| SBICARD SBI Cards and Payment Services Limited Finance - Credit Cards ·Improving · Maintained | Finance - Credit Cards | Improving | Maintained | SBI Cards reported Q1 FY27 PAT of ₹664 crore, up 20% YoY, with ROA at 3.9%, driven mainly by gross credit cost improving 301 bps YoY to 6.5% and record spends of ₹118,475 crore (+27% YoY). Receivables grew only 2% QoQ to ₹58,269 crore, while GNPA fell to 2.04% and net card additions of 4.84 lakh were industry-leading. Management guides receivables acceleration from H2 FY27, FY27 cost-to-income at 56-58%, credit cost staying near current levels, and medium-term ROA of 4-4.5%. The main risk is Middle East conflict fallout on fuel, inflation and cash flows, with a ₹70 crore ECL overlay retained. |
| SBILIFE SBI Life Insurance Company Limited Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | Q1 FY27 PAT was ₹720 cr, up 22% YoY, with VNB ₹1,410 cr up 29% on a 26.2% margin (27.4% ex-GST), while individual rated NBP grew 14% to ₹3,970 cr. The reported growth was driven by a non-ULIP mix shift and a one-off group GTL contract that lifted group APE 313%, dragging VNB margin to the band’s low end. Management guides FY27 individual premium growth of 14–15% and VNB margin of 26–28% toward the upper end as the ~110 bps GST drag fades after Q2 and COVID-cohort persistency normalises by Q3. Main risk: expense inflation from stamp duty and labour-code costs, with OpEx up to 7.7% and total cost to 12.0%, plus recurring group lumpiness keeping margins below guidance. |
| SCHAEFFLER Schaeffler India Limited Bearings ·Mixed · Maintained | Bearings | Mixed | Maintained | Reported Q2 CY26 revenue was ₹2,681 crore (+17.5% YoY), EBITDA ₹513 crore (19.1% margin) and PAT ₹337 crore. Growth was driven by Automotive Technologies (+33% YoY) on ~20% conventional ICE growth plus e-mobility and market share gains despite passenger vehicle output down 8% QoQ, exports (+24% YoY) from intercompany allocations, while VLS (+9.9% YoY) was constrained by Hosur capacity. Management guides 15-20% export momentum, CY26 capex of ₹400-500 crore (₹175 crore spent in H1), H2 price pass-through recovery and Koovers EBITDA breakeven in 2029. Main risks are non-recoverable ~10% wage hikes, LPG/propane and freight inflation, FX, weak monsoon tractor demand and wind contract renegotiations. |
| SENORES Senores Pharmaceuticals Ltd. Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Q1 FY27 revenue was ₹180 crores (+36% YoY), EBITDA ₹54 crores (~30% margin, +87%), and PAT ₹31 crores (+56%). Growth came from regulated markets (+42% YoY) on 58 approved ANDAs with 23 commercialized, plus emerging markets (+30%) which turned cash-flow positive despite a seasonal 14% Q1 EBITDA margin. Management guides FY27 revenue growth of 30-40%, PAT growth of 50-60%, emerging market EBITDA margin of 18-20%, and ₹2,500-3,000 crores revenue in 3-4 years. Key risks are timely commercialization of 35 ANDAs over 18-20 months and possible US generic tariffs in 2028, pending the India-US trade agreement. |
| SERVOTECH Servotech Renewable Power System Limited Capital Goods - Electric General ·Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | Servotech reported standalone revenue of ₹208.10 crore, up 66.31% YoY, with consolidated EBITDA of ₹20.94 crore and consolidated PAT of ₹7.95 crore, up 93.35% and 74.51% YoY respectively. Growth is driven by fully utilized BESS capacity with orders exceeding production, plus solar channel expansion under PM Surya Ghar, while the EV charger market is described as "stagnant." Management guides to sustaining Q1 FY27 momentum, doubling BESS capacity in about 6 months, 3x by 21 March 2027 and 10x in 2 years, funded by debt within declared capex. Risks include the loss-making Sports & Entertainment subsidiary, which cut consolidated PAT by about ₹3.15 crore, and capacity ramp-up execution. |
| SHAKTIPUMP Shakti Pumps (India) Limited Solar Pumps ·Improving · Maintained | Solar Pumps | Improving | Maintained | Shakti Pumps reported record Q1 FY27 revenue of ₹859 crore, up 37.9% YoY, with EBITDA margin down to 9.6% from raw material costs of about ₹36 crore and lower realizations of about ₹25 crore. The driver was solar pump execution, with 27,678 installations, up 57.6% YoY, and a roughly ₹1,000 crore order book covering two quarters. Management guides to sequential EBITDA recovery as the price war closes, a similar revenue run-rate for the next two quarters, PM KUSUM 2.0 orders in Q3-Q4 FY27, and a ₹5,000 crore FY29 target. Main risks are elevated steel/copper/aluminium prices, tender pricing pressure, and timing of state and PM KUSUM scheme orders. |
| SHARDACROP Sharda Cropchem Ltd Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Sharda Cropchem reported Q1 FY27 revenue of ₹1,074 crore (+9% YoY) and EBITDA of ₹178 crore (16.6% margin, +25%), but PAT fell to ₹88 crore from ₹143 crore. Operating strength showed in like-to-like PBT ex-forex of ₹111 crore (+16%), while unrealized FX gains shrank to ₹7.5 crore from ₹73.1 crore; Europe softened after heat-wave destocking and LATAM margins dropped to 16.9% from 28.0%. Management reaffirmed FY27 guidance of 10–15% revenue growth, 35–37% gross margin, 18–20% EBITDA margin and ₹480–550 crore registration investment, saying European restocking has normalized. Main risks remain unhedged cross-currency swings, unpredictable registration timelines on 1,027 pending approvals, and weather-dependent European volume recovery. |
