| IFBIND IFB Industries Ltd Domestic Appliances ·Mixed · Maintained | Domestic Appliances | Mixed | Maintained | Record FY26 standalone revenue of ₹5,475.91 crores, up ~10% YoY, with PAT at ₹133 crores, up 3.53%, below internal targets on muted consumer durables demand. PBDIT margin was 6.10%, eroded by rupee depreciation and commodity inflation costing ₹80-90 crores, while the AC business continues losing money despite ₹200+ crores cumulative capex. Management guides ₹250+ crores cost savings, ~₹300 crores engineering capex for Gujarat stamping and EV battery can plants, no dividend, and a possible >50% IFB Refrigeration stake, with Q1 FY27 results on August 6, 2026. Key risks: Middle East conflict lifting crude and freight, rupee depreciation, white goods competition, and no M&A closed after reviewing 60+ companies. |
| IVALUE Ivalue Infosolutions Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Reported Q1 FY27 gross sales at ₹641.2 crore (+5.7% YoY) with PAT ₹15.7 crore (+51.7% YoY) and gross margin recovering to 8.1% from 6.8%. Real driver: DCI grew 180% YoY on AI/GPU demand and cloud/ALM +47%, while ILM declined ~60% due to enterprise budget reallocation. Management guides 20% FY27 gross sales and PAT growth, backed by a ₹6,150 crore pipeline, with ILM normalization from Q3 and DCI at 18-20% of revenue. Main risk: public data center contracts bypass iValue to OEMs, and lumpy large deals skew quarterly results. |
| KANPRPLA Kanpur Plastipack Ltd Packaging - Polysacks ·Improving · Maintained | Packaging - Polysacks | Improving | Maintained | Kanpur Plastipack's Q1 FY27 total income rose 13.86% YoY to ₹207.49 crores, with EBITDA margin expanding to 10.69% from 7.66% and PAT up 112% to ₹12.14 crores, the first quarter crossing ₹200 crores. The real driver was pricing power (ASP +31% versus raw material +18%) and value-added exports, partly offset by ₹3.5 crores higher quarterly labor costs and freight. Management guides FIBC volumes to 5,000 tons per quarter by Q1 FY28, SEKAN yarn to ₹10 crores FY27 revenue at 20-25% EBITDA, non-woven revenues from Q3 FY27, and FY28 revenue of ₹900-950 crores. Main risk: ocean freight jumped from $2,000 to $5,000, with customer procurement visibility only ~4 weeks, while net debt rose to ₹132 crores. |
| PNGSREVA PNGS Reva Diamond Jewellery Limited Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue was ₹118 crore, up 119.5% YoY, with EBITDA margin at 28.76% and PAT margin at 23.06%. The driver was over 50% caratage volume growth across 21 cities, plus better price realization and IPO interest, not a one-off. Management guides FY27 EBITDA margin of 25-27% and PAT margin of 20-23%, expecting a 200-300 bps dent from marketing spend from Q2. Main risk: new EBOs need 12-18 months to break even, and year-end store openings may dilute inventory turns. |
| PFS PTC India Financial Services Ltd Finance & Investments - Others ·Improving · Raised | Finance & Investments - Others | Improving | Raised | Q1 FY27 PAT was ₹40.24 crore on flat AUM of ₹2,946 crore, but disbursements fell to ₹117.25 crore. The real driver was a leadership transition and borrower-side construction delays, especially oil and gas projects, that stalled sanction conversion. Management guided AUM to ₹5,000 crore by FY27-end, citing record ₹1,200+ crore sanctions in Q2's first month, with the ₹187 crore NPA expected to enter NCLT in Q2. The key risk is high cost of funds and no commitment on growth or dividend targets, leaving retail investors to wait 2-3 quarters. |
| SHK S H Kelkar & Company Ltd Chemicals - Others ·Improving · Maintained | Chemicals - Others | Improving | Maintained | Q1 FY27 revenue was ₹662 crore (+14% YoY), EBITDA ₹89 crore (+21%) with a 13.4% margin, plus ₹30 crore exceptional insurance income. Growth was led by Flavors at ₹112 crore, including ~₹15 crore preponement, so the normalized run-rate is ₹95-96 crore, and by European fragrance, while India fragrance stayed flat from exiting low-margin business and withholding supply pending price hikes. Management guides double-digit FY27 revenue growth with improved margins, Flavors normalizing to ~₹95-96 crore per quarter, ingredients recovering in H2, US revenue of at least $1.5-2 million, and ~₹25 crore per quarter debt reduction from Q3. Main risks are West Asia geopolitics disrupting supply chains and developed-market demand softness, plus FX volatility, though six-month inventory and 95%+ price pass-through protect margins. |
| SHANTIGEAR Shanthi Gears Ltd Auto Ancillaries - Gears ·Mixed · Raised | Auto Ancillaries - Gears | Mixed | Raised | FY26 revenue fell 14% YoY to ₹518.72 crores, the first decline since COVID, with EBITDA at ₹123.54 crores and PAT at ₹76.66 crores. Management blamed delayed customer capex, pricing pressure and weak steel, cement and power demand, with standard gear lines running at much lower utilization than critical lines. Management guided double-digit FY27 growth on the 24% higher order book of ₹638 crores, plus ₹150 crores capex, exports at 13% of sales and ₹80-120 crores aftermarket revenue. Q1 FY27 is already down 15% revenue and 54% profit, so sustained demand weakness and Chinese import competition are the key risks to the recovery. |
| SKMEGGPROD SKM Egg Products Export (India) Ltd FMCG - Animal/Polutry ·Mixed · Maintained | FMCG - Animal/Polutry | Mixed | Maintained | Q1 FY27 egg powder realization rose to ₹770/tonne from ₹722, driven by rupee depreciation, while capacity ran at 100% with no volume headroom. Management reported full utilization, Russia at 150 tonnes/month, and completed SKM Universal acquisition adding ₹40-50 crore turnover. Guidance: new powder capacity board approval by October, production from FY28-29, branded egg plan by end-March FY27. Main risk: elevated soya feed costs for 3-6 months with no B2B pass-through, plus global processor inventory overhang capping pricing. |
