| CRAFTSMAN Craftsman Automation Limited Auto & Auto Ancl - CV ·Improving · Maintained | Auto & Auto Ancl - CV | Improving | Maintained | Q1 FY27 financials were not presented; management said aluminum is the fastest-growing segment at >80% utilization while powertrain averaged ~70%, with brief festive peaks. The real driver is capacity expansion, led by heavy horsepower engines: five of six large customers have ordered, 30% productionized by FY28 and 50% by FY29 toward the $100 million FY29-30 target. Management guided consolidated CapEx of ~₹1,500 crore, funded from internal accruals, with possible upward revision, and Sunbeam EBITDA margin in line with Craftsman by Q4 FY27 despite a 10-20% revenue decline from exiting legacy businesses. The main risk is near-term margin pressure from slow customer pass-through of sharply higher raw material costs and depressed EBIT at ramping plants. |
| CREDITACC CreditAccess Grameen Limited Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Q1 FY27 PAT rose 720% YoY to ₹493 crore with AUM up 16.4% to ₹30,319 crore, ROA/ROE 5.9%/24.4%, GNPA 2.18%. The driver was normalized credit costs and high-vintage MFI customers graduating into retail finance, which reached 20.6% of AUM; annualized credit cost ran ~2.8-2.9% versus 3-4% guidance. Management retained FY27 credit-cost guidance and CY2028 AUM target of ₹50,000 crore, and guided ~50 bps price cuts in Q3 and Q4 if credit costs hold. Main risk is West Asia crisis and monsoon stress on rural cash flows, with ₹41 crore overlay and a guidance revisit after Q2. |
| CSBBANK CSB Bank Limited Finance & Investments - Gold Loan ·Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | Q1 FY27 net profit rose 27% YoY to ₹150 crore, NII 26% to ₹479 crore, NIM 3.66%, GNPA 1.75%, NNPA 0.39%. Growth came from gold loans at ~54% of advances and wholesale, but bulk deposits at 52% of term deposits pushed cost of funds to ~6.5%, and SME slippages jumped to ₹98 crore from ~₹60 crore. Management guides FY27 NIM ~3.75%, ROA 1.3-1.5%, gold growth 30-35%, wholesale growth 35-40%, fee income 16-17% of total, and gold mix down to ~50% in FY27 and ~30% by FY2030. Key risks are bulk deposit dependence, gold regulatory execution, and delayed SME upgrades; Fairfax's IDBI stake talks do not involve CSB. |
| CYIENTDLM Cyient DLM Limited Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Cyient DLM reported Q1 FY27 revenue of ₹373.8 crores (+34.3% YoY), EBITDA margin of 10.5% (+147 bps YoY) and PAT of ₹16.3 crores (+118.2% YoY), its strongest Q1 ever. Growth was driven by industrial (+90% YoY), aerospace (+40%), and a record order book of ₹2,598 crores, with no lumpy orders in the ₹551.9 crores intake. Management forecasts maintaining 1.5x book-to-bill for FY27, B2S adding 250–300 bps to EBITDA margin within 1–2 years, and margin expansion to 11–13% by FY29. Risks: net working capital rose to 161 days on strategic inventory build-up (162 days DIO), cash flow is negative, and West Asia logistics disruptions continue. |
| CYIENT Cyient Limited IT - ER&D ·Mixed · Cut | IT - ER&D | Mixed | Cut | Cyient's Q1 FY27 DET revenue fell 0.9% year on year in constant currency to $162.5 million, while normalized EBIT margin rose 114 basis points year on year to 13.2%. The margin gain came from cost optimization and favorable FX, but the revenue decline reflected a lost large energy project and customer caution on discretionary work. Management expects mid-single-digit FY27 revenue growth to remain challenged with a meaningful H2 recovery, delays the 15% DET EBIT margin target to H1 FY28, and sees TAO adding $40-50 million in annual revenue after an August 2026 close. The main risks are West Asia-related supply chain disruptions delaying discretionary program starts and 1-2 more quarters of energy vertical softness. |
| DBCORP D. B. Corp Limited Newspaper ·Improving · Maintained | Newspaper | Improving | Maintained | Q1 FY27 reported revenue was ₹622 crore, up 8% YoY, PAT ₹100.7 crore, up 25%, and EBITDA margin 26.1%, up 250 bps. The real driver was volume-led print advertising up 10% to ₹432 crore, while decentralized cost cuts absorbed 13% YoY newsprint inflation to ~₹53,000/ton; education stayed flat and auto fell. Management forecasts FY27 capex of ₹150-160 crore for owned properties, newsprint costs rising in Q2 then moderating in Q3-Q4, and circulation held at ~38-39 lakh copies with no cover price hikes. Main risks are structural industry circulation decline of 2-4% as marginal readers go digital, and digital revenue below 5% with meaningful 10-20% contribution still a couple of years away. |
| DABUR Dabur India Limited FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | Dabur reported Q1 FY27 consolidated revenue growth of 10.6% YoY, India FMCG up 9.5% on 5% volume and international up 15.5% in INR terms, with operating profit up 11% and PAT up 15%. Growth was driven by premiumization and price-led inflation pass-through, visible in hair oils at ~18% value versus ~8% volume and rural outpacing urban by ~550 bps. Management reaffirmed double-digit consolidated revenue for FY27 with margins better than last year, but said volume growth will lag value growth and international currency adds a tailwind. Main risks are the Middle East war and crude-linked input cost inflation, plus a ~14-15% monsoon deficit that threatens rural and kharif demand. |
| 544667 Dachepalli Publishers Limited Improving · Maintained | | Improving | Maintained | Dachepalli Publishers reported Q1 FY27 total income of ₹45.18 crore (+159% YoY), EBITDA of ₹9.2 crore (+31% YoY) and PAT of ₹6.3 crore (+42% YoY). The apparent EBITDA margin fall to ~20% from ~40% was a raw-material invoicing timing difference, not erosion, management said. They guided FY27 turnover to ₹220–250 crore, PAT margin stable at 17–18%, and Pelican school-linked e-commerce scaling from 50 to 100–150 schools. Main risk remains seasonal working capital: receivables peaked at ~₹100 crore in Q1, recovering only by October–November, with 7–10% slipping beyond six months. |
