| TCI Transport Corporation of India Ltd Logistics ·Improving · Maintained | Logistics | Improving | Maintained | Q1 FY27 consolidated revenue grew ~9% YoY with EBITDA up ~5%, but the real driver was Freight (+10-11%) while Supply Chain moderated on a high base and warehouse ramp-up costs. Seaways stayed flat as bunker prices swung from ₹1,05,000 to ₹72,000 and back to ~₹86,000 per tonne due to Middle East crisis, squeezing margins. Management maintained FY27 guidance of 10-12% consolidated revenue growth, ₹550-600 crore capex, and two new ships in Q3, with supply chain recovery expected in H2 via diesel pass-through and new contracts. Main risks are bunker fuel unpredictability, East India rail congestion, and Transystem margin compression to ~10% from 14-15% historical. |
| UPL UPL Ltd Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Q1 FY27 revenue was ₹10,181 crore (+10% YoY), EBITDA ₹1,500 crore (+15%), and PATMI turned positive at ₹10 crore, the best first-quarter net income in three years. Growth was pricing-led with volumes down 3% on weather delays; seeds (+26%) and specialty chemicals (+51%) led, while India SAS's ~30% margin includes a one-time pricing-versus-cost timing benefit that will normalize. Management guided FY27 revenue growth of 7-11% and EBITDA growth of 10-14%, expecting volume-led Global CP recovery in Q2-Q4 with India CP dependent on monsoon quality. Main risks are West Asia conflict-driven input cost pressure, El Niño weather volatility, rupee depreciation inflating debt (₹86 to ₹95/USD), and possible price reversal if input costs abate. |
| VINCOFE Vintage Coffee & Beverages Ltd FMCG - Coffee ·Improving · Maintained | FMCG - Coffee | Improving | Maintained | Vintage Coffee reported Q1 FY27 revenue of ₹161 crores (+58.4% YoY) and PAT of ₹20.8 crores (+46.1%), with EBITDA margins at 19.6%. The driver was the newly commissioned 4,500 MT capacity (total 11,000 MT) operating at 90% utilization, funded internally, plus 98% customer retention on proprietary blends. Management guides FY27 revenue of ₹850-900 crores at 95% utilization, EBITDA per kg at ₹157, and a 23-24% consolidated margin by FY28-29 once the 5,500 MT freeze-dried coffee plant starts in Q2 FY28. Main risks are coffee price volatility, FDC execution with LOIs covering only 70-80% of capacity, and a 120-130 day working capital cycle. |
| VISHNU Vishnu Chemicals Ltd Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Reported Q1 revenue ₹433.4 cr (+24.9% YoY), EBITDA margin 15.1% vs 16.1%, PAT ₹39.6 cr (+23%). The real driver was Barium volume and realizations, Strontium ramp to ₹25 cr revenue, and a Chromium mix shift to value-added derivatives at 50% of sales, partially offset by a one-off ₹8 cr baryte charge. Management guides to 20% consolidated EBITDA margin by FY28 via South Africa chrome ore from Q3 FY27, a 10-year take-or-pay Chromic Oxide Green deal, DMSO in FY28, and gross margins to ~50% by year-end. Main risk is Q2 logistics costs near 20% of revenue from ocean freight spikes, limited pass-through vs cheaper-route peers, and South Africa ore flow execution risk. |
| YASHO Yasho Industries Ltd Speciality Chemicals ·Improving · Raised | Speciality Chemicals | Improving | Raised | Q1 FY27 revenue rose to ₹308 cr, up ~60% YoY, with EBITDA margin expanding to 24.2% from ~17% and PAT at ₹36 cr. Growth was driven by 42% higher volumes from export approvals, new chemistries, and utilization rising to ~65%. Management guides 30-40% annual revenue growth, a FY28 target of ₹1,600+ cr excluding new capex, and ~24% margins, with ~65% of the ₹250 cr Pakhajan expansion pre-booked. Risks include raw material shortages and 3-4 week container delays that partly flattered working capital, plus a 15-20 year EV lubricant demand threat. |
| APTUS Aptus Value Housing Finance India Ltd Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Q1 FY27: AUM up 21% YoY to ₹13,648 cr, net profit up 19% to ₹261 cr, ROE 20.4%. Real driver was 36% disbursement growth from branch adds, ticket size hikes, and connectors, while 30+ DPD rose to 6.87% on June-end NBFC collection timing, improving in July. Management reaffirms FY27 AUM growth of 22-24%, credit cost 0.5% ± 10 bps, and ROE above 20%. Main risks: NBFC collection normalization, NHB funding at 8.2-8.3% vs market 7.8-7.9%, and field attrition at 40-45%. |
| BLUSPRING Bluspring Enterprises Ltd. Diversified ·Improving · Maintained | Diversified | Improving | Maintained | Bluspring Q1 FY27 ex-foundit revenue was ₹930 crore (+20% YoY), EBITDA ₹35 crore (3.8% margin), PAT ₹16 crore. A record security revenue ₹187 crore (+25% YoY) and Smart Infra ₹223 crore (+47% YoY, including ₹76 crore STEAG from May 21) drove growth; facility services margin reached 4.6% on client rationalization. Management forecasts FY27 ex-foundit revenue >₹4,700 crore (+42% YoY from organic 15-16%, STEAG ~₹1,000 crore, LSG ~₹110 crore), EBITDA >₹200 crore, PAT >₹100 crore, foundit breakeven Q4 FY27, burn ₹30-35 crore. Risk: consolidated working capital days rise from 37 to ~45 due to STEAG/LSG structures, acquisition debt near ₹150 crore by year-end. |
| CLEAN Clean Science & Technology Ltd Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Clean Science reported Q1 FY27 consolidated revenue of ₹264 crores, up 10% YoY with 37% EBITDA margin, driven by HALS scale-up to 22% of sales. The real driver was HALS grade mix shifting to higher-value 622 grades, lifting realizations to ₹550/kg from ₹440/kg, while standalone revenue fell 6% YoY due to a two-week supplier shutdown. Management guides to HALS revenue of ₹250-300 crores for FY27, 3,000 MT volumes, and Geneus Chem cumulative revenue of ₹300-350 crores over 3-4 years. Main risk is crude-linked raw material price volatility, which cannot be fully passed through under long-term contracts, pressuring near-term standalone margins. |
