| KPEL KP Energy Ltd Engineering - Turnkey Services ·Mixed · Cut | Engineering - Turnkey Services | Mixed | Cut | Q1 FY27 total income was ₹520.97 crores, up 126% YoY, but gross margin fell to ~20% from 28% in Q4 FY26 due to Hormuz disruptions and Gujarat right-of-way escalation on fixed-price contracts, with PAT flat at ₹26.08 crores. The 2.16 GW order book worth ₹2,250 crores, about 50% related party, fell from ~₹3,000 crores due to ₹500 crores execution and ₹250 crores de-scoping consideration. Management cut FY27 revenue growth guidance to 30-40% from 40-50% as a cautious scenario, forecasting 100 MW IPP by FY27 end and 248.5 MW in two years. Main risks are ROW protests and grid curtailment; management expects no immediate further margin fall but avoids specific guidance as Q1 is not a benchmark. |
| KPIGREEN KPI Green Energy Ltd Power - Generation/Distribution ·Mixed · Cut | Power - Generation/Distribution | Mixed | Cut | KPI Green reported total income of ₹710 cr (+16% YoY) and EBITDA margin up at 37%, but PAT fell 14% to ₹95 cr due to upfront depreciation and interest on new IPP capacity, while cash profit rose 6% to ₹173 cr. The real driver was commissioning and billing postponement from large clients, with IPP generation at 65% of FY26 full-year output. Management cut FY27 revenue growth guidance to 30-40% from 40-50% and conceded PAT margins will miss the 16-18% target, expecting full recovery in FY28 with IPP revenue above ₹1,000 cr. Main risk is geopolitical input cost inflation squeezing EPC margins, plus monsoon seasonality and a stock trading near half the sector P/E. |
| LANDMARK Landmark Cars Ltd Retail - Vehicles ·Improving · Maintained | Retail - Vehicles | Improving | Maintained | Landmark Cars reported best-ever Q1 FY27 pro forma revenue up 22% YoY (~3% from price hikes, rest volume) with PAT nearly doubled on operating leverage and cost discipline. The operating driver was new vehicle sales margin improving to 2.3% from 2.0% in FY26, while after-sales margins stayed above 18%, and EV penetration hit 30% of vehicle value. Management guides to normalized Q2 versus last year's GST-disrupted base, FY27 CapEx of ~₹50 crore, and FY28 profitability approaching the FY23 peak, conditional on no macro shocks. Main risks: luxury market stagnation around 50,000 units with declining penetration, and new brands contributing only 19% of after-sales revenue versus 38% of new car sales. |
| LAXMIDENTL Laxmi Dental Ltd Medical Equipment ·Improving · Maintained | Medical Equipment | Improving | Maintained | Laxmi Dental reported Q1 FY27 revenue of ₹74.7 crore (+13.9% YoY), EBITDA of ₹14.4 crore (19.2% margin) and PAT of ₹10.3 crore (+23.8%). Growth was driven by international labs (+37.4%, including ~10-12% currency tailwind), aligners (+28.6%) and pediatric (+54.4%), with scanner mix and lower ESOP costs aiding margins. Management reiterated FY27 guidance of 15-20% revenue growth and 18-20% EBITDA margins, expecting domestic lab acceleration from Q2 as scanner deployments mature. Main risks: scanner mix compresses reported margins, constant-currency international growth may slow, and the Palghar facility transition carries execution risk. |
| LENSKART Lenskart Solutions Ltd New age - Platform - E-Retail ·Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | Q1 FY27 consolidated revenue rose 34% YoY to ₹2,734 crore, PAT nearly tripled to ₹228 crore, and India EBITDA pre-IND AS 116 margin hit 15.4%. Volume growth drove results: India same-store sales grew 18.3%, international revenue rose 29% constant currency, and international margin jumped from 4.5% to 10.6%. Management forecasts continued annual margin improvement, plans India store potential above 10,000, but says international store acceleration may come "maybe not this year." Main risks: currency headwinds, talent constraints, and NPS dip recovery. |
| MANINDS Man Industries (India) Ltd Steel - Tubes/Pipes ·Improving · Raised | Steel - Tubes/Pipes | Improving | Raised | Q1 FY27 consolidated revenue rose 37.7% YoY to ₹1,065 crores, with record consolidated EBITDA of ₹155 crores (up 92.6%) and PAT of ₹61 crores. The real driver was standalone India pipes, where EBITDA margin expanded 450 bps to 15.3%, while the NPC Saudi acquisition contributed only ~₹43 crores from ~20 days. Management guides FY27 consolidated revenue to ~₹5,000 crores, NPC to ₹300-500 crores quarterly from Q2, and FY28 minimum growth of 25-30%, with consolidated EBITDA margins of 14-16%. Main risk: competitive Saudi capacity additions and concurrent March 2027 commissioning of Dammam and Jammu projects, with peak debt of ~₹1,600 crores in FY27. |
| MAXIND Max India Ltd Finance - Holding Company ·Improving · Maintained | Finance - Holding Company | Improving | Maintained | Consolidated Q1 FY27 revenue rose 66% YoY to ₹68.6 crores, but EBITDA loss widened to ₹25 crores from ₹23.2 crores YoY. Driver was Antara Noida possession for all 340 residents raising ₹169 crores demand (75% collected), care home revenue at ₹12.03 crores (1.5x YoY), and AGZ at ₹19 crores (1.3x YoY), with the loss hit by lumpy DMP timing and brand spend. Management guides AGZ contribution and EBITDA positive by Q4 FY27 with ARR near ₹120 crores and Noida Phase 2 pricing at ₹16,000-18,000+ per sq ft versus ₹7,000-11,000 in Phase 1, while capital needs fall under $20 million. Main risks are geopolitical logistics costs compressing margins, low occupancy at Whitefield (18%) and OMR (12%), and DLF's senior living entry, though no velocity impact seen yet. |
