| RAMBHAJO Advit Jewels Limited Mixed · Maintained | | Mixed | Maintained | Advit Jewels reported FY26 total income ₹167.03 cr (+33.68% YoY), 29.48% EBITDA margin and net profit ₹34.39 cr (+35.56%), though Q4 income fell to ₹43.23 cr on war-driven luxury caution and pulled-forward December orders. The real driver was IPO visibility and active customers nearly tripling to 274 across 21 states, not capacity: utilisation fell to ~31% on lighter-gold designs. Management guided to at least three company stores in FY27, a 30,000 sq ft Jaipur flagship by November-end 2026 and 30 franchise stores over three years, but gave no fresh FY27 numbers. The main risk is execution: the flagship slipped from Diwali, and store-driven scaling depends on trained Jaipur artisans plus export tariffs. |
| AETHER Aether Industries Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Q1 FY27 revenue rose 27% YoY to ₹326.6 crores, EBITDA margin hit 31%, and PAT was ₹62.7 crores, up 33% YoY. The driver was contract manufacturing mix shift: CRAMS/CEM reached ~50% of revenue, Baker Hughes scaled to a ~₹70 crore run-rate from ~₹45 crores, while LSM volumes fell 22.5% on deliberate line reallocation with prices up 22.5%. Management guided to 25-30% core revenue compounding, 70%+ CRAMS/CEM mix within two years, ₹300-350 crores FY27 capex, and the semiconductor 45 TPM stream online by end-September 2026. Main risks are execution bandwidth across concurrent expansions and the early-stage Dow silicones program, which has no near-term revenue visibility. |
| AJANTPHARM Ajanta Pharma Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Ajanta Pharma Q1 FY27 revenue was ₹1,626 crore, up 25% YoY, with PAT up 31% to ₹334 crore. Growth was driven by India (+24%), US (+57%), Africa branded (+30%) and Africa institutional (+71%), while Asia fell 16% on Middle East supply chain disruption; gross margin was 80% and EBITDA margin 28%. Management guided FY27 revenue high teens, India mid-teens, US mid-single to upper mid-single digit, Africa high double digit, and Asia mid-to-high teens, with margins easing to ~78% gross and ~27% EBITDA. Risk is H2 US price erosion, possible raw material inflation from Q2, and Asia logistics or FDA timing delaying launches. |
| ABDL Allied Blenders and Distillers Limited Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 revenue rose 5.8% YoY to ₹984 crore, but reported EBITDA was flat at ₹120 crore and PAT fell to ₹45 crore because a supply-chain disruption cost ₹24 crore. Volume grew 6.2% to 9 million cases, driven by Prestige & Above up 10.7% and ICONiQ White up 33.8% to 3.1 million cases; like-to-like EBITDA rose 21.4% to ₹144 crore. Management reiterated FY27 revenue growth of mid-teens with EBITDA margin around FY26 levels, expecting H2 recovery from brand relaunches, new launches, and India-UK FTA benefits, plus 300 bps margin from backward integration by FY28. Risks: prolonged supply-chain pressure, Telangana's ~₹400 crore overdue and price-hike uncertainty, and execution risk on non-ICONiQ P&A brands. |
| AMBUJACEM Ambuja Cements Limited Cement ·Mixed · Maintained | Cement | Mixed | Maintained | Ambuja reported Q1 FY27 revenue of INR 9,500 crore and EBITDA of INR 1,589 crore (16.7% margin), with volumes down ~7% YoY after cutting ~1 MMT of low-margin non-trade volumes. The driver was a deliberate value-over-volume shift: trade mix rose to 78%, and net operating cost fell INR 206/ton to INR 4,241/ton despite absorbing INR 110/ton of West Asia fuel escalation. Management guided to 8% FY27 volume growth, INR 4,250/ton full-year cost, 119 MTPA capacity by FY27, and 60% green power by FY28, citing July trade volumes up 8% YoY. Main risks are a potential ~INR 700/ton cost impact if West Asia escalation persists and a slow South channel/trade ramp-up. |
| ARSSBL Anand Rathi Share & Stock Brokers Ltd Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Q1 FY27 revenue was ₹246.1 cr (+22.37% YoY) with EBITDA margin 39.54%; pre-exceptional PAT ₹39.1 cr (+71.22% YoY), but the ₹21 cr fraud provision cut reported PAT to ₹23.35 cr. Growth was driven by non-broking: MTF book +55% YoY to ₹1,330 cr, distribution AUM +25.82% to ₹9,479 cr, though MTF interest income stayed flat as average book matched Q4. Management guided MTF to ₹1,750-1,800 cr by FY27 end, distribution AUM +40%, PAT growth 30-35%, a medium-term 50-50 broking/non-broking mix, and 15-20% long-term revenue growth. Main risks are uncertain fraud recovery, SEBI/RBI curbs raising working capital needs, ₹1.43 lakh cr FII outflows, and a March mid-cap fall that cut the MTF book to ~₹1,100 cr. |
| ANANDRATHI Anand Rathi Wealth Limited Finance - Capital Markets - Wealth Management ·Improving · Maintained | Finance - Capital Markets - Wealth Management | Improving | Maintained | Q1 FY27 adjusted revenue rose 18% YoY to ₹336 crore and PAT rose 24% to ₹116 crore, hitting 24% of FY27 revenue guidance and 25% of PAT guidance. The driver was sticky client flows: AUM grew 21% to ₹1,06,300 crore on ₹2,743 crore net inflows, including ₹1,900 crore equity MF sales, with 0.09% client attrition and roughly 90% asset retention after three RMs left. Management guides 20-25% annual AUM growth and a 4% Category II MF market share in 8-10 years, backed by an AMC license application and UK/GIFT City expansion. Risks are prolonged equity weakness, 1-3 bps TER transmission, and concentration of ₹1,875 crore of ₹2,187 crore MLD issuance with group company ARGFL. |
