| WAAREERTL Waaree Renewable Technologies Ltd Solar EPC ·Improving · Maintained | Solar EPC | Improving | Maintained | Q1 FY27 revenue rose 53% YoY to ₹924 crore, PAT ₹119 crore, with 889 MWp executed. The beat came from solar EPC execution at ~19% standalone EBITDA margins, while consolidated margins fell to ~15% due to 12 days of lower-margin APSPL T&D consolidation after a 75% debt-funded 55% acquisition. Management targets consolidated EBITDA ~15% for FY27, expects ₹5,300 crore order book to execute over 12-15 months plus new conversions from 27 GW domestic pipeline. Risks: 30-40% of order book from group entities, T&D margins at ~11%, and acquisition interest costs pressuring PAT. |
| CORDELIA Waterways Leisure Tourism Limited Improving · Maintained | | Improving | Maintained | Q1 FY27 consolidated net profit was ₹22.77 crore (~12% margin) on ~₹190 crore revenue, with load factor up from 99.9% to 105% and average ticket price +4.3%. The real driver was domestic demand, while EBITDA absorbed ~₹14 crore YoY fuel cost inflation as VLS.0 fuel rose from a $580/MT prior average to a $1,228/MT peak, now ~$800/MT. Management guides FY27 revenue and earnings growth, fuel surcharge recovery visible from end Q2 or beginning Q3, and Cordelia Sky’s maiden voyage on October 23, 2026, with ₹65 crore advance bookings converting to ~₹110–115 crore revenue. Main risk is fuel price volatility, with pass-through delayed by the 50–60 day advance booking cycle and Q2 off-season port testing pressuring quarterly revenue. |
| ANTHEM Anthem Biosciences Ltd. Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Anthem's Q1 FY27 revenue was ₹418 cr with EBITDA of ₹176 cr (~39.6%) and PAT of ₹120 cr (27.1%); an analyst cited a ~25% YoY decline that management did not dispute. The softness came from CRDMO delivery deferrals (₹341 cr) and Specialty Ingredients (₹78 cr) raw material supply chain turmoil, while order book visibility stayed at ~60% of FY27 needs. Management forecasts double-digit FY27 growth, shortfall to be recovered in Q2-Q4, margins near Q1 levels, tax normalizing to ~25-25.5%, and ~₹700 cr capex for Unit 4 commissioning by end FY28. Main risk: quarterly lumpiness and Big Pharma acquisition of a late Phase 3 biotech client may re-evaluate that program, with Unit 4 ramp-up pressuring margins. |
| CAPINVIT Capital Infra Trust Infra/Real Estate Investment Trust ·Mixed · Maintained | Infra/Real Estate Investment Trust | Mixed | Maintained | Reported Q1 FY27 total income was INR2,950 million, down 14.5% QoQ, with PAT INR1,256 million and DPU INR2.32. The decline reflects percentage-of-completion accounting, seasonality and planned maintenance, not cash deterioration, since annuity inflows of INR2,162 million matched the business plan. Management maintained FY27 DPU guidance of INR9-9.25 and forecasts 7-10% FY28 DPU growth, driven by six ROFO acquisitions (enterprise value ~INR2,900 crore) and net debt/EV rising from 41.1% toward 50-60%. Main risks are interest-rate cuts lowering HAM-linked annuities, partly hedged by 58.6% floating borrowings, and acquisition pricing/valuation risk on the ROFO pipeline. |
| DPABHUSHAN D. P. Abhushan Limited Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Reported Q1 FY27 revenue was ₹853.63 cr (+58% YoY), EBITDA ₹93.99 cr (+70%, 11.01% margin), PAT ₹64 cr (+77%). Growth was mostly price-driven: gold physical volume rose only 1-2%, though same-store sales grew 52% and inventory gains contributed just 10-15%. Management forecasts ~10% volume growth for FY27/FY28, 5-6 store additions in FY27 toward 51 stores by FY30, and studded/diamond mix reaching 12-15% by March 2028. Main risk is the May 2026 gold import duty hike from 6% to 15% and price volatility, while 95-98% of assets in inventory keeps operating cash flow negative. |
| HFCL HFCL Limited Telecom Services ·Improving · Raised | Telecom Services | Improving | Raised | Q1 FY27 revenue was ₹1,914.98 crore, up 120% YoY, with PAT of ₹245.64 crore versus a ₹29.30 crore loss and EBITDA margin of 23.25%. The driver was US data-centre demand for optical connectivity, with exports of ₹1,063 crore at roughly 55% of revenue and an all-time-high order book of ₹26,665 crore, including about ₹16,000 crore of OFC. Management raised FY27 revenue guidance to 40%+ from ~20%, called ~23% EBITDA margins sustainable, and targets ₹800 crore data-centre connectivity and ₹500 crore defence revenue. Main risks are delayed Army warranty contract signing around mid-Q2, preform price resets, timely capacity commissioning, and aerostructure acquisition closure within CY2026. |
| INFOBEAN InfoBeans Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | InfoBeans reported Q1 FY27 revenue of ₹153 crores, up 33% YoY, with EBITDA at ₹35 crores (23% margin) and PAT at ₹22 crores (14% margin), both hit by one-time tax costs from shifting to the new tax regime. Growth came from enterprise client expansion and AI-augmented services, now 43% of revenue, but EBITDA margins fell due to heavy AI and U.S. sales investments that yield revenue only after a 9-12 month lag. Management reaffirmed a 24% EBITDA margin target for FY27, expects PAT margin to normalize from Q2, and aims to double sales every three years, though it gave no formal revenue guidance. The main risk is that investment lag could keep margins below target through FY27, and the analyst concern over enterprises redirecting IT budgets to internal AI capex went unanswered. |
