| NAUKRI Info Edge (India) Ltd E-Commerce - Platform - Utility ·Improving · Maintained | E-Commerce - Platform - Utility | Improving | Maintained | Info Edge Q1 FY27 standalone revenue rose 12% YoY to ₹824 crores, with operating profit up 33% to ₹334 crores at over 40% margin. Real driver was recruitment billings up 17% (15% normalized) and 99Acres losses cut 89% to near breakeven, while Shiksha billings fell 23% on AI-driven search changes. Management guides 99Acres to turn cash generative in FY27 and AIRex free trials scaling from 4,000 to 10,000 customers in Q2. Main risk is middle-segment recruitment volume pressure, the "joker in the pack," plus possible AIRex cannibalization and Naukri Gulf growth at 12% vs 20% pre-disruption. |
| IONEXCHANG Ion Exchange (India) Ltd Water Treatment ·Improving · Maintained | Water Treatment | Improving | Maintained | Q1 FY27 operating income rose 20% YoY to ₹701 crores, but EBITDA fell 49% YoY to ₹32 crores and net profit was ₹3 crores. The driver behind the margin collapse was legacy treatment-solutions project overruns, the UP project, plus ROHA ramp-up costs, Gulf freight disruption and input-cost inflation, with Treatment Solutions losing ₹17 crores EBIT. Management maintains the 25% FY27 ROHA utilization guidance despite a soft first four months, guides consumer products to breakeven this year and significant completion of non-UP legacy projects, while UP spills into FY28. Main risks are constrained UP government funding with ~11% of the ₹2,473 crore backlog unexecuted, and crude-linked monomer and amine input costs if softening does not hold. |
| JISLJALEQS Jain Irrigation Systems Ltd Irrigation System ·Mixed · Maintained | Irrigation System | Mixed | Maintained | Q1 FY27 revenue fell 2.5% YoY to ₹1,500 crores, with consolidated EBITDA margin down to 11% from 13% and adjusted PAT at ₹3 crores versus ₹30 crores, driven by a 50% polymer price spike, delayed monsoon, and a deliberate pullback from ₹50-60 crores of government-subsidy business to protect cash flow. Overseas plastic growth of 40% and a new ₹60 crore beverage business partially offset degrowth, while working capital improved to 183 days from 210 days. Management forecasts double-digit FY27 revenue growth with standalone EBITDA margins recovering to ~14%, and expects to fund ~₹690 crores of NCD repayments via internal accruals, receivable collections, and Tamil Nadu land monetization. Key risks are polymer price volatility, state government payment delays on ~₹1,100 crores of overdue receivables, and any shortfall in collections or asset sale execution. |
| JSLL Jeena Sikho Lifecare Ltd Ayurvedic ·Improving · Maintained | Ayurvedic | Improving | Maintained | Q1 revenue rose 29% YoY and EBITDA jumped 70% to a 41% margin, but the beat came from the product business, up 47% to 55% of total revenue, while Panchkarma services grew only 13% despite IPT patients rising 33%. The difference reflects new-center losses, discounted Ayushman patient ticket compression, and first-time consultations up 65% still converting through a natural funnel lag. Management guided the Navi Mumbai wellness resort to 50% year-1 occupancy with a 35-40% EBITDA margin under a lease capping opex at 9-10%, plus continued product-share expansion. Main risks are flat hospital PBT at 59% bed occupancy, ₹2.5 crore one-time capital gains in other income not recurring, and competitor products with 80-85 identical ingredients. |
| JGCHEM JGChemicals Ltd Chemicals - Inorganic ·Improving · Maintained | Chemicals - Inorganic | Improving | Maintained | Q1 FY27 revenue was ₹315.7 crore (+44.8% YoY), EBITDA ₹36.3 crore (11.5% margin), PAT ₹26.1 crore, all records. The driver was mid-teens volume growth across all categories, tire demand strength, non-rubber at ~18% of revenue, operating leverage, and small inventory gains. Management guided Dahej phase 1 commissioning to Q3 FY27 (November 2026), FY28 utilization at 50–60% (down from 65–70%), FY29 at 70–80%, and raised FY29 EBITDA margin target to 14–15%. Main risk: geopolitical zinc ash supply disruption and 6–7% zinc price hikes could strain working capital and margins if pass-through lags. |
