| TITAGARH Titagarh Rail Systems Ltd Railways ·Improving · Maintained | Railways | Improving | Maintained | Q1 FY27 reported PRS at 31% of revenue (₹230 cr) with 30+ coaches dispatched, up ~400% YoY, standalone order book ₹13,335 cr. The real driver was a deliberate freight cut to 1,284 wagons, production run at 600-650/month versus 1,000 capacity, awaiting a delayed Indian Railways tender. Management guides to ~200 FY27 coaches (±10%), 850 coaches/annum capacity by FY29, aluminum line commissioning in Q1 FY28, and Vande Bharat prototype by Q4 FY27. Main risk is the wagon tender slipping further and execution of the steep PRS ramp-up from 30+ to 45-50 per quarter. |
| TRAVELFOOD Travel Food Services Ltd Hotels ·Mixed · Maintained | Hotels | Mixed | Maintained | Q1 FY27 system-wide sales grew 18% YoY to ₹840 crore and consolidated revenue grew 20.6% to ₹450 crore, with PAT up 35.6% to ₹130 crore aided by a ₹13.1 crore GST write-back. The driver was 20.2% net contract gains from new airport units, not traffic, which stayed flat; EBITDA margin fell to 35.8% on pre-operating costs. Management expects H2 FY27 traffic recovery as airlines restore suspended long-haul routes from September-October and margins to normalize in ~12 months. Main risk is the Delhi T3 contract transition to a 30% GMR JV, with bid results pending and revenue recognition shifting to equity method. |
| UNIECOM Unicommerce eSolutions Ltd IT - Software ·Improving · Raised | IT - Software | Improving | Raised | Revenue grew 14.3% YoY to ₹51.4 crores, but adjusted EBITDA fell 14.5% to ₹8.1 crores due to front-loaded FY27 investments. Underlying Univer growth exceeded 15% excluding a former top-10 customer exit, with 115 new enterprise adds, while Shipway grew 16.8%. Management forecasts Univer 15%+ and Shipway 20%+ growth from Q4 FY27, with Shipway breakeven in Q3 FY27. Main risk: ESOP amortization (~₹2.5 crores/quarter) and a newly listed Shipway competitor, plus module adoption may take 18-24 months to contribute. |
| V2RETAIL V2 Retail Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 revenue was ₹997 crore, up 58% YoY, EBITDA ₹139.5 crore at 14% margin, PAT ₹41.9 crore up 70%, but same store sales growth of 7.5% missed the 8-10% guide because Adhikmaas cut full price sales to about 90%. The real driver was volume growth of 56% and 56 net store additions, though new stores run about 34% below mature store productivity and 10-12 stores fall under ₹600 per sq ft. Management guides at least 50% revenue growth for FY27 from 170-200 openings, same store sales growth of 8-10%, and gross margin of 29-30%, with the shifted Q3 festive season as the demand test. Main risks are a 4-5% MRP increase from Q3 on raw material inflation, untested value fashion price elasticity, elevated inventory from geopolitical safety stock, and Google ratings of 3.6 versus peers' 4.1-4.2. |
| VASCONEQ Vascon Engineers Ltd Construction & Contracting ·Mixed · Maintained | Construction & Contracting | Mixed | Maintained | Q1 FY27 consolidated revenue fell 31% YoY to ₹152 crore and PAT was ₹2 crore, hit by client-side cash flow constraints in two government EPC projects (Bihar Supol, Sindhudur) that stalled execution. The real driver was timing: EPC EBITDA margin still held at 9%, and fund flows from those projects are expected from August 2026 with an immediate ramp-up. Management maintained its FY27 revenue target of ₹1,200 crore (70% back-loaded to H2), with ₹1,500-2,000 crore EPC order intake guided and real estate revenue recognition from Q3-Q4. Main risk is working capital strain: net debt at ₹152 crore and the working capital cycle stretched to 65-70 days, plus the ₹225 crore Royal Ride order assumes zero FY27 revenue. |
| VOLTAS Voltas Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 FY27 consolidated income was ₹4,765 cr, up 18.5% YoY, and net profit rose 51% to ₹213 cr. RAC volume grew 45% YoY to a 17.3% secondary share, lifting UCP EBIT margin to 5.3% from 3.7% despite 10-12% cost inflation, helped by uninterrupted production and cost takeout. Management expects UCP margins to climb toward 7%+ over eight quarters, project recovery in Q3-Q4 FY27, and a 50:50 compressor JV with Atomberg (2.8 million units) in ~18 months. The Middle East conflict caused 4-5% commodity escalation on top of 7-8% energy table costs, forcing price hikes that could hit demand, while commercial refrigeration industry degrew ~15% and Q2 is seasonally lean. |
| ZTECH Z-Tech (India) Ltd Amusement Parks ·Mixed · Maintained | Amusement Parks | Mixed | Maintained | No reported figures were disclosed for Q1 FY27. Management did not state any operating driver behind the quarter. No forward guidance was provided for FY27. The main risk is the complete absence of financial and operational detail, leaving investors unable to assess performance. |
| ZAGGLE Zaggle Prepaid Ocean Services Ltd IT Product Companies ·Mixed · Maintained | IT Product Companies | Mixed | Maintained | Q1 FY27 revenue rose 28% YoY to ₹423 crores, but adjusted EBITDA margin fell to 8.2% from 10.1%, hit by DICE costs, one-time items, and expensing ₹6 crores of product development. The real driver was a deliberate shift to improve cash flow by moving volumes to faster-paying banks, which slowed program fees to ~10% growth. Management reaffirmed FY27 consolidated growth guidance of ~40%, expecting acceleration from Q2 as DICE revenue starts, with ₹15-16 crores and 90%+ gross margins. Main risk: DICE integration and contract novation delays could push payment revenue past Q3, while cash flow improvement takes 16-18 months and margin stays volatile. |
