| HUBTOWN Hubtown Limited Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 pre-sales rose 8.4% YoY to ₹5,350 mn, but collections fell 27.3% to ₹3,201 mn on flat 0.11 msf volume, implying higher realizations. The driver is execution on existing premium Mumbai projects: 25 South is 98% sold, 25 Downtown ~50% sold after Tower 5 approval, with ₹115.8 bn revenue yet to recognize from booked sales. Management targets zero net debt by FY31 from ₹51.8 bn (down 38% from peak) and FY27 completion of 25 South Towers 2-3, 25 Downtown Towers 1-4, and Rising City Phase 1, while merger schemes await NCLT and stock exchange approvals. Main risk is concentration: ~70% of ongoing sales value sits in three luxury Mumbai projects, alongside merger and regulatory delays. |
| HUHTAMAKI Huhtamaki India Limited Packaging - FMCG/Consumers ·Improving · Maintained | Packaging - FMCG/Consumers | Improving | Maintained | Huhtamaki India's Q2 CY2026 net sales rose 23.1% YoY to ₹723 crore, with EBITDA margin up to 10.5% from 8.3% and volume growth high single digit. Growth was driven by pricing, portfolio mix and productivity, but Q2 volumes partly reflected customer inventory build-up ahead of Middle East crisis price hikes. Management does not expect 23% growth quarterly, sees the market growing 4%-5%, and expects Q3 CY2026 to clarify whether customers destock. The main risk is continued geopolitical volatility causing raw material cost spikes that pricing pass-through may lag. |
| HYUNDAI Hyundai Motor India Limited Auto - 4 Wheelers ·Mixed · Maintained | Auto - 4 Wheelers | Mixed | Maintained | In Q1 FY27, revenue was flat at ₹16,334.6 crore but PAT fell 35.1% to ₹888.6 crore and EBITDA margin dropped 400 bps YoY to 9.3%. The miss was driven by a June supplier fire that cut ~13,900 units, exports down 19.6% YoY, commodity costs up ~200 bps YoY and Pune plant stabilization costs. Management maintained FY27 guidance of 8-10% domestic and export volume growth and 11-14% EBITDA margin, citing July production recovery, a preponed Pune third shift from October 2026, and H2 launches including a festive-season ICE mid-SUV. Main risks are H2 industry high-base slowdown, volatile precious metal and copper prices, and Middle East shipping disruptions delaying export normalization. |
| ICICIBANK ICICI Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | ICICI Bank Q1 FY27 PAT was ₹148.05B, +15.9% YoY, on NII +12.7% and fees +23.5%, with credit cost 32bps. Loan growth of 19.6% YoY was led by business banking (+28.2%), rural incl. gold loans (+35.4%) and domestic corporate (+18.5%), against deposits +14% YoY; net NPA stayed 0.35%. Management guides range-bound NIM at 4.36% (4.28% ex-tax refund) absent rate moves, normalized credit cost near 50bps, and continued loan momentum, while FCNR deposits over 8-10 weeks may dilute NIM but stay earnings accretive. Risks: ₹12.83B Agri PSL writeback pending validation, FY28 ECL transition costs, and West Asia/El Niño impact on business banking. |
| ICICIGI ICICI Lombard General Insurance Company Limited Finance - Non Life Insurance ·Mixed · Maintained | Finance - Non Life Insurance | Mixed | Maintained | Reported Q1 FY2027 GDPI rose 7.5% to ₹83.18 billion versus industry 10.9%, but PAT fell 46.0% to ₹4.03 billion on a ₹1.65 billion Motor TP reserve and ₹0.63 billion Fire losses. Underlying operations were mixed: retail health grew 69.5%, motor units 33.6% versus industry 14.9%, while commercial lines de-grew 13.8% on extreme Fire pricing. Excluding one-offs, CoR was 102.3% versus 102.2% YoY, and management termed Motor TP premium revision necessary and urgent given a 12-15% industry loss ratio impact. Management expects industry solvency erosion to 1.56x to force rationalization, but risks remain the Supreme Court review outcome, TP pricing, health incidence, and Fire pricing. |
| ICICIAMC ICICI Prudential Asset Management Co Ltd Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | ICICI Prudential AMC reported Q1 FY27 PAT of ₹965 crore, up 23.1% YoY, with total MF QAAUM at ₹11.17 lakh crore, up 18.3% YoY. The operating driver was the broad equity rally (small caps +24%, mid-caps +17.2%) supporting a 14% equity market share, while net yield held at 48.3 bps despite ESOP costs. Management guided FY27 ESOP expense at ₹64-68 crore and a pipeline of life cycle funds, contra fund, sector rotation SIF and CRE alternatives. Main risks are SIP stoppages exceeding new additions, tight-liquidity institutional debt redemptions, and AUM dependence on equity market moves. |
| ICICIPRULI ICICI Prudential Life Insurance Company Limited Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | ICICI Pru Q1 FY27 VNB rose 24.9% to Rs5.71bn, margin 26.7% up 200bps from FY26, PAT Rs3.86bn up 27.8%, APE Rs21.36bn up 14.6%. Driver was protection mix: retail protection APE grew 60.4%, group protection 37.8%, while savings APE rose just 5.8% as high-sticker fixed deposits cut non-par demand. Management gave no VNB or margin guidance, expects H2 retail protection growth to taper on a steep base, and sees MFI credit-life recovery and eventual non-par revival as FD rates temper. Key risks are Standard Chartered banca continuity after Prudential's exclusive StanC Asia deal and 25th-month persistency slipping to 77%. |
| IDFCFIRSTB IDFC First Bank Limited Banks - Private ·Improving · Raised | Banks - Private | Improving | Raised | Q1 FY27 PAT was ₹1,075 crore, up 132% YoY, with GNPA at 1.51% and credit cost at 1.53%. The driver was lower cost of funds at 5.96%, fee growth, and ₹181 crore treasury gains, not just loan growth. Management raised FY27 guidance to NIM ~5.8%, credit cost 150–160 bps, and ROA ~1%, targeting cost-to-income below 70%. The main risk is a voluntary ₹515 crore contingency provision for geopolitical and monsoon uncertainty, with ECL transition and PSL shortfall also flagged. |
