| JYOTIRES Jyoti Resins and Adhesives Ltd Chemicals - Organic ·Improving · Maintained | Chemicals - Organic | Improving | Maintained | Q1 revenue ~₹90 crore, up 17% YoY (10% volume, 7% price), but EBITDA margin ~16% against 22-25% guidance due to VAM spiking to ₹170-180/kg and a ₹4.5 crore dealer promotion push. The real driver is expansion into newer states, with brownfield capacity to 3,500 tons/month (80% complete) and receivables at ~150 days. Management guides ₹500 crore revenue by FY29, margin normalization in Q2 via price hikes and 90-day supply contracts, and NSE listing this quarter. Main risks are receivables staying at ~150 days versus the 120 day target and whether ~15% price hikes sustain volume growth. |
| KPIL Kalpataru Projects International Ltd Infra - Power - Generation/Distribution ·Improving · Maintained | Infra - Power - Generation/Distribution | Improving | Maintained | Q1 FY27 consolidated revenue was ₹6,408 crores (+9% YoY adjusted), EBITDA ₹562 crores (8.8% margin), PAT ₹312 crores (+46% YoY). The driver was a record order book of ₹66,607 crores with YTD inflows ₹7,668 crores and L1 positions ₹7,500 crores, plus 10-12% EBITDA margins from T&D, B&F, and oil & gas. Management guides FY27 order inflow of ₹30,000 crores, at least 15% revenue growth, and >75 bps PBT margin improvement, with a possible inflow guidance revision after Q2. Main risk: domestic water receivables of ~₹1,500 crores have paused new domestic water bidding, and Middle East conflict plus labour shortages could disrupt execution. |
| KEC KEC International Ltd Power - Transmission/Equipment ·Mixed · Maintained | Power - Transmission/Equipment | Mixed | Maintained | KEC reported flat Q1 FY27 revenue of ₹5,024 crore, PBT ₹90 crore, PAT ₹73 crore, hit by Middle East supply chain disruptions and labor shortages. The real driver was execution drag: ~₹300 crore revenue deferred, four legacy metro projects stuck at commissioning costing ~₹40 crore/quarter, and water receivables ₹400-500 crore overdue. Management maintained FY27 guidance of 12-15% revenue growth and ~₹30,000 crore order intake, with net debt target ~₹5,500 crore by March. Main risk: prolonged GCC conflict delaying cost recovery and collections, especially Afghanistan ₹300 crore and Middle East retentions. |
| KSHINTL KSH International Ltd Electrical Equipments/HVDC ·Improving · Maintained | Electrical Equipments/HVDC | Improving | Maintained | Q1 revenue rose 108% YoY to ₹1,164 cr, with record PAT of ₹42.2 cr and EBITDA per ton of ₹93,000, driven by a record CTC mix, 76% YoY export growth, and a weaker rupee. The real driver was front-loaded specialized wire capacity and new OEM customers, not broad demand. Management guides FY27 volume growth of ~26%, EBITDA per ton around ₹75,000, and Phase 2 capacity to ~59,000 MT by March 2027; Hitachi framework terms are still pending. Key risks are mix normalization as standard wire capacity comes up in H2 and transformer OEMs delaying order pickups on facility bottlenecks. |
| LASERPOWER Laser Power & Infra Ltd Cables - Power ·Improving · Maintained | Cables - Power | Improving | Maintained | Q1 FY27 revenue rose 15% YoY to ₹521.5 crore with EBITDA up 26% at 12.6% margin, but PAT of ₹21.1 crore was capped by finance cost absorbing 55% of EBITDA. Growth came from EPC revenue surging 129% to ₹139.1 crore while manufacturing stayed flat, with HV cables rising to 29% of revenue. Management guides for 15-16% revenue CAGR, ~₹40 crore annual interest savings from Q2 FY27, and deferred tax benefit ending in FY27. Risk: ₹1,250 crore of HTLS bids are unconverted, working capital stays at 110-120 days, and capacity utilisation is only 62%. |
| LLOYDSME Lloyds Metals & Energy Ltd Mining/Minerals - Iron Ore ·Improving · Maintained | Mining/Minerals - Iron Ore | Improving | Maintained | Lloyds Metals reported standalone revenue of ₹5,413 crore, up 127% YoY, with EBITDA margin at 39.2% and PAT up 141% to ₹1,527 crore. Real driver was structural: slurry pipeline savings of ~₹550/ton and value-added products rising to 41% of revenue from 13% a year ago, lifting pellet utilization to 100%. Management guides FY27 iron ore sales above 26 million tons, Triveni EBITDA margin at 28-30%, and ~₹11,000 crore annual CapEx through FY27-28. Main risks are commodity price cyclicality, unresolved NTPC ₹300 crore receivable, and consolidated net debt of ~₹19,000 crore pending Chemaff restructuring. |
| LUMAXTECH Lumax Auto Technologies Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Lumax Q1 FY27 revenue rose 33% YoY to ₹1,364 crores, EBITDA margin expanded 190 bps to 15.1%, and PAT grew 83% to ₹99 crores. Growth came from broad-based segment gains (Advanced Plastics +47%, Mechatronics +56%) with a ₹1,600 crore order book and 80-90% commodity cost pass-through within the quarter. Management held FY27 EBITDA margin guidance near 15% but expects H2 growth to moderate on base effects post GST rationalization, with mechatronics scaling toward ₹1,000 crores by FY30-31. Risks include plastics inflation of 30-40% and electronics 30-50%, one JV still PBT-negative for 12-24 months, and aftermarket non-lighting dip from OEM price aggression. |
| LUMAXIND Lumax Industries Ltd Auto Ancillaries - Head lamps lights ·Improving · Maintained | Auto Ancillaries - Head lamps lights | Improving | Maintained | Lumax reported Q1 FY27 revenue of ₹1,223 crores (+32.6% YoY), EBITDA of ₹113 crores at 9.2% margin, and PAT of ₹51 crores, despite a 120-150 bps commodity cost hit. The driver was broad-based OEM growth, with Maruti +43%, Tata +68%, and Skoda VW-led "other" +133%, plus an LED-heavy ₹2,500 crore order book. Management forecasts FY27 revenue growth of 15-20% and EBITDA margin of 10.5-11%, assuming Q1 pricing recoveries flow in Q2, with long-term targets of ₹9,000 crores revenue and ~13% margin by FY30-31. Main risk: delayed OEM commodity pass-through and China sourcing exposure could miss the margin guidance, while H2 growth moderates on a higher base. |