| ZOTA Zota Health Care Ltd Pharmacy Distribution ·Improving · Maintained | Pharmacy Distribution | Improving | Maintained | Zota Health Care reported Q1 FY27 revenue of ₹17,360 lakhs, up 67.6% YoY, with gross margin at 61.96%, down 1.5% due to geopolitical raw material costs. The real driver was network growth: 246 net store additions to 2,825 stores, plus ~30% annual same-store sales growth for mature COCO stores. Management guides to EBITDA positive by Q1 FY28 and cash breakeven in Q4 FY27 or Q1 FY28, with marketing spend of ₹40-45 crores for FY27 after a lumpy ₹15-17 crores in Q1. Main risks are elevated marketing costs and margin pressure, plus execution risk from moderating store expansion in Q2 FY27 to focus on productivity. |
| CPPLUS Aditya Infotech Ltd CCTV Camera ·Improving · Maintained | CCTV Camera | Improving | Maintained | Q1 FY27 revenue rose 89.5% YoY to ₹1,402 crores, EBITDA margin expanded 604 bps to 14.8%, and adjusted PAT surged 332.5% to ₹142.2 crores. The driver was CP PLUS traction at 87% revenue, IP products at 79% of portfolio, 59% lower finance costs, and 0.07 debt-to-equity. Management reaffirms 14-15% EBITDA margin and ₹60-65 billion revenue for FY27, with ~25% full-year price hikes and about 2x capacity expansion in three years. Main risk is SoC/DDR cost escalation squeezing margins as low-cost inventory is exhausted, while gradual price pass-through may hit volumes. |
| APOLLOHOSP Apollo Hospitals Enterprise Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Consolidated revenue rose 21% YoY to ₹7,043 crores with EBITDA up 28% to ₹1,092 crores and margin at 15.5%. The real driver was hospital demand: IP volumes up 13%, occupancy at 70%, ARPP up 8%, high-acuity specialties at 62% of IP revenue, and established hospital margin at 25.9%. Management guides ~20% FY27 hospital revenue growth, digital breakeven in Q2 FY27, insurance breakeven by Q3 FY27, and ₹150 crores new hospital losses. Main risks are new hospital ramp-up delays, insurance field sales setbacks, potential price controls from the parliamentary committee, and Bangladesh volumes at 60-70% of peak. |
| ARMANFIN Arman Financial Services Ltd Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Reported consolidated AUM rose 36% YoY to ₹2,975 crore and PAT turned to ₹45 crore from a ₹15 crore loss in Q1 FY26. The real driver was improving asset quality with GNPA down to 2.76% and NNPA 0.84%, aided by higher individual loan share (33% of microfinance book) and 85% cashless collections. Management guides AUM growth of 25-30% for FY27, opex to ~7% of AUM by March FY27, and credit cost of ~3-3.5% including CGFMU, not formal. Main risks are Telangana MSME/LAP stress, macro headwinds, and potential competition-driven easing of credit filters within 6-12 months. |
| ARVIND Arvind Ltd Textiles ·Improving · Maintained | Textiles | Improving | Maintained | Arvind reported consolidated revenue of ₹2,501 crore (+25% YoY) and EBITDA of ₹258 crore (+39% margin at 10.3%), driven by record volumes: denim at 17.5 million meters (+34%), wovens at 31.2 million meters, and Advanced Materials revenue at ₹650 crore with India up 40%. Management attributed the beat to operating leverage and mix, while absorbing ~₹100 crore of H1 raw material inflation that cut textile margins to 8.0% from 8.4% YoY. Management guides FY27 AMD India growth of high teens to 20%, combined AMD-Dalco EBITDA margins of 15-17%, garmenting growth near 15%, and Dalco revenue of $100-110 million, with the ₹500 crore QIP proceeds cutting net debt to ~₹1,600 crore. The main risks are the geopolitical conflict keeping input costs and shipping uncertain, delaying textile margin recovery by 2-3 quarters, and execution slippage on Dalco Line 8 and industrial capacity, now online only from Q4. |
| AWFIS AWFIS Space Solutions Ltd Realty - CoWorking ·Improving · Maintained | Realty - CoWorking | Improving | Maintained | Q1 FY27 revenue was ₹425 crore (+27% YoY), EBITDA ₹162 crore (+28% YoY), PBT ₹24 crore (+135%), with occupancy flat at 76% after a ~3,000-seat enterprise exit. The operating driver is premiumization and GCC demand: 64% enterprise mix, 37 Gold/Elite centers, and Transform mandates of ₹200 crore+ with 92% external revenue. Management guides FY27 revenue to ₹1,800 crore+, cash EBITDA of ₹190–200 crore, H2 outperforming H1, and Q4 occupancy improvement. The main risks are 2021-vintage lease resets causing a 3–4 quarter margin drag and slower developer partnership deal velocity. |
| AXISCADES AXISCADES Technologies Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 consolidated revenue hit a record ₹346 cr, up 42% YoY, but reported PAT was a ₹14.8 cr loss due to ₹21.81 cr divestment costs and ₹13.1 cr provisions; normalized continuing EBITDA was ₹41 cr (11.8%) on defense revenue of ₹125 cr (up 112% YoY) and ZEDA at ~30% margin. The real driver is the shift from services to manufacturing, with aerospace manufacturing revenue of only ₹6.1 cr against ₹19.3 cr costs and ADR Solutions losing ₹4.8 cr EBITDA. Management reaffirmed FY27 guidance of ₹1,377 cr revenue, ₹270 cr EBITDA, ~₹135 cr PAT, backed by two acquisitions closing this quarter and ₹1,255 cr extraordinary gain from the US$237 mn divestment. Main risk: acquisition or divestment slippage, which would delay ₹715 cr cash inflows and Power 930's ₹960 cr FY30 PAT target. |