| ANGELONE Angel One Limited Finance - Capital Markets - Brokers ·Mixed · Maintained | Finance - Capital Markets - Brokers | Mixed | Maintained | Angel One reported Q1 FY27 gross revenue of ₹14.3 billion, up 25.4% YoY but down 2.3% QoQ, with PAT of ₹2.3 billion, up 102.1% YoY. The result was driven by non-broking businesses at 40% of revenue, including credit distribution up 130% YoY to ₹5.3 billion and total AUM up 33.3% YoY to ₹134.4 billion, while broking volumes moderated with industry derivatives softness. Management reaffirmed 45-50% stand-alone EBDAT margin guidance, ~₹11 billion FY27 employee cost, and 3-4 year wealth/AMC incremental breakeven. Main risks are QoQ credit disbursements falling from ₹710 crore to ₹530 crore on lender calibration, muted client additions, and small ₹6.2 billion AMC AUM scaling slowly. |
| APARINDS Apar Industries Limited Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | Q1 FY27 consolidated revenue rose 29.1% to ₹6,591 crore, EBITDA 62.7% to ₹814 crore and PAT 77.7% to ₹467 crore, the highest ever. The beat came from premium conductor mix (50.3% of revenue, EBITDA per tonne ₹53,418) and oil EBITDA per kilolitre ₹25,482 despite a ₹93 crore provision and Hamriyah port closure. Management gave no formal guidance due to pending securities issuance, but expects conductor clearances to resume, US copper cable orders from Meta/Microsoft/Google approvals to ramp, and HVDC orders to build. Risks are unhedged MGP/aluminum volatility, US Section 232/301 tariffs, and further oil inventory provisions. |
| APCOTEXIND Apcotex Industries Limited Rubber Processing/Rubber Products ·Improving · Maintained | Rubber Processing/Rubber Products | Improving | Maintained | Apcotex reported Q1 FY27 revenue of ₹526 crores (+40% YoY), EBITDA margin of 22.3% and PAT of ₹79 crores (+311% YoY). The result came from higher realizations and ~2% inventory gains, with domestic volumes up 10% while exports fell 10-12% due to Strait of Hormuz disruption. Management guides to 15-16% average EBITDA margins, not annualizing Q1, and expects ₹220 crores NBR/latex capex to add ~₹600 crores revenue by Q1 FY28, with nitrile latex Stage 2 decided in 3-4 months. Main risks are crude-linked realization swings, delayed export recovery, and Asian nitrile latex capacity pressuring spreads. |
| APLAPOLLO APL Apollo Tubes Limited Steel - Tubes/Pipes ·Improving · Raised | Steel - Tubes/Pipes | Improving | Raised | APL Apollo Tubes reported Q1 FY27 sales volume of 745,000 tonnes, down 6% YoY and 19% QoQ, with revenue of ₹56.1 Bn up 8% YoY and net profit of ₹2.6 Bn up 11% YoY. EBITDA rose 11% YoY to ₹4.1 Bn, driven by EBITDA per tonne of ₹5,522, up 18% YoY, from a better value-added mix and brand pricing power despite soft construction demand. Management forecasts a significantly stronger second half versus first half on government infrastructure spending, with capacity expansion to 8 Mn tonnes by FY28. The main risk is continued demand weakness from geopolitical and macroeconomic pressures, plus raw material cost volatility and new capacity ramp-up. |
| APOLLOPIPE Apollo Pipes Limited Building Materials - Plastic Pipes ·Mixed · Maintained | Building Materials - Plastic Pipes | Mixed | Maintained | Q1 FY27 consolidated volume was flat YoY with normalized EBITDA margin of 7%, Apollo standalone 8% and Kisan 6%. The driver was the April PVC resin price crash, a ₹32/kg drop that forced inventory write-downs and stalled channel restocking, plus near-zero government infrastructure orders. Management forecasts high double-digit FY27 volume growth and double-digit Q2 YoY growth, with consolidated EBITDA margin staying at 7-8% over 12-15 months. Main risk is further PVC price volatility despite the MIP price floor of about ₹82/kg, as channel partners wait for 10-15 days of price stability before restocking. |
| ACI Archean Chemical Industries Limited Chemicals - Inorganic ·Mixed · Maintained | Chemicals - Inorganic | Mixed | Maintained | Archean's Q1 FY27 consolidated income rose 11% YoY to ₹3,328 million, but EBITDA fell 16% to ₹729 million and PAT 24% to ₹304 million. Bromine revenue jumped 58% to ₹1,333 million, while industrial salt revenue fell 12% to ₹1,713 million on 0.98 million tons hit by logistics disruptions and West Asia export freight. Management guided to meaningful SOP contribution in H2 FY27, Acume breakeven in FY27, and flame retardant bromine in 12-18 months. Risks are continued route diversion and freight inflation, plus losses at Idealis and Neun as new plants ramp. |
| ARVINDFASN Arvind Fashions Limited Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 revenue rose 15.5% to ₹1,279 crore with EBITDA of ₹160 crore, up 19.6%, and gross margin up 90 bps to 56.7%; PAT fell to ₹10 crore on lower other income. Growth came from the D2C pivot: direct channels reached 62% of sales, online B2C grew 38%, retail LFL was 11.6%, led by U.S. Polo inventory additions and PVH GST recovery. Management forecasts FY27 revenue growth of 12-15%, EBITDA margin expansion of 30-40 bps, and 1.5 lakh net square feet of stores, split roughly 50-50 between LFL and new stores. Risks are West Asia-linked raw material and wage inflation forcing SS27 pricing corrections in 45-60 days and PVH JV minority-interest and PAT compression in a seasonally weak quarter. |
| ASHIKAG Ashika Global Securities Limited Improving · Maintained | | Improving | Maintained | Q1 FY27 total income was ₹17,215 lakhs, up 44.4% YoY, with PBT ₹12,973 lakhs up 47.4%, but PAT rose only 15.4% to ₹10,097 lakhs on higher tax or one-offs. The real driver was the May 2026 amalgamation lifting net worth 2.7x to ₹1,169 crore, funding broking, IB, NBFC and AIF fee lines on ₹23,400+ crore AUA. Management guides MTF book above ₹1,000 crore by FY29, 21 branches by FY27, 200+ stock coverage, and ₹2,000 crore private credit fund with ~₹500 crore soft commitments. Main risks are AIF fundraising at roughly 25% of target, Dhanush 2.0 migration adoption, and post-amalgamation integration execution. |