| DATAPATTNS Data Patterns India Limited Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 revenue was ₹116 crore (+17% YoY) with EBITDA margin at 27%, below the 35–40% annual guidance, due to elevated employee costs, product mix, and customers delaying inspection visits. Gross margin held at 78.9% and order book including negotiated contracts was ₹2,654 crore, with ~₹1,700 crore negotiated orders expected to convert in the next few months. Management maintained FY27 guidance of 20–27% revenue growth and 35–40% EBITDA margin, and targets ~₹2,000 crore fresh order inflows beyond the current book. Main risk is that prolonged program approval extensions and inspection delays push order conversion and revenue, keeping quarterly margins below guidance. |
| DCBBANK DCB Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | DCB Bank's Q1 FY27 net profit was ₹213 crores, up 36% YoY, with ROE 13.61%, GNPA 2.43%, NNPA 0.84%, credit cost 26 bps. The beat came from deposit stockpiling, which cut cost of deposits 14 bps QoQ to 6.71%, and gold loans growing ~100% YoY at a conservative 75% LTV; core fees rose 31% to ₹175 crores, offsetting an ₹85 crore treasury decline. Management guided to NIM expansion from Q2 as mortgage disbursals, up 35% YoY to ₹1,500 crores, support a 20–23% mortgage growth run-rate, with FY27 ROE above 13.5% and cost-to-assets near 2.45%. Main risks are MSME/current-account execution, gold price volatility, ECL transition in April 2027, and CEO succession. |
| DCMSHRIRAM DCM Shriram Limited Sugar ·Improving · Maintained | Sugar | Improving | Maintained | DCM Shriram's Q1 FY27 revenue rose 9% YoY to ₹3,564 crores and adjusted PAT rose 28% to ₹147 crores, excluding ₹474 crores of one-time tax reversal and ₹79 crores of one-off gains. Chemicals led with 33% revenue growth on firming ECU prices, while Vinyl PBDIT jumped 88%; Bioseed was the drag at -₹9 crores versus +₹42 crores as kharif sowing fell 15-20%. Management guided to a ~19% cash tax rate for 5-10 years, debt-to-EBITDA below 1.5x, and ~₹200 crores net debt reduction by year-end, with PVC supported by reinstated duty and a $766/MT minimum import price. The main risk is patchy August-September monsoon, with El Niño projections threatening agri volumes. |
| DEEPAKFERT Deepak Fertilisers And Petrochemicals Corporation Limited Fertilisers ·Improving · Maintained | Fertilisers | Improving | Maintained | Deepak Fertilisers reported Q1 FY27 revenue of ₹3,256 crore (+22% YoY), EBITDA of ₹845 crore (+65% YoY) and PAT of ₹490 crore (+101% YoY), with a 26% EBITDA margin. The beat was driven by elevated realizations across ammonia, TAN, nitric acid and IPA plus early Equinor LNG benefits, while volumes were partly hit by PESO logistics and propylene constraints. Management guides Gopalpur TAN and Hazira nitric acid commissioning by end Q2 FY27 with ~80% utilization targeted by Q4 FY27, full Equinor gas phase-in by Q4 FY27, and ammonia prices near $600 FOB Middle East for 2–3 quarters. Risks are Middle East conflict swings, a possible Russian AN export ban from October 2026, and delayed fertilizer subsidy corrections with phosphoric acid/sulfur sourcing strain. |
| DEVYANI Devyani International Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Devyani reported Q1 FY27 revenue of ₹1,581 crore (+16.5% YoY) and record operating EBITDA of ₹151 crore (9.6% margin), with brand contribution up 26% to ₹224 crore. The beat came from KFC, whose +3.3% SSSG and rebalancing toward dine-in (57% salience) lifted contribution 22%, while Pizza Hut stayed weak at -2.2% SSSG and a ₹4 crore contribution loss. Management guides to 5-6% KFC SSSG, a 20% KFC brand contribution margin only once average daily sales cross ₹1,05,000-1,10,000 per store (about 1.5-2 years out), and Sapphire merger completion by end-FY27. Risks are LPG and wage inflation, El Niño-related monsoon weakness, delivery now cannibalizing dine-in sales, and Pizza Hut's continued underperformance ahead of the merger. |
| DIGITIDE Digitide Solutions Ltd IT Enabled Services/Business Process Outsourcing ·Mixed · Maintained | IT Enabled Services/Business Process Outsourcing | Mixed | Maintained | Digitide reported Q1 FY27 revenue of ₹775 crore, up 5.3% YoY but down 3.1% QoQ, with 9.9% EBITDA margin, positive PAT ₹2.9 crore and 82-day DSO. The quarter was shaped by deliberate portfolio rationalization away from low-return accounts, ~₹10 crore quarterly labor-code costs, and weak book-to-bill conversion at TCV ₹205 crore versus a historical ~₹500 crore quarterly run rate. Management guided Q1 as the margin trough, forecasting +200 bps FY27 EBITDA margin expansion, no explicit revenue guidance, and declining headcount as Tech/Digital mix rises. Main risk is execution on conversion and repricing: order conversion at 11-13% and DSO elevated, while labor-cost pass-through timing and quantum remain uncertain. |
| DIXON Dixon Technologies Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Q1 FY27 revenue ₹15,557 cr, EBITDA ₹472 cr, PAT ₹218 cr ex-fair value gains; growth came from input-cost pass-through, not volumes, as PLI 1.0 expiry and memory/commodity inflation squeezed margins. Smartphone volumes were 7.5 mn units despite a 10-12% industry contraction; Q2 order book of 9-9.2 mn units implies 20-25% QoQ mobile revenue growth, FY27 volumes guided flat at ~32-33 mn ex-vivo. Guidance: no margin improvement in FY27; telecom revenue to ₹6,700-7,000 cr from ₹5,000 cr; IT hardware Q1 revenue already exceeded FY26 full-year; vivo JV consolidates from Q3. Main risk: memory price inflation persisting through FY27 and PLI 2.0 guidelines awaited; margin restoration only expected from FY2027/28. |