| IIFL IIFL Finance Ltd. Finance & Investments - Gold Loan ·Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | IIFL Finance reported Q1 FY27 PAT before NCI of ₹713 crore, up 14% QoQ, with consolidated AUM at ₹1.15 lakh crore, up 38% YoY, GNPA stable at 1.6% and ROE at 19.5%. Growth was driven by gold loans of ₹58,406 crore, up 11% QoQ on 5–6% tonnage growth, while housing finance cleanup of micro LAP and BLC books kept credit cost elevated. Management guided FY27 credit cost at 1.5–1.7%, home finance book/AUM growth of 17–18%, opex-to-AUM of 3.3–3.4%, and an equity enabling resolution to address standalone CET1 of 12.24%. Key risks are gold price correction, aggressive new NBFC gold entrants on yield and LTV, and dilution from a potential equity raise. |
| INDGN Indegene Limited Services - Others ·Improving · Raised | Services - Others | Improving | Raised | Q1 FY27 revenue was ₹1,063.1 crore, up 39.7% YoY in INR and 6.0% QoQ, with EBITDA margin at 16.9% and PAT margin at 10.9%. The driver was diversification beyond top-20 accounts, now 33.4% of revenue and about 2x YoY, plus a record 105 active clients; EBITDA absorbed one-time workforce transformation and pre-ramp Tectonic/GenAI costs. Management guides FY27 organic growth above FY26 with H2 acceleration and EBITDA margin normalizing to 19-20% by Q4 FY27; Q2 EBITDA is guided stable versus Q1 despite annual wage hikes. The main risk is US regulatory/policy shifts given ~75% North America revenue concentration, along with measured enterprise AI adoption and outcome-contract acceptance milestones. |
| INDIAMART IndiaMART InterMESH Limited E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 consolidated revenue was ₹414 crore, up 11% YoY, with 35% EBITDA and net profit of ₹172 crore that included ₹107 crore treasury mark-to-market gains. Paying suppliers fell 1,850 to 2,18,000 because Silver-tier monthly churn stayed at 7% and gross additions were held back, while Gold/Platinum, over 75% of revenue, retained better. Management guides BUSY to 27-30% revenue CAGR over two years on ~30% normalised billing growth, and will not resume aggressive supplier additions until churn improves, visible only after about a year. Main risks are LLM-driven enquiry migration, with flattish 26 million enquiries partly hit by OTP verification, and sustained Silver churn in first-year cohorts. |
| INDIANB Indian Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Indian Bank reported Q1 FY27 net profit of ₹3,273 crore, up 10.09% YoY, with gross NPA improving to 1.86% and credit cost at 0.23%. The driver was funding discipline: bulk deposits kept flat at ₹1.61 lakh crore, about ₹6,000 crore of thinly priced loans were shed, and CASA reached 39.73%. Management forecasts FY27 gross NPA of 1.50-1.60%, CASA of 40%, NIM at the upper end of 3.15-3.25%, and credit cost within 1%. The main risk is the ₹3,000-3,500 crore ECL transition provision, adding 8-10 bps post-tax credit cost, while MSME stress remains latent but unobserved. |
| IEX Indian Energy Exchange Limited Exchanges ·Improving · Maintained | Exchanges | Improving | Maintained | Q1 FY27 consolidated revenue was ₹202.8 crore, up 11% YoY, and PAT was ₹134.8 crore, up 12%, with PAT margin near 66%. Volume of 37.5 BU, up 16% YoY, drove earnings, powered by RTM growth and a product mix shift that cut DAM share from 95% in FY16 to 39%. Management guided green RTM and peak power contract orders, CCTS carbon trading by Oct 1, 2026, an IGX IPO reducing IEX stake to 25%, and coal exchange migration of e-auctions. Main risk is market coupling litigation, with the Supreme Court hearing July 27, 2026 and management saying implementation will take a long time. |
| IOB Indian Overseas Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Indian Overseas Bank reported all-time high Q1 FY27 net profit of ₹1,659 crore, up 49.3% YoY, driven primarily by 34.3% NII growth and NIM expansion to 3.37%. The bank exited one ₹10,000 crore low-yield corporate account and replaced ~40% in Q1, keeping credit growth at 22.75% YoY. Management guides minimum 13-14% FY27 credit growth, ROA ~1.46%, credit cost 0.35-0.40%, and full ECL provisioning of ₹3,000 crore without RBI's four-year dispensation. Main risks are West Asia spillovers into SME/agri, SMA-2 rising ₹500 crore QoQ to ₹4,246 crore, and dilution from the ₹5,000 crore Q3/Q4 equity raise. |
| IRFC Indian Railway Finance Corporation Limited Railways ·Improving · Maintained | Railways | Improving | Maintained | IRFC reported a seasonally soft Q1 FY27 with ~₹2,000 crores disbursed, net AUM down from ₹4.84 lakh crores, NIM at 1.48%, though PAT was highest-ever and zero NPA held. The decline reflects Ind AS railway repayments plus a deliberate mix shift toward non-railway lending at >100 bps margins versus 35-40 bps on legacy railway assets; fertilizer refinancing and yen FX gains aided other income. Management guides disbursements above FY26's ₹35,000+ crores, AUM around ₹5 lakh crores by FY27 end, and NIM exiting above 1.6%, rising ~10 bps annually to 2% by 2030. Risks are the required Q2-Q4 disbursement ramp-up, mark-to-market swings on unhedged yen funds, and 1-3 year greenfield disbursement lags. |
