| UNITDSPR United Spirits Limited Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | United Spirits reported Q1 FY27 P&A NSV growth of 10.1%, but ex-Maharashtra growth was 14.8% with volumes up 6.4%, masking a 1.3% reported volume decline. EBITDA rose 4.1% to ₹432 crore (16% margin) absorbing ~₹30 crore West Asia cost inflation, while PAT grew 51% to ₹391 crore helped by ₹150 crore RCSPL dividend. Management reaffirmed double-digit P&A growth from 5-6% volume plus 6-7% price mix, guided A&P at 10.5-11% of sales, and expects H2 volumes higher than H1. Main risks are sustained crude at $95-100, the sub judice Maharashtra MML policy, and McDowell's relaunch repeat-purchase data. |
| URBANCO Urban Company Limited E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Urban Company reported consolidated MTV of ₹1,465 crore (+42% YoY) and revenue of ₹528 crore (+44%), with adjusted EBITDA loss of ₹65 crore almost entirely from Insta's ₹132 crore loss; ex-Insta profit was ₹67 crore. Core India consumer services MTV grew 29% to ₹1,056 crore with margin up 170 bps to 6.9% of MTV, driven by micro-market densification, faster 30-60 minute fulfillment and AI adoption, while international grew 76% and native narrowed its loss to -7.3% of NTV. Management retains consolidated adjusted EBITDA breakeven by Q3 FY28 and ₹1,000 crore by FY31, with Insta break-even assumed only by FY31 after pricing corrects to roughly ₹300 per order. Main risks are Insta competitive subsidy intensity and user frequency falling below three transactions per month at full price, plus Q1 core growth being flattered by last year's weak monsoon base. |
| USHAMART Usha Martin Limited Steel - Wires ·Improving · Maintained | Steel - Wires | Improving | Maintained | Usha Martin reported Q1 FY27 revenue of ₹1,033 crore, up 16.4% year on year, with EBITDA of ₹208 crore, a 20.1% margin, and PAT of ₹142 crore, up 41%. Growth was value-led through a 73% value-added rope mix and full cost pass-through, despite Middle East volumes falling about 28% or 1,000 tons. Management guides to 10–12% volume growth, roughly 15% value growth, a minimum 20% EBITDA margin, and ₹250–300 crore capex for FY27. Risks are Middle East disruption, CBAM exposure for wire rope from FY28, and sustainability of input cost pass-through. |
| UTIAMC UTI Asset Management Company Limited Finance - AMC ·Mixed · Maintained | Finance - AMC | Mixed | Maintained | Q1 FY27 consolidated core revenue was flat at ₹379 crore and core PAT rose 6% YoY to ₹129 crore. Reported profit was driven by post-VRS employee cost savings, while MF QAAUM reached ₹3,92,691 crore with a 70% equity mix, though flexi cap saw net redemptions. Management guides standalone employee costs at ~₹95 crore and consolidated at ~₹130 crore per quarter, other expenses up 8-10% over FY26, and 2x AUM under Mission 2031 if equity flow market share exceeds stock share. Main risks are investment performance, with flexi cap redemptions, two years of negative international flows, and PMS AUM down ₹3,16,000 crore QoQ on the revised EPFO mandate. |
| UTKARSHBNK Utkarsh Small Finance Bank Limited Banks - Small Finance ·Improving · Maintained | Banks - Small Finance | Improving | Maintained | Utkarsh SFB reported Q1 FY27 total disbursements of ₹3,370 crore, up 48.5% YoY but down 19.9% QoQ. The YoY driver was non-microbanking (₹1,766 crore, +71.7% YoY), not microbanking (₹1,604 crore, +29.3% YoY). Management gave no forward guidance in the investor presentation. The main concern is the sharp QoQ slowdown in both segments, particularly microbanking, which fell 25.3% QoQ. |
| VGUARD V-Guard Industries Limited Capital Goods - Electric General ·Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | Reported Q1 FY27 consolidated revenue rose 23.5% to ₹1,810 crore, with EBITDA margin at 10.5% and PAT up 76% to ₹130 crore. The real driver was roughly 14% price-led growth from West Asia commodity inflation plus a strong South summer, while blended volumes grew only 9%. Management forecasts FY27 revenue growth above 15%, maintains 9-10% EBITDA margin, and guides ad spend to about 2.5% of revenue. Risks are consumer deferral from unprecedented price hikes, especially in wires, new wire competitors, and slower Sunflame margin recovery. |