| BRPL Bansal Roofing Products Ltd Steel ·Improving · Maintained | Steel | Improving | Maintained | Q1 FY27 revenue was ₹45.89 Cr (+26.8% YoY), EBITDA ₹4.12 Cr (9% margin), PAT ₹2.67 Cr (+31.9% YoY). The real driver was PEB execution at 80.9% utilization, including a ₹24 Cr order, while the newly commissioned solar MMS line (2,500 MT/month) only offers 2.5-3% net margins. Management reaffirms FY27 revenue guidance of ₹180-200 Cr (25-32% growth), called conservative as solar revenue is excluded, with PEB capacity rising to 15,000 tpa by mid-Sep 2026. Main risks are solar receivables stretching to 30-45 days from under 14, low utilization in roofing (50.7%) and decking (9.2%), and first debt of ₹5-6 Cr. |
| BATAINDIA Bata India Ltd Footwear ·Improving · Maintained | Footwear | Improving | Maintained | Bata India Q1 FY27 revenue grew ~4% YoY to ₹7,979 crores with underlying PBT up 22%, despite 25% higher ad spend and 130 bps gross margin expansion. The real driver was full price sales at ~90% of sales and inventory deferral of cost inflation, while franchise and e-commerce mix diluted gross margin by ~100 bps. Management declined revenue guidance, but expects 5-6% synthetic cost inflation to be offset by September price hikes and plans elevated ad spend at 3-3.5% of sales for two years. Main risks are consumer response to price increases, channel mix dilution, and competitive pressure at lower price points. |
| BEML BEML Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 revenue grew 29% YoY with first-ever positive EBITDA and net loss down ~50%, led by rail and metro (+178%) and defense (+25%), while mining fell 14% on deferred L1 contract finalizations. The operating driver is the order book shift to rail and defense (65% rail, 25% defense) and export book at $115 million, with high-speed train and LCH fuselage orders ramping. Management guides FY27 revenue growth high-20s%, EBITDA margin at least 13%, order inflow of ~₹20,000 crores (30-40% probability), and export book ~$200 million. Risks include the cancelled MRVC tender, mining contract deferrals, and FX exposure on export contracts, while the FY26 one-off EBITDA correction is not expected to repeat. |
| BBOX Black Box Ltd Data Centre ·Improving · Maintained | Data Centre | Improving | Maintained | Q1 FY27 revenue ₹1,719 cr (+24% YoY), EBITDA ₹160 cr (9.3% margin, +90bps), PAT ₹56 cr (+18%) including ₹60 cr from two months of Brazil acquisition 2S. Real driver was organic hyperscale data center execution, record backlog US$950m (+83% YoY), and a 10-15% effective tax rate from carry-forward losses. Management guides FY27 revenue ₹7,800-8,000 cr (+23-27%), EBITDA ₹700-725 cr (9.3-9.4% margin), PAT ₹325-350 cr (+38-50%), with backlog exit US$1.4-1.5bn and growth spilling into FY28. Main risks are hyperscaler CapEx moderation, 3-6 month execution ramp delays on gigawatt projects, margin pressure from hiring ~2,000, customer concentration, and tax normalization to ~20% post-FY28. |
| FIRSTCRY Brainbees Solutions Ltd New age - Platform - E-Retail ·Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | Brainbees Q1 FY27 revenue was ₹2,106 crores, +13% YoY, with adjusted EBITDA margin at 4.24% versus 4.98% YoY, as gross margin fell 200 bps to 36.5% on diapering competition and manufacturing costs. India multichannel growth of 17.7% YoY, the best in 7 quarters, was driven by RocketBees, FC Quick doubling to 125,000 shipments, and offline width-to-depth realignment. Management expects manufacturing-related margin loss fully recovered by Q2 end and diapering normalization over 4-6 quarters, with ~100 net new stores in FY27 and preschool expansion to 1,000+. Risks include Middle East geopolitical disruptions and the temporary GlobalBees brand transition, which flattens growth until Q3. |
| DEVX Dev Accelerator Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Q1 FY27 standalone revenue rose 7.8% to ₹42 crores, with consolidated IndAS EBITDA margin at 56.3%, helped by Capital One (95% pre-leased) going operational. The real driver is the Tier 2 managed office pipeline, now 1.13 million sq ft operational at 91.93% occupancy and 70% enterprise revenue share. Management forecasts disciplined conversion of 2.31 million sq ft signed capacity, plus ₹100 crores NCD to repay debt and cut net debt-to-equity to 0.4x. Main risk is the Noida litigation closure costing ~₹4.5 crores annually, while IndAS lease liabilities inflate reported leverage and new centers take 6-9 months to mature. |
| DIFFNKG Diffusion Engineers Ltd Welding Equipments ·Improving · Maintained | Welding Equipments | Improving | Maintained | Consolidated revenue rose 36.5% YoY to ₹110.11 crore with PAT up 35.98% to ₹16.67 crore, but EBITDA margin slipped 27 bps to 12.85% on higher raw material and employee costs. Growth came from domestic sales and a ₹209 crore order book (+20.4% QoQ), with new heavy engineering capacity (doubled to 18,000 MT) starting phased contribution from Q2 FY27. Management guides 20% revenue growth for FY27-28 with 100-200 bps EBITDA margin improvement and revenue doubling in three years, but called the ₹4.4 crore associate profit an anomaly versus the normal ₹1-2 crore. Risks include steel up 20% and ferro alloys up several hundred percent, which cut gross margins ~1.5%, a 2-3 year capacity ramp-up, and no breakthrough yet in defense sub-assemblies despite competitive bidding. |
| DREAMFOLKS Dreamfolks Services Ltd Services - Others ·Mixed · Maintained | Services - Others | Mixed | Maintained | Q1 FY27 revenue was ₹39 crore, down 25.9% QoQ and 88.8% YoY, with adjusted EBITDA of −₹16.4 crore and PAT of −₹13.8 crore. The real driver was the Middle East war cutting India outbound lounge traffic, the domestic lounge structural reset, and upfront minimum guarantee payments to global operators. Management guides to EBITDA break-even by H2 FY28, sees ₹500 crore railway lounge revenue over 4-5 years, and has signed three APAC bank clients going live shortly. Main risk is Middle East expansion remains frozen and new services take about 12 months to ramp, keeping costs ahead of revenue. |
