| PENIND Pennar Industries Ltd Pre-Engineering Buildings ·Improving · Maintained | Pre-Engineering Buildings | Improving | Maintained | Q1 revenue was ₹884.55 crore, up 3.58% YoY, but EBITDA rose 13.3% to ₹106.8 crore with PBT margin at 5.38%. Growth came from record order books in PEB India (₹1,008 crore), PEB US ($100 million) and Boilers (₹150.75 crore), while legacy businesses fell to ~25% of revenue. Management guides to double-digit sequential Q2 growth, 25-30% ROCE, 20% PAT growth and 7% PBT margin over three years. Key risks are US hydraulics tariff uncertainty, employee costs up 16% ahead of profitability, and the delayed steel pass-through that hurt PEB margins by ~200 bps. |
| PETRONET Petronet LNG Ltd Gas Distribution ·Improving · Maintained | Gas Distribution | Improving | Maintained | Petronet LNG Q1 FY27 standalone PAT rose 33% YoY to ₹1,133 crore on ₹301 crore trading and ₹193 crore inventory gains, not volume growth. LNG processed fell 5.9% YoY to 207 TBtu due to Qatar force majeure; Dahej utilization dropped to 66% on expanded 22.5 mmtpa capacity. Management forecasts utilization improvement after the Strait of Hormuz reopens, Kochi pipeline completion by Q2-Q4 FY27, and ~₹9,064 crore FY27 capex. Main risk: trading gains tied to spot-long-term spread could normalize, and prolonged Gulf closure keeps volumes depressed. |
| PROSTARM Prostarm Info Systems Ltd Trading ·Improving · Cut | Trading | Improving | Cut | Q1 FY27 revenue ₹76 crore (+38% YoY, -27% QoQ), EBITDA margin 8.55%, PAT ₹5 crore (+136% YoY), with ₹36 crore of deferred Adani orders billed. The real driver is a strategic pivot to C&I BESS as utility-scale bidding turned irrational; the 1.2 GWh facility commissions in Q2 FY27 at 20-25% utilization this year, 40-50% next year. Management guidance: minimum 25% revenue growth for FY27, EBITDA margin 12-13%, PAT margin trimmed to 8.5-9% due to new facilities and import costs, and working capital days down to 120-150 by March 2027. China's 2% BACI tax from September and 6-8 months of below-cost utility bidding are key risks; ₹231 crore receivables are concentrated in CCTNS but collections improve. |
| RVNL Rail Vikas Nigam Ltd Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | RVNL Q1 FY27 standalone revenue was ₹4,300 crore (+9.62% YoY), PAT ₹155 crore (+21.72%), EBITDA margin up to 3.99% from 2.08%. Growth came from execution acceleration, with 63% of revenue from management works and bidding mix up 16.63% YoY, though railways still dominate the ₹93,492 crore order book. Management guides FY27 revenue growth ~15% and PAT 15-20%, targeting ₹20,000-25,000 crore order inflow with overseas projects at 15-20% margins. Main risks: geopolitical volatility in Middle East/Israel, labour scarcity, and BSNL payment delays on Bharat Net, whose timeline extended 6-8 months. |
| RELIGARE Religare Enterprises Ltd Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | Q1 FY27 consolidated revenue rose 26% YoY to ₹2,358 crores but PAT was a ₹46.98 crore loss, driven by Ind-AS reporting differences across entities. The real driver was Care Health, growing GWP 37% YoY with Ind-AS PBT of ₹163 crores and combined ratio 102.6%, offset by a shrinking RFL loan book and ₹5 crore HFC loss. Management guides Care to ~100% combined ratio in two years, RFL business commencement in 3-4 months, and ₹881 crores promoter warrants converting by March 2027. Main risk: RBI rejected the demerger without reasons, delaying the value-unlock past Q1 FY28 with no alternative structure announced. |
| RIR RIR Power Electronics Ltd Electronics - Equipment/Components ·Improving · Raised | Electronics - Equipment/Components | Improving | Raised | Q1 FY27 revenue was ₹27.16 crores, up 29.3% YoY, with EBITDA of ₹3.98 crores and PAT up 80.6% YoY. Growth came from passing through 80-85% of input cost increases plus cost controls, not volume alone. Management guides core business run rate to ₹30+ crores per quarter in FY27 and ₹50 crores in 6-9 months, with epi-wafer revenue of ₹12-15 crores in H2 FY27 at 20-25% EBITDA margins. Main risks are West Asia driven input cost volatility with only partial pass-through and the pending ₹70 crore bank term loan for Odisha Phase 2. |
| SPAL S P Apparels Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Consolidated revenue was flat at ₹401 crores YoY, but EBITDA rose 15.6% to ₹61.36 crores (15.3% margin) and PAT rose 20.4% to ₹24.87 crores. The margin gain came from better product mix, efficiency and yarn spreads, not volume, as US tariff deferrals and 750 new machines cut utilization. Management reaffirmed FY27 revenue of ₹2,000 crores, garment EBITDA margin above 15%, Young Brand ₹340–350 crores, infant exports ₹1,300–1,400 crores, and order book of ₹570–600 crores. Main risks are US legislative uncertainty, shipment timing lumpiness, and execution of the new molded bra line. |
| SAMMAANCAP Sammaan Capital Ltd Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Sammaan Capital reported Q1 FY27 AUM of ₹56,239 crores, PAT ₹243 crores, and ₹3,900 crores disbursements, with net recoveries of ₹240 crores and net NPAs at 0.15%. The real driver is the liability franchise: cost of funds fell from 10.5% to 10.0% after IFC ownership, with annual interest savings of ~₹450 crores, plus an asset-light model securitizing or selling loans. Management guides FY27 disbursements of ₹30,000 crores, cost of funds at 9.3% by year-end, cash recoveries above projections, and expects ROE to rise from 6.8% to 18.7% over five years. Main risk is execution: expanding from 5 to 15 products and 270 to 800 branches, while the targeted AAA rating and 30-35% cost-to-income by FY29 depend on simultaneous delivery. |