| DIVISLAB Divis Laboratories Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Divi's Q1 FY27 consolidated revenue rose 24.3% YoY to ₹3,144 crores and PAT rose 65.5% to ₹902 crores, driven by custom synthesis at 60% of mix. The real driver is validation shipments from three ₹2,000 crore CapEx programs, with commercial ramp-up pending regulatory approvals. Management guides double-digit FY27 growth, full-year gross margin near 60% versus Q1's 68%, and EBITDA margin similar to last year. Main risks are solvent costs nearly doubled or tripled from Middle East tensions and elevated ₹4,413 crore inventory with write-down potential. |
| IOC Indian Oil Corporation Ltd Refineries ·Mixed · Maintained | Refineries | Mixed | Maintained | Indian Oil reported a Q1 FY27 net loss of ₹2,661 crores versus ₹11,378 crores profit in Q4 FY26, as crude spiked 21% QoQ to $100.74/bbl and squeezed marketing margins. GRM was $15.59/bbl pre-SAED ~$36, helped by ₹15,000 crores finished goods inventory gains offsetting $3-4/bbl crude losses. Management guides Q2 LPG under-recovery near ₹250/cylinder, FY28 throughput ~85 MMTPA, and ₹30,000-40,000 crores annual capex. Risks include U.S. sanctions on 50-54% Russian crude sourcing, rupee at ₹95-96/USD, and borrowings up ₹31,000 crores to ₹141,453 crores. |
| ABB ABB India Ltd Electric Equipment - General ·Improving · Maintained | Electric Equipment - General | Improving | Maintained | ABB India Q1 FY27 orders rose 50% YoY and revenue 21%, with H1 orders at ₹8,600 crores and revenue ₹6,743 crores, but operational EBITDA margin fell 100 bps to 12.6% on a 3% material cost hit from copper hardening and FX swings. The driver is data center demand (15-17% of orders), with partners stocking up and two Electrification price hikes lagging costs by 1-2 quarters. Management guides to protecting the ~12.6% margin, not mid-teens, while commodity and rupee headwinds persist for 2-3 quarters; no revenue guidance given. Main risk: margin compression from commodity inflation and West Asia spillover, with subnormal monsoon a watch item. |
| BIRLAMONEY Aditya Birla Money Ltd Finance - Capital Markets ·Improving · Maintained | Finance - Capital Markets | Improving | Maintained | Aditya Birla Capital reported Q1 FY27 consolidated PAT up 40% YoY to ₹1,175 crores on revenue growth of 29%, with group AUM crossing ₹10 lakh crore. The beat was driven by NBFC AUM growth of 28% to ₹1,67,456 crores with credit cost down 27 bps to 1.03% and ROA up 14 bps, HFC AUM up 50% with PBT +95%, and life VNB margin up 756 bps to 15.1%. Management guided HFC to ₹1 lakh crore AUM and 15% ROE in 6-8 quarters, life to 20%+ individual FIP CAGR with VNB margins above 20%, and health to 100% combined ratio by FY27, while expecting no further capital raises for three years after the ₹4,000 crore raise. Main risks are yield compression until P&C mix scales from 14% to 19%, potential credit life regulatory curtailment, and macro input cost uncertainty. |
| AVL Aditya Vision Ltd Retail - Electronics ·Improving · Maintained | Retail - Electronics | Improving | Maintained | Aditya Vision reported Q1 FY27 revenue of ₹1,193 crore (+27% YoY), EBITDA margin 10.4% (+89 bps), PAT ₹77 crore (+40%). Growth was driven by AC sales (42% of mix, +35% YoY) and UP's heat-led share rise to 16%, while inventory fell ₹177 crore to ₹663 crore. Management guided 30+ store additions in FY27, 8-10% EBITDA margin, and 15-16% gross margin, with Q1 being seasonally best. Main risks are Q2's 50-60% sequential drop, consumer sentiment volatility from West Asia war, and execution risk from simultaneous MP and West Bengal entries. |
| AKIKO Akiko Global Services Ltd Finance ·Improving · Raised | Finance | Improving | Raised | Akiko reported Q1 FY27 revenue of ₹68 crores, up 127% YoY, with monthly loan disbursements at ₹450+ crores and ~18,000 credit cards at ~₹3,100 revenue per card. The real driver was offline branch expansion and 80% digital lead generation, while Dubai revenue fell to ₹1.25 crores due to regional conflict, expected to recover in Q2 FY27. Management revised FY27 revenue guidance up to ₹325-350 crores, targeting ₹1,000 crores monthly disbursements by December 2026 and ₹50 crores Akiko Pay revenue. Main risk is execution of this aggressive ramp, plus leadership gaps with CFO/COO hires still pending within 2-3 months. |
| ALIVUS Alivus Life Sciences Ltd Pharmaceuticals Bulk Drugs & Formulation ·Improving · Maintained | Pharmaceuticals Bulk Drugs & Formulation | Improving | Maintained | Q1 FY27 revenue was ₹640 crores, up 6.4% YoY, with EBITDA margin up 650 bps to 36.6% and gross margin up 510 bps to 60.2%. The real driver was 26.5% non-GPL growth on new launches and product mix, offsetting a 52.6% GPL decline from one customer's inventory rationalization. Management guided FY27 revenue growth of 10-12% skewed to H2, EBITDA margin of 30-32% (up to 34% achievable), and flattish GPL with H2 recovery. Main risk is war-driven raw material inflation on solvents and PSMs, plus GPL H2 recovery shortfall and Solapur regulatory inspection timing. |
| BESTAGRO Best Agrolife Ltd Pesticides/Agrochemicals ·Improving · Cut | Pesticides/Agrochemicals | Improving | Cut | Best Agrolife Q1 FY27 revenue rose 4% YoY to ₹396 crore, but PAT doubled to ₹41 crore and EBITDA margin hit 20% from 12%. The driver was a deliberate mix shift: patented products rose to 64-65% of branded sales from 45%, with volumes up 37%, while generic SKUs were pruned. Management guides 10-15% revenue CAGR and a normalized 13-14% EBITDA margin, expecting strong Q2 as monsoon deficit narrowed from -40% to -5% deviation. Main risk: El Nino could stall deferred demand, and the ₹60 crore sales return buffer may prove insufficient if Q3/Q4 write-offs exceed provisions. |