| JINDRILL Jindal Drilling & Industries Ltd Oil Drilling & Exploration ·Weakening · Maintained | Oil Drilling & Exploration | Weakening | Maintained | Q1 FY27 revenue was flat QoQ with EBITDA in line, driven by forex swings in other expenses. The operating driver is the de-hiring of 3 of 6 ONGC rigs in FY27, requiring 4-6 month refurbishments at ₹90-110 crores each with zero revenue. Management guides H2 revenue to decline, though EBITDA falls less because one rented rig has poor rate, and reaffirms a ~35% blended EBITDA margin. Main risk is day rate compression, as ONGC pushed a recent contract from $62,000 to ~$47,600, plus redeployment uncertainty. |
| JKTYRE JK Tyre & Industries Ltd Tyres & Tubes ·Improving · Maintained | Tyres & Tubes | Improving | Maintained | Q1 FY27 revenue was ₹3,956 crore, up 2% YoY, but EBITDA margin fell to 6.8% from 10.9% and PAT to ₹43 crore. The driver was a ~20% QoQ raw material cost spike from the West Asia crisis, partially offset by 25% domestic volume growth and ~11% cumulative price hikes. Management forecasts progressive margin recovery to 11-13% in H2 and ~10-11% for FY27, double-digit revenue growth, and net debt rising ₹500-700 crore on CapEx. Main risks: raw material volatility, Mexico pricing pass-through difficulty, and OEM price pass-through lag. |
| KNACK Knack Packaging Ltd Packaging - FMCG/Consumers ·Improving · Maintained | Packaging - FMCG/Consumers | Improving | Maintained | Q1 FY27 revenue rose 40.5% YoY to ₹2,647.71 million, EBITDA up 53.1% to ₹591.73 million (22.35% margin), PAT ₹305.28 million, driven by 20.9% volume growth and operating leverage. The real driver is premium pinch bottom bags, now 22-23% of sales, with export margins 5-6% higher than domestic. Management guides capacity expansion to ~70,000 MTPA by October 2027 from 43,300 MTPA, funded by ₹320 crores IPO proceeds, maintaining ~91% utilization via rented interim capacity. Main risk is Cargill concentration at ~12% of revenue and polypropylene price volatility, mitigated by conversion-based contracts covering ~45-50% of customers. |
| KPL Kwality Pharmaceuticals Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 gross margin improved to ~53%, oncology revenue was ₹30-35 crore (~20% of mix), and debtor days fell to 165-170 from 208 in FY26. Growth is registration-led: 60-70 new product registrations in the last three quarters, each adding ~US$1.5-2 million annual revenue. Management reaffirmed ₹700+ crore FY27 revenue (40% YoY) at 26-27% EBITDA, with ₹1,000 crore by FY29 and ₹1,300-1,400 crore by FY30. Risks: oncology registrations delayed to Q4 FY27, biosimilar price competition unknown, receivables at ~40% of revenue, and multi-platform execution. |
| LEMONTREE Lemon Tree Hotels Ltd Hotels ·Improving · Raised | Hotels | Improving | Raised | Q1 FY27 revenue was ₹346.8 crore, up 9% YoY, with occupancy up 314 bps to 75.7% and ARR up just 2%, while net EBITDA margin fell 99 bps to 43.8% and PAT rose 19% to ₹57.3 crore. Management pivoted to retail volume because the West Asia conflict cut corporate travel 5-6% in key cities, and GST input credit loss (3.5% of revenue) plus renovation costs dragged margins. They forecast ~2,000 key openings in FY27, double-digit Q2 growth, FY27 margin above 47%, and ~50% by FY28, with demerger completion late H2 CY2027 and a ₹960 crore Warburg infusion into FIOR. Risks are slower Mumbai airport supply absorption, delayed corporate travel recovery, GST impact remaining near 2% of revenue, and renovation normalization slipping. |
| MBEL M & B Engineering Ltd Pre-Engineering Buildings ·Improving · Maintained | Pre-Engineering Buildings | Improving | Maintained | M&B Engineering reported Q1 FY27 revenue of ₹291 crores, up 22.5% YoY, with PAT at ₹22 crores and operating EBITDA margin at 11.4%, down from historical peaks. The margin compression stems from freight costs spiking 2-2.5x to $10,000-12,000 per container due to West Asia tensions, plus steel price rises of 10-12% since March 2026. Management guides FY27 revenue growth above 25% to ₹1,600+ crores, backed by a ₹1,053 crore order book and ₹4,000 crore inquiry pipeline, with capacity expansions at Sanand and South India coming online from October 2026. Main risk is sustained high freight and steel costs, which could keep export EBITDA margins near 15% and delay margin recovery. |