| SPLPETRO Supreme Petrochem Ltd Petrochem - Polymers ·Mixed · Maintained | Petrochem - Polymers | Mixed | Maintained | Supreme Petrochem Q1 FY27 revenue rose 22% YoY to ₹1,693 crore and EBITDA jumped 188% to ₹331 crore (19.53% margin), but sales volumes fell 24.5% to 70,842 MT because Gulf styrene supply suspensions widened global deltas, not demand growth. Q1 margins are an "aberration" and will normalize as GPPS deltas slip to $250-275 and HIPS to ~$350 from $300+/$400+ peaks. Management gave no FY27 volume guidance, but is funding ~₹900 crore capex internally for XPS, compounding, and PS lines through March 2029. Key risks: exports at 10-12% of normal, non-OEM demand down ~50% (recovering), and structurally higher alternate sourcing costs. |
| TRUALT TruAlt Bioenergy Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Q1 FY27 PAT jumped to ₹59.3 crore from ₹4.7 crore prior quarter on revenue of ₹626.90 crore (+106% QoQ), with EBITDA margin at 23.5%. The driver was dual-feed ethanol production of 8.5 crore liters at 60% utilization plus pre-booked maize at ₹17-21/kg versus ₹25.50/kg spot, improving grain-mix economics and cutting finance cost to 7% of revenue. Management guides 44 crore liters of ethanol orders in hand, Q2 sales of 11-12 crore liters, CBG JV commissioning from Q3, and SAF construction starting in 2-3 months. Key risk: maize price volatility cuts ethanol EBITDA per liter from ₹15-16 to ₹6-7, while a pending 15 crore liter court allocation remains unimplemented, capping utilization near 60% versus a potential 90-95%. |
| UFO UFO Moviez India Ltd Entertainment - Electronic Media ·Improving · Maintained | Entertainment - Electronic Media | Improving | Maintained | UFO Moviez posted Q1 FY27 revenue of ₹111.8 crores (+2.6% YoY) and PAT of ₹5.6 crores (-13.8% YoY), with the real driver being a 33% YoY ad revenue surge from Dhurandhar's tactical spend and regional titles. Management guided international product sales recovery in Q2 or latest Q3, with ~₹7 crores of pending Dubai orders blocked by the war, while ad revenue should stay supported by locked-in annual spender deals. Movie releases dropped to 399 from 456 a year ago, and southern regional cinema stayed subdued. Main risk: reliance on blockbuster-driven tactical ad revenue, since Dhurandhar's spend was an outlier. |
| AEROFLEX Aeroflex Industries Limited Stainless Steel ·Improving · Maintained | Stainless Steel | Improving | Maintained | Q1 FY27 revenue was ₹145.97 crore, up 72.4% YoY, with EBITDA margin up 468 bps to 23.04% and PAT up 162% to ₹18.79 crore. Growth came from flexible hoses (+41% YoY) and SFN skid assemblies for data-centre liquid cooling, which contributed ₹32.4 crore (~23% of revenue, 1,040 skids). Management guides skid capacity to 15,000 units per annum by Q3 FY27, fire-hose assembly commercialization by end-Q2/start-Q3, ~25% skid revenue share by FY27-end, and a ~750-skid/month Q4 exit run rate. Risks include customer design-approval delays (10–11 months for new customers), external machine-supplier delays, and margin volatility from Chakan plant setup and West Asia logistics costs. |
| DMART Avenue Supermarts Ltd Retail - Departmental Stores ·Improving · Maintained | Retail - Departmental Stores | Improving | Maintained | FY26 revenue was ₹67,000 crore, up 16% YoY, with LFL growth of 8.1%, EBITDA margin of 7.8%, and PAT of ₹3,224 crore, down 25 bps YoY. The real driver was 85 new stores and 5 new states, but metro same-store sales are capped by saturation and quick commerce, so management expects LFL to stay near 8.1%. Management guided ~15% annual store additions, ~5% net margin as a north star, and DMart Ready consolidation to 11 cities after a ₹307 crore PBT loss. Main risks: wage code pushed employee costs up 33%, e-commerce losses deepened 43% to ₹307 crore, and quick commerce competition persists in dense metros. |
| CSM CSM Technologies Ltd IT - Software ·Improving · Raised | IT - Software | Improving | Raised | CSM Technologies reported FY26 revenue of ₹226 crores (+12% YoY), EBITDA up 57% to ₹48 crores (21% margin vs 15% in FY25) and PAT up 70% to ₹24 crores, driven by operating leverage on government digital spending. The real driver is the mining-heavy GovTech order book of ₹357.63 crores with over 24 months visibility, though Q4 revenue fell to ₹60 crores from ₹64 crores and days sales outstanding jumped from 58 to 129 days on government approval delays. Management forecasts FY27 revenue upside, margins "similar or on upside," and order bookings better than last year, with Africa deals and a healthy RFP funnel expected to close by end of Q2. Main risks are ~60% Odisha revenue concentration, DSO deterioration from slow government payments, and execution complexity in new African geographies like Malawi and Cabo Verde. |
| DACHEPALLI Dachepalli Publishers Ltd Printing & Stationery ·Improving · Maintained | Printing & Stationery | Improving | Maintained | Q1 FY27 total income was ₹45.18 crores, up 159% YoY, with PAT of ₹6.3 crores up 42%, though EBITDA margin roughly halved to 20% on raw material delivery timing. The real driver was core textbook revenue of ₹30 crores plus Pelican e-commerce revenue of ₹15 crores from 50 schools, raising ticket size from ₹1 lakh to ₹40 lakhs per school. Management forecasts FY27 turnover of ₹130-140 crores base with ₹220-250 crores aspirational, PAT margin of 17-18%, and Pelican scaling to 100-150 schools. Main risks are elevated trade receivables at ₹100 crores against ₹75 crores in March, with 90% recovery expected by November, and supply chain execution risk in scaling Pelican. |
