially hitting margins by ~100 bps, while the new hormone plant under-recovery drags in year one. |
| DHANUKA Dhanuka Agritech Ltd Pesticides/Agrochemicals ·Weakening · Cut | Pesticides/Agrochemicals | Weakening | Cut | Q1 FY27 revenue fell 12.56% YoY to ₹461.93 crores with EBITDA at ₹55.01 crores and PAT at ₹36.30 crores, as volume dropped ~12.75% and April price hikes reversed from May. The real driver was delayed monsoon hitting herbicides (42% of mix, down ~25% YoY), while fungicides grew 11% on horticulture demand. Management cut FY27 revenue guidance to small single-digit growth, expects Q2 to remain difficult, and guides Hosur plant revenue at ~₹65 crores with negative ₹4-5 crores EBITDA. Main risk: unrecoverable herbicide application windows and weak farmer spray intensity in rain-fed areas if commodity prices stay soft. |
| EPACKPEB EPack Prefab Technologies Ltd Pre-Engineering Buildings ·Improving · Maintained | Pre-Engineering Buildings | Improving | Maintained | EPack reported Q1 FY27 revenue of ₹366 crore (+25% YoY) and record order inflow of ₹580 crore (+150% YoY), with EBITDA margin down 110 bps to 9.4% due to steel inflation. The real driver was Prefab growth and larger turnkey orders, including a ₹165 crore renewable order, lifting the order book to ₹1,380 crore. Management guides FY27 revenue of ₹1,900-1,950 crore and 10.5-11% EBITDA margin from Q2, calling Q1 the bottom, with data center orders targeted this quarter. Key risks: fixed-price contracts without pass-through, monsoon execution delays, and two lost data center bids. |
| ESAFSFB ESAF Small Finance Bank Ltd Banks - Small Finance ·Improving · Raised | Banks - Small Finance | Improving | Raised | ESAF SFB reported Q1 FY27 PAT of ₹80 crore, up from ₹24 crore in the prior quarter, with advances up 27% YoY and NIM at 7.9%. The real driver was the shift to secured lending, with the MARG portfolio at 66% of advances and up 42% YoY, cutting slippages to ₹75 crore from ₹468 crore YoY. Management guided to ~2% credit cost and 2% ROA exit by FY27, with NIM sustained above 7.5% and asset growth of 22-25%. The key risk is subdued system-wide deposit growth pressuring margins, while 71% of deposits remain concentrated in Kerala. |
| ESCORTS Escorts Kubota Ltd Auto - Tractors ·Improving · Raised | Auto - Tractors | Improving | Raised | Reported Q1 standalone revenue grew 28% YoY to ₹3,178.9 crore and net profit rose 4% to ₹387.3 crore, but EBITDA margin fell 190 bps to 11.2% on commodity inflation. Record tractor volume of 35,457 units, up 22.9% versus industry 18.6%, drove a 36 bps share gain via product refreshes like Shaurya, Promaxx and Digitrac. Management forecast mid-single-digit FY27 industry tractor growth, expects Escorts to outgrow it, guides CE industry at 12-15%, and sees flat exports in FY27 with FY28 upside from North America. Main risks are a ~5% cost impact plus 1.5-2% Q2 pressure not fully offset by price hikes, and exports fell 19% on vessel issues and weak compact segment. |
| GHCL GHCL Ltd Chemicals - Inorganic - Caustic Soda/Soda Ash ·Weakening · Maintained | Chemicals - Inorganic - Caustic Soda/Soda Ash | Weakening | Maintained | GHCL reported Q1 FY27 revenue of ₹798 crores, down 3% YoY, with EBITDA of ₹233 crores at a 29.1% margin, up 180 bps YoY. Management attributed the margin jump to transient inventory gains and price elevation, not a new normal, and expects margins to revert to last year's range as conflict-driven energy costs rise. Management guides vacuum salt and bromine to commercial production in Q2 FY27 and full utilization by Q4 FY27 or FY28, adding ₹150-170 crores revenue at 40-45% EBITDA margins. The main risks are 73-74k tons monthly imports with no safeguard duty, Chinese oversupply, and the stalled greenfield project with no timeline. |