| INDTERRAIN Indian Terrain Fashions Limited Trading ·Improving · Maintained | Trading | Improving | Maintained | Indian Terrain reported Q1 FY27 revenue of ₹81.74 crore, up 18.8% YoY, operating EBITDA of ₹6.08 crore (7.4% margin) versus ₹1.01 crore, and first positive PBT of ₹0.14 crore. The driver was channel mix: online sales jumped 1111% to 13% of revenue and LFO grew 34.2%, lifting gross margin 193 bps to 41.0%, while MBO fell 20.1% on planned dispatch deferrals. Management forecasts H2 demand recovery on festive and wedding season, with SS'27 roadshow bookings up 15-20%, and further margin expansion from working capital and cost control. Main risk is discretionary demand, which weakened materially after mid-May 2026, plus West Asia conflict freight escalation and raw material cost pressure. |
| INDOCO Indoco Remedies Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Indoco's Q1 FY27 consolidated revenue rose 8.2% YoY to ₹4,662 million, with EBITDA margin at 8.8% versus 4.1% YoY. Growth was driven by API (+42.4% to ₹521 million) and US formulations (+62.2% to ₹459 million), while domestic formulations stayed flat and emerging markets fell to ₹317 million on billing timing. Management forecasts 12-15% revenue growth over the next few years, double-digit EBITDA margins, exports doubling in 2-3 years, and ₹260 crore debt repayment by FY28. Main risks are the delayed US FDA audit at Baddi, war-driven COGS inflation of ~200 bps partly hitting Q2, and planned ~₹6 crore quarterly OTC losses for about three years. |
| INDUSTOWER Indus Towers Limited Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Indus Towers Q1 FY27 gross revenue was ₹8,430 crore (+4.6% YoY) with EBITDA ₹4,520 crore (53.6% margin) and PAT ₹1,750 crore, helped by 4,200 co-location and 3,100 tower additions. The real driver was tenancy growth at 1.62x, while energy margin slipped to -4.6% on seasonal diesel consumption and smaller past-period settlements. Management guided to firm orders for 3-4 quarters, Africa rollouts starting Q2 FY27, battery supply recovery from August, and H2 energy margin improvement. Risks are VIL funding-dependent rollout pace, ARPT drag from renewal discounts and leaner rural mix, supply chain escalation, and the CFO exit. |
| INDUSINDBK IndusInd Bank Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | IndusInd Bank reported Q1 FY27 PAT of ₹1,037 crore versus ₹594 crore QoQ, normalized ROA 0.63% and NII including ₹284 crore one-off IT-refund interest. The driver was wholesale-led advances (+3.3% QoQ, wholesale average +7% QoQ), a record 49.5% retail deposit share, cost of deposits down 12 bps to 5.95%, and annualized net slippage at 1.5%. Management guides FY27 loan growth in line with market, exit ROA of 1% via a 60:40 PPOP-to-credit-cost bridge, NIM recovery in H2 after Q2 pressure, and MFI acceleration from Q2. Main risks are near-term NIM compression, the tail of unsecured consumer stress, slower MFI normalization, and a one-time ECL impact of 1-1.5% of loans, cushioned by 16.1% CET1. |
| INFY Infosys Limited IT - Software ·Mixed · Cut | IT - Software | Mixed | Cut | Infosys reported Q1 FY27 revenue of $5,082 mn, up 2.4% YoY in constant currency, with operating margin of 21.1%, up 20 bps QoQ. The quarter was supported by AI services reaching 8.2% of revenue with double-digit QoQ growth and $3.6 bn large deal TCV at 61% net new, but a 50 bps EURS contract termination, soft volumes, and slower price gains weighed on results. Management cut FY27 constant currency revenue growth guidance from 1.5%-3.5% to 1.5%-3%, while holding margin guidance at 20%-22%, citing macro uncertainty, offshoring shifts, and AI productivity expectations. The main risks are AI-led pricing deflation in client contracts and client-specific impacts, including a >1% European manufacturing headwind and a European deal closure in Q4. |
| INTELLECT Intellect IT Product Companies ·Improving · Maintained | IT Product Companies | Improving | Maintained | Q1 FY27 total income was ₹872 crore, up 19% YoY, with license-linked revenue at ₹457 crore and EBITDA margin near 22%, while platform revenue stayed flat at ~₹140 crore after Q4 true-ups. The actual driver was deal flow: 19 strategic wins, pipeline at ₹13,000 crore (up 15% YoY), and LTM income of ₹3,299 crore (up 23%). Management reaffirmed ~20% NTM growth (±2–3%), kept FY28 targets of ₹4,000 crore revenue and ₹1,000 crore EBITDA, and plans a deterministic AI product launch in two months claiming up to 60% effort reduction. Risks include a structurally higher cost run-rate (~₹677 crore per quarter), bank build-vs-buy experiments, unproven Purple Fabric monetization, and quarterly true-up volatility. |
| IRB IRB Infrastructure Developers Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Q1 FY27 total income was flat at ₹2,173 cr, but PAT rose 50% to ₹306 cr. Earnings were driven by a mix shift: construction income fell 21% to ₹967 cr, while InvIT and BOT income rose 87% and 14%, pushing EBITDA up 17% to ₹1,188 cr; interest fell to ₹438 cr including a ₹37 cr one-off. Management forecasts construction revenue of ₹4,200-4,300 cr annually for two years, a 50/50 construction/O&M mix in 2-3 years, and ₹4,000-5,000 cr yearly O&M order accretion. The key risk is muted NHAI awarding: zero Q1 orders, TOT bids delayed to late August, and higher upfront TOT capex plus inflation-linked tariffs. |
| IRBINVIT IRB InvIT Fund Infrastructure Investment Trusts ·Improving · Maintained | Infrastructure Investment Trusts | Improving | Maintained | Q1 FY27 total income rose 68% YoY to ₹492 crores and EBITDA to ₹396 crores, but PAT fell to ₹80 crores from ₹100 crores and DPU reset to ₹1.625. The real driver was the enlarged 10-asset portfolio, with 8% like-to-like toll growth and traffic 5.5-5.75% versus the ~4% national average. Management guided FY27 DPU of ₹6.5 and FY28 DPU of ₹6.9-7.0 plus 3-5% accretion per acquisition, aiming for ₹23,000-24,000 crores assets by FY27-end and ₹40,000 crores in three years with a ~₹2,500 crore QIP. Main risks are fuel-price and geopolitical traffic softness, monsoon seasonality, and QIP pricing/dilution. |
