| MANKIND Mankind Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue was ₹4,031 crore, up 12.9% YoY, with EBITDA margin up 250 bps to 26.3% and PAT up 29.1% to ₹574 crore despite a higher 25.4% effective tax rate. Growth came from domestic business up 10.5%, chronic up 15.8% and acute up 10.9%, plus international up 29% with a ~12-13% currency benefit. Management kept FY27 guidance of 25.5-26.5% EBITDA margin, gross margin above 71%, double-digit domestic growth, and high-teens BSV/international constant-currency growth. The caveat is possible Q2 gross margin compression from the West Asia crisis, commodities and dollar strength, while new-launch contribution of 2.8% remains below IPM's 4.1%. |
| MARUTI Maruti Suzuki Auto - 4 Wheelers ·Improving · Maintained | Auto - 4 Wheelers | Improving | Maintained | Maruti Suzuki reported Q1 FY27 domestic wholesale of 534,000+ units (+33% YoY), net sales of ₹49,960 crore (+36.4%), but net profit fell 10.9% YoY to ₹3,350 crore. The driver was a ~300 bps commodity margin hit from the West Asia conflict, including ~110 bps from a temporary monthly settlement cycle to protect suppliers. Management kept FY27 volume guidance at ~10% supply-constrained, commissioned two 250,000-unit plants for ~2.9 million capacity, and expects June ~50 bps plus August price hikes and Q2-Q3 settlement reversal to aid margins. Main risks are unquantified CAFE 3 pass-through, volatile commodity prices, and 4-6 month ramp-up of new plants, with order book at ~130,000 units. |
| MASTEK Mastek Limited IT - Software ·Mixed · Maintained | IT - Software | Mixed | Maintained | Q1 revenue was $104.8 million, up 1.8% QoQ constant currency, with EBITDA margin of 15.4% hit by Middle East bench costs and delayed collections. Backlog rose to $310 million, aided by a $25 million North America AI deal, while top-5 client revenue fell 12% YoY on an NHS England project timing gap. Management expects FY27 revenue to exceed FY26, with U.K. healthcare recovering from Q2 and North America turning around by H2. Main risks are Middle East ramp unpredictability and ~15% renewal discounting, plus Q2 ESOP and increment costs. |
| MEDPLUS MedPlus Health Services Limited Pharmacy Distribution ·Mixed · Maintained | Pharmacy Distribution | Mixed | Maintained | Q1 FY27 revenue was ₹1,879.6 cr with pharmacy up 21.8% YoY, but consolidated operating EBITDA margin fell to 3.5% (₹65.1 cr). The margin miss came from a ~200 bps YoY pharma private-label mix decline, ₹11-12 cr inventory provisions versus ₹4.5-5 cr in Q4 FY26, and wage hikes Karnataka +60%, Telangana +25% effective June 1, 2026. Management kept FY27 guidance of 800 net store additions and ~₹400+ cr operating EBITDA, expecting private-label mix recovery of 0.25-0.5% per quarter and a membership fee hike from ₹99 to ₹149. Main risks are the full-quarter labour cost hit from Q2, 27 franchisee closures with average age 0.7 years, and ~₹1,150 cr promoter debt with no reduction timeline. |
| MEESHO Meesho Ltd. New age - Platform - E-Retail ·Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | In Q1 FY27, Meesho's annual transacting users rose 29% YoY and frequency 9%, while AOV fell 2% versus a ~5% baseline as polyester inflation and fuel pass-through slowed deflation. The operating driver was logistics efficiency: cost per delivered order dropped ~₹1 QoQ despite May fuel and wage hikes, and ~two-thirds of sellers advertise. Management reaffirmed a ~25% five-year NMV CAGR, said Q2 FY27 YoY growth will look lower because Diwali shifts the sale to October, and kept Horizon 2 losses at ₹39 crores within the ~₹200 crore annual cap. The main risk is scrutiny of the Valmo GTA restructuring after a proxy advisory asked SEBI, though no regulator has communicated, and competition remains intense. |
| MENONBE Menon Bearings Limited Auto Ancillaries - Bearings ·Improving · Maintained | Auto Ancillaries - Bearings | Improving | Maintained | Menon Bearings posted record Q1 FY27 consolidated revenue of ₹91.79 crores, up 36.6% YoY, with PAT up 67% and consolidated EBITDA margin around 21.5-22%. The beat came from bi-metal demand at ~80% utilisation, a product-mix-driven jump in brake margins to 25% from 12-14%, and pre-invested capacity, not price increases. Management kept FY27 revenue guidance at a conservative ~₹360 crores, expects ₹65-75 crores of incremental US/Canada business in FY27-FY28, exports at ~37% of revenue by FY28, and railway brake revenue of ₹5-6 crores after the dynamometer is commissioned in August 2026. Risks are the Strait of Hormuz disruption, monsoon-dependent tractor demand, Chinese competition in export brake markets, and raw material inflation not fully passed on. |
| MOLDTKPAC Mold-Tek Packaging Limited Packaging - FMCG/Consumers ·Improving · Maintained | Packaging - FMCG/Consumers | Improving | Maintained | Q1 FY27 revenue crossed ₹300 crore (19% YoY value growth), but volume rose only 6% because lube volumes fell 17% on Iran war base oil disruption. EBITDA per kg rose 12% to ₹46.7 from FY26 average ₹40.7, driven by permanent overhead savings from Hyderabad consolidation (5 to 2 units) and higher-margin pharma/food mix. Management guides FY27 volume growth of 10-12%, EBITDA per kg ₹44-45, and capex ₹90 crore, with pharma revenue targeted at ₹50-55 crore. The main risk is raw material price volatility after PP copolymer swung from ₹107/kg to ₹160 and back to ₹145, squeezing gross margins to 41.31% and raising working capital to ₹125 crore. |
| MONOLITH Monolithisch India Limited Improving · Maintained | | Improving | Maintained | Monolithisch Q1 FY27 revenue was ₹47 cr, +64% YoY, with EBITDA margin 28% and PAT ₹10 cr, +135% YoY. Growth came from the SGB Limited premium product, ~50% of revenue versus ~15% in Q4 FY26, at ₹700-800/MT price premium on ₹250-300/MT added cost. Management guided Q2 FY27 revenue of ₹55-60 cr and FY27 of ~₹250 cr, with EBITDA margin at 22-25%, as SGB mix rises to 60-65% and greenfield starts September 2026. Greenfield capacity needs 1-1.5 years to reach 90-95% utilization, while steel demand swings can cause 2-5% quarterly misses; unorganized players serve ~14 lakh tons of the 18-22 lakh ton market. |