| DODLA Dodla Dairy Limited FMCG - Dairy Products ·Improving · Maintained | FMCG - Dairy Products | Improving | Maintained | Dodla Dairy reported record Q1 FY27 revenue of ₹1,198 crore (+19% YoY), but EBITDA margin fell to 5.4% from 8.2% as procurement costs rose 10.4% to ₹41.3/liter against only 3.8% milk price realization. The squeeze came from cyclically tight El Niño supply, a shift away from bulk sales (₹57 crore negative impact), and higher packing material costs. Management guides EBITDA margin recovery to 7-8% from Q2, with 10% volume and 15% revenue growth, aided by ₹2/liter milk and ₹3-4 VAP price hikes and a planned further 2-2.5% increase. The main risk is sticky procurement prices, compounded by a ₹6-10/liter price gap versus southern cooperatives, potentially delaying margin recovery and slowing core-market volumes. |
| LALPATHLAB Dr. Lal PathLabs Limited Diagnostics ·Improving · Raised | Diagnostics | Improving | Raised | Q1 FY27 revenue rose 19.1% YoY to ₹798 crores, EBITDA margin expanded to 31% from 28.7%, and PAT grew 27.2% to ₹170 crores. Growth came from patient volumes up 8.2% to 8.2 million and revenue per patient up 10% to ₹968, with a 2-3% CGHS/ECHS price hike and favorable test and geographic mix. Management kept FY27 EBITDA margin guidance at 27-28%, now leans revenue growth toward mid-teens, will reassess 6-7% patient volume guidance after Q2, and holds ₹1,693 crores net cash earmarked mainly for M&A. Risks are demand distortion from unusual weather and fever-season timing, imported consumable cost escalation, and execution of early international expansion in Ghana and Dubai. |
| DRREDDY Dr. Reddy's Laboratories Limited Pharma - Formulators ·Mixed · Maintained | Pharma - Formulators | Mixed | Maintained | Reported Q1 FY27 consolidated revenue fell 5.6% YoY to ₹8,071 crore and EBITDA margin was 12.5%, dragged by a ₹240 crore semaglutide API provision, lower lenalidomide, and Middle East solvent costs. Underlying base business grew double-digit across geographies, with India up 17% (15.5% organic), Emerging Markets up 31%, and US ex-lenalidomide double-digit. Management guides ~20% EBITDA margin ex-semaglutide impacts, semaglutide supply resuming November with 6-7 million pens through March, abatacept BLA goal mid-December 2026, capex ~₹1,800 crore, and tax 24-25%. Main risk is semaglutide API resolution has 80-90% success, not 100%, and failure would delay November resumption and cut the pen program; Bachupally Form 483 and US tariff uncertainty also remain. |
| E2E E2E Networks Limited Data Centre ·Improving · Maintained | Data Centre | Improving | Maintained | Q1 FY27 revenue was ₹156.8 crores, up 334% YoY and 64% QoQ, with EBITDA margin at 75.2%, PBT at ₹58.6 crores and PAT at ₹43.9 crores. The driver was 1,024 B200 GPUs going live at near-maximal utilization, plus July GPU and CPU price hikes from demand and memory cost inflation. Management guides another 1,024 B200 lot in the next couple of months, more Blackwell and Vera Rubin later, a shift to 1–3 year contracts, and sustainable current margins medium-to-long term. Risks are GPU supply delays, debt rising above ~₹450 crores, pricing pressure, and India AI revenue mix falling to ~20–21% from ~40% last quarter. |
| EICHERMOT Eicher Motors Limited Auto - 2 & 3 Wheelers ·Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | Eicher's Q1 FY27 consolidated revenue rose 32% YoY to ₹6,632 crore and PAT 21% to ₹1,463 crore, but computed EBITDA margin fell ~380 bps to ~24% on commodity costs. The driver was record Royal Enfield volume of 332,940 units (+27%) and VECV's record 24,815 units (+14.8%). Management guides capacity to ~1.5 million units/year now, 2 million by FY27-28, with production at 5,000+ units/day and lean 10-12 day dealer inventory ahead of festive. Main risk is a 4-4.5% net input-cost hit in Q1 with only ~1.2% price-hike offset, softening but volatile, so no forward margin guidance was given. |
| ELECON Elecon Engineering Company Limited Capital Goods - Mining Equipement ·Mixed · Maintained | Capital Goods - Mining Equipement | Mixed | Maintained | Q1 FY27 consolidated revenue was ₹521 crores, up 11.9% YoY, with PAT at ₹70 crores and EBITDA margin stable at 21%. Growth came from the Gear division, +16.3% to ₹416 crores at 80% of revenue, while MHE fell 2.9% to ₹105 crores due to two power orders awaiting design clearance; the order book rose 36.8% to ₹1,518 crores and overseas intake gained 63%. Management guided to low double-digit FY27 revenue growth with FY26-level ~21% EBITDA margin, expecting improvement from Q3/Q4, and reiterated a challenging ₹5,000 crore FY30 target with ₹400 crore capex on track. Main risks are ~5% blended BOM cost inflation, US-Iran tensions, MHE execution delays, and Europe needing at least two quarters to recover. |
| EMBASSY-RR Embassy REIT Improving · Maintained | | Improving | Maintained | Embassy REIT reported record Q1 FY27 revenue of ₹1,241 crore and NOI of ₹1,020 crore, both up 17% YoY, with DPU of ₹6.31, up 9%. The driver was GCC/AI-led leasing: 1.3 million sq ft leased, GCCs 81% of volume, occupancy steady at 90%, and new leases at an 8% premium to market. Management reaffirmed FY27 guidance of NOI ₹4,150-4,350 crore and DPU ₹27-28.6, implying ~13% and ~10% midpoint growth, with Q1's low DPU catching up after property tax payments. The main risk is refinancing ~50% of debt over three years, with ~₹7,000 crore fixed debt maturing in CY2027-28 and long-tenor paper scarce; the Four Seasons exit at Embassy One also threatens interim hotel revenue. |