| FABTECH Fabtech Technologies Limited Improving · Maintained | | Improving | Maintained | Q1 FY27 consolidated revenue was ₹74.98 crore, up 10.3% YoY, with net profit of ₹4.21 crore against a ₹6.13 crore loss and EBITDA of ₹7.41 crore. The swing came from 910 bps contribution margin expansion to 46.7%, driven by higher-value Saudi and Africa projects and China procurement, not volume. Management guided 20-25% FY27 organic revenue growth, H2-weighted, with 9-11% PAT margin, and expects Italy and Saudi acquisitions to close before FY27 end. The Middle East conflict risks order conversion and shipments, leaving ₹20-22 crore goods stuck at port, with UAE normalization timing unknown. |
| FAIRCHEMOR Fairchem Organics Limited Chemicals - Organic ·Improving · Maintained | Chemicals - Organic | Improving | Maintained | Q1 FY27 revenue rose 34.4% YoY to ₹176 crore, with EBITDA margin at 10.14% and volumes up only 3.8% to 13,500 tonnes. The gain came from 25-30% higher realizations as reduced Chinese dumping and Middle East supply constraints lifted prices, not from underlying demand. Management guides capacity utilization from ~60% to 70-75% by FY27 end via 5-7% quarterly volume growth, plus a 40,000 MTPA oleochemical plant trial in Q2. Main risks: Chinese dumping could resume and inverted duty still leaks 9% margin. |
| KRT Knowledge Realty Trust Infra/Real Estate Investment Trust ·Improving · Maintained | Infra/Real Estate Investment Trust | Improving | Maintained | Q1 FY27 revenue rose 15% YoY to ₹1,243 cr and NOI to ₹1,112 cr, with DPU of ₹1.7 (+5% QoQ) and committed occupancy at 93%. Leasing of 1.4M sq ft, 58% from existing tenant expansions, drove the quarter, with 93% of leases carrying annual escalations and realized spreads of 35%/29% on new/renewals against 25% portfolio MTM. Management forecasts 94-95% occupancy by end-FY27, ~80% tax-efficient distributions, and fixed-rate debt moving toward 40% from 30%. Risks include 13% Bangalore vacancy (~2M sq ft) needing ramp-up over 2-3 quarters, cap-rate compression from wealth platform competition, and rate-sensitive refinancing windows. |
| NELCAST Nelcast Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Nelcast Q1 FY27 revenue was ₹345.4 crores (+2.8% YoY) with EBITDA ₹20.1 crores and PAT ₹5.1 crores, but EBITDA/kg fell to ₹9.48 due to temporary raw material, labour and plant stoppage costs. The real driver is new large castings ramping from Q2 FY27, targeting ₹200-250 crores annual revenue run-rate by Q4, plus cast axle part numbers growing from 2 to 12 and export pre-buy at ₹113.3 crores. Management forecasts FY27 production ~1,00,000 tonnes, realization ~₹150/kg, full-year EBITDA/kg ~₹15, with Q2 recovering ~₹4/kg from pass-through. Main risks are ramp-up delays on new programs and steel price trajectory dependent on US trade policy, with labour shortages normalized by July but possibly recurring seasonally. |
| PNGJL P N Gadgil Jewellers Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 41% YoY to ₹2,413 crore, with EBITDA margin at 8% (up 80 bps) and PAT margin at 4.4% (up 40 bps). The driver was retail SSSG of 46% and Akshaya Tritiya sales up 80%, while franchise grew only 8% and e-commerce 20% due to a deliberate shift away from low-margin bars and coins. Management guides FY27 EBITDA margin to ~7.5%, underlying PAT margin of 4.1-4.25% ex-hedging, about 25 store additions, and hedging coverage reaching ~80% by Q3. Main risks are gold price volatility, slower-than-expected new store ramp-up in Q3-Q4, and franchise B2B stocking timing, plus the two-year LiteStyle mix transition to 50-60% studded ratio. |
| 3IINFOLTD 3i Infotech Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 FY27 revenue was ₹177.9 crore, up 4.3% YoY, with gross margin at 14.4% and EBITDA of ₹11.5 crore, aided by lower one-off forex gains versus prior quarters. The driver was execution and order conversion, with new bookings of ₹240.9 crore and a cumulative order book near ₹400 crore, while US revenue dipped 7.2% sequentially on timing. Management gave no quarterly revenue guidance but reaffirmed a Vision 2030 target of ₹2,030 crore by FY30, implying over 30% CAGR, with new projects starting from Q2. Key risks are the long-drawn RailTel arbitration, the eMudhra investigation alongside a 5% stake acquisition, and US seasonality. |
| ASALCBR Associated Alcohols & Breweries Ltd Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 consolidated revenue rose 5% to ₹2,809 million but EBITDA margin fell to 11% from 14%, PAT at ₹178 million, hurt by ethanol losses and grain prices up 10% QoQ to ₹21,000/MT. The real driver was IMFL proprietary brands, with revenue up 58% to ₹792 million on 0.79 million cases, led by CP Series volume up 260%. Management guides ~30% FY27 proprietary volume growth, SDF full operations by April 2027, and ethanol realization improvement from October tender. Main risks: ethanol oversupply pricing at ₹52-54/liter versus cost ₹57.50, and UP policy uncertainty. |