| MANAPPURAM Manappuram Finance Ltd Finance & Investments - Gold Loan ·Improving · Maintained | Finance & Investments - Gold Loan | Improving | Maintained | Manappuram reported Q1 FY27 consolidated PAT of ₹585 crore, up 342% YoY, and AUM of ₹69,635 crore, up 57% YoY, driven by gold loans which grew 98% YoY to 82% of AUM. The real driver was gold loan yield improvement of 59 bps to an 18% band from prior pricing actions, with standalone GNPA at 1.56%. Management guides 25 to 30% gold loan growth for FY27 via about 500 new branches, and a 3.5 to 4% ROA target. Main risks are elevated funding costs, vehicle finance GNPA at 13.3% with disbursements paused, and execution of branch expansion. |
| MATRIMONY Matrimonycom Ltd Platform - Matrimony ·Improving · Raised | Platform - Matrimony | Improving | Raised | Matrimony.com reported Q1 FY27 consolidated revenue of ₹130.5 crores (up 13.2% YoY) and PAT of ₹19.1 crores (up 127.5% YoY), with matchmaking EBITDA margin at 26.9%. The driver was deferred revenue catch-up from one-year packages and conversion improvements, not just billing growth of 7.8%. Management guides Q2 FY27 double-digit YoY billing/revenue growth and PAT similar or slightly better than Q1, with wedding services targeting a ₹500 crore run rate before profitability. Main risk is quarterly earnings volatility from the ~₹5 crore billing-revenue gap and continued losses (~₹4 crores/quarter) in new initiatives like Love.com and wedding services. |
| MSAFE Msafe Equipments Ltd Aluminium - Sheets/Coils/Wires/Others ·Improving · Maintained | Aluminium - Sheets/Coils/Wires/Others | Improving | Maintained | Q1 FY27 revenue was ₹31.79 crores, up 40% YoY, with net profit of ₹7.27 crores and EBITDA margin maintained at 40%. The real driver was rental-led growth, with MS scaffolding rental up 7x YoY and rental now 46% of revenue at ~47% EBITDA margins versus ~10% for steel sales. Management reaffirmed FY27 guidance of ₹150 crores minimum and ₹175 crores stretch, targeting formwork revenue of ₹30-40 crores despite commercialisation slipping to December 2026. Main risks are formwork's initial ~20% EBITDA margin dilution, machine delivery delays, and new facility ramp-up only reaching 80-90% utilization by May 2027. |
| NDRAUTO NDR Auto Components Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Q1 FY27 revenue was ₹221.45 crore, up about 19% YoY, with EBITDA margin at 11.88% and PAT at ₹16.40 crore, helped by order book execution and backward integration. The real driver was Bharat Seats JV revenue growth of 35% YoY, exceeding expectations, while new plants at Anantapur and Bangalore just started or are starting. Management reaffirmed a ₹3,000 crore FY30 revenue endeavor (₹2,000 crore organic, ₹1,000 crore inorganic), guided EBITDA margins of 11-12%, annual capex of ₹40-50 crore, and raised Bharat Seats FY30 target to ₹3,500 crore. Risks: NDR Hayashi losses persist until ₹100-150 crore breakeven, Toyota plant delay to CY29 slows timelines, and rising marketing, R&D and headcount costs continue. |
| NIRLON Nirlon Ltd Realty - Commercial ·Mixed · Maintained | Realty - Commercial | Mixed | Maintained | Nirlon reported Q1 FY27 total income of ₹173 crores (+3% YoY), EBITDA of ₹134 crores (77.3% margin), and PAT of ₹69 crores (+19% YoY, helped by the FY26 new tax regime shift). The real driver was contracted license fee escalations of about 4.5% annually, not new leasing, as occupancy stayed at 99.8% with only ~6,900 sq ft vacant. Management forecasts a quiet FY27 with growth capped at contracted escalations, steady EBITDA margins, and no dividend or REIT guidance, while debt repayment begins May 2027 at 5% annually then 25%. Main risks are Nirlon House redevelopment blocked by 12 co-owners and potential margin pressure from that debt repayment. |
| ORIENTBELL Orient Bell Ltd Ceramics - Tiles ·Improving · Maintained | Ceramics - Tiles | Improving | Maintained | Orient Bell reported Q1 revenue of ₹203 crores, up 42.8% YoY, with record gross margin 39.7%, EBITDA margin up 480 bps to 8.7%, and PBT of ₹11.2 crores versus a year-ago loss. Growth came from 22.9% volume gains, aided by the April-mid-May Morbi supply gap and sellout support at ~40% of primary sales, plus a 15.9% ASP increase from input cost pass-through. Management gave no formal FY27 guidance, but expects ~₹15 crores of internally financed capex and utilization improvement in Q3-Q4 from converting ceramic capacity to GVT. Risks include gas prices near ₹60 versus ₹44-45 pre-war, industry exports down to ~₹800 crores per month, and the OBL-Morbi price gap narrowing to ₹50-55 as Morbi supply normalizes. |
| PATELENG Patel Engineering Ltd Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Q1 FY27 consolidated revenue was ₹1,281 crore (+4% YoY) with PAT of ₹93.5 crore (+24.5% YoY), helped by ~₹10 crore lower finance costs and a 14.02% EBITDA margin. The driver was project mix favoring hydro and irrigation plus IoT cost controls, not volume growth. Management guides ~10% revenue growth in FY27, ~15% in FY28, ₹8,000 crore new orders, and 13-14% margins, with ₹150-200 crore non-core asset sales targeted. Main risks: competition caps margin upside, government clearance delays stall big hydro bids, promoter pledge stays at 85-90%, and PSU arbitration recoveries drag. |