| 538882 Emerald Finance Limited Improving · Maintained | | Improving | Maintained | Emerald Finance reported Q1 FY27 net profit of ₹4.88 crore, up 53% YoY, on total income of ₹9.44 crore, with EPS at ₹1.44. The beat came from EWA cross-sell reaching a ₹26 crore monthly run rate, but gold loan distribution fell 23% QoQ to ₹290 crore after RBI restrictions on partner banks. Management reiterated FY27 EPS guidance of ₹7.00, implying about 66% PAT growth, and sees PAT margins compressing to 40-45% over five years as leverage rises. The main risk is that gold loan recovery is only expected from Q3/Q4 and EWA faces well-funded fintech competitors. |
| EMUDHRA eMudhra Limited Services - Others ·Improving · Maintained | Services - Others | Improving | Maintained | Q1 FY27 total income was ₹1,925 million, up 27.8% YoY, with EBITDA margin 26.2% and PAT margin 16.6%. The driver was enterprise solutions, up ~50% YoY at 65% of total income, helped by the CRYPTAS acquisition (~13pp of growth) and first cross-sell wins in Germany and Austria. Management reaffirmed FY27 guidance of 18% organic revenue growth and 25% PAT growth, with CRYPTAS expected profitable and the European B.V. loss reversed. The main risk is trust services, where FIPS 140-3 certification delays cut token volumes by ₹5-7 crore in Q1 and may hit Q2 before normalization after September. |
| EPIGRAL Epigral Limited Pesticides/Agrochemicals ·Mixed · Maintained | Pesticides/Agrochemicals | Mixed | Maintained | Q1 FY27 revenue was ₹709 crore, up 15% YoY, with EBITDA of ₹179 crore (25% margin, down 200 bps) and PAT of ₹99 crore versus adjusted ₹79 crore. Volume gains and better realizations drove reported growth, but caustic utilisation was ~75%, CPVC ~50-55% and chlorine realisation was negative ₹4,000. Management guides ₹400 crore capex in FY27 and FY28, 15-20% five-year revenue CAGR, and ₹1,300-1,500 crore peak epoxy+MPP revenue, accepting lower margin % for ~20% ROCE. Risks are West Asia shipping disruptions, PVC price volatility squeezing CPVC, and Grasim's new CPVC capacity creating 1-2 year overcapacity. |
| EQUITASBNK Equitas Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | Equitas Q1 FY27 PAT swung to ₹184 crore from a ₹224 crore loss, with gross advances up 27% YoY to ₹47,641 crore and GNPA down 13 bps to 2.36%. The swing was driven by credit cost normalizing to 1.37% from 6.48% and MFI slippage falling to ₹30 crore from ₹230 crore, while NIM fell 12 bps QoQ to 7.24% on funding cost up 11 bps to 7.05%. Management guides FY27 advances growth above 20%, credit cost below 1.37%, near-term NIM around 7.1%, and a 1.5% ROA exit by Q4, with no Tier 1 raise in CY2026. Risks are West Asia-driven bond and INR volatility, deposit cost pressure, and reversal of the ₹44 crore MFI stress provision only if normalization holds. |
| ETERNAL Eternal Ltd. E-Commerce - Platform - Food ·Improving · Raised | E-Commerce - Platform - Food | Improving | Raised | Blinkit delivered 21% QoQ order growth and over 30 million MTUs, but NAOV fell for a second quarter as price-matching and low-ticket mix offset frequency gains. Management raised long-term adjusted EBITDA margin guidance to about 6% from 5-6%, citing ₹2.5 crore per-store capex, larger stores and supply-chain efficiency. Management expects competitive intensity to ease after a Q1 peak, NAOV to stay range-bound with a Q3 uptick, and working capital to reach a 12-day steady state from 14 days. Risks are minimum wage inflation, new larger stores starting with lower contribution, and subsidy-led rivals whose pullback timing is uncertain. |
| EXIDEIND Exide Industries Limited Auto Ancillaries - Batteries ·Improving · Maintained | Auto Ancillaries - Batteries | Improving | Maintained | Exide Industries reported Q1 FY27 revenue of ₹5,305 crore, up 17.6% YoY, with PAT at ₹407 crore, up 27.1%, and EBITDA margin at 12.4%. Growth came from core lead-acid volume, price/mix improvement, operating leverage, and zero-debt finance income, not new energy. Management expects the EESL gigafactory, with ₹4,902 crore invested and zero revenue so far, to start generating revenue in FY27 after customer validation and homologation. Risks are delayed gigafactory revenue beyond FY27, lead price volatility, and faster EV adoption shrinking lead-acid replacement demand. |
| FIVESTAR Five-Star Business Finance Limited Finance & Investments - MSME Lending ·Improving · Maintained | Finance & Investments - MSME Lending | Improving | Maintained | Five-Star reported Q1 FY27 PAT of ₹271 crore, AUM of ₹13,722 crore (+4% QoQ) and record disbursements of ₹1,496 crore, with current book at 83.30% and credit cost at 1.85%. The driver was a business/collections vertical split that lifted productivity without changing credit filters, while yield compression was offset by a 15 bps QoQ decline in cost of funds. Management guides to 20% FY27 loan growth, sub-3% GNPA, credit cost of 1.7%-1.9% and ~85% current book by year-end, with operating leverage deferred to FY28. Risks are energy-cost inflation pressuring borrower cash flows, any repo rate hike reversing cost-of-funds compression, and competitive employee costs keeping OpEx elevated. |
| FROG Frog Innovations Ltd. Telecom Services ·Mixed · Maintained | Telecom Services | Mixed | Maintained | FY26 revenue fell to ₹106 crore from ~₹220 crore in FY25 because of telecom infra provider-operator rental dispute, resolved April 2026. Management targets FY27 revenue ~₹200+ crore, beating FY25, with DAS closures H2-weighted and CCTV ~₹50 crore contingent on STQC certification by September 2026. EBITDA margin should normalize to ~15-16%; in-house AI analytics, North India CCTV retail distribution, Jio onboarding and Vinfocom consolidation are expected to support recovery. Risks: STQC has slipped three times, Middle East fuel inflation pressures telecom, memory chip shortages, and the active-component order book remains undisclosed. |