| MSUMI Motherson Sumi Wiring India Limited Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Motherson Sumi Wiring reported Q1 FY27 revenue of ₹3,407 crore, up 37% YoY, but EBITDA margin fell 220 bps to 7.6% and PAT rose only 1% to ₹145 crore. Growth came from greenfield capacity and new customer program ramp-ups, beating the 17% Indian PV industry rise, while a 53% YoY copper price jump and multi-state minimum wage hikes compressed margins. Management gave no formal margin guidance, only said constructive OEM cost recovery talks continue and EV revenue share rose to 8.5% from 6.6% in FY26. Main risk is incomplete cost pass-through; net debt ex-leases of ₹40 crore replaced net cash of ₹56 crore at March 2026 after a ₹575 crore dividend. |
| MOTILALOFS Motilal Oswal Financial Services Limited Finance - Capital Markets - Wealth Management ·Improving · Maintained | Finance - Capital Markets - Wealth Management | Improving | Maintained | Q1 FY27 operating PAT was ₹609 crore, up 14% YoY, with asset and private wealth AUM at ₹4.5 lakh crore, up 34% YoY. The driver was annuity revenue reaching 66% of group revenue and MF net flow share of 4.2% against 2.9% AUM share. Management guides eight more AMC funds passing three-year vintage by March 2027 and recurring ₹66 crore quarterly carry income. Risks: wealth TBR revenue fell about 50% YoY, HFC Q1 credit cost was ~1% seasonally, and IB fees depend on execution windows. |
| MPHASIS Mphasis Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Mphasis reported Q1 FY27 revenue of $471M, up 2.1% QoQ and 8.3% YoY in constant currency, with EBIT margin down 60bps from TAP acquisition costs (~0.35%) and ramp-up investments. The real driver was AI-led deal conversion: net new TCV of $461M, the fifth quarter above $400M, with 63% of wins AI-led and an all-time high pipeline. Management guided Q2 to deliver the best sequential constant currency growth in three years and maintained FY27 forecasts of high single-digit to low double-digit revenue growth, 14.75%-15.75% EBIT margin, and 80% OCF conversion. Main risks are margin pressure from the TAP earn-out and utilization normalization, plus macro and hedge losses; management said traditional discretionary spend will not return. |
| MPSLTD MPS Limited E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 FY27 revenue rose 20.4% YoY to ₹224.24 crore and EBITDA 53% to ₹76.96 crore, with margin 34.3% versus 27.0%. The driver was under 3% headcount growth, AI-enabled production and a shift to outcome-based revenue, with Ex-AJE core up 26.3% and Corporate Learning margin up from 16.9% to 25.3%. Management reaffirmed FY27 EBITDA guidance to comfortably cross ₹300 crore and cited FY28 targets of ~₹1,500 crore revenue and ~₹450 crore EBITDA. Main risks are Corporate Learning organic growth of 6.9% versus a 12-13% market and the deliberate AJE pruning dragging reported growth until client base stabilizes. |
| MUTHOOTCAP Muthoot Capital Services Limited Finance & Investments - CV Finance ·Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | Q1 FY27 PAT was ~₹8 crore on ₹3,300 crore AUM, with GNPA down 182 bps YoY to 3.94% after a ₹203 crore ARC sale. The real driver was own-sourced retail, now 84% of the book, lifting income to ₹160 crore while co-lending shrank to ₹499 crore. Management guides FY27 AUM of ₹4,000-4,200 crore, pre-tax ROA ~2.5%, retail GNPA sub-4%, and 40-50 bps lower funding costs after the AA- upgrade. Risks include unknown war impact, ARC security receipt recoveries on ₹81 crore, and corporate NPA resolution in 6-8 months. |
| MUTHOOTFIN Muthoot Finance Limited Finance & Investments - Gold Loan ·Mixed · Maintained | Finance & Investments - Gold Loan | Mixed | Maintained | Muthoot reported consolidated Q1 FY27 AUM of ₹1,91,532 Cr, up 43% YoY, and PAT of ₹2,825 Cr, up 43% YoY, driven by gold loan growth despite standalone NIM compression to 10.41%, down 297 bps QoQ. Standalone gold AUM rose 44% to ₹1,63,299 Cr, aided by gold price of ₹12,942/gm, up 47% YoY, while standalone ROE fell 757 bps QoQ to 26.60%. Management gave no explicit forward guidance in the investor presentation, instead highlighting pan-India expansion and digital originations. The main risk is margin pressure from yield compression and higher borrowing costs, with standalone interest spread down 140 bps QoQ and write-offs at ₹861 Cr. |
| NSDL National Securities Depository Limited Finance - Capital Markets ·Improving · Maintained | Finance - Capital Markets | Improving | Maintained | NSDL standalone total income rose 15.3% YoY to ₹219.7 crore in Q1 FY2027 and PAT rose 7.9% to ₹89.1 crore; consolidated income grew 61.6% on Payments Bank revenue. Growth was driven by ~60,000 unlisted companies onboarded over two years lifting folios to ~14 crore; incremental Demat market share rose to 17.6% from 15.5%. Management expects standalone EBITDA margin, down to 57.8% on front-loaded technology and hiring, to normalize over the medium term, and Payments Bank margins to improve after the low-margin partner onboarding peaked in Q1. The main risk is FPI outflows for a third straight quarter and renewed West Asia hostilities pressuring account additions, with newly added DPs not yet translating into numbers. |