| MARATHON Marathon Nextgen Realty Ltd Realty - Regional ·Improving · Raised | Realty - Regional | Improving | Raised | Q1 FY27 EBITDA was ₹66 crore and PAT ₹52 crore on multi-quarter high total income, with MNRL share bookings of ₹86 crore and collections of ₹118 crore. The real driver was ready-to-move inventory monetization, especially Monte South Towers A/B with full OC and premium pricing, plus ₹900 crore redevelopment GDV added in Versova and Sewri. Management guides FY27 sales to exceed FY26, with ~₹200 crore acquisition capital fully deployed at 30-35% EBITDA margins and merger completion around December 2026. Key risks are NCLT scheduling delays and booking recognition only on registration, which defers reported revenue from new launches. |
| MEDIASSIST Medi Assist Healthcare Services Ltd Insurance - Proxy ·Improving · Maintained | Insurance - Proxy | Improving | Maintained | Q1 FY27 total income was ₹247 crore, up 24.9% YoY, with operating EBITDA margin at 20.3%, a 320 bps recovery from the Q2 FY26 trough. The improvement came from Paramount integration savings, but group retention fell to 90.2% against the historical 93-94% and international revenue dropped 5.2% on soft travel volumes. Management guides margins back to ~23% by end FY27 once the remaining Paramount claims migrate to Matrix in Q2 FY27, with technology SaaS up 55.5% to ₹7.8 crore across 47 insurers. Key risks are whether retention normalizes, PSU in-house TPA migration (industry PSU group premiums down 10.5%), and same-store growth of ~7-8% with large IT clients slower. |
| MODIS Modis Navnirman Ltd Construction & Contracting ·Improving · Maintained | Construction & Contracting | Improving | Maintained | Q1 FY27 revenue rose 27.92% YoY to ₹58.26 crore with PAT up 25.81% to ₹8.54 crore, but EBITDA margin fell to ~19.8% from 22.3% YoY. War-driven material and labor cost inflation compressed margins, now stabilizing, while 44,000 sq ft sold and 80% sell-through at Rashmi Square drove growth. Management forecasts 2-3 new project wins in FY27 and an ₹800+ crore GDV pipeline launching Q2-Q4, targeting 20-30% project margins. Main risk is tender conversion timing and the government stay delaying Govind Dalvi, plus potential margin slippage if costs rise again. |
| NITINSPIN Nitin Spinners Ltd Textiles - Spinning ·Improving · Maintained | Textiles - Spinning | Improving | Maintained | Nitin Spinners reported Q1 FY27 revenue of ₹875 crores (+10.3% YoY), EBITDA margin of 17.78% (+376 bps YoY), and PAT of ₹75.3 crores, driven by yarn spreads rising to ~₹130 from ~₹110 as Indian cotton turned 1-2% below Cotlook versus 5-7% above previously. Management guides EBITDA margin to stay within 16-20%, with yarn capacity fully ramped by March 31, 2027 and fabric by Q1-Q2 FY28, and solar savings of ~₹50 crores annually from Q3 FY27. Main risk is US tariff volatility keeping knit fabric utilization at 55-60% versus pre-tariff 65%, plus cotton crop quality depending on rains over the next four weeks. |
| NRBBEARING NRB Bearings Ltd Bearings ·Improving · Raised | Bearings | Improving | Raised | NRB reported Q1 FY27 consolidated revenue of ₹370 crore, up 19.2% YoY, and PAT of ₹38 crore, up 15% YoY. The real driver was industrial growth at 34%, lifting its revenue share to 14%, plus a first US win with a GM Corvette order that raised lifetime nominated business to ₹1,100 crore from ₹800 crore. Management revised FY31 revenue guidance to ₹2,700-3,000 crore from ₹2,500 crore, and expects EBITDA margins to stay within an 18-20% band. Main risks are input cost escalation of about ₹10 crore in other expenses and slow aerospace conversion, with a total order book of only ~₹50 crore against a ₹300 crore 2031 target. |
| OIL Oil India Ltd Oil Drilling & Exploration ·Improving · Raised | Oil Drilling & Exploration | Improving | Raised | Oil India posted record standalone Q1 FY27 revenue of ₹7,958 crore, EBITDA margin 54% and PAT ₹2,870 crore, driven by crude realization of $98.73/barrel and NRL GRM of $33 normalized, not by volume growth alone. Crude output rose 11% YoY to 0.95 MMT, with daily output at 11,017 MT by 3 August, but gas stayed constrained with 60 wells shut in due to evacuation bottlenecks. Management guides FY27 crude output of 3.9–4.0 MMT, 99 wells drilled, and per-barrel operating cost falling to ~$3.5, with gas to hit 5 BCM only after pipeline links complete. Main risks: Andaman commerciality unproven after ₹1,000 crore spend, ₹2,500 crore GST royalty cash outflow in Q2, and consolidated debt of ₹37,233 crore. |