| KIRLPNU Kirloskar Pneumatic Company Ltd Compressors ·Improving · Maintained | Compressors | Improving | Maintained | Q1 FY27 revenue hit a record ₹300 crore, up 10% YoY, with EBITDA margin at 17.6% of income, up from 15.7%, helped by product mix and in-house parts that cut material cost by 330 bps. Order book was ₹1,853 crore and air compressor bookings were record, but gas package orders stayed muted due to Middle East conflict that also deferred some Q1 revenue. Management kept FY27 revenue guidance at ₹2,100 crore and an 18-20% EBITDA band, with precision engineering dispatches expected to ramp from Q2. Main risk is Middle East-driven order and dispatch delays, plus lumpy package business and unproven hydrogen and new product ramps. |
| SOUTHWEST South West Pinnacle Exploration Limited Mining/Minerals ·Improving · Maintained | Mining/Minerals | Improving | Maintained | Q1 FY27 operating revenue rose 54% YoY to ₹62 crores, EBITDA margin hit 24.15%, and PAT jumped 289% to ₹9.3 crores. The driver was a record ₹761 crore order book, 77% private, led by the ₹307 crore Hindustan Zinc ramp and ₹166 crore Reliance CBM extension. Management forecasts significant FY27 growth, ~24% sustainable margins, and Reliance contributing 35-40% of revenue. The main risks are funding the ₹200 crore Jharkhand coal capex, pending Oman JV cash repatriation, and monsoon-hit Q2 seasonality. |
| TATACOMM Tata Communications Ltd Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Q1 FY27: consolidated revenue ₹6,583 crores, up 10.5% YoY reported but 2.8% normalized for forex; EBITDA ₹1,230 crores, up 8.2% excluding a ₹51 crore one-off; PAT ₹130 crores after ₹106 crore provisions. The real driver was core connectivity growth of 5.7% YoY, strongest in 10 quarters, from DC-to-DC wins with 102 of 112 tier-3/4 data centers connected; digital portfolio revenue rose 17.1% with EBITDA margin improving from -9.6% to -6.9%. Management targets double-digit reported FY27 EBITDA growth, aspirational not formal guidance, with an investor day in about six months for long-term targets. Main risks: cloud/security has been flat for 4-6 quarters on GPU supply constraints, media revenue swings on West Asia conflicts, and forex cuts reported growth. |
| WELSPLSOL Welspun Specialty Solutions Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Q1 FY27 total income was ₹197.5 crores on ~6,300 MT volumes, with operating EBITDA of ₹10.5 crores (2.5x YoY) and cash PAT of ₹9.1 crores. Tubes and pipes grew 60% YoY on a low base from Q1 FY26 planned maintenance and domestic demand, while steel bars suffered EU tariff quota cuts and geopolitical export headwinds. Management confirmed 20-30% FY27 volume growth guidance, aiming to lift utilization from ~40-45% (steel) and ~60-65% (pipes) via value-added orders, with no major capex for three years. Risks include European average duties rising to 30-35%, making exports prohibitive, and gas prices up 40-45% that cannot be passed through on existing orders. |
| AURUM Aurum PropTech Limited IT Enabled Services ·Improving · Raised | IT Enabled Services | Improving | Raised | Aurum PropTech Q1 FY27 total income was ₹119.01 crores (+61.1% YoY) with PBT of ₹2.31 crores versus a ₹10.81 crores loss, aided by ₹52.38 crores discontinued income from a building sale. The operating driver was both rental (₹54.35 crores revenue, 81% occupancy) and distribution (₹55.94 crores, ₹7.97 crores segment profit) turning profitable, lifting adjusted EBITDA margin 1,320 bps YoY, though organic revenue fell 9.7% QoQ on seasonal PropTiger slab fees. Management guided Housing.com, carrying about ₹200 crores annualized burn, to profitability in 4-6 quarters publicly, 3-4 internally, company-level profit in 2-3 quarters, and the ₹1,000 crores ARR target faster. The main risks are Housing integration execution, REA dilution at a 24.9% stake, and tax-rate clarity only by Q3 FY27. |
| BAJAJHCARE Bajaj Healthcare Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Bajaj Healthcare reported Q1 FY27 revenue of ₹165.6 crores, up 11.3% YoY, with EBITDA margin at 17.8% (up 70 bps YoY) and PAT of ₹13.9 crores, up 14.1% YoY. The operating driver was domestic API volume growth of 27% YoY to ₹92.3 crores with stable pricing, while exports remained about 18-20% of mix. Management guided FY27 revenue growth of 10-15% with similar profit growth, EBITDA margin of 18-20%, peptide plant commissioning in Q4 FY27, and ₹10-12 crores from cenobamate in FY27. Main risks include geopolitical impact on API prices, regulatory and patent delays for CNS launches, NCLT approval for Genrx, and uncertain peptide ramp-up. |
| GSMFOILS GSM Foils Ltd Aluminium ·Improving · Maintained | Aluminium | Improving | Maintained | Q1 FY27 revenue was ₹96.9 cr (+86.3% YoY), EBITDA ₹11.5 cr (11.9% margin), PAT ₹7.6 cr (7.9%). The driver is Ahmedabad ramping from 35% utilization (₹6-7 cr monthly) toward 80% by March FY27, plus new ROPP and export units. Management guides FY27 revenue of ₹450-500 cr and FY28 of ₹750-800 cr, with ~12% EBITDA margin sustainable, funded by ₹40-50 cr debt and ~₹35 cr accruals. Main risk is negative cash flow from 100-120 day receivables and aluminum price volatility, with untested export execution. |
| REGENCY Regency Fincorp Ltd NBFC - Others ·Improving · Maintained | NBFC - Others | Improving | Maintained | Q1 FY27: AUM grew 32% QoQ to ₹345 crores, PAT ₹7.0 crores, GNPA 0.98%. Growth came from secured MSME lending (₹230 crores, up 44% QoQ) and the new Cash My Salary digital book (₹23 crores); unsecured share fell to 18%. Management guides FY27 AUM ₹500-550 crores, revenue ₹75+ crores, PAT ₹25-30 crores, cost of funds down to 11.75-12.5% by year-end via bank lines. Main risk: cost of funds remains 13.25% blended versus 10.35% bank lines, while digital lending NPAs may not be fully captured given short 4-month tenures. |