| NAVNETEDUL Navneet Education Limited Printing & Stationery ·Mixed · Maintained | Printing & Stationery | Mixed | Maintained | Q1 FY27 revenue was ₹785 crore, with publication down 3% YoY to ₹405 crore because Maharashtra/Gujarat curriculum changes pushed sales to Q2, while stationery rose 2% YoY to ₹380 crore on domestic growth of 26%. The real driver is domestic stationery penetration and delayed curriculum-led book demand; exports fell 9% on tariffs, Gulf/US disruptions and polymer plant utilization near 30%. Management forecasts FY27 publication growth of 10%, domestic stationery growth of 15-17%, export stationery down 5%, and stationery EBITDA margin of 10-11% after branding investments. Main risk is US channel inventory staying elevated with muted reorders and no confirmed tariff refund passback, leaving underabsorbed polymer overheads unresolved. |
| NAZARA Nazara Technologies Limited Entertainment & Media ·Improving · Maintained | Entertainment & Media | Improving | Maintained | Q1FY27 consolidated revenue fell 14% YoY to ₹429 crore, ex-NODWIN comparable up 9%; EBITDA was ₹46 crore and PAT loss was ₹82 crore from ₹62 crore associate losses and ₹22 crore impairment. Gaming revenue rose 14% to ₹275 crore but EBITDA margin fell to 19.5% from ~24.5% on higher user acquisition spend; Bluetile/BestPlay pre-consolidation revenue grew 54% to ₹518 crore with margin down to 10.7% as UA spend hit 85% of revenue. Management guided Bluetile/BestPlay consolidation from Q2FY27 after the USD 303 million all-cash acquisition, NODWIN organic growth ~30% for FY27, and healthier Sportskeeda EBITDA in Q2/Q3. Main risk is integration execution and whether elevated UA spending sustains unit economics, with NODWIN associate losses continuing. |
| NEOGEN Neogen Chemicals Limited Speciality Chemicals ·Improving · Raised | Speciality Chemicals | Improving | Raised | Neogen Chemicals reported Q1 FY27 revenue of ₹250 crore, up 34% YoY, with EBITDA margin at 19.3% and PAT of ₹17.1 crore, up 67%. The beat came from organolithium at full 300 tpa utilization and inorganic lithium by-product recycling, with Neogen Ionics contributing ₹19 crore largely from electrolyte salt exports. Management raised standalone FY27 revenue guidance to ₹950-1,050 crore, guided battery chemicals to ₹300 crore in FY27 and ₹2,400-2,900 crore at full capacity in FY29, and announced a ₹600 crore QIP for deleveraging. Main risks are China spot lithium prices below contracted formula and Indian ACC PLI gigafactory ramp-up delays delaying electrolyte revenue. |
| NETWEB Netweb Technologies Data Centre ·Improving · Maintained | Data Centre | Improving | Maintained | Q1 FY27 revenue rose 172.1% YoY to ₹819.7 crore, PAT rose 179.9% to ₹85.3 crore, and EBITDA margin was 14.7% against the guided 13-14% band. Growth was driven by AI segment revenue of ₹510.6 crore, 62% of revenue, up 484% YoY, with about ₹430 crore of the ₹1,600 crore strategic order executed. Management sees combined order book and L1 of ~₹3,355 crore plus a ₹10,410 crore pipeline, expecting ~60% conversion over 18-24 months, and maintains the 13-14% margin guidance. The main risk is working capital strain: net debt of ₹199.9 crore, inventory at 110 days as a hedge against GPU and memory scarcity, execution timelines stretched to 16-20 weeks, and an undecided ₹1,200 crore capital raise. |
| NEWGEN Newgen Software Technologies Limited IT Product Companies ·Improving · Maintained | IT Product Companies | Improving | Maintained | Q1 FY27 revenue was ₹357 crore, up 11% YoY, with PAT ₹63 crore, up 26%, and EBITDA margin 15.7%, but implementation revenue fell about 23% YoY on delayed EMEA and India project starts. Strength came from annuity revenue of ₹254 crore, up 14%, and SaaS/license subscription revenue of ₹60 crore, up 40%, while AI-led engineering efficiencies expanded margins. Management guides to double-digit FY27 revenue growth, around 20% EBITDA margin, and recovery of the roughly ₹12 crore implementation shortfall in Q2/Q3 from the unexecuted order book. Main risks are project kick-off timing, flat India revenue with 4-5% cost inflation, and an AI pricing model management calls work in progress. |
| NIITMTS NIIT Learning Systems Limited Computer Education ·Mixed · Maintained | Computer Education | Mixed | Maintained | Q1 FY27 revenue was ₹565.1 cr, up 25% YoY (11.4% CC), with 18.3% EBITDA margin and PAT ₹57.4 cr up 16.4%. Organic CC growth was 5% excluding the concluded Ontario real estate contract; MST and SweetRush added ₹23.1 cr and ₹43.1 cr, with industrials +35%, BFSI +33%, life sciences +29%, tech/telecom +8%, consulting -16% on two clients' budget pullbacks. Management guides FY27 high-single-digit revenue growth and 18-20% EBITDA margin, with Q2 revenue growth of 9-11% YoY affected by European vacation season, expecting Q3 revival and Q4 flattening. Main risk remains two large clients' L&D budget cuts in tech/telecom and consulting, plus macro-driven slower client decisions, despite $462 million visibility up 19% YoY. |
| NIITLTD NIIT Limited Computer Education ·Improving · Maintained | Computer Education | Improving | Maintained | Q1 FY27 revenue rose 14% YoY to ₹957m, with EBITDA loss narrowing to ₹14m from ₹63m and PAT up 85% to ₹81m, helped by opex growing 7% versus revenue 14%. The real driver was AI-led enterprise tech training, up 16% to ₹498m, and consumer up 27% to ₹339m, with AI programs now 9% of revenue, while order intake was ₹953m. Management guided to double-digit YoY revenue growth in Q2 FY27, near-breakeven EBITDA, and positive margins in H2, with capex past peak. Risks are muted fresher hiring, constrained private-bank L&D budgets, crowded IIT/IIM certification competition, and macro uncertainty, which management says AI demand can offset. |