| NBCC NBCC (India) Ltd Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Q1 standalone revenue rose 10% YoY to ₹18,23 crore, EBITDA jumped 62% to ₹160 crore (8.77% margin) and PAT climbed 32% to ₹151 crore. The driver was redevelopment projects, now over 60% of revenue, with marketing fees from the fully sold Bharat Business Park (₹10,000 crore) inflating margins. Management reaffirmed FY27 consolidated revenue guidance of ₹16,000-17,000 crore and PAT of ₹1,100-1,200 crore, backed by a ₹50,000-60,000 crore order pipeline including the ₹30,000 crore GPRA colonies pending cabinet approval. Key risks are the slow Q1 run-rate versus full-year targets, the ₹25,000 crore Mahaprit award still delayed, and cash down to ₹666 crore on seed-money deployment. |
| NEPHROPLUS Nephrocare Health Services Ltd Hospitals/Medical Services ·Improving · Maintained | Hospitals/Medical Services | Improving | Maintained | Q1 FY27 revenue rose 23.7% YoY to ₹282 crore, adjusted EBITDA up 30.7% to ₹65.1 crore at 23.1% margin, PAT ₹37 crore. Real driver was international mix hitting 45% of revenue (from 30% eighteen months ago) lifting revenue per treatment 9.2% to ₹2,733, plus COGS improving 175 bps. Management kept 15-20% medium-term revenue growth guidance with 40-50 India and 10-15 Philippines clinic additions yearly. Main risk: Saudi tender is binary, losing means exit, while current losses of ₹3 crore per quarter may persist with no clear timeline. |
| NPST Network People Services Technologies Ltd IT Product Companies ·Improving · Maintained | IT Product Companies | Improving | Maintained | NPST Q1 FY27 revenue was ₹61.42 crore, up 75% YoY but down ~10% QoQ, with net profit of ₹11.4 crore, up 53% YoY. The QoQ dip reflects milestone-based recognition from shifting away from payment platform revenue, now ~5% of mix, toward technology subscriptions and international deals. Management kept FY27 guidance of 60-70% revenue growth (implying ₹322-340 crore) and ~30% EBITDA margin, targeting ~50% international revenue mix in two years, while awaiting MDR on UPI regulatory details before quantifying benefits. Main risk is execution slippage on 4-9 month international implementation cycles and delayed IPO fund deployment, only 10-15% spent so far. |
| ONMOBILE OnMobile Global Ltd Telecom Services ·Mixed · Maintained | Telecom Services | Mixed | Maintained | Q1 FY27 revenue fell 3.8% QoQ to ₹124.1 crores, EBITDA was ₹1.5 crores, and PAT loss of ₹28.9 crores included a ₹14.1 crore severance. The decline came from deliberate pullback in low-margin gaming accounts and European video degrowth, while Onmo+ launch costs hit margins. Management guides legacy growth of 2-5%, entertainment margins to 25%, gaming EBITDA of 10-25%, and Onmo+ retail launches by Diwali and October-December in Spain; ₹2 million MRR is aspirational. Risks: competitive lead of 12-18 months vs Xbox/NVIDIA, retail execution, geographic cash restrictions forcing ₹65 crore borrowing at 13.5%, and Ideosphere receivables settlement within two quarters. |
| PIIND P I Industries Ltd Pesticides/Agrochemicals ·Mixed · Maintained | Pesticides/Agrochemicals | Mixed | Maintained | PI Industries reported Q1 FY27 revenue of ₹17,023 million, 22% EBITDA margin, and 57% gross margin, with exports down 12% in value and 8% in volume. The real driver was domestic resilience, with 12% volume growth and 50% biologicals growth, plus working capital releasing ₹300 crores, while parent R&D and subsidiary losses (~₹120 crores EBIT) dragged profitability. Management reaffirmed low single-digit FY27 revenue growth and ~24% EBITDA margin, expecting H2 export recovery from new launches like pioxaniliprole and dicloromezotiaz. Key risks: pricing pressure from soft commodity prices, tariff disruptions with currency benefits passed through, monsoon variability, and pharma CRDMO volatility at its small scale. |
| PICCADIL Piccadily Agro Industries Ltd Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Piccadily Agro's Q1 FY27 revenue rose 18.1% YoY to ₹270.5 crore, with EBITDA up 21% to ₹47.2 crore at an 18.5% margin. The driver was branded Alcobev revenue jumping 47.3% to ₹82.3 crore, now 43.5% of distillery sales, while ethanol margins stayed thin near 10%. Management maintained FY27 guidance of ~60% revenue growth, 23–24% EBITDA margin, and ₹300–400 crore from Chhattisgarh, expecting H2 to carry 60–65% of branded revenue. Risks include a Chennai court order halting ethanol plants, grain and fuel inflation, and a slower margin mix shift as Whistler grows faster than higher-margin Indri. |
| PVSL Popular Vehicles & Services Ltd Retail - Vehicles ·Improving · Maintained | Retail - Vehicles | Improving | Maintained | Q1 FY27 revenue rose 44.6% YoY to ₹1,903.1 crores, EBITDA ₹71.5 crores (3.8% margin vs 2.9%), but reported PBT of ₹1.9 crores included a ₹5 crore one-off lease gain. The real driver was full-quarter contributions from RKS, Globe CV and Olympus acquisitions plus 33% organic growth, offset by ~₹12 crores depreciation and ₹6.8 crores finance costs. Management guided FY27 revenue to ₹8,200-8,300 crores, cut EBITDA margin guidance to ~4% from 5% on higher CV mix, and expects acquired businesses PAT-positive by Q3-Q4 with 6-7% service volume growth from Q2. Key risks are spare parts shortages, tipper demand weakness, lagging Telangana service throughput, and CEO Raj Narayan's exit at August-end. |
| PYRAMID Pyramid Technoplast Ltd Packaging & Containers ·Improving · Maintained | Packaging & Containers | Improving | Maintained | Q1 FY27 revenue rose 36% YoY to ₹222 crore, but mostly from price pass-through of higher metal costs, with volumes flat at 1,292 MT and 62% utilization. EBITDA margin hit 10% and EBITDA per ton improved to ₹16,380, driven by operating leverage and stable per-unit rupee margins, while PAT grew 32% to ₹10.5 crore despite finance costs up 179%. Management guided ~15% FY27 revenue growth and 10%+ EBITDA margins, expecting utilization near 80% by year-end as export demand recovers, plus Kutch commissioning by March 2027. Key risks are export weakness from the Middle East conflict, reversal of Q1 inventory gains if raw material prices fall, and high financial costs until debt reduces through FY27–FY28. |