| CANARYS Canarys Automations Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | FY26 consolidated income rose 121% YoY to ₹199.7 crore, but consolidated EBITDA margin moderated to ₹24.5 crore due to Fortira integration and talent investments. The real driver was the AI-first CAR framework pivot and the Fortira acquisition, which added ₹207 crore to a ₹441 crore order book with ~₹370 crore recurring. Management forecasts minimum 20% revenue growth in FY27, 30% achievable, with margin improvement over 12-24 months and product revenue starting FY27. Main risk: Fortira margins stay below company level for 12-18 months, and product adoption delays could push back margin gains. |
| EMERALD Emerald Finance Ltd Finance & Investments - Others ·Improving · Maintained | Finance & Investments - Others | Improving | Maintained | Q1 FY27 net profit rose 52.7% YoY to ₹4.88 crore on total income of ₹9.44 crore, but EPS of ₹1.44 was seasonally weak. Real driver was EWA crossing 10.5% of revenue with a ₹26 crore monthly run rate, offsetting gold loan distribution falling 23% QoQ to ₹290 crore on RBI norms. Management maintains FY27 EPS guidance of ~₹7, targeting EWA share stabilizing at 12–15% and gold loan recovery in Q3–Q4. Main risk is rising NPAs, partly mitigated by 0.3% provisioning versus the 0.25% RBI minimum, and slow large-corporate data ingestion capping growth. |
| KROSS Kross Ltd. Auto Ancillaries - Transmission ·Improving · Maintained | Auto Ancillaries - Transmission | Improving | Maintained | Q1 FY27 revenue was ₹184.3 crore, up 32.3% YoY, with EBITDA margin 12.23% (+63 bps) and PAT ₹13.31 crore (+24.4%). The reported growth was driven by Q4 FY26 order spillover lifting axle and suspension volumes 30% YoY to ~9,500 and ~3,200-3,300 units, plus exports up 45% at 4-4.5% of revenue. Management forecasts CV demand to accelerate from September on OEM schedules and the Parivartan scheme, sequential margin gains from a retrospective ₹4,700/tonne steel settlement and a planned 1-2% price hike, and no new debt for existing business. Risks are unsettled CV conversion-cost pass-through, export validation for a new European Tier-1 not booked before H2 FY27, ~59% top-5 customer concentration, and possible Q2 softness. |
| LAKSHMIMIL Lakshmi Mills Company Ltd Textiles - Composite Mills ·Improving · Maintained | Textiles - Composite Mills | Improving | Maintained | LMW's Q1 FY27 standalone revenue rose 24% YoY to ₹891 crore and PBT jumped 151% to ₹85 crore, but flat QoQ revenue shows the real driver was machine tools (+37% YoY) and ATC aerospace (+30%), not textiles (+16%). Cost discipline, with expenses up only 4% against 25% revenue growth, aided margins. Management guides ATC's ₹1,000 crore order book to execute over 3 to 3.5 years, MTD can push 15 to 20% more output at 75 to 80% utilization, and AutoWinder orders by Q4 FY27. Risks: Middle East-driven cost inflation of 3 to 3.5%, currency impact on imported inputs, and gradual textile recovery with division utilization at ~60%. |
| NORTHARC Northern Arc Capital Ltd Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Q1 FY27 PAT came at ₹114 crores, up 41% YoY, with AUM at ₹16,855 crores, up 26% YoY, and GNPA improving to 1.0%. The driver was the direct-to-customer book crossing ₹10,000 crores, now 64% of AUM with >50% YoY growth, while MFI turned to 26% YoY growth on a record ₹328 crore quarterly disbursement. Management guides FY27 ROA to ~3%, NIM to ~10% by year-end, credit cost at 2.6-2.7%, and fee income contribution rising from ~50 bps to 75-100 bps. Risks are El Nino hitting rural recovery, West Asia geopolitical volatility, and a possible 5-10 bps cost of funds repricing, though no equity raise is planned for two years. |
| NTPC NTPC Ltd Power - Generation/Distribution ·Improving · Maintained | Power - Generation/Distribution | Improving | Maintained | NTPC reported Q1 FY27 standalone PAT of ₹5,343 crore, up 12% YoY, after record FY26 group PAT of ₹27,546 crore. The operating driver was cost leadership and capacity growth: 9.6 GW added in FY26 (60% renewable), borrowing costs down to 5.98%, and debtors days at 15. Management guides to 250 GW by FY37 with ₹17 lakh crore capex, targeting 7-8 GW renewable addition in FY27, but that target is subject to transmission availability. Main risks are transmission constraints causing RE curtailment and slippage, thermal backing down during solar hours, and states shifting to competitive bidding versus NTPC's regulated cost-plus model. |
| GREENPOWER Orient Green Power Company Limited Power - Generation/Distribution ·Weakening · Maintained | Power - Generation/Distribution | Weakening | Maintained | Orient Green Power's Q1 FY27 revenue fell 7% YoY to ₹81.43 crore, EBITDA 9% to ₹60.01 crore and PAT 16% to ₹23.94 crore, driven by a delayed monsoon. New capacity of 9.9 MW wind and 7 MW solar only partly offset the generation shortfall. Management guides FY27 revenue/EBITDA equal to or better than FY26, with 17.6 MW solar and 7.8 MW repowering commissioned by Sep-2026 and debt at ~₹535 crore by Mar-2027. Risks are wind variability and the lack of equity capital, leaving the 1 GW target without a revised timeline. |
| TANFACIND TANFAC Industries Limited Improving · Maintained | | Improving | Maintained | Q1 FY27 revenue was ₹187 crores, up 6.3% YoY, but EBITDA margin fell to 15.3% and PAT dropped 13.4% to ₹16.8 crores. Solar-grade DHF ramp-up drove sales, while margins were hit by sulphur prices rising from ₹30 to ₹105/kg, higher power/fuel costs from the West Asia situation, and a sulfuric acid plant shutdown. Management guided FY27 revenue growth of ~30% and a 21-22% EBITDA margin, with HFC-32 commissioning in November 2026 and 65% of capacity contracted under take-or-pay. The main risk is sulphur price volatility with a 30-45 day cost pass-through lag; any HFC-32 commissioning delay could shift revenue contribution to FY28. |