| PITTIENG Pitti Engineering Ltd Capital Goods - Engineering General ·Improving · Raised | Capital Goods - Engineering General | Improving | Raised | Pitti Engineering reported Q1 FY27 revenue of ₹529 crores, up 16% YoY, with adjusted EBITDA margin flat at 16.8% due to higher manpower costs ahead of new capacity. The driver was 18% volume growth in lamination and assemblies, especially data center and mining components, while machining utilization hit 86.33% and constrained growth. Management guided FY27 lamination volume up to 82,000 tonnes, EBITDA to ~₹370 crores, and sees ₹2,500 crores FY28 revenue at ~17-17.2% margin. Main risk: data center demand may not sustain indefinitely, plus machining capacity remains the bottleneck despite the ₹290 crore Hyderabad capex. |
| PLATIND Platinum Industries Ltd Speciality Chemicals ·Mixed · Maintained | Speciality Chemicals | Mixed | Maintained | Q1 FY27 consolidated revenue fell to ₹108.9 crores from ₹115.4 crores YoY, PAT ₹11.13 crores, on Palghar ramp-up and lower lead-free PVC volume. Standalone revenue rose 7.3% to ₹110.4 crores, but EBITDA margin fell to 11.64% from 13.33% on product mix, CPVC learning curve, and shipping disruptions forcing higher-cost raw material purchases. Management reaffirmed FY27 revenue growth guidance of 30-40%, EBITDA margin 13-15%, expects Egypt commercial production by 31 December 2026 with FY27 revenue at ₹30-35 crores, and Palghar utilization at 30-35% ramping through Q2-Q3. Main risks are PVC pipe demand that only recovered from August, and any Egypt timeline delay would cut FY27 revenue and FY28 growth visibility. |
| REDTAPE Redtape Ltd Footwear ·Improving · Maintained | Footwear | Improving | Maintained | Redtape Q1 FY27 revenue rose 3.7% YoY to ₹480 crore, PAT up 19.4% to ₹47 crore with gross margin 47.5% and EBITDA margin 20.4%. The driver was retail mix and sourcing efficiency, not volumes, as e-commerce share fell to 22% from ~30% after skipping marketplace discounting, cutting rebate income to ₹8-9 crore from ₹28 crore. Management guides stable ~20% EBITDA margin, e-commerce recovery to ~30%, 150+ store additions (33 opened), and inventory cut from 173 to 150 days. Main risk: wage and input inflation absorbed without price hikes, plus non-BIS inventory liquidation if industry extension is not granted. |
| RUPA Rupa & Company Ltd Textiles - Hosiery/Knitwear ·Improving · Maintained | Textiles - Hosiery/Knitwear | Improving | Maintained | Rupa Q1 FY27 revenue was ₹202.4 crore, up 10.1% YoY, with EBITDA of ₹15.7 crore (7.8% margin) and PAT of ₹8.3 crore, up 50.2% YoY. Volume-led value segment growth drove revenue, but EBITDA margin missed the 9-10% guidance because A&M spends reached 10.5% of revenue. Management guides Q2 revenue growth of 10-12% and EBITDA margin of 9-10%, supported by A&M rationalisation to 6-7% and an August 4-5% price hike after old lower-priced stock is exhausted. The main risk is intense organised-sector competition forcing scheme pass-throughs and delaying further hikes, compounded by yarn cost inflation and winter-dependent thermal offtake. |
| SCHAND S Chand & Company Ltd Printing/Publishing/Stationery ·Improving · Maintained | Printing/Publishing/Stationery | Improving | Maintained | S Chand reported Q1 FY27 revenue of ₹114.5 crores, up 12% YoY, with EBITDA and PAT losses of ₹9.7 crores and ₹18.7 crores due to seasonality, upfront Q2 marketing expenses, and a one-time tax adjustment. The driver was school education adoption and content licensing, which booked ₹14 crores of contracts against a ₹40+ crores FY27 target. Management guided 10-15% revenue growth and 17-19% EBITDA margins, plus a buyback decision by October 2026 after potential ₹40-50 crores M&A. Main risks are paper price inflation with dollar at 95, Middle East collection disruptions, and goodwill impairment that management will address only against an exceptional gain. |
| SHARDAMOTR Sharda Motor Industries Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Sharda Motor Q1 FY27 revenue was ₹1,011.1 crore (+34% YoY), gross profit ₹203.9 crore (+8%) and EBITDA margin 10.2%, with growth driven by catalyst pass-through but constrained to addressable market growth of 8-10% due to a customer supplier fire and premium raw material costs. Real driver was order ramp-ups in lightweighting and emission adjacencies, not the pass-through headline. Management forecasts export SOPs in Q3-Q4 FY27, a lightweighting portfolio opportunity of ₹8,000-9,000 crore, and a 14% market share to rise, but declined specific revenue guidance. Main risk: customer production disruptions and evolving geopolitical supply chain costs, plus BS7 regulatory uncertainty affecting content. |
| SPECIALITY Speciality Restaurants Ltd Quick Service Restaurant - QSR ·Improving · Maintained | Quick Service Restaurant - QSR | Improving | Maintained | Speciality Restaurants posted Q1 FY27 same-store sales growth of 11.35% and gross margin of 71.1%, up 120 bps, with its 20th consecutive profitable quarter. Growth came from the Oriental vertical's four price-point brands, liquor push to 38-40% at new formats, and Walters Burger tripling quarter on quarter, offsetting lower-margin delivery now at 29% of revenue. Management guided 8-10 full-format and 10-15 Walters outlets in FY27, maintained near ₹162 crore cash, and expects Q3 as the strongest quarter. Main risk is trained manpower availability capping expansion, while inflation and service charge withdrawal require tactical price hikes to keep gross margin within ±50 bps. |
| SURYAROSNI Surya Roshni Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Surya Roshni Q1 FY27 consolidated revenue was ₹2,046 crore, up 28% YoY, with PAT at ₹60 crore, up 77%, and zero net debt with ₹155 crore cash. Growth was driven by record steel volume of 2.28 lakh tons at EBITDA per ton of ₹4,006, up 37% YoY, plus lighting revenue up 15% to ₹456 crore. Management guided FY27 steel EBITDA per ton of ₹4,600-4,700, quarterly volumes reaching 3.2 lakh tons by Q4, and lighting value growth of 22-23%. Risks are ocean freight and tariff volatility, soft galvanized pipe demand from delayed government fund releases, and deferred demerger and buyback pending macro clarity. |