| ASIANPAINT Asian Paints Limited Building Materials - Paints ·Improving · Maintained | Building Materials - Paints | Improving | Maintained | Asian Paints reported Q1 FY27 standalone revenue up 17% and decorative volume up 9% within the 8–10% band, with decorative value up 16.6% on a lower base and consolidated PBDIT margin at 20.6%, up 240 bps YoY. The beat came from low-cost finished goods inventory, roughly 7% price hikes, premium mix, and strong international growth of 27%, while new products contributed 17% of revenue. Management forecasts FY27 decorative volume growth of 8–10% and standalone PBDIT margin of 18–20%, but expects Q2 softer as high-cost raw material inventory flows through, with no further price hikes unless volatility turns alarming. Risks are ~25% input inflation, all-time-high competitive intensity, and Middle East demand strain plus Ethiopia currency devaluation. |
| ATLANTAELE Atlanta Electricals Ltd Electric Equipment - Transformers ·Improving · Maintained | Electric Equipment - Transformers | Improving | Maintained | Atlanta Electricals Q1 FY27 revenue was ₹466.33 crore, up 48% YoY, PAT ₹46.84 crore up 50.4%, EBITDA margin 16.5% (highest Q1). Growth came from new facility ramp-up and a shift to 220 kV products (56% of revenue), with record order inflow of ₹972.42 crore and order book ₹3,116.63 crore. Management maintained 40% revenue CAGR guidance and 17-18% EBITDA margin, with ~₹2,400 crore executable in FY27; 400 kV revenue is expected only from FY28. Risks include raw material inflation, first-time 400/765 kV execution and unknown margins, plus Chinese competition in PSU tenders, though no participation has been seen yet. |
| AURIONPRO Aurionpro Solutions Limited IT - Software ·Mixed · Cut | IT - Software | Mixed | Cut | Aurionpro's Q1 FY27 revenue was ₹358 crore (+6.3% YoY), EBITDA ₹61 crore (17% margin), PAT ₹45 crore, all below trend. The miss reflected MEA revenue falling from double-digit share to zero, capacity diverted to AI-native product rebuilds, and slow data center ramp. Management gave no FY27 revenue/margin guidance but forecast data center growth above 40-50% (possibly 50-100%) and MEA YoY impact rolling off after Q3. Key risk is 12-18 month order-book conversion and margin dilution from data center mix and 10.5-11% expensed R&D. |
| AWL AWL Agri Business Limited Edible Oils, Agro Processing ·Improving · Maintained | Edible Oils, Agro Processing | Improving | Maintained | AWL reported consolidated revenue of ₹20,048 crore, up 18% YoY, and operating EBITDA of ₹693 crore, up 34%, but edible oil volume rose only 2% as price volatility caused trade de-stocking. The real driver was the food and FMCG shift, with segment revenue up 22% to ₹1,726 crore, rice up over 40%, and quick commerce up 56%, plus industry essentials volume up 13%. Management guides FY27 food revenue growth of 18-20% at a 3-4% EBITDA margin, edible oil volume recovery to 5-6% for the rest of the year, and edible oil EBITDA of ₹4,000-4,500 per MT. The main risk is India's ~70% import dependence for edible oil and price volatility, which depressed Q1 volumes. |
| AXISBANK Axis Bank Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Axis Bank Q1 FY27 PAT rose 23% YoY to ₹7,114 crore, but NIM fell 34 bps YoY to 3.46% and GNPA improved to 1.28%. The beat came from 19% YoY advances growth, led by wholesale +38% versus retail +8%, and 18% deposit growth, while margin compression reflected 125 bps of repo cuts and a 16 bps mix drag. Management calls 3.46% the cycle bottom, reiterates the 3.8% structural NIM target and industry +300 bps growth guidance, and expects retail disbursement conversion and FCNR(B) deployment. Risks are higher year-one ECL provisions, an unquantified pace of mix reversal, and CFO Puneet Sharma's departure with no successor named. |
| AYE Aye Finance Ltd NBFC - Others ·Improving · Maintained | NBFC - Others | Improving | Maintained | Aye Finance reported Q1 FY27 PAT of ₹75 crore (+144% YoY) on AUM of ₹7,324 crore (+28% YoY), with GNPA improving 28 bps QoQ to 4.49%. The beat came from ₹1,219 crore disbursements (+22% YoY), NIM of 15.9% on lower borrowing costs, and credit cost of 4.01%. Management maintained FY27 guidance of 25-30% AUM growth, 3.5-4.0% credit cost, 14.25-14.75% NIM, and opex falling to 8.25-8.75% by Q3. Main risk: below-normal monsoon (92% of LPA) in central/southern states cuts rural demand visibility, while mortgage collection infrastructure for delinquent buckets remains underdeveloped. |
| BAJAJ-AUTO Bajaj Auto Limited Auto - 2 & 3 Wheelers ·Improving · Raised | Auto - 2 & 3 Wheelers | Improving | Raised | Bajaj Auto's Q1 FY27 PAT was about ₹3,000 crores (+42% YoY) on revenue ₹17,244 crores (+37%), with 1.4 million units (+29%) and a 20.9% EBITDA margin despite ~4.5% commodity inflation and a ransomware hit. The real driver was record exports of 7,32,000 units/USD 735 million and an EV portfolio at ~30% of domestic revenue with double-digit EBITDA and Chetak EBITDA-positive. Management guided exports above 2,50,000 units/month from Q2, 10+ launches in six weeks, and capacity rising 25% to 9 million units. Main risk: Q2 sees full-period broader inflation, with pricing recovering only half of Q1's commodity cost increase and rupee support possibly fading. |