| TITAN Titan Company Ltd Diamond, Gems & Jewellery ·Improving · Cut | Diamond, Gems & Jewellery | Improving | Cut | FY26 consolidated revenue was ₹76,078 crore, up 32.7%, with EBITDA margin 10.9% (FY25 10.7%) and watches EBIT margin at 15.6% (12.5%). Reported growth was ticket-price led from elevated gold prices; jewelry ex-bullion/digigold grew 34.2% on wedding demand, while analog watches rose 24%. Management guides to double top line by FY30, trims jewelry EBIT margin guidance to 11-11.5% from 11-12%, targets ~₹10,000 crore watches sales by FY30, and expects Damas to double CY25 revenue by CY29 but be EPS dilutive until CY28. Main risks are Middle East conflict hurting Damas (4-4.5% of revenue), gold price swings diluting margins and dampening sub-₹50,000 demand, and regulatory scrutiny on DigiGold. |
| VMART V-Mart Retail Limited Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | V-Mart Q1 FY27 revenue grew 23% YoY, pre-IndAS EBITDA rose 36% to ₹83 crores (7.6% margin) and PAT grew 41% to ₹47 crores. The beat came from expense growth of only 15% versus revenue, a 9% SSSG (core 8%, Unlimited 13%) and a 39% footfall increase. Management guides to 90+ gross store additions, mid-to-high single digit SSSG and faster Unlimited openings, with Q2 sales and margins to fall YoY because Durga Puja shifted 19 days into Q3. Risks include ~10% raw material inflation absorbing 0.5-0.75% margin, minimum wage hikes, ~30% monsoon deficiency, and conversion falling to 38-39%. |
| AUBANK AU Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | AU Small Finance Bank reported Q1 FY27 PAT of ₹796 crores, up 37% YoY, on a 5.9% NIM and 0.8% credit cost. The operating driver was secured-led lending: gold loans up 130% YoY to ₹4,500 crores, commercial banking up 34% to ₹32,800 crores, and a CGFMU-protected MFI book with 99.5% collection efficiency. Management guided to ~1.8% ROA from 1.7%, roughly 10 bps away, via credit cost, other income and opex, and reiterated 2x-2.5x nominal GDP growth. The main risk is the ECL transition, expected neutral given low LGDs but clarity only by Q3 FY27, alongside tight deposit liquidity and rate pressure. |
| ACUTAAS Acutaas Chemicals Ltd. Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Acutaas Q1 FY27 revenue was ₹329.7 crore, up 59.1% YoY, with EBITDA margin 34.3% up 973 bps and PAT ₹74.9 crore up 70.4%. Growth came from Advanced Pharma Intermediates, up 76.5% to ₹292.7 crore, while Specialty Chemicals fell 10.6% on commodity phase-out. Management reaffirmed 25% FY27 revenue growth with FY26-like margins, expects to beat the ₹1,000 crore CDMO target, and sees battery chemicals at full 4,000 MT capacity by FY29. Risks are Gulf supply disruptions, the Spec Chem transition gap, CDMO anchor concentration, and margin dilution from lower-margin battery mix. |
| ASARFI Asarfi Hospital Ltd Hospitals/Medical Services ·Improving · Maintained | Hospitals/Medical Services | Improving | Maintained | Asarfi reported no Q1 FY27 financials; FY26 revenue was ₹173 crore, with management targeting ₹400 crore by FY28. The cancer hospital drives growth, with ₹37,000 ARPOB versus ₹23,000 for the existing hospital and a ~90% cashless mix, while radiation is the highest-margin segment. Management guides 75% bed occupancy by FY28, a ₹352 crore PPP medical college with ₹211 crore grant, and main board migration discussions initiated. Risks: delayed government scheme receivables under Jharkhand's direct payment model (Ayush capped at 5%), stalled organ transplant policy, and undisclosed 70-bed acquisition. |
| AUTOIND Autoline Industries Ltd Auto Ancillaries - Sheet Metal ·Improving · Maintained | Auto Ancillaries - Sheet Metal | Improving | Maintained | Q1 FY27 standalone revenue was ₹681 crore (+11% YoY), EBITDA ₹211 crore at 29% margin and PAT ₹110 crore, swinging from a ₹126 crore EBITDA loss in Q4 FY26. The recovery came from better realization and product-geography mix despite marginally lower volumes at over 90% capacity utilization, with negotiated price hikes booked through September flowing from October. Management guided 92-95% FY27 utilization and sustained ~28-29% margins, plus 115,000 TPA capacity by early 2028 and TACC anode production in Q1 FY28 with ~70% capacity under 3-5 year contracts. Key risks are $200-300/ton needle coke inflation hitting toward year-end, Middle East freight-energy disruptions, and US CVD/ADD results due July and September, though US exposure is under 10% of revenue. |
| AVIENCE Avience Biomedicals Limited Improving · Maintained | | Improving | Maintained | Avience reported FY26 revenue of ₹52.51 crore, up 16.1% YoY, with EBITDA margin at 28.45% and PAT of ₹8.75 crore, up 23.31%. Reported growth was driven by trading, roughly 72% of turnover, while manufacturing was 26.99%; management said real scale-up awaits the new facility commissioning from October 2026 with ₹250–265 crore capacity. Management guided FY27 revenue growth of at least 60%, potentially exceeding ₹100 crore, backed by a ~₹47 crore order book, plus exports of ₹5–7 crore and about 175 products by FY27 end, with EBITDA margin held during expansion. The main risk is working capital, with a ₹35–40 crore requirement at ₹100 crore revenue not fully funded, plus execution on approvals, order conversion and the 3–4 month facility transition. |