| TALBROAUTO Talbros Automotive Components Ltd Auto Ancillaries - Axle shafts ·Improving · Maintained | Auto Ancillaries - Axle shafts | Improving | Maintained | Talbros Q1 FY27 total income was ₹242 crores, up 15% YoY, with EBITDA margin at 17.6% and PAT up 35% to ₹30 crores. The gasket and heat shield division drove growth, rising 21% to ₹164 crores, while forging grew only 4% on weak European demand and labor shortages. Management guides FY27 revenue growth of 18-20%, gasket revenue of ₹680-700 crores, forging of ~₹340 crores, and margins of 17-17.5%, pending OEM price recoveries. Key risks are commodity inflation pressuring margins and Marelli court proceedings, with resolution expected by September 30. |
| TARSONS Tarsons Products Ltd Medical Equipment ·Improving · Maintained | Medical Equipment | Improving | Maintained | Consolidated Q1FY27 revenue was ₹110.2 crore (+20.7% YoY) and standalone ₹86.1 crore (+21% YoY), a Q1 record, but gross margin fell to 67.1% due to a 25-50% polymer price spike. Growth came from 17% domestic and 29% export rebound, with no export price hikes and only marginal domestic increases, while new capacity contributed negligibly. Management guides ~15% FY27 revenue growth, full Parshla and Amtra commissioning in Q2, contributing 20-25% of standalone revenue in FY28, and ₹65-70 crore from new products. Risks: polymer volatility causing 450-500 bps margin impact, export shipment lumpiness, tariff uncertainty, and past commissioning delays at Parshla. |
| TRITURBINE Triveni Turbine Ltd Capital Goods - Gensets/Turbines ·Improving · Maintained | Capital Goods - Gensets/Turbines | Improving | Maintained | Triveni Turbine's Q1 FY27 revenue rose 19.2% YoY to ₹443 crores, but EBITDA margin slumped to 18.0% from 25.8%, with PBT margin at 15.7%. The margin hit came from executing lower-margin orders placed a year ago and the near-zero margin NTPC CO₂ storage project, while export dispatch delays from 3-4x freight rate hikes pushed revenue to Q2/Q3. Management guides back-ended FY27 revenue and bottom-line growth, with H2 margins recovering on improved order book mix, rupee benefit, and export share, targeting >20% PBT margin over the medium term. The main risk is continued geopolitical freight disruption causing quarterly lumpiness, plus weak domestic inquiries, which management calls a 2-4% fluctuation, not a decline. |
| TVSSCS TVS Supply Chain Solutions Ltd Logistics - Warehousing/Supply Chain ·Improving · Raised | Logistics - Warehousing/Supply Chain | Improving | Raised | Q1 FY27 revenue was ₹3,335.2 crores (+28.7% YoY), adjusted EBITDA ₹232.2 crores (7.0% margin), operational PAT ₹22.5 crores (up 156% YoY excluding the Invid gain). Growth came from GFS ocean freight volumes and rate pass-through (GFS +50.6% YoY), with record new business wins of ₹543 crores but ISCS margin dipping to 8.1% on contract implementation costs. Management guides mid-teens FY27 revenue growth, ISCS margin back to 9%+ in Q2 and 9.5-10% by Q4, and 4% PBT margin by FY28, with GFS margin sustaining around 4%. Main risk is a recession from geopolitical tensions reducing volumes, while freight rate normalization could remove the revenue tailwind. |
| IDEA Vodafone Idea Ltd Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Revenue rose 6% YoY to ₹11,689 crore with EBITDA margin at 43.1% and ARPU up 10.2% to ₹195, as first positive net subscriber addition since merger (193.1 million) came from postpaid and M2M. The driver is ARPU upgrade cohorts (2G to 4G, ₹230-240 uplift) plus network rollout, while Q1 CapEx of ₹1,934 crore lagged due to geopolitical supply constraints. Management guides to 3x cash EBITDA by FY29 on ~16.8% revenue CAGR, with 55,000-57,000 4G sites in ~18 months, backed by ₹9,100 crore orders. Main risk: supply chain delays slowing deployment and 34% 2G base monetization remains execution-dependent, plus postpaid competition from Airtel Fastlane. |
| WEBELSOLAR Websol Energy System Ltd Capital Goods - Solar ·Improving · Maintained | Capital Goods - Solar | Improving | Maintained | Websol's Q1 FY27 revenue rose 70% YoY to ₹373 crore, EBITDA 21% to ₹126 crore, and PAT 16% to ₹78 crore, with cell utilization at 92% and module at 81%. The margin fell to 34% from 47% because modules, a lower-margin product, became a larger revenue mix, though absolute earnings grew. Management guides current margin levels to hold for 1–2 years, realizations to improve after the ALM mandate in December, and the ₹270 crore TOPCon upgrade to complete by March 2027. Key risks are monsoon-driven inventory buildup, input cost volatility from silver and West Asia tensions, and execution of the 4 GW West Bengal shift without timeline slippage. |
| WINDLAS Windlas Biotech Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Revenue was ₹248 crore, up 18% YoY, a 14th straight record, with CDMO up 29% to ₹207 crore and exports up 79% to ₹11 crore, while trade generics fell to ₹30 crore after codeine discontinuation. Ex-ESOP EBITDA rose 26% to ₹34 crore and PAT 37% to ₹25 crore, driven by CDMO mix and volume, despite 17% employee cost inflation and volatile API prices. Management guides Plant 6 online by end H1 FY27, adding about ₹3 crore quarterly depreciation and lifting capacity potential to ₹1,100 crore plus 10-15% upside. Key risks are trade generic stagnation at ₹30-35 crore run-rate for 3-4 quarters and export conversion volatility. |