| GABRIEL Gabriel India Limited Auto Ancillaries - Shock Absorber ·Improving · Maintained | Auto Ancillaries - Shock Absorber | Improving | Maintained | Gabriel India Q1 FY27 standalone revenue rose 19% YoY to ₹1,274 crore (consolidated ₹1,426 crore, +15.5%), with EBITDA margins at 8.4%/8.7% due to commodity inflation and lagged recoveries. Growth came from core suspension demand, aftermarket, and the Anchemco restructuring, but PV revenue lagged at +5.5% versus industry production +17% on weak UV platform exposure. Management guided to ~₹1,000 crore debt (D/E ~1:1) for Project Jupiter's ₹2,231 crore HL Mando stake and $98.44 million HL Klemove stake, no FY27 sunroof shortfall despite 15,000-20,000 lost Q1 units, and sequential margin recovery. Key risks: PV model-mix, ADAS localization pace, and unquantified interest costs from the debt-funded acquisitions. |
| GAIL GAIL India Limited Gas Distribution ·Improving · Maintained | Gas Distribution | Improving | Maintained | GAIL's Q1 FY27 consolidated PAT was ₹4,665 crore versus ₹1,485 crore in Q4 FY26, with gas marketing PBT at ₹3,353 crore. The real driver was a temporary arbitrage between nine-month JCC-linked sourcing and three-month Brent-linked sales, plus crisis-inflated LPG realization of ₹90,796/MT, which management expects to normalize. Management guided FY27 gas marketing PBT at ~₹4,500 crore, transmission volume at ~123 MMSCMD, capex at ~₹11,500 crore, and petchem break-even during FY27. The main risk is sharp Brent downside, as three-month sales pricing falls faster than sourcing, and Q2 margins are already expected to shrink. |
| GALLANTT Gallantt Ispat Limited Steel Products ·Improving · Maintained | Steel Products | Improving | Maintained | Gallantt Ispat reported Q1 FY27 revenue of ₹1,146 crore (+2% YoY), EBITDA of ₹203 crore (-24% YoY) and PAT of ₹124 crore (-29% YoY), with EBITDA margin down to 18% from 23%. Management attributed the decline to 9% YoY raw material cost inflation, a planned pellet plant shutdown forcing open market procurement, and 24% higher employee costs. They guided to 1.23 MT capacity commissioning in H2 FY27, 85 MW solar by FY27, captive iron ore mines by FY28, and margins improving structurally beyond 17-18%. Risks include India turning net steel importer pressuring long product pricing, coal and freight cost inflation from the Middle East conflict, and Kutch rolling mill utilization staying at 66%. |
| GANDHAR Gandhar Oil Refinery (India) Limited Refineries ·Improving · Maintained | Refineries | Improving | Maintained | Reported Q1 FY27 revenue was ₹1,731.9 crore (+92% YoY), EBITDA ₹281 crore (16.2% margin), PAT ₹206 crore, exceeding full FY26 PAT. The real driver was a ₹28,145/KL gross margin spread, 3.4x normal, as Strait of Hormuz closure allowed Gandhar to sell from South Korea and domestic sourcing at higher realizations, with exports at 51% of revenue. Management forecasts FY27 volume growth of 8-10% and hopes current spreads continue for most of the year, with capex plans in Q2 FY27. Risk is spread reversion to ₹8,274/KL once supply normalizes, plus 10-15% customer stocking pull-forward and Texol's exposure to Middle East disruptions. |
| GANESHHOU Ganesh Housing Limited Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 revenue was ₹280 crore (+130% QoQ, +86% YoY), EBITDA ₹110 crore, PAT ₹42 crore after a one-time tax on the Thaltej land sale. The driver was One 91 Thaltej land monetization and old inventory sales; Million Minds LoIs reached 43% of leasable area (2.64 lakh sq ft), and Malabar Retreat booked ₹183 crore at 83% completion. Management guided FY27 revenue of ₹1,000-1,200 crore, PAT ₹300-325 crore, rentals from Q4 FY27, Million Minds Phase-II in Q3 FY27, residential Phase-I in Q4 FY27. Risks: 15-20% of Million Minds area still under negotiation, Godhavi monetization timing fluid, no FY28 guidance until Q4 FY27/Q1 FY28. |
| GANECOS Ganesha Ecosphere Limited Recycling ·Mixed · Maintained | Recycling | Mixed | Maintained | Consolidated Q1 FY27 revenue was ₹423.67 crore, flat QoQ but up 25.7% YoY, with EBITDA margin at 14.1% and PAT of ₹29.03 crore up 170% YoY. The profit beat came from Warangal (Ganesha Ecopet) at 72% capacity and productivity gains, while standalone sales volume fell 13.4% QoQ on weaker demand, higher polymer prices and geopolitical tensions. Management guided value-added products to 65% of revenue from 40%, rPET granules capacity to 42,000 TPA, and a 22,500 TPA Warangal brownfield expansion underway. Main risks are sustained demand softness and polymer price volatility compressing spreads, plus delayed Warangal ramp-up deferring consolidated margin accretion. |
| GVPIL GE Power India Limited Infra - General ·Improving · Maintained | Infra - General | Improving | Maintained | GE Power India reported FY26 EBITDA of ₹277 crores, reversing a ₹251 crore FY23 loss, with net worth at ₹483 crores and cash at ₹880 crores. The real driver was a shift to high-margin services: core services bookings rose 34% YoY, lifting total bookings to ₹734 crores, while other OEM orders doubled to ₹322 crores. Management guides to demerge the loss-making Durgapur business (average ₹27 crores annual losses) to JSW Energy at a 139:10 share ratio, backed by a five-year manufacturing services agreement. Main risk: the scheme needs shareholder and NCLT approval, and any delay extends Durgapur losses while the independent supply chain transition remains incomplete. |