| SANSERA Sansera Engineering Ltd Auto Ancillaries - Diversified ·Improving · Raised | Auto Ancillaries - Diversified | Improving | Raised | Q1 FY27 revenue was ₹1,021.3 crore, up 33% YoY, with EBITDA margin 19.2% and reported PAT ₹87.4 crore after a ₹16.9 crore litigation charge. Growth was driven by non-auto ADS revenue tripling to ₹199.8 crore, while auto grew 20.8% YoY. Management raised FY27 revenue guidance to high teens to ~20% and EBITDA margin ~19%, with ADS order book at ₹5,750 crore executable by FY31. Key risks are delayed steel pass-through, US tariff recovery, and semiconductor cyclicality tied to AI demand. |
| SHALBY Shalby Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Revenue rose 11.6% YoY to ₹338.6 crore, PAT up 36% to ₹10.5 crore, but EBITDA margin fell from 16.0% to 14.5%. Driver was hospital occupancy up 600 bps to 51% and Medtech revenue up 53% YoY, offset by standalone EBITDA margin down 320 bps to 18.4% on new doctor hiring. Management forecasts ~20% standalone EBITDA margin from Q2 on TPA renewals and bunker revenue, double-digit Medtech EBITDA by Q4 FY27, and Shalby International PBT positivity in 6-9 months. Risks: ICRA downgrade from A+ to A on the ₹830 crore facility, US Medtech still EBITDA negative on flat volumes and forex swings, and government payer mix rising from 24% to 32% compressing yields. |
| SHREEPUSHK Shree Pushkar Chemicals & Fertilizers Ltd Chemicals - Others ·Improving · Maintained | Chemicals - Others | Improving | Maintained | Revenue came in at ₹281.1 crores, up 10% YoY, with EBITDA of ₹31.9 crores and PAT of ₹22.9 crores. The driver was improved realizations, as management deliberately cut volumes (fertilizer -13%, chemicals -39%) to sidestep high raw material costs from the West Asia conflict. Management guides FY27 revenue to ~₹1,600 crores and PAT margin ~9%, expects Q2 to beat Q1 FY27 and Q2 FY26, and plans Unit 5/6 trial runs in August-September 2026. The main risk is the still-closed Hormuz strait, which keeps ammonia and sulfur supply uncertain and could force further volume cuts or delay commissioning. |
| SHRIRAMPPS Shriram Properties Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 sales hit a record ₹484 cr (+10% YoY) but revenue was muted at ₹271 cr, with PAT of ₹11 cr after a ₹4 cr JV loss and ~40% of revenue from thin-margin legacy Kolkata projects. The real driver was product diversification: premium Chennai launch Estrella sold 20% in its launch weekend and Kolkata plotted Southbrook sold 55% in 30 days, while price growth moderated to 4–5%. Management guides FY27 sales of ₹3,300–3,500 cr and collections of ₹2,100–2,200 cr, supported by 2,900+ handovers and ₹1,560 cr H2 revenue potential; FY28 targets ₹5,000 cr sales and 10% PBT margin. Main risk remains back-ended Q3–Q4 launch concentration, pending approvals in Pune and Bangalore, and investor skepticism on execution with the stock below IPO price. |
| SIGACHI Sigachi Industries Ltd Chemicals - Organic ·Mixed · Maintained | Chemicals - Organic | Mixed | Maintained | Q1 FY27 revenue was ₹121.27 crore, EBITDA margin 13.6%, PAT ₹8.14 crore. MCC contributed ₹82.74 crore with realization up 11.7% QoQ to ₹241.36/kg, but utilization stayed at 76.8% due to turnaround and mix shift. Management reaffirmed FY27 revenue guidance of ₹650-675 crore and ~18% EBITDA margin, expects Q2 acceleration, and guided Dhejaj 2 MCC expansion for Q2 FY28 commissioning plus API target of ₹100-110 crore. Main risks are lost market share from Hyderabad capacity reduction, competitive oversupply, and insurance/legal uncertainty with ₹42 lakh paid per beneficiary versus a ₹1 crore state announcement. |
| SINGERIND Singer India Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Singer India Q1 FY27 revenue rose 57% YoY to ₹144.5 crore, PBT jumped 225% to ₹4 crore, and EBITDA turned positive at ₹5.5 crore. Sewing machines grew 74%, with e-commerce up 55%, but appliances profit fell ₹74 lakh YoY on ~₹1.2 crore EPR costs. Management forecasts completing the ₹202 crore Kendriya Bhandar order by quarter-end and pilot production at Biwari (10,000+ machines/month) from H2 FY27. Risks: import NOCs cease after August 12, 2026, domestic zigzag ramp-up challenges, and commodity price pressure dampening appliance demand. |
| SDBL Som Distilleries & Breweries Ltd Alcoholic Beverages ·Weakening · Maintained | Alcoholic Beverages | Weakening | Maintained | Q1 FY27 consolidated volumes fell to 45.79 lakh cases and total income to ₹268.8 crores, with EBITDA of ₹15.2 crores, hit by the Madhya Pradesh plant suspension causing an estimated ₹250 crore revenue loss. The suspension drove a ₹6-7 crore quarterly fixed cost burden, though Karnataka volumes grew 30% YoY, Odisha rose ~40%, and MFL realization improved 3% to ₹1,047 per case. Management maintains FY27 revenue guidance of ₹1,000-1,100 crores assuming MP resolution within August, with the ₹300 crore UP plant commissioned June 9 and Andhra Pradesh entry by September. The main risk is extended MP closure driving permanent brand switching, plus 7.5-8% raw material inflation and ₹700-800 crore competitor investment in UP. |
| SPENCERS Spencers Retail Ltd Retail - Departmental Stores ·Improving · Maintained | Retail - Departmental Stores | Improving | Maintained | Q1 FY27 consolidated revenue rose 13% YoY to ₹469 crores; EBITDA doubled to ₹9.4 crores (2% of sales). The driver was Spencers format growth of 18% YoY (offline 14%, online 49%) without new stores, membership at 125k members (33% of monthly sales), and online per-order contribution turning from -₹18 to +₹18. Management guides to ~25% full-year online growth, mid-to-high single-digit Spencers offline, and early double-digit Nature's Basket growth from Q3/Q4, with debt refinancing of ₹1,266 crores completing this month. Risks: Nature's Basket revenue fell 13% YoY on inventory issues under a new turnaround plan, quick commerce rivals are building in-house gourmet offerings, and PBT losses of ₹60 crores continue alongside refinancing. |