| ONIDA Onida Electronics Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 FY27 total revenue rose 29.5% YoY to ₹182.4 crore with gross margin up 100 bps to 17.3%, but net loss widened to ₹14.2 crore from ₹12.5 crore. Growth was driven by seasonal AC demand, about 60% of revenue at +39.2% YoY, and LED TV at +56.8% YoY, while washing machines fell 1.8% and remained low-single-digit of mix. Management forecast momentum through FY27, breakeven at roughly 30% higher annualized revenue with no EBITDA timeline, and retail reach doubling with 800-1,000 outlets at retail excellence by FY27-end. Key risks are input cost inflation pressuring washing machine margins under aggressive competition and ₹38 crore borrowings repayable over 18 months, which the CFO called slightly stressed. |
| OSWALPUMPS Oswal Pumps Ltd Solar Pumps ·Mixed · Maintained | Solar Pumps | Mixed | Maintained | Q1 FY27 revenue fell 7.9% YoY to ₹474 crores, operating EBITDA margin down 747 bps QoQ to 15.7%, and PAT margin 11.2% within guidance. The driver was aggressive tender pricing under Magarel Tela cutting realizations 9%, input cost inflation, and module channel sales dilution, with pump volumes down to ~43,000 units from 56,000 YoY. Management guides FY27 revenue ~₹800 crores, operating EBITDA margin 15-17%, PAT margin 11-13%, Q2 growth 10-15% YoY, and H2 execution building as PM KUSUM 2.0 opens. Key risk: receivable days jumped to 229 on state nodal agency delays, PM KUSUM 2.0 rollout expected August but not guaranteed, and the stock price has halved from IPO. |
| PDSL PDS Ltd Services - Others ·Improving · Maintained | Services - Others | Improving | Maintained | PDS Q1 FY27 revenue grew 15% YoY to ₹3,444 crores with EBITDA up 90% to ₹96 crores, margin expanding 111 bps to 2.8%, while net debt fell 73% to ₹29 crores. The real driver was North America, where 48% sales growth came from previously onboarded key accounts like Kohl's and Walmart now scaling volumes, plus order book rising 23% to ₹6,095 crores. Management gave no formal revenue guidance, expecting Q2 similar to Q1 before revisiting, but committed to sequential quarterly EBITDA margin improvement and flat USD interest costs funded by early payment discounts, with new verticals investment at ~₹80 crores FY27. Main risk is Ted Baker losses of $2 million in Q1 with full-year capped at $2-3 million, dependent on uncertain resolution with Authentic Brands Group, plus Bangladesh sourcing concentration above 50% and FX volatility. |
| PNCINFRA PNC Infratech Ltd Infra - Construction & Contracting ·Improving · Maintained | Infra - Construction & Contracting | Improving | Maintained | Q1 standalone revenue rose 34% YoY to ₹1,518 crore, PAT jumped 235% to ₹271 crore, and EBITDA margin hit 24.7%, aided by project mix and operating leverage, not broad demand. NHAI awarding stayed subdued at 107 km, so the beat came from favorable mix, not volume. Management kept FY27 guidance of ₹6,000 crore revenue, ₹7,500 crore for FY28, 12% EBITDA margin, and ₹12,000-15,000 crore order inflow. Main risk is the Kanpur-Lucknow Expressway show cause notice, which could trigger a bidding ban affecting UP projects worth about ₹10,000 crore. |
| POLYMED Poly Medicure Ltd Medical Equipment ·Improving · Maintained | Medical Equipment | Improving | Maintained | Q1 FY27 consolidated revenue grew 30.3% to ₹525 crore, but organic growth was just 12.4% with ₹72.3 crore from acquisitions; standalone EBITDA margin beat at 28% versus 25-27% guidance on price hikes and inventory gains, which management expects to normalize to 67-69% gross margins. The real driver was Europe's 17.6% organic rebound and domestic infusion growth above 20%, while renal degrew 3.8% due to Chinese price dumping, leading to a conscious price-over-volume strategy. Management maintains FY27 consolidated revenue guidance of ₹2,300-2,400 crore and standalone of ₹1,900-2,000 crore, targeting 15-18% renal exit growth, with Faridabad and Noida plants live by March 2027 and Q1 FY28. Main risks: Middle East shipping disruptions causing 32% degrowth, US tariff uncertainty with 10% duty on ₹3.5-4 crore exports, and synergy benefits from Penrocare/CTF delayed until FY28. |