| RBZJEWEL RBZ Jewellers Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue was ₹121 crore (+60% YoY) with PAT ₹9 crore (+28%), led by retail growth of 70% to ₹78 crore and wholesale up 47% to ₹42 crore. EBITDA margin fell to 14.9% because flat gold prices produced negligible inventory gains, plus lease charges of ₹191 lakh and pre-opening expenses for new stores. Management guides four FY27 store launches (Surat in Q2, three in Q3) with ₹125-150 crore inventory per large store, debt-equity below 1:1 by year-end, and gold metal loans at 3-3.5% versus 9% on current borrowings. Main risk is execution of new stores and unhedged ₹400 crore inventory, since GML adoption only reaches 50% by FY28, leaving gold price volatility exposure. |
| REPCOHOME Repco Home Finance Ltd Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | Repco reported Q1 FY27 net profit of ₹114 crore (+5.6% YoY) on disbursements of ₹843 crore (+1.7% YoY) and NIM of 5.4%, with GNPA up ₹22 crore QoQ to ₹427 crore (2.7%). The muted quarter stemmed from recurring April-May branch transfers and promotions, which management says normalized by June and July. Management reiterated FY27 guidance of ₹5,000 crore disbursements, 13-14% AUM growth and GNPA below 2% by March 2027, targeting ₹1,200-1,250 crore in Q2 but guiding ~10 bps spread compression. The main risk is competitive BT-out pressure from banks pricing at 8-8.5%, forcing yield sacrifice and depending on successful soft NPA recoveries via the new verticalized framework. |
| RHIM RHI Magnesita India Ltd Refractories ·Improving · Maintained | Refractories | Improving | Maintained | Q1 FY27 revenue was ₹1,014 crores (+6% YoY), EBITDA margin 14.5% versus 10.8% last year, and PAT nearly doubled to ₹65 crores. The beat came from steelmaking flow control product realizations and cost cuts, while Dalmia stayed flat and exports fell. Management maintains FY27 EBITDA margin guidance of 13% and now guides volume growth to 7–8%, with MinPro JV and captive quartzite mines starting by Q4 FY27. Main risks are magnesite prices up 6–8%, delayed cobalt/glass project orders, and competitive pricing pressure. |
| SADHAV Sadhav Shipping Ltd Shipping/Dredging ·Mixed · Maintained | Shipping/Dredging | Mixed | Maintained | Q1 FY27 revenue was ₹31.2 crores, down 8% QoQ from ₹34 crores, with EBITDA margin 25.3% and PAT ₹3.4 crores. Offshore logistics drove 81% of revenue, with Saroj Blessing deployed in Iran-US conflict waters at premium charter rates while monsoon idled Anusha. Management kept FY27 guidance of 20% revenue growth and faster profit growth, anchored by a ₹350 crore order book and new Mumbai Port and JNPT contracts. Main risks are Q2 monsoon softness, softening India charter rates, and Odisha land allocation delays for the petrochemical project. |
| SAIPARENT Sai Parenterals Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 consolidated revenue was ₹188 crore, down from ₹201 crore in Q4, with EBITDA margin at 14.9% and PAT of ₹8 crore. West Asia disruptions forced air-freight substitution in Australia, hitting margins, while standalone India revenue grew 175% YoY on operating leverage. Management maintains FY27 guidance of ₹750 crore revenue and 17% EBITDA margin, expects disruption costs to normalize from Q2, and targets injectable and R&D acquisitions via redeployed IPO proceeds of ₹101.85 crore. Risks are shareholder approval for the IPO variation, execution across simultaneous initiatives, and peak debt of ₹310 crore with deleveraging only from FY28. |
| SENCO Senco Gold Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue hit a record ₹3,043 crore, up 67% YoY, with EBITDA margin at 7% (₹213 crore) and PAT ₹101 crore, down from 10.1% margin a year ago. April alone drove about 55% of quarterly sales (~₹1,600 crore) around Poila Boishakh and Akshaya Tritiya, while May and June softened to ₹500-600 crore monthly on heat and elections, with SSSG of 39% and diamond value up 43%. Management guides FY27 revenue above ₹10,000 crore (conservative, likely ~25%), sustainable EBITDA of 7.5-7.8%, 12-15 more stores, and a long-term ₹20,000 crore by 2030 target. The main risk remains gold price swings with only 50% hedging, constrained gold metal loan availability and quarterly margin volatility, plus competitive discounting. |
| SKIPPER Skipper Ltd Electrical Equipments/HVDC ·Improving · Maintained | Electrical Equipments/HVDC | Improving | Maintained | Q1 FY27 revenue was ₹1,310 crores (+4.5% YoY), EBITDA margin 10.7% (+60bps), PAT ₹56.5 crores (+26% YoY). Margin gain came from legacy low-margin contracts (now under 5% of order book) and better project mix, while revenue was muted by export shipment deferrals on freight costs and steel/aluminum price swings; order book hit a record ₹9,200+ crores. Management guides ~15% FY27 revenue growth, H2-weighted, ₹7,000+ crores order inflows including ₹1,100 crores exports (50% jump), and finance costs at 3.2-3.5% of revenue after the ₹433.5 crore preferential equity raise. Main risks are H2 execution slippage from technical manpower shortage and freight-driven customer deferrals, though management calls the export slowdown temporary. |
| SOMANYCERA Somany Ceramics Ltd Ceramics/Tiles/Sanitaryware ·Improving · Maintained | Ceramics/Tiles/Sanitaryware | Improving | Maintained | Somany Ceramics Q1 FY27 reported 3% volume and 24% value growth with EBITDA margin at 11.6%, up from 8.0% last year. The margin gain came from higher capacity utilization at 83% and a JV swing from a ₹10 crore loss to a ₹3 crore profit, not from pricing, which only passed through 16-18% gas cost hikes. Management guides to sustained 11.6% plus margins, targeting 12% or more, mid single digit volume growth, and JV profits exceeding ₹30 crore, funded by ₹275 crore capex. The main risk is gas price volatility, with Morbi exports down 50-60% and lean dealer inventories that could unwind if prices fall. |