| BAJAJCON Bajaj Consumer Care Limited FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | Bajaj Consumer Care reported Q1 FY27 revenue of ₹341 crore, up 28% YoY, with EBITDA at ₹84.4 crore (24.7% margin) and PAT at ₹70.7 crore. The beat came from selective price hikes, MLH reductions, sachet-led ADHO volume growth in low teens, and Project Aarohan distribution gains, while gross margin fell 120 bps sequentially to 61.8% on West Asia war raw material inflation. Management guided Q2 gross margin to stay stressed before easing in Q3/Q4, with no further pricing actions, and kept aspirations of low-to-mid 20s EBITDA and double-digit to low-teens revenue growth. Main risks are execution on market share gains and distribution expansion, plus copra price volatility and geopolitical uncertainty. |
| BAJFINANCE Bajaj Finance Limited Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Q1 FY27 reported record ₹37,000 crore AUM addition, 5 million customers, PAT +28% YoY, ROA 4.7%, ROE 20.4%, with loan loss to avg AUM at 1.54% (1.70% excluding overlay). Driver was broad-based consumer finance growth (urban +38%, rural +49% YoY, about half from SKU price hikes) and gold loans +112% YoY to ~₹20,000 crore. Management held FY27 guidance of 22–24% AUM growth, NIM moderation of 10–15 bps, and 25–40 bps opex/NTI improvement, saying they will revisit after Q2. Main risks are the ₹296 crore geopolitical/monsoon overlay, 30–60 bps higher incremental funding costs, competitive intensity, and price-led growth tempering volumes. |
| BAJAJFINSV Bajaj Finserv Limited Finance - Holding Company ·Improving · Maintained | Finance - Holding Company | Improving | Maintained | Q1 FY27 consolidated income rose 19% to ₹42,037 crore and PAT 18% to ₹6,297 crore, but reported profit was driven by lending: Bajaj Finance PAT grew 27.6% and Housing 23%, while insurance PATs fell on lower capital gains. Life VNB jumped 87% to ₹271 crore on protection growth; general insurance combined ratio worsened to 104.7% and underwriting loss widened to ₹130 crore. Management guided Bajaj Markets to quarterly breakeven by Q3/Q4 FY27, Health by Q3/Q4 FY28, AMC to ₹1 lakh crore AUM in three years, and a reinsurance foray pending ratings. Main risk is soft pricing across motor, fire and crop lines; the homemaker TP ruling and Nat Cat losses are buffered by conservative reserving, but hardening timing is uncertain. |
| BAJAJHFL Bajaj Housing Finance Limited Finance - Housing ·Mixed · Maintained | Finance - Housing | Mixed | Maintained | Bajaj Housing Finance reported Q1 FY27 AUM of ₹1.496 lakh crore (+24% YoY), disbursements of ₹19,509 crore (+33% YoY) and PAT of ₹715 crore (+23% YoY), with GNPA at 29 bps. The real driver was yield compression: old high-yield home loans attrited and were replaced by lower-yield prime loans, cutting NIM 14 bps QoQ to 3.7%, while the 5 bps credit cost was a one-off from a ₹2,300 crore assignment. Management forecasts FY27 NIM moderation of 20-25 bps from 3.9%, credit cost of 10-15 bps, ROA of 2.1-2.3%, ROE of 12.5-13%, and Sambhav monthly disbursements crossing ₹600 crore within 9-12 months. The main risk is prime home loan balance-transfer out pressure resuming if market pricing falls further, as Q1's moderation is not yet confirmed as a trend. |
| BALKRISIND Balkrishna Industries Limited Tyres & Tubes ·Improving · Maintained | Tyres & Tubes | Improving | Maintained | Q1 FY27 standalone revenue rose 24% YoY to ₹3,409 crore with EBITDA margin of 20.61% and PAT of ₹432 crore. The real driver was highest-ever OHT volumes of 93,770 MT (+16% YoY), aided by India at 40% of volumes and ~5% price hikes that only partly offset raw material cost inflation. Management expects a further ~2% margin hit in Q2 FY27 despite full passthrough, with FY27 CapEx of ₹2,500-3,000 crore and on-highway ramp-up starting Q2 toward a ₹5,000 crore revenue vision by 2030. Main risks: geopolitical freight pressure, European heat-wave crop damage, US tariff refund timing, and on-highway execution. |
| BANDHANBNK Bandhan Bank Limited Banks - Private ·Mixed · Cut | Banks - Private | Mixed | Cut | Bandhan Bank Q1 PAT rose 35% YoY to ₹502 crore, with advances up 16% to ₹1.56 lakh crore, NIM stable at 6.2%, and credit cost down to 1.8%. Growth came from non-EEB lending, up 27% YoY to two-thirds of the book, while deposits rose 7% with bulk deposits deliberately cut 13% and CASA up 16%. Management cut FY27 exit ROA guidance to 1.2%-1.4% from 1.6%-1.8%, citing roughly 30 bps NIM pressure from funding costs and 10 bps opex pressure from tech inflation; it forecasts FY27 credit growth of about 14%. The main risk is the Middle East energy crisis raising MFI household costs and system deposit rates, with seasonal EEB SMA-0 at 3.5% versus 3.1%. |
| BANKBARODA Bank of Baroda Banks - PSU ·Mixed · Maintained | Banks - PSU | Mixed | Maintained | Bank of Baroda reported Q1 FY27 net profit of ₹1,278 crore after absorbing the USD 600 million NMC settlement; ex-exceptional profit was ₹5,528 crore. The operating story was 17.4% credit growth, NIM of 2.77%, and credit cost of 0.29%, driven by repricing non-MCLR corporate loans to MCLR and falling bulk deposit rates, while fee income fell 47% YoY. Management kept FY27 guidance of 12-14% credit growth, 2.75-2.95% NIM, sub-0.6% credit cost, and 15-16% ROE, with >1% ROA forecast for Q2-Q4. The main risk is the ECL migration's 110 bps CRAR impact, about ₹12,000 crore, partly offset by ₹2,500 crore floating provisions, plus a 15-20 bps credit cost run-rate. |