| SURAKSHA Suraksha Diagnostic Ltd Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 total income rose 21% YoY to ₹88.7 crores, EBITDA hit ₹31.5 crores (36% margin, +200 bps), PAT ₹12.8 crores (+40%). Growth came from operating leverage: mature centers at 40.9% EBITDA, sub-2-year centers turned positive at 6.5% from -5.5%, the Roche biochemistry deal lowered COGS, and CTHS added ~1.5% to top line. Management guides minimum 34% FY27 EBITDA margin, 100 centers by FY28 with ₹70-80 crores capex, and ~20% QoQ genomics growth. Risks: 27 sub-2-year centers at 6.5% EBITDA dilute returns, spoke conversions cannibalize mature volumes, and ₹1.37 crores genomics remains too small to support margins. |
| SGIL Synergy Green Industries Ltd Castings, Forgings & Fastners ·Mixed · Maintained | Castings, Forgings & Fastners | Mixed | Maintained | Q1 FY27 total income was ₹75.71 crores, 7% PBDIT margin, as ~7,400 tons production (up 10% YoY) outpaced dispatches on flat-rack shortages, prototype delays and LC holds. Margins were pressured by furan up 60%, consumable inflation and the retrospective MSEDCL solar banking clawback, partly recoverable after a one-quarter lag. Management maintains FY27 guidance of ₹500 crores revenue (+33% YoY) and +300 bps PBDIT margin expansion, with July utilization at 85%+ versus 66% in Q1 and Nordex 5MW serial production plus Vestas 4MW ramp from Q1 FY28. Key risks: flat-rack shipping availability, raw material indexation recovery timing, and 1-3% revenue spillover to Q1 FY28. |
| TMPV Tata Motors Passenger Vehicles Ltd Auto - 4 Wheelers ·Mixed · Maintained | Auto - 4 Wheelers | Mixed | Maintained | Consolidated revenue was ₹95,800 crore with PBT down to ₹1,600 crore as JLR PBT fell to GBP109 million from GBP351 million. India PV drove the quarter with revenue ₹18,000 crore up 65% on 182,000 wholesales up 46%, EV volumes doubling to 34,000 units with mix at 19% exiting 23-24%, supporting 14.3% share. Management expects JLR negative free cash flow of about GBP1.0 billion to reverse through the year and India capex to step up per Investor Day guidance. The main risk is JLR China, down 25% and expected to worsen on economic slowdown, retailer stress and new luxury taxes. |
| TEGA Tega Industries Ltd Capital Goods - Mining Equipement ·Improving · Maintained | Capital Goods - Mining Equipement | Improving | Maintained | Tega reported Q1 FY27 consolidated revenue of ₹17.2 billion with ~15% adjusted EBITDA margin, including Molycop for one month (June 2026). Legacy consumables drove results: revenue rose 36% YoY to ₹3.96 billion with EBITDA margins at 24.1%, while equipment fell 44% to ₹358 million on customer clearance delays and was EBITDA breakeven. Management maintained ~15% consumables CAGR guidance (calling Q1 growth boosted by Q4 order carryover), targets ~15% consolidated FY27 EBITDA margins, ~$20 million Molycop synergies over 2-2.5 years, and Chile commercial production from March 2027. Risks include Molycop net debt of $672.5 million, freight and steel cost inflation with a one-quarter pass-through lag, and uncertain equipment recovery timing. |
| WABAG Va Tech Wabag Ltd Water Treatment ·Improving · Maintained | Water Treatment | Improving | Maintained | Q1 FY27 revenue ₹887 cr up 20.8% YoY, EBITDA ₹116 cr (margin >13%), PAT ₹90 cr (+37%), order book ₹19,400 cr (over 4x revenue). Driver was execution across all clusters, with Kuwait and Ajman wins plus repeat Indian municipal orders; gross margin fell YoY on EPC-heavy mix while O&M grew 7%. Management guides 15-20% medium-term revenue growth, 13-14% realistic FY27 EBITDA margin, 100-110 working capital days, and Vridhi 2.0 refresh in May 2027. Main risk is Middle East geopolitical fallout, mitigated by force majeure letters and project locations, plus ECL provisions and forex on 52% international revenue. |
| VEEFIN Veefin Solutions Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Standalone revenue rose 128% YoY to Rs 23.14 crore with 55.4% EBITDA margin and PAT up 151% to Rs 6.74 crore; consolidated revenue was Rs 113.97 crore on full subsidiary consolidation. The driver was operating leverage, DSO cut to 80 days from 149 days, and 77% of standalone revenue from existing clients after a 6-product GCC digital bank win. Management forecasts amalgamation completion in 1-2 quarters, PSB Exchange inflection at 10-12 integrated banks (currently 3 live), and FY27 as the monetization year via 5-year contracts. Main risk is the Rs 60 crore 14-15% NCD debt (covenants comfortable) and PSB Exchange pace slower than anticipated, with only 3 of 32 lenders live from bank bandwidth constraints. |
| VERANDA Veranda Learning Solutions Ltd Computer Education ·Improving · Raised | Computer Education | Improving | Raised | Veranda reported Q1 FY27 revenue of ₹150 cr (+42% YoY), EBITDA of ₹54 cr (~36% margin), and PAT of ₹34 cr (+472%), a sixth profitable quarter. The real driver was commerce (+53% to ₹108.6 cr) and government test prep (+41%), but EBITDA growth was only ~30% excluding a ₹17 cr one-time income in Q1 FY26. Management guided FY27 revenue of ~₹670 cr, EBITDA of ₹260 cr (38.8% margin), and PAT of ₹144 cr, with JK Shah demerger listing expected by September 2026. Risks are Q1 margin compression from ad spend and 15 new managed college costs, NCLT delay on the demerger, and enrollment growth (+35%) outpacing collections (+27%) signaling lower ticket sizes. |