| NAM-INDIA Nippon Life India Asset Management Limited Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | Q1 FY27 PAT was ₹504 crores (+27% YoY), operating profit ₹494 crores, revenue ₹767 crores, with MF QAAUM up 22.7% YoY at ₹7.52 lakh crores and MF market share at 9.04%, highest since June 2019. The driver is distribution de-risking: corporate share fell to ~37% from ~50% five years ago, no distributor exceeds 5%, equity net sales market share is double digits, and 90-95% of AUM ranks quartile 1-2. Management guides 18-20% OpEx growth ex-ESOP over the next 6-8 quarters for technology, brand and digital, and a 1-2 bps YoY blended yield decline. Risks are equity flow moderation if large-cap and multi-cap performance stress persists, volatile fixed income outflows, and voluntary gold/silver inflow caps. |
| NIVABUPA Niva Bupa Health Insurance Company Limited Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | Q1 FY27: total GWP grew 31.7% reported (23% like-to-like), retail health 47.1% reported, PAT ₹137.8 crore, and combined insurance service ratio improved 300 bps YoY to 100.2%. The driver was a 90 bps YoY retail loss-ratio improvement to 67.5%, from fresh-business quality and group selectivity, partly offset by a 90 bps expense-ratio rise from the retail mix shift. Management guided retail growth 8-10 pp above market, EUM stabilizing at 30-33% from 35.2%, and ROE reaching mid-to-high teens by FY29. Risks: flat group growth from claims-minus pricing, only ~100 bps EUM headroom versus the 36.2% allowable, and an uncertain infection season. |
| NUCLEUS Nucleus Software Exports Limited IT Product Companies ·Improving · Maintained | IT Product Companies | Improving | Maintained | Nucleus Software reported Q1 FY27 consolidated revenue of ₹210.4 crore, up 3.4% YoY, but EBITDA collapsed to ₹7.6 crore (3.6% margin) from ₹33.7 crore a year ago. The real driver was a cost spike: employee costs at ~75% of revenue, marketing/sales at 10% and G&A at 10.1% absorbed growth, while the ₹1,244 crore order book rose 19% QoQ after adding ₹300+ crore. Management forecasts revenue to pick up as the order book converts and expects EBITDA margin recovery and lower employee cost percentage once revenue scales above the ₹210-215 crore run-rate. Main risks are the long up-to-5-year implementation cycles delaying conversion, receivables days jumping from 42 to 63, and one major NBFC lost to a competitor. |
| NUVAMA Nuvama Wealth Management Limited Finance - Capital Markets - Wealth Management ·Improving · Maintained | Finance - Capital Markets - Wealth Management | Improving | Maintained | Nuvama reported Q1 FY27 revenue of ₹909 crore, up 18% YoY, operating PAT of ₹306 crore, up 16%, client assets of ₹5.36 lakh crore and ROE near 30%. The result came from record Wealth net new money of ₹3,000+ crore and Asset Services revenue up 34%, while Private total ARR net flows were only ₹1,000 crore after exiting low-yield legacy mandates. Management guides FY27 Wealth plus Private flows of ₹20,000-24,000 crore, Asset Services growth above 20-25%, cost-to-income near 55% and a cumulative AMC loss of ₹35-40 crore before breakeven. Risks include ₹15-20 crore of non-repeatable fixed-income gains, IPO volumes down 60-65% YoY, new derivative rules and moderation in Asset Services growth. |
| OBEROIRLTY Oberoi Realty Limited Realty - Regional ·Mixed · Maintained | Realty - Regional | Mixed | Maintained | Oberoi Realty booked ₹8,000+ crores at Three Sixty North, its first NCR launch, selling 1.4 msf in Q1 FY27; residential revenue recognized fell to ₹880 crores from a ₹1,300–1,400 crores prior average. Management said the revenue dip and margin decline to 51–52% from 55% reflected possession/payment timing and project mix, not demand or cost overruns. Guidance: FY27 launches include Adarsh Nagar in Q3, Aurelius, two Thane towers and Alibaug; Sky City Mall targets ~100% occupancy, and management endorsed analyst-estimated ₹10,000–12,000 crores annual sales for FY27–FY28, "maybe even beyond." Main risk is Three Sixty North litigation, with no customer refunds sought but an adverse outcome potentially hurting reputation and timelines; revenue recognition stays lumpy. |
| PAYTM One97 Communications Limited E-Commerce - Platform - Utility ·Improving · Raised | E-Commerce - Platform - Utility | Improving | Raised | Paytm reported Q1 FY27 revenue growth of about 28% YoY and EBITDA margin ex-PIDF of 8%, up from 1% YoY. The driver was broad GMV growth of 31% YoY, with MTU up 8%, consumer GTV up 45% and DAU above January 2024, but net payment margin fell to 8.4 bps from 8.8 bps on subscription waivers and stricter revenue recognition. Management guided to aiming for higher revenue growth, 15-20% EBITDA margin in 2-3 years possibly sooner, meaningful Postpaid contribution in FY28, and an AI revenue line within a year. Main risks are UPI MDR policy uncertainty, digital lending regulation, travel headwinds, and non-receipt of last year's P2M incentive. |
| ONESOURCE Onesource Specialty Pharma Ltd. Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue was ₹4,490 million, up 37% YoY, and EBITDA was ₹1,233 million, up 39% YoY and 34% QoQ. The driver was semaglutide drug-device combination mix, not volume: USD revenue was roughly flat QoQ, with DDC and injectables at full utilization. Management reiterated FY28 guidance of US$400 million organic revenue and 40% EBITDA margin, adding a second cartridge line this quarter, a third by FY27 end, and a fourth later in FY28. Main risks are Dr. Reddy's temporary supply disruption, despite management claiming no impact, plus new-line ramp-up, US generics tariffs, and Suez freight delays. |
| ONWARDTEC Onward Technologies Limited IT - ER&D ·Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue hit ₹151.2 crore (up 11.5% YoY, 8.7% QoQ), EBITDA margin 12.3% (up 113 bps QoQ), PAT ₹11.2 crore (up 16.9% QoQ). The driver was mining existing 73 MSA clients: $1M+ accounts rose 16 to 18, and a ₹33 crore ODC contract with a North American power management company lifted FY27 order book ACV above FY26 revenue. Management guides double-digit FY27 revenue growth, sustained double-digit EBITDA margins, ODC billing from Q2 and full revenue in Q3, plus 20-50% YoY healthcare growth. Main risks: subcontracting costs jumped 36% YoY to ₹34 crore from Middle East travel limits, European automotive OEM cancellations, offshore mix timing, and top-25 clients making up 87% of revenue. |