| GLAXO Glaxosmithkline Pharmaceuticals Ltd Pharma - MNC bulk Drugs ·Improving · Maintained | Pharma - MNC bulk Drugs | Improving | Maintained | GSK India Q1 revenue was ₹924 cr, up 15% YoY (sustainable ~9-10% ex base effect), PAT ₹253 cr up 24% (17% ex one-off dividend), EBITDA margin ~34% up 50 bps. The real driver was the innovation portfolio, now 7% of revenue vs 4%, contributing ~4pp growth with Shingrix up 65% and Nucala patient starts doubling. Management guides double-digit revenue growth, EBITDA margin ~34% for FY27, Blenrep launch within 2-3 months, Bepirovirsen within three quarters, and reaffirms ₹8,000 cr in 4-5 years. Main risks: Q1 opex front-loading (3,800 HCP events) may not convert to Q2 peak-season growth, rupee depreciation on imports, and Trelegy faces 10-12 generic entrants. |
| GLENMARK Glenmark Pharmaceuticals Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Glenmark's Q1 FY27 revenue rose 23.1% YoY to ₹40,185 million, with base business up 18%+ excluding deferred ISB-2001 income; North America grew 41.1%, India 15.5%, Emerging Markets 27.7%. The real drivers were US respiratory launches (Fluticasone 44, nasal spray OTC) and India beating IPM with 18.1% secondary growth versus 12.2%. Management guided FY27 EBITDA margin of 21-22% despite cost pressures lasting at least two more quarters, India growth of 12-15%, and Europe at high single-digit. Main risks are US approval timing (management only hopes at least 2 of 3 respiratory approvals arrive in H2) and potential ISB-830 impairment if Biocryst discontinues development. |
| JLHL Jupiter Life Line Hospitals Ltd Hospitals ·Mixed · Maintained | Hospitals | Mixed | Maintained | Q1 FY27 total income was ₹411cr (+16.4% YoY) with EBITDA of ₹79.3cr (19.3% margin) and PAT ₹37.5cr. The real driver was Dombivli's first full quarter, which dragged EBITDA by ₹9.5cr as guided, while mature Thane (~75% occupancy) and Pune (mid-60%) offer only inflationary growth. Management maintains Dombivli's monthly EBITDA loss of ₹2-3cr for FY27 with break-even in 1.5-2 years, but deferred explicit FY27 margin guidance. The main risk is that insurance empanelment delays at Dombivli and rising doctor hiring costs could push out break-even and compress margins. |
| KANSAINER Kansai Nerolac Paints Ltd Building Materials - Paints ·Improving · Maintained | Building Materials - Paints | Improving | Maintained | Kansai Nerolac reported Q1 FY27 standalone revenue up 10.2% YoY, PBDIT up 7.7%, PBT up 5.1%, with margins sustained despite crude inflation and rupee depreciation. The real driver was a deliberate mix shift: decorative value grew high single digit but volume only low single digit, sacrificing share for premium emulsion, while industrial grew double digit. Management reaffirmed FY27 PBDIT margin guidance of 13-14%, expecting Q2 price hikes of decorative +3% and industrial +3-5% plus recent raw material deflation to offset costs. Main risk is West Asia geopolitical escalation disrupting supply chains and prolonging high crude prices, which could derail the margin target. |
| KIRLOSBROS Kirloskar Brothers Ltd Pumps ·Improving · Maintained | Pumps | Improving | Maintained | Consolidated revenue rose 13% YoY to ₹11,049 million, but EBITDA grew only 2% to ₹1,306 million with an 11.8% margin, dragged by SPP U.K. services and Rodelta. The real driver was standalone strength: revenue up 9%, EBITDA margin up to 13.7%, aided by completed foundry modernization and ~10% price hikes since January. Management reaffirms double-digit FY27 standalone and consolidated revenue growth, with international margin recovery expected from calendar Q3'26 as power and water utility service contracts kick in. Main risk: European petrochemical weakness and customer-controlled dispatch timing, plus nuclear metallurgical qualification pending by August-end 2026 for fleet orders. |