| VSTTILLERS VST Tillers Tractors Ltd Auto - Tractors ·Improving · Maintained | Auto - Tractors | Improving | Maintained | VST Tillers reported Q1 FY27 revenue of ₹313.4 crore, up 11% YoY, with EBITDA margin down 45 bps to 12.85% on raw material inflation and PAT at ₹48.7 crore. Growth was driven by power tiller volumes up 18% and weeders up 56%, while domestic tractor sales of 275 units rose just 4.5% due to Zetor production ramp-up constraints. Management guides tractor volumes to rise from Q2 with 30+ variants by FY30 targeting 20,000 domestic and 5,000-6,000 international units, and retail financing to hit 15-20% of sales in FY27. Key risk is monsoon failure over the next 20 days, which could hit Kharif and Rabi demand and defer the H2 outlook. |
| WELSPUNLIV Welspun Living Ltd Textiles - Home Textile ·Improving · Maintained | Textiles - Home Textile | Improving | Maintained | Welspun Living Q1 FY27 revenue rose 23.5% YoY to ₹2,828 crore with EBITDA margin at 12.5%, its third straight expansion from a 6.8% trough. The driver was volume recovery and operating leverage, with home textile exports up 28.1% and US pillow business up 2.3x. Management guides FY27 double-digit revenue growth, low-teens EBITDA margins, and 80-85% utilization despite the Vapi flood hitting Q2. Main risk is raw material inflation, though pass-through is executed, plus RoSTEL export incentive expiry in September. |
| YATRA Yatra Online Ltd E-Commerce - Platform - Travel ·Mixed · Maintained | E-Commerce - Platform - Travel | Mixed | Maintained | Q1 FY27 revenue fell 10.4% YoY to ₹1,879 million, but gross bookings rose 16.5% to ₹21,007 million; adjusted EBITDA dropped 39.4% to ₹151 million (12.29% of gross margin). The driver was West Asia conflict cutting MICE top line by ~₹300 million and unclosed airline PLBs compressing air margins, while standalone hotels grew bookings 34% and air volumes beat industry. Management guides Q2 MICE bookings ~50% above Q1, Kanoo revenue positive from Q2, and EBITDA margin back to ~20% of gross margin in H2 FY27. Main risks are geopolitical recovery, airline PLB closure, and a multi-jurisdiction restructuring with no timeline. |
| ADVENZYMES Advanced Enzyme Technologies Ltd Seeds/Tissue Culture/Bio Technology ·Improving · Maintained | Seeds/Tissue Culture/Bio Technology | Improving | Maintained | Q1 FY27 revenue fell 7% QoQ to ₹1,898 million, with EBITDA margin down 300 bps YoY to 27% on elevated energy costs and adverse mix; a ₹100 million in-transit sales reversal masks ~8% underlying growth. Operating drivers were bioprocessing (+30% YoY) and specialized manufacturing (+41% YoY), while human healthcare dropped 7% YoY on soft pharma API sales. Management guides double-digit FY27 revenue and ~30% EBITDA margin recovery, backed by ₹123 crore CapEx and 70-75% fermentation utilization triggering capacity decisions next quarter. Main risk: geopolitical and energy cost volatility prolonging margin compression and delaying the US branded-ingredient transition, which targets 8-10% growth but faces 20-30% customer churn. |
| AIAENG AIA Engineering Ltd Capital Goods - Mining Equipement ·Mixed · Maintained | Capital Goods - Mining Equipement | Mixed | Maintained | Q1 FY27: 64,644 tonnes volume (~7% YoY), ₹1,153 cr revenue, EBITDA ₹424 cr at 36% margin (down ~300 bps QoQ), PAT ₹301 cr. The driver is the South America bet: Chile high-chrome order supplies 3,000-3,500 tonnes per quarter, but EBITDA fell on weaker mix, lower FX gain (₹25 cr vs ₹65 cr), trial expenses and elevated freight. Management gave no volume guidance until Peru and Ghana trials clarify, expects clarity in 1-2 quarters, raised FY27 capex to ₹350-400 cr, and kept operating margin guidance at 20-22%. Key risk: NGDS trial cycles run 3 months to 2 years, Chinese forged media entry into high-chrome is possible, and freight/raw material inflation persists. |
| ATL Allcargo Terminals Ltd Logistics ·Improving · Maintained | Logistics | Improving | Maintained | Q1 FY27: revenue ₹214 cr (+14.4% YoY), EBITDA ₹47 cr (+34.3% YoY, margin ~22%), volumes 176,449 TEUs (+7.2%), but net profit fell to ₹6 cr on one-off JV dividend taxes. The driver was yield management lifting revenue per TEU to ~₹13,000 and 80-85% capacity utilization, not volume growth. Management guides EBITDA per TEU of ₹2,400-2,500 for FY27 (vs ₹2,690 reported), ₹2,750 over three years with Farukhnagar rail revenue, and 1 million TEU volumes with ₹400 cr capex. Main risk: competitive pressure limits further yield gains, plus Mundra license renewal and project delays (Farukhnagar PFT by Mar 2027, ICD by Q3 FY28). |
| ARKADE Arkade Developers Ltd Realty - Regional ·Mixed · Maintained | Realty - Regional | Mixed | Maintained | Arkade reported Q1 FY27 pre-sales of ₹155 crore, up 9% YoY, with revenue of ₹147 crore but PAT down to ₹19 crore (13% margin) on lower other income and a bigger employee base. The real driver was steady Mumbai redevelopment demand, while the PAT dip came from prior-year IPO proceeds investment income and employee costs rising 30% to 277 staff. Management guided FY27 pre-sales of ₹1,000 crore (₹500 crore from new launches, ₹500 crore from unsold inventory), EBITDA margin normalizing to 25-26%, and FY28 launches of ₹5,000 crore+, after doubling FY27 launch GDV to ₹3,000 crore. Main risk: Anand Nagar launch slips to FY29 pending wireless station relocation, plus construction cost inflation and competitive land bids. |