| VSSL Vardhman Special Steels Limited Steel Products ·Improving · Raised | Steel Products | Improving | Raised | Vardhman Special Steels Q1 FY27 sales volume was 59,000 tons, revenue ₹486 crore, EBITDA ₹68 crore, and PAT ₹41 crore, more than doubling YoY. The driver was full rolling capacity and OEM price revisions, though EBITDA per ton of ₹10,700 excludes Aichi surplus fund earnings. Management guides FY27 sales of ~255,000 tons and EBITDA per ton of ₹8,000-11,000, with FY28 at ~270,000 tons unless environment clearance for 360,000 tons is approved. Risks are pending OEM price settlements and greenfield cost inflation from Iran-war metal prices and rupee depreciation. |
| VTL Vardhman Textiles Limited Textiles - Spinning ·Improving · Maintained | Textiles - Spinning | Improving | Maintained | Vardhman reported improved Q1 FY27 with spinning at full utilization and market yarn spreads near $0.90/kg versus $0.60–$0.70 trough. The driver was Chinese buying, limited spindle additions and low-cost cotton inventory, while fabric lagged 3–4% below Q4 due to U.S. tariff sampling gaps. Management forecast Q2 margins better from inventory but moderation later to $0.85–$0.90/kg conversion, plus 70–80% utilization for new synthetic line and 4.5 million shirts by June 2027. Main risks are cotton quality/crop risks from El Niño, only 60–70% fabric price pass-through, and Dhar power delay. |
| VBL Varun Beverages Limited FMCG - Contract Mfg ·Improving · Maintained | FMCG - Contract Mfg | Improving | Maintained | Varun Beverages reported Q2 CY2026 revenue of ₹8,451 crore, up 20.4% YoY, on 466.7 million cases (+19.8%), with EBITDA up 17.2% to ₹2,343 crore but margin down 76bps to 27.7%. The driver was India volume +14.4% despite a flat El Niño-hit April and international +38.4% (ex-Twizza >25%), while Twizza's lower margins diluted EBITDA. Management guides India 20%+ growth through peak season, stable margins, and Sting recovery after FSSAI labeling clarity, with only partial Q3 raw-material cost impact. Risks are West Asian sugar/transport inflation flowing into Q3, weather seasonality, and Campa's unprofitable INR10 push. |
| MANYAVAR Vedant Fashions Limited Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 revenue from operations was ₹301 crore up 7.2% YoY, retail sales ₹419.5 crore up 3.4%, SSG 3.8%, gross margin 65.7%, EBITDA margin 44.6%, PAT ₹81 crore up 14.7%. Driver: ~30 days of Adhik Maas hurt secondary sales; primary sales grew faster due to auto-replenishment timing, and Twamev beat the company average. Management guides high single-digit domestic SSG for the balance of FY27, net positive store additions, and a November-March wedding season called "fantastic", with January FY27 gaining dates absent a year earlier. Risks are the GST increase depressing YoY gross margin until Q3 FY27, UAE conflict and US tariffs, industry store closures, and rentals limiting the opening pace. |
| VEDL Vedanta Limited Mining/Minerals ·Improving · Maintained | Mining/Minerals | Improving | Maintained | Vedanta Q1 FY27 revenue was ₹23,456 crore, up 51% YoY, EBITDA ₹8,469 crore (57% margin, up 985 bps), PAT ₹5,294 crore. The operating driver was record aluminium EBITDA of ₹10,499 crore, up 134% YoY, and Zinc India's lowest-ever $851/ton cost. Management guided FY27 consolidated EBITDA of $9.5-10 billion, funding ₹20,000 crore capex and ₹20,000 crore deleveraging; aluminium hot metal cost guidance stays $1,650-1,700/ton. Main risks: Sakti boiler restart slippage (₹487 crore exceptional charge, unit 1 due end Q2 FY27) and Middle East tensions cut Copper International rod sales 51% YoY. |