| EIDPARRY EID Parry (India) Ltd Sugar ·Mixed · Maintained | Sugar | Mixed | Maintained | Reported Q1 FY27 sugar revenue rose 18% to ₹410 cr on 59% higher volumes, but cane crush fell 31% on structural TN/AP cane shifts to paddy. The driver is margin-accretive mix: CPG revenue intentionally dropped 50% to ₹94 cr with a growing contribution pool, targeting quarterly breakeven in 4-5 quarters. Management guides Nutra to its highest-ever FY27 revenue with 12-15% steady-state EBITDA margins, and debt reduced to ₹980 cr after the ₹610 cr PSRAPL settlement. Main risk: sugar prices above ₹45/kg may correct once crushing starts, and Karnataka's monsoon-dependent yields must offset the ~5% TN/AP crush decline. |
| ELDEHSG Eldeco Housing & Industries Ltd Realty - Construction & Contracting ·Improving · Raised | Realty - Construction & Contracting | Improving | Raised | Q1 FY27 total income rose 62.7% YoY to ₹50.3 crore, with EBITDA margin at 37.1% and PAT at ₹15.1 crore, up 380% YoY, driven by high-margin Imperia Phase 2 horizontal sales (85% of revenue, ~60% gross margins). Collections of ₹131.2 crore outpaced bookings of ₹105.7 crore, reflecting execution focus. Management guides near-100% launch of the 3.4 million sq ft pipeline in FY27, 40-60% liquidation of ₹75 crore legacy inventory, and a pivotal trajectory change from FY28. Main risks are approval delays, 4-month RERA extensions from Middle East disruptions that could shift Latitude 27 recognition (15-20% between March-May 2027) into FY28, and Lucknow geographic concentration. |
| EMSLIMITED EMS Ltd Infra - Engineering - General ·Improving · Maintained | Infra - Engineering - General | Improving | Maintained | EMS standalone Q1 FY27 revenue was ₹125.72 crore, up 50% QoQ, with EBITDA margin at 20.3% and PAT at ₹15.03 crore, recovering from election and rain disruptions, not seasonal strength. The real driver is revenue normalization as fixed establishment and machinery costs compress margins when work halts. Management guides FY27 revenue of ₹900-950 crore, needing 50%+ QoQ growth in Q3 and Q4, backed by a ₹2,329 crore order book, with margins returning to FY25 levels, not FY23-24 peaks. Main risk remains government payment delays within a 120-day working capital cycle and Q2 monsoon weakness in sewerage projects. |
| ESCONET Esconet Technologies Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Esconet reported Q1 FY27 consolidated revenue of ~₹116.37 crores and PAT of ₹6.57 crores, with standalone revenue of ₹61.08 crores and EBITDA margin of 8.55%. The margin gain came from Hexadata hardware shipments, NVIDIA GPU-enabled servers, and hardware price volatility, not top-line growth. Management guided Q2 revenue slightly above Q1 with similar margins, but FY27 revenue not significantly exceeding FY26 as it prioritizes margins. Main risk is weak operating cash conversion at ~5% of revenue, plus flat ZCloud revenue (~₹5 crores) pending MEITY empanelment within FY27. |
| EUREKAFORB Eureka Forbes Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 revenue ₹701cr +15.3% YoY, adjusted EBITDA margin 10.5% down 46bps, gross margin fell 131bps on commodity and forex costs; PAT ₹55cr included ₹19.5cr gratuity reversal (adjusted PAT ₹41cr, +6.1%). Water purifiers and softeners grew double-digit volumes, robotics rode premiumization, but AMC price hikes of 3-12% caused renewal deferrals in service. Management guides FY27 EBITDA margin broadly flat and a clear revenue step-up, reaffirming FY30 2x revenue and 3x EBITDA targets. Main risk: service growth could soften in 2H if AMC renewals don't normalize, with filter revamp (65 to 5 kits) and 4-year filter launches as offsets. |
| FIEMIND Fiem Industries Ltd Auto Ancillaries - 2&3 Wheelers ·Improving · Maintained | Auto Ancillaries - 2&3 Wheelers | Improving | Maintained | Q1 FY27 revenue ₹769.9 cr grew 18.6% YoY; EBITDA margin 13.52% and PAT ₹65.19 cr (+16.3%). The quarter rode record Q1 industry 2W volumes of 7.25m units and EV share rising to 9%, while LED share held flat at 63% of lighting value. Management guides FY27 revenue growth of 15-20% and EBITDA margin ~14%, with capex ~₹100 cr and four-wheeler contribution staying ~2.5% as the meaningful ramp slips to FY28 due to longer customer conversion cycles. Risks: ~80 bps raw material cost pressure recoverable only after a two-quarter pass-through lag, Haryana's 35% minimum wage hike raising employee costs, and Yamaha export softness from cyclical Europe demand. |
| FINKURVE Finkurve Financial Services Ltd Finance & Investments - Others ·Improving · Maintained | Finance & Investments - Others | Improving | Maintained | Q1 FY27 AUM grew 135% YoY to ₹1,270 crores, split evenly between tonnage and gold price, with GNPA stable at 0.54%, but ROA fell to 2.9% as leverage-funded growth at 11-11.5% cost of funds and 6-7% opex left only 100-200 bps pre-tax spread. Management reiterated FY27 AUM growth guidance of 50-60%, targeting co-lending at 15-20% of AUM, leverage at 4-4.5x, and lending yield at 20-20.5%. The main risk is gold price correction subduing ticket sizes and underlying book growth, though branch expansion to 118 and low base may cushion. Competitive aggression from banks is a secondary risk, but management sees banks in a lower-yield segment with limited direct clash. |