| YATHARTH Yatharth Hospital & Trauma Care Services Ltd Hospitals ·Improving · Raised | Hospitals | Improving | Raised | Reported Q1 FY27 revenue was ₹320 crore, up 51% YoY, with EBITDA margin at 23.3% and PAT ₹45.4 crore, all record highs. Newer hospitals drove 27% of revenue, as Faridabad Sector 20 broke even in nine months and Agra delivered 20%+ EBITDA margin, while existing hospitals grew 22% YoY. Management forecasts FY27 revenue growth above last year's 37%, consolidated EBITDA margin ~24% (28%+ at mature assets), and 8-10% RPOP growth, with Model Town break-even guided for Q3-Q4 FY27. Risks include debt rising to ₹300 crore from acquisitions, new hospitals like Model Town at 29% occupancy dragging margins, and potential government room-charge regulation pressuring tariffs. |
| ZYDUSLIFE Zydus Lifesciences Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Reported Q1 FY27 revenue was ₹8,020 crore, up 22% YoY, with EBITDA margin at 24.1% and net profit ₹940 crore. Growth was broad-based: India branded +20%, international formulations +34%, consumer wellness +67% on Comfort Plus, and US branded reached ~10% of US revenue. Management kept FY27 guidance of strong double-digit revenue growth, ≥24% EBITDA margin, and ₹1,500-1,600 crore capex, with Saroglitazar launch in FY28 at $200-400M peak sales. Main risks are acquisition expenses running at ₹1,900-2,000 crore per quarter, Mirabegron amortization through Q1 FY28, and the VAI regulatory classification at the Zydus facility. |
| AARTIPHARM Aarti Pharmalabs Ltd Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Q1 FY27 reported revenue ₹535 crores (+42% YoY), EBITDA ₹133 crores at 24.9% margin, and PAT ₹71 crores (+49% YoY). Record xanthine sales of ₹305 crores (57% of revenue) on 25% volume growth and crisis-elevated pricing drove the beat, while API revenue of ₹160 crores absorbed a 6-week steroid block shutdown; gross margins at 50-56% benefited from low-cost inventory. Management guided FY27 EBITDA margins of 22-25%, CDMO growth of 40-50% with H2-heavy revenue from 37 commercial projects, xanthine revenue of ₹900-1,100 crores, and API normalized run-rate of ₹170-190 crores. Risks include xanthine price normalization from peak (raw material costs still 25-50% above normal), pre-operative expenses at Attali Block 1 and L99 site from Q2 putting H1 pressure, and continued API pricing erosion in existing molecules. |
| ABFRL Aditya Birla Fashion & Retail Ltd Textiles - Readymade Apparel ·Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Q1 FY27 revenue was ₹2,026 crores (+11% YoY), EBITDA margin 8.2%, net loss widened to ₹249 crores from ₹234 crores on higher depreciation, finance costs and lower treasury income. Established businesses (Pantaloons +7.5%, designer-led high single digit) grew steadily, but newer formats burned cash and TCNS like-for-like was a disappointing ~2%. Management guides ethnic portfolio to 20%+ FY27 growth (H2-weighted), Tomorrow to 20-25% with brand-level cash profit in 12-18 months, portfolio profitability by FY29. Risks: ~4% input cost inflation in Q2-Q3 with only half passed on pressuring H2 gross margins, and standalone cash declining to ~₹500 crores by year-end against ₹500-550 crores annual funding needs. |
| AFCONS Afcons Infrastructure Ltd Construction - Civil/Turnkey ·Mixed · Maintained | Construction - Civil/Turnkey | Mixed | Maintained | Q1 FY27 revenue fell 20.3% YoY to ₹2,727 crores, PAT dropped to ₹30 crores from ₹137 crores, and EBITDA margin declined to 9.6% versus 13%. Land handover delays, labour shortages, pending clearances and weak collections drove the fall, though order inflow hit ₹13,219 crores, lifting the order book to ₹43,290 crores with Croatia Railway and Wadhwan Port. Management forecasts a Q3-Q4 revenue uptick (H1 40-45%, H2 55-60%), minimum ₹30,000 crores FY27 order inflow, HSR tunnelling revenue from November, and net debt of ₹2,700-2,800 crores by March. Risks include ~₹400 crores stuck UP Jal Jeevan Mission receivables, ~11% slow-moving order book, 38% of advances interest-bearing, and a ~40% effective tax rate. |
| AFFLE Affle 3i Ltd Advertisement ·Improving · Maintained | Advertisement | Improving | Maintained | Revenue was Rs 7.47 billion, up 20.4% YoY, with PAT at Rs 1.28 billion, up 21.7%, and EBITDA margin at 22.4%. Growth came from 95% of revenue expanding 25%+ YoY excluding RMG and Fintech regulatory headwinds, while the Ad Colony asset acquisition targets 100,000 apps reaching 500 million devices. Management guides to ~20% medium-term organic growth, OCF/PAT normalizing to 80-85% by Q3 FY27, and a larger accretive acquisition closing by early 2027. The Rs 136 crore Babel investment faces bankruptcy litigation with no impairment recorded yet, and RMG recovery timing remains uncertain. |
| AKUMS Akums Drugs & Pharmaceuticals Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Akums Q1 FY27 operating revenue was ₹1,167 crore, up 13.9% YoY, with operating EBITDA at ₹175 crore (15% margin), up 35.4% YoY, and PAT up 56.1% to ₹101 crore. The real driver was CDMO high-teens volume growth, improving non-CEFA API mix, and strategic inventory builds, though Acumentis EBITDA fell 25.4% YoY on ~200 new field hires. Management guides FY27 operating EBITDA margins at 14-15%, API monthly EBITDA breakeven by Feb-Mar FY27, Zambia US$25 million order in H2 FY27, and Europe from FY28 at 15-17% margins. Main risk is API price volatility and delayed branded formulation recovery or Zambia/Europe execution slipping. |
| ARIHANTSUP Arihant Superstructures Ltd Realty - Regional ·Improving · Maintained | Realty - Regional | Improving | Maintained | Q1 FY27 sales bookings rose 15% YoY to ₹173cr, revenue ₹132cr up 9%, EBITDA margin 21% and PAT margin 7.4% (down from 13-14%). Driver was premium mix (now 41%) and 3x land appreciation lifting GDV to ₹14,000cr, but affordable/mid-income projects dragged blended margins. Management guides 30-35% EBITDA and >20% PAT within two years as villas scale, 2,500 units delivered by FY27, no new land capex, hospitality contributing ~₹50cr PAT from year 3-4. Risks: construction cost inflation, skilled labor shortages, ultra-premium (above ₹10-30cr) slowdown, and net debt ₹818cr with new hotel loans offsetting reduction. |