| IRISDOREME Iris Clothings Limited Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 total income was ₹47.2 crores, up 26% YoY, with EBITDA of ₹8.0 crores at 17.12% margin and PAT of ₹4.0 crores, up 52% YoY. The beat came from volume-led operating leverage in core kidswear and infant wear, not mix, as raw material costs rose. Management guided FY27 consolidated revenue growth of 30-35% with 17-18% EBITDA margins, Infinia contributing ~₹40 crores at 7-8% margins, and the West Bengal greenfield operational by end FY28. Main risks are weak Infinia margin convergence, D2C growth conflicting with distributors, and slow absorption of the greenfield's ₹300-500 crore revenue potential. |
| JAGSNPHARM Jagsonpal Pharmaceuticals Limited Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Reported Q1 FY27 revenue was ₹82 crore (+9% YoY), operating EBITDA ~₹19 crore (23%+ margin, +21%), and PAT ₹13 crore (+22%). The operating driver was premiumization toward semi-chronic and specialty brands, with PharmaTrac secondary sales growing 18.9% versus 11.6% industry and gross margin above 65%. Management guides 1.5x industry growth and Aequitas to ₹100 crore revenue with ₹10+ crore EBITDA within 2.5 years (FY2028-29), from a ₹53 crore and ~₹50 lakh base. Key risks are the primary-versus-secondary sales gap (9% versus 18.9%) and Aequitas' thinner hospital margins and longer working capital cycle. |
| JKBANK Jammu and Kashmir Bank Improving · Maintained | | Improving | Maintained | Jammu and Kashmir Bank reported Q1 FY27 net profit of ₹424 crore, down on NIM compression to 3.28% and lower technical write-off recoveries, while GNPA improved to 2.37%. Growth was driven by tactical, well-rated corporate lending in Rest of India, funded by high-cost bulk deposits, after subdued home-market credit last year. Management calls the margin drop an aberration and guides to ~3.5% NIM by end-Q3, 45% CASA, ROA ~1.25%, with ₹6,700 crore bulk deposits being shed and 55-60% of FY27 growth from retail. The main risk is ECL implementation, estimated at ₹1,600-1,700 crore against a ₹1,250 crore capital raise, plus sticky deposit costs. |
| JSFB Jana Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | Reported Q1 FY27 PAT was ₹155 crore with NIM at 7.5%, GNPA at 2.24% and net credit cost at 0.45%. The driver was cost of funds down 60 bps YoY to 7.4% plus lower interest-in-suspense, while flat total deposits masked a 6% bulk deposit cut and CASA growth of 7.1% QoQ. Management guides FY27 loan growth of 19%-21%, deposit growth of 23%-25%, PAT growth above 80% and cost-to-income of 63%-65% by year-end, with Credit Line on UPI and loans against shares launching in Q2. The main risk is promoter holding company rating downgrade contagion, plus deposit pricing pressure after June rate hikes and gold price correction on the 100% YoY gold loan book. |
| JINDALSAW Jindal Saw Limited DI Pipes/Saw Pipes ·Weakening · Maintained | DI Pipes/Saw Pipes | Weakening | Maintained | Jindal Saw's Q1 FY27 consolidated revenue rose 9% YoY to ₹4,476 crore, but EBITDA fell 39% to ₹421 crore and PAT fell 78% to ₹91 crore at 60-65% utilization. The Strait of Hormuz blockade suspended MENA exports since March 2026, Jal Jeevan fund delays and the Jan-mid-June API license suspension caused Jindal Hunting's first ₹5.3 crore loss. Management guides FY27 volumes flattish vs FY26, Q2 similar to Q1, H2 improvement, and Nashik seamless at 70,000-80,000 tons quarterly from Q3 FY27. Risks: 600,000-ton Saudi order on hold, limited MENA visibility, and term debt forecast to peak near ₹3,500 crore on Middle East capex. |
| JINDALSTEL Jindal Steel & Power Limited Steel Products ·Mixed · Maintained | Steel Products | Mixed | Maintained | Q1 FY27 adjusted EBITDA was ₹2,667 crore (₹1,197/tonne) despite a 15% sequential volume drop from a planned BOF refractory shutdown, helped by ₹7,500/tonne ASP gains and value-added share at 66%. The operating driver was richer mix and price recovery, not volume, with hot metal loss of ~300,000 tonnes to be recovered later. Management guides FY27 sales of 10.5–11 MT, net debt/EBITDA below 1.5x in Q2, BF #2 to 13,000 tpd by December, and ≥₹1,000/tonne cost cuts. Main risk: coking coal costs up $23/tonne in Q1 and another $12–15 expected, plus monsoon-weak TMT prices ~₹8,000 below Q1 average. |
| JIOFIN Jio Financial Services Limited Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Reported consolidated PAT rose 156% YoY to ₹830 crores, with ex-dividend total income up 141% to ₹1,496 crores, aided by RSHL line-by-line consolidation and ₹509 crores of dividend income. The real driver was Jio Credit, whose gross AUM grew 163% YoY to ₹30,667 crores with over ₹11,000 crores quarterly organic disbursements and PAT doubling to ₹96 crores, while both payments businesses turned operationally profitable. Management guides to a securities broking beta launch in Q2 FY27 and a personal CFO rollout, backed by ₹9,890 crores cumulative promoter warrant infusions and a 7.07% borrowing cost. Main watch items are ₹19 crores of JV incubation losses, thin 12 bps payment processing margin, and asset quality as the loan book scales, with only ₹25 crores provisions booked. |