| SHAREINDIA Share India Securities Limited Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Q1 FY27 consolidated revenue was ₹448 crores (+31% YoY) and PAT ₹124.41 crores (+48% YoY, +114% QoQ), a record quarter. Profitability came from diversification: MTF interest income, institutional clients up to 212, PMS at ₹150 crores AUM, plus Share India Cred PAT of ₹40 lakhs and GIFT City profit of ~₹2 crores. Management guides ~20% FY27 growth, ₹1,000 crores MTF book in two years, ₹250 crores PMS AUM by FY27, and 25-30 Tier-3 branches with 8-month breakeven. Risk: prop trading still ~58-60% of revenue and ~50-52% of profitability; SEBI/RBI restrictions and mid/small-cap volatility threaten MTF quality and client activity. |
| SHEMAROO Shemaroo Entertainment Limited Entertainment - Content Providers ·Mixed · Maintained | Entertainment - Content Providers | Mixed | Maintained | Q1 FY27 revenue fell 6% YoY to ₹132 crore, with EBITDA loss narrowing to ₹2 crore from ₹56 crore, and +₹18 crore excluding ₹20 crore new initiative spend. Digital revenue dropped 17% to ₹56 crore due deferred B2B syndication on geopolitical uncertainty, while traditional rose 5% to ₹76 crore on B2B licensing closures despite weak ads. Management guides healthy double-digit FY27 revenue growth, EBITDA-positive year, over 50% cut in new initiative spend, and FY28 bottom-line profit. Main risk is the BARC ratings blackout and macro pressures keeping advertising subdued, hurting TV break-even and debt reduction from ₹311 crore. |
| SHOPERSTOP Shoppers Stop Limited Retail - Departmental Stores ·Improving · Raised | Retail - Departmental Stores | Improving | Raised | Shoppers Stop Q1 FY27 consolidated revenue rose 10% YoY, EBITDA up 40%, PAT ₹5 crore profit versus ₹4 crore loss. The driver was premiumization: department store LFL 6%, premium portfolio 72% of sales with ATV ₹524, beauty distribution +53% and e-commerce +58%, while gross margin mix pressure remained. Management raised FY27 department store LFL guidance to ~6% and expects ~6% EBITDA margin, with debt-free end-FY27 and 9-10 annual store openings funded by internal accruals. Main risk is the Q2 festive shift to Q3 plus Intune high-street stores still below the ₹10,000 per sq ft target. |
| SHREECEM Shree Cement Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | Q1 FY27 consolidated grey volume rose 14.9% YoY to 11.45 million tons, but operational EBITDA fell to Rs1,272 crore, or Rs1,111 per ton versus Rs1,339 a year ago. The Gulf War blocked contracted petcoke, cutting its fuel mix share from 54% to 9%, lifting blended fuel cost to Rs1.95 per kcal versus Rs1.82 guided, lowering the clinker factor to 1.56 and trade sales to 62% from 71%. Management forecasts FY27 India volume at 40 million tons, Q2 profit better than Q1 as petcoke resumes and gypsum costs ease, saying costs have almost peaked. The main risk is renewed Middle East escalation, which management says may change the equation completely and delay trade-mix recovery to 70:30. |
| SHRIRAMFIN Shriram Finance Limited Finance & Investments - CV Finance ·Improving · Maintained | Finance & Investments - CV Finance | Improving | Maintained | Shriram Finance's Q1 FY27 PAT rose 59.79% YoY to ₹3,444.56 crore on AUM of ₹3,13,798 crore, up 15.26% YoY. The outperformance came from deploying the ₹39,600 crore April equity raise to repay high-cost debt, contributing ~₹500 crore NII and lifting CAR to 34.1%, not from core loan demand. Management maintained ~18% FY27 AUM growth guidance, expects reported NIM to ease from 9.04% to ~8.5% over 2-3 years, and plans new-vehicle financing to reach 20-25% of disbursements. Key risk: monsoon rainfall 24% below normal may hurt rural collections and trigger a Q2 guidance reassessment, while West Asia fuel inflation could lift costs. |
| SHYAMMETL Shyam Metalics and Energy Limited Steel Products ·Improving · Maintained | Steel Products | Improving | Maintained | In Q1 FY27, revenue rose 23.3% YoY to Rs 5,455 crore, EBITDA 28.3% to Rs 812 crore (14.9% margin), and PAT 20.6% to Rs 351 crore. The reported beat came from product mix gains, cost optimization and B2C penetration, with the color-coated line commissioned and aluminium foil commissioning started. Management guides FY27 EBITDA growth above 20% (internal projections above 25%) and volume growth around 25%, with power, iron-making and aluminium commissionings due by Q3. Risks are monsoon-driven demand softness and rebar price declines, plus competitive downstream pricing, while 2-3 month inventory norms keep working capital elevated. |
| SMARTWORKS Smartworks Coworking Spaces Ltd. Realty - CoWorking ·Improving · Maintained | Realty - CoWorking | Improving | Maintained | Q1 FY27 revenue rose 44% YoY to ₹546 crores, normalized EBITDA rose 74% to ₹107 crores at 19.6% margin, and PAT nearly tripled to ₹39 crores. Growth came from mature centre committed occupancy of 92%, GCC client revenue share rising from 15% to 21%, and realisation up to ₹181 per sq ft, while 74% seat retention reflected deliberate mark-to-market churn. Management reaffirmed FY27 guidance of 28-30% revenue growth, 19-20% EBITDA margin, ₹550-600 crores capex, and over 13 million sq ft by March 2027, with 87% of revenue contracted. Main risks are occupancy dilution from new centre ramps (overall 81% versus 92% mature committed) and negative free cash flow of ₹56 crores from higher capex and security deposits for FY28-29 buildings. |
| SMCGLOBAL SMC Global Securities Limited Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Q1 FY27 consolidated operating income rose 21.2% YoY to ₹515.1 crore and PAT rose 22.3% to ₹36.7 crore, with EBITDA margin at 20.9%. The real drivers were insurance revenue (+44.4% YoY, ~90% non-life) and a broking shift to cash/delivery, with cash brokerage mix rising from 45% to 55% and MTF book from ₹760 crore to ₹900+ crore, while derivative revenue fell. Management expects FY27 PAT around ₹170 crore (directional), NBFC AUM ₹1,250-1,300 crore by year-end, and says Q2 might be much better. Main risks: NBFC AUM fell to ₹1,025 crore from ₹1,118 crore due to stopping LAP and tightening unsecured loans, and insurance EBIT stayed low at ₹1.6 crore because of distribution and technology investments. |