| SUYOG Suyog Telematics Ltd Telecom Services ·Improving · Cut | Telecom Services | Improving | Cut | Q1 FY27 revenue was ₹71.0 crore, EBITDA ₹42.0 crore at 59.3% margin with electricity in topline, net profit ₹14.5 crore at ~20% margin. The real driver was the Vodafone Idea rollout: 95 towers and 150 tenancies in June, with 700+ tenancies in hand. Management forecasts 3,000 VI tenancies in FY27 and 5,000 in FY28, contingent on VI securing ₹25,000-30,000 crore more funding. Main risk: VI has only ₹6,400 crore secured, MSAs carry no volume guarantees, and BSNL billing for 186 sites remains stalled on Tejas equipment issues. |
| TMCV Tata Motors Ltd Auto & Auto Ancl - CV ·Improving · Maintained | Auto & Auto Ancl - CV | Improving | Maintained | Q1 FY27 standalone revenue rose 23% YoY to ₹19,300 crore on 26% wholesale volume growth, with PBT up 26% to ₹2,100 crore and FCF swinging ₹2,900 crore positive to ₹1,100 crore. The driver was market share gains (HCV at 56.3%, +170 bps vs FY26) and EV volumes up ~3x, offsetting a 340 bps commodity-driven variable cost headwind (steel, aluminium, copper) that cut EBITDA margin 60 bps to 11.7%. Management guides to double-digit Q2 volume growth, a 2.5% net price hike effective July 1 for steel/rubber inflation, and IVECO closure by early November 2026. Key risks are Chinese EV cell supply bottlenecks (resolution guided by end-Q2), uncertain pricing headroom after cumulative hikes, and tougher September-onward base effects. |
| TCPLPACK TCPL Packaging Ltd Packaging - FMCG/Consumers ·Improving · Maintained | Packaging - FMCG/Consumers | Improving | Maintained | TCPL reported Q1 FY27 total income of ₹495 crores (+16% YoY), EBITDA of ₹88 crores at 18% margin, and PAT of ₹40 crores (+79% YoY off a weak prior-year base with forex losses). The driver was domestic demand with value/mix ahead of high single digit volumes, flexible packaging now at full utilization. Management guided a new flexible packing line adding ~30% capacity for ₹50-60 crores by Jan-Feb 2027 and a ₹125 crores battery separator Phase 1 with Q4 FY28 commercial production. Main risks are the cautious export environment, raw material pass-through lagging by about one quarter, and separator customer qualification requiring at least one year. |
| TDPOWERSYS TD Power Systems Ltd Capital Goods - Gensets/Turbines ·Improving · Raised | Capital Goods - Gensets/Turbines | Improving | Raised | TD Power reported Q1 FY27 standalone revenue of ₹630 crores, up 74% YoY, and PAT of ₹85.3 crores, up 81%, with EBITDA margin at 19.34%. The driver was export-led demand from gas turbines and AI data centers, as 93% of the ₹734 crores order inflow came from exports while domestic growth stayed subdued. Management raised FY27 revenue guidance to ₹2,600 crores with possible upside, and outlined debottlenecking capex of ₹50 crores to reach ₹32 billion capacity by FY28, with large generator (>100 MW) revenue not included until after FY28. The main risk is working capital pressure from receivables of ₹785 crores, which may require a planned fundraise, alongside export concentration and freight cost inflation. |
| TECHNOE Techno Electric & Engineering Company Ltd Data Centre ·Improving · Maintained | Data Centre | Improving | Maintained | Q1 FY27 standalone revenue rose 25% YoY to ₹641 crore with EBITDA margin at 13.88%, though consolidated PAT fell YoY on discontinued base income and QIP deployment. Real driver is transmission order wins: YTD inflows of ₹2,200 crore plus ₹2,100 crore L1 already beat the ₹4,000 crore FY27 target. Management reaffirmed ₹4,000 crore revenue, 13-14% margins, and expects data center revenue only from H2 FY27/FY28, with ~150 MW pipeline and Chennai capacity re-engineered to 35-40 MW. Risks are input cost inflation eroding margins, EPS pressure from data center depreciation, and conversion of the 150 MW pipeline into contracted revenue. |
| DENTALKART Vasa Denticity Ltd Medical Equipment ·Improving · Maintained | Medical Equipment | Improving | Maintained | Gross margin improved for the first time in three quarters, stockout fell from a 33% peak to 12.87%, cost to serve dropped below ₹1,000 per order, and warehouses were cut from 7 to 5. The real driver was AOV growth of +27% YoY from digital dentistry equipment (under 10% of revenue, 10-20% margins), while order volume grew only 8%, with wallet share per customer the stated focus. Management forecasts sustaining Q1 YoY growth in Q2, stockout below 5% by December, gross margin of 27-30% with no intent to exceed 33%, and a five-year aspirational revenue target of ₹800-1,200 crores. The main risks are tight marketing spend that reduced top-of-funnel acquisition, warranty and return edge cases undermining dentist trust in high-value online equipment, and monsoon-affected tier 2/3 delivery times. |
| VIKRAN Vikran Engineering Ltd Transmission Line Towers/Equipment ·Improving · Maintained | Transmission Line Towers/Equipment | Improving | Maintained | Vikran reported Q1 FY27 standalone revenue of ₹204 crore, up 28.2% YoY, with EBITDA margin at 13.7% and PAT up 209.9% to ₹17.5 crore. The driver was NOPL solar acquisition, making the 969 MW Maharashtra project a direct EPC engagement and lifting solar to 62% of the ₹6,496 crore order book. Management guides FY27 revenue of ₹2,300-2,500 crore, including ~₹1,500 crore from NOPL, project completion in 12 months, and cash-positive status by year-end contingent on commissioning 650 MW. Key risks are Jal Jeevan receivables of ~₹120 crore with debtor days at a peak of 296, the ₹29 crore disputed receivable litigation, and financing closure still pending this quarter. |