| BANKINDIA Bank of India Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Bank of India reported Q1 FY27 net profit of ₹3,068 crore, up 36% YoY, with NII up 12.61% and credit cost at 0.15%. The reported beat came from 25.99% operating profit growth on cost controls and ATM rationalization, while CASA fell about 3% as bulk deposits funded 18.84% advance growth. Management kept FY27 guidance of 15-16% advances growth, 13-14% deposit growth, NIM of 2.55-2.60%, ROA of 1%+ and cost-to-income of 48-49%, targeting roughly $4.3 billion foreign currency inflows by December 31. Key risks are West Asia-linked stress in chemicals, ceramics and import-export sectors, with SMA above ₹5 crore at ₹4,070 crore, and deliberately capped personal loan growth near 3% YoY. |
| MAHABANK Bank of Maharashtra Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Bank of Maharashtra Q1 FY27 net profit rose 27% YoY to ₹2,020 crores, with advances up 27% (24% ex-IBU) and GNPA at 1.45%. The beat came from corporate/agri lending and the GIFT City IBU, not deposits, which grew 13% with no CDs. Management reaffirmed FY27 guidance of 18% advances growth, 3.75% NIM, and <40% cost-to-income, declining to raise it. Main risk is deposit disintermediation and retail TD competition lifting cost of deposits, up 5 bps QoQ to 4.38%. |
| BHAGYANGR Bhagyanagar India Limited Power Generation & Supply ·Mixed · Cut | Power Generation & Supply | Mixed | Cut | Q1 FY27 revenue was ₹700 crore; EBITDA rose 63% YoY to ₹38.01 crore (5.43% margin), but sales volume fell 6.5% YoY to 5,200 tons. The Apr-May trade route disruption let management charge premium prices across products, lifting value-added mix to a record 63%. Management guided FY27 volume growth down to 12-15% from 15-20%, normalized EBITDA margin of 5-5.5%, and value-added mix of 63-64%. The main risk remains reliance on imported scrap, as 75% of scrap is imported and sourcing normalized only from June. |
| BEL Bharat Electronics Limited Aerospace & Defence - Equipments ·Mixed · Maintained | Aerospace & Defence - Equipments | Mixed | Maintained | Q1 FY27 revenue rose 25.27% YoY to ₹5,533 crore and PAT 8.17% to ₹1,048 crore, but EBITDA margin fell to 25.83% on product mix, not costs. Order inflow was lean at ₹3,754 crore because ~₹2,000–3,000 crore was pulled into Q4 FY26, leaving minimal backlog. Management reiterated FY27 forecasts of 15% revenue growth, 28% margin, and ₹55,000+ crore inflows, anchored by ₹30,000 crore QRSAM expected by September 2026 and ₹9,000+ crore Shatrughat/Samaghat. Main risk: CCS approval delays for QRSAM/NGC/P75I could push inflows to next year, while wage revision from January 2027 remains uncertain. |
| GROWW Billionbrains Garage Ventures Ltd Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Groww Q1 FY27 reported ~₹23,000 crore net customer inflows, ₹254 crore cash revenue, and ₹600-700 crore quarterly MTF additions, with LAS at 34% of disbursements and commodities above 28% retail notional ADTO share. The MTF growth was driven by larger tickets per user, not new borrowers, as active users stayed ~0.13 million; cash yields rose ~5% YoY. Management guides cash yields to rise 1-2% per quarter near term, sustained MTF additions, a GIFT City US-stock launch soon, and no major headcount increase. Main risks are F&O expiry-margin regulation, war-linked volume swings, and IPL-driven CAC of ~₹1,900 per new NTU, while Fisdom plus AMC remains under 2% of other income. |
| BIRLACORPN Birla Corporation Limited Cement ·Mixed · Maintained | Cement | Mixed | Maintained | Birla Corporation Q1 FY27 reported realization fell ₹40/ton QoQ, but adjusted for lower incentive accrual (₹33 crore vs ₹60 crore) and year-end discounts, realization rose ₹80/ton. The real drag was stagnant trade prices with an over 80% trade mix, while bag and fuel costs added ₹150/ton, with another ₹70-80/ton expected in Q2. Management reaffirmed FY27 capex at ₹900 crore, net debt exit at ~₹2,000 crore, incentives at ₹130-135 crore, and FY29 capacity at 27.6 MT, but gave no FY27 EBITDA/ton guidance. Main risks are Central India competition from Dalmia's JP asset ramp-up, delayed monsoon impact on Q3 demand, and continued trade price stagnation. |
| BSOFT Birlasoft Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Birlasoft reported Q1 FY27 revenue of $145.2 million, up 0.3% QoQ in constant currency, with normalized EBITDA margin of 16.1% and TCV signings of $168.7 million, up 20% YoY. Growth was driven by BFSI and life sciences, offsetting softness in manufacturing and energy and utilities, while AI-led deals anchored the order book. Management expects H1 FY27 signings to be much better than H1 FY26, EBITDA at or above 15% despite the 170-200 bps July wage hike, and E&U turnaround from Q3. The main risk is AI-driven pricing deflation delaying revenue conversion from TCV growth for 3-4 quarters, with two soft verticals still contributing about half of revenue. |
| BLACKBUCK Blackbuck Ltd. Logistics ·Improving · Maintained | Logistics | Improving | Maintained | Q1 FY27 gross revenue rose 42% YoY, adjusted EBITDA was ₹55 crore (+16%), and PAT ₹42 crore (+25%); the sequential PAT drop was solely due to Q4 FY26 deferred tax recognition. The real driver was core growth of 28% YoY with record telematics device sales and AI-led KYC cost cuts, while growth businesses grew ~2.5x YoY and Superloads ~50% sequentially. Management expects tolling to return to normal secular growth, vehicle finance to reach profitability by end FY27, and deferred tax to offset current tax for two quarters. Risks are suppressed fuel loyalty margins, possible Delhivery entry, and Superloads needing ~5,000 loads/month per hub across 14 cities. |