| SMSPHARMA SMS Pharmaceuticals Limited Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | SMS Pharmaceuticals Q1 FY27 revenue from operations was ₹206.96 crore, +6% YoY but -13% QoQ, with EBITDA margin 20% and PAT ex-associate ₹20.20 crore (+8% YoY). The operating driver was high-value API mix: gross margin ex-manufacturing expenses rose 200bps YoY to 46%, high-value products were 51% of FY26 revenue and regulated markets 88%. Management guided to FY27 target of 10 DMF/CEP filings (4 filed in Q1), ₹280 crore capex completion by FY27 and asset turnover 1.75x over 2-3 years from 1.36x. Main risk: PAT including associate fell 36% QoQ because associate contribution dropped to ₹0.71 crore from ₹11.75 crore, and QoQ revenue declined 13%. |
| SOBHA Sobha Limited Realty - National ·Improving · Maintained | Realty - National | Improving | Maintained | Q1 FY27 presales hit a record ₹3,656 crore, up 76% YoY; total income rose 48% to ₹1,330 crore, PAT ₹50.7 crore versus ₹13.5 crore. The driver was new launches: SOBHA One World in Bengaluru contributed ~45% of sales and Crescent in Gurgaon, with Bengaluru and NCR together ~87%, while EBITDA margin stayed ~9.7% until high-margin projects complete. Management guided to ≥30% FY27 presales growth, 9 remaining launches ~8.2 million sq ft (~₹12,000 crore GDV), and EBITDA margin of 17–20% by Q4 FY27, with land investment of ₹1,500–1,600 crore. The main risks are margin dilution from more joint developments, Karnataka’s 60% minimum wage hike, and collections lagging presales due to labour shortages and end-quarter sales timing. |
| SOLARA Solara Active Pharma Sciences Limited Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Solara reported Q1 FY27 consolidated revenue of ₹384 crores (+20% YoY) and PAT of ₹16.3 crores (+55% YoY), but the real driver was the base business at ₹307 crores revenue (+24% YoY) and 51.3% gross margin. Growth came from debottlenecking high-margin products and geographic expansion, while Ibuprofen stayed a drag at negative 12% EBITDA margin with ~₹700 crores capital deployed. Management guides base business growth of at least 10% YoY and 25% ±1% EBITDA margin, with net debt falling to sub-₹450 crores by Mar-27. The main risk is West Asia-led solvent shortages and input cost inflation causing intermittent shutdowns, plus a likely capital cut in the Ibuprofen strategic review due in H1 FY27. |
| SONACOMS Sona BLW Precision Forgings Limited Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Q1 FY27 revenue rose 54% to ₹1,310 crore with PAT up 45% to ₹181 crore, but EBITDA margin fell 70 bps to 23.1% on input cost inflation and pass-through lag. Growth was driven by BEV revenue up 107% to ₹436 crore (44% of auto sales) and a ₹240 billion order book, 64% EV, alongside DENSO JVs and robotics orders of ₹800 crore. Management expects margin recovery to become visible from Q2 FY27 and robotics SOPs within 12-15 months, with a stated ambition of another 10X over a decade. Main risks are weak US BEV demand, mixed China conditions, and execution complexity around DENSO JV timelines and early-stage robotics. |
| SONAMLTD Sonam Limited Watches & Accessories ·Improving · Maintained | Watches & Accessories | Improving | Maintained | Sonam reported Q1 FY27 revenue of ₹66.57 crore, up 75.65% YoY, with EBITDA margin at 8.06% and PAT up 127%. The growth was driven mainly by raw material inventory purchased 6-7 months ahead of price hikes and monthly product launches, not a sustainable quarterly run-rate. Management guides FY27 revenue growth of 25-30% and Q2 revenue of at least ₹40-50 crore, conditional on monsoon and tier 2/3 city demand. Key risks are daily raw material price swings hitting margins, softening export demand, and unpatented designs being copied within 6-12 months. |
| SRF SRF Limited Chemicals - Flourine ·Improving · Maintained | Chemicals - Flourine | Improving | Maintained | SRF reported Q1 FY27 gross revenue of ₹5,033 crore, EBIT of ₹1,116 crore (+61% YoY, 22% margin) and PAT of ₹759 crore (+76% YoY). The beat came from chemicals (+26% YoY) on refrigerant pricing and volumes, and films (+42% YoY) running near full capacity after Middle East disruptions shut competitor plants and caused panic buying. Management reaffirmed 15-20% chemicals revenue growth for FY27, expects Q2 seasonally lower but up YoY, and says films normalize at a higher margin baseline than the historical 8-12% range. The main risk is that Q1 pricing was flattered by geopolitical disruptions, while specialty chemicals price recovery remains in pockets, linear rather than hockey-stick, and Q2 will correct. |
| SAIL Steel Authority of India Limited Steel ·Improving · Maintained | Steel | Improving | Maintained | SAIL reported Q1 FY27 EBITDA of ₹4,356 crore (16.7% margin, ₹10,464 per tonne) and PAT of ₹1,636 crore, up 139% YoY. The beat came from a ₹5,000 per tonne QoQ NSR jump to ₹57,100, captive iron ore sales tripling to 1.1 million tonnes, and finance cost cuts, offsetting a 7-8% YoY sales volume drop to 4.2 million tonnes and imported coking coal at ₹21,300 per tonne. Management guided to FY27 volume growth, ₹15,000 crore capex, ₹2,000-3,000 per tonne cost reduction, and 8 million tonnes ore sales, with Q2 NSR down ₹1,000-2,000 QoQ and coal softening ₹1,200-1,500. Risks are Q4 wage-revision provisioning, Middle East-driven input cost volatility, rising imports despite safeguard duty, and final rail price settlement. |