| VIYASH Viyash Scientific Ltd Pharma - Animal ·Improving · Maintained | Pharma - Animal | Improving | Maintained | Viyash reported Q1 FY27 revenue of ₹946 crore (+19.5% YoY), EBITDA of ₹205 crore (21.6% margin), and PAT of ₹79 crore (+115% YoY), despite ₹25 crore ESOP expense. The real driver was US backward-integrated complex launches (revenue +60% YoY, 34-35% EBITDA margins) and animal health domestic growth of 60%, while API stayed flat on raw-material deferrals. Management guided FY27 revenue growth of 13-15%, EBITDA margin of 20-22%, best-ever API quarter in Q2, and EU growth of 18-20% on INR basis. Main risks: raw-material price volatility from war-related delays and BioForLife cross-registration timelines slipping beyond 18-24 months. |
| ARE&M Amara Raja Energy & Mobility Ltd Auto Ancillaries - Batteries ·Improving · Maintained | Auto Ancillaries - Batteries | Improving | Maintained | Amara Raja reported Q1 FY27 consolidated revenue of ₹4,215 crores, up 24% YoY, with lead acid up 22% and new energy up over 70% to ₹209 crores, but consolidated EBITDA margin fell to 9.6%. Margin pressure came from ~0.9% dilution on strategic investments, one-time warranty provisions on unexpired stock, and raw material inflation, plus a 20% YoY drop in auto exports on Middle East freight costs. Management guided to margin recovery by Q2-Q3 FY27 after June's 3% price hike and an additional 2-3% in August, with Giga 1 and BESS commercialization on track for H1 FY28 and FY27 CapEx at ₹1,700 crores. Key risks are persistent raw material cost inflation, uncertain Middle East export recovery, Chinese supply chain restrictions, and BESS operating margins guided at a thin 5-8%. |
| AWHCL Antony Waste Handling Cell Ltd Recycling ·Mixed · Cut | Recycling | Mixed | Cut | Reported Q1 FY27 revenue rose 6% YoY to ₹269 crore, but EBITDA margin fell to 16.8% from 24.4% and PAT dropped to ₹0.7 crore from ₹23 crore. The operating drivers were a ₹10 crore SIDCO closure cost, employee costs at 34% of revenue versus 30% last year, and a ₹7 crore prepayment charge on refinancing. Management forecasts margins to normalize within three quarters via escalations and new contracts, with FY28 back to historical levels. Main risks are a ₹22-24 crore impairment and WTE shutdown until October from the PCMC incident, plus the Kanjurmarg Supreme Court hearing. |
| ASTRAMICRO Astra Microwave Products Ltd Aerospace & Defence - Equipments ·Mixed · Maintained | Aerospace & Defence - Equipments | Mixed | Maintained | Q1 revenue was ₹182 crores, soft due to customer approval delays, but management reaffirmed FY27 guidance of ~₹1,350 crores (15-20% growth). The real driver was the ₹2,205 crore HAL order for Uttam Radar (112 units by Sep 2027), doubling the order book to ~₹4,300 crores. Management forecasts FY28 revenue of ₹1,600 crores and ₹8,000-9,000 crores cumulative order intake over 3-4 years. Key risks: global supply chain stretch, execution scale-up (6-7x revenue), and export upside still 1-2 years away, all excluded from projections. |
| CCAVENUE AvenuesAI Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 FY27 gross revenue rose 109% YoY to ₹2,680 crore and PAT 45% to ₹85 crore, but net revenue fell 3% YoY to ₹147 crore on take-rate compression. Volume growth (TPV +74% to ₹1,479 billion) drove gross revenue, while cost discipline and AI productivity lifted EBITDA margin to 68% of net revenue from 47% in Q1 FY26. Management guides FY27 revenue of ₹11,000-13,000 crore and EPS of ₹8.75-9.50, flat EPS despite 35%+ growth, with deliberate reinvestment into AI, credit distribution, and international expansion. Main risks are persistent take-rate compression, UPI MDR regulatory uncertainty, and SLM monetization only visible in 9-18 months. |
| BATLIBOI Batliboi Ltd Engineering - Light - General ·Improving · Maintained | Engineering - Light - General | Improving | Maintained | Q1 FY27 revenue was ₹125 crores, up 80% YoY, with PAT of ₹0.49 crores versus a ₹2.4 crore loss a year ago, but EBITDA margin stayed flat at 4%. The growth came from Quickmill consolidation and strong machine tool execution, with order inflow of ₹283 crores and backlog of ₹618 crores as of June 30, 2026. Management guides ~10% FY27 top-line growth and 7-8% EBITDA margin over 1-2 years, aided by Penta Automation scaling and solar cost savings. The main risk is that margins remain at 4% due to copper and steel cost inflation, supply chain disruptions, Middle East conflict impacts, and tariff headwinds on Quickmill's export expansion. |
| BLS BLS International Services Ltd Services - Others ·Improving · Maintained | Services - Others | Improving | Maintained | BLS reported Q1 FY27 revenue of ₹891 cr, up 25% YoY, EBITDA margin 28.3%, PAT ₹202 cr up 12%, with Visa applications flat at 11.3 lakh. Revenue per application rose 11% to ₹3,521, offsetting war-hit volumes via new contract pricing and mix. Management guides 15-20% organic CAGR over five years, FY27 tax ~12%, with Aadhaar ramp by Q4 FY27 to Q1 FY28. Main risks: Visa volume volatility post-war, Aadhaar's 10-15% EBITDA margin diluting the 40% Visa margin, and contract expiry execution. |
| BOSCHLTD Bosch Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Q1 FY27 revenue was ₹5,841.9 cr, up 22% YoY, with EBITDA of ₹818 cr at ~14% margin; PAT fell 37.1% YoY due to a prior-year divestment gain, but ex-exceptionals rose 9.9%. The real driver was broad mobility growth, led by Two-Wheeler +41.4% and Power Solutions +29%, plus record June aftermarket sales and zero production disruptions. Management forecasts ~8% industry growth for Q2 FY27, sustained ~14% EBITDA margins, consolidated results including Bosch Chassis from Q2, and eAxle JV revenue from late FY28. Risks are monsoon variability and El Nino, West Asia geopolitics, and GST base-effect normalization that may moderate demand within 1-2 quarters. |