| ASHIANA Ashiana Housing Ltd Realty - Construction & Contracting ·Mixed · Maintained | Realty - Construction & Contracting | Mixed | Maintained | Ashiana Housing reported Q1 FY27 booking value of ₹358 crores and revenue of ₹107 crores (down from ₹293 crores YoY) on OC timing, but collections rose 6% to ₹409 crores and average realization jumped 37% to ₹9,923/sq ft. The driver was a mix shift to senior living and premium projects, while regular housing inventory shortage in Gurgaon, Jaipur, Biwadi capped pre-sales. Management guided FY27 pre-sales of ~₹2,200 crores (FYTD ₹859 crores through July), revenue ~₹2,000 crores, ROE ~20% with 15% as long-term floor, and ₹800 crores capital deployment for land. Main risks are a possible pre-sales dip from inventory shortage and lumpy revenue recognition due to OC timing. |
| ASHOKA Ashoka Buildcon Ltd Construction & Contracting ·Weakening · Cut | Construction & Contracting | Weakening | Cut | Q1 FY27 standalone revenue was flat at ₹1,320 crore, EBITDA fell 17% to ₹126 crore (9.5% margin), PAT rose 3% to ₹31.5 crore. Margins were diluted by mobilization costs for railways, international and industrial parks, partly offset by lower interest. Management cut FY27 revenue growth guidance to 10-15% and EBITDA margin to ~9.5%, citing subdued NHAI awarding (5 km in June) and supply chain uncertainty, with ₹6,000-8,000 crore order inflow guided. Key risks are ~₹100 crore Power T&D debtor build-up, HAM SPV monetization slippage (four assets now close by Q2), and H1 margin dilution, though FY28 margins are forecast at 10.5-11%. |
| ASTRAL Astral Ltd Building Materials - Plastic Pipes ·Improving · Maintained | Building Materials - Plastic Pipes | Improving | Maintained | Astral reported Q1 FY27 consolidated revenue growth of 15.9% YoY with EBITDA margin at 15.5%, up 120 bps YoY, despite a 10% polymer industry decline. Real drivers were operating leverage from new plants lifting Plumbing margins to 18.9%, plus 24.8% Adhesives India and 48.7% Paint growth, while SAP disruption cut April dispatches. Management maintained FY27 guidance of double-digit Plumbing volume growth and 16-18% EBITDA margin, with Paint at lower single-digit EBITDA, awaiting Q2 before upgrading. Main risk: July's 40% volume surge partly reflects channel restocking after destocking, and Adhesives India margins fell 180 bps YoY on high-cost inventory, expected to recover in Q2. |
| BALRAMCHIN Balrampur Chini Mills Ltd Sugar ·Improving · Maintained | Sugar | Improving | Maintained | Q1 FY27 was off-season but stable: 45.67 lakh tonnes sugar inventory at ₹37.19 cost against firm domestic prices of ₹48-49/kg, with distillery transfer pricing up 20% YoY. The real driver is tight sugar supply from lower production and ethanol diversion, so management expects higher sugar realizations to outweigh cane cost hikes and any distillery loss from a likely B-heavy ban. Management guides lactic acid commissioning in October 2026, PLA in December 2026, targeting ~40% average utilization in Jan-Mar FY27 and national closing stock of 3.0-3.5 million tonnes by October 2027. Key risks: government restriction on B-heavy/juice diversion, cane SAP hike, monsoon impact (clarity by September), and PLA ramp-up execution, while management dismisses market deficit rumors as overstated by ~2 million tonnes. |
| CMLL Caliber Mining and Logistics Ltd Mining/Minerals ·Improving · Raised | Mining/Minerals | Improving | Raised | Caliber Mining reported Q1 FY27 revenue of ₹657 cr, up 67% YoY, with adjusted EBITDA margin of 20% excluding ₹10.57 cr diesel escalation, and record coal extraction of 1.54 MMT and overburden removal of 43.37 MCM. The real driver was full ramp-up of ten mining sites, but margins were compressed by Iran war driven diesel prices spiking from ₹90 to ₹154 with partial pass-through timing. Management guided FY27 revenue growth of 45-50% and EBITDA/PAT growth of 35%+ each, backed by a ₹9,124 cr order book, with debt expected to fall from ₹1,024 cr to ~₹750 cr by year-end. Main risks are diesel price volatility, Q2 monsoon volume dip (OB guided ~34 MCM), and over 80% customer concentration from Coal India. |
| CAPLIPOINT Caplin Point Laboratories Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Caplin Point Q1 FY27 revenue rose 20% YoY with PBT up 22.1% to ₹228.2 crores, gross margin 59.8% and EBITDA margin 38.4%, ahead of committed 55% gross and 25% PAT targets. The real driver was the US subsidiary, tripling revenue to ₹43.1 crores and contributing ₹25 crores of the ₹50 crores gross profit increase, with production booked through February 2027. Management guides gross margin near 60% for FY27, 13 sterile lines operational by next year, and a Mexico distribution acquisition under evaluation. Risks include RoW PBT margin drifting to ~33% from 37.5% a year ago, capacity constraints, and US generics tariffs two years out. |
| CEWATER Concord Enviro Systems Ltd Pollution Control Equipment ·Mixed · Maintained | Pollution Control Equipment | Mixed | Maintained | Q1 FY27 revenue fell 17% YoY to ₹853 million with EBITDA of -₹149 million and a net loss of ₹176 million, driven by Middle East conflict supply chain disruptions that cost ₹50-55 crores. The real driver is execution paralysis on larger steel ZLD and export orders, though management booked ₹699 crores order book including a ₹1,260 million steel ZLD award and a EUR 600,000 European order. Management forecasts FY27 order intake of ₹1,000 crores, 15-20% revenue growth over two years, and EBITDA margins of 12-15% toward a 14-16% normalized level in about two years. The main risk is that growth assumes 80-85% order book conversion and supply chain normalization by end of Q2 FY27, with geopolitical escalation potentially delaying H2 execution. |