| SSWL Steel Strips Wheels Limited Auto Ancillaries - Wheels ·Improving · Raised | Auto Ancillaries - Wheels | Improving | Raised | Steel Strips Wheels reported Q1 FY27 revenue of ₹1,509 crore (+27% YoY) and PAT of ₹71.51 crore (+43% YoY), with EBITDA per wheel at ₹314 versus ₹262 a year ago. Management attributed the result to secured OEM input price increases of 1–5%, premium alloy mix and >95% utilisation across sold-out plants, especially steel wheels. It guided FY27 revenue growth above 20% (implied ~₹6,500 crore), export revenue near ₹600 crore, EBITDA per wheel above ₹310, and Bhuj trial output in Q4 FY27 with at least 80% utilisation by Q1 FY28. Risks are aluminium price swings requiring extra working capital, West Asia escalation, domestic alloy competitors pricing below cost, and US tariff policy reversal. |
| STLTECH Sterlite Technologies Limited Cables - Telecom ·Improving · Raised | Cables - Telecom | Improving | Raised | Sterlite Q1 FY27 revenue rose 87% YoY to ₹1,910 crore, EBITDA margin was 20%, PAT was a record ₹197 crore, and order intake reached ₹13,100 crore. The driver was data center sales rising to 21% of revenue from 1% in FY26, anchored by a $1.1 billion hyperscaler deal and North America at 54% share. Management raised FY27 EBITDA margin guidance to 23% from 20%, expects data center plus enterprise to be 50% of revenue, and targets a 25% connectivity attach rate by Q4. Main risks are germanium, helium and polyethylene costs at significant multiples, capacity-limited order selection, and potential AI capex deflation from cheaper Chinese tokens. |
| STAR Strides Pharma Science Limited Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue rose 13% YoY to ₹1,215.7 cr; reported PAT of ₹166 cr included ₹53 cr net Pivot Path divestment gain, while operational PAT grew 8% to ₹123 cr. Growth was driven by ex-U.S. revenue (+17% YoY to ₹587.5 cr), lifting gross margin to 60.9%, but EBITDA margin fell to 18.2% on ₹13.1 cr of geopolitical freight and operating costs. Management guided U.S. revenue much stronger in H2 FY27 from ~10 launches and the Sandoz acquisition closing in Q2, with ex-U.S. growing faster than company average. Key risks: freight at 6.2% of revenue, 123-day cash cycle, pending Bangalore USFDA reply by August/September, and controlled-substances quota ramp. |
| STYLAMIND Stylam Industries Limited Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Stylam reported Q1 FY27 revenue growth of 15% YoY and EBITDA margin above 21%, driven by efficiency and higher utilization from the existing plant, not inventory gains. Exports hit a record quarterly high led by Europe while domestic revenue stayed flat at a ₹300 crore run rate, with losses narrowed. Management guides Plant III commercial production by September 1, 2026, adding ₹250-300 crore FY27 revenue at a conservative 25-30% first-year utilization, and sustainable EBITDA margins of 19-20%+. Main risks are elevated phenol at ~USD1,400/ton and melamine at USD1,000-1,100/ton from the West Asia war, re-implemented 10% US tariffs, and further Plant III slippage after repeated delays. |
| SUNTECK Sunteck Realty Limited Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Sunteck's Q1 FY27 presales rose 20% YoY to ₹787 crore and collections 17% to ₹409 crore, with EBITDA up 40% to ₹67 crore on a 35% margin from embedded margins on sold inventory. Net profit rose 26% to ₹42 crore. Management guided to 25-30% presales and collections growth for FY27, backed by a ~₹7,000 crore domestic launch pipeline and business development spend above FY26's ₹800 crore. The main risk is the launch-ready Dubai project's timing, with ₹9,000 crore GDV and ₹200-225 crore invested, plus Nepean Sea Road construction dependency for collections. |
| SUZLON Suzlon Energy Limited Capital Goods - Engineering Heavy ·Improving · Maintained | Capital Goods - Engineering Heavy | Improving | Maintained | Suzlon reported Q1 FY27 revenue of INR 3,819 crore, up 23% YoY, with EBITDA margin near 15.6%, flattish YoY. Record 506 MW India deliveries and a higher EPC mix lifted revenue, but 10-20% of planned deliveries were deferred by Middle East supply chain disruptions and INR 40-50 crore of Suzlon 2.0 investments capped margins. Management guided margins to return to the 17-18% band on second-half operating leverage, citing a 6.1 GW order book and 1 GW of orders in the first four months. The main risks are deferred deliveries from supply chain stress and interest costs up 30% YoY on working capital. |
| SWIGGY Swiggy Limited E-Commerce - Platform - Food ·Improving · Maintained | E-Commerce - Platform - Food | Improving | Maintained | QC contribution margin was -0.2% in Q1 FY27, effectively breakeven; food delivery GOV grew ~18% adjusted and QC revenue rose ~13% QoQ against ~3% GOV growth. The driver was a five-quarter reset: culling low-value users lifted M1 retention to 61%, monetization from brand, ads and user fees expanded take rate, network utilization reached ~40%. Management guides QC contribution to 0 to -100 bps, Q2 store additions above the last four quarters combined, and consolidated cash breakeven within two quarters, maintaining 18-20% food delivery growth. Main risk is competitive intensity: seven to eight QC players, all except Blinkit at double-digit negative contribution margins, and fee or MOV changes can trigger sharp volume dips from value-seeking users. |