| NH Narayana Hrudayalaya Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | India EBITDA grew ~40% YoY to ~24% margin, with net margin up ~400 bps YoY, despite no incremental bed additions in 7-8 years. The driver was high-end procedures, robotics, and clinic OP consultations of ~66,000 (+30% YoY) feeding ~30% of hospital OPD footfalls, creating operating leverage from existing capacity. Management guided continued India core margin expansion over 2-3 years, ALOS down to 3.9-4.0 days from 4.3, ₹3,000 crores capex over 2-3 years, and Cayman insurance improvement after July repricing at 100% acceptance. Main risks are India insurance loss ratio volatility from a small book, UK heatwave costing 70 days of lost capacity, and slow UK payer mix shift from 95% NHS. |
| NATIONALUM National Aluminium Company Ltd Aluminium ·Improving · Maintained | Aluminium | Improving | Maintained | Reported Q1 FY27 total income ₹5,400 crores (+39% YoY) with PBT up ~88% on record bauxite and metal output and alumina realizations of $323/ton. The real driver was peak capacity utilization, but caustic, CP Coke and HFO inflation added ₹15,000-16,000/ton to metal costs, raising metal cost to ~₹1,70,000/ton. Management guides FY27 alumina sales of 16 lakh tonnes, metal production 4.76-4.77 lakh tonnes, fifth stream start by November-December, and LME at $3,000-3,200. Main risks are further raw material cost inflation, premium normalization from $110/ton, Pottangi mine access delays, and refinery coal stockpile at 2-3 days versus 10-15 required. |
| NOCIL NOCIL Ltd Petrochem - Polymers ·Mixed · Maintained | Petrochem - Polymers | Mixed | Maintained | NOCIL reported FY26 standalone revenue of ₹1,372 crores, down from ₹1,437 crores, and PAT of ₹64 crores, down from ₹107 crores, with volume up only 3% as Chinese dumped imports crushed prices. The real driver was H2 volume recovery of 11-12% after H1 degrowth, plus a sulfonamide anti-dumping duty approved from June 2026, while TDQ duty was rejected and PILFREX 13 decision is pending September 2026. Management forecasts double-digit volume growth over the next few years, citing China-plus-one exports and expansion to 135,000-140,000 tons capacity, with Q1 FY27 revenue at ₹403 crores and PBT at ₹36 crores. Main risk: continued Chinese oversupply, US tariff uncertainty, and margin erosion outpacing cost cuts, which already forced a dividend cut to ₹1.50 per share. |
| MOBIKWIK One Mobikwik Systems Ltd E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 PAT was ₹7.6 crores with EBITDA of ₹15.8 crores, the most profitable quarter yet, driven by payments gross profit up 31% YoY and financial services gross profit up 5.6x, alongside a 21% YoY drop in direct costs. The real driver was cost compression and lending writebacks, not revenue growth, as payments revenue stayed flat, card-linked categories paused due to regulatory guardrails, and UPI mix shift dilutes take rates. Management guides FY27 EBITDA of ₹75 crores and PAT of ₹40 crores with a zero tax position from ₹900 crores accumulated losses, lending disbursals at a ₹1,000 crores quarterly run-rate already achieved in Q2, and merchant revenue 10x in two years with FY28 breakeven. The main risk is regulatory paralysis on UPI monetization, with PPI-on-UPI MDR delayed 2.5 years, plus writeback dependence and take rate dilution from merchant growth. |