| FILATEX Filatex India Ltd Textiles - Manmade Fibre - PFY/PSF ·Improving · Maintained | Textiles - Manmade Fibre - PFY/PSF | Improving | Maintained | Filatex's Q1 FY27 revenue rose 9.1% YoY to ₹1,145 crores and PAT 20.7% YoY to ₹49.1 crores, aided by ₹15-17 crores inventory gains from raw material pass-through, though April output was curtailed. Sales volume fell 7.6% YoY to 89,872 MT as stock was sold from inventory with stable per-kg margins. Management guides PFY expansion completion by October 2026, Ecosis 75 TPD plant commercial by end-October with ₹80-85 crores EBITDA primarily in FY28, steam project by September 2026, and cumulative project EBITDA of ₹220-230 crores. Risks: Ecosis offtake only 15-20% pre-committed, unhedged euro loans implying ₹10-15 crores FY27 losses, and MEG import dependence. |
| MALLCOM Mallcom (India) Ltd Leather Products - Others ·Mixed · Maintained | Leather Products - Others | Mixed | Maintained | Mallcom reported Q1 FY27 consolidated revenue of ₹110 crore, down 25% QoQ, with EBITDA margin up 317 bps to 12.51% and PAT margin up 174 bps to 6.03%. Domestic revenue hit a record ₹64 crore, up 10% QoQ, while exports fell to ₹46 crore on port congestion and weak Western demand, with margin gains from price realization and lower raw material costs. Management maintained FY27 revenue growth guidance of 10-12% toward ₹600 crore and a 50:50 India/export mix by year-end, targeting ₹40 crore from Sanand. Main risk is raw material volatility and delayed price pass-through on white-label contracts, with export recovery dependent on EU/UK FTA benefits and US tariff stability. |
| OAL Oriental Aromatics Ltd Chemicals - Organic ·Improving · Maintained | Chemicals - Organic | Improving | Maintained | Reported Q1 FY27 revenue of ₹260 cr (+15% YoY) on 22% volume growth, EBITDA margin 7.62% (up 71 bps QoQ, down 39 bps YoY), PAT ₹2.51 cr. The driver was volume growth, but margins were hit by raw material inflation (alpha-pinene up 70-80% in five months) and Asian capacity additions pressuring prices. Management guides 10-15% sales growth next year, Mahad utilization moving from 50-60% to a 75-80% target for EBITDA positivity, and export share at 33-35%. The risk is that persistent pricing pressure and camphor overcapacity limit pass-through, keeping margins depressed despite volume growth. |
| PRICOLLTD Pricol Ltd Auto Ancillaries - 2 Wheelers ·Improving · Maintained | Auto Ancillaries - 2 Wheelers | Improving | Maintained | Q1 FY27 revenue was ₹1,083.58 cr, up 23.46% YoY, with PAT of ₹67.02 cr, up 34.34%, but EBITDA margin fell about 1.5% to 11.41%. The margin hit came from West Asia crisis-driven polymer, LPG and freight inflation, worst in the Polymer division at 7.8% EBITDA, partly offset by two-wheeler growth of 28% versus industry 23%. Management guides margin recovery to 12.5-13% via indexation (75% of revenue in Q2, balance in Q3), a ₹700 cr capex cycle and DIS demerger completion in about 12 months, targeting ₹8,000 cr revenue by FY31. Main risks are high shipping rates persisting four quarters, an all-time-low rupee, rising memory control device prices, and a 40-50x MNC volume advantage in e-cockpit. |
| PUNJABCHEM Punjab Chemicals & Crop Protection Ltd Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Punjab Chemicals reported Q1 FY27 revenue of ₹347.2 crores, up 8.7% YoY, with gross margin up 355 bps to 36.6%, EBITDA at ₹40.8 crores (11.8% margin), and PAT of ₹22.1 crores, up 7% YoY. The beat came from exports, up 27.7% YoY, on pre-built Q4 inventory shipped into peak H1 demand at slightly better margins, while domestic revenue fell 3.1% on weak monsoon. Management maintained FY27 revenue growth guidance of 15-20%, expecting H2 to outperform on new product ramp-up to 15-18% of revenue, MoU launches, and agro/pharma intermediates, with the 15% EBITDA margin target over 2-3 years intact. Key risks are a 5-8% expected reduction in European demand, raw material and freight inflation from Middle East tensions, and working capital normalizing to FY26 levels only by Q4 FY27. |
| SHADOWFAX Shadowfax Technologies Ltd Logistics ·Improving · Raised | Logistics | Improving | Raised | Shadowfax reported Q1 FY27 revenue of ₹1,358 crores (+65% YoY, +10% QoQ) with adjusted EBITDA margin at 4.9% and record PAT of ₹65 crores, absorbing diesel hikes, minimum wage costs of ₹2-2.5 crores/month, and labor squeeze. The driver was shipment volume up 83% YoY to 25 crore orders, Express share gains to 28-30%, Amazon entering the top-10 customer club, and AI efficiency cutting lost shipment costs to 5.5% of revenue from 6.1% QoQ. Management raised FY27 revenue growth guidance from 27-30% to 38-40% citing enterprise forward visibility, while keeping margin expansion guidance unchanged at 100-150 bps and raising Prime Large PIN code target to 12,000. Main risks are fuel price pass-through timing choices, further state minimum wage actions, and pricing pressure from large listed anchor customers who can see margins. |
| SIYSIL Siyaram Silk Mills Ltd Textiles - Weaving ·Improving · Maintained | Textiles - Weaving | Improving | Maintained | Siyaram Silk Mills Q1 FY27 total income was ₹466 crore, up 16.4% YoY, with PAT at ₹11 crore, up 144.4% YoY on operating leverage. The core fabrics business held stable despite Adhikmas and input cost inflation, while retail stores added ₹30 crore revenue. Management retained FY27 guidance of ~12% revenue growth, ~14% core EBITDA margin before a guided 150 bps retail dilution, and ~70 stores by year-end. Key risks are persistent raw material inflation eroding margins and immature retail stores, with 100-125 stores needed to assess profitability. |