| SYRMA Syrma SGS Technology Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Syrma SGS Q1 FY27 revenue rose 67% YoY to ₹1,604 crore and PAT rose 112% to ₹106 crore, with no one-time items. Growth was driven by consumer at 34% mix, automotive, exports up 61% to ₹387 crore, and ODM up roughly 115-120% to ₹270 crore; operating EBITDA margin fell to 10.1% from Q4's 11.3% due to consumer mix. Management forecasts FY27 revenue growth above 35%, EBITDA margin of 10.5-11%, and exports of ₹1,500-1,600 crore, with PCB production starting April 2027. Risks are West Asia supply-chain escalation, percentage-margin compression from pass-through pricing, and elevated working capital from strategic inventory built for supply assurance. |
| TAC TAC Infosec Ltd. IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | TAC Infosec's Q1 FY27: income ₹20.0 cr (+96.8% YoY), EBITDA margin 48.82%, PAT ₹8.0 cr, beating 20% QoQ growth and 40% margin guidance. Driver was proprietary platforms: ESOF contributed ₹15.1 cr (76% of income) from Anthropic, Amazon, Google, Samsung and Dropbox; Sockify.ai added 100 customers, doubling to 200. Management guided Q2 FY27 income to ₹24 cr and FY27 to ~₹100 cr, and reiterated $100M ARR by FY30 with ~40% EBITDA margins. Risks: CyberScope's crypto downturn, Cyber Sandia excluded from FY27 guidance, and tax holiday expiry in March 2026. |
| TMB Tamilnad Mercantile Bank Limited Banks - Private ·Improving · Raised | Banks - Private | Improving | Raised | TMB reported Q1 FY27 net profit of ₹411.51 crore, up 35% YoY, with NIM at 4.29% and total business up 23% YoY, its best in 14 years. The beat came from MSME growth (20% YoY), gold loan tonnage focus, and one-off cost gains that pushed cost-to-income to 39.1%. Management upgraded FY27 guidance to deposit growth of 18%, advances of 21-22%, NIM past 4%, and ROA over 2%, with ECL provisioning pre-funded at ₹276 crore. Main risks are gold loan concentration at 47% of advances, CASA down 2.95% QoQ from term deposit focus, and pending ED adjudication. |
| TATACAP Tata Capital Ltd Finance - AMC ·Improving · Maintained | Finance - AMC | Improving | Maintained | Tata Capital reported Q1 FY27 PAT of ₹1,547 cr, up 56% YoY, on AUM of ₹2.91 lakh cr (+22% YoY); credit cost fell to 1.0% from 1.6%. The operating driver was unsecured retail disbursements (+50% YoY) and high-margin products (+38% YoY), while corporate lending is near maxed and retail/SME share is 85.4%. Management guidance is 23-25% AUM growth in FY27, ~10 bps NIM improvement, 33-34% cost-to-income and 2.6% ROA by FY28, with cost of funds up 8-10 bps. The main risk is Motor Finance, whose book is still declining sequentially; management expects the decline to reverse only from Q3 FY27. |
| TATACHEM Tata Chemicals Limited Chemicals - Inorganic - Caustic Soda/Soda Ash ·Improving · Maintained | Chemicals - Inorganic - Caustic Soda/Soda Ash | Improving | Maintained | Q1 FY27 consolidated revenue rose 14% YoY but consolidated EBITDA fell ~₹100 crore, while standalone EBITDA rose 35% on volumes, FX-linked import parity realizations and fixed-cost control. Net debt fell ₹300 crore to ₹5,692 crore via land and share monetization. Management guides U.K. to EBITDA-positive and PBT breakeven from Q2, India EBITDA margin to normalize to ~18% from 28% once low-cost coal is consumed, and FY27 capex at or below ~₹1,200 crore depreciation. Main risks are Chinese soda ash oversupply with inventories at a 1.73 million ton high keeping prices near cash cost, and Middle East conflict raising input costs after Kenya's HFO hedge lapses in October. |
| TATATECH Tata Technologies Limited IT - ER&D ·Improving · Maintained | IT - ER&D | Improving | Maintained | Q1 FY27 revenue was $175.4 million, up 25.2% YoY in constant currency, with services at $136.6 million and EBITDA margin at 16.1%. Growth was driven by non-anchor automotive work, up 56.3% YoY to $43.9 million, and the $100 million Tenneco deal, not existing anchor accounts. Management reaffirmed strong double-digit organic FY27 growth, with H2 greater than H1 and quarter-over-quarter margin expansion, targeting about $100 million aerospace in 2 to 3 years. Risks are German customer restructuring, Q2 wage inflation, and Technology Solutions margin mix. |
| TATVA Tatva Chintan Pharma Chem Limited Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Tatva Chintan reported Q1 FY27 operating revenue of ₹167.1 crores, up 43% YoY and 25% QoQ, with EBITDA of ₹32.3 crores, up 86% YoY, but margin below the 20-22% band due to delayed raw material cost pass-through. Growth was volume-led across PTC, SDA and PASC, while Electrolyte Salts fell 52% QoQ to ₹6.3 crores on Middle East crisis-driven raw material shortage. Management maintains FY27 guidance of 25-30% revenue growth, 20-22% EBITDA margin and ₹40-60 crores Electrolyte Salts revenue, with price pass-on begun 40-50 days ago. Risks include Chinese pricing pressure, no large semiconductor sales before Q4 2028, and timely execution of the ₹200 crore greenfield plant within 18-21 months. |
| TEAMLEASE TeamLease Services - Others ·Mixed · Maintained | Services - Others | Mixed | Maintained | Q1 consolidated revenue rose 6% YoY to ₹3,056 crore and PAT rose 38% to ₹34 crore, but consolidated EBITDA fell 31% QoQ on EdTech seasonality and appraisals. Growth came from wallet-share gains in general staffing, up 4,000 associates to ~2.91 lakh, and specialized staffing up 13% YoY to 7,630 with GCCs at 45% of base and 57% of net revenue. Management guides ~1% staffing EBITDA through Q2, margin expansion in H2, specialized steady-state 8–9% in 4–5 quarters, and hedges the prior 20% FY27 EBITDA growth target. Risks: weak monsoon and 4.38% retail inflation slowing client hiring, labor-code pass-through pressuring retention, and ₹145 crore CDS receivables. |