| MUFTI Credo Brands Marketing Ltd Textiles - Readymade Apparel ·Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Credo reported Q1 FY27 revenue of ₹125.3 crore, up 5% YoY, with EBITDA down to ₹26.6 crore from ~₹31 crore and PAT at ₹2.3 crore. The drop came from higher marketing spend at 8.5% of revenue for MUFTI 2.0, plus closing 7 underperforming stores and opening 5, leaving 427 stores. Management guides marketing at 8-10% of revenue through FY27 and targets mid-single-digit same-store growth, but gives no growth projections for the next two years. Main risk: ad spend ROI has not yet translated, as revenue growth equals the marketing increase, and discretionary demand remains soft with intense competition. |
| DECNGOLD Deccan Gold Mines Ltd Mining/Minerals ·Improving · Maintained | Mining/Minerals | Improving | Maintained | Q1 FY27: Jonagiri produced 112 kg dore/90 kg bullion, sold 59 kg for ₹87 cr revenue, Deccan booked ₹6.35 cr PAT at a 30% margin, with ~80 kg gold stock held. The real driver was the explorer-to-producer transition, though margins were depressed by selling only 59 of ~170 kg produced plus initial expenses. Management guides Jonagiri to 500-600 kg FY27 and 65-70% EBITDA within 1-2 quarters, plus 150-160 kg from Altyn Tor starting September. Main risks: Ganajur legal delay, Altyn Tor commissioning slip, and ₹2,000 cr capex dependence on untested offtake and debt funding. |
| DIVGIITTS Divgi Torqtransfer Systems Ltd Auto Ancillaries - Transmission ·Improving · Raised | Auto Ancillaries - Transmission | Improving | Raised | Divgi TorqTransfer posted record Q1 FY27 revenue of ₹141.8 crore, up 85% YoY, with EBITDA margin at 29.4% and PAT at ₹25.2 crore. The beat came from transfer cases up 93% YoY, driven by the 70,000-unit Indonesia program for Tata and Mahindra, plus exports of ₹23 crore rebuilt from near zero. Management guided for 20-22%+ sustainable EBITDA margins and a roadmap to ₹1,000 crore, with EV eAxle run-rate rising to ₹10-12 crore per quarter and US plant SOP earliest H2 CY28. Risks include EV localization delays, Indonesia spillover into FY28, and execution bandwidth across multiple simultaneous programs. |
| ECOSMOBLTY Ecos (India) Mobility & Hospitality Ltd Services - Others ·Mixed · Cut | Services - Others | Mixed | Cut | Q1 FY27 revenue rose 16.7% YoY to ₹211.37 crores, but EBITDA margin fell 170 bps to 10.3% due to intense ETS pricing pressure and higher operating costs. Trip volumes grew 27% to 1.48 million, yet revenue lagged as reductions were absorbed from margins, mainly in ETS, which contributed 59% of revenue. Management cut FY27 EBITDA margin guidance from 11-13% to roughly 10%, while maintaining 15-18% revenue growth and expecting operating leverage above ₹1,000 crores. Main risk is unpredictable duration of ETS competitive intensity, with internal pricing floors set but gross margin floor unquantified. |
| EIHOTEL EIH Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | EIH reported Q1 FY27 consolidated revenue of ₹698 crore, up 15% YoY, with EBITDA margin down to 29.7% from 32.0%, hit by ₹7.5 crore renovation write-offs, marketing, power costs, and a new working-hours policy. RevPAR rose 12.8% to ₹12,801, driven by domestic demand and Mumbai MICE, while foreign arrivals fell 10% due to the West Asia crisis. Management guides Q2 bookings positive, foreign arrivals normalizing by H2 FY27, and Rajgarh stabilizing over three years. Main risk is continued West Asia escalation straining Oberoi's foreign-guest mix and margins. |
| EIEL Enviro Infra Engineers Ltd Engineering - Turnkey Services ·Improving · Maintained | Engineering - Turnkey Services | Improving | Maintained | Q1 FY27 revenue was ₹359.2 crore, up 49% YoY, with PAT ₹45.2 crore and EBITDA margin at 21.07%, down from 26.65% due to input costs, renewable mix, and employee costs from team expansion to 2,300. The real driver was execution from the ₹6,721 crore order book, of which wind contributed ₹80 crore via Suyo Gurja. Management guides FY27 revenue at ₹2,000 crore and PAT at ₹260-270 crore, assuming conservative 50% conversion of the water order book and NTPC BESS material procurement starting Q3. Main risk: government receivable collections remain slow and bloated, with raw material costs partially absorbed despite WPI/CPI price variation clauses. |
| EPACK Epack Durable Ltd Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Q1 FY27 revenue hit ₹886 crores, up 34% YoY, with reported EBITDA margin of 6.21% but ex-PLI ~6.4%, up only 15 bps YoY because of ~₹7 crores forex losses and higher depreciation, finance costs. Growth came from RAC revenue up 44% (30% volume, 14% price) and SDA/LDA up 68%, with Sri City utilisation at ~50%. Management guides FY27 revenue to outpace the ~20% industry growth, targets >60% blended utilisation, ~75 customers and 20 product lines, and expects to fully reverse PLI discounts by FY27 end to improve margins from FY28. Risks include Q2/Q3 losses that management says will take 4-6 quarters to neutralise, PLI sunset, commodity/forex volatility, and BIS/QCO-driven inventory costs. |
| FLAIR Flair Writing Industries Ltd Printing & Stationery ·Mixed · Maintained | Printing & Stationery | Mixed | Maintained | Flair Writing reported Q1 FY27 revenue of ₹319.2 crore (+10.6% YoY), EBITDA margin 16.7% and PAT of ₹29.1 crore (+0.5% YoY). West Asia tensions drove 10-12% raw material cost inflation and export freight disruption, offset by ~10% targeted price hikes and scheme rationalization; domestic sales rose 13% while exports stayed flat at ₹43 crore. Management reiterated FY27 guidance of 15% revenue growth, 17-18% EBITDA margin and a 35-38% revenue mix from creative and steel bottles, with a fourth Cyrosil line commissioning in Q4. Key risks are raw material escalation, West Asia logistics, and creative growth at 23% versus the earlier ~50% ambition due to deliberate margin protection. |