| PERSISTENT Persistent Systems Ltd IT - ER&D ·Improving · Maintained | IT - ER&D | Improving | Maintained | Persistent reported Q1 FY27 USD revenue of $452.4M, up 3.8% QoQ, with EBIT margin at 16.0%, down 30bps QoQ, and PAT down 8.7% QoQ on a ₹1,052.7M forex loss. The real driver was record TCV of $1.146B, including a $650M+ strategic deal, plus wage hikes and AI tooling costs compressing margins. Management forecasts 75-80% of the large deal's peak revenue in Q2, EBIT margin within 16-17% for FY27, and OCF-to-PAT near 100% annually. Key risks are forex volatility, utilization pressure from proactive hiring, and Nagarro acquisition closure delays pending regulatory approvals. |
| RAYMONDLSL Raymond Lifestyle Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Raymond Lifestyle Q1 FY27: income ₹1,560 cr (+6% YoY), EBITDA ₹135 cr (+11%, 8.6% margin), net cash ₹154 cr. Growth came from garmenting (+50% YoY, EBITDA swung to +₹22 cr), while textiles fell 2% and shirting 5% on base effects. Management guides FY27 as consolidation: price hikes of 5-7% apparel and 7-9% fabric from Q2, order book full through December, and 5-year target of doubling revenue with EBITDA growing faster. Main risk: geopolitical trade shifts, with US clients shifting orders to Vietnam or Cambodia and wool costs up 100% YoY. |
| RBA Restaurant Brands Asia Ltd Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | India SSSG reached 12.6%, the best in 15 quarters, revenue rose 23.6% YoY to INR682 crores, and company EBITDA jumped 133.6% to INR52.7 crores, though consolidated PAT was -INR33 crores. The driver is entirely traffic from value and premium menus, with gross margin at 70.8% helped by cluster supply chains. Management forecasts 72% gross margin over 2-3 years, ~80 India stores annually, and a full Indonesia value launch by end-September 2026 backed by $9 million franchisor support. Risks include INR12 crores forex losses, Popeyes' -INR3 crores EBITDA loss, and an undefined 3-5 year promoter capital allocation plan. |
| SANGHVIMOV Sanghvi Movers Ltd Capital Goods - EPC/Cranes ·Improving · Maintained | Capital Goods - EPC/Cranes | Improving | Maintained | Sanghvi Movers Q1 FY27 total income rose 40% YoY to ₹393 crore, with EBITDA of ₹139 crore at 35% margin and PAT of ₹65 crore. The core crane margin fell 6pp to 47% due to ₹6.2 crore ECL provisions, one-time incentives, and a mix shift toward capital-light ancillary rentals, with underlying core margin near 49%. Management kept FY27 EBITDA guidance at ₹525-575 crore, backed by a ₹1,250 crore order book and ₹560 crore capex deployment in H2. Main risk is GCC DSO at 201 days from West Asia geopolitical disruption, plus E&C execution lumpiness; collections improved in July. |
| SARDAEN Sarda Energy & Minerals Ltd Mining/Minerals - Iron Ore ·Improving · Maintained | Mining/Minerals - Iron Ore | Improving | Maintained | Q1 FY27 total income rose 9.4% YoY to ₹1,717 crores, with record EBITDA of ₹762 crores and PAT of ₹478 crores, including a ₹110 crore net one-time benefit from the Sikkim hydro tariff award. The energy business drove ~70% of EBITDA on 380+ MW PPAs at ₹5-6/unit, while metals output fell on outages at Raipur captive power, Vizag maintenance and Siltara refurbishment. Management forecasts better IPP generation than FY26's 415 crore units, SKS expansion environmental clearance in 6-8 months, Shahpur West coal by end FY27 and mineral wool revenue of ₹90-110 crores, all funded internally. Main risks are regulatory approval delays, West Asia input cost pressure and monsoon-dependent hydro, with steel prices range-bound and ferro alloy margins only modestly improving. |