| SUGSLLOYD Sugs Lloyd Ltd Engineering - Turnkey Services ·Improving · Maintained | Engineering - Turnkey Services | Improving | Maintained | Q1 FY27 revenue was ₹78.4 crore, +32% YoY, with EBITDA margin at 15.3% and PAT of ₹7.5 crore (+30%). The operating driver was the mix shift toward T&D/smart grids at 59% of revenue, led by the Patna RDSS project, plus FPI product orders equaling all of FY26 volume, though Patna teething issues and supplier delays slipped some billing into Q2. Management reaffirmed FY27 revenue guidance of ₹600 crore and ₹1,000 crore for FY28, requiring a ₹2,000-2,500 crore exit order book, with peak debt capped near ₹130 crore and no equity raise planned. The key risk is ~180-day receivables DSO with government counterparties and EPC margin compression at scale if high-margin FPI growth does not offset it. |
| SUNPHARMA Sun Pharmaceutical Industries Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Sun Pharma Q1 FY27 sales rose 10.1% YoY to INR 1,51,836 million, with adjusted net profit of INR 30,894 million and EBITDA margin at 28.9%, higher YoY when stripped of the lenalidomide base effect. Growth came from product mix shifting toward branded generics and innovative medicines, with India up 16% and global innovative sales up 12.8%, while U.S. revenue fell 9.7% YoY on lenalidomide erosion and generic competition. Management maintained high single-digit FY27 revenue growth guidance, expects the Organon acquisition to close in Q4 FY27 with back-ended exceptional charges, and sees a 27.8% effective tax rate until then. Key risks are continued U.S. generic erosion, Emerging Markets slowdown to 4.2% growth on macro issues, forex translation hurting costs, and Organon integration execution. |
| TATASTEEL Tata Steel Ltd Steel ·Improving · Maintained | Steel | Improving | Maintained | Tata Steel Q1 FY27 consolidated EBITDA was ₹9,370 crores (15% margin), with India standalone EBITDA per ton at ₹19,162, up from ₹15,907 in Q4, driven by ₹5,990/ton realization gains. The real driver was India volume recovery after Q1 shutdowns and downstream growth, while UK losses narrowed to -GBP27 million and Netherlands stayed weak at EUR4 million due to the DSP shutdown. Management guides Q2 India NSR down ~₹1,500/ton but volumes up, UK EBITDA breakeven pushed to Q3/Q4 FY27, and Netherlands DRI-EAF investment held pending regulatory clarity. Main risk is Dutch regulatory and legal uncertainty, including a criminal investigation and tighter environmental standards, along with ₹1,200 crores of West Asia conflict costs that may taper. |
| UDS Updater Services Ltd Facility Management ·Improving · Maintained | Facility Management | Improving | Maintained | Q1 FY27 revenue rose 9% YoY to ₹764 crore, EBITDA margin 5.5%, PAT ₹30.3 crore. Driver was IFM +11% to ₹525 crore plus Matrix EBITDA up 76% YoY to 13.1% margin, with BSS +7%. Management guided 9-12% low-double-digit growth for both segments, no formal guidance, IFM margins bottomed, BSS improvement sustainable. Risks: labor shortages in south/west/NCR, stalled M&A, EBGC growth tied to tech hiring recovery. |
| ADFFOODS ADF Foods Ltd FMCG - Contract Mfg ·Improving · Maintained | FMCG - Contract Mfg | Improving | Maintained | Q1 FY27 consolidated revenue was ₹167.31 crores, up 25.9% YoY, with EBITDA of ₹29.7 crores at 17.7%, the fourth consecutive double-digit quarter. Growth was driven by Truly Indian US shelf gains (3,000+ stores, 60% repeat) and Surat frozen ramp at ~30% utilization, but freight ate ~3% of margins, offset by pass-through on 65-70% of business from Q1 and a USD 0.77M US tariff refund booked. Management guides FY27 revenue above ₹900 crores and high-teens consolidated EBITDA excluding that refund, with Surat fully ramped only by FY30 after Phase 2 capex of ₹25-30 crores in Q3. Risks: container shortages left ~30% of ready goods unshipped in June, the 10% US tariff remains fluid, and PLI expiry of ~₹16 crores should be recovered via lower Ashoka brand spend. |
| EFCIL EFC (I) Ltd Realty - CoWorking ·Improving · Maintained | Realty - CoWorking | Improving | Maintained | EFC (I) reported Q1 FY27 revenue of ₹282.88 cr (+29% YoY), PAT ₹70.85 cr (+52% YoY) with 25.1% margin, EBITDA margin 43.5%. Leasing led at ₹153.91 cr (+26% YoY) on ~90% occupancy and 95%+ retention; furniture jumped 124% to ₹28.57 cr; D&B order book rose to ₹228+ cr. Management guides to 18,000-20,000 billable seat additions, ~50% YoY growth in D&B and furniture, and >25% furniture EBITDA once 60-70% capacity utilisation is reached. Risks include furniture margin collapse from ~77% to ~7% QoQ, D&B Q1 revenue down ~3% QoQ with execution heavy in H2, and rising competition from AWS, Smartworks, IndiQube. |
| EMBASSY Embassy Office Parks REIT Real Estate Investment Trusts ·Improving · Maintained | Real Estate Investment Trusts | Improving | Maintained | Record Q1 FY27 revenue of ₹1,241 crores and NOI of ₹1,020 crores, both up 17% YoY, with DPU ₹6.31 (9% YoY) as portfolio occupancy held at 90%. GCCs drove 81% of the 1.3 million sq ft leased across 10 new AI-adjacent occupiers, new leases signed at 8% premium to market, and solar NOI stabilized at ₹23 crores. Management guides FY27 NOI of ₹4,150-4,350 crores (13% midpoint growth) and DPU of ₹27-28.6 (10% growth), with Q1 property tax payments catching up through the year. Key risks are refinancing ~₹7,000 crores of debt over 21 months amid volatile rates, Pune occupancy below 90% pending metro completion, and Four Seasons exiting Embassy ONE hotel in February 2027. |