| POWERMECH Power Mech Projects Ltd Project Consultancy/Turnkey ·Improving · Maintained | Project Consultancy/Turnkey | Improving | Maintained | Q1 FY27 revenue rose 26% YoY to ₹1,632 crore, PAT after minority rose 53% to ₹80 crore, but consolidated EBITDA margin slipped to 10.8% from ~14%. The drop stems from one-off ₹51 crore seized-quantity income last year, Middle East price spikes in steel and diesel, KPM royalty restructuring cutting that project's margin from 14% to 10-11%, and KVP mine opening-season costs. Management maintained FY27 guidance: ₹7,300 crore revenue, 12.5% EBITDA margin, ₹10,000-12,000 crore order booking, backed by MDO revenue of ₹500 crore and Tastra washery commissioning by Nov-Dec 2026. Main risks: KPM's structural ~400 bps margin downgrade, lagging public-sector cost pass-through, and heavy order concentration at Adani and BHEL. |
| POWERICA Powerica Ltd Electric Equipment - Gensets/Turbines ·Improving · Maintained | Electric Equipment - Gensets/Turbines | Improving | Maintained | Powerica reported Q1 FY27 revenue of ₹780 crores (+26.7% YoY) and EBITDA margin of 13.6%, but genset EBITDA margin fell to 5.6% due to commodity inflation and legacy fixed-price contracts, while wind power delivered 48.6% EBITDA margins. Data center orders drove the quarter, with order book at ₹1,100 crores by August 7, 2026, up from ₹900 crores in July, and wind IPP roadmap rises from 332 MW to 633.55 MW. Management reiterated double-digit FY27 revenue growth, expects genset margin recovery from Q3 after two-phase price hikes, and forecasts 80–83% EBITDA margins for new wind IPP projects versus 60–63% for legacy. Main risks: PPA conversion delays for 250 MW new wind wins, geopolitical commodity volatility, and uncertain MSLD international order timing. |
| PPAP PPAP Automotive Ltd Auto Ancillaries - Others ·Improving · Maintained | Auto Ancillaries - Others | Improving | Maintained | PPAP reported Q1 FY27 revenue of ₹156.4 crores (+34.1% YoY) and EBITDA of ₹12.4 crores (~7.9% margin), driven by record industry PV sales and new program ramp-ups at 73% capacity utilization. Lifetime orders of ₹131 crores (+51.8% YoY) included ₹64 crores from EV programs, while aftermarket grew 30% with 345 new SKUs. Management guides sustainable EBITDA margins of 12-13% and net debt-free in 3 years, with pending raw material cost recovery of ~2% expected by end Q2/start Q3 and tooling capacity at 84%. Main risks are battery business losses, only ~2% of the ~4% raw material inflation passed on so far, and competitive pricing capping margins below pre-COVID levels. |
| QPOWER Quality Power Electrical Equipments Ltd Electrical Equipments/HVDC ·Improving · Maintained | Electrical Equipments/HVDC | Improving | Maintained | Quality Power reported Q1 FY27 revenue of ₹256.4 crore (~20% YoY) and adjusted EBITDA of ₹72.5 crore at 28.3%, excluding a ₹7.82 crore non-cash Turkey hyperinflation hit. The beat came from order book execution above guided margins, with QP standalone revenue nearly doubling to ₹69 crore and Mehru up 38%. Management conservatively guides FY27 revenue growth at ~20% and high-teens EBITDA, with the ₹1,945 crore order book (1.9x FY26 revenue) providing 15-month visibility. Key risks are Q3 margin compression from Sangli fixed costs before utilization ramps, raw material volatility, IGBT supply constraints, and delays in statutory approvals for the new facility. |
| RAYMONDREL Raymond Realty Ltd Realty - Regional ·Improving · Maintained | Realty - Regional | Improving | Maintained | Reported Q1 FY27 pre-sales were ₹700 crore, up 129% YoY, with revenue up 37% to ₹536 crore and EBITDA margin up to 13%. The driver was the JDA asset-light model contributing 64% of pre-sales and Parel JDA signed at ₹8,500 crore GDV for South Bombay entry. Management guides FY27 to >20% pre-sales and revenue growth, blended EBITDA margin normalizing to 17-19%, and ROCE above 20%. Main risks are interest cost escalation to ₹100-120 crore, JDA margins only maturing to ~20% by FY28, and FII/DII holdings down from 22% to 8%. |
| RGL Renaissance Global Ltd Lab Grown Diamonds ·Mixed · Maintained | Lab Grown Diamonds | Mixed | Maintained | Q1 FY27 revenue rose 30% YoY to ₹690 crores with PAT up 288% to ₹25.6 crores, but consolidated EBITDA margin fell to 7.2% from 7.7% on exit costs from shedding low-margin customer brands. The real driver was working capital release, cutting days to 220 from 253, plus D2C own brand margins improving to 11.5%. Management guides to muted FY27 revenue as ₹300-400 crores of customer brand revenue exits, yet >30% PAT growth on ~₹250 crores working capital reduction and >₹300 crores operating cash flow. Risks are unresolved US tariff refunds, a ₹13 crore forex loss, and timing uncertainty on consignment sell-downs despite claimed minimal bottom-line impact. |