| DALBHARAT Dalmia Bharat Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | Dalmia Bharat reported Q1 FY27 revenue of ₹3,890 crore, up 7% YoY, with EBITDA at ₹805 crore, down 11% QoQ despite EBITDA per ton rising 3% QoQ to ₹1,055. The operating driver was price hikes of ₹10-20/ton and over ₹150/ton procurement-led savings, while volumes grew 9% YoY, an estimated 200-250 bps above the 7-8% industry pace. Management guides FY27 capex of ₹3,200-3,400 crore, ~67 MT capacity by Q3 FY28, and Jaypee EBITDA-neutral in ~2 quarters, but sees Q2 input costs ₹70-80/ton higher QoQ and evolving. Main risks are renewed West Asia fuel escalation and East India pricing pressure in Bengal. |
| FCL Fineotex Chemical Limited Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Q1 FY27 total income was ₹386.72 crore, up 165% YoY, with PAT at ₹48.21 crore, up 92.7%, and EBITDA margin at 15.7%, up ~150 bps QoQ. Growth came from full-quarter consolidation of CrudeChem US oilfield chemicals, now ~65% of revenue, while textile was flattish at ~₹132 crore versus ₹137 crore on monsoon seasonality and competition. Management forecasts CrudeChem revenue of USD 100 million in FY27 and USD 200 million in FY28, backed by order book, not crude prices; expanded Texas capacity to 148,000 MTPA is only 63% utilized on one shift, leaving 30–40% revenue headroom. Main risks are Middle East-driven raw material and freight volatility, US ramp-up execution, and Indian textile competitive pressure. |
| FRACTAL Fractal Analytics Limited IT Enabled Services/Business Process Outsourcing ·Improving · Maintained | IT Enabled Services/Business Process Outsourcing | Improving | Maintained | Q1 FY27 revenue was ₹912.5 cr, up 20% YoY and 9% cc, with adjusted EBITDA margin 16.8% and net income ₹72 cr, up 92% YoY. Reported growth was dragged by a 22% TMT decline; ex-TMT grew 35–37%, led by healthcare & life sciences at 69%, with net revenue retention at 117%. Management forecasts TMT sequential growth in Q2 and overall acceleration once the new go-to-market structure under CCO Matt settles, targeting ~60% output/outcome/license mix and R&D up to 10% of revenue over time. Risks include TMT recovery not being guaranteed, AI-driven work compression, Fractal Alpha losses widening to ₹14 cr, and the CFO transition. |
| HINDZINC Hindustan Zinc Limited Metals ·Improving · Maintained | Metals | Improving | Maintained | Q1 FY27 was a record: revenue ₹13,747 crore (+77% YoY), EBITDA ₹8,074 crore (59% margin), net profit ₹5,469 crore (+145%), and zinc cost of production excluding royalty at USD851/t (-16% YoY). The driver was record 260kt refined metal output, better grades, debottlenecking, silver at 46% of profitability, and a one-time 10kt lead concentrate sale adding ₹315 crore. Management reaffirmed FY27 guidance of ~1.1mt refined metal and 680t silver, with board approval for a ~650kt smelter (₹24,000-25,000 crore capex) expected in Q3 FY27. Risks: power and fuel cost inflation from lower coal linkage (36% vs 64% in Q4), ~₹200 crore hedge losses, a SEBI RPT observation, and the August 1 CEO transition. |
| IIFLCAPS IIFL Capital Services Ltd. Finance - Capital Markets - Brokers ·Mixed · Maintained | Finance - Capital Markets - Brokers | Mixed | Maintained | IIFL Capital's Q1 FY27 revenue was ₹631 crores, flat QoQ/YoY, and operational PBT ₹149 crores, up 4% QoQ but down ~9% YoY. Retail broking held at ₹297 crores (up 13% YoY) and institutional/IB revenue rose |
| KELLTONTEC Kellton Tech Solutions Limited IT - Software ·Mixed · Maintained | IT - Software | Mixed | Maintained | Kellton Tech reported Q1 FY27 revenue of ₹316 crore, up ~7% YoY, with EBITDA of ₹35 crore (11.1% margin) and PAT of ₹22.3 crore (7.1%). The real constraint was delayed project starts in the US, where clients worried about cashflows, though AI-led Phoenix.ai won a 4-million-line-code modernization deal and the Kuwait JV targets 5% of the $1 billion digital oilfield market in three years. Management guided to meet or beat FY26 growth without a percentage, citing a nine-month order book for revenue predictability. Risks remain DSO above 100 days due to 90-day Fortune 100 terms and long government cycles, plus the delayed second FCCB tranche. |
| STYL Seshaasai Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 revenue was ₹377 crore, up 21.1% YoY; PAT ₹60 crore, up 63.8%; EBITDA margin 25.1%, up 135 bps. IoT drove growth, up 145% YoY to 18% of revenue, offsetting payment growth of 5% and flattish C&F; gross margin fell to 41.7% from 44.5% on material and currency costs. Management kept FY27 guidance of 8-12% revenue growth, about 45% IoT growth, 10-12% payment CAGR, ₹140-160 crore capex, and Bengaluru metal card plant operational by end CY26. Main risk is cost pressure from COMC at 58.34% of revenue versus 54.23% FY26 average, 40-45% from currency, and top-10 customer concentration at 56% of revenue. |
| SPANDANA Spandana Sphoorty Financial Limited Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Q1 FY27 PAT rose to ₹12 cr from ₹5 cr QoQ on AUM ₹4,887 cr (+11% QoQ), with NIM 12.5%, GNPA 3.6% and annualized credit cost 2.1%. The beat was driven by yield up 180bps to 24.6% from mix/lower reversals, borrowing cost down 40bps to 12.8%, and ₹51 cr 90+ pool recoveries, not rate hikes. Management guides FY27 disbursements of ₹6,000-6,500 cr, March 2027 AUM ~₹6,000+ cr, net credit cost ~2%, and FY28 ROA 3.5% BAU. Risks are El Nino/monsoon stress on new borrowers, reliance on the ₹2,500 cr 90+ pool, and Stage 1 cover at only 40bps versus industry 1%+. |