| BIRET Brookfield India Real Estate Trust Real Estate Investment Trusts ·Improving · Maintained | Real Estate Investment Trusts | Improving | Maintained | Brookfield India REIT reported Q1 FY27 operating lease rentals of ₹7.14 billion, up 56% YoY, and NOI of ₹7.57 billion, up 51.7%, with 93% committed occupancy. The driver was EcoWorld acquisition plus 8% same-store NOI growth, supported by 1.1 million sq ft leasing at 14% re-leasing spreads and early Bharti Airtel renewal de-risking 1.3 million sq ft expiries. Management guided ~15% embedded DPU growth over ~2 years toward 96-97% occupancy, plus the ₹1,700 crore Godrej BKC acquisition closing by September 2026. Main risks: EcoWorld Campus 3 vacancy in August 2026, 90% floating rate debt, and tax regime transition savings of 8pp pending legislation approval. |
| CAMLINFINE Camlin Fine Sciences Ltd Chemicals - Others ·Mixed · Cut | Chemicals - Others | Mixed | Cut | Q1 FY27 revenue was ₹5,199 million, up 28% YoY, but EBITDA margin fell to 4% on a 3-4% gross margin loss from raw material inflation, dealer financing, and an ₹8 crore Brazil fire air freight hit. Vanillin ran at 25% capacity with ~₹4 crore negative EBITDA; Performance Chemicals was negative with the diphenol plant shut. Management guides FY27 revenue of ₹2,200-2,300 crore at 10-11% EBITDA margin, Q2 improvement and double-digit margins from Q3, with vanillin output cut to ~3,000 tons. Main risks: persistent raw material inflation, the diphenol shutdown with a Q3 alternate-use decision, and Solvay holding prices at $13-14 caps realization upside despite a 5,000-6,000 ton supply gap. |
| CPL Captain Polyplast Ltd Plastics - Pipes & Fittings ·Improving · Maintained | Plastics - Pipes & Fittings | Improving | Maintained | Q1 FY27 total income grew 16.3% YoY to ₹81.66 crores, with EBITDA up 26.7% to ₹9.86 crores and margin expanding 99 bps to 12.07%, driven by cost optimization and volume growth despite polymer prices up 30-35%. The real driver is solar EPC expansion, with 1,500 pump orders won in four months (800 executed) and a target of 50% of revenue within three years. Management guides raw material price revisions in subsidy states to complete by end Q2, with full margin benefit from Q3 and 10-15 bps quarterly blended margin improvement from the Ahmedabad component facility. Main risks are H1 working capital intensity, with micro irrigation receivables at 5-6 months, and solar EPC growth gated on government tender timing from September. |
| CARYSIL Carysil Ltd Building Material USA ·Improving · Maintained | Building Material USA | Improving | Maintained | Carysil reported Q1 FY27 consolidated income of ₹264.8 crore (+16.5% YoY), EBITDA margin of 21.2% (+175 bps) and PAT of ₹31.4 crore (+37.7%). The driver was domestic sales up 39.8% to ₹56 crore plus a 90% rollback of US tariff discounts, though quartz volume only rose 6% due to 1-2 week container delays. Management maintained FY27 guidance of ~15% value and volume growth and 18-20% EBITDA margin, with ₹80-90 crore capex to add 260,000 quartz and 150,000 steel units by March FY27. Key risks are lingering logistics delays, UK market softness, and near-full steel utilization at 94% ahead of festive demand. |
| CHOICEIN Choice International Ltd Finance - Capital Markets - Brokers ·Improving · Raised | Finance - Capital Markets - Brokers | Improving | Raised | Q1 FY27 revenue was ₹319 crores, up 34% YoY, with PAT at ₹61 crores, up 26% YoY, but flat QoQ for a third straight quarter. The real driver is broking cash delivery focus, with AUM up 30% YoY to ₹62,226 crores, while a ₹900 crore NH Investment capital infusion received in Q2 will deploy toward MTF and settlement funds. Management forecasts 50% revenue CAGR next year, backed by IPPB onboarding from September and a ₹777 crore advisory order book. Main risk: QoQ growth only resumes from Q3, with NBFC ROE drag and solar competition at a ₹150 crore FY27 AUM target. |
| CMSINFO CMS Info Systems Ltd Services - Others ·Improving · Cut | Services - Others | Improving | Cut | Q1 FY27 services revenue hit a record ₹625 crore (up 9.3% YoY) but missed the ₹650 crore run-rate by ₹25 crore due to a currency supply squeeze; PAT fell 10.6% YoY to ₹84 crore. The squeeze cost ₹18 crore in BLA managed services and ₹7 crore in cash logistics, pushing managed-services EBIT margin to 10.3% from 14.1% YoY, while EBITDA margin rose 170 bps QoQ to 27.2% on automation and tech mix. Management trimmed FY27 services revenue guidance to ₹2,650-2,750 crore and CapEx to ₹100-125 crore, but raised EBITDA margin guidance to ~27%, assuming currency normalization by end-Q2. Main risks: IBA committee outcome on PSU repricing, 6-60% state wage hikes, and depreciation overhang from FY26 peak CapEx of ₹350 crore. |
| DDEVPLSTIK DDev Plastiks Industries Ltd Plastics - Plastic & Plastic Products ·Improving · Maintained | Plastics - Plastic & Plastic Products | Improving | Maintained | Q1 FY27 revenue was ₹1,010 crores, up 29% YoY, with EBITDA of ₹101 crores at a 10% margin and PAT of ₹64 crores, though volumes rose only 1% to 52,163 tons. Growth was price-led, driven by MENA war-risk premiums and export realizations of ₹300 crores, not demand, as domestic customers deferred purchases. Management guides FY27 revenue growth of 13% and volume of 231,000 tons, with Bhiwadi ramping to 50% utilization and BESS starting mid-FY29. The main risk is geopolitical disruption in Hormuz and polymer price volatility, limiting order visibility to 10-20 days and pushing volume ramp into H2. |