| GHCLTEXTIL GHCL Textiles Ltd Textiles - General ·Improving · Maintained | Textiles - General | Improving | Maintained | GHCL Textiles Q1 FY27 revenue rose 52% YoY to ₹410 crore, with EBITDA margin at 17.1% and PAT at ₹39 crore. The beat came from low-cost cotton inventory and yarn spread up to ~₹155/kg, plus fabric rising to 16% of sales; inventory gains drove only 10-12% of the profit jump. Management guided Q2 spreads similar to Q1, normalized FY27 EBITDA margin at 14-15%, and reiterated ₹2,000 crore revenue by FY29 at 16-18% margins via ready-to-cut fabric capex. Main risk: cotton price inflation from US-Iran conflict and US tariff uncertainty could compress spreads as low-cost inventory is consumed. |
| EBGNG GNG Electronics Ltd New age - Platform - E-Retail ·Improving · Raised | New age - Platform - E-Retail | Improving | Raised | Q1 FY27 revenue ₹412.5cr (+32% YoY), PAT ₹28.9cr (+56%), gross margin 24.65% (+329bps). Growth came from 18% volume (1,50,000 units) and 12% ASP hike, plus inventory gains as memory prices rose 5x since Oct 2025. Management raised FY27 revenue growth guidance to 25-30% and PAT margin to 0.5-1%, from 20-25% and earlier margin. Main risk: continued 5-10% quarterly memory price rises could lift procurement costs and hurt affordability, while other expenses grew 68% YoY ahead of revenue. |
| HEXT Hexaware Technologies Ltd IT - Software ·Improving · Cut | IT - Software | Improving | Cut | Hexaware reported $405M revenue, up 4.4% QoQ, with EBIT margin at 13.6%; about $5M of growth was a calendar benefit. Volume-led growth came despite GTT falling 18% YoY on Middle East cuts, while 13 of top 20 clients underwent AI-driven consolidation. Management cut CY2026 revenue growth guidance to 6%-7% from ~7.6%, citing three-to-four deals delayed to late Q3-Q4 and Middle East macro; it reiterated 13%-14% EBIT margin and forecasts double-digit YoY exit growth. Main risk is delayed ramps and travel weakness leaving insufficient runway, plus DSO normalization after ERP cutover. |
| INDOSTAR Indostar Capital Finance Ltd Finance & Investments - CV Finance ·Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | IndoStar Capital reported PAT of ₹11 crore versus ₹424 crore loss in Q4 FY26 with one-time provisioning, as disbursements rose 44% YoY to ₹1,235 crore and NIM expanded to 8.8%. Tightening since January 2025 moved CIBIL-above-725 customers to 84% of the book, cut early delinquency from 5.5% to 2.29%, and Micro LAP scaled to ₹217 crore with 0.17% GNPA. Management forecast 35% YoY disbursement growth in Q2 FY27, Micro LAP AUM doubling, cost of funds near 9% by March 2027, and PAT of ₹450-500 crore by FY29. Main risk is the pre-January 2025 old book, driving 80% of NPAs and 70% of fresh additions, which keeps credit costs elevated for two to three quarters. |
| KTKBANK Karnataka Bank Ltd Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Q1 FY27 PAT rose 43% YoY to ₹418.95 crore with NIM at 3.20% and GNPA down 88 bps YoY to 2.58%. The driver was a 22 bps QoQ cut in cost of funds to 5.16% from replacing bulk deposits and IBPC with granular retail and RAM lending. Management guided ~15% business growth, 15-20% advances growth, and an ROA target of 1.35-1.40%, backed by 31-32 new branches. Risks include SMA-2 rising to ₹753 crore, cost-to-income jumping 467 bps QoQ to 55.14%, ECL provisioning from April 2027, and unresolved CEO tenure. |
| MACPOWER Macpower CNC Machines Ltd CNC - Machines ·Improving · Raised | CNC - Machines | Improving | Raised | Macpower reported Q1 FY27 revenue of ₹95.24 crore (+56.6% YoY), EBITDA of ₹15.43 crore (16.2% margin), and PAT of ₹9.58 crore (+110%). The driver was a 39-40% NEXA high-end mix and a 4-6% price hike from June 1, lifting realization to ₹20 lakh plus. Management raised FY27 revenue growth guidance to 30%+ on a ₹456 crore order book, forecasting quarter-on-quarter EBITDA margin improvement. Risk: ₹304 crore defense bids under evaluation have unpredictable conversion, tech centers run near-empty, and Taiwan-sourced components remain single-source dependent. |
| M&M Mahindra & Mahindra Ltd Auto - 4 Wheelers ·Improving · Maintained | Auto - 4 Wheelers | Improving | Maintained | Q1 FY27 consolidated PAT rose 34% YoY to EPS of ₹48, with ROE at 23% against the 18% target. Auto PBIT grew 28% despite 450-500 bps commodity pressure and an 85 bps hedging loss, farm PBIT rose 9% after Urkund impairment with core tractor margins at 19.2%, and Mahindra Finance profit jumped 78% while TechM margins hit 14.4%. Management guides slight auto margin improvement in Q2, near-term farm pressure from unhedgeable steel up 24% and rubber up 53% CYTD plus an October festival shift, and auto capacity reaching 82,000 units monthly by end-FY27. Risks include recurring supplier disruptions, commodity volatility, a 15% monsoon deficit, and EV cost benefits only expected in 12-18 months. |
| MASFIN MAS Financial Services Ltd Finance & Investments - MSME Lending ·Improving · Maintained | Finance & Investments - MSME Lending | Improving | Maintained | MAS Financial's Q1 FY27 consolidated AUM rose 21% to ₹16,100 crore and PAT 27% to ₹110 crore. The driver was tech-led cost cuts (380 employees removed) and stable asset quality (GNPA 2.58%), with credit cost up to ~1.6% due to higher on-book assets. Management guides 20-25% AUM growth, ROA 2.75-3.25%, credit cost 1.25-1.75%, and borrowing cost stable at 9.25%. Main risk is West Asia crisis tightening credit screens, reducing eligible demand, plus flood and monsoon impact on asset quality. |