| BLUEWATER Blue Water Logistics Limited Improving · Maintained | | Improving | Maintained | Q1 FY27 revenue was ₹211.2 crore, up 315.4% YoY, with EBITDA margin 11.2% and PAT ₹14.0 crore. Growth came from ocean volumes of 5,757 TEUs (+264% YoY), air freight 930 tons (+520%) and five new branches, while margin fell from ~13% due to branch gestation. Management guides FY27 revenue of ₹700-800 crore (~90%+ growth), PAT margin similar to FY26 at 6-7%, and debt rising to ~₹200 crore from ₹106 crore. Main risks are receivables of ~₹220 crore against ~₹15 crore cash, doubled debt, and Q2 vessel shortages from China export surge. |
| BLUESTONE Bluestone Jewellery & Lifestyle Ltd. Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 49% to ₹733 crore and pre-Ind AS EBITDA margin hit 7.5%, up 273 bps, helped by 39% same-store growth and ~60% repeat revenue. The operating driver was scale: marketing stayed at 6.9% of revenue and in-house manufacturing gives 300-400 bps, so costs grew slower than sales. Management forecasts ~₹12,000 crore revenue and ~15% EBITDA margin in four years via ~30% mature-cohort SSSG and ~20% store CAGR. Risks: May gold duty hike to 15% softened demand until June, new customers fell to ~40,000 per quarter from ~50,000, and rent grew 35% against 25.5% area growth. |
| BORORENEW Borosil Renewables Limited Glass & Glass Products ·Improving · Maintained | Glass & Glass Products | Improving | Maintained | Q1 FY27 standalone sales were ₹405.69 crores versus ₹332.26 crores YoY, with EBITDA of ₹142 crores and a 35.0% margin versus 27.9% YoY. Growth came from +8% volume and +16% average realization to ₹160.30 per sqm, including a ₹9.50 fuel surcharge, plus captive solar-wind power savings above ₹6 crores. Management expects the 600 TPD SG4/SG5 expansion commissioned by March 2027 to lift sales roughly 60% and add ₹80–85 crores EBITDA, with rooftop solar targeted at ₹36 crores for FY27. Main risks are domestic capacity rising to 7,700 TPD by March 2027, fuel price swings, module-industry consolidation under ALMM 2, and roughly 90 days of SG1/SG2 cold-repair downtime likely in FY28. |
| CANBK Canara Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Canara Bank reported Q1 FY27 net profit of ₹4,856 crore, up 2.19% YoY, with NII crossing ₹10,000 crore for the first time. The result was driven by advances growing 17.97% YoY to ₹12.93 lakh crore, helped by ECLGS 5.0 disbursements of over ₹10,000 crore, while treasury income fell to ₹654 crore from ₹1,617 crore. Management kept FY27 guidance of 10-12% advance growth, 2.50-2.60% NIM and 0.75% credit cost, and plans to absorb an estimated ₹10,000-12,000 crore one-time ECL provisioning over two years. The main risk is the ECL transition, which could dent CRAR by 1.2-1.25% if taken in one year, plus CASA at 29.70% remains below target amid deposit competition. |
| CRAMC Canara Robeco Asset Management Company Ltd Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | Canara Robeco Q1 FY27 revenue from operations rose 20% YoY to ₹116.2 crore and PAT 24% to ₹75 crore, but QAAUM grew only ~7% YoY and ~1% QoQ. The beat came from overall yield up ~3bps QoQ to 37-38bps (equity 39-40bps) and scheme-level cost cuts, not inflows; closing AUM ₹1.2 lakh crore, 91% equity. Management guides ~2 mutual fund NFOs in FY27 (next in 2-3 months), passives and SIFs short-to-medium term, equity yields rationalizing to 36-40bps, and cost-to-income within 36-41%. Risks: SIP account count fell QoQ despite ₹41,000 crore SIP AUM, market share lost to concentrated flows in arbitrage/small-mid/passives, and passive entry will lower blended yield. |
| CAPITALSFB Capital Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | For Q1 FY27 Capital Small Finance Bank reported PAT up 29% YoY to ₹41.3 crore, ROA 1.3%, NIM 4.21%, and GNPA 2.47%. The beat came from repricing maturing high-cost deposits, which cut cost of deposits to 5.6% from 5.8% QoQ, plus MSME lending, up 49% YoY at 27% of advances. Management guides FY27 loan growth of 22%, ROA of 1.35–1.4%, stable NIM ~4.2%, and CD ratio rising to mid-to-high 80s from 83% to expand margins by FY29. Risk is asset quality: SMA-2 rose to 3.11% from 2.71% QoQ on seasonal agri income lag, and Q2 deposit repricing of ₹1,597 crore is expected to be offset by higher incremental deposit costs. |
| CGCL Capri Global Capital Limited Finance & Investments - Gold Loan ·Improving · Raised | Finance & Investments - Gold Loan | Improving | Raised | Reported Q1 FY27 PAT was ₹353 crore, up 102% YoY, on AUM of ₹40,112 crore, but the real driver was gold loans, which grew 111% YoY to ₹19,179 crore and lifted spread to 7.8%. Management raised FY28 AUM guidance to ₹65,000 crore and guides 19-21% ROAE by FY28, backed by 400 new branches by December 2026. The main risk is gold price volatility: a 4% QoQ fall pushed stage 2 up ₹385 crore, mostly gold, while construction finance GNPA rose to 0.7% on one account. Co-lending growth also slowed to +4% QoQ due to CLM 1 migration. |
| CARTRADE CarTrade Tech Limited Platform - Others ·Improving · Maintained | Platform - Others | Improving | Maintained | CarTrade's Q1 FY27 total income hit a record ₹230 crore, up 16% YoY; PAT rose 21% to ₹57 crore despite a ₹11 crore combined hit from OLX tax and Labor Codes one-offs. OLX led with revenue up 29% YoY and EBITDA up 76%; consumer grew 18% at 33% margins, and Elite Buyer passed 100,000 monthly paid users before mandatory business-buyer fees. Management kept its ₹1,000 crore profit goal for 4-5 years, guided margins above 40% soon, and expects Q2-Q4 sequential gains with no incremental costs after Q1 increments. The main risk is business-buyer attrition to rival platforms from mandatory paid plans, plus the untested Spinny-style shift to transaction fees. |