| TECHM Tech Mahindra Limited IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Tech Mahindra reported Q1 FY27 revenue of US$1.66 billion, up 6.6% YoY in constant currency, and EBIT margin of 14.4%, up 330 bps YoY. The beat came from manufacturing (up 17.2% YoY) and BFSI (up 8.1% YoY), with an early pull-forward of a large European automotive program inflating the quarter. Management guides to above-peer FY27 growth and a 15% operating margin, with Q4 exit above 15%, while warning Q2 faces about 1-1.3% sequential revenue pressure from that auto acceleration and phased wage hikes. Key risks are macro volatility, irrational competitor pricing in 5-7 year deals, and continued volatility in a large US telecom client. |
| TEJASNET Tejas Networks Limited Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Q1 FY27 revenue rose to ₹402 crore, about 20% QoQ, split evenly between India and international, while PBT loss stayed at ₹271 crore. Growth came from first 5G radio shipments to Europe under NEC and domestic optical/FTTx, with the order book up 16% to ₹1,529 crore. Management expects the BSNL 26,000-site expansion order in Q2 FY27 to clear inventory and receivables, and targets positive EBITDA/EBIT within 12-18 months. Main risk is ₹4,277 crore net debt and working capital strain unless BSNL acceptance and collections materialize. |
| TEXRAIL Texmaco Rail & Engineering Limited Railways ·Improving · Maintained | Railways | Improving | Maintained | Texmaco reported Q1 FY27 revenue of ₹753 crores, down 17.3% YoY, but PAT rose 85.9% to ₹52 crores and EBITDA margin expanded 161 bps to 10.8%. The driver was Infra-Electrical revenue up 76.8% to ₹175 crores, a freight car order mix shifted to 96.4% private/export, and finance costs down 18.2%. Management guided to structurally higher stable EBITDA on a ₹9,923 crore order book, with ₹5,200+ crores of new orders and diversification into leasing, renewables, and defence. Main risk: quarterly revenue volatility and private/export concentration, as standalone revenue fell 35.3% QoQ despite the order book. |
| GESHIP The Great Eastern Shipping Company Limited Shipping ·Improving · Maintained | Shipping | Improving | Maintained | Q1 FY27 consolidated revenue rose 71% YoY to ₹2,286 crore and net profit 159% to ₹1,309 crore, a record. The driver was higher tanker and dry bulk spot rates; standalone EBITDA nearly tripled to ₹1,380 crore, including ₹125 crore ship-sale profit. Management gave no formal FY27 guidance in this investor presentation, and the results were not accompanied by an analyst Q&A. Main risk is that record profitability depends on sustained high freight rates, which can reverse. |
| INDIACEM The India Cements Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | UltraTech's Q1 FY27: domestic grey volumes +13.1% YoY (industry 7-8%), EBITDA ₹5,146 crores +12%, PAT ₹2,604 crores +17.2%, EBITDA/ton above ₹1,200. Driver: 81% utilization versus 76% on 200.1 MT capacity and 100% brand conversion of Kesoram/India Cements lifted UltraTech brand 21.3% at a premium without share loss. Management guides double-digit FY27 volume growth, net debt/EBITDA below 1x, India Cements EBITDA/ton near ₹1,000, and consolidated ₹1,400/ton by Q4 FY28 if fuel normalizes; Q2 costs rise ₹130-140/ton sequentially. Main risk: West Asia war shock, Q2 full fuel cost flow-through, Rajasthan dry patch hurting rural demand next year, and H2 price softness if fuel costs fall. |
| INDHOTEL The Indian Hotels Company Limited Hotels ·Improving · Maintained | Hotels | Improving | Maintained | IHCL reported Q1 FY27 consolidated revenue ₹2,419 cr (+15% YoY), EBITDA ₹753 cr (+18%, 31.1% margin) and PAT ₹358 cr (+21%). The beat came from domestic demand, with standalone occupancy up ~6pp to 82% and domestic RevPAR +14%, offsetting West Asia-driven softness in Dubai and TajSATS catering. Management guided to double-digit FY27 revenue growth, Q2 at least matching Q1, Frankfurt turning positive from September, and management fees at high-teens CAGR. Main risk is foreign tourist arrival shortfall in Q3-Q4, with West Asia geopolitics unresolved and international assets still below prior revenue. |
| J&KBANK The Jammu and Kashmir Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | J&K Bank's Q1 FY27 net profit fell to ₹424 crore with NIM at 3.28%, despite deposits growing 16.75% YoY and advances 25.44% YoY to cross ₹3 lakh crore business volume. Management said margins and profit were hurt by conscious corporate-led lending at competitive rates, ₹6,700 crore bulk deposits, timing of technical write-off recoveries, and higher standard asset provisions. It guided NIM recovery to ~3.5%, ROA ~1.25%+ from Q2, credit growth of 18-20% versus 12% formal guidance, with retail contributing 55-60% of FY27 advances growth. Main risks are ECL provisioning (impact seen slightly below the earlier ₹1,600-1,700 crore estimate), an upward revision of the ₹1,250 crore capital raise, and CASA pressure at 42.06%. |
| KARURVYSYA The Karur Vysya Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Q1 FY27 net profit rose 45% YoY to ₹756 crores with ROA 2.11% and GNPA 0.74%, driven by front-loaded 6% QoQ advances and deposits growth plus NII up 32% YoY. Operating driver was a higher fixed-rate book (34% of advances) and lower Q1 slippages of ₹138 crores, though write-off recoveries fell to ₹103 crores from ₹216 crores. Management guides FY27 NIM of 3.7-3.8%, Q2 NIM above 4%, credit growth 1-2% above system only if RAM-led, and says Q1's 6% QoQ pace is not a run-rate. Main risk is Q2 margin pressure from ~10 bps yield compression and 5-10 bps deposit-cost rise, plus competition forcing concessions on customers. |