| BHARATFORG Bharat Forge Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Q1 FY27 standalone revenue ₹2,347 crore (+11.5% YoY), consolidated ₹4,640 crore (+18.7%), standalone EBITDA margin 26.2% (normalized ~28%) after 160 bps cost hit from energy, logistics and input costs plus Iran-war labor and fuel disruptions. Real drivers: export recovery second straight quarter, defense order book ₹11,196 crore with naval marine gas turbine win, but US steel furnace breakdown caused ₹4 crore EBITDA loss (fixed, recovery Q2) and Europe only ~3% margin. Management guides gradual Q2 margin improvement via customer recoveries, FY27 strong with H2 driven by ATAGS/carbine deliveries, defense steady EBITDA 22-23%, ₹2,500 crore fundraise for growth capex (asset turnover >1.5x). Main risks: unpredictable 50% US aluminum tariff on Canadian raw, few-week ATAGS approval delay, slow energy-cost recovery and potential geopolitical shocks. |
| BIGBLOC BIGBLOC Construction Ltd Cement ·Improving · Maintained | Cement | Improving | Maintained | Bigbloc Q1 FY27 reported revenue ₹79cr (+40% YoY) and EBITDA ₹6cr (8% margin) on 2,21,545 cubic meters volume (+32%), with net loss narrowed to ₹70 lakhs from ₹6cr. The driver is 69% AAC block utilization after a 2.5x capacity expansion, plus power from solar, though construction chemicals and panels remain early at 20-25% and ~40% utilization. Management guides 75%+ utilization in 1-2 quarters, EBITDA margin improvement over 2-3 quarters, ₹25-30cr debt reduction by FY27, and MP plant construction post-monsoon targeting FY28 output. Main risk: input cost inflation, with coal up 50-60%, mitigated by 3-3.5 month advance booking, plus competitive pressure and a 250-300 km logistics radius limiting block market reach. |
| CAPACITE Capacite Infraprojects Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 revenue rose 7% YoY to Rs629 crore and PAT fell 15% to Rs40 crore, with EBITDA margin down 150 bps to 15.7%. The dip came from labor shortages, IIT Bombay permission delays and a Rs10 crore provision for non-ferrous metal inflation not yet reflected in government indices. Management keeps FY27 guidance of 20% revenue growth, 15.5-16% EBITDA margin and Rs4,500-5,000 crore inflows, expecting provision reversal in Q3/Q4 and execution to double from Q2. Key risk: if CPWD escalation indices fail to catch up with metal prices, additional provisioning could hit margins; NGT ban may extend beyond 20 days. |
| CARBORUNIV Carborundum Universal Ltd Abrasives & Grinding Wheels ·Improving · Raised | Abrasives & Grinding Wheels | Improving | Raised | Q1 FY27 consolidated sales rose 16.9% YoY to ₹1,411 crore, PAT ₹76 crore, but the real driver was Electro Minerals exports and Ceramics momentum, while Abrasives PBIT margin fell to 10.4% from 13.1% on a ₹16 crore oil-linked cost push. Management guided FY27 consolidated sales growth of 11-12% ex-closures, potentially 15%, upgraded Ceramics growth to 23-25%, and kept capex at ₹400 crore. Main risks are US-Iran conflict cost inflation pressuring Abrasives margins and execution of AWUKO winding-up and Foskor divestment, both targeted for resolution within a quarter. Reported basis guidance is only 4-4.5% due to revenue loss from closing businesses, and sales include a ₹25 crore gain from Sterling Abrasives sale. |
| CEIGALL Ceigall India Ltd Construction - Civil/Turnkey ·Improving · Raised | Construction - Civil/Turnkey | Improving | Raised | Q1 FY27 standalone revenue rose 10.2% YoY to ₹901 crores, EBITDA margin improved to 13.4% from 11.4%, and PAT grew 33.9% to ₹75 crores. The beat came from milestone billing timing and new project mobilizations, while the EBITDA margin guidance of 11-12.5% stays intact. Management raised FY27 revenue growth guidance to minimum 15% and kept order inflow guidance at ₹6,000 crores, with execution back-loaded to Q3/Q4. Key risks are Southern Ludhiana land availability at 62%, FY27 equity commitments of ₹859 crores, and margin normalization from new project start-ups. |
| CELLO Cello World Ltd Opalware ·Improving · Maintained | Opalware | Improving | Maintained | Revenue was ₹526.7 crores with EBITDA margin 22.2% and PAT margin 13.9%, a soft quarter as flagged. Consumerware growth was held back by steel bottle SKUs dropping from 150 to 20-25 during the shift to in-house manufacturing, while writing instruments grew 52% on the Cello acquisition and e-commerce rose to 16.3% of sales. Management deferred formal FY27 guidance but expects festive demand, normalized channel inventory, and a steel SKU ramp to 50-55 within two quarters to improve revenue. The main risks are China dumping keeping glassware utilization at 60%, gas prices 80% above March, and no further price hikes possible without losing competitiveness. |
| CMRGREEN CMR Green Technologies Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Revenue rose 65% YoY to ₹3,122 crores, EBITDA 27% to ₹139 crores, PAT 22% to ₹68 crores, on 25% volume growth with aluminium up 32%. The real driver was LME price pass-through and plant ramp-ups, but EBITDA per kg at ₹12.40 barely improved as a ₹36 crore mark-to-market hedging charge hit margins and ~40% metal price spikes made operating cash flow negative. Management kept FY27 volume growth guidance of 25%, capacity beyond 7 lakh tonnes by year-end, and EBITDA per kg guidance of ₹12. Main risk: working capital inflation pushed debt-equity to 0.86 versus 0.5 historically, and scrap export restrictions threaten supply, with Hindustan Zinc still only an MOU. |