| JMFINANCIL JM Financial Limited Finance - Investment Bankers ·Improving · Maintained | Finance - Investment Bankers | Improving | Maintained | JM Financial's Q1 FY27 consolidated net profit fell 35.7% YoY to ₹292 crore from ₹454 crore, despite operating revenue rising 9.2% to ₹1,225 crore. The fall came mainly from a base effect: Q1 FY26 had a ₹204 crore impairment reversal, while this quarter took a ₹13 crore charge and Corporate Advisory revenue dropped 35.9% to ₹138 crore. Private Markets revenue doubled to ₹596 crore on ARC resolutions of over ₹2,000 crore, with group cashflow share over ₹1,200 crore. Management expects the non-core loan book to substantially run down in the next 12 months; the main risk is credit cost if stressed-asset recoveries slow, with net NPA at ₹130 crore. |
| JSWENERGY JSW Energy Limited Power - Generation/Distribution ·Improving · Maintained | Power - Generation/Distribution | Improving | Maintained | Reported Q1 FY27 revenue flat at ₹5,437 crore and EBITDA up 2% to ₹3,103 crore, but attributable PAT fell to ₹471 crore. The driver was 873 MW of additions, with depreciation up 20% and interest up 16%, while hydro generation fell 26% on weak hydrology. Management guided to 3 GW FY27 additions, ₹20,000 crore capex, net leverage below 5x by 2030, and Mahanadi Unit 4 in FY28 with 25-30% lower capex. Main risks are TGNA curtailment of 69 MUs, thermal backdowns from solar saturation, and a 4-5 year PAT stabilisation as new assets capitalise. |
| JSWINFRA JSW Infrastructure Limited Marine Port & Services ·Improving · Maintained | Marine Port & Services | Improving | Maintained | Consolidated revenue rose 18% YoY to ₹1,445 crore and operating EBITDA 16% to ₹674 crore, but PAT fell to ₹358 crore from ₹390 crore. The real driver was India ports, up 11% excluding Fujairah, where Jaigarh alumina and project cargo were one-time; port margin dipped to 49.8% from 51.8% with a ₹65-70 crore Fujairah EBITDA drag. Management guidance is ~127 MT volumes and ~₹3,000 crore FY27 EBITDA, with ₹100-125 crore from Fujairah, and ~₹5,000 crore FY28, backed by ₹16,500 crore capex toward 400 MTPA by FY30. The main risk: Fujairah normalization depends on eight tanks restarting by August and insurance resolution by end-October; Keni EC is delayed and Jaigarh's one-off cargo mix may not recur. |
| JUBLINGREA Jubilant Ingrevia Limited Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Q1 FY27 revenue was ₹1,300 crore (+25% YoY), EBITDA ₹209 crore (+36% YoY), PAT ₹106 crore (+41% YoY). The beat came from Chemical Intermediates acetyls rebound (revenue ₹524 crore, +38% YoY; EBITDA ₹57 crore, +240% YoY), plus Specialty 26% margins and Nutrition’s best EBITDA in three years. Management kept FY27 EBITDA guidance at ₹750–800 crore, with H1 around ₹400 crore+, and niacinamide plant to reach 70%+ of peak by year-end. Main risks: the large agro CDMO customer paused volumes due to Middle East raw material escalation (clarity in a month), B3 pricing may soften by Q3, and pyridine price pressure from Chinese overcapacity. |
| KAJARIACER Kajaria Ceramics Limited Ceramics/Tiles/Sanitaryware ·Improving · Maintained | Ceramics/Tiles/Sanitaryware | Improving | Maintained | Q1 FY27 consolidated revenue rose 20% YoY to ₹1,328 crores with EBITDA margin up 288 bps to 19.6% and PAT up 55% to ₹169 crores. The beat came from ~11% fuel-linked realisation hikes and only 6% volume growth, aided by a leaner unified tiles vertical after a soft April. Management guides to double-digit volume growth for FY27 (~130 million sqm), ~20% revenue growth, and ₹1,000+ crores operating EBITDA at 18-19% margin, with 22 million sqm in-house capacity onstream from Q1 FY28. Main risks are unpredictable gas prices (Morbi ₹85-88 per SCM) and heavy FY27 reliance on Morbi outsourcing, plus Kerovit's restructuring year with tough margins before FY28 improvement. |
| KFINTECH KFin Technologies Limited Finance - Capital Markets - RTA ·Improving · Raised | Finance - Capital Markets - RTA | Improving | Raised | Q1 FY27 consolidated revenue grew 30% YoY (10% ex-Ascent), PAT rose 2.6% YoY to ₹75.2 crore, and EBITDA margin was 34.2% (39.4% ex-Ascent). Diversification drove it: non-MF revenue hit 38% of total versus 24.5% a year ago, Ascent grew 32% YoY to $5.9 million, and six $100-million-plus fund manager mandates were won. Management upgraded FY27 guidance to 17-20% EBITDA growth and 12-15% PAT growth, targeting 40%+ exit EBITDA margin including Ascent and double-digit Ascent margin within 12 months. Risks include tepid Q2 corporate actions, crypto AUM markdowns, a 2% QoQ yield decline from debt-to-liquid mix and a large renewal provision, and decelerating retail folio growth. |
| KOTAKBANK Kotak Mahindra Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Kotak Q1 FY27 consolidated PAT rose 23% YoY to ₹5,480 crore (standalone +26% to ₹4,123 crore), NIM stable at 4.53%, credit cost 46 bps. Growth was driven by SME (+20.5%) and corporate (+15.5%) loans, customer assets +16% YoY, and subsidiaries contributing 33% of profit, while average deposits +14% YoY kept cost of funds up only 1 bp QoQ. Management guides above-system growth and expects the ₹281 crore Deutsche Bank acquisition (close September 2027) to be ROE-accretive, with ECL implementation adding 12–15 bps steady-state credit cost. Main risks are seasonally elevated CV/tractor slippages, geopolitical pressure on capital-market businesses, and deposit competition. |