| FINCABLES Finolex Cables Ltd Cables - Telecom ·Improving · Maintained | Cables - Telecom | Improving | Maintained | Finolex Cables Q1 FY27 revenue rose 44% YoY to ₹2,013 crores with PAT up 59% to ₹221 crores. The beat came from high double-digit volume growth in auto, solar and agri cables plus communication cables at ₹176 crores with ~30% margins, inflated by low-cost fiber inventory. Management guided communication margins to normalize to low double-digits and accelerated fiber draw tower capacity to 8 million km by end-Q2 FY27. Main risks are fiber price volatility, helium and germanium supply constraints, and the copper rod plant shutdown from LPG restrictions, which cut that revenue to ₹8 crores versus ₹403 crores. |
| FOODSIN Foods & Inns Ltd FMCG Processing - Other ·Mixed · Maintained | FMCG Processing - Other | Mixed | Maintained | Q1 FY27 total income flat at ~₹1,000 cr YoY, revenue stagnant 4 years as mango realizations fell 18.5% on raw material prices dropping from ₹25 to ₹6 per kg. Management attributes 20% volume growth target to domestic demand and frozen foods, which grew 20% YoY to ~$4.3 mn, while export delays stem from vessel non-availability and 2-3x ocean freight increases. Guidance keeps 20% FY27 volume growth, expects freight normalization in 2 months with export catch-up over 3 quarters, and pectin orders from Oct-Nov 2026. Main risk: 1,800-ton finished goods backlog blocks working capital and adds interest costs, export growth hinges on shipping easing, and revenue value stays muted until realizations normalize from Sep 2026. |
| FREDUN Fredun Pharmaceuticals Ltd Pharma - Formulators ·Improving · Raised | Pharma - Formulators | Improving | Raised | Q1 FY27 standalone income rose 90.44% YoY to ₹228.25 crore, profit 94.63% to ₹13.17 crore, with EBITDA margin at 14.36%, helped by advance order booking at favorable Q4 FY26 raw material prices. The real driver is new age brands (pet care, mobility, nutrition, dermacetics) growing 35-45% YoY plus a 15-20% vintage business, blending to 30-35% guided for two years. Management guides FY27 revenue ~₹800 crore, on track to overachieve, pet care growth of 40-50% for 3-4 years, cat food launch in Q4 FY27, and EBIT margin of 12-13% within 12 quarters. Risk: Q1 seasonality is weakest, and the price-driven order boost may not sustain, while 135-140 day inventory and competition in pet care could pressure margins. |
| GMRAIRPORT GMR Airports Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Q1 FY27 revenue was ₹4,080 crores (+23% YoY), EBITDA ₹1,570 crores (+22%), PAT ₹150 crores versus a ₹140 crore loss. Growth came from non-aero income (>50% of revenue) and Delhi (+17% YoY), while Hyderabad aero fell 7% on West Asia geopolitics. Management guides soft H1 traffic with H2 recovery, Hyderabad flat at 30.5-31 million, and 15-18% organic growth. Main risk: ERA tariff framework could spike tariffs (₹485 to ~₹900) and GAL standalone debt is pegged at ₹7,400 crores gross with only ₹200 crores covenant headroom. |
| GOLKUNDIA Golkunda Diamonds & Jewellery Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 22.7% YoY to ₹85.24 crore, EBITDA up 69.3% to ₹8.64 crore (10.14% margin), net profit ₹5.14 crore. Growth came from Middle East export recovery (85-90% of business) and cost control, while US share fell to <10% due to tariffs. Management guides FY27 revenue growth of 15-20%, export-led, with new Mumbai facility adding ₹15-20 crore domestic revenue and ₹250-300 crore peak capacity by FY29-30. Main risks: top-10 customers are 60-65% of revenue, gold price shifts to lower caratage, and unproven domestic B2B/B2C execution. |
| GPPL Gujarat Pipavav Port Ltd Marine Port & Services ·Improving · Maintained | Marine Port & Services | Improving | Maintained | Q1 FY27 revenue rose 20% underlying (33% reported, with ₹31.6 cr duty scripts), with underlying EBITDA margin up 200 bps to 61%, driven by tariff hikes from April contracts, favourable USD/INR, and transshipment from congested ports. Containers grew 3% despite the Shaheen suspension costing 70-80k TEUs annually, RoRo jumped 53% to 65,000 units, but liquids fell 47% (LPG -63%) on Middle East conflict. Management guides FY27 EBIT +20-24% underlying, containers ~700k TEUs, RoRo 260-270k cars, liquids 1.3-1.4 MMT, bulk 2.4-2.6 MMT, with ~₹200 cr capex. Main risk: concession extension talks with Gujarat Maritime Board remain unresolved, freezing the ₹17,000 cr GPPL-funded investment; one-offs and ad-hoc revenue (~5% ex-scripts) are not run-rate. |
| GSFC Gujarat State Fertilizers & Chemicals Ltd Fertilisers ·Mixed · Maintained | Fertilisers | Mixed | Maintained | GSFC's Q1 FY27 consolidated sales were a record ₹3,583 crore, up 64% YoY; PAT rose 14% to ₹159 crore. Record fertilizer volumes of 5.26 lakh MT (up 17%) on the DAP special package drove the top line, but fertilizer EBIT margin halved to 4.09% as sulfur (+231%), ammonia (+144%) and gas (+38%) surged, while industrial product EBIT quadrupled to ₹116 crore on caprolactam spreads above $800/MT. Management guides FY27 fertilizer volume above 22 lakh MT, DAP-to-APS conversion commissioning in 1-2 months, and expects an NPK subsidy revision from October 1. The main risk is raw material inflation threatening unsubsidized NPK viability, while cheap Chinese imports and an uncertain anti-dumping outcome keep melamine production near zero. |
| HITECH Hi-Tech Pipes Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Q1 FY27 revenue rose 79% YoY to ₹1,413 crores and volume 26% to 1,56,136 MT, but EBITDA per ton stayed flat at ₹3,162 and PAT fell to ₹20 crores. The operating driver was volume ramp-up from new capacities plus trading stock, offset by gas prices more than doubling and higher finance costs from commissioning three plants. Management guided FY27 volume of 6.5 to 7 lakh tons, FY28 of 1 million tons, EBITDA per ton toward ₹4,000 once new plants reach critical mass, and VAP share to 45 to 50%. Main risk is elevated gas prices, monsoon Q2 softness, and geopolitical freight disruptions; new API and Hindupur plants must ramp by Q4 FY27. |