| PHOENIXLTD The Phoenix Mills Limited Realty - Commercial ·Improving · Maintained | Realty - Commercial | Improving | Maintained | Reported Q1 FY27 consolidated revenue rose 13% YoY to ₹1,075 crore, operating EBITDA 14% to ₹642 crore at a 60% margin, and net profit 23% to ₹297 crore. The operating driver was retail consumption, up 32% to ₹4,730 crore with like-to-like growth of 24%, lifting retail rentals 17% to ₹595 crore, though jewelry and electronics contributed 28% of consumption but only 7.5% of rentals. Management reaffirmed mid-teens retail rental income growth for FY27-28 and forecast about 90% office leased occupancy by end FY27, with July consumption trending above 20%. Main risks are gold-price-driven jewelry demand reversing and September seasonality, plus rent-paying office occupancy at 42% lagging leased occupancy of 72% until March 2027. |
| SOUTHBANK The South Indian Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Reported Q1 FY27 net profit was ₹378 crores (+17% YoY) on highest-ever NII of ₹1,025 crores (+23% YoY) and NIM of 3.23% (+28 bps QoQ). The operating driver was high-cost deposits repricing 40-60 bps lower and bulk deposits halved, with gold loans +43% YoY and opportunistic corporate growth to ~40% of loans on West Asia risk aversion. Management guided FY27 slippage of ₹500-750 crores (max ₹800 crores), recoveries of ₹800-1,000 crores, and NIM hardening if the rate up-cycle holds, with ROA migrating toward 120-125 bps. Main risks are the CEO transition after P. R. Seshadri's departure, fading deposit-repricing benefit, core fee income dipping to ₹179 crores from ₹191 crores, and FCNR volume constraints from no external credit lines. |
| SUPREMEIND The Supreme Industries Limited Building Materials - Plastic Pipes ·Improving · Maintained | Building Materials - Plastic Pipes | Improving | Maintained | Q1 FY27 revenue grew 4% YoY to ₹2,718 crore and EBITDA rose 25% to ₹398 crore, but volumes fell 14% to 157,536 tons. The April 2026 polymer price crash forced channel destocking, cutting low-margin piping volume 15% while value-added turnover rose 22% to ₹1,142 crore, lifting EBITDA margin to 14.6%. Management kept FY27 guidance of 15-17% piping and 12-13% total volume growth, expects H1 volume growth on July refilling, and guides 14-14.5% EBITDA margin with Wavin at 70% utilization. Main risks: margin normalizes as pipe volumes recover, PVC prices have no ceiling above the $766/MT MIP, and agri demand hinges on the September-March season. |
| TATAPOWER The Tata Power Company Limited Power - Generation/Distribution ·Improving · Raised | Power - Generation/Distribution | Improving | Raised | Tata Power's Q1 FY27 PAT rose 11% YoY to ₹1,401 crore and EBITDA 8% to ₹4,249 crore, the 27th straight quarter of growth. Growth was driven by renewables PAT (+37%), rooftop revenue doubling YoY to ₹1,350 crore, and higher coal profits. Management guided to ₹25,000 crore FY27 capex, 2.5-2.7 GW renewable additions crossing 9 GW by March 2027, 60-70% rooftop growth, and Mundra approvals from three states in August and the fourth in September. Risks include ~5% industry curtailment, one more quarter of Tata Projects legacy losses, and Mundra's cost-reflective tariff covering fixed costs but no return on equity. |
| THERMAX Thermax Limited Capital Goods - Engineering General ·Mixed · Maintained | Capital Goods - Engineering General | Mixed | Maintained | Q1 FY27 revenue grew ~7% YoY but missed on a ₹91 crore provision for a legacy ₹1,200 crore government EPC project, ~₹300 crore Gulf War shipment deferrals, ₹20 crore FEPL loss and ₹7-8 crore quarterly Bio-CNG cost. The driver is legacy PSU drag and steel plate inflation to 61%+ from 52-53%; backlog is ~₹14,000 crore with only ₹300-400 crore PSU left. Management targets FY27 as the final legacy year: 2-3 quarters above ₹3,000 crore revenue, order inflow above FY26, and 10%+ industrial infra profitability. Main risk is the problem project's four construction-heavy quarters remaining, commodity volatility, and U.S. data center delays shifting revenue to Q3. |
| TI Tilaknagar Industries Limited Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Q1 FY27 revenue was ₹1,046 crores, up 166% YoY, volumes up 172% YoY, driven by Imperial Blue at 5.4 million cases and record 3.4 million cases in June. Adjusted EBITDA margin fell to 14.5% from 15.5% in Q4 FY26, hit by ~240 bps glass cost inflation, partly offset by softer ENA prices. Management guides to double-digit IB volume growth in FY27, mid-teens CAGR from FY28 launches, EBITDA margin of 16-18% by FY29, and net debt of ₹1,700 crores by March 2027. Main risks are packaging inflation, competitive intensity in deluxe whisky, TSMA transition in one state, and regulatory delays like Telangana price increase which could add 150-200 bps margin. |
| TINNARUBR Tinna Rubber & Infrastructure Ltd Rubber Processing/Rubber Products ·Improving · Maintained | Rubber Processing/Rubber Products | Improving | Maintained | Q1 FY27 revenue was ~₹156 crores (+20% YoY consolidated), with record EBITDA above ₹30 crores at 21%+ margin and PAT ₹21 crores. Margin expansion came from feedstock optionality and value-added mix, not inventory gains, which were "very marginal"; Industrial revenue rose 58% YoY and PCMB tripled to ₹12 crores. Management guides FY27 revenue at ₹670-700 crores and EBITDA margin 18-20%, with TPO sales from Q2 and rCB by Q4, despite Q1's 21%+ actual. The Middle East conflict hit Oman volumes, roughly tripled turf binder prices and cut consumer volumes ~20% YoY, while South Africa/Saudi start-ups lost ₹53 lakhs combined in Q1. |