| GOKEX Gokaldas Exports Ltd Textiles - Readymade Apparel ·Improving · Raised | Textiles - Readymade Apparel | Improving | Raised | Gokaldas Q1 FY27 consolidated income grew 21% YoY to ₹2,109 crore, with India +16% and Africa +44%, against Indian apparel exports declining 12%. Growth was realization-led, not volume: India volume rose only 3.4% due to high-value autumn/winter outerwear; margins were pressured by ₹20 crore wage inflation and freight disruptions. Management guides FY27 revenue growth of 15% or better, Africa at $112-115 million, and double-digit Africa EBITDA by Q4 FY27 or Q1 FY28. Key risk is AGOA expiry in December 2026, plus potential RoSCPL halving to 1.75%, though both are seen as offsettable. |
| GRASIM Grasim Industries Ltd Diversified ·Improving · Maintained | Diversified | Improving | Maintained | Grasim Q1 FY27 consolidated revenue hit a record ₹48,716 crore (+21% YoY), with standalone EBITDA doubling to ₹1,094 crore. Growth was driven by Birla Opus paints (+64% YoY to ₹1,661 crore) and Birla Pivot B2B (+75% YoY to ₹2,548 crore), while cement volumes rose 12% to 41.31 MT. Management guides Birla Opus to ₹10,000 crore by FY28 with >50% FY27 growth, Birla Pivot EBITDA breakeven by FY27 exit, and net debt/EBITDA below 2x. Key risks are 20-25% coatings raw material cost inflation, Q2 chemicals margin pressure from higher-cost inventory, and Middle East geopolitical supply disruptions. |
| GSPCROP GSP Crop Science Ltd Pesticides/Agrochemicals ·Improving · Maintained | Pesticides/Agrochemicals | Improving | Maintained | Q1 revenue ₹386 cr (+2.4% YoY), PAT ₹26.4 cr (+16% YoY) but includes ₹5.7 cr one-off land sale, so underlying PAT growth is flattish. Operating driver is mix shift to patented/differentiated products, lifting gross margin ~240 bps, with EBITDA margin at ~11%. Management guides ~15% revenue growth, EBITDA margin 12-13% over 2-3 years, and patented share in B2C doubling to 40-45% from 20-22%. Main risks are raw material inflation from rupee depreciation and petrochemicals, plus Brazil export liquidity issues and Q2 seasonality (~60% of PAT). |
| GUJENERGY Gujarat Energy Ltd Gas Distribution ·Improving · Maintained | Gas Distribution | Improving | Maintained | Revenue rose 63% YoY to ₹9,670 crores and PAT 78% to ₹998 crores, driven by gas trading EBIT up 206% to ₹726 crores on favorable dated Brent positioning amid Middle East disruption. Morbi gas volumes fell from a 8+ mmSCMD peak to ~3 mmSCMD as propane at ₹65/SCM undercuts gas at ₹78, leaving CGD EBITDA margin at 5.18% versus the 5.5-6.5% guidance. Management kept FY27 gas trading EBIT guidance at ₹1,100-1,200 crores, targets 2 million tons term LNG by 2028, and plans a ₹7,200 crores cash deployment by Q3 FY27. The main risk is further Morbi erosion to propane, with ~67% spot sourcing leaving margins exposed to Middle East supply shocks. |
| FLUOROCHEM Gujarat Fluorochemicals Ltd Chemicals - Flourine ·Improving · Maintained | Chemicals - Flourine | Improving | Maintained | GFL reported Q1 FY27 revenue of ₹1,588 crore (+24% YoY) and EBITDA of ₹428 crore (+24% YoY), with chemical EBITDA margin at 29%. The beat came from R32 refrigerant sales, up 52% YoY, and a shift to high-value fluoropolymers. Management guides fluoropolymer growth of 17-20% annually, battery materials to three-digit quarterly revenue by Q4 FY27, and ₹1,200 crore CWIP capitalization in FY27. Risks are raw material volatility (sulfur up 3-4x), unclear refrigerant quota allocation, and Oman project funding loss of ₹1,200 crore. |
| HIRECT Hind Rectifiers Ltd Electronics - Equipment/Components ·Improving · Maintained | Electronics - Equipment/Components | Improving | Maintained | Q1 FY27 consolidated revenue rose 20.3% YoY to ₹258.4 Cr, but EBITDA margin fell to 5.4% on Elventive France integration costs, while standalone EBITDA held at 10.6%. The real driver was systems orders: first MEMU and Vande Metro trainset wins, US traction motor and mining IGBT prototype orders, expanding content per platform to ₹60 Cr. Management reaffirmed 30% FY27 growth, expects pending propulsion tenders finalized in Q2, and targets Elventive breakeven in 3 to 5 quarters. Main risk: raw material volatility from the West Asia crisis and delayed tender finalizations hurt near-term order visibility. |
| INDOFARM Indo Farm Equipment Ltd Auto - Tractors ·Improving · Maintained | Auto - Tractors | Improving | Maintained | Q1 revenue was ₹104.93 cr, up 14.98% YoY, with EBITDA of ₹13.09 cr and a 12.5% margin. Real driver was tractor revenue climbing 36.29% to ₹52.08 cr, while cranes stayed flat at ₹52.86 cr due to the TRUM 3 to TRUM 5 emission transition and full capacity use. Management guides FY27 revenue growth of 20-25% (tractors 25-30%, cranes 15-20%) and a standalone EBITDA margin of 12.5-13%, with new plant production from November 2026. Main risk is crane demand recovery and new capacity absorption, since dealer expansion to 60+ outlets may take 12-18 months and imported components could delay timelines. |
| INNOVACAP Innova Captab Ltd Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Q1 FY27 consolidated revenue was ₹470.9 crores, up 34% YoY, with EBITDA of ₹75.1 crores at 16.0% margin and PAT up 42% to ₹44.1 crores. Growth was mainly volume at 20-22%, led by CDMO up 32% to ₹328.7 crores and Branded Generics up 39%, while Jammu reached ₹107 crores with first positive EBITDA of ₹1-1.5 crores. Management reaffirms FY27 volume growth of 20%+ and EBITDA margin of 15-16% ±2%, expecting margins to reach 17-18% once Jammu ramps to a ₹1,400 crores revenue potential at 65-70% utilization. Main risk is Jammu ramp-up execution, with ROW approvals only expected by end FY27, plus gross margin down 1-1.5% YoY and rising API prices. |