| KPITTECH KPIT Technologies IT - ER&D ·Mixed · Maintained | IT - ER&D | Mixed | Maintained | KPIT Q1 FY27 revenue was flat at +0.1% CC YoY and -3.6% CC QoQ, with EBITDA margin at 17.2% and PAT of ₹117 crore, pressured by forex and Qorix losses. The decline was concentrated in the top two strategic clients and Europe, including a last-minute Japanese LGV cancellation and a non-repeating commercial vehicle license deal, while European OEMs face China share loss, Chinese competition and tariff uncertainty. Management forecasts H2 better than H1, flattish Q2 and meaningful growth by Q4, retaining the FY29 EBITDA margin aspiration of 22-24% and deferring wage hikes. The main risk is slower European cost takeout and Qorix share losses for one to two more quarters delaying margin recovery. |
| KRISHANA Krishana Phoschem Limited Fertilisers ·Improving · Maintained | Fertilisers | Improving | Maintained | Q1 FY27 revenue grew 35% YoY to ₹532 crore, EBITDA 36% to ₹89 crore at 16.7% margin, and PAT 54% to ₹47 crore. The operating driver was new NPK grades, lower-cost carried inventory and backward integration, though NPK-DAP ran at only 43% utilization on raw material shortages while SSP hit 121%. Management guided 30-35% FY27 revenue growth and a >₹500 crore quarterly run-rate in Q2-Q4, sustaining ~16% EBITDA margin as raw material supply normalizes. The main risk is sulphur inflation to ~₹1 lakh/tonne from ₹65,000-70,000 on Strait of Hormuz disruption, with only 25-30% pass-through plus higher depreciation and finance costs on new capacity. |
| KSOLVES Ksolves India Limited IT - Software ·Mixed · Cut | IT - Software | Mixed | Cut | Ksolves reported Q1 FY27 revenue of ₹41.4 crore, up 10% YoY but down 3.7% QoQ, EBITDA margin at 30.3%, PAT up 43.3% YoY. The sequential dip came from two large top-10 clients ramping down due to management change and corporate losses, not AI substitution, while AI-driven developer efficiency of about 25% supported margins. Management withdrew formal revenue guidance, guiding to flattish FY27 revenue at maximum 4-5% YoY growth, 25-30% EBITDA margins, softer sales for 2-3 quarters, and a pipeline of about USD 1 million. Main risk is client concentration, top 10 clients over 50% of revenue, plus cautious client budgets and delayed decisions. |
| LTF L&T Finance Ltd Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Q1FY27 consolidated PAT was a record ₹902 Cr, up 29% YoY, with retail disbursements up 36% to ₹23,852 Cr and RoA at 2.48%. The real driver was Personal Loans, up 126% YoY, and Urban Finance up 57% YoY, while credit cost improved 10 bps QoQ to 2.54%. Management guides to FY27 WACB of 7.35-7.40% and RoA of 2.8% by Q4FY27, and says it deliberately let go ₹1,000-1,200 Cr of disbursements on prudence. Main risks are a forecast ~10% deficient monsoon affecting rural portfolios and a ~20 bps RoA drag from ARC resolution for 2-3 years. |
| LT Larsen & Toubro Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Q1 FY27 group revenue rose 7% to ₹67,900 crore and PAT 14% to ₹4,100 crore, but EBITDA margin fell 90 bps to 9.0% on lower PPM execution, IT forex and ~₹250 crore ECL provisions. The driver behind PAT was treasury income, up 75% to ₹2,370 crore, though order inflows rose 14% to ₹1.08 lakh crore on offshore wind, lifting the order book 27% to ₹7.79 lakh crore. Management maintained FY27 guidance of 10-12% revenue and order inflow growth, ~7.8% PPM margin and ~10% NWC-to-sales, conditional on Middle East clarity. The main risk is Strait of Hormuz disruption, with about three quarters of hydrocarbon dispatch buffer and unproven cost pass-through on ~50% fixed-price order book. |
| LATENTVIEW Latent View Analytics Limited IT Enabled Services ·Mixed · Maintained | IT Enabled Services | Mixed | Maintained | Latent View Q1 FY27 revenue was $30.3m, up 9.9% YoY but down 3.5% QoQ, and adjusted EBITDA margin fell 3.7pp QoQ to 20.4%. The sequential drop came from annual wage hikes (-2.7pp), one-off project completions and client insourcing, especially a 32% QoQ plunge in retail/CPG, while financial services grew 24% QoQ. Management issued no quantitative guidance, instead outlining three-year priorities of Databricks-based data engineering, diamond account deepening and AI embedding, with AI-led revenue at 35%. The key risk is client concentration, with top 10 clients at 72% of revenue, up 3pp YoY. |
| LAURUSLABS Laurus Labs Limited Pharma - API & CRAMS ·Improving · Raised | Pharma - API & CRAMS | Improving | Raised | Q1 FY27 revenue rose 29% YoY to ₹2,026 crore and PAT hit a record ₹368 crore, with EBITDA margin at 31.8%. The beat came from CDMO small-molecule sales up 69% to ₹835 crore, 55% now commercial supplies, while Affordable Medicines grew only 10% to ₹1,156 crore. Management raised FY27 capex guidance to ~₹2,000 crore and reaffirmed at least 50% CDMO revenue share by FY30, though 25% ROCE will take time. The key risk is that 45% of CDMO revenue is still Phase III or pre-commercial, and management admits global conflicts press margins with raw-material costs lagging by a quarter. |
| LXCHEM Laxmi Organic Industries Limited Chemicals - Organic ·Improving · Maintained | Chemicals - Organic | Improving | Maintained | Q1 FY27 revenue was ₹968 crore, up 40% YoY, with EBITDA of ₹114 crore up 272% YoY and a ~12% margin. Growth came from ~10% volume plus price and mix, while procurement agility offset acetic acid spiking ~200% and freight costs. Management guides Dahej Phase II mechanical completion in Q3 FY27 and revenue from FY28, with FY27 capex of ₹125-150 crore and debt peaked at ~₹601 crore. Main risks are raw-material and logistics volatility from West Asia and typhoons, and margins are cyclical with essentials seen settling at mid-single-digit EBITDA. |