| CCL CCL Products (India) Limited FMCG - Coffee ·Improving · Maintained | FMCG - Coffee | Improving | Maintained | Reported Q1 FY27 revenue ₹1,203.59 crore (+13.76% YoY), EBITDA ₹196.69 crore (+21.84%) and net profit ₹116.87 crore (+61.31%), with net debt down to ₹963 crore. Real driver was ~20% volume growth under cost-plus contracts, as EBITDA per kg held ~₹140 from freeze-dried mix and small packs. Management kept FY27 volume-growth guidance at 15% despite Q1 strength, and guided domestic branded revenue of ₹550-600 crore on 25-30% growth with EBITDA/kg of ₹135-140. Risks are green coffee price swings (range ₹3,300-3,800), El Niño's potential threat to Vietnam Robusta, and Middle East freight/packaging cost inflation, while utilization at 65-70% leaves two years of capacity. |
| CEATLTD CEAT Limited Tyres & Tubes ·Mixed · Maintained | Tyres & Tubes | Mixed | Maintained | CEAT's Q1 FY27 standalone revenue rose 18.2% YoY to ₹4,163 crore, but EBITDA margin fell to 9.1% and consolidated PAT dropped to ₹4 crore. Volume growth of 13-14% was offset by a 16-18% QoQ raw material surge, with natural rubber at 15-year highs and crude above $100/bbl. Management forecast another 4-6% replacement price hikes on top of ~11% cumulative, Q2 raw material costs up 8-10%, demand moderating not collapsing, and CAMSO transition about 90% by September. The main risk is incomplete cost pass-through against ~26% Q1-Q2 raw material inflation if competitors do not follow, plus Sri Lankan rupee exposure after a ₹48 crore depreciation loss. |
| CENTRALBK Central Bank of India Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Central Bank reported Q1 FY27 net profit of ₹1,324 crore, up 13.26% YoY, with NIM 3.06%, GNPA 2.60% and slippage 0.29% (0.19% ex-KCC). The beat came from advances up 28.58% YoY, but corporate growth of 46.52% was off a low base; treasury income fell to ₹276 crore and cost-to-income stayed at 55.40%. Management reaffirmed FY27 guidance of 11-12% deposit and 14-16% advances growth, NIM at least 3%, ROA at least 1%, and a 1.5-1.6% cost-to-income reduction. Risks are the ECL transition from 1 April 2027 requiring ₹4,500-5,000 crore provisions versus ₹1,525 crore already held, plus ₹200 crore agriculture KCC slippages expected to be liquidated by a debt waiver scheme. |
| CENTENKA Century Enka Limited Textiles - Manmade Fibre - PFY/PSF ·Improving · Raised | Textiles - Manmade Fibre - PFY/PSF | Improving | Raised | Century Enka reported Q1 FY27 revenue of ₹554 crore (+38% YoY), EBITDA of ₹86 crore at 15.46% margin, and PAT of ₹62 crore, aided by one-time inventory gain of ₹46.24 crore. The real driver was tyre cord fabric sales of ₹306 crore (+69% YoY) on GST-led OEM demand and filament yarn sales of ₹230 crore (+20%), with volumes of 19,199 MT (+12%). Management guided normalized EBITDA margin of 7-10% after the inventory gain unwinds, PTCF commercial sales in H2 FY27, ~50% renewable power share by H2 FY27, and FY28 mother yarn capacity of 3,000-4,000 MTPA. Risks are cheap Chinese filament yarn imports with no anti-dumping duty notified despite DGTR findings, crude/geopolitical volatility, and demand sustainability. |
| CGPOWER CG Power & Industrial Solutions Capital Goods - Transformers ·Improving · Maintained | Capital Goods - Transformers | Improving | Maintained | Q1 FY27 standalone revenue rose 16% YoY to INR 3,061 crore and PAT rose 27% to INR 364 crore, but consolidated PAT grew only 16% to INR 308 crore due to a INR 43 crore semiconductor drag. The real driver was power systems, with sales up 31% and PBIT margin at 23%, while industrial margins fell on a INR 20 crore railway provision and pre-revenue G.G. Tronics. Management guided motors to high-teens growth after ~22.5% cumulative price hikes, a 45,000 MVA transformer plant in 12-14 months, and Kavach revenue starting in 4-6 weeks after RDSO approval. Main risks are raw material inflation, potential Chinese T&D competition, quarterly semiconductor losses, and RDSO approval timing. |
| CHALET Chalet Hotels Limited Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Chalet Hotels Q1 FY27 core revenue rose 10% YoY to ₹5,140 million and core EBITDA rose 15% to ₹2,400 million, with hospitality margin up 92 bps to 42.6%. Underlying performance came from commercial real estate at 91% occupancy and ₹290 million monthly rentals, plus resort ramp-up driving leisure RevPAR up 19%, not from foreign travel, which stayed flat. Management guides FY27 commercial monthly rentals of ₹300-320 million, Cignus Tower II substantial completion by FY27-end, and minimum 70 Taj Delhi Airport rooms opening in Q4 FY27. Main risk remains West Asia conflict disrupting foreign arrivals, especially Hyderabad and Bangalore, so management declined quarterly guidance due to unclear Q2 visibility. |
| CHAMBLFERT Chambal Fertilisers and Chemicals Limited Fertilisers ·Improving · Maintained | Fertilisers | Improving | Maintained | Q1 revenue fell 12% YoY to ₹5,000 crore but EBITDA rose 12% to ₹851 crore (17% margin) and PAT grew 10% to ₹703 crore. Profitability was driven by Gadepan III ramp-up, currency gains and low-cost complex fertilizer inventory, not volumes. Management expects stronger Q2 demand after July sowing recovery and targets full TAN marketing mix by end-December, while the fourth urea plant awaits board decision after mid-October bids. Main risks are delayed NPK subsidy action, sulfur and raw material prices, and e-token restrictions. |
| CHOLAFIN Cholamandalam Investment and Finance Company Limited Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Chola Q1 FY27 disbursements rose 22% YoY to ₹29,612 crore, AUM 23% to ₹2,54,392 crore, but reported growth absorbed a one-time switch to check-clearance recognition for HL/LAP/SBPL/used vehicles. Pre-tax ROA hit 3.7% and ROE 21.2% as NIM rose 42 bps to 8.2% and net credit cost hit the 1.5% FY27 target in Q1, with Stage 2+3 delinquency down 20 bps YoY. Management guides ~22% disbursement growth, ≥23% AUM growth, NIM near 8.2%, and pre-tax ROA ≥3.5%, expecting Q2 as good as Q1. Risks are a below-average monsoon and a possible 25–50 bps repo hike lifting H2 funding costs ~10 bps. |