| ELLEN Ellenbarrie Industrial Gases Ltd Industrial Gas ·Improving · Maintained | Industrial Gas | Improving | Maintained | Ellenbarrie reported Q1 FY27 revenue of ₹987 million (+18% YoY), EBITDA of ₹387 million at a 39% margin, and PAT of ₹350 million (+87% YoY), driven by Kurnool and Uluberia 2 ramp-up. The 320 TPD East India on-site plant for J Balaji Industries starts revenue in Q2 FY27, while two merchant plants (450-500 TPD combined) are under construction with ₹450 crore FY27-28 CapEx. Management guides to 40%+ EBITDA margins long-term via power-efficient plants and renewable PPAs, and is shifting argon to longer-term contracts. The main risk is merchant plant ramp-up without advance contracting, taking 18-24 months to reach 80-90% utilization, while argon prices remain below H1 FY26 peaks. |
| ENTERO Entero Healthcare Solutions Ltd Pharmacy Distribution ·Improving · Maintained | Pharmacy Distribution | Improving | Maintained | Q1 FY27 revenue was ₹1,940 cr (+38.2% YoY, +40% LFL), EBITDA margin 5% (+143 bps), PAT ₹38 cr (+37% YoY). Growth came from calendarization of FY26 acquisitions (20.4% inorganic) plus organic LFL 19.6% outpacing IPM's 13.8%, with margin gains from scale procurement, MedTech mix, and low-margin exits. Management guides FY27 revenue +23% YoY ex-new M&A, credible 5% EBITDA margin, 50% EBITDA-to-OCF conversion, and 20%+ medium-term growth without large deals. Key risks: IPM growth sustainability, ₹200 cr acquisition debt interest, minority buyout obligations, and seasonal working capital drag in Q2. |
| EVEREADY Eveready Industries India Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Q1 FY27 revenue was ₹407.7 crore (+9% YoY) with EBITDA of ₹61.5 crore (15.1% margin) and PAT of ₹37 crore (+22.3%), the seventh straight growth quarter. The driver was alkaline batteries: volume grew ~48% with market share at 18%, powered by the new Jammu plant, while flashlights fell 6.7% on delayed monsoon demand and lighting rose 13.7% at breakeven. Management targets debt-free status in 4-5 quarters against ~₹165 crore debt, expects ~10% gross margin per SKU from Jammu at stabilization, and aims for 25-30% alkaline share in two years. Risk: zinc at ~$3,500/ton versus under $3,000 last year may force another price/margin correction, and the September CCI hearing carries a potential ₹150 crore outflow. |
| EXCELSOFT Excelsoft Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Excelsoft Q1 FY27 revenue rose 44% YoY to ₹80.26 crores with PAT up 57% to ₹9.23 crores, but EBITDA margin fell to 16.24% from 18.02% on ₹1.46 crores of one-time costs and investments. The real driver was ETS, up 177% YoY, led by US nearshore placements that secured ₹40 crores of FY27 revenue at 26% gross margins. Management guides FY27 revenue of ₹350-360 crores with EBITDA margins at 24-25%, prioritizing growth over margin and expecting AQA to add ₹12-15 crores. The main risk is EBITDA margin under delivery given AI upskilling costs persisting around two years and top-5 client concentration near 70% of revenue. |
| EXICOM Exicom Tele-Systems Ltd Capital Goods - Electric General ·Improving · Maintained | Capital Goods - Electric General | Improving | Maintained | Reported standalone revenue ₹236.8 crore (+57% YoY) with ₹20.9 crore EBITDA (8.8%) and ₹4.9 crore PAT; consolidated revenue ₹331.1 crore (+61% YoY) but consolidated EBITDA -₹21.9 crore. Driver: critical power execution (+73% YoY) and Tritium bookings doubling to $21M, offset by Tritium margin normalization and ₹8.7 crore parallel-run plant costs. Management guides consolidated EBITDA breakeven in Q2-Q3 FY27 and Tritium breakeven in Q4 FY27, with Tritium revenue 3x FY26. Main risk: Tritium new product trials with Fortune 100 customers may fail, delaying the turnaround and 3x target. |
| FUSION Fusion Finance Ltd Finance & Investments - Microfinance ·Improving · Maintained | Finance & Investments - Microfinance | Improving | Maintained | Q1 FY27 AUM hit ₹7,702 crores, disbursements rose 88% YoY to ₹1,783 crores, GNPA improved to 2.51%, and PBT was ₹62.4 crores, up 67% sequentially. The operating driver was relaxing the Fusion Plus 2 guardrail for Category A branches, lifting new-to-Fusion customers to 42% in July, with in-house AI collections recovering about ₹7 crores monthly from write-offs. Management guides to ₹10,000 crores AUM by FY27 end, 15-25bps more NIM from the 55bps yield hike, ~2% annualized credit cost, and a ₹8 crore one-time finance cost drag lapsing from Q2. The risk is branch rationalization of ~100 closures versus 50-60 openings and monsoon disruption, with only 45% of required H1 disbursements achieved and ₹290 crores unrecognized DTA keeping PBT near PAT for 24-26 months. |
| GLAND Gland Pharma Ltd Pharma - API & CRAMS ·Improving · Raised | Pharma - API & CRAMS | Improving | Raised | Gland Pharma reported Q1 FY27 revenue of ₹1,800.3 crore (+20% YoY), adjusted EBITDA margin 28% (vs 25%), PAT up 47% to ₹317 crore. Growth was driven by CDMO (+20%) and B2B (+19%), US up 32% on launches, plus a strategic manufacturing deal (55 SKUs, ~$90-100 million from CY2029) and a new GLP-1 contract. Management guides ~15% constant currency growth for FY27, with upside to ~20% if FDA approvals land by Aug/Sep, and revised four-year CAGR to ~20%. Risks: NIPCO delays in Saudi Arabia kept RoW flat, forex swung to a ₹3.6 crore loss from a ₹50.8 crore Q4 gain, and the strategic deal only ramps from CY2029. |