| SAGILITY Sagility India Limited Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Sagility reported Q1 FY27 revenue of ₹19,635 million, up 27.6% YoY and 14.9% organic constant currency, with adjusted EBITDA margin at 24.0%. The driver was existing-client expansion and scaling FY26 additions plus CareSeed, while FX gains offset partial minimum-wage costs and seasonal de-leverage. Management reiterated FY27 guidance of low double-digit organic constant-currency growth and 24-25% adjusted EBITDA margin, expecting to beat the lower end. Main risks: full Q2 minimum-wage impact more than double Q1’s, AI-led deflation rising toward 200bps, and OE/AEP seasonality near 6% of revenue with visibility only by September. |
| CANFINHOME Can Fin Homes Limited Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Can Fin Homes reported Q1 FY27 disbursements of ₹2,609 crores, up 29% YoY, with AUM growth of 10.8%, NIM of 3.81% and ROA of 2.39%. The real driver was quarterly resets causing part prepayments of ₹1,072 crores, lifting book rundown to ₹1,857 crores, while SENP disbursements grew 44% and yields stayed at 9.81%. Management guided to FY27 disbursements of ₹13,000 crores, AUM growth of 14%, credit cost of 10 bps, and full LOS/LMS rollout at 250 branches by September with a ₹3,000 crore Q2 target. Main risk is a >100 bps rate gap versus banks (8.4% vs 7.15-7.25%) that pressures retention, plus execution risk in migrating the remaining 245 branches. |
| CANHLIFE Canara HSBC Life Insurance Company Ltd Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | Q1 FY27 APE grew 19% YoY to match the 18-20% guidance, with VNB up 29% to ₹124 crores and VNB margin at 21.1%, up 160 bps despite a ~190 bps GST hit. The real driver is a deliberate product mix shift: traditional products rose to 64% of APE from 51%, protection grew 42%, while ULIP fell 13% YoY. Management reaffirmed FY27 APE growth of 18-20%, expects GST drag to fade and ULIP demand to recover in H2, targeting a 45-50% ULIP mix, with agency strain of ~200 bps turning VNB-positive only by year four. Key risks: equity volatility delays ULIP recovery, and NRI softness in south geographies plus commission regulation could pressure margins. |
| DYCL Dynamic Cables Limited Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | Dynamic Cables reported Q1 FY27 revenue of ~₹348.6 crore (up 33% YoY), EBITDA of ₹38 crore (10.9% margin), and PAT of ₹25 crore (up 37%), with no one-offs. The reported growth was mostly aluminium price pass-through, as volumes rose only 5-6% YoY because customers postponed orders during the March-May raw material spike. Management expects to maintain its historical 18-20% annual revenue growth, keep solar cables near 20% of revenue with 25-30% segment growth, and see the ₹45 crore plant commission from September 2026 and contribute from Q4 FY27. The main risk is raw material price volatility and weak order booking, with the order book up only ~10% YoY to ₹811 crore and customer order cycles shortened to 2-4 months. |
| JKCEMENT J.K. Cement Limited Cement ·Mixed · Maintained | Cement | Mixed | Maintained | JK Cement reported Q1 FY27 grey volumes up 19% YoY and consolidated net sales of ₹3,962 crores, but standalone EBITDA margin fell to 16.9% with per-ton EBITDA at ₹982. Growth came from Central India capacity (Panna, Bihar) and white cement gains from disrupted UAE imports, while pet coke and diesel inflation eroded profitability. Management guided Q2 costs up ₹150/ton with fuel peaking at ~₹1.75 per kilocalorie, flat pricing, FY27 grey volumes of 22.5-23 million tons, and Jaisalmer commissioning in H1 FY28. Main risks are further geopolitical fuel escalation and UAE shipping restrictions, with white cement import normalization expected to erase Q1's volume advantage. |
| ROSSARI Rossari Biotech Limited Seeds/Tissue Culture/Bio Technology ·Mixed · Maintained | Seeds/Tissue Culture/Bio Technology | Mixed | Maintained | Q1 FY27 revenue was ₹697.2 crore (+28% YoY) and EBITDA ₹80.6 crore (+18.7% YoY), with EBITDA margin down 90 bps to 11.6% as PAT rose only 4.5% to ₹35.1 crore on higher finance costs. Growth was price-led (volume only ~10%) and aided by non-EO products, while a ₹5 crore phenol hit, freight spikes, and institutional/consumer losses compressed margins. Management kept FY27 revenue guidance at ~15% despite Q1’s 28%, treating 11.6% as the base, with 15%+ margins in ~2 years from B2C exit, pharma scale-up to ₹70-75 crore, and EO supply expected December 2026. Key risks are geopolitical freight volatility, sole EO supplier constraints, and KSA project execution after ~1.5-year gestation with pre-operative costs. |
| SGMART SG Mart Ltd. Trading ·Improving · Maintained | Trading | Improving | Maintained | Q1 FY27 service center volumes rose 33% YoY to 160,000 tons, EBITDA margin exceeded 4%, ROCE annualized ~23%, net cash ₹690 crores. The driver was mix shift to coated steel plus ₹2,500-3,000/ton steel price uptick; inventory gains were minimal, absolute inventory down to ₹209 crores. Management reiterated FY27 EBITDA guidance of ~₹300 crores and capex of ₹400-500 crores, expecting the Raipur coated steel line in ~18 months to lift EBITDA per ton from ₹3,000-4,000 to ₹6,000-7,000. Main risk: severe macro or geopolitical disruption; the Iran-US war restart has raised oil and steel prices, and the 25 service centers by 2029 target carries execution risk. |
| FEDERALBNK Federal Bank Ltd Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Federal Bank Q1 FY27 net profit rose 36.6% YoY to ₹1,176.93 crore with NIM up 39 bps YoY to 3.33%, driven by deposit repricing and granular asset mix, not treasury gains. Core driver was a 22 bps QoQ cost-of-deposit fall, though half was a recurring Q1 denominator artifact, with CASA ratio at 32.23% and NNPA at 0.18%. Management guides mid-teens loan growth with positive bias, NIM +5-6 bps per quarter, ROA +3-4 bps per quarter, and credit cost at the lower end of its 50-60 bps band. Main risk: inflation at 4.38% and fuel price pass-through from the West Asia conflict stress CV/CE and small business borrowers, while ECL transition will absorb 1.5-2% of net worth by April 2027. |