| MEDANTA Global Health Limited Hospitals ·Improving · Raised | Hospitals | Improving | Raised | Q1 consolidated income rose 26% to ₹1,326.2 crore and reported EBITDA margin was 23.8%, but PAT stayed at ₹157.3 crore because the base had a ₹19.6 crore one-time gain. Growth was volume-led, with IP volumes up 28% and ARPOB up 5%, while Noida's EBITDA loss narrowed from ₹23.6 crore to ₹4.9 crore. Management guides Noida to EBITDA breakeven earlier than planned and expects ex-Noida Cluster 2 IPD growth of ~27% to continue. Risks are Noida's 30-40% occupancy, which management calls misleading due to rapid bed additions, and execution of ₹4,850 crore future capex. |
| GLOBUSSPR Globus Spirits Limited Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 revenue rose 13% YoY to ₹789 crore, EBITDA rose 33% to ₹79.5 crore (10% margin), and PAT rose 49% to ₹27.6 crore, driven by record 89% manufacturing utilization and P&A volumes up 45%. P&A EBITDA stayed negative at ₹1.3 crore, while R&O EBITDA grew 13% to ₹44 crore as UP volumes rose 2.4x to 0.2 million cases a month. Management guides manufacturing EBITDA at ₹5–7 per litre, R&O margins at 15–17% likely toward the lower end due to UP mix, no capacity expansion, and West Bengal re-entry in Q2 FY27. Main risk is input cost inflation, with glass/PET up 10–17%, and UK FTA scotch benefits limited by ~20% rupee depreciation against GBP. |
| GODIGIT Go Digit General Insurance Limited Finance - Insurance ·Weakening · Maintained | Finance - Insurance | Weakening | Maintained | Go Digit reported Q1 FY27 PAT of ₹190 crores, down 5% YoY, on GWP down 8% YoY, with combined ratio 107.2% and loss ratio up 300 bps to 73.3%. The real driver was deliberate exit from unprofitable private car SAOD and non-new car business, plus fire de-growth of 37%, while 2-wheeler grew 26%. Management expects motor OD loss ratio stabilization from Q2 FY27 and a possible dividend in Q4 FY27, subject to RBC norms. Main risk is the five-year TP rate freeze with Supreme Court Shishupal claims inflation; management is not assuming any hike. |
| GOCOLORS Go Fashion (India) Limited Textiles - Readymade Apparel ·Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Revenue was flat at ₹223 crore, EBITDA before exceptionals fell 2% to ₹67.4 crore, and PAT was ₹16 crore after a ₹6.5 crore write-off from 66 store closures. The operating driver was the first positive EBO same-store sales growth at 0.6% plus LFS recovery of 2% to ₹50 crore, but management called the SSSG not a trend, citing a weak base and closed-store migration. Management guides FY27 square footage growth of 8-10%, ad spend of 2-3% of revenue, 25-30 daily-wear stores by year-end, and inventory days of 90-100. Main risks are 7-10% fabric cost inflation with no price hikes and LFS partner format conversions threatening shelf space. |
| GPTINFRA GPT Infraprojects Limited Cement Products ·Mixed · Maintained | Cement Products | Mixed | Maintained | Q1 FY27 consolidated revenue fell 3.4% YoY to ₹302.1 crore, but EBITDA rose 28.4% to ₹47.5 crore (15.7% margin) and PAT rose 4.9% to ₹24.6 crore. The margin driver was improved execution mix, early Alcon signalling contribution, and captive steel girder supply, despite West Bengal election disruption in April-May. Management guides confidence in FY27 order wins; the order book stands at ₹4,303 crore, with signalling scale-up and value engineering as margin levers and a South Africa sleeper order expected shortly. Main risk: Q1 order inflow of ₹130 crore lagged ₹303 crore execution, order book fell 3.9% QoQ, and working capital days are elevated at 352. |
| GRANULES Granules India Limited Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Granules India Q1 FY27 revenue rose 22% YoY to ₹1,476.8 crore and PAT rose 60% to ₹180 crore, helped by complex generics reaching 50% of finished dosages. EBITDA margin was 22.9%, lifted by that mix, while net debt/EBITDA fell to 0.07x and operating cash flow was ₹387.4 crore. Management guides FY27 EBITDA margin of 22-23%, capex of ₹600 crore, about 9 U.S. launches pending Gagillapur FDA clearance, and peptide CDMO PAT-positive status with H2 stronger. Main risks are West Asia-linked raw material inflation pressuring margins and peptide revenue lumpiness after Q1 negative EBITDA. |
| GRAVITA Gravita India Limited Recycling ·Mixed · Maintained | Recycling | Mixed | Maintained | Q1 FY27: revenue ₹1,475 crore (+42% YoY), EBITDA ₹145 crore (+29%), PAT ₹106.39 crore (+14%), volumes only 55,455 MT (+4%). Middle East conflict disrupted ~15-20% of Gulf scrap imports, so lead volumes fell, but domestic shortage lifted lead EBITDA/tonne to ₹24,181, VAP share to 63%, and copper at 50% utilization added ₹376 crore. Management forecasts 25-30% PAT CAGR, 8+ lakh MTPA by FY29, copper EBITDA/tonne ₹60,000 by FY27 end and ₹70,000-75,000 in 2-2.5 years, US yards by year end. Risks: Q2 volumes still hit by Gulf disruption, copper ramp-up execution-dependent, working capital ~95 days, net debt ~₹150 crore, and margins partly inventory/shortage gains. |
| GREENPLY Greenply Industries Limited Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Greenply reported Q1 FY27 consolidated revenue of ₹724.9 crore, up 20.7% YoY, with core EBITDA margin up 50 bps to 10.8%. The result came from plywood volume growth of 13.8% and MDF volume growth of 24.7%, though plywood EBITDA margin was only 8.4% because utilization fell to 92-93% from Q4's 98-99% on election-related labour shortages. Management guided FY27 plywood volume growth of 10%, MDF volume growth of 25-30%, plywood EBITDA margin around 10%, and peak net debt of ₹710-730 crore with D/E of 0.75x by March 2027. Main risks are rising chemical costs from Middle East tensions, poor BIS enforcement hurting the furniture JV, and execution of the ₹500 crore capex plan. |