| MOL Meghmani Organics Ltd Pesticides/Agrochemicals ·Mixed · Maintained | Pesticides/Agrochemicals | Mixed | Maintained | Consolidated revenue fell 12% YoY to ₹542 crore on a 17% volume drop, but net profit jumped 280% to ₹48.2 crore with EBITDA up 46% to ₹97.9 crore. Margin expansion came from a deliberate volume-for-margin shift: Crop Protection EBITDA margin hit 19.9%, Pigment 12.1%, while suspended TiO2 booked a ₹3 crore quarterly loss. Management guides to double-digit Crop Protection revenue growth, Pigment revenue of ₹500-600 crore at ~10% EBITDA margin, 12-13% consolidated EBITDA margin, and ~₹130 crore FY27 debt repayment. The main risk is TiO2 stays shut indefinitely: sulphur costs are 8-10x normal after Middle East disruptions and anti-dumping duty reinstatement is unresolved, leaving ₹10-12 crore annualized losses. |
| MTARTECH MTAR Technologies Limited Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 revenue was ₹360.7 cr (+130.4% YoY), PAT was ₹50.2 cr (+364.5%), and EBITDA margin was 23.54% versus FY27 guidance of 22% ±100 bps. The driver was record orders: closing book ₹5,143 cr plus ₹800 cr on call day, led by nuclear (Kaiga, PFBR) and clean energy, and working capital days fell from 172 in FY26 to 59. Management forecasts FY27 revenue growth of 80% (confident to beat), EBITDA margin 22% ±100 bps, working capital exit ~100 days, and ₹500 cr capex, 70% clean energy. Risks are gross margin down to 45.61% from 47.65% YoY, execution of the ₹5,900+ cr book, and dependence on fuel-cell and export data-center demand. |
| KISSHT Onemi Technology Solutions Ltd Finance - Investment/Others ·Improving · Maintained | Finance - Investment/Others | Improving | Maintained | OnEMI reported Q1 FY27 PAT of ₹95 crore, up 59% YoY, and AUM of ₹8,001 crore, up 61% YoY, with credit cost down to 6.80% of average AUM. The driver was AI-led underwriting and deliberate shift to lower-priced high-quality customers, compressing revenue margin 249 bps QoQ while off-book share rose to 53.6%. Management reaffirmed FY27 guidance of 40%+ AUM growth, 15% credit cost reduction, 20%+ ROE and 5%+ ROA, with LAP breakeven by Q3 FY27 and cost of funds improving 100+ bps. Main risk is industry stress in small-ticket multi-lender segments and AI-driven salary disruption, countered by tightened approval bands and 270 paused PIN codes. |
| PPLPHARMA Piramal Pharma Limited Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue rose 17% YoY to ₹2,270 crore, with EBITDA up 72% to ₹285 crore and a 12.5% margin, up about 400 bps. The driver was operating leverage from higher overseas CDMO utilization and pricing discipline, alongside CDMO growth of 19%, CHG growth of 17% to ₹743 crore, and mid-teens CHC growth. Management kept FY27 guidance unchanged despite the strong quarter, expects Kenalog supplies from Q2, and notes H2 is historically higher. Risks include persistent Chinese competition in hospital generics, elevated FY27 taxes normalizing to 24–25%, and no sales from the destocked large contract this year. |
| PSPPROJECT PSP Projects Ltd Construction & Contracting ·Improving · Maintained | Construction & Contracting | Improving | Maintained | Q1 FY'27 revenue rose 65% YoY to ₹853 cr, EBITDA up 121% to ₹55 cr (6.42% margin), net profit ₹18 cr. Growth came from execution on the ₹13,245 cr order book (103% YoY, 70% Adani), but margins lagged because employee cost hit 5.4% of sales due to April-May labor shortages and low revenue conversion. Management maintained FY'27 guidance of ₹4,000-4,500 cr revenue, 7-8% EBITDA margin, and ₹5,000-6,000 cr order inflow, with net debt-free in 2-3 quarters and UP medical EOT closure by mid-September. Main risks are Adani concentration, ₹90 cr SDB receivables, and fixed-price exposure on external orders despite cost-plus pass-through on Adani contracts. |
| QUESS Quess Corp Limited Facility Management ·Improving · Maintained | Facility Management | Improving | Maintained | Q1 FY27 consolidated revenue was ₹4,182 crore, up 15% YoY, with EBITDA of ₹85 crore at a 2.02% margin and PAT of ₹82 crore boosted by a ₹261 crore tax refund. The real driver was general staffing growth of 15%, including a one-time ₹176 crore Labor Code pass-through, with ex-Labor Code margin near 1.5%. Management guides full Labor Code coverage by Q2/Q3, professional staffing EBITDA margin of 11-12%, overseas margin of 6.5-7%, and 20-25% dollar-linked revenue within 3-4 years. Main risks are RBI restrictions on BFSI outsourcing and unproven Quess 2.0 overseas corridor execution, with final Labor Code liability depending on customer choices. |
| REDINGTON Redington Limited Computer - Hardware ·Improving · Maintained | Computer - Hardware | Improving | Maintained | Redington reported Q1 FY27 revenue of ₹34,966 crore, up 34% YoY, and PAT of ₹486 crore, up 77%. Growth was led by India (+63%) and MEA (+15%) despite the West Asia crisis, but roughly two-thirds of endpoint growth came from component-shortage price hikes, not units. Management guides Q2 to keep growing, with data center backlog several times Q1's ~₹1,000 crore large deals and MEA recovery once the crisis settles. Risks are PC prices up 25-50% with 2-3 months of channel inventory inviting de-stocking, plus possible continued Arena losses. |
| REFEX Refex Industries Ltd Refrigeration ·Improving · Maintained | Refrigeration | Improving | Maintained | Q1 FY27 revenue was ₹619 crore, up 76% YoY, with PAT of ₹73.6 crore, up 123%, driven by ash/coal volumes at 65-70k tons/day and first full wind quarter of ₹295 crore. Management guides ash/coal to 90k tons/day by Q4 FY27 and wind revenue of ₹1,700-1,800 crore at 5-6% net margin, with wind profitability only by FY27 end. Core growth is forecast above last year's 28% CAGR, supported by railway tariff benefits, while the mobility demerger completes by Q3 FY27. Main risks are Q2 monsoon seasonality, diesel supply disruptions, and execution of the remaining ₹1,300 crore wind order book. |