| HERITGFOOD Heritage Foods Limited FMCG - Dairy Products ·Improving · Maintained | FMCG - Dairy Products | Improving | Maintained | Heritage Foods Q1 FY27 revenue was ₹1,338.1 crore, up 18% YoY, with EBITDA margin at 4.6% and PAT at ₹15 crore. The real driver was value-added products: VAP revenue rose 40% to ₹563.6 crore, mostly volume-led, lifting VAP to 44% of revenue, while milk procurement at ₹46.61/litre, up 7% YoY, cut milk EBITDA margin to 3.03% from 5.8%. Management guided to high single-digit EBITDA, about 50% VAP contribution by FY30, and roughly ₹250 crore FY27 capex. The main risk is continued raw milk inflation after the failed April-May flush, with recovery dependent on the October buffalo flush and El Nino uncertainty. |
| HEXAGON Hexagon Nutrition Limited Improving · Maintained | | Improving | Maintained | Hexagon Nutrition reported FY26 revenue of ₹382.63 crores, up 17.8% YoY, EBITDA margin at 13.83%, and PAT up 56.1% to ₹37.94 crores. The real driver was branded segment volume growth, earning 60–68% margins, plus operating leverage and product mix. Management guides to historical ~15–20% revenue growth with revenue doubling every 4–5 years, blended capacity utilization improving from ~30% to 35–40%, and further margin expansion. Risks are West Asia exposure under 20% of exports, receivables rising from ₹60 to ₹82 crores, and whey price volatility with MRP-based pass-through. |
| JSWSTEEL JSW Steel Ltd Steel ·Improving · Maintained | Steel | Improving | Maintained | Q1 FY27 consolidated revenue was ₹47,364 crores with adjusted EBITDA of ₹9,373 crores (20% margin) and PAT of ₹4,696 crores, despite a ~$20/tonne cost hit from the Middle East conflict on shipping, gas and fluxes. Real growth came from the JVML ramp-up: sales rose 4% YoY to 6.25 MTPA with record Q1 flats and HR volumes, while longs fell on labour shortages, diesel issues and retail destocking. Management guides Q2 volumes higher on BF-3 ramp-up, with coking coal costs of +$12-15/tonne in Q2 softening into Q3, capex of ₹22,000-24,000 crores, and FY27 India demand growth of 7-9%. Key risks are Middle East escalation, a weak monsoon hitting rural demand, rising imports (India turned net importer despite safeguard duties), and spot TMT prices down ₹7,000-8,000/tonne since March. |
| SWSOLAR Sterling and Wilson Renewable Energy Limited Solar EPC ·Mixed · Cut | Solar EPC | Mixed | Cut | Q1 FY27 revenue fell to ₹1,590 crore with 9.9% gross margin, but PAT rose 36% YoY to ₹53 crore partly from lower taxes. The decline reflects delayed LOAs/NTPs and completion of four South Africa, Spain and Italy projects; unexecuted order value hit a record ₹13,000+ crore including the USD560 million Egypt order. Management guides FY27 revenue growth of 10-15% ex-Reliance, Q2 revenue similar to Q1, and O&M revenue of ₹400-450 crore from an 18.3 GWp portfolio. Main risks are H2 execution needing ₹2,500-3,000 crore quarterly, ALMM/DCR module premiums of 130-160%, and ₹1,800 crore litigation claims. |
| TURTLEMINT Turtlemint Fintech Solutions Limited Improving · Raised | | Improving | Raised | FY26 operating revenue rose 57% to ₹1,098 crore, Q4 saw the first adjusted EBITDA breakeven, and PAT before exceptional items was ₹129 crore. Growth was driven by 93,000+ active digital partners and a renewal book of ₹225 crore, up 51%, earning service EBITDA 2.5-3x new business, while corporate overheads stayed in a ₹230-260 crore band. Management forecasts FY27 consolidated full-year profitability with profitability improving over 40% YoY and historical 40%+ revenue growth, targeting 18-20% adjusted EBITDA margins in five years. The main risk is IRDAI's commission review and uncertain PoSP classification, which could compress distributor payouts. |
| WEWORK Wework India Management Ltd Realty - CoWorking ·Improving · Maintained | Realty - CoWorking | Improving | Maintained | Q1 FY27: revenue INR 698 cr, up 28.5% YoY; EBITDA INR 138.3 cr at 19.8% margin; PAT INR 53.2 cr versus 8.4 cr. The driver was occupancy up to 84.9% from 76.5%, with member growth at 30% outpacing 18.5% capacity growth; rent per sq ft was flat and opex rose only 5.6%. Management guided to FY27 capex of INR 500-600 cr, 20%+ revenue and EBITDA growth, and about 155,000 desks by March 2027; large customization revenue is now amortized at INR 10-15 cr per quarter. Main risk: negative free cash from operations of INR 46.1 cr in a capex-heavy H1, ramp of 22,000 new desks, and a ~15% promoter pledge targeted for release in FY27. |
| BRAHMINFRA Brahmaputra Infrastructure Ltd Construction - Civil/Turnkey ·Improving · Maintained | Construction - Civil/Turnkey | Improving | Maintained | Q1 FY27 order book steady at ~₹1,600 crores (company share ~₹1,150-1,200 crores), with ~25% of FY27's ₹1,000 crore inflow target achieved as L1. The operating driver is shifting to strategic EPC (border, flood, slope protection) from ~30% to ~50% of order book; EPC-only EBITDA is 14-15%, overall 23-24% including ~₹20 crore mall rental at 85-90%. Management guides maintaining historical revenue growth, cutting working capital from 115-120 days to 100 days, and using ~₹100 crore arbitration awards in 1.5-2 years to fund ₹165 crore OCCPS repayments starting FY28, net debt free by 2029. Main risk: arbitration outcomes are unpredictable (50-60% success historically) and election payment delays or road-sector hyper-competition could strain cash flow. |