| ORIENTCEM Orient Cement Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | Q1 FY27 revenue was ₹9,500 crore, operating EBITDA ₹1,589 crore with a 16.7% margin up 331 bps QoQ, but volume fell 7% YoY. Reported profitability improved on trade share at 78%, premium products at 34% of trade sales, and net operating cost down ₹206/ton to ₹4,241 despite absorbing ₹110/ton West Asia fuel impact. Management guides FY27 volume growth of 8% YoY, net operating cost of ₹4,250/ton, capacity at 119 million tons by end FY27, and capex of ₹6,500 crore. The main risk remains imported fuel and freight cost volatility from West Asia, mitigated only partly by inventory buffers and a ₹130-150/ton savings pipeline. |
| ORIENTELEC Orient Electric Limited Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Orient Electric reported Q1 FY27 revenue growth of 23.5% YoY, PAT of ₹31.5 crores up 79.7%, and EBITDA margin of 7.0%, up 102 bps. Operating driver was summer demand and premiumization, with fans high double-digit, BLDC growing 36% to 27-30% of fan sales, and wires up over 200% on a small base. Management guides to 32-34% gross margin on BAU conditions, 14-15% CAGR to ₹5,000 crores, and a double-digit EBITDA path. Key risk is unprececedented copper and aluminum inflation, with six fan price hikes cumulative 15-16% potentially hurting demand as gross margin sits at 29.8%. |
| PARADEEP Paradeep Phosphates Limited Fertilisers ·Improving · Maintained | Fertilisers | Improving | Maintained | Paradeep Phosphates reported Q1 FY27 revenue of ₹6,124 crore (+36% YoY), EBITDA of ₹742 crore and PAT of ₹393 crore. The result came from low-cost opening inventory, full captive sulfuric acid utilization and a tactical DAP shift (+55% YoY), lifting EBITDA per ton to ~₹7,000 from ₹6,500. Management guides FY27 sustainable EBITDA per ton of ~₹5,000, with phosphoric acid expansion to 7 lakh tons by September 2027, a ₹3,500–3,600 crore capex around mid-FY30, and a ₹250 crore AlF3 plant. Risks are sulfur above $1,000/ton from Strait of Hormuz disruptions, phosphoric acid output at ~70% capacity, NPK volumes down 9%, and the new urea policy hitting Bangalore by ₹700–800/ton. |
| PCBL PCBL Chemical Limited Carbon Black ·Improving · Maintained | Carbon Black | Improving | Maintained | PCBL Chemical Q1 FY27 consolidated revenue rose 17% YoY to ₹2,474 crores, EBITDA 23% to ₹400 crores, and PAT 65% to ₹155 crores. Reported strength was driven by ~₹70 crores low-cost inventory gains from Brent at $97/bbl, with carbon black EBITDA per ton at ₹22,900 versus normalized FY27 guidance of ₹16,500–17,000. Management guides high single-digit FY27 volume growth, ₹40–50 crores inventory gain reversal in Q2, and ₹200–250 crores cost savings over 4–6 quarters. Main risks are Q2 customer destocking, elevated freight only partly recovered, and crude volatility delaying Aquapharm oil and gas recovery. |
| PINELABS Pine Labs Ltd E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Q1 revenue grew ~20% YoY with adjusted EBITDA at ₹126 Cr, below the internal ₹135–140 Cr target. The miss came from front-loaded sales, cloud/network costs, and the merchant-paid device model, which cut contribution margin to ~72–73% from the historical 73–75%. Management guides FY27 revenue growth of 21–23.5%, H2 contribution margin of 73–74%, EBITDA margin no lower than FY26's 23.5%, and a 28–29% effective tax rate versus Q1's 46%. The risk is that unrecognized international losses and distribution-first expansion delay both margin recovery and tax normalization. |
| PIRAMALFIN Piramal Finance Ltd Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Piramal Finance reported Q1 FY27 PAT of ₹461 crore, up 67% YoY, on AUM of ₹1,06,940 crore (up 25% YoY; Growth AUM up 32%), with Growth ROAUM of 1.9%, up 33 bps YoY. The driver was retail momentum: mortgages up 30% YoY to ₹61,199 crore and unsecured up 45% to ₹21,412 crore, while retail 90+ DPD stayed at 0.7%, though wholesale prepayments hit 74% of disbursements. Management reaffirmed FY27 guidance, including 2.5% Growth ROAUM exit by Q4, 200 gold branches by March 2027, and a ₹4,000 crore approved capital raise to keep CRAR above the 18% floor, currently 18.85%. The main risk is early stress signals in Southern India IT salaried customers, more visible in secured products, plus a slight LAP 90+ uptick from four idiosyncratic cases, with no NPA flow yet. |
| POONAWALLA Poonawalla Fincorp Limited Conglomerate Backed NBFC ·Improving · Maintained | Conglomerate Backed NBFC | Improving | Maintained | Poonawalla Fincorp reported Q1 FY27 AUM of ₹67,054 crore (+11.1% QoQ), PAT of ₹308 crore (+20.8% QoQ) and ROA of 1.98% (+17 bps QoQ). The operating driver was disbursement yield up 50 bps QoQ, lifting NIM to 9.10%, with credit cost down 11 bps to 2.40%, opex/AUM at 4.06% and 6-MoB 30+ improving to 0.64%. Management guides to 3.0-3.5% ROA by June 2028 exit and continuing structural QoQ credit cost improvement. Risks are cost of borrowings up 9 bps to 7.72%, fuel-price pressure on CV demand, and peer-flagged IT salaried stress that management says is absent in its book. |