| DBL Dilip Buildcon Ltd EPC ·Mixed · Maintained | EPC | Mixed | Maintained | Q1 FY27 standalone revenue was ₹1,930 crore, EBITDA margin 10.32%, PBT ex-exceptionals ₹72 crore up 26% YoY, but consolidated revenue fell 9% to ₹2,378 crore. The real driver was large EPC projects (Bihar ₹3,500 crore, solar ₹1,700 crore) ramping only from Q2, while MDO coal production hit 4.79 MT toward the 34 MT FY27 target. Management reaffirmed FY27 guidance of 30-40% revenue growth, 10-12% EBITDA margin, ₹10,000-12,000 crore order inflow, and ₹600-800 crore standalone debt reduction, backed by the Alpha stake sale that cuts equity need by ~₹830 crore. Risks are commodity price volatility, working capital days at 131-133 versus the ~120 target, highway awarding slowdown, and the Viana tunnel collapse watch. |
| DOLLAR Dollar Industries Ltd Textiles - Hosiery/Knitwear ·Improving · Maintained | Textiles - Hosiery/Knitwear | Improving | Maintained | Reported Q1 FY27 revenue was ₹405 crore (+1.4% YoY) with PAT up 22.1% to ₹26 crore, but volume fell 1.6% as DOLLAR MAN and DOLLAR Always lagged. The driver was margin protection: 4-5% price hikes, low-cost inventory, and refusal to discount lifted EBITDA margin 106 bps to 11.8% and cut net debt ₹86 crore to ₹192 crore. Management forecasts FY27 revenue growth of 11-13%, EBITDA margin of 11.5-12.5%, and zero net debt by FY28, aided by stabilized yarn prices and Lakshya retailer reactivation to 90,000. Main risk is competitive discounting persists, which could stall volume recovery and force margin giveback. |
| EMBDL Embassy Developments Ltd Miscellaneous ·Mixed · Maintained | Miscellaneous | Mixed | Maintained | Embassy reported ₹868 crore pre-sales (up 338% YoY) and ₹496 crore collections (up 54% YoY) but a ₹234 crore net loss due to completion-based revenue recognition with no handovers. The driver was FY26 launches converting to sales, with 72% of launched Bengaluru inventory sold in six months. Management guides FY27 to ₹6,000 crore owned pre-sales, ₹2,000 crore DM pre-sales and ~₹3,000 crore collections, with four of 11 launches confirmed for Q2. Key risks: BDA approval delays in Bengaluru, possible Q3 launches spilling into Q4, and 14% average debt cost including Blackstone at 18% pending refinancing around March-April 2026. |
| EPL EPL Ltd Packaging - FMCG/Consumers ·Improving · Raised | Packaging - FMCG/Consumers | Improving | Raised | EPL reported Q1 FY27 revenue growth of 25.3% YoY (20% underlying) with EBITDA up 15.2% and PAT down 1.4%, driven by full recovery of raw material, freight and currency costs through pricing on landed cost basis. BNC momentum (market share at 8% targeting 16%) and oral care growth of 24% led all regions, with EAP growing 34.3%. Management raised revenue guidance to high teens for coming quarters, retained ~20% underlying EBITDA margin, and guides double-digit PAT for FY27, noting Indovita merger (public Q1 EBITDA margin 27%) progressing post CCI approval. Key risks include Europe margin recovery to mid-teens, ~₹180 crore inventory-led working capital rise, and geopolitical or trade volatility that could pressure future quarters despite pricing recovery. |
| GANESHIN Ganesh Infraworld Ltd Construction - Civil/Turnkey ·Improving · Raised | Construction - Civil/Turnkey | Improving | Raised | Ganesh Infraworld reported Q1 FY27 consolidated revenue of ₹378.76 crores (vs ₹180.65 crores YoY), EBITDA ₹61.59 crores at 15.8% margin, PBT ₹39.56 crores. The real driver was the newly acquired Tycoon Mines MDO subsidiary (₹137.64 crores revenue, ₹26.83 crores EBITDA) and water infrastructure (₹118.26 crores), with order book at ₹4,090 crores. Management forecasts PAT margin to improve from 7% toward 10% as water mix rises, finance costs to decline from Q2/Q3 on term loan repayment, and no standalone fundraising planned. Main risks are customer concentration (top 10 about 90% revenue), doubled diesel costs squeezing working capital, and possible UP election execution slowdown. |
| GSLSU Global Surfaces Ltd Granite & Marble ·Improving · Maintained | Granite & Marble | Improving | Maintained | Q1 FY27 revenue was ₹65 crores (+44% YoY) with EBITDA of ₹8 crores (12.69% margin) and PAT breakeven, recovering from a ₹19 crore EBITDA loss last quarter. The driver was cost discipline (3% manufacturing and 1.5% admin savings), the Bagru natural stone unit closure, and operating at just 27-28% capacity utilization (Dubai 20%, India 36%) despite Hormuz closure and 2x freight costs. Management gave no FY27 revenue guidance, citing geopolitics and tariffs, but expects utilization and margins to improve as conditions normalize, with the natural stone unit sale within FY27. Main risks: Section 201 tariff quota (25% in-quota, 50% above-quota) on US quartz exports, and only 30-40% of elevated freight costs passable to customers. |
| GLOTTIS Glottis Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Glottis Q1 FY27 revenue rose 39.5% YoY to ₹2,345 million, with EBITDA margin at 6.9% and PAT at ₹107 million, despite a sharp 18.3% YoY drop in container throughput to 21,841 TEUs. Growth came from better realizations and a mix shift toward higher-margin sea exports (up 83.5% to ₹457 million) and air freight, not volume. Management guides FY27 revenue above FY26 levels and EBITDA margin slightly above 6.9%, backed by a ₹132 crore capex program with container deployment starting Q3 and top-5 customer concentration easing toward 15-20% from ~29%. The main risk is sustained volume decline, as growth currently relies on realization and mix, compounded by capex timeline and geopolitical supply disruption pressures. |