| SASKEN Sasken Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Sasken reported Q1 FY27 revenue of ₹339 crores, up 24% YoY and 1.6% QoQ, with PAT at ₹23 crores, but Product Solutions margins fell 310 bps to 5.9% on memory pricing and silicon productization, offsetting Software Services margin gains to 30.6%. The real driver was Software Services growth, up 24.3% YoY on automotive, semiconductor and hyperscaler AI work, while order book TCV of $47 million included $34 million from new wins and five new logos. Management expects Product Solutions margins to stabilize through FY27, plans 5-6 sales hires, and warns cash consumption will continue from growth investments. Main risks are memory component pricing, FX volatility, and the 64/3 customer strategy timeline possibly extending 1-2 years. |
| SSEGL Sathlokhar Synergys E&C Global Ltd Construction - Civil/Turnkey ·Improving · Maintained | Construction - Civil/Turnkey | Improving | Maintained | Q1 FY27 revenue was ₹206.19 crore, up 67.8% YoY, with EBITDA margin at 15.2% and PAT margin at 10.38%, driven by operating efficiency and lower material costs. The real driver was repeat client orders, with highest-ever July order book of ₹1,015.18 crore, including ₹105 crore from Grand Atlantia and ₹102.7 crore from Reliance. Management guided to above 70% FY27 revenue growth, requiring ₹1,100 crore execution in the next three quarters and ₹100 crore monthly bookings from August; a PEB plant launching August 30, 2026 is expected to add 1-1.5 percentage points to margins. Risk: order conversion delays from client cost-escalation concerns and execution concentration could miss the ₹1,300-1,400 crore target. |
| SBIFUNDS SBI Funds Management Ltd Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | Q1 FY27 QAAUM rose 11% YoY to ₹12.6 lakh crores, revenue 15% to ₹1,149 crores, PAT 37% QoQ to ₹873 crores, while market share held at 15.1%. Margins improved from asset mix shifting to higher-yielding equity, hybrid and gold/silver ETFs, adding 2 bps yield, with TER impact passed to distributors as net neutral. Management gave no formal guidance due to silent period, but flagged AIF scaling, PMS-mutual fund growth and continued SIP expansion of ₹4,000 crores monthly with 1.7 million new SIPs. Main risk is sustained SIP growth under market volatility and intensifying B30 competition pressuring share. |
| SPORTKING Sportking India Ltd Textiles - Spinning ·Improving · Raised | Textiles - Spinning | Improving | Raised | Q1 FY27 EBITDA margin was 18.8% with yarn spreads of ₹133/kg versus ₹107/kg, driven by strong export demand and low-cost cotton procurement. Management says margins of 18-19% are sustainable for the next two quarters, with FY27 revenue guidance of ₹3,000 crores, up 20% YoY. Odisha plant commissioning in Q3 FY27 targets 90% utilization by March-end, improving EBITDA by 300-400 bps, while downstream acquisitions add ~₹250 crores from FY28. Key risks are cotton import duty exemption expiry on October 31st, China demand reversal, and Odisha ramp-up execution. |
| TORNTPOWER Torrent Power Ltd Power - Generation/Distribution ·Mixed · Maintained | Power - Generation/Distribution | Mixed | Maintained | Q1 FY27 adjusted PBT fell 11.4% YoY to ₹925 crores on lower merchant gains (₹87 crores) and ₹51 crores gas upgrade costs, partially offset by distribution profit up 71% and renewables up ₹19 crores. The real driver was thermal weakness against a one-off prior-year LPS income, while Nabha Power added only five days of ₹15 crores. Management guides ~1.2 GW renewable commissioning in FY27, ₹10,000 crores RE capex, and steady-state Nabha EBITDA of ~₹1,000 crores annually. Main risks are transmission delays, tax rate stepping to 28%, and ₹20/MMBtu spot gas limiting merchant sales to peak hours. |