| PRESTIGE Prestige Estates Realty - National ·Mixed · Maintained | Realty - National | Mixed | Maintained | Reported Q1 FY27 residential pre-sales were ₹6,579 crore with customer collections of ₹4,802 crore, but the driver was Hyderabad's Golden Grove launch, which contributed 49% of sales and pulled average realizations to ₹11,193/sq ft. Underlying operating pressure was cost and timing: construction costs rose, Q1 handovers were low, and two office projects slipped to June 2027, cutting FY27 office exit rental guidance to ₹865 crore. Management reaffirmed FY27 guidance of 15-20% pre-sales growth, ~₹25,000 crore gross collections, ₹8,500-9,000 crore free cash flow, and net debt increase of ₹1,000-1,500 crore, contingent on approvals rather than demand. The main risk is approval/RERA delays across the ₹45,000 crore launch pipeline, with Chennai's ₹13,000-14,000 crore launch calendar and cost inflation as execution watch items. |
| PRIVISCL Privi Speciality Chemicals Limited Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Q1 FY27 revenue was ₹666 crore (+19.2% YoY), EBITDA margin 24.58%, PAT ₹83.2 crore (+35.4% YoY). Growth came from volume, price, and mix, but gross margin fell to 44.2% from 51% because raw material costs normalized versus last year's low-cost advantage, offset by lower expenses, depreciation, and interest. Management reaffirmed a minimum 20% CAGR to ₹5,000 crore revenue and ₹1,000+ crore EBITDA in 3-4 years, with capacity rising to 54,000 MT by September 2026 and 66,000 MT by September 2027 under an ₹850-900 crore capex plan. The main risk is raw material price volatility, especially alpha-pinene at historic highs, with raw material costs guided to stay at 52-54% of sales, plus project delays. |
| PRUDENT Prudent Corporate Advisory Services Limited Finance - Capital Markets ·Improving · Maintained | Finance - Capital Markets | Improving | Maintained | Q1 FY27 net profit rose 44% YoY to ₹74.8 crore on 21% YoY average AUM growth to ₹1.33 lakh crore, but the reported beat came from a one-time regulatory reset, not demand. April 2026 exit-load/GST changes cut MF yield to ~88 bps from 91.2 bps; commission expense growth slowed to 9.8%, lifting operating profit 32% YoY to ₹89.1 crore. Management guides FY27 to ~30 branches, employee cost growth of 22-24%, yield near 88 bps, and commission/revenue near 56.2%. Risk: industry net sales stay soft near ₹3,700 crore a quarter and ~40% of AUM sits with non-GST partners whose arbitrage disappeared, so gains depend on continued migration. |
| PSB Punjab & Sind Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | Q1 FY27 net profit was ₹331 crore (+23.05% YoY) on 15.27% business growth to ₹2,66,420 crore, with advances up 19.35% led by retail, MSME and agri. Driver was shedding low-yield corporate assets; NII rose 15.33% YoY, but treasury income fell to ₹80 crore from ~₹200 crore, leaving operating profit flat at ₹545 crore. Management kept FY27 guidance: 13-14% deposit growth, 16-18% credit growth (18-20% achievable), NIM 2.60-2.65%, ROE ~12%, core fee income ₹900-1,000 crore, net slippage below ₹600 crore. Risks: MSME slippage uptick from global effects, treasury volatility with crude near $90, ECL pre-funding before April 2027, and FCNR(B) constrained until Gift City opens in Q3. |
| PNB Punjab National Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | PNB reported Q1 FY27 net profit of ₹5,253 crore, roughly flat QoQ after a deliberate ₹390 crore ECL floating provision, with core operating profit up 35.7% YoY. The driver was balance-sheet rejigging: it shed ₹22,411 crore of low-yielding IBPC and ~₹40,000 crore of sub-7% corporate advances while retail ex-IBPC grew 17.5%, MSME 19.8% and agri 16.4%, lifting domestic NIM to 2.64%. Management guided FY27 GNPA below 2.5%, cost-to-income of 47-48%, recoveries of ₹13,000 crore, and an ECL transition provision of ₹9,500-10,000 crore by April 2027. Key risks are poor monsoon impact on agriculture and whether margin gains survive industry NIM compression. |
| PVRINOX PVR INOX Limited Entertainment & Media ·Improving · Maintained | Entertainment & Media | Improving | Maintained | Q1 FY27 Ind AS 116 revenue rose 12% YoY to ₹1,642 crore, EBITDA nearly doubled to ₹230 crore (14% margin), and PAT swung to ₹71 crore from ₹34 crore loss. Admissions grew 8% to 36.6 million, ATP 8% to ₹273, SPH 9% to ₹161; film hire fell 200 bps and ~20% premium screen mix aided pricing. Management guided FY27 to 90-100 gross/~80 net screen adds, ~₹350 crore CapEx, film hire at 45-45.5% of box office, on net cash of ₹80 crore and asset-light tier 2/3 expansion. Risks are zero Q1 openings from licensing delays, occupancy below pre-COVID (FY26 150 million vs ~160 million), and H2 depends on Ramayan, King, Love & War and Hollywood tentpoles. |
| RRKABEL R R Kabel Limited Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | R R Kabel reported Q1 FY27 revenue of ₹3,168 crore, up 54% YoY, EBITDA of ₹285 crore (9.0% margin) and PAT of ₹205 crore including a ₹14 crore exceptional gain. The beat came from wires and cables, where volumes rose 17% and revenue 57%, lifting segment margin to 9.9%, while FMEG grew 28% to operational breakeven. Management forecasts ~18% FY27 volume growth and a 10.5% W&C segment margin by FY28, with Rs 600-650 crore capex in FY27. Risks include commodity and FX swings, quarter-end destocking, FMEG's seasonally softer Q2, and U.S. tariff uncertainty delaying export scaling. |
| RADICO Radico Khaitan Limited Alcoholic Beverages ·Improving · Raised | Alcoholic Beverages | Improving | Raised | Radico's Q1 FY27 record revenue of ₹1,684 crore and 10 million cases came with an EBITDA margin of 20.7%, but total IMFL volumes rose only 3% YoY. The real driver was vodka premiumisation: P&A volumes grew 36%, Magic Moments 43% to 3.25 million cases, and gross margin gained 610 bps from price hikes and benign raw materials, partly offsetting ₹30 crore packaging inflation. Management raised FY27 volume growth guidance to 25%+ from 20–25%, reiterated ~20% EBITDA margin, and expects net debt-free by Q2 FY27. Main risks: state policy changes (Maharashtra/Karnataka already suppressed volumes, Tamil Nadu privatisation uncertain), West Asia packaging cost volatility, and FTA-driven luxury pricing pressure. |