| ISGEC ISGEC Heavy Engineering Ltd Infra - Engineering - General ·Improving · Maintained | Infra - Engineering - General | Improving | Maintained | ISGEC standalone revenue rose 51% YoY to ₹1,585 crores, driven by a large US manufacturing dispatch and project execution, but PBT growth was only 10% at ₹123 crores. Consolidated PBT was ₹53 crores, held back by ₹83 crores losses at the Philippines ethanol plant, which runs at 65-70% capacity and targets 90% by December. Management forecasts FY27 standalone revenue growth of 10-12%, manufacturing EBIT margins 12-13%, and projects margins 5-6%, with a ₹502 crores capacity expansion adding ~₹1,200 crores annual revenue from FY28-29. Main risks are geopolitical logistics and material costs, plus the ethanol plant has no clear break-even path even at 90% utilization. |
| JASH Jash Engineering Ltd Water Treatment ·Improving · Maintained | Water Treatment | Improving | Maintained | Q1 FY27 revenue was ₹156 crore, up 17% YoY, with PAT of ₹5 crore versus a ₹5 crore loss last year, helped by a ₹5.66 crore tariff refund. Real driver was better gross margins and product mix, but ~₹15 crore dispatches were stuck in Qatar and Singapore. Management guides FY27 revenue of ₹875 crore and 13-14% PAT margin, backed by a ₹932 crore order book, plus US and Saudi plants by March 2028. Main risk: Just Process Equipment lost ₹150-200 crore orders, and US tariff pricing at 25% versus current 15.6% could be disrupted by Russia sanctions legislation. |
| JNKINDIA JNK India Ltd Capital Goods - Engineering Heavy ·Improving · Maintained | Capital Goods - Engineering Heavy | Improving | Maintained | Q1 FY27 consolidated revenue rose 80.6% YoY to ₹186 crores with EBITDA margin at 11.8%, dragged by Chemdist's ₹3.6 crore operating loss, while standalone JNK India margin hit 14%. The real driver is the ₹1,801 crore order book and ₹6,000 crore pipeline, with export finalization expected in Q2-Q3 FY27. Management guides 20-25% revenue growth and 12-14% full-year EBITDA margin, with Chemdist breakeven by FY27 end. Main risk is the ADNOC cancellation exposing licensor approval dependency and new-segment hit ratios of only 10-12%. |
| JSWDULUX JSW Dulux Ltd Building Materials - Paints ·Improving · Maintained | Building Materials - Paints | Improving | Maintained | JSW Dulux reported Q1 FY27 revenue of ₹965 crores, up 18.8% like-to-like, with 25% volume growth and EBITDA margin of 11.9%, while PAT of ₹135.5 crores included ₹27.4 crores one-offs. Growth was driven by premium decorative (45% of portfolio, ~20% growth) and industrial coatings up 25% plus, aided by value-per-outlet and new marquee auto wins, not new outlets. Management maintains double-digit volume and value growth for FY27 and reaffirms 13-15% EBITDA margin, expecting recovery as ~95-day high-cost inventory exhausts and Project Akshaya synergies rise from ₹2.4 crores. Risks: persistent new-entrant discounting, July demand softness from late monsoon, and transition disruption from AkzoNobel carve-out and HQ relocation. |
| JYOTHYLAB Jyothy Labs Ltd FMCG - Personal Care ·Mixed · Maintained | FMCG - Personal Care | Mixed | Maintained | Q1 FY27 revenue grew 8.1% value and 5.3% volume ex-Prill and Fa, but EBITDA margin fell 820 bps YoY to 8.4% on gross margin down 950 bps to 38.5%. A 30-35% crude-linked input cost spike hit Q1 with only 3% pricing flowed through, and competitive SKU-level price cuts capped pass-through even as Fabric Care grew 14%. Management guides FY27 double-digit value growth ex-Prill and Fa supported by 3-4% price increases and high single-digit volumes, with margin recovery H2-weighted and Q2 not materially worse. The main risk is crude volatility since roughly 90% of inputs are crude-linked, plus residual Pril exit gap and weak urban demand. |
| KALYANIFRG Kalyani Forge Ltd Forgings ·Improving · Maintained | Forgings | Improving | Maintained | Q1 FY27 revenue was ₹67.07 crores (+3.9% YoY) with all-time high EBITDA margin of 16.2% and PAT up 218% to ₹4.48 crores. The real driver was operating leverage, Vridhi Council savings (₹19.1 crores realized of ₹50 crore target), price increases, and exit from ~₹40 crores low-margin business. Management forecasts sustaining 15%+ margin, targeting 20% internally within a few quarters, 20% revenue CAGR over 5 years, and ₹30 crore CapEx to lift machining capacity from 1.8 lakh to 3 lakh pieces per month by FY27 end. Main risk is 15-30% indirect material inflation from Middle East issues, with EV transition partially hedged by fuel-agnostic driveline and axle products. |
| KAMATHOTEL Kamat Hotels (India) Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Q1 FY27 consolidated revenue was ₹91 cr (+10% YoY), EBITDA ₹25 cr (+36%), PAT ₹9.7 cr (+126%) and EBITDA margin 27% (+530 bps). Performance was driven by domestic tourism substitution from Gulf conflict, fuel shortages and costly European travel, with Orchid Mumbai at 91% occupancy and same-store revenue up 17%. Management guided ~400 new keys in 12-15 months (Dwarka, Gwalior, Nashik, Mandvi, Rishikesh, with Dehradun delayed six months) and a 30% EBITDA margin target in 2-3 years, on net debt of ₹38 cr, without formal FY27 revenue guidance. Main risks are owner-dependent construction timelines and normalization of geopolitical disruptions that support domestic leisure demand, while new properties absorb first-year mobilization losses. |