| SURYODAY Suryoday Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | Q1 FY27 gross advances grew 32.5% YoY to ₹14,376 crore and deposits 29.4% to ₹14,634 crore, with ROA at 1.6% and credit cost at 0.8%. Reported ROA was lifted by one-off ₹46 crore PSL income and ₹387 crore CGFMU claims, with adjusted GNPA/NNPA at 2.9%/0.3%; the core shift is individual Vikas loans at ~80% of monthly onboarding. Management maintained FY27 guidance of 1.3-1.4% ROA with a 1.6% Q4 exit, 0.8-1.0% credit cost, ~7.5% cost of funds, and stable NIM. Risks are PSL income normalizing to ₹10-20 crore quarterly, CV PAR elevated at 11.5% expected to recover by Q3, and sustaining 30% deposit growth while holding CASA at 21%. |
| TATACONSUM Tata Consumer Products Limited FMCG - Foods ·Improving · Maintained | FMCG - Foods | Improving | Maintained | Q1 FY27 consolidated revenue was ₹5,349 crores, up 12% reported and 9% constant currency, with EBITDA margin up 70 bps to 13.6% and net profit up 29% to ₹427 crores. Growth businesses were the actual driver, up 47% to ₹1,300 crores, now 36% of India business, while tea revenue fell 4% on price pass-through despite 2% volume growth. Management reaffirmed ~30% growth business growth, double-digit consolidated revenue, and +50-70 bps FY27 margin expansion. Main risk is 7-10% tea inflation with peak cropping season just starting, plus erratic monsoon and cost/FX timing mismatches. |
| ADANIPOWER Adani Power Limited Power - Generation/Distribution ·Improving · Raised | Power - Generation/Distribution | Improving | Raised | Adani Power reported Q1 FY27 continuing revenue of ₹17,936 crore (+27% YoY), continuing EBITDA of ₹6,983 crore (+22%) and PAT of ₹4,867 crore (+47%). The driver was record summer demand, with PLF at 78% versus 67% YoY and volumes up 17% to 29 billion units, while merchant sales fell to 4 billion units as 95% of capacity moved to PPAs. Management guided to a 45 GW capacity target, over ₹2 lakh crore capex funded largely by internal accruals, net debt/EBITDA of 2-3x, and Korba Phase-II commissioning before December 2026. Risks include pending nuclear regulations, USD400 million Bangladesh receivables, imported coal cost up 30%, and Korba possibly selling merchant for 1-2 years. |
| BANSALWIRE Bansal Wire Industries Ltd. Steel - Wires ·Mixed · Raised | Steel - Wires | Mixed | Raised | Q1 FY27 revenue was ₹1,168 crore, up 25% YoY, with EBITDA of ₹57 crore and net profit of ₹20 crore. The West Asia gas disruption raised consumable costs ₹5,000/tonne on committed 30 to 40 day orders, compressing EBITDA to ₹2/kg in the first 45 days before recovering to ₹7 to ₹8/kg from mid-May. Management guides ~20% volume growth for Q2 to Q4 FY27, at least 20% EBITDA growth, and raised combined FY27 and FY28 operating cash flow guidance to ~₹800 crore. Risks are elevated gas costs on renewed supply shocks and Steel Cord qualification delays, while the 20% target depends on sustained share gains in a 7–8% industry. |
| BENARAS Benares Hotels Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Benares Hotels reported FY26 revenue of ₹144.90 crores, PAT of ₹43.23 crores, and a 45% EBITDA margin, with cash reserves of ₹80.89 crores. The performance was driven by strong domestic spiritual tourism in Varanasi and a new 100-room block at Taj Ganges opened in February 2026, though inbound travel remains weak due to US geopolitical uncertainties. Management guides annual occupancy above 70% with higher ARR, expecting optimal utilization of the expanded inventory progressively over 2-3 years. The main risk is continued softness in US-driven inbound travel and inflationary employee and maintenance costs pressuring margins. |
| BPCL Bharat Petroleum Corporation Ltd Refineries ·Mixed · Maintained | Refineries | Mixed | Maintained | BPCL posted a standalone Q1 FY27 net loss of ₹3,962 crore on revenue of ₹1,59,479 crore, hit by compressed marketing margins despite a gross GRM of $41.41/bbl. The real driver was geopolitical freight and supplier premiums lifting crude landing costs $13-15/bbl above benchmark, partly offset by ₹3,000 crore inventory gains and ₹7.5/ltr retail price hikes. Management expects margin recovery in 1-2 months, maintaining ₹25,000 crore CapEx guidance and LPG compensation support, with cash flows to normalize. Key risk: crude remains at $90-95 versus management's $80 fair value, while domestic ATF and LPG under-recoveries persist. |
| CIEINDIA CIE Automotive India Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Consolidated sales rose 13% to ₹50.8 billion with PAT up 18% to ₹4.9 billion and EBITDA margin at 16.7%, but India sales grew 14% to ₹32.7 billion, lagging the ~16.5% market by 3.5 points. India's margin fell 80 bps to 17.2% on West Asia cost inflation, while Europe's margin jumped 270 bps to 15.8% from prior restructuring despite a 3% euro sales decline on weak demand and a 20% Mexico revenue drop from GKN renegotiation. Management forecasts India growth of 12-15% with the margin drop largely recouped over two quarters, order book near ₹5 billion annually, and H2 capex significantly above the ₹2.1 billion H1 spend. The main risks are 2-3% European production decline with Chinese OEMs at 10-12% registrations lacking local supply chains, plus deferred aluminum price pass-through. |
| GEOJITFSL Geojit Financial Services Limited Finance - Capital Markets - Brokers ·Mixed · Maintained | Finance - Capital Markets - Brokers | Mixed | Maintained | Q1 FY27 revenue was ₹160.40 crores, up 11% YoY, and PAT rose 14% QoQ to ₹19.83 crores. The driver was branch-referral client additions of 30,176 and cross-selling MF and insurance to existing clients, with recurring assets at ₹26,000 crores and Yield Plus AIF AUM at ₹1,778 crores. Management paused fresh hiring and expects operating leverage in about two quarters, with investments continuing for two more years and new trail-based hires taking 15-24 months to breakeven. The main risk is Middle East conflict and FCNR deposit competition pressuring GCC AUM slightly below $1 billion. |