| THELEELA Leela Palaces Hotels & Resorts Limited Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Leela reported Q1 FY2027 revenue of ₹352cr, up 28%, with operating EBITDA up 41% to ₹143.4cr and a record 41% margin. The driver was a 17% RevPAR rise from a 10% higher ADR and 4pp occupancy, with domestic room revenue up 25% and international demand recovering from -10% YoY in March to +1% in June. Management forecasts double-digit RevPAR and mid-to-high teens EBITDA growth for FY2027, and ₹2,000cr EBITDA by FY2030. The main risk is renewed international demand pressure if the West Asia conflict escalates, plus Dubai JV accounting losses until the CY2027 handover. |
| LICHSGFIN LIC Housing Finance Limited Finance - Housing ·Mixed · Maintained | Finance - Housing | Mixed | Maintained | LIC Housing Finance's Q1 FY27 PAT rose 9.4% to ₹1,488 crore and AUM grew 4% to ₹322,098 crore, but NIM fell 10 bps YoY to 2.58%, below the 2.6% guidance floor. The beat came from negative credit cost of -5 bps driven by ₹540 crore NPA recoveries and a ₹164 crore net write-back, plus a ₹180 crore NARCL sale. Management maintained FY27 guidance of 8-10% book growth, 10-12% disbursement growth, ~2.6% NIM, and <2% GNPA, leaning on ₹15,000 crore LAP/LRD and ₹4,000 crore developer finance disbursements. Risks are the ~87 bps gap between incremental and book yields, ₹1,500 crore net balance transfers to banks, and non-recognition of the ₹500 crore restructured account upgrade due to auditor disagreement. |
| LMW LMW Ltd. Textile machinery ·Mixed · Maintained | Textile machinery | Mixed | Maintained | LMW reported Q1 FY27 consolidated revenue of ₹902 crore, down 7.2% QoQ, and profit of ₹75 crore, down 3.8%, while standalone PBT rose 18% QoQ to ₹85 crore. The driver was domestic textile machinery order conversion and machine tools, offset by China subsidiary revenue collapsing 85.5% YoY to ₹11 crore with a ₹7 crore loss. Management guided to gradual TMD order inflow, execution of the ~₹1,000 crore ATC order book over 3-3.5 years, MTD EBIT recovery toward 12-14% from 75-80% utilization, and auto winder orders in Q4 FY27. Key risks are textile capex cycle uncertainty, 3-3.5% forex and commodity cost inflation hitting MTD margins, and an uncertain China turnaround. |
| LODHA Lodha Developers Limited Realty - National ·Improving · Maintained | Realty - National | Improving | Maintained | Lodha reported best-ever Q1 FY27 revenue of ₹5,000 crore (+43% YoY) and PAT of ₹1,370 crore, but the operating driver was land monetization: about ₹1,200 crore pre-sales and ₹600 crore PAT, while residential pre-sales rose only 4% to ₹4,630 crore due to near-zero launches. Management reaffirmed FY27 pre-sales guidance of ₹24,000 crore, guided Q2 at ₹5,000 crore+, and expects DevCo to be net debt-free in 2-3 years. FY27 PAT is guided at roughly ₹4,100 crore, and RentCo targets a ₹3,000 crore+ run rate by FY32. The main risk is a prolonged Middle East conflict, which could add 1-1.5% construction costs and 35-75 bps project EBITDA impact. |
| LTFOODS LT Foods Limited FMCG - Rice ·Improving · Maintained | FMCG - Rice | Improving | Maintained | LT Foods reported Q1 FY27 revenue of ₹3,161 crore, up 26.4% YoY, with EBITDA of ₹363 crore at an 11.5% margin and PAT of ₹183 crore. Core basmati drove the quarter, growing 34% on 11% volume with stable 13% margins, while organic restructuring and Middle East freight disruption from ₹200 to ₹4,000 compressed consolidated margins. Management guides organic EBITDA to ₹70-80 crore by FY27-end, basmati growth of 10-12%, RTH 15-20%, and RTH break-even at ₹400 crore revenue in 2-3 years. Main risk is El Niño crop clarity by mid-August, alongside US tariff volatility and unbooked duty refunds pending customer negotiations. |
| LTM LTM Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | LTM reported Q1 FY27 revenue of USD 1,224 million, +0.3% QoQ/+6.4% YoY CC, with EBIT margin up 40 bps to 15.5%. The quarter was driven by New Horizons operating efficiencies plus forex benefit, offsetting a ~1% wage hike, as Financial Services returned to +3.2% QoQ growth. Management guides FY27 organic CC growth above FY26's 6%, accelerating Q2 through H2, with Randstad closing end-Q2/early-Q3 and FY27 margins similar or better. Risks are India income-tax hardware/memory shipment delays, Middle East escalation (under 3% of revenue), and Randstad's possible 1-2 quarter amortization impact. |
| MADHUSUDAN Madhusudan Masala Ltd. Food - Processing - Others ·Improving · Raised | Food - Processing - Others | Improving | Raised | Q1 FY27 revenue rose 34.5% YoY to ₹98.28 crore, with EBITDA at ₹11.1 crore, an 11.3% margin, and PAT at ₹6.5 crore. Growth came from branded mix at 72% of revenue and 29.7% volume growth to 8,134 MT, not pricing, as ground spice prices are market-driven and gross margin declined YoY. Management reaffirmed FY27 revenue guidance of ₹400+ crore and 11.5% EBITDA margin, with Sanosara's 6,000 MTPA commissioning set for September 2026. Key risks are commodity inflation, with 20–25% chili price rises yielding only ~5% price realization, and inventory days near 140. |
| MBAPL Madhya Bharat Agro Products Limited Fertilisers ·Improving · Maintained | Fertilisers | Improving | Maintained | Q1 FY27 revenue was near flat at ₹416 crore, but EBITDA rose 16% YoY to ₹66 crore and PAT rose 17% YoY to ₹33 crore, aided by low-cost raw material inventory bought in March. Production of 99,224 MT trailed sales of 101,583 MT because delayed monsoon and raw material shortages cut industry output, with utilization around 45% at SSP and 43% at NPK/DAP plants. Management expects raw material issues largely resolved, ~90% utilization at existing plants, ~60% at new Dhule NPK/DAP after October 2026 commissioning, over 50% turnover growth, and maintained FY27 EBITDA. Main risks are elevated ammonia and sulfur prices, West Asia supply chain disruption, and unfinalized funding for the October 2027 Dhule phase backing the ₹3,500 crore FY28 revenue target. |