| RNFI RNFI Services Ltd E-Commerce - Platform - Utility ·Mixed · Maintained | E-Commerce - Platform - Utility | Mixed | Maintained | Q1 FY27 revenue rose 8% YoY, but reported PBT fell because of deliberate hiring, telemarketing and leadership investments; adjusted for these, PBT grew about ₹4 crores. The real driver is diversification into insurance with ₹15 crores quarterly revenue versus ₹24 crores for last full year, plus delinquency collections and PaySprint. Management reaffirmed 40-50% FY27 PAT growth guidance, saying Q2 improves and Q3-Q4 sees a very big leap. Main risk is regulatory churn, with AEPS FaceAuth paused and Sahayak count down 10% versus industry 8%, plus forex margins swinging to a ₹17.57 crore loss. |
| RUSHIL Rushil Decor Ltd Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Rushil Decor reported Q1 FY27 revenue of ₹292 crore (+27.8% YoY), EBITDA of ₹18.2 crore (7.9% margin) and PAT of ₹2 crore, lifted by normalized MDF operations and laminate revenue up 65.3% to ₹73.6 crore. Margins were compressed by resin prices up 35-40% QoQ, higher freight and a planned April shutdown, with jumbo laminates at 29% utilization and MDF exports at 2,550 CBM due to container shortages. Management guided to 10-12% consolidated EBITDA margin within 1-2 quarters and 55-60% jumbo utilization by FY27 end, targeting debt-free by FY29 with ₹18 crore repaid in Q1. Main risk is raw material inflation, as further price hikes are not feasible, and West Asia disruption hitting freight and exports. |
| SAKSOFT Saksoft Ltd IT - Software ·Mixed · Maintained | IT - Software | Mixed | Maintained | Q1 FY27 revenue was flat at ₹249 crores with EBITDA margin 18.26% and PAT ₹29 crores, reflecting continued demand softness since Q3 FY26. The real driver is a deliberate shift to outcome-based managed services and AI-led productivity, which is cutting headcount and delaying conversions despite pipeline rising to $28 million from $25 million. Management maintains FY27 revenue guidance of ₹1,200-1,250 crores implying 20-25% growth, expects muted Q2 then H2 improvement, and targets US share at 65% from 52%. Main risk is prolonged client spending caution and digital commerce weakness, with management admitting a couple of difficult quarters before recovery. |
| SALZERELEC Salzer Electronics Ltd Capital Goods - Electric General ·Mixed · Cut | Capital Goods - Electric General | Mixed | Cut | Salzer's Q1 FY27 revenue rose 13% to ₹498 crores, but EBITDA fell to ₹31 crores (6% margin) and PAT to ₹8 crores, hit by copper, silver, and aluminum inflation with a 2 to 3 month pass-through lag. Volume grew only 7-8%, with the rest of revenue from price hikes; switchgear margins compressed to about 8% from 12%. Management cut FY27 EBITDA margin guidance from 10% to 8-8.5%, expecting 9-9.5% by Q3-Q4 if raw material prices stabilize. Main risk: ₹22 crores of smart meter finished goods remain blocked with cancelled government tenders, and management will decide continuation within 2-3 quarters. |
| SHAILY Shaily Engineering Plastics Ltd Plastics - Plastic & Plastic Products ·Improving · Maintained | Plastics - Plastic & Plastic Products | Improving | Maintained | Q1 FY27 revenue ₹281 cr (+14% YoY); healthcare ₹142 cr (+85%) led by ~9 mn pen injectors, consumer down 24% to ₹116 cr, EBITDA margin 29.7% (+120 bps) despite gross margin compression from polymer and freight costs. Management guides FY27 pen deliveries beyond 36 mn assuming demand holds and the new 25 mn line ramps by end-September, with gross margin normalizing by Q3. Consumer segment guided flat YoY on weak Europe/US home furnishings; key risks are partner regulatory issues in Canada/Brazil and line ramp-up execution. Chinese GLP1 devices priced $1.50-1.70 versus Shaily's above $2 are dismissed as copycat technology, but competition remains a watch item. |