| EMMVEE Emmvee Photovoltaic Power Ltd Electric Equipment - General ·Improving · Maintained | Electric Equipment - General | Improving | Maintained | Q1FY27 revenue was ₹1,555 crores, up 51% YoY, with EBITDA of ₹548 crores at a 35% margin and PAT of ₹380 crores, up 103% YoY. The driver was record output of 970 MW modules and 454 MW cells, 83% cell utilization, DCR above 50% of sales, and finance costs down to ₹11 crores. Management forecasts FY27 EBITDA of about ₹2,400 crores, new module lines by December 2026 and cells by March 2027, with capacity reaching 16.3 GW modules and 8.9 GW cells. Main risks are non-DCR demand compression, silver and raw material inflation, and expansion execution; the FY29-FY30 ingot and wafer plan depends on ALMM List 3 clarity. |
| POLYCAB Polycab India Limited Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | Polycab reported Q1 FY27 consolidated revenue up 39% YoY, EBITDA margin of 13.8%, and record PAT of ₹797 crores, up 33%. Growth was led by domestic wires and cables (+43%) on only low to mid-single-digit volume growth, and FMEG (+71%) as solar more than doubled and premium mix reached 25%. Management reaffirmed Project Spring guidance of 11-13% W&C EBIT margin and 8-10% FMEG EBITDA by FY30, plus exports above 10% of revenue by 2030. Risks are Strait of Hormuz export disruption, July copper/aluminium price cuts causing destocking, and uncertain timing of T&D and data centre demand. |
| KALAMANDIR Sai Silks (Kalamandir) Limited Textiles - Readymade Apparel ·Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Sai Silks reported flat Q1 FY27 revenue of ₹375 crores versus ₹379 crores a year ago, with same-store sales down 7.5–7.8% and EBITDA margin down about 1% despite gross margin holding at ~42%. The driver was Adhik Maas postponing wedding purchases, weak discretionary spending, and sustained KLM Fashion Mall degrowth in Telangana. Management reaffirmed FY27 revenue growth guidance of 12–15% and margin improvement, targeting ~1,00,000 sq ft net space addition and a Pune entry around Q4 FY27. The main risk is poor rainfall or El Nino hurting agriculture-dependent AP cities, plus fuel and dyeing cost inflation limiting gross margin upside. |
| FEDFINA Fedbank Financial Services Limited Finance & Investments - Gold Loan ·Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | Fedbank Q1 FY27 AUM rose 34.7% YoY to ₹21,136 Cr and PAT 52.5% YoY to ₹114.4 Cr, but the real driver was gold loans, up 77% YoY despite a 15% gold price fall. Management expects FY27 entity AUM growth of 20-25%, sub-1% credit cost, ROA expansion of 20-30 bps and 200 branches, with gold alone growing 25-30% even if prices stay flat. Main risks are the RBI April LTV change inflating reported gold delinquencies (Stage II up 50 bps to 2.7%), co-lending disruption lifting leverage to 4.89x, and competitive yield pressure in medium-ticket LAP. GNPA improved to 1.6%, but management says the new structure makes 1+ delinquency numbers non-comparable. |
| HDBFS HDB Financial Services Ltd Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | HDB Financial reported Q1 FY27 PAT of Rs785 crore, up 38% YoY, with gross loan book at Rs1,21,846 crore (up 11.3% YoY), NIM 8.35%, credit cost 2.32% and Gross Stage 3 at 2.34% versus 2.44% in Q4 FY26. The beat came from consumer durables (+50% YoY), gold loans that doubled at ~500 branches, and an Asset Finance mix rejig that exited high-value, low-return tractors and HCVs. Management expects Asset Finance acceleration from Q2-Q3, ~18% book growth, credit cost ~2.3% steady-state, NIM 8%+ and ROA 2.5%, with unsecured business loans turning positive from Q2/Q3. Key risks are El Nino/weak monsoon, West Asia supply chains, and a steep 3-5% overnight fuel hike stressing CV operators. |
| UNIONBANK Union Bank of India Banks - PSU ·Improving · Raised | Banks - PSU | Improving | Raised | Union Bank reported a record Q1 FY27 net profit, NIM up 16bps to 2.80%, ROA steady at 1.36%, aided by an 18bps cut in cost of deposits and ~500bps cost-to-income improvement as bulk deposit ratio fell to 19% from 27%. Management guides to ~19-20% credit growth (industry plus 1%), backed by ₹1 lakh crore corporate pipeline and $1.5-2.0bn FCNR by Sep'26. Asset quality saw record-low SMA above ₹5 crore at ₹2,382 crore, with recoveries exceeding slippages. Main risk is ₹6,000 crore remaining ECL provisioning before Apr'27, which would cut CRAR to 17.54%, plus low-ticket MSME stress. |
| LTTS L&T Technology Services Limited IT - ER&D ·Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue was $310M, up 1.5% QoQ in constant currency, with EBIT margin at 15.7%. Growth was led by Sustainability (+11.3% YoY, 29.1% margin) and Mobility (+2.3% QoQ), while Tech declined on a concluded MedTech program and another delay. Management guides sequential revenue and margin growth, mid-16% EBIT by Q4 FY27, double-digit Sustainability, and a significant Telecom deal closing early Q2. Risks include European auto weakness, large-deal slippages (~$100M TCV with some moving to Q2), and hedge losses cutting other income. |
| NUVOCO Nuvoco Vistas Corporation Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | Q1 FY27 volume was 5.3 MTPA (+5% YoY) and EBITDA ₹572 crore (+7% YoY), helped by ₹320/ton QoQ realization gains from price hikes, geo-mix and premiumization against ₹230/ton cost inflation. Fuel was capped at ₹1.52/mcal by cutting petcoke share from 37% to 27%, though rail rake scarcity and West Asia price spikes constrained volumes. Management targets mid 7-8% FY27 volume growth, ₹900 crore capex (₹370 crore spent), Q2 cost up ~₹100/ton, and ~2 MTPA annualized Gujarat sales by Q4 FY27. Main risks are Q2 maintenance shutdowns, possible higher-cost petcoke flowing in Q3, and the West Asia conflict, with ~2 lakh tons lost to rake shortages. |