| GRPLTD GRP Limited Rubber Processing/Rubber Products ·Improving · Maintained | Rubber Processing/Rubber Products | Improving | Maintained | Q1 FY27 total income was ₹157.3 crore, up 26% YoY, with EBITDA up 60% to ₹17.4 crore at an 11.0% margin and PAT at ₹4.2 crore. The driver was reclaim rubber export recovery (+20%) and engineering plastics volumes (+27%), not one-off gains. Management forecasts ~20%+ FY27 revenue growth, ~20% reclaim volume growth, and ₹90-100 crore capex, with rCB commissioning by October 2026. Main risk is raw material inflation from El Niño and oil prices, plus Pyrova customer approvals taking several quarters. |
| GTPL GTPL Hathway Limited Entertainment & Media ·Improving · Raised | Entertainment & Media | Improving | Raised | GTPL Q1 FY27 consolidated income rose 12% YoY to ₹1,020 crore, but PAT fell about ₹8 crore YoY to ₹2.3 crore. The profit drop came from roughly ₹6 crore extra depreciation and finance costs from capitalizing HITS right-of-use assets, while HITS delivered only ₹4 crore bandwidth savings on 2.7 million onboarded subscribers. Management guided operating margin up from 22% to 25%, ACT acquisition closure by September 15 adding about 6 lakh subscribers, FY27 capex of ₹400 crore, and broadband extraction up to 19-20% from 16-17%. Risks are ACT integration execution, HITS benefit timing, and Digital TV ARPU erosion from churn and lower new-market pricing. |
| HAPPSTMNDS Happiest Minds Technologies Limited IT Enabled Services ·Improving · Maintained | IT Enabled Services | Improving | Maintained | Q1 FY27 operating revenue was ₹629 crores, up 4% QoQ INR and 2.6% QoQ constant currency, with EBIT margin flat at 17.5% or ~19.75% adjusted after ₹11 crores forex loss and ₹5 crores receivables provision. Growth came from healthcare and life sciences (+22% YoY), high tech +10% QoQ, and GBS at ~5.5-6% of revenue, with repeat business at 94.4%. Management reaffirmed FY27 revenue growth guidance of 12.5% YoY excluding new acquisitions, implying ~5% CQGR from pipeline conversion, two three-digit TCV deals, and an Arttha closure expected in Q2. Risks are Q2 wage increments pressuring margins, constant-currency dilution from India/APAC growth, and prolonged geopolitical conflict constraining discretionary spending. |
| HAVELLS Havells India Limited Consumer Electronics ·Mixed · Maintained | Consumer Electronics | Mixed | Maintained | Havells reported strong Q1 FY27 revenue growth with contribution margin near 18.3%, but ad spend of ₹286 crores more than doubled YoY, compressing profitability. Calibrated price hikes averaging 7-8% offset raw material inflation; switchgear revenue fell ~4% on West Asia shipping disruptions, with EBIT margin down ~260 bps, while cables/wires volumes stayed flat and Lloyd AC grew single digits. Management guides A&P normalizing to ~2.7% of revenue (~₹700-800 crores), a Q2 switchgear rebound, and double-digit Lloyd contribution margins in full quarters. Main risks are copper/aluminum volatility, AC and wires competitive intensity, and renewables policy dependence. |
| HCLTECH HCL Technologies Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 revenue fell 0.5% QoQ to $3,650 million (+2.6% YoY CC), EBIT margin was 16.9% (17.5% ex-restructuring), and bookings hit record $2.4 billion excluding a Fortune Global 50 mega deal. The decline reflected seasonal AMJ weakness, planned productivity declines in managed services, and a 3.7% QoQ ERS drop from discretionary cuts at two US telcos; Advanced AI revenue rose 62.1% YoY to $171 million. Management retained FY27 organic guidance of 1-4% revenue growth CC and 17.5-18.5% EBIT margin, with mega deal steady state April 2027 and Jaspersoft adding $10-15 million quarterly from Q2. Risks include tech/telecom ERS weakness, US healthcare stress, AI-disrupted services deflation, and execution/oversupply risk on the INR3,500 crore AI datacenter investment. |
| HDFCAMC HDFC Asset Management Company Limited Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | HDFC AMC reported Q1 FY27 QAAUM of ₹9.35 lakh crore (+13% YoY), revenue of ₹1,100 crore (+14%) and PAT of ₹840 crore (+12%), with operating margin of 35 bps. Margins were protected despite the April TER-to-BER regulatory transition through commission restructuring and cost control, while SIP+STP flows rose 20% YoY to ₹4,810 crore and alternatives AUM scaled to ₹14,800 crore from ₹6,000 crore. Management guided to maintaining a 33-35 bps net operating margin corridor annually, put FY27 ESOP noncash expense at roughly ₹79-80 crore, and approved a first SIF equity long-short fund. The main risk is untested behavior of fintech-originated SIP investors through an extended downturn, alongside two quarters of debt outflows and QoQ equity market share dips from mark-to-market. |
| HDFCBANK HDFC Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | HDFC Bank reported Q1 FY27 adjusted PAT growth of 9.8% YoY with NIM near 3.4% and CASA at ~34%. The operating driver was corporate/wholesale advances up ~18% YoY, business banking up 22.3%, and ₹14,000 crores of ECLGS 5.0 disbursements, while retail deposit costs stayed steady. Management guided to profit growth at or above balance sheet growth over the longer term, with full-year NIM improvement from 40-50 bps cost of funds headroom and borrowing mix falling from 11% toward the industry norm of 5-6%. The main risks are volatile system liquidity keeping non-retail deposit costs elevated, single-digit household deposit growth capping CASA, and possible El Niño effects on rural credit in Q3. |