| SKYGOLD Sky Gold & Diamonds Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Q1 FY27 revenue rose 78% YoY to ₹2,013 crores, operating PAT crossed ₹100 crores first time, gross margin 9.3% up 27 bps QoQ. Margin gain came from advance gold at 17% of sales, non-22kt at 14% of volume, studded at 2.1% of revenue, while operating cash flow turned positive at ~₹30 crores. Management reaffirmed FY27 revenue guidance of ₹8,100 crores, possible upward revision post-Diwali, targets FY30 revenue of ₹18,000-19,000 crores excluding advance gold, advance gold to 30%, exports to 20% of sales. Risks include a ₹10.7 crore fraud incident with only ₹3.5 crores recovered, and gross margin guidance of 8.5-9% reflects dilution from high-volume 22kt discounts. |
| STARCEMENT Star Cement Ltd Cement ·Mixed · Cut | Cement | Mixed | Cut | Q1 FY27 revenue was ₹902 crore (+6.5% YoY), EBITDA fell 11.7% to ₹203 crore, PAT fell 24.5% to ₹74 crore, and EBITDA per ton dropped to ₹1,497 from ₹1,774. The miss came from a ₹40 crore GST subsidy impact, higher packing costs, shutdown expenses, and fuel costs jumping to ₹1.555 per KCal as FSA coal was diverted to power plants. Management cut FY27 volume growth guidance to 8-9% from 11-12%, forecasting Q2 EBITDA per ton near ₹1,400 and a ₹1,500-1,600 full-year recovery as fuel normalizes to ₹1.45. Risks: Assam floods cut July volumes 12% YoY, and the subsidy schedule change trims FY27 subsidy income by about ₹30 crore to roughly ₹115 crore. |
| STUDDS Studds Accessories Ltd Plastics - Others ·Improving · Maintained | Plastics - Others | Improving | Maintained | Studds Q1 FY27 revenue rose 13.7% to ₹169.7 crores with volume up 8.5%, but EBITDA margin fell to 11.5% on a 600bps styrene price spike plus 200bps from Haryana wage hikes. Management guided Q2 EBITDA margin of 14-15% and Q4 run-rate of 18-20%, assuming styrene stays stable and the 9% price hike fully passes by Q3. Growth drivers include 1.5 million unit capacity from October 2026, Decathlon production, Italy direct sales, and exports reaching 30% of revenue. Main risk: styrene prices remain ~30% above Q4 FY26 levels, with Italy startup losses of ₹2-2.5 crores in FY27. |
| SUBROS Subros Ltd Auto Ancillaries - AC ·Mixed · Maintained | Auto Ancillaries - AC | Mixed | Maintained | Q1 FY27 revenue rose 17.5% YoY to ₹1,032 crores, driven by PV production growth and truck AC up 77% YoY, but EBITDA fell 0.82% YoY to ₹86.99 crores, with margin at ~8.4%. Margins were hit by unbudgeted wage hikes of 30-32% (Haryana) and 26-28% (UP) plus commodity escalation (about 1% EBITDA impact), with customer indexation on a quarter lag. Management forecast FY27 revenue aligned with moderate single-digit industry growth, targets truck AC at ₹300 crores in FY27 and ₹400-450 crores in 2-3 years, and pushed double-digit EBITDA margin beyond FY27, with e-compressor margins expected at company level in FY28-29. The main risk is delayed recovery of wage costs through customer compensation talks, which would prolong margin drag, while geopolitical supply chain disruption and high import content in thermal products add further downside. |
| VENUSPIPES Venus Pipes & Tubes Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Q1 FY27 revenue was ₹320.5 crore, up 16% YoY, with EBITDA of ₹51.5 crore at 16.1% margin and PAT of ₹26.44 crore. Growth came from domestic revenue up 31% to ₹227 crore, while exports fell 8.7% to ₹94 crore on geopolitical tensions, with seamless at 85-90% utilization and welded at 60%+. Management maintained ~20% FY27 revenue growth guidance, expects EBITDA margin below 17% for FY27 and 18% by FY28 as fittings and spooling ramp from Q2/Q3, with ₹800 crore total order book including a ₹185 crore spooling LOI. Key risk is export disruption and new product certification delays, which could slow the spooling ramp and margin expansion. |
| ZEEL Zee Entertainment Enterprises Ltd Entertainment & Media ·Mixed · Maintained | Entertainment & Media | Mixed | Maintained | Ad revenue fell 11% YoY on Middle East conflict caution, while subscription grew 16% on Z5, up 58% to ₹457.1 crore, leaving total EBITDA at ₹78.9 crore (4.1% margin). The real driver was the FIFA World Cup 2026 acquisition and United sports channels, which doubled Z5 subscribers and lifted viewership share to a 17.9% quarterly peak, but also inflated costs and skewed Q1 ad monetization since rights were secured only 10 days before kickoff. Management expects a significant FIFA-driven revenue and cost boost in Q2, a festive-season ad recovery, and a linear price hike at the February 2027 NTO cycle, with no margin guidance. Main risks: post-FIFA advertiser attrition, sports profitability uncertainty, and unresolved regulatory clarity on the 12-month vs 18-month fundraising timeline. |