| STARHEALTH Star Health and Allied Insurance Company Limited Finance - Non Life Insurance ·Improving · Maintained | Finance - Non Life Insurance | Improving | Maintained | Star Health reported Q1 FY27 GWP of ₹4,287 crore (+19% YoY) and PAT of ₹550 crore (+25%), with underwriting profit jumping to ₹111 crore from ₹16 crore. The driver was fresh retail health GWP of ₹730 crore (+37%) with 94% new-to-insurance and 90%+ proprietary distribution, though the group segment drove most of the YoY loss-ratio improvement and retail loss ratio stayed at ~67.5-68%. Management forecasts insurance revenue growth of 15-16%, 30-40 bps annual expense ratio improvement, reinsurance expense of 0.5-0.6% of GWP, and a mid-to-high teens ROE glide path. Main risks: Q2 vector-borne disease claims, optically moderated H2 growth on the GST base, retail market share down to 29% from 31%, and unquantified regulatory reform. |
| STEELCAS Steelcast Ltd Castings, Forgings & Fastners ·Improving · Raised | Castings, Forgings & Fastners | Improving | Raised | Steelcast Q1 FY27: revenue ₹124.82 crore (+17% YoY), EBITDA margin 28.23%, PAT ₹23.71 crore (+19.3% YoY), driven by volume of 4,700 tons at 66% utilization. Management guided FY27 volume growth of 25% (30% a "distinct possibility") and ~20% CAGR, backed by ₹140 crore order book and ₹120 crore greenfield capex targeting March FY28 commissioning. They expect EBITDA margins to improve 150-200 bps via operating leverage, with price pass-through effective July 1 covering higher natural gas costs. Key risks: greenfield execution delays, export mix normalization from 62% to ~50%, and interim margin pressure before pass-through offsets input inflation. |
| SYNGENE Syngene International Limited Pharma - API & CRAMS ·Weakening · Cut | Pharma - API & CRAMS | Weakening | Cut | Syngene's Q1 FY27 revenue fell 16% YoY to ₹736 crore, with operating EBITDA of ₹91 crore (12% margin) and a reported PAT loss of ₹9 crore after a ₹10 crore exceptional charge. The drop was driven by the absence of the ~$50 million annual Zoetis biologics offtake, client attrition in commoditized discovery chemistry, and a ₹50 crore FX hedge loss. Management guides FY27 revenue to a single-digit INR decline with mid-20s EBITDA margins, expecting H2 recovery and a return to double-digit profitable growth from FY 2028 as Mangalore, Stelis and Bayview ramp. Key risks are conversion lag on new capacity, residual Zoetis exposure, and Indian first-in-human regulatory delays despite Australia and Europe partnerships. |
| TBOTEK TBO Tek Ltd E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 organic GTV grew 15% YoY constant currency despite the Middle East crisis, with Europe up 24% and APAC up 22-46%, while Middle East was flat at +1%. The driver was prior market development investments and Classic Vacations, shown by 1.3% consolidated EBITDA/GTV margin, ~26% GP-to-EBITDA conversion, and Classic's 3.4% seasonal-peak EBITDA margin versus ~2.5% FY run-rate. Management forecasts Middle East reversion to its pre-war growth trajectory post-normalization, SG&A growth range-bound and well below gross profit growth, and Classic at ~2.5% full-year EBITDA margin. Risks include protracted Middle East disruption, Classic seasonality, and one-way cross-sell only, with reverse flow blocked until platform migration completes, against ₹1,980+ crores cash and $70M plus EUR 6M borrowings. |
| VAML Vedanta Aluminium Metal Ltd Aluminium ·Improving · Maintained | Aluminium | Improving | Maintained | Reported: VAML Q1 FY27 revenue ₹21,005 crore (+45% YoY), EBITDA ₹10,499 crore (+134% YoY); Vedanta Ltd EBITDA ₹8,469 crore (+98% YoY), VRL debt down to $5B from $10B. Driver: record aluminium output 632 kt, VAP 389 kt, captive alumina mix 70-72% cut hot metal cost to $1,698/ton; power absorbed ₹487 crore Sakti boiler exceptional. Guidance: management forecasts $175-200/ton VAML cost cut over 3-4 quarters from Lanjigarh ramp to 90% and CGMALAI/Kurloy mines, FY27 group capex ~₹20,000 crore, VRL debt to $3B, and 4-5% dividend yield per entity. Risk: Sakti restart only end Q2, Q2 monsoon cost pressure, CGMALAI approval pending, and only 28% of FY27 aluminium volumes hedged at $3,062/ton leaves LME exposure. |
| VISL Vedanta Iron & Steel Ltd Steel ·Improving · Maintained | Steel | Improving | Maintained | Vedanta Group's first post-demerger quarter saw Vedanta Ltd continuing EBITDA at ₹8,469 crore (+98% YoY) on ₹23,456 crore revenue, while Vedanta Aluminium hit record EBITDA of ₹10,499 crore with hot metal cost at $1,698/t. The driver was aluminium volume growth (632 kt) and cost cuts, partly offset by alumina output falling 6% QoQ on stabilization issues. Management guides to a $9.5–10B FY27 EBITDA run-rate, $1,650–1,700/t hot metal cost, and VRL debt falling from $5B to $3B in two years. Key risks: Shakti boiler restart delays, Middle East supply chain disruption, and pending Sigamali approvals. |
| VOGL Vedanta Oil and Gas Ltd Oil Exploration/Allied Services ·Improving · Maintained | Oil Exploration/Allied Services | Improving | Maintained | Vedanta Aluminium drove Q1 with record revenue of ₹21,005 crore (+45% YoY) and EBITDA of ₹10,499 crore (+134% YoY), while Oil and Gas EBITDA rose 16% QoQ to ₹1,232 crore on a 49% margin despite production declining 4-5% QoQ. The real driver was aluminium pricing and cost cuts, with hot metal cost down to $1,698/ton and oil and gas unit costs at $17.4/barrel. Management guides FY27 hot metal cost at ₹1,650-1,700/ton, alumina toward $700/ton, and VRL debt to $3 billion by FY29. Main risks: Middle East disruption, Shakti boiler ₹487 crore charge, and Q2 monsoon shutdowns raising costs. |