| TIPSMUSIC Tips Music Ltd. Music Licensing ·Improving · Maintained | Music Licensing | Improving | Maintained | Tips Music Q1 FY27 revenue ₹106.51 cr (+21% YoY) but PAT fell 4% to ₹43.89 cr, because content costs ~₹40-45 cr (+90% YoY) were expensed upfront while revenue from mid-May/June releases starts in Q2. Management maintained FY27 guidance of ~20% revenue and PAT growth, ₹90-100 cr content budget, and 65-70% annual EBITDA margin. The driver is catalog monetization (~85% of revenue from content older than 3 years) and subscription mix shift (10-15% of revenue, paid subscribers growing 40-50% CAGR). Risks are delayed YouTube Shorts renewal (update by Q2 end), film release schedule shifts causing quarterly variance, and possible competition from global entrants. |
| TORNTPHARM Torrent Pharma Limited Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Torrent Pharma reported Q1 FY27 consolidated revenue of ₹4,921 crore (+55% YoY) and EBITDA of ₹1,664 crore (33.8% margin), with the JB Pharma merger adding ₹1,201 crore (+10%, 35.3% margin) while the base business grew 17%. The driver was India growth (+19% vs IPM +12%), Curatio +34%, and JB cost synergies tracking above ₹100 crore. Management guides to double-digit JB India Rx growth, high single to low double-digit constant currency growth, and at least 50 bps annual base EBITDA margin improvement, with U.S. profitable in FY27. Risks include the semaglutide injectable supply disruption delaying the ₹250 crore FY27 target, Germany's supplier-driven decline, and transient JB brand-transfer revenue impact through Q4. |
| TARIL Transformers and Rectifiers (India) Limited Capital Goods - Transformers ·Improving · Maintained | Capital Goods - Transformers | Improving | Maintained | Q1 FY27 standalone revenue was ₹559 crore (+10% YoY) with 15.6% EBITDA margin and 8.9% PAT margin, held back by Changodar expansion. The real driver was lower Changodar utilization (27%) while Odhav ran at 100%, despite order inflow jumping 218% YoY to ₹2,114 crore, led by a PGCIL order above ₹1,000 crore, lifting order book to ₹6,630 crore. Management reaffirmed FY27 guidance of 25% revenue growth, 16% standalone EBITDA margin and 9–10% PAT margin, with consolidated EBITDA margin at 20–21%, as Changodar completes by August 2026 and utilization recovers from Q3. Main risks are further Changodar commissioning slippage threatening that 25% growth, the CRGO anti-dumping investigation, and raw material protection only through December 2026. |
| TRIVENI Triveni Engineering & Industries Limited Sugar ·Improving · Maintained | Sugar | Improving | Maintained | Q1 FY27 revenue rose 2% YoY to ₹1,581 crore and PBT swung to a ₹5 crore profit from a ₹9 crore loss, driven by sugar PBIT up 82% to ₹14 crore and distillery PBIT up 32% to ₹31 crore despite alcohol volumes down 19%. Management forecasts sugar prices near ₹4,600/quintal holding on ~4 MMT closing stocks, ~1,300 crore litres of ethanol procurement, and a TPTL listing within 4-6 weeks. Risks are the Supreme Court status quo on ethanol allocation and the election-year UP cane price decision, with the next 6-10 weeks critical for cane yields. |
| TTKPRESTIG TTK Prestige Limited Domestic Appliances ·Improving · Maintained | Domestic Appliances | Improving | Maintained | Q1 FY27 revenue grew ~34% YoY, only ~3% from price, the rest volume and premium mix. Driver: 400-450 new SKUs, distribution expansion, and induction cooktops rising to 8-10% of sales from ~5%, though partly a one-time kitchen-refurbishment trigger. Management forecasts growth settling above pre-surge levels but below Q1 pace, "much better than single digit," with the ₹500 crore program (₹300 crore capex, ₹200 crore opex) targeting 13%+ EBITDA margin. Risks: ~8% raw material inflation passed via 5-8% phased hikes may hit lower-tier volumes; exports muted, CSD stagnant, wage inflation. |
| TVSMOTOR TVS Motor Company Limited Auto - 2 & 3 Wheelers ·Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | TVS Motor reported Q1 FY27 revenue of ₹13,896 crore (+38% YoY), EBITDA margin of 12.8% (+30 bps), and PAT of ₹1,174 crore (+51%). Growth was driven by domestic 2W ICE sales up 21% against industry 13%, record international volumes of 4.68 lakh units (+33%), and EV sales of ~130,000 units (+86%). Management guided to double-digit FY27 industry growth with TVS outperforming, ₹3,500 crore capex lifting 2W capacity to 8.3 million by Q4 FY27, and a planned ~0.5% Q2 price hike. Main risks are ~4% cumulative commodity cost inflation from the West Asia conflict, Q3 base effects from last year's GST rationalization, and possible monsoon-related demand weakness. |
| UCOBANK UCO Bank Banks - PSU ·Improving · Maintained | Banks - PSU | Improving | Maintained | UCO Bank reported Q1 FY27 net profit of ₹656 crore, up 8% YoY, with GNPA at 2.08% and NNPA 0.25%. The result hid an operating profit jump of 79.8%, helped by ₹1,018 crore technical write-off recoveries, while a one-time ₹1,237 crore DTA charge cut net profit. Management forecasts credit growth above the 12-14% FY27 guidance, NIM above 2.9%, and ROA near 1% by year-end, with guidance reviewed after Q2. Main risks are normalization of non-recurring TW recoveries and the remaining 40% ECL provisioning drag over the next 4-5 quarters. |
| ULTRACEMCO UltraTech Cement Limited Cement ·Improving · Maintained | Cement | Improving | Maintained | UltraTech reported its highest-ever Q1 FY27 with domestic grey cement volumes up 13.1% YoY, EBITDA ₹5,146 crores (+12%) and PAT ₹2,604 crores (+17.2%). Drivers were market share gains, premiumisation, 47% green power share and India Cements' EBITDA/ton rising to ₹603 from ₹386, offsetting a fuel shock that added ~₹40/ton. Management guides double-digit FY27 volume growth, a sequential Q2 FY27 cost increase of ₹130-140/ton, and Cables & Wires launch in Q3 FY27, with net debt/EBITDA below 1x by year-end. Risks include West Asia fuel costs, dry conditions in Rajasthan and industry capacity additions of 37 mn t that could pressure pricing. |