| HDFCLIFE HDFC Life Insurance Company Limited Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | HDFC Life reported Q1 FY27 individual APE up 7% YoY and VNB up 9% to ₹879 crores, with new business margin at 25% and ~25.6% ex-GST. The real driver was product mix: retail protection rose 42%, non-par savings mix reached 22% with a mid-20s run rate, and annuities doubled to 11%, offsetting flattish HDFC Bank volumes. Management guides FY27 APE growth in line with or faster than a 15-17% industry, VNB growth broadly in line with APE, and margins range-bound at ~25% with ~60 bps residual GST to be neutralized. Main risks are 13-month persistency at 84%, guided to an 84-85% steady state, and H2 protection growth moderation on a high base. |
| HEG HEG Limited Electrodes - Welding Equipment ·Improving · Maintained | Electrodes - Welding Equipment | Improving | Maintained | Q1 FY27 standalone revenue rose 11% YoY to ₹681 crores, EBITDA 38% to ₹211 crores (29% margin), and PAT 53% to ₹110 crores, recovering from Q4 FY26 MTM losses. The beat came from improved product and geographical mix, 90%+ utilization, and operating efficiencies. Management guided 90-95% utilization and ~29% margins for FY27, with price hikes from October following GrafTech’s $600-1,200/t and Tokai Carbon’s $930/t increases. Risks: needle coke up $200-300/t hits P&L November-January, US CVD preliminary due end-July and anti-dumping end-September, and Middle East shipping disruptions. |
| HESTERBIO Hester Biosciences Limited Pharma - Animal ·Improving · Maintained | Pharma - Animal | Improving | Maintained | Standalone Q1 FY27 revenue rose 14% YoY and PAT rose 88%, with gross margin up 900 bps to 78% and EBITDA up 95%. The reported beat came from poultry healthcare revenue +48% on market share gains and the vaccines-plus-health products push, while consolidated revenue fell 8% because Nepal and Africa were weak. Management gave no quantitative guidance, calling Africa a formative period and declining timelines for pet vaccines, Brucella recombinant, or avian influenza vaccine. Main risks are government immunization tender delays hitting animal healthcare and Africa geopolitical and economic volatility, with receivables seasonally higher but termed manageable. |
| HSCL Himadri Speciality Chemical Limited Carbon Black ·Improving · Maintained | Carbon Black | Improving | Maintained | Himadri's Q1 FY27 consolidated revenue rose 28% YoY to ₹1,432 crore, EBITDA 33% to ₹313 crore (22% margin), and PAT 27% to ₹228 crore, driven by higher-value product mix and Birla Tyres volume ramp-up. Management reaffirmed FY28 PAT guidance of ₹1,100 crore and a ~₹2,000 crore capex plan self-funded over FY27 and FY28, with 2,000 MTPA LFP cathode due Q3FY27, CNT commissioning by Q4FY27, and Birla Tyres EBITDA breakeven in FY27. The near-term drag is suspended mining awaiting environmental clearance, cutting Other segment EBIT to ₹1 crore from ₹25 crore QoQ. Management expects negative FX impact to end after Q1, but Chinese LFP dominance and 1.5-2 year customer qualification cycles remain risks. |
| HINDPETRO Hindustan Petroleum Corporation Limited Refineries ·Mixed · Maintained | Refineries | Mixed | Maintained | HPCL swung to a Q1 FY27 net loss as marketing under-recoveries exceeded ₹26,000 crore (₹20,000 crore on auto fuels) and Visakh posted a ₹2,635 crore refinery loss. The driver was elevated crude inventory written down in the June price collapse plus LPG losses of ₹510 per cylinder, partly offset by HRRL commercial start on 22 June. Management guides FY27 capex below the ₹9,700 crore ceiling, Samriddhi 2.0 savings of ₹1,500 crore run-rate, Vizag RUF stabilization by Q3, and HRRL utilization at 80-85% from October. Main risks are crude volatility and Hormuz disruption, with debt up roughly ₹1,900 crore weekly to ₹72,000 crore and no formal guidance given. |
| HINDUNILVR Hindustan Unilever Limited FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | HUL reported Q1 FY27 turnover of ₹17,184 crore, USG +10% YoY split equally between volume and price, EBITDA up 8% to ₹3,947 crore with margin at 23%. Growth was driven by broad-based market development and channel execution, with Home Care at 14% USG, Beauty & Wellbeing at 12%, rural stepping up, and quick commerce growing 40-50%. Management guides FY27 revenue ahead of FY26 and EBITDA margin around the guided ~23% range. Main risks are palm oil and crude inflation, which kept Personal Care at 4% USG with soap volumes declining, plus monsoon deficit around 15% and OZiva's transition. |
| HOMEFIRST Home First Finance Company India Limited Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Q1 FY27 reported AUM of ₹16,938 crore, up 25.7% YoY, PAT of ₹160 crore, up 34.5%, NIM at 6.0% and GNPA at 1.8% flat. Operating driver was 31% YoY disbursement growth split equally between units and ticket size, plus a record 4.5% BT-out ratio and 10 bps lower borrowing costs. Management reaffirmed ~25% AUM growth, 5-5.25% spread and 2.6-2.7% OpEx/AUM for FY27. Main risks are CFO departure on August 31, 2026, rate uncertainty from West Asia, and gradual yield compression as higher-ticket customers are more rate-sensitive. |
| HUDCO Housing and Urban Development Corporation Limited Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | HUDCO reported Q1 FY27 sanctions of over ₹60,000 crore, nearly half of FY26's ₹1.24 lakh crore; gross NPA was ₹1,600+ crore and net NPA ~₹82 crore. The operating driver was state and urban infrastructure financing, with ₹2.5 lakh crore sanctions outstanding and new Gujarat/Bihar MoUs, but Q1 yield of 8.78% and spread of ~1.8% reflected front-loaded growth. Management guided FY27 disbursements of ~₹65,000 crore (+25% YoY) on a ₹70,000 crore borrowing plan, spread normalization to 2% by Q3 FY27, and most NPA resolution during FY27. Main risk: five-year MoU conversion and competition from NABARD, NaBFID, and banks, which cut Bihar road bid rates and pressure spreads. |