| VEDPOWER Vedanta Power Ltd Power Generation & Supply ·Improving · Maintained | Power Generation & Supply | Improving | Maintained | Vedanta Limited Q1 FY27 EBITDA nearly doubled to ₹8,469 crores on 57% margin, led by Aluminium EBITDA up 134% YoY to ₹10,499 crores on record 632kt output and lower costs. The real driver was favourable aluminium prices and cost cuts, with hot metal cost down to $1,698/ton, while Power absorbed a ₹487 crore exceptional charge from the Shakti boiler incident. Management guides to consolidated EBITDA of $9.5-10 billion, BALCO ramp-up to ~435kt, and aluminium cost reduction of $175-200/ton over 3-4 quarters. The main risk is Middle East disruptions that cut Copper International sales 51% YoY and push up input costs, plus oil and gas natural decline of 4-5% QoQ. |
| ZENSARTECH Zensar Technologies Limited IT - Software ·Mixed · Maintained | IT - Software | Mixed | Maintained | Zensar reported Q1 FY27 revenue of $159.5 million, up 1.1% QoQ CC, but EBITDA margin fell 150 bps and PAT margin fell 220 bps to 12.2% on $210 million mega deal pre-staffing and higher costs. Growth was driven by BFSI, up 8.3% QoQ CC, offsetting declines in HLS down 3.8%, MCS down 2.3% and TMT down 9.1%; order intake of $149.2 million was a multi-quarter low with an all-time high new-business mix. Management guides Q2 better than Q1, similar margins through Q3 then expansion, 0.9x-1.1x book-to-bill, and HLS recovery, with headcount up 5.2% QoQ and attrition at 9.6%. Main risks are softness outside BFSI, macro uncertainty and competitive intensity, plus margin pressure until full mega-deal revenue weight arrives in Q3-Q4. |
| AEQUS Aequs Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 consolidated revenue rose 55% YoY to ₹3,955 million, but reported EBITDA of ₹215 million fell sequentially due to lower other income; operational EBITDA excluding other income tripled sequentially to ₹148 million as consumer losses narrowed 24% to ₹361 million. The real driver was aerospace, up 40% YoY with 23% segment margins and order book crossing $1,004 million, including a 15-year Safran A320 wheel contract. Management guides FY27 revenue growth of 45-50%, aerospace growth of 25-30% with over 20% margins, and consumer EBITDA breakeven by Q4 FY27, assuming consumer utilization rises from ~22% to 40-50%. Main risks are consumer ramp execution, 99% imported raw material dependency, and quarterly depreciation of ₹453 million keeping consolidated PAT negative until H1 FY28. |
| CEMPRO Cemindia Projects Ltd Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Cemindia reported Q1 FY27 revenue of ₹2,721 crore (+6% YoY), EBITDA margin of 10.5% (+40 bps YoY), and PAT of ₹141 crore (+3% YoY). The modest result is driven by ~₹12,000 crore of recent wins (Munger, Delhi Metro, Pune Metro, Morsagar) still in mobilisation with zero revenue, plus zero production from the stalled Vadodara port. Management maintained FY27 guidance of ~25% revenue growth and ~₹25,000 crore order inflows, with the ₹5,000 crore QIP flagged as an enabling resolution for future TBM-based tunnel capex, not an immediate need. Key risks are the unknown Vadodara port timeline, Adani-linked content at ~50% of the order book and bid pipeline, and margin variability from geopolitical material cost shocks. |
| DEEPINDS Deep Industries Ltd Oil Drilling & Exploration ·Improving · Raised | Oil Drilling & Exploration | Improving | Raised | Deep Industries Q1 FY27 reported revenue of ₹278.92 crores (+40% YoY), EBITDA of ₹131.8 crores (43.6% margin) and PAT of ₹89.14 crores (+44.5% YoY). The real driver was strong gas processing, 100% rig utilization, and subsidiary contributions from Dolphin (~₹43 crores) and Dubai/Indian units (~₹50 crores combined). Management guided FY27 PAT above ₹350 crores and FY28 at ~₹500 crores, with FY27 standalone growth of 18-20% and consolidated growth over 25%, backed by a ₹3,047 crore order book of which ~₹800 crores is expected in FY27. Main risk is the Mori 5 well incident delaying PEC incremental production by 5-6 months (now from September-October 2026) and spot-linked gas price volatility, while offshore fleet expansion remains contingent on winning tenders. |
| EMKAY Emkay Global Financial Services Ltd Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Consolidated income rose 50% YoY to INR33,546 crore, with EBITDA of INR5,642 crore, led by copper (INR749 crore at 52% utilization) and geopolitics-driven IRM (INR894 crore). Airports non-aero grew 53% on higher spend, not Navi Mumbai. Management guides copper EBITDA around INR800 crore per quarter with margins normalizing to ~5%, mining volumes up 16-20%, and unchanged FY27/FY28 capex. Main risks are IRM volatility not sustaining, Ganga Expressway ramp-up, and depreciation dragging PAT. |
| ERIS ERIS Lifesciences Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Eris posted 13% consolidated revenue growth in Q1 FY27 with PAT up 14–15%, but DBF gross margin fell to 74% from 76–77% due to the shift to lower-margin insulins and biologics, which carry higher YPMs. Management guides FY27 consolidated growth of ~14% assuming IPM at 11%, with gross margins recovering to ~76–77% by Q4 as the Bhopal facility ramps from August. Export growth stays flat to low single digit due to Swiss Parenterals remediation, adding a ~200 bps EBITDA drag. Main risk is slower semaglutide adoption, with Sundae at 22% volume share but off-take lagging targets, plus possible Bhopal ramp delays extending margin normalization into FY28. |