| HIMATSEIDE Himatsingka Seide Ltd Textiles - Home Textile ·Weakening · Maintained | Textiles - Home Textile | Weakening | Maintained | Q1 FY27 consolidated income fell to ₹634 cr from ₹661 cr QoQ, EBITDA ₹101 cr (~16% margin), due to Middle East shipment deferrals, product mix and raw material inflation. The operating driver is the Himatsingka 2.0 transition to multi-vertical textiles, with yarn and fabric revenue started using existing 211,584 spindles and 90m meters capacity, no incremental capex. Management guides combined yarn and fabric full-capacity revenue of ~₹2,000 cr annually, sheeting to taper while terry grows, and net debt reduction by FY27 end. Main risks: US tariff-driven pricing concentration, transition execution volatility, and timing of sheeting drawdown offset by new verticals. |
| HINDOILEXP Hindustan Oil Exploration Company Ltd Oil Drilling & Exploration ·Improving · Maintained | Oil Drilling & Exploration | Improving | Maintained | Standalone revenue rebounded to ₹117.5 crore from -₹194 crore QoQ, with PBT of ₹12.54 crore aided by ₹19.37 crore other income. Karsang production rose 41% QoQ to 17,400 BOE and crude realization hit $95.50/bbl, but BAT workovers and Dirok evacuation remain operating challenges. Management guides BAT to 2 workovers by Nov-Dec 2026 and 3 wells by June 2027 targeting ~11,000 bpd (8,900-13,000), while Dirok pipeline capacity reaches 2.5 MMSCMD by December for exchange sales. Main risks are BAT reservoir uncertainty at 4 km depth, a 7-10% loss on ~85% unsold HVCL crude, and PY1 new wells pending take-or-pay gas agreements. |
| HONASA Honasa Consumer Ltd New age - Platform - E-Retail ·Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | Honasa Q1 FY27 revenue grew 32% YoY on 30.5% volume growth, with EBITDA near ₹110 crore at ~12.5% normalized margin and PAT ~₹90 crore. The real driver was focus categories, up 35%+ and now ~85% of Mama Earth, plus 40%+ secondary, modern trade and e-commerce growth, though Q1 margins included ~100 bps one-time OPEX benefit and seasonality. Management guides FY27 revenue ahead of the committed high-teens five-year CAGR and at least 150-200 bps EBITDA margin expansion, with Dermaco crossing ₹1,000 crore ARR. Main risk: crude and packaging inflation deferred to Q2, offset by end-Q1 price hikes, while growth-first reinvestment may modulate near-term margin phasing. |
| IPL India Pesticides Ltd Pesticides/Agrochemicals ·Weakening · Cut | Pesticides/Agrochemicals | Weakening | Cut | India Pesticides reported Q1 FY27 revenue of ₹256 crores, down 9.2% YoY, with EBITDA margin at 15.4% versus 18.4% and PAT at ₹23 crores. Erratic rains hit Pretilachlor demand, while a ₹2.5 crore export write-off and ₹6 crore job work charges weighed on margins, pushing inventory days to ~200. Management guides lower single-digit FY27 revenue growth, 15.5% EBITDA margin as sustainable (18% target), Amirpur revenue of ₹50-60 crores, and ₹30-40 crores incremental exports from EU approval starting November. Main risks are monsoon trajectory, Chinese pricing pressure, and delays in the Amirpur block roadmap. |
| IRCTC Indian Railway Catering & Tourism Corporation Ltd Railways ·Improving · Raised | Railways | Improving | Raised | Q1 FY27 revenue rose 18.1% YoY to ₹1,370 cr but EBITDA fell 2.77% to ₹386 cr on one-time HR costs and catering mix; PAT was flat at ₹330 cr. Catering drove growth (+33.82% to ₹732 cr) from prepaid train sales, election specials and E-catering, while internet ticketing stayed flat at ₹361 cr with ~80% margins due to NGEF investment. Management guides catering margins to 10-12% as proof-of-concept costs phase out by Q3, targets non-convenience fees recovery to ₹150 cr, and expects tourism revenue to cross ₹1,000 cr next year with RBI payment aggregator license this year. Main risks: UPI convenience fee erosion (51% of tickets at discounted rates), GST input credit loss on Vande Bharat, and unauthorized water vendors exploiting Rail Neer capacity gap. |
| INDIGRID IndiGrid Infrastructure Trust Infrastructure Investment Trusts ·Improving · Maintained | Infrastructure Investment Trusts | Improving | Maintained | Reported revenue was ₹1,087 crores (+29% YoY) with operational EBITDA of ₹860 crores (+23% YoY) at 89.1% margin, and DPU of ₹4.12 matching the ₹16.48 FY27 guidance. Growth came from new project additions, with 99.64% transmission availability, 26.5% solar CUF, and Q1 transmission collections seasonally weak at 95% expecting Q3/Q4 catch-up. Management forecasts ₹16.48 DPU, ₹2,000+ crores of Energrid acquisitions in FY27, and a ₹12,000-13,000 crores pipeline over 2-4 years funded by 58.5% leverage headroom. Key risks: the new 10% dividend surcharge (though management sees minimal impact) and Q1 NDCF of ₹370 crores versus ₹392 crores distribution, drawing ₹22 crores from reserves. |
| INDIQUBE Indiqube Spaces Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | IndiQube Q1 FY27 revenue hit a record ₹428 crores (+37% YoY), PAT ₹35 crores (+91%), EBIT margin 13% vs 11% YoY. Growth driver was operating leverage from new centers (17 launched, AUM 10.61 million sq ft) and VAS revenue at ~17%, plus GCCs at 53% of revenue. Management guides annual area addition ~2 million sq ft, EBITDA margin 19-21%, and VAS contribution up 2-4%, with new centers breaking even in 5-6 months. Main risk: quarterly RPA additions were flat in Q1 despite guidance, plus ~60% Bangalore concentration and GCC dependency. |