| RAILTEL RailTel Corporation of India Limited Railways ·Improving · Maintained | Railways | Improving | Maintained | RailTel Q1 FY27 revenue was ₹893 crore, up 20% YoY, but PAT stayed flat at ₹66 crore due to non-cash ECL provisions on aged government receivables. Growth came from projects at ₹532 crore off a ₹11,747 crore order book, with Q1 inflows of ₹1,688 crore (+134% YoY), while NLD revenue fell to ₹134 crore from ₹151 crore on pending renewals. Management maintained ~25% FY27 revenue growth, guided ₹3,000–3,500 crore project revenue at 4–5% margins, Kavach revenue from FY27 pending RDSO approval, and data center revenue of ~₹300 crore FY27 and ~₹500 crore FY28. Main risks are RailWire ARPU pressure from FWA competition, NLD renewal timing, and ECL-driven quarterly volatility. |
| RAINBOW Rainbow Children's Medicare Limited Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Q1 FY27 operating revenue was ₹470 crore (+33% YoY, ~24% like-to-like), EBITDA margin 28.6%, and PAT ₹62.5 crore (+16%). Growth was driven by 28% higher discharges, 25% OPD growth, 23% deliveries, and 6% ARPOB, with Guwahati and Warangal adding ~₹38 crore revenue and ~10% EBITDA. Management guided Q2 FY27 revenue growth "in the range of 20s" and reiterated FY27 pre-Ind AS EBITDA margin of 24-25%, with operational beds past 2,000 by year-end under a plan for ~5,000 beds. The main risk is margin dilution from ~40% of current beds added in the last two years, with new hospitals needing 12-18 months to break even and Mumbai profitability still unquantified. |
| RALLIS Rallis India Limited Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Rallis reported Q1 FY27 revenue of ₹1,022 crore, up 7% YoY, with EBITDA up 23% to ₹184 crore and PAT up 31% to ₹125 crore including a ₹2 crore exceptional gain. Growth came from domestic B2C, up 19% with 15% volume growth and early price increases, while exports fell 28% on China pricing pressure and weak European pendimethalin demand. Management forecasts FY27 Indian agrochemical industry growth of 6-8%, price-led, prioritizes volume to take share, and reiterates a 15%+ EBITDA margin target even in a bad year. Risks include rainfall 15% below normal, kharif sowing down 21% YoY, possible Middle East-driven rabi input cost inflation, and a 15-20 day working capital increase from fertilizer-led channel cash crunch. |
| RKFORGE Ramkrishna Forgings Limited Castings, Forgings & Fastners ·Improving · Cut | Castings, Forgings & Fastners | Improving | Cut | Q1 FY27 consolidated revenue was ₹1,217 crore (+19.8% YoY, flat QoQ), with EBITDA margin at 17.96% and PAT ₹46.88 crore (+297% YoY). Operating leverage and better product mix drove the beat, backed by ₹293 crore order inflows where 82% of auto orders were domestic EV passenger vehicles. Management guides FY27 ROC of 12–15%, exports at ~35% of revenue on 20%+ growth, net debt cut of ≥₹500 crore to ~₹1,500 crore, revenue target delayed to ₹8,000 crore by FY29, and rail wheel bulk supply from September–October 2026. Main risks are West Asia escalation pushing up energy and shipping costs that are not fully pass-through, plus temporarily low realizations during casting ramp-up. |
| RBLBANK RBL Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Q1 FY27 net profit rose 27% YoY to ₹254 crores, helped by operating leverage and a ~22% tax rate, with advances up 23% YoY to ₹1,16,222 crores. Behind the numbers, NIM fell ~50bps over two quarters to 4.13% from repo pass-through, card interest reversals and deliberate repricing of high-cost savings and wholesale deposits, while card credit cost stayed at ~11-12% with ₹575 crores provisions. Management forecasts NIM up 30-40bps in Q2 FY27, card credit cost to ~5% by Q3 FY27 and ROA near 1% in Q2-Q3 FY27. Key risk: cards+PL slippages rose ~25% QoQ (~15-16% annualized), burdening H1 FY27, and the shift to lower-yielding secured/wholesale loans compresses spreads beyond Q2. |
| 540175 Regency Fincorp Limited Improving · Maintained | | Improving | Maintained | Regency Fincorp reported Q1 FY27 PAT of ₹7.0 crore on ₹345 crore AUM, with GNPA at 0.98% and total income up 86% YoY. Growth came from secured MSME lending, up 44% QoQ to ₹230 crore, and a newly launched ₹23 crore Cash My Salary digital book, while unsecured share fell from 26% to 18%. Management guides to ₹500–550 crore AUM, ₹75+ crore revenue, ₹25–30 crore PAT and cost of funds easing from 13.25% to 11.75–12.5% by FY27-end. Main risk is the fast-growing unsecured digital portfolio: the 1–1.25% GNPA guidance depends on day 0–1 collections of 95–96% holding. |
| RELIANCE Reliance Industries Limited Refineries ·Mixed · Maintained | Refineries | Mixed | Maintained | Q1 FY27 consolidated revenue rose 25% YoY; EBITDA exceeded ₹54,000 crore (up 10% excluding the prior-year Asian Paints gain) and PAT was ~₹23,200 crore, up 6%. The driver was O2C EBITDA up 17% to ₹17,000 crore on surging cracks like gas oil at $63/bbl, despite Hormuz closure, ~$20/bbl crude premiums, SAED and under-recoveries; Jio EBITDA margin hit 53.3%, up 150 bps. Management guides Retail EBITDA to double by FY30, FMCG revenue to ₹1 lakh crore by FY2030, KGD6 ceiling to ~$9.9 in H2 FY27, and three ethane VLECs to exceed the 1.6 million tonne design. Main risks: renewed Hormuz disruption and demand destruction (polymer demand fell 22%), plus retail margin compression from dark-store spending. |