| GPIL Godawari Power & Ispat Ltd Mining/Minerals - Iron Ore ·Mixed · Cut | Mining/Minerals - Iron Ore | Mixed | Cut | Reported Q1 FY27 revenue grew YoY and QoQ, but EBITDA margin softened sequentially to 19.1% on higher input costs, mainly forced merchant iron ore and imported coal at INR13,000/ton. Pellet realizations recovered to about INR10,000/ton, yet one 2M ton pellet plant remains shut since mid-July and FY27 pellet production guidance is now slightly below 4.0M tons. Management forecasts beneficiation commissioning in Q3 FY27 to cut market ore purchases to below 10% by Q4 and lower mining costs below INR2,700/ton from FY28, while BESS commissions in Q1 FY28. Main risks are regulatory approval delays, including water allocation for the indefinitely abeyant steel plant, and persistent West Asia driven energy costs in Q2. |
| GOLDIAM Goldiam International Ltd Lab Grown Diamonds ·Improving · Maintained | Lab Grown Diamonds | Improving | Maintained | Goldiam reported Q1 FY27 revenue of ₹3,637 million, up 55% YoY on an elevated pre-tariff base; EBITDA was ₹1,039 million including a fully received ₹22 crore tariff refund, and PAT ₹740 million. The real driver was the dual-cast US-India manufacturing model that lifted steady-state EBITDA margin to 24%, up 400 bps, with the order book at ₹2,250 million versus ₹1,400 million. Management guided for ~24% steady-state margins in FY27, seven new Origin stores pre-Diwali taking network to ~33, and double-digit non-US B2B share by FY27 end. Main risks are Origin's ₹5-6 crore quarterly operating loss with store run rates of 25-45 lakhs monthly, and US tariff policy shifts that can distort customer inventory and order timing. |
| GOODLUCK Goodluck India Ltd Steel - Tubes/Pipes ·Improving · Raised | Steel - Tubes/Pipes | Improving | Raised | Q1 FY27 consolidated revenue rose 31% YoY to ₹1,287.44 crores, with EBITDA up 46% to ₹139.66 crores and PAT up 67% to ₹67.22 crores at 98% capacity utilization. The operating driver was defense, contributing ₹80 crores at 38% EBITDA margin on fresh 155mm shell orders worth ₹307 crores, alongside 53% YoY export growth from the US and Europe. Management guided FY27 defense revenue at ₹300–350 crores with 30–35% EBITDA margins and raised the debt repayment target to ₹62 crores. Key risks are very high West Asia input cost volatility, a 6–9 month delay pushing defense expansion commercialization to Q4 FY28, and minority dilution concerns from the ₹375/share preferential issue. |
| GOPAL Gopal Snacks Ltd FMCG - Snacks ·Improving · Maintained | FMCG - Snacks | Improving | Maintained | Q1 FY27 revenue hit a record ₹422.3 crore, up 31.1% YoY, with EBITDA margin at 7.4% versus 4.7% a year ago. The real driver was the Rajkot plant restart and Gondal consolidation, which lifted volumes and cut costs despite 5% raw material inflation, only 0.8% absorbed. Management reaffirmed FY27 revenue guidance of ₹1,800-1,900 crore and an 8-9% EBITDA margin, with a current ₹150+ crore monthly run rate, while targeting a long-term 11-11.5% margin. The main risk is the pending ₹30-40 crore insurance claim for the fire loss, delayed and dependent on PSU insurers. |
| GREENLAM Greenlam Industries Ltd Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Greenlam Q1 FY27 consolidated revenue rose 18% YoY to ₹797 crores and EBITDA before forex jumped 48% to ₹81 crores, with net profit of ₹21 crores versus a ₹15.5 crore loss last year. The driver was chipboard turning EBITDA-positive at ₹3.4 crores on 61% utilization, plus plywood losses narrowing to ₹5 crores, while ~₹27 crores of exports postponed to Q2 from West Asia disruption. Management maintained FY27 guidance of ~18% consolidated and 10-12% laminate growth, targeting ₹130-135 crores capex, ~₹100 crore debt reduction this year and ₹150+ crores next year. Risks are persistent shipping disruptions, volatile chemical prices up 30-80% offset by net 7-8% price hikes, and chipboard's 18-20% margin depending on reaching full utilization by FY29. |
| GUJTHEM Gujarat Themis Biosyn Ltd Pharma - API ·Improving · Maintained | Pharma - API | Improving | Maintained | Q1 FY27 revenue rose 22.1% YoY to ₹43.8 crores, with EBITDA margin up 867 bps to 47.5% on full capacity utilization of a sold-out intermediate base. The real driver is the 540 KL expanded fermentation capacity starting full production by end-August 2026, finally enabling API revenue without cannibalizing committed intermediate contracts. Management guides high-teens base-case revenue growth over 3–5 years at 1.4–1.5x asset turns on ~₹200 crores of new facilities, plus MBJ closing by end-August and Sanofi in 6–9 months. Main risks: integration of two ~₹3,000 crore acquisitions, ~48% promoter pledge, 50+ country regulatory approvals, and credibility after the two-year API block delay. |
| HGS Hinduja Global Solutions Ltd IT Enabled Services ·Mixed · Maintained | IT Enabled Services | Mixed | Maintained | Q1 FY27 revenue fell 0.6% YoY to ₹1,050.4 crores and EBITDA margin dropped to 9.7% from one-time costs of a planned client phase-out and front-loaded AI investments. The real driver is deliberate wind-down of labor-priced legacy contracts while new AI-embedded deals (19 CX logos, starting US$150K-300K) carry higher margins but take 6-8 months to ramp. Management forecasts runoffs conclude by end-FY27, with growth and margin improving gradually. Main risk is clients delaying AI production deployments due to poor data quality and governance, plus DTV structural decline. |
| IMAGICAA Imagicaaworld Entertainment Ltd Amusement Parks ·Improving · Maintained | Amusement Parks | Improving | Maintained | Imagicaaworld reported Q1 FY27 revenue of ₹178 crores (+20% YoY), EBITDA margin of 50.7% and PAT of ₹58 crores (+30% YoY). Growth came from 22% footfall growth to 11.5 lakh visitors, but Mumbai-Pune was hit by a two-week heat wave shutdown and softer pricing kept ARPU flat at ₹1,395. Management guides price hikes from Q3/Q4, a 12-park target by FY30, and four to five Hello Park centers yearly, with Shanku's acquisition effective from Q2. Main risk is Gujarat ARPU decline from promotional pricing, plus weather dependency and execution of the indoor rollout. |