| ICIL Indo Count Industries Ltd Textiles - Home Textile ·Improving · Maintained | Textiles - Home Textile | Improving | Maintained | Q1 FY27 revenue was ₹1,224 crore, up 27% YoY, with EBITDA margin at 13.1% and PAT at ₹63 crore, driven by core volume recovery (23 million meters, +12% QoQ) and new business nearly tripling to ₹387 crore. The real driver was US utility bedding scale-up at 60-65% utilization, while core realizations dipped on mix but price hikes flow from Q2. Management reaffirmed FY27 guidance of ₹5,500 crore revenue, ~13% EBITDA margin, and 105-110 million meters core volume, with non-US growth of 20%+ on UK/EU FTAs. Main risk is the Bhilad plant flood disruption (shut ~20 days from 23 July, partial resumption 12 August), plus container constraints from West Asia and tariff refund uncertainty. |
| INFINITY Infinity Infoway Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | For Q1 FY27 Infinity Infoway reported revenue of ₹6.89 crores (100% YoY growth) with 50% EBITDA margin, but revenue fell 20-25% sequentially due to seasonal Q1 weakness. The real driver is the education ERP and examination vertical, including India's first AI higher education project with an ₹11 crore order and 150 Zero Touch machines now patented. Management guides Zero Touch to contribute 20-22% of revenue within two years at 55-60% EBITDA margins, with an AI LLM beta in Q3 FY27 and revenue by March 31, 2027. The main risk is that Zero Touch commercial revenue depends on converting pilot orders and government tenders, while ₹10 crore capitalized intangibles could add amortization pressure if collections slip. |
| IOLCP IOL Chemicals & Pharmaceuticals Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | IOL Chemicals Q1 FY27 revenue was ₹756 crore (+37% YoY), EBITDA ₹111 crore (14.6% margin, +220 bps), and PAT ₹64.5 crore (+90%), with no one-offs. Growth came from 80-95% capacity utilisation across most APIs, non-IBU pharma crossing ₹200 crore quarterly run-rate (43% of pharma revenue), and exports at 28.5% of revenue. Management guides FY27 revenue growth of 15-20%, EBITDA margin 14-15%, and exports 25-30%, but says actuals may exceed guidance; FY28 margin target is 15-17%. Main risks are paracetamol utilisation (55%, targeting 70% by FY27-end), pre-committed customer pricing squeezing gross margins, and raw material price volatility. |
| COCKERILL John Cockerill India Ltd Capital Goods - Engineering Heavy ·Improving · Maintained | Capital Goods - Engineering Heavy | Improving | Maintained | Q1 FY27 consolidated revenue rose 18% YoY to ~₹299 crore but fell sequentially on early-stage project execution and one-time integration costs; standalone revenue rose 82% YoY to ~₹149 crore. Order intake of ~₹1,200 crore lifted the consolidated order book to ~₹4,500 crore, driven by global consolidation and demand across India, Europe, and US. Management forecasts FY27 consolidated revenue close to ₹2,000 crore with significant H2 improvement, and expects the first JVD order this year (EUR50-100M), while shifting integration costs to share-based payment to aid margins. Main risks: project execution timing and quarterly volatility, JVD finalization delays from customer investment validation, and top-5 customer concentration at ~80% of revenue. |
| JUBLFOOD Jubilant Foodworks Ltd Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Domino's LFL grew 2.5% on a high base while Popeyes surged ~45%, with 7 cities above ₹100K ADS. The real driver is Popeyes scaling as a second engine, offsetting Domino's dine-in decline and ~200 bps cost headwinds (LPG, labor) netted to 20 bps via pricing and efficiency. Management guides Domino's LFL 5-7% through FY27, ~200 bps EBITDA margin expansion, and ₹750-900 crores CapEx. Risks: persistent commodity inflation, aggregator MOV cuts to ₹99 pressuring order economics, and dine-in stabilization still "a little farther away." |
| KIRIINDUS Kiri Industries Ltd Dyes & Pigments ·Improving · Cut | Dyes & Pigments | Improving | Cut | Kiri reported Q1 FY27 standalone revenue of ₹295 crores (+63% YoY), driven by price hikes like H-acid doubling to ₹800-900, with PAT of ₹270 crores boosted by ₹286 crores treasury income. The real driver is pricing, not volume, while the ₹12,000 crore copper project advanced to construction with ₹1,400 crores equity deployed. Management withdrew prior ₹20,000-25,000 crore FY28 revenue guidance, targeting 70-75% utilization and full financial closure in coming months. Main risk is MCM Copper Gold litigation with Celsius over off-take rights and sustaining margins amid rising input costs. |
| LAXMIINDIA Laxmi India Finance Ltd NBFC - Others ·Improving · Maintained | NBFC - Others | Improving | Maintained | Q1 FY27 PAT rose 70% YoY to ₹16.4 crore and AUM grew 28% to ₹1,721.7 crore, with ROA at 3.45% and NIM at 11.36%. The driver was lower borrowing costs, down 67 bps to 10.66% on bank funding, while credit cost rose to 0.95% from vehicle finance stress. Management maintains FY27 guidance of 30-35% AUM and 40-45% PAT growth, targeting ROA of 3.5-3.75%. Main risk is vehicle finance stress, with 70% of expected credit loss provisions taken and acceptance criteria tightened. |
| MARKSANS Marksans Pharma Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Marksans Q1 FY27 revenue rose 35.6% YoY to ₹840.8 crore, with EBITDA margin up 919 bps to 25.3% and PAT at ₹159.4 crore, driven by UK/Europe growth of 74.7% YoY including ₹44 crore from Clinique BV and low-cost inventory. Management maintained FY27 guidance of 15-20% revenue growth and 20-21% EBITDA margin, citing geopolitical volatility, though 21-22% year-end EBITDA was termed achievable. They forecast Europe revenue of ~₹180 crore in FY27, Germany from Q3, and ~₹1,000 crore in 3-5 years via acquisitions, with US targeting $300 million. Main risks: gross margin normalization to 55-56%, war-driven freight and raw material inflation, potential US tariffs, and manufacturing capacity constraints. |