| SGFIN SG Finserve Ltd. Finance & Investments - MSME Lending ·Improving · Raised | Finance & Investments - MSME Lending | Improving | Raised | SG Finserve reported Q1 FY27 PBT of Rs72 crore (27% QoQ) and AUM of Rs4,552 crore (16% QoQ, 82% YoY), with zero NPAs and 5.1% annualized ROA. The driver was high-churn supply chain and factoring, requiring over Rs7,000 crore of disbursements; factoring AUM hit Rs225 crore and portfolio yield stayed near 12.5%. Management guided FY27 PBT to about Rs300 crore, AUM exit near Rs5,500 crore, no equity raise, and sustainable 8-10% quarterly AUM growth after a 14-15% normalized Q1. The key risk is geopolitical tension softening working capital demand, while management conceded nil NPA is an aspiration, not a guarantee. |
| TATAELXSI Tata Elxsi Limited IT - ER&D ·Mixed · Maintained | IT - ER&D | Mixed | Maintained | Tata Elxsi reported Q1 FY27 revenue of ₹1,021.1 crore, up 6.5% YoY in constant currency, with media & communication growing 11.5% YoY CC and transportation 6.7% YoY CC while healthcare slipped 0.3% QoQ CC. EBIT margin fell 330 bps QoQ because of ~150 bps one-offs, including a customer Chapter 11 provision, and ~220 bps US transition, subcontractor and AI investments. Management kept its high-single-digit FY27 CC growth aspiration, expects healthcare to return to growth during the year, and sees margins recovering sequentially from Q2 as one-offs fade. Main risks are slower German OEM ramp-ups, visa-driven onsite cost stickiness, and delayed healthcare deal awards. |
| TCS Tata Consultancy Services Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | TCS reported Q1 FY27 revenue of ₹72,275 crores, up 2.2% QoQ, with operating margin down 130 bps to 24% due to 170 bps wage hike impact. The underlying driver was AI-led transformation and vendor consolidation, with $9.5 billion TCV including the $800M SKF deal and AI ARR of $2.6 billion, though incremental AI revenue slowed to $75M from $125M due to lumpy project work. Management forecasts Q2 demand recovery with manufacturing and life sciences turnaround, and expects operating margin to exit at 25% plus sooner rather than later. Main risk: geopolitical uncertainty deferring client spending, plus 10-15% productivity pass-through to customers, threatening growth conversion of the record order book. |
| AMAGI Amagi Media Labs Ltd Entertainment & Media ·Mixed · Maintained | Entertainment & Media | Mixed | Maintained | Amagi hosted an educational AI webinar, not an earnings call, disclosing no financials or KPIs. Management framed AI as deflating production costs but expanding volume, with content preparation bottlenecked by a $1 tech to $2-4 human toil ratio. They forecast world models maturing in 2-3 years and outcome-based pricing emerging, though no company-specific guidance was given. Key risks are hallucination against 99.9999% SLAs, material GPU costs, and pricing deflation, which management countered via Jevons Paradox. |
| BASILIC Basilic Fly Studio Ltd Entertainment & Media ·Improving · Maintained | Entertainment & Media | Improving | Maintained | Basilic Fly Studio reported FY26 consolidated revenue of ₹408 crore, up 34.1% YoY, and EBITDA of ₹85 crore at a 20.9% margin, while standalone India revenue grew 64% to ₹120 crore. The real driver was Hollywood strike recovery and offshoring demand, but consolidated margins absorbed 14 senior leadership hires and Q4 projects rescheduled to FY27, compressing EBITDA growth to 19.2%. Management guides FY27 revenue growth in line or better than FY26 with 2-2.5% EBITDA margin improvement, backed by a ₹232 crore order book and ₹456 crore bid pipeline, plus Bengaluru headcount tripling to 100. Main risks are quarterly revenue timing volatility from film schedules, aged receivable recovery only expected by Sep-Dec 2026, and over 50% revenue concentration under Netflix. |
| 360ONE 360 One Wam Limited Finance - Capital Markets - Wealth Management ·Improving · Maintained | Finance - Capital Markets - Wealth Management | Improving | Maintained | 360 ONE WAM reported Q1 FY27 AUM up 17% to ₹7.8 lakh crores, ARR AUM up 19% to ₹3.42 lakh crores, and PAT up 14.8% to ₹330 crores, with cost-to-income at 51.3% versus 53.5% in Q4. Wealth ARR flows of ₹13,379 crores drove the quarter, while asset management net flows turned negative after one institutional mandate cut its allocation from $550-600 million to $175-180 million. Management forecasts FY27 ARR net flows of ₹35,000-40,000 crores at a 70:30 to 75:25 wealth-to-AM split, cost-to-income near 49-49.5% by Q4, and HNI plus ET Money break-even. Risks are listed AM retention margin pressure, institutional mandate concentration, and lateral RM hiring costs extending productivity ramp-up. |
| 5PAISA 5paisa Capital Limited Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | 5paisa reported Q1 FY27 revenue of ₹88.4 crore, up 14% YoY, and PAT of ₹11.6 crore, with a customer base of 52.6 lakh. The sequential moderation was partly one-off, but the actual driver is a shift to higher-quality customers: RPC and LTV are improving, MTF funding has roughly doubled in 15 months to a ₹422 crore average book, and MF AUM rose 18% QoQ to ₹2,073 crore. Management guides revenue acceleration from Q2 FY27 and meaningfully better margins over 12 months, powered by a platform revamp moving to production in coming months and the ₹468 crore rights issue deployed across margins, repayments and growth. Main risk is F&O ADTO weakness from post-October 2024 regulatory changes and market volatility, plus adoption of new AlgoSpace, AI and revamp features. |