| INDIGO InterGlobe Aviation Ltd Air Transport Service ·Mixed · Maintained | Air Transport Service | Mixed | Maintained | IndiGo reported a Q1 FY27 net loss of ₹240 crores against a ₹2,180-crore profit a year earlier, with income up 19% to ₹25,600 crores and EBITDAR margin down to 15.6% from 28%. Management attributed the swing to fuel CASK jumping 80% YoY on Brent +50% and Singapore jet fuel +120%, plus rupee depreciation over 11%, which overwhelmed a 21.3% yield rise to ₹6.04. It guided Q2 PRASK growth above 25% on flattish capacity and held FY27 single-digit capacity, with FY28–FY30 mid-teens growth. Key risks are Middle East escalation, potentially bringing Q2 fuel back to Q1 levels if Hormuz is disrupted, and a possible airport-airline cross-holding rule. |
| IGIL International Gemmological Institute (India) Ltd. Lab Grown Diamonds ·Improving · Maintained | Lab Grown Diamonds | Improving | Maintained | Q1 FY27 consolidated certification revenue was ₹359.8 crores (+23% YoY), EBITDA ₹223.8 crores (+29%, 60.4% margin), and PAT ₹165.7 crores (+31%). Growth was driven by LGD +25%, LGD jewellery +44%, and gemstones +200% from AGL consolidation, while natural loose stones +6% and jewellery +2% stayed soft. Management maintained FY27 guidance of ~15% base revenue and ~20% EBITDA growth, with AGL adding 2–3%, and consolidated margin improving at least 100 bps by year-end. Main risks are top 8–10 LGD growers contributing 40–50% of revenue, sustaining ₹80–120 per carat LGD pricing while growers double capacity, and slow natural diamond growth. |
| RADIOCITY Music Broadcast Limited Entertainment - Electronic Media ·Mixed · Maintained | Entertainment - Electronic Media | Mixed | Maintained | Q1 FY27 revenue fell 10% YoY to ₹44.5 crores but rose 9% QoQ; operating EBITDA was ₹8.9 crores versus ₹0.9 crores a year ago, with PAT of ₹9.2 crores against a ₹2.2 crore loss. The driver was a 26% YoY cut in operating expenses from hub-and-spoke studios and ~20% manpower reduction; core radio revenue was ₹35.5 crores, Radio Plus ₹9.8 crores, EBITDA margin 20%. Management gives no revenue target, expects Q2 to stay soft with H2 contributing the typical 55% of annual revenue, and plans no buyback despite ₹270 crores net cash. Risks: subdued radio advertising, lumpy government spends, and year-end impairment if the share price, now ₹6.4, weakens. |
| THYROCARE Thyrocare Technologies Limited Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 consolidated revenue was ₹240 crore, up 24.3% YoY, EBITDA margin 32.2%, PAT ₹51.3 crore, up 34% YoY. The beat came from franchisee and partnership channels (up 27% and 26% YoY) on 28% higher test volumes, not pricing. Management maintained FY27 mid-to-high teens revenue growth guidance despite Q1 strength, citing the high Q2 FY26 base, and raised net franchisee additions guidance to ~1,700. Key risks are franchisee churn and Q2-Q3 seasonality, specialty volume scaling, and parent API Holdings debt of ₹1,050 crore before any IPO. |
| 531279 Trishakti Industries Limited Improving · Maintained | | Improving | Maintained | Trishakti Q1 FY27 total income was ₹1,680 lakhs, up ~310% YoY, with EBITDA of ₹1,087 lakhs at ~65% margin and PAT of ₹430 lakhs, all records. The driver was 100% utilization of 155-158 recently made machines from the ₹270 crore deployed against the ₹400 crore capex programme, plus an FY27 executable order book of ₹70-72 crores. Management guided 60-65% EBITDA and 25-30% PAT margins on the FY27 order book, wind crane revenue from Q3/Q4 FY27, UAE/KSA deployment in 2-3 quarters, and debtor days falling to 60-70. Risks are margin normalization to 58-62% as post-warranty maintenance costs emerge, OEM output capped at 4-5 cranes a month, and Middle East contracts not yet signed. |
| TRISHAKT Trishakti Industries Ltd Diversified ·Improving · Maintained | Diversified | Improving | Maintained | Q1 FY27 reported total income ₹1,680 lakhs (+310% YoY), EBITDA ₹1,087 lakhs at ~65% margin, and PAT ₹430 lakhs, all record highs. The driver was fleet expansion to 155-158 machines at 100% utilization, with new 2024-27 machines under warranty cutting maintenance opex, on a ₹70-72 crore executable order book. Management guides FY27 EBITDA 60-65% and PAT 25-30% on that order book, debtor days normalizing to 60-70 from ~200, wind energy cranes contributing from Q3/Q4, and Middle East deployment in 2-3 quarters. Risks: margins ease to 58-62% post-warranty, 910-ton crane OEM supply is only 4-5 machines monthly, Middle East contracts unsigned, and legacy receivables may slow collection. |
| UJJIVANSFB Ujjivan Small Finance Bank Limited Banks - Small Finance ·Improving · Raised | Banks - Small Finance | Improving | Raised | Ujjivan SFB reported Q1 FY27 PAT of ₹317 crores (ROA 2.2%, ROE 18.2%), with gross loans up 28.9% YoY to ₹42,903 crores and GNPA down 10 bps to 2.17%. The underlying driver was a secured-book push: gold loans up 248.6%, MSME 54%, vehicle 85.1%, and first microfinance borrower-base growth after seven quarters of degrowth. Management raised FY27 ROA guidance to 1.8-2.0%, with 25% asset growth, opex ~6.4% of average assets, and credit cost of 0.9-1.0% of average total assets. Main risks are El Nino hitting kharif sowing and H2 rural portfolios, plus micro mortgage PAR seasoning to ~1.5%. |