| VIMTALABS Vimta Labs Limited Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 reported total income was ₹112.9 crores (+13.7% YoY), EBITDA ₹41.1 crores at 36.4%, and PAT ₹21.0 crores (+11.4%), with QoQ margin moderation from facility costs, new labour laws, and rupee appreciation. The operating driver was pharma CRO enquiry growth plus the first domestic Biologics CRADS order, with commercial revenue started, while Middle East issues cut food import/export testing volumes. Management maintains the FY27 revenue growth aspiration of 20-25%, expects no further margin decline, and guides Biologics meaningful contribution only from FY29. Main risks are Middle East trade disruption, since ~50% of food business is import/export-linked, and rupee appreciation against ~40% export revenue. |
| VMM Vishal Mega Mart Ltd. Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Vishal Mega Mart Q1 FY27 revenue was ₹3,727 crores, up 18.7% YoY, with PAT ₹259 crores up 25.6% and operating EBITDA margin 10.4%. The operating driver was 10% same-store sales growth, split roughly 8% from new customers and 3% from higher existing-customer spend, plus a 30bps gross margin gain to 28.7% from lower promotions and price discipline, not price hikes. Management expects inflation to taper, reaffirms 80–100 small-format store additions, plans full RFID rollout in slightly over one year, and projects no further price hikes currently. Main risks are a structural ~13% YoY rise in employee cost per sq ft from minimum wage increases and possible West Asia-related cost pressure on margins. |
| WAAREEENER Waaree Energies Limited Capital Goods - Solar ·Improving · Maintained | Capital Goods - Solar | Improving | Maintained | Q1 FY27 revenue rose 79.2% YoY to ₹7,932 crore and PAT rose 13.4% to ₹892 crore, but operating EBITDA margin compressed to 18.2% on raw material inflation, deferred non-DCR offtake and slower US clearances. The real driver was a record order book of ₹61,500 crore (25.2 GW) with net additions of ₹16,000 crore, plus retail revenue up 130% to ₹2,289 crore at 30.2% of mix. Management reaffirmed FY27 EBITDA guidance of ₹7,000–7,700 crore and retail target of ₹9,000–10,000 crore, expecting cell-to-module integration to rise from ~20% to ~65% in 2–3 quarters and US utilization to 75–80%. Risks are raw material inflation, US trade policy and clearance delays, and execution of the ₹31,500 crore CapEx program. |
| WELCORP Welspun Corp Limited DI Pipes/Saw Pipes ·Improving · Maintained | DI Pipes/Saw Pipes | Improving | Maintained | Q1 FY27 EBITDA was ₹756 crore, the highest ever, up 35% YoY, with net cash of ₹2,336 crore and a record order book of ₹25,750 crore. The driver was exceptional U.S. project pricing, yielding above the ~$300/ton sustainable baseline, with 75% of orders LNG-linked and 25% data center-driven. Management kept FY27 EBITDA guidance unchanged despite the beat, expects Saudi capacity by Q3 FY27 and U.S. LSAW by end-FY27, with full profit impact in FY28. Main risks are muted Indian domestic demand from Jal Jeevan Mission funding constraints, Saudi competitive intensity, and an unfinalized FY29 steel substrate strategy. |
| WESTLIFE Westlife Foodworld Limited Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Westlife Foodworld reported Q1 FY27 revenue of ₹7.36 billion, up 12% YoY, with 4.3% same-store sales growth and operating EBITDA of ₹946 million, up 11% YoY, as margins held despite 200+ bps input inflation. The driver was double-digit guest count growth from Everyday Value and the 30th-anniversary campaign, with dine-in up 12%, delivery up 11%, and South turning positive. Management reaffirmed FY27 guidance of 60+ openings (Q1 added 5 due to a fryer inventory gap), roughly ₹30 billion FY27 revenue requiring 15%+ growth, and 100-150 bps annual EBITDA margin expansion. The main risks are Q1 being the inflation peak only if geopolitics improve, and executing the planned ~3% price increase without disrupting guest count growth. |