| MGL Mahanagar Gas Limited Gas Distribution ·Improving · Maintained | Gas Distribution | Improving | Maintained | MGL's Q1 FY27 volume was 4.766 MMSCMD, up 7% YoY, with EBITDA at ₹343 crore and PAT at ₹194 crore, up 31.7% and 46.8% QoQ respectively. The margin driver was I&C alternate-fuel-linked realizations up ₹27-32/scm on Brent averaging $95-100, offsetting a 20% mandated gas curtailment that cut I&C volume 7.2% YoY to 0.648 MMSCMD. Management guides FY27 CNG growth of 8-9%, 8-10 lakh DPNG connections, capex of ₹1,500-1,800 crore, and an ₹8-9/scm EBITDA as a long-term endeavor rather than a quarterly target. The key risk is gas supply: pool gas was withdrawn ~July 4, contracted RLNG remains under force majeure, spot LNG touched ~$20/MMBtu, pressuring Q2 margins. |
| M&MFIN Mahindra Finance Finance & Investments - CV Finance ·Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | Mahindra Finance reported Q1 FY27 consolidated PAT of ₹927 crore, up 75% YoY, with AUM up 13% and GS3 at 3.47%, an eight-year low. The driver was 20% wheels growth plus 79% non-wheels growth, while credit cost fell to 1.5% and the Udaan stack processed ₹15,000 crore of disbursements with manpower flat at ~22,000. Management reaffirmed a 16%-18% AUM CAGR for FY26-FY31, a 1.3%-1.7% through-cycle credit cost band, and no capital raise for 6-8 quarters. The main risk is El Niño: delayed rains may pull Q2 tractor volumes down, alongside the ~₹5,500 crore liquidity buffer drag and deliberate CV exits. |
| MHRIL Mahindra Holidays & Resorts India Limited Resorts ·Improving · Maintained | Resorts | Improving | Maintained | MHRIL's Q1 FY27 standalone income rose 3% YoY to ₹424 crore, but PAT fell about ₹22 crore YoY to ₹54 crore, stable against Q4 FY26's ₹55 crore. The operating driver was renovation and premiumization: about 400 keys generated no revenue, Keystone sales rose 22% to ₹154 crore with AUR up 73% to ₹14.4 lakh, and resort revenue grew 10% to ₹126 crore at 86.7% occupancy. Management expects H2 FY27 to be significantly stronger, guides about 1,000 gross key additions against 600-700 exits, and targets 10,000 keys by FY30. The main risk is HCRO Finland, whose loss nearly doubled to ₹67 crore, with strategic review conclusion due in FY27 and dividends deferred to FY28. |
| MAHLIFE Mahindra Lifespace Developers Limited Construction & Contracting ·Improving · Maintained | Construction & Contracting | Improving | Maintained | Q1 FY27 residential pre-sales rose 106% YoY to ₹925 crore and PAT rose 67% to ₹86 crore on ₹962 crore revenue, driven by the Rainforest Kanjur launch (~₹600 crore in five weeks) and completions of Eden Phase 2 and Luminare at ~26% PBT margins. Industrial business was muted at ₹10 crore PAT due to deal lumpiness. Management guided FY27 residential pre-sales of ₹4,500-5,000 crore, launches of ₹6,700-7,000 crore, and ₹10,000-20,000 crore of business development additions. Main risks are fragile war-related sentiment, MMR inventory overhang of 16.5 months, and construction cost inflation, though management expects share gains via flight to quality. |
| MAHLOG Mahindra Logistics Limited Logistics - Warehousing/Supply Chain ·Improving · Maintained | Logistics - Warehousing/Supply Chain | Improving | Maintained | Q1 FY27 revenue rose 23% YoY to ₹2,003 crore and PAT swung to ₹25.4 crore from a ₹10.8 crore loss, helped by 58% Express growth with gross margin positive at 6% and Contract Logistics operating leverage. The underlying driver was M&M auto and farm momentum plus new manufacturing wins, while margin headwinds came from weekly site start-ups, manpower shortages and incomplete fuel pass-through. Management guides Express EBITDA breakeven in FY27, a 95% white-space cut by September 2026, and 150-200 bps gross margin expansion medium-term. The main risk is ~60% revenue concentration with M&M, plus Freight Forwarding revenue falling 39% YoY. |
| MANAKCOAT Manaksia Coated Metals & Industries Limited Aluminium Products ·Improving · Maintained | Aluminium Products | Improving | Maintained | Q1 FY27 revenue rose 15% QoQ to ₹263 crore and EBITDA jumped 86% QoQ to ₹29.08 crore (11.06% margin), with record ₹10,400 EBITDA per ton. The recovery came from full cost pass-through pricing, the completed shift from galvanized to Alu-Zinc, and exports at 65% of volume with four new markets. Management guides FY27 revenue of ₹1,300-1,350 crore on ~150,000 tons and FY28 revenue of ₹1,700-1,750 crore, backed by Q2 commissioning of a second coating line and solar plant. Risks are LPG costs still ~25% above pre-war levels, Alu-Zinc utilization only 62% with volume down YoY, and ₹350 crore Phase 2 capex within a 1.25x debt-to-equity cap. |
| MANBA Manba Finance Ltd. NBFC - Others ·Improving · Maintained | NBFC - Others | Improving | Maintained | Q1 FY27 NII of ₹42 crore and PAT of ₹13 crore, both up 36% YoY, with AUM at ₹1,731 crore (+22% YoY, +1% QoQ on seasonal Q1). The driver was 37% YoY disbursement growth in core vehicle finance plus a shift toward higher-yield top-up, personal and used-vehicle loans, supported by 85% in-house collections. Management guides to 35-40% FY27 AUM growth, NIM of 13-14%, ROA of ~3.5%, 2W share down to 75-77% by FY27 end, and a ₹100 crore preference capital raise by Sep/Oct 2026. Main risk: CRAR fell from 29.81% in FY25 to 24.40%, and borrowing costs rose 15-20 bps to 10.86%, so any capital raise delay or cost-of-funds pressure would constrain the guided growth. |