| CIPLA Cipla Limited Pharma - Formulators ·Mixed · Maintained | Pharma - Formulators | Mixed | Maintained | Cipla reported Q1 FY27 revenue of ₹7,119 crores, up 2% YoY (about 4% adjusted for the marketing reclassification), PAT of ₹789 crores, and EBITDA margin of 16.7%. The margin miss came from product mix, war-related costs of about 1–2% of revenue, higher inventory write-offs, and pre-launch U.S. spending, while India grew 12% and North America was US$162 million. Management maintained FY27 EBITDA margin guidance of 18.5–20% and forecasts roughly US$1 billion annualized North America exit run rate by Q4 FY27 from Ventolin, three respiratory launches including generic Advair, and one peptide. Risks are delayed U.S. approvals, Advair competition with 3–4 players limiting its opportunity, continued South Africa tender loss, and pending Indore reinspection and Invagen 483 response. |
| CUB City Union Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | City Union Bank's Q1 FY27 PAT rose 25% YoY to ₹383 crore on 25% advances growth to ₹67,645 crore, with GNPA 1.73% and NIM 3.78%. Growth was led by gold loans and secured retail, while MSME utilization fell to 70% from 73%; recoveries of ₹206 crore exceeded slippages of ₹195 crore. Management guides FY27 credit growth 2-3% above system, NIM 3.65%-3.7%, credit cost ~0.4%, CIR 47%-48%, and exit ROA 1.6%-1.65%, with fee income scaling to ₹300-320 crore by Q4. The main risks are term deposit cost pressure of about 5 bps, competitive gold lending, and sustained MSME utilization weakness under new MD R. Vijay Anandh. |
| COFORGE Coforge Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Coforge Q1 FY27 revenue was $592.2M, +33.3% YoY, including two months of Encora; organic CC growth was 1.2% QoQ (5.2% ex India Government/data center exits), and EBIT margin 16.0% beat FY27's 15.5% guidance. Driver: AI-led engineering, data and cloud contributed 86% of revenue, Encora G&A was cut 40%, executable order book hit $2.23 billion. Management expects Q2 sequential growth, large deals near full-year historical levels, Encora growth matching Coforge from Q3, and reaffirms FY27 EBIT 15.5% or higher, EBITDA 20.5%-21.0%, FCF/PAT over 100%. Risks: $14 million hedge mark-to-market losses over two quarters, $526 million debt repayments through FY29 plus $75 million in Q1 FY30, AI pricing deflation, no broad wage hikes before Q4 FY27. |
| CONCORDBIO Concord Biotech Limited Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Concord Biotech's Q1 FY27 revenue rose 26% YoY to ₹257.5 crore, with EBITDA margin at 32.0% and PAT up 31% to ₹57.7 crore. The reported growth was driven by fermentation API demand, as API revenue jumped 42% to ₹218.9 crore, while formulation revenue fell 23% to ₹38.6 crore. Management guides injectable facility ramp-up from FY27, 2-3 annual launches, and top-10 customer concentration below 35%, noting EBITDA margin excluding new facilities is 37%. The main risk is roughly 500 bps margin dilution from Injectable Facility and Stellon Biotech costs, plus formulation decline and regulatory approvals dependency. |
| CONCOR Container Corporation of India Limited Logistics ·Improving · Raised | Logistics | Improving | Raised | CONCOR reported Q1 FY27 throughput of 1.4 million TEUs, up 9% year on year, with rail freight margin up 85 bps to 27.81% and standalone PAT up 7.7%. The driver was DFC-linked JNPT double-stack, Nepal volumes up 61%, and empty running costs down 10%, lifting overall rail market share to 55.2%. Management raised FY27 guidance to 18% overall throughput growth, with EXIM at 15% and domestic at 25%, assuming JNPT's rail coefficient doubles in 2-3 years. Risks are July Gujarat floods hurting Q2, EXIM tonnage down 1.8% on heavy cargo weakness, and CMD Sanjay Swarup's final month. |
| CONTROLPR Control Print Limited Computer - Hardware ·Mixed · Maintained | Computer - Hardware | Mixed | Maintained | Q1 FY27 standalone operating revenue rose about 5% YoY to ₹105 crores, consolidated ₹115 crores (+3.6%), with coding and marking about 95% of revenue. The real driver was sluggish pipes/extrusion demand from Iran-linked polymer price swings and FX pressure on PBT, offset partly by a price increase and surcharge. Management reaffirmed FY27 standalone coding and marking growth of 10-15%, 60% gross and 30% EBIT margin targets, packaging breakeven by H1 FY28, and no further V-Shapes cash after IP transfer. Main risk is V-Shapes machines still too unreliable for changeovers, limiting sales and cash burn, while QR code mandate expansion from 2,000 to 25,000 SKUs remains a discussion paper. |
| COROMANDEL Coromandel International Limited Fertilisers ·Mixed · Maintained | Fertilisers | Mixed | Maintained | Q1 consolidated revenue rose 15% YoY to ₹8,215 crore but net profit fell 24% to ₹382 crore as a 10% NBS subsidy hike lagged raw material costs. Fertilizer volumes deliberately fell 9% to ~10 lakh tons with 72% utilization, while crop protection was the profit driver with EBITDA up 44% to ₹159 crore. Management guides granulation commissioning in Q4 FY27 towards a normalized nutrients EBITDA of ₹6,500/ton versus ~₹5,000 currently. Main risk is Q2 production if kharif NBS rates are not revised to six-month averages, with sulfur elevated and phosphoric acid settled at $1,700/ton. |