| AADHARHFC Aadhar Housing Finance Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Q1 FY27 PAT was ₹282 crore, up 19% YoY, with AUM at ₹31,364 crore, up 18%, and GNPA at 1.31%, down 3 bps YoY. Spreads held at 5.8% despite a 15 bps yield cut because 300-350 emerging branches yield 14-14.8% and balance transfer-out fell to 5%; cheque-realization recognition put disbursements at ₹2,036 crore versus ₹2,359 crore on handover basis. Management guides to ~20% AUM/PAT growth, 17-18% disbursement growth, Q2 disbursement growth of 23-25%, GNPA ~1.1% and 23-25 bps credit cost by year-end. Risks: West Asia uncertainty on non-home borrowers (incremental LAP cut to 24%) and weak monsoon stress on rural cash flows. |
| AARTIDRUGS Aarti Drugs Limited Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Aarti Drugs reported Q1 FY27 revenue of ₹703.6 crores, up 19% YoY, with EBITDA up 30% to ₹96.9 crores, though PAT fell 7% to ₹50.1 crores on a high base from last year's tax refund. The driver was volume growth, improved realizations, and product mix, with the Sayakha facility at 65% utilization aiding backward integration. Management guides progressive margin improvement and expects the anti-diabetic brownfield expansion, targeting 2,000-2,200 TPM, to complete in 6-8 months, while OSD capacity in Baddi doubles. The main risks are an uncertain global environment, pricing volatility from Chinese dumping, and delays in project ramp-ups. |
| AARTIIND Aarti Industries Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Q1 FY27 revenue was ₹2,627 crore (+41% YoY), EBITDA ₹385 crore (+79% YoY), PAT ₹155 crore (+66% YoY), but ~₹50-60 crore of EBITDA was combined FX/inventory gains. The driver was elevated benzene, sulfur, methanol and aniline prices passed through, as volumes fell 12% QoQ (energy -17%, non-energy -7%) after West Asia's revenue share dropped from ~15% to 2%. Management guides Q2 volume recovery, Augene JV commissioning with ₹300-400 crore steady-state revenue, and FY27 capex of ₹700-800 crore; Zone IV is delayed 3-6 months, so the FY28 ₹1,800 crore EBITDA target stays under watch. Main risk is crude-linked raw material price volatility; imported inventory carries 1-1.5 months exposure, so sharp price reversals could cause inventory losses. |
| AAVAS Aavas Financiers Limited Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Aavas reported Q1 FY27 disbursements of ₹1,610 crore, up 41% YoY, AUM of ₹23,930 crore, up 15.4% YoY, and net profit of ₹171 crore, up 23% YoY. The beat came from operating leverage and cheaper funding, with NIM expanding 22 bps to 7.70% and cost-to-income improving 254 bps to 43.7%. Management reaffirmed FY27 guidance of 22-23% disbursement and 17-18% AUM growth, and a medium-term ~20% AUM goal driven by doubling field productivity to ₹20-22 lakh per resource. Risks are guided spreads falling below 5% from 5.06% on the lower-yield home loan push, plus repayment rates near 19% versus 16-17% historically, West Asia and rainfall-linked segments, and the RBI repossessed-asset circular. |
| ACC ACC Limited Cement ·Mixed · Maintained | Cement | Mixed | Maintained | Q1 FY27 revenue ₹9,500 crore, operating EBITDA ₹1,589 crore (16.7% margin, ₹931/ton), with net cost ₹4,241/ton, down ₹206 QoQ after absorbing ₹110/ton West Asia escalation. The driver was value-over-volume: trade mix rose to 78%, clinker factor improved to 64%, and ~1 million tons of low-margin South volumes were cut (non-trade -21% YoY). Management kept FY27 volume growth guidance at ~8% citing July trade volumes +8% YoY, net operating cost ₹4,250/ton, and 119 million tons capacity by year-end with ₹6,500 crore capex. Risks are sustained geopolitical fuel/freight escalation (~₹200/ton if persistent), 3.5 million tons of suspended capacity needing cost-treatment success, and South ramp-up taking one to two quarters. |
| ACMESOLAR ACME Solar Holdings Limited Engineering - Turnkey Services ·Improving · Raised | Engineering - Turnkey Services | Improving | Raised | ACME Solar reported Q1 FY2027 revenue of ₹954 crore, up 63% YoY, EBITDA of ₹831 crore and PAT of ₹235 crore, helped by a record 30.9% CUF, ₹226 crore BESS revenue and repowering. Management guided BESS commissioning above 10 GWh by FY2027, FY2027 capex of ₹15,000-20,000 crore, and core EBITDA margins of 88-92% ex-BESS. The main risk is transmission/GNA delays pushing about 1.5 GW of solar into FY2028, while contracted BESS revenue of over ₹1,400 crore at ₹8-10 per unit may not sustain after the El Niño year. State curtailment was about 1% of revenue. |
| ACE Action Construction Equipment Limited Capital Goods - EPC/Cranes ·Improving · Maintained | Capital Goods - EPC/Cranes | Improving | Maintained | Q1 FY27 total income rose 19% YoY to ₹836 crores and PAT rose 22.5% to ₹118.59 crores, driven by 17.25% core volume growth and ~10% cumulative price hikes. Reported gross margin still contracted ~140 bps YoY because steel is up ~20%, with 11-12% total cost inflation expected versus only ~10% pricing so far. Management deferred FY27 revenue guidance to end-September, targets a ~15%+ operating EBITDA margin, exports at 6-7% of revenue, defense above ₹200 crores, and meaningful KATO JV revenue only from FY28. Main risks are residual ~2% cost inflation, customer resistance to hikes, Middle East shipping delays, and deficient monsoon demand variability. |