| ROUTE Route Mobile Limited IT Enabled Services ·Improving · Maintained | IT Enabled Services | Improving | Maintained | Q1 FY27 revenue rose 9.6% YoY to ₹1,151.5 crores, but adjusted EBITDA margin fell to 9.5% and gross margin to 20.9%. Growth came from new products (RCS, WhatsApp, IP-based messaging), about 9% of revenue and up 14% YoY, while margins were hit by one large Indian banking customer's temporary traffic disruption, aggregator pressure and the Masivian security incident. Management holds its ~12% FY27 adjusted EBITDA margin forecast, guides 10-15% volume growth over two quarters and 21.5%-23% gross margin, with Heltar acquisition closing in weeks. Risks: restoring disrupted customer traffic, securing Masivian attestation, delayed Claro go-live now in Q2, ILD recovery dependent on operator pricing, and Meta's October 2026 WhatsApp LLM rules. |
| SAGCEM Sagar Cements Limited Cement ·Mixed · Maintained | Cement | Mixed | Maintained | Q1 FY27 volume rose 13% YoY and revenue 5%, but EBITDA per tonne fell to ₹451 and PAT to ₹28 crore as West Asia-driven fuel and packaging inflation outpaced partial price hikes. The real driver was higher South and MP demand plus the 0.5 MT Jeerabad expansion, with AP/Telangana demand up 11% YoY. Management forecasts FY27 volumes of ~7 MT excl. clinker (~15% growth) and EBITDA per tonne of ₹500-550, assuming ₹100/tonne cost inflation is offset by WHRS savings, the Jeerabad ramp and the Andhra mill; it also sees net debt dropping from ₹1,565 crore to ₹1,159 crore with ₹150 crore FY27 Vizag land proceeds pending a government GO. Risks are fuel moderation not assured before October, flat prices amid competitive intensity, and Andhra's ramp to only ~50% utilization versus a 60% year-end target. |
| SAKAR Sakar Healthcare Limited Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Q1 FY27 revenue from operations was ₹7,297 lakhs (+38% YoY), with EBITDA margin of 29% and PAT of ₹1,028 lakhs (+120% YoY). The driver was domestic oncology sales of ₹26.5 crore of ₹33 crore total, plus seven site variation approvals for Accord and Torrent, while exports were only ₹6.5 crore. Management forecasts oncology revenue of ₹186-188 crore in FY27, export revenue of ₹60-70 crore, 32+ marketing authorizations, and consolidated EBITDA margin above 30% by year-end. The main risk is export conversion lag: only 16 of 178 submitted dossiers have approvals, and first EU shipments face serialization and batch release delays. |
| SAMBHV Sambhv Steel Tubes Ltd. Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Sambhv Q1 FY27 revenue was ₹7,322 Mn, +31% YoY, operating EBITDA margin flat at 13.00%, PAT ex-exceptionals ₹566 Mn, +69% YoY. The driver was highest-ever value-added sales volume (structural 56,617 MT) and better realizations; other income lifted PBT margin to 10.50% from 8.06% YoY. Management guides a 150,000 MTPA brownfield structural DFT expansion with ₹500 Mn capex, stainless CR coil capacity doubled to 116,000 MTPA, and a GP coastal belt push. Risk: net debt/EBITDA rose to 1.00x from 0.78x FY26 end due to capex, working capital cycle extended to 21 days from 17, and GP pipe utilization is only 56.7%. |
| SAMHI SAMHI Hotels Limited Hotels ·Improving · Maintained | Hotels | Improving | Maintained | SAMHI reported Q1 FY27 total income Rs 3,083mn, up 10.8% comparable, with reported EBITDA down 4.1% to Rs 1,013mn due to Rs 92mn GST ITC impact. The real driver was domestic demand: same-store occupancy rose to 79.3%, RevPAR up 9.6%, domestic room nights 81%. Management guides FY27 comparable revenue growth of 9-11% and medium-term EBITDA margin near 40%, with W Hyderabad opening in Q4FY27 and 473 rooms being rebranded to upscale. Main risk is GST margin compression and delayed approvals, notably Hyatt Regency Pune apartments awaiting approval. |
| SAPPHIRE Sapphire Foods India Limited Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Consolidated revenue rose 15% YoY to ₹888 crore and adjusted EBITDA rose 37% to ₹75 crore, with restaurant EBITDA margin up 80 bps to 13.0%. The beat came from KFC's ₹99 value meal and dine-in/takeaway BOGO offers, lifting KFC SSG to +5%, Pizza Hut to +1% and Sri Lanka to +9%. Management kept KFC's 60-80 FY27 store guidance, expects Sri Lanka profitability to normalize in about two quarters, and keeps Pizza Hut expansion frozen pending CCI approval. Risks remain soft macro demand, weak June, Pizza Hut restaurant EBITDA at -3.6% from energy costs, and Sri Lanka margin pressure from rupee depreciation and wage/fuel inflation. |
| SATIN Satin Creditcare Network Limited Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | In Q1 FY27 Satin Creditcare reported consolidated AUM of ₹15,935 crore, up 27% YoY, and PAT of ₹123 crore, up 172% YoY, with standalone GNPA improving to 2.2%. The driver was record Q1 disbursements of ₹3,495 crore and 99.9% ex-bucket collection efficiency, but management deliberately took a ₹36 crore overlay, keeping reported credit cost at 3.06% and ROA at 3.55% versus 4.34% adjusted. Management guides FY27 consolidated AUM growth of 20-25% to ₹18,200-18,900 crore, reported credit cost of 3-3.5%, and reported ROA of 3.5-4%, to be reviewed after half-year. Main risks are a revised monsoon outlook and Assam floods affecting 44,000 borrowers (₹149 crore, ~5% of the Assam portfolio), with residual exposure supported by overlay, plus a flagged West Asia geopolitical concern. |
| SBFC SBFC Finance Limited Finance & Investments - MSME Lending ·Improving · Maintained | Finance & Investments - MSME Lending | Improving | Maintained | SBFC Q1 FY27 AUM ₹11,922 crore (+27% YoY), PAT ₹130 crore (+29% YoY); spread expanded 39 bps QoQ to 9.48% on lower borrowing cost and gold yields. The real driver was disciplined pricing and provisioning, not volume: co-origination mix reset to ~10% from ~20% due to RBI collateral-security circular, and sub-₹10 lakh login-to-disbursal conversion fell to 34% from 42%. Management guides credit cost at 1.4-1.5% for two quarters, OpEx to ~4% or below, only 10-15 branches in FY27, and co-origination normalization from Q2. Main risk: household leverage stress in small tickets, with 0+ DPD up 70 bps QoQ despite Stage 2 ECL raised to 16%. |