| WIPRO Wipro Limited IT - Software ·Weakening · Maintained | IT - Software | Weakening | Maintained | Wipro reported Q1 FY27 IT services revenue of $2.61 billion, up 0.9% YoY but down 1.2% QoQ, with margin at 16.0%, down 120 bps YoY. Growth was driven by APMEA (+13.5% YoY) and Europe (+6% YoY), offset by Americas 2 (-7.3%), Health (-3.0%) and EMR (-8.9%), while salary increases, AI investments and large-deal ramp-ups hurt margin. Management guided Q2 FY27 revenue of $2.574–$2.627 billion, or -1.5% to +0.5% QoQ in constant currency, citing soft demand and geopolitical uncertainty, and reaffirmed the 17%–17.5% margin band without a timeline. The main risk is longer client decision cycles and weaker discretionary spending, with some large-deal decisions already slipping into Q2 and no recovery timeline for US Healthcare or EMR. |
| WPIL WPIL Ltd Pumps ·Improving · Maintained | Pumps | Improving | Maintained | Q1 FY27 consolidated revenue rose 32% YoY to ₹501cr and EBITDA margin was 15.04%, the lower end of the 15-20% band. The driver was international business, which nearly doubled to ₹386cr at a 15% EBITDA margin, while standalone revenue fell 37% to ₹115cr because domestic project invoicing stayed stalled on delayed government fund releases. Management guides Q2 inflow of the ₹300-350cr JJM receivables, H2 domestic execution recovery, and consolidated EBITDA margins averaging 16-17%, though reported Q1 margin is already at band's low end. Main risks are the MP debarment blocking new bids until existing 65-70% complete projects finish within a year and any slippage in receivable timing. |
| YESBANK Yes Bank Limited Banks - Private ·Improving · Maintained | Banks - Private | Improving | Maintained | Yes Bank's Q1 FY27 net profit rose 33.7% YoY to ₹1,071 crore with NIM stable at 2.7% and GNPA at 1.3%. Core fees grew 18.7% and cost-to-income improved to 62.8%, offsetting security receipt gains falling to ₹86 crore from ₹338 crore; advances rose 18.3% on corporate and commercial lending while retail disbursements jumped 27.5%. Management forecasts FY27 loan growth of 15-17%, reported ROA near 1%, SR gains of ₹800-1,000 crore, and NIM above 3% by FY28. Risks include slower-than-guided SR recoveries due to JC Flower timing, deposit competition pressuring NIM, and a possible West Asia war impact on MSME clients, with ECL flow through P&L. |
| ZENTEC Zen Technologies Limited Aerospace & Defence - Equipments ·Mixed · Maintained | Aerospace & Defence - Equipments | Mixed | Maintained | Q1 FY27 revenue fell 10.5% YoY to ₹141.6 crore; operational EBITDA margin was 27.3% versus 40.9% a year ago, which had a ₹7.65 crore provision reversal. Management attributed the compression to fixed-cost operating leverage on lower revenue, not structural change, with gross margin stable at 72.9%, plus higher warranty and R&D costs. It guided FY27 EBITDA margin to mid-30s on revenue weighted to Q2-Q3, ~₹2,500 crore year-end order book, and ~₹4,000 crore cumulative FY27-28 revenue, with simulators over ₹2,000 crore. Main risks are delayed government tender flow despite the post-quarter ₹177.5 crore MoD order, and the working capital cycle stretched to 257 days. |
| ZFCVINDIA ZF Commercial Vehicle Control Systems India Limited Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | ZF CVCS India's Q1 total income was ₹1,101.8 crore (+5.7% YoY), PAT fell 14.7% to ₹104.5 crore solely on absence of a prior-year ₹43.7 crore forex/one-off gain; normalized PBT rose 16.9%. Operating drivers were aftermarket sales up 15.6% to ₹158.4 crore with a record June, OE growth 8.6% vs industry 8.4%, and export goods +9.7% on North American ramp-up. Management expects positive demand with July output of 40,000-42,000 units, ~10,000 above normal, and enacted selective July 2026 price hikes for cost recovery. Risks are aluminum inflation from ₹260 to ₹360+/kg, delayed OEM pass-through from the West Asia conflict, US tariff unpredictability, and trailer segment decline of 9%. |