| GREENPANEL Greenpanel Industries Ltd Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Q1 FY27 revenue ₹350 cr (+8.5% YoY), adjusted EBITDA ₹33.5 cr (9.6% margin) versus loss last year, PAT ₹1.2 cr. Driver was MDF price hikes and retail mix shift, retail revenue up 20% and domestic volumes up 12%, with gross margin 52.7%, but exports were zero and OEM fell 14% due to Middle East freight spike. Management guides volume-first pricing at parity to regain industry-leading domestic growth from Q2 FY27, expects OEM demand to return, but declined quantitative guidance. Risk: almost all price hikes rolled back on overcapacity discounting, chemical costs 4-5% above pre-war and volatile, keeping margins pressured. |
| HARSHA Harsha Engineers International Ltd Bearings ·Improving · Maintained | Bearings | Improving | Maintained | Q1 FY27 engineering revenue was ₹421 crore, up 20.6% YoY, but EBITDA margin fell 210 bps to 16.6% from an 8% raw material cost hike awaiting pass-through, a ₹4 crore hedge loss and ₹3 crore war cost inflation. Growth was broad-based across India, Europe and US, led by bushing up 35% and stamping up 31%, while large-size cages were weak at ₹10 crore on Bhayla ramp-up constraints. Management guides high-teens India growth, low-teens consolidated, Advantech to ₹140+ crore with net profitability by FY27 year-end, and foreign subsidiary losses narrowing to ₹2-4 crore. Main risks are metal price stability, Romania's breakeven delay until a casting customer returns, and large-cage ramp-up. |
| HEALTHX Health X Platform Ltd Pharmacy Distribution ·Improving · Raised | Pharmacy Distribution | Improving | Raised | Q1 FY27 revenue rose 58% YoY to ₹440 crores, gross margin hit 7.8%, and PAT turned positive at ₹2 crores versus -₹13 crores in Q4FY26, helped by 7-8% treasury income. The real driver was Retailer Shakti B2B growth of 48% YoY, near breakeven, while Sasta Sundar B2C grew 44% with deliberate burn. Management guides Retailer Shakti to positive EBITDA by Q3 FY27, full-year gross margin above 8%, and FY27 as best year, with July run rate ₹150+ crores monthly. Main risk: ~₹100 crores planned B2C burn through FY27-28, ~90% warehouse utilization, and only ~2% pharmacy wallet share. |
| HPL HPL Electric & Power Ltd Capital Goods - Electric General ·Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | HPL reported Q1 FY27 revenue of ₹515 crores, up 35% YoY, with EBITDA at ₹63 crores and margin at 12.26% due to gross margin falling from 38% to 30% on metal and plastic inflation. The real driver was record consumer and industrial revenue of ₹278 crores, up 55%, led by wire and cable at ₹146 crores and lighting at ₹56 crores. Management guides high double-digit CNI growth for 12-18 months, metering order book of ₹3,200 crores for 1.5-2 years, and EBITDA margin recovery to 16-17% by Q3 FY27 if geopolitical tensions ease. Main risks are sustained input cost inflation from the West Asia conflict, a 40% Haryana wage hike, and slower AMISP execution affecting metering revenue pace. |
| IDEAFORGE Ideaforge Technology Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 revenue was ₹68.6 crore, up 436% YoY, with positive EBITDA of ₹4.3 crore versus a ₹15.1 crore loss, but gross margin fell to 49% from 61.7% due to a 60/40 defense-civil mix shift. Operating driver was conversion of over 20% of the ₹300 crore opening order book, leaving ₹256.8 crore to execute by Q3 FY27. Management guides 50-55% blended FY27 gross margin and expects Q3/Q4 run-rate procurement acceleration, with 1-2 large FTP opportunities converting this year, though some may slip to FY28. Main risk is supply chain delays on thermal cameras and electronics, which management says are not yet impacting delivery commitments but could pressure order book execution. |
| IFGLEXPOR IFGL Refractories Ltd Refractories ·Improving · Maintained | Refractories | Improving | Maintained | Consolidated income rose 13% YoY to ₹515 crore and PAT 58% to ₹17 crore, but standalone EBITDA fell 17% to ₹31 crore on raw material and LPG cost inflation. Overseas subsidiaries drove growth with double-digit revenue and margin strength, while standalone gross margin dropped 400 bps to 43% on input cost spikes. Management guides double-digit domestic revenue growth for FY27, double-digit consolidated EBITDA margins, and Hoffmann breakeven by FY27 end, with temporary price hikes to progressively offset costs. Risk: British Steel blast furnace issues cut Sheffield volumes, widening Europe losses to ₹7 crore quarter on quarter, with Q2 recovery dependent on furnace resumption and freight cost uncertainty. |
| IKIO IKIO Technologies Ltd Capital Goods - Electric General ·Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | IKIO reported Q1 FY27 revenue of ₹169 crores, up 41% YoY, with EBITDA at ₹22 crores and margin at 13% versus 9.4% YoY. The driver was non-lighting business up 53% to ₹124 crores, while home lighting ODM recovered 16% to ₹45 crores, reducing lighting dependence to under 20% of revenue. Management maintained FY27 guidance of 18-20% revenue growth and 13-14% group EBITDA margin, with a possible upgrade after Q2/Q3 and home lighting at ₹170 crores plus ₹10-15 crores upside. Main risk is geopolitical war inflation: metals and semiconductor costs doubled, gross margin fell to 41%, and ₹10-15 crores of Middle East revenue was missed. |
| INSECTICID Insecticides India Ltd Pesticides/Agrochemicals ·Mixed · Maintained | Pesticides/Agrochemicals | Mixed | Maintained | Q1 FY27 revenue grew ~2% but volume fell 13% as delayed monsoon pushed demand, with gross margin up 240 bps to 31.6% on premium mix and inventory gains, while EBITDA margin fell 310 bps to 9.1%. The real driver was B2B growth ~10% and premium Maharatna/Focus Maharatna at 64% of B2C, offsetting B2C weakness. Management forecasts positive sales growth from Q2 onwards and expects to halve sales returns to below ₹100 crores, with Sotanala plant starting April-May 2027. Main risk is input cost volatility and limited pricing power, as price hikes in March-April were partially rolled back in July. |