| MFSL Max Financial Services Ltd Finance - Holding Company ·Improving · Maintained | Finance - Holding Company | Improving | Maintained | Max Financial reported Q1 FY27 VNB up 33% YoY to a 23.2% margin and individual APE up 15%, with solvency at 198% after Axis Bank's ₹381 crore stake infusion. The VNB uplift was driven ~70% by a favorable yield curve and ~30% by protection mix and operating leverage, not core business acceleration. Management forecasts VNB growing faster than APE through FY27, non-par turning positive, and solvency above the 180% internal threshold for 2-3 quarters. Key risk: the June yield curve sits ~50 bps lower at the long end, which could partially unwind Q1 margins in Q2. |
| MIDWESTLTD Midwest Ltd Granite & Marble ·Improving · Maintained | Granite & Marble | Improving | Maintained | Q1 FY27 revenue ~₹190 crore, up 35% YoY, EBITDA and PAT up 25% and 27%, but diesel price spike (₹85 to ₹125-130/L) shaved ~190 bps off EBITDA. Granite volume up ~10% with 3-5% price hikes, quartz contributed ₹5 crore from ~5,000 tons after a technical glitch that cut FY27 volume target to ~120,000 tons from 150,000. Management guides FY27 revenue ~₹840 crore (called conservative) at 26-27% EBITDA margin, expects margin normalization from Q2, and FY28 revenue ~₹950 crore at 29-30% blended EBITDA. Main risk: diesel volatility, China export concentration, and government project delays in Kerala, Sri Lanka, and Indonesia, plus quartz ramp-up slippage, are key watch items. |
| MINDACORP Minda Corporation Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Minda Corp reported Q1 FY27 revenue of ₹1,846 crore (+33.2% YoY) and EBITDA of ₹212 crore (11.5% margin), with PAT inflated by a ₹106 crore exceptional gain from Minda Vast consolidation. Growth was driven by order book ramp-up and Minda Vast's ₹125 crore contribution, though commodity, labor and freight costs pressured margins. Management guides FY27 EBITDA margin of 11.5-12.0%, capex ~₹400 crore, and 20-24% growth at Flash Electronics, with Minda Vast margins to be brought up to company levels. Key risks: associate profit fell from ₹31.5 crore to ₹18 crore QoQ, and commodity pass-through lags of 1-2 quarters could dent margins. |
| MOBAVENUE Mobavenue AI Tech Ltd Computer Education ·Improving · Maintained | Computer Education | Improving | Maintained | Q1 FY27 revenue was ₹72.8 crore, up 56.9% YoY, with PAT at ₹11.7 crore (up 95% YoY) and EBITDA margin of 21.2%, driven by direct advertiser demand and premium formats. The real driver was the productized Neural Engine AI stack and PyX for Apple, while international revenue reached 20.7% but direct client share dropped to 65.2% due to agency or reseller-led entry. Management guides to the Rule of 50 framework of 30%+ revenue growth and 20%+ EBITDA margins, with near-term growth expected to exceed and PyX plus international scaling in the next 12-18 months. The biggest risk is regulatory change outside company control, followed by competition from AppLovin or Unity and international execution. |
| MONEYBOXX Moneyboxx Finance Ltd Finance & Investments - MSME Lending ·Weakening · Maintained | Finance & Investments - MSME Lending | Weakening | Maintained | Moneyboxx reported flat Q1 FY27 with AUM of ₹832 crores, disbursements of ₹77 crores, NIM down to 12.3% from 14.36%, and PAT of ₹0.21 crores. The real driver is a deliberate shift away from unsecured and sub-₹5 lakh loans to secured higher-ticket lending, lifting secured AUM share from 49% to ~75% while keeping costs flat. Management forecasts disbursement normalization by January 2027 (Q4 FY27) as solar, dairy, and digital partnerships ramp, targeting ~80% secured AUM and profitability inflection beyond ₹1,600-1,700 crores AUM. The main risk is execution slippage in partnership scaling and reliance on FLDG guarantees, which, if withdrawn, would force yield repricing or raise credit costs. |
| ORIENTTECH Orient Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Revenue of ₹201.92 crore, EBITDA of ₹15.42 crore at 7.57% margin, and PAT of ₹5.17 crore turned around from a ₹4.99 crore loss in Q4 FY26. The driver was stable supply, selective margin-led deal pursuit, and an order book of ₹375.43 crore billable in FY27, with 80% of growth from existing customers. Management expects the ~7.5% EBITDA margin to hold and annuity mix to reach 51% in three years from 23%, with billing skewed to H2. Main risk is persistent semiconductor supply pressure and a ₹4.4 crore contingent liability from telecom customer withdrawals. |
| PAGEIND Page Industries Ltd Textiles - Hosiery/Knitwear ·Improving · Maintained | Textiles - Hosiery/Knitwear | Improving | Maintained | Page Industries Q1 FY27 revenue rose 7.9% YoY to ₹1,420.4 crore, with volume up 5.7% and EBITDA margin at 20.3%, while PAT fell 4% to ₹192.8 crore. The volume miss came from planned ARS scheme normalization and ~3 days of undelivered billing due to logistics disruptions, with Q2 to absorb carried-over revenue. Management retained its FY27 double-digit volume growth target and 19-21% EBITDA margin guidance, expecting the May 2.2% MRP hike to flow through from Q2. The main risk is renewed cotton and synthetic input cost escalation, which would push margins below the guided band absent further price action. |