| ADANIENSOL Adani Energy Solutions Limited Power - Transmission/Equipment ·Improving · Maintained | Power - Transmission/Equipment | Improving | Maintained | Q1 FY27 had ₹3,500 crore capex, 13.4 million cumulative smart meters (2.1 million installed), and ₹590 crore Energy Solutions EBIT on 13,181 MUs; smart-meter operating revenue doubled to ₹161 crore from ₹68 crore, the reported QoQ decline being accounting. The real driver was a 5,000 MW tied-up supply stack selling partly on exchange/bilateral markets, where delayed-monsoon prices helped, plus a minimum ₹1 lakh crore annual transmission bid pipeline. Management guides to ₹20,000-25,000 crore annual transmission capex additions, 7.5 GW+ Energy Solutions market by 2031, and combined ~47 million meters after IntelliSmart, pending CCI approval. Main risks are quarterly P&L swings from open energy positions until back-to-back long-term contracts are signed, regulatory delays, and right-of-way execution. |
| ADANIENT Adani Enterprises Limited Trading ·Improving · Maintained | Trading | Improving | Maintained | Adani Enterprises Q1 FY27 consolidated income rose 50% YoY to ₹33,546 crore and EBITDA 49% to ₹5,642 crore, driven by first-time copper sales (₹10,922 crore revenue at 52% utilization) and geopolitics-driven IRM trading margins. Airports non-aero grew 53% but passenger traffic rose only 4% on Middle East tensions and higher ATF prices. Management kept FY27 capex unchanged after the ₹15,000 crore QIP and guides copper EBITDA near ₹800 crore per quarter as utilization nears 75%, plus 500 MW data center operational in three years. Main risks are copper margin normalization to ~5%, transient IRM uplift, and 40-48 month data center execution cycles. |
| ADANIGREEN Adani Green Energy Limited Power - Generation/Distribution ·Improving · Maintained | Power - Generation/Distribution | Improving | Maintained | Adani Green reported Q1 FY27 power-supply revenue of ₹4,280 crore, up 29% YoY, and EBITDA of ₹4,122 crore, up 33% with a 94% margin. The driver was 4.3 GW YoY capacity growth to over 20 GW, including 1.9 GWh BESS at Khavda, while management shifted merchant capacity to fixed-price AESL PPAs locking ~15-16% returns. Management guided FY27 to 5 GW RE addition, 10+ GWh BESS, ₹42,000 crore capex, and ~₹21,000 crore run-rate EBITDA by year-end. The main risks are 5-7% of EBITDA lost to curtailment until end-CY2026 and rising related-party concentration with AESL. |
| ADANIPORTS Adani Ports and Special Economic Zone Limited Marine Port & Services ·Mixed · Maintained | Marine Port & Services | Mixed | Maintained | Q1 FY27 revenue rose 19% YoY to ₹10,821 crore and EBITDA rose 19% to ₹6,541 crore, with an implied margin near 60.4%. Growth came from mix and pricing, not volume: domestic ports revenue grew 12% on just 2% cargo growth via fuel surcharges and liquid/container share, while international ports rose 80% as Colombo volumes nearly tripled to 22.8 MMT. Management kept FY27 EBITDA guidance at ₹25,000–26,000 crore pending an H1 review and reiterated Ambition 2031 to more than double revenue, EBITDA and cash flows by FY31. Key risks are India’s ~3% trade growth, Middle East disruption holding marine margins near 36% versus 55% steady state, and the Krishnapatnam customer shutdown costing 2–2.5 MMT. |
| ATGL Adani Total Gas Limited Gas Distribution ·Mixed · Maintained | Gas Distribution | Mixed | Maintained | Adani Total Gas reported Q1 FY27 gas volume of 303 MMSCM (+13% YoY, CNG +18%), revenue of ₹1,908 crore (+27% YoY), and EBITDA of ₹281 crore, with margin near 15% versus 25% historically. The compression came from gas sourcing: Brent above $107/barrel, NWG above $5/MMBTU, APM allocation at roughly 40%, and the sudden withdrawal of pooled gas. Management guides similar double-digit volume growth, margin recovery to historical levels once the Middle East crisis resolves, and 10,000 EV charging points from 5,306. The main risk is the crisis duration, declining APM allocation, and uncertain pooled gas restoration keeping margins compressed. |
| ABCAPITAL Aditya Birla Capital Limited Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Q1 FY27 consolidated PAT rose 40% YoY to ₹1,175 crore on revenue growth of 29%. The driver was lending plus insurance mix: NBFC AUM grew 28% to ₹167,456 crore, HFC AUM 50% to ₹51,833 crore, life VNB margin jumped 756bps to 15.1%, and health posted its first IFRS profit of ₹18 crore. Management guided to HFC AUM of ₹1 lakh crore+ in 8–10 quarters, life VNB margin above 20%, and no further equity raise for 12 months. The main risk is regulatory curbs on credit-life insurance attachment, which supported NBFC fee income. |
| ABLBL Aditya Birla Lifestyle Brands Ltd. Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Aditya Birla Lifestyle Brands reported Q1 FY27 revenue of ₹2,046 crore, up 11% YoY, and EBITDA of ₹327 crore, up 14%, with margin at 16.0% against 15.5%. Growth was broad-based, driven by e-commerce up 23%, retail like-for-like up 8% for a seventh consecutive quarter, and Emerging Business up 19% led by Reebok, innerwear and American Eagle. No explicit FY27 guidance was provided; wholesale primary sales were impacted, though secondary sales stayed healthy. Management flagged raw material, logistics and wage inflation as the main margin risk despite the 50 bps expansion. |
| ABSLAMC Aditya Birla Sun Life AMC Limited Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | ABSL AMC Q1 FY27 PAT rose 12% YoY to ₹309 crore on revenue of ₹625 crore, but mutual fund QAAUM grew only 6% YoY to ₹4.28 lakh crore. The real driver was the ₹6.08 lakh crore EPFO mandate, lifting total closing AUM past ₹10 lakh crore and overall QAAUM to ₹6.28 lakh crore. Management guided yields to stay within ±1-2 bps under the new BER regime and PMS long-only AUM to reach ₹20,000-21,000 crore in three years, while fixing a marginally declining SIP book. Main risks are El Niño monsoon, FII outflows, fixed income volatility, and telescoping pricing pressure on fees. |