| APOLLO Apollo Micro Systems Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 consolidated revenue ₹251 crores (+88% YoY), standalone ₹156 crores (+17% YoY) with record standalone EBITDA margin 31% and PAT margin 18%. The operating driver was milestone-based defense electronics execution; the quarter also featured the ₹1,550 crore acquisition of 41.33% Premier Explosives for missile value chain integration. Management maintained 40-45% revenue CAGR guidance, expects standalone order book ₹3,500-4,000 crores by FY27 end from QRSM and MIGM orders, with production from FY28. Risks: uneven quarterly revenue recognition, Ideal Exposures minimally profitable, Premier open offer regulatory timing, and nil exports with no firm commitments. |
| AZAD Azad Engineering Ltd Aerospace & Defence - Equipments ·Improving · Maintained | Aerospace & Defence - Equipments | Improving | Maintained | Q1 FY27 standalone revenue was ₹170.5 cr (+26.8% YoY), EBITDA margin 37.6% (up 150 bps YoY) and PAT ₹36.4 cr, with other income sliding to ₹4 cr from ₹17 cr on forex. The operating drivers were India's first indigenous turbojet engine delivery to GTRE/DRDO, cost indigenization cutting raw material cost to 5% of sales, and 80% of capacity initiatives stabilizing. Management retains >25% revenue growth and 32-35% EBITDA margin guidance, forecasting substantive revenue from H2 FY27 and working capital at 160-180 days by H2. The real risk is execution complexity from simultaneous factory build, hiring and customer qualification slippage delaying the revenue inflection, plus margin uncertainty on new products until 5-6 engines are produced. |
| CERA Cera Sanitaryware Ltd Ceramics/Tiles/Sanitaryware ·Improving · Maintained | Ceramics/Tiles/Sanitaryware | Improving | Maintained | Q1 FY27 revenue was ₹486 crore, up 19.5% YoY, but EBITDA margin fell to 10.1% from 13.1% due to one-time items like ₹6.3 crore wage retro and kiln under-absorption; normalized margin was ~14.5%. Growth was volume-led, with sanitaryware up 14% (10% volume, 2% price, 2% mix) and faucetware up 25% (18% volume, 4% price, 3% mix), while brass and gas costs compressed gross margin to ~46% from ~51%. Management maintained FY27 guidance of 18-20% revenue growth and 13.5-14% EBITDA margin, expecting gross margin recovery from Q3 and full pricing transition post-Q2. Key risk is input cost inflation, with brass near ₹900/kg and gas at ₹848/cubic meter; further price hikes could hit demand, and project pricing lag delays margin recovery. |
| DELHIVERY Delhivery Ltd Logistics - Warehousing/Supply Chain ·Improving · Maintained | Logistics - Warehousing/Supply Chain | Improving | Maintained | Reported revenue of ₹3,000 crore (+28% YoY) and EBITDA of ₹156 crore (+5%) came with record Express volumes of 322 million packages (+55%) and PTL at 542,000 tonnes (+18%). The driver was market share gains from 3PL consolidation and insourced logistics, but service EBITDA margin fell ~300 bps as fuel/wage inflation and deliberate service investments cost ₹35-40 crore EBITDA. Management guides Express EBITDA margin to 16-18% in H2 and PTL exit margin ~15-15.5% by FY27, with cost pass-through normalizing from Q2. Main risks are fuel volatility, minimum wage hikes lacking contractual pass-through, SCS contract ramp-up delays, and recurring eCom integration costs. |
| KAYNES Kaynes Technology India Ltd Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | Q1 FY27 revenue was ₹946 crores, up 40% YoY, with EMS up 48% and smart metering deliberately down 12% to ₹204 crores on weak collections. The real driver was core EMS standalone growth of 53% and overseas consolidation, while metering receivables rose to ₹1,311 crores and operating cash flow stayed negative at -₹259 crores. Management guides 2x market growth, OSAT+PCB revenue of ₹450-500 crores from Q3, and FY27 CapEx of ₹850 crores, with metering cash-positive by FY27 end and a divestment decision by February 2026. Main risk is component and PCB shortages with prices up 30-35% and PCB tripled, pressuring margins for two quarters, plus OSAT/PCB ramp-up execution. |
| MAHSEAMLES Maharashtra Seamless Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | Q1 FY27 dispatches fell to 96,000 tons on an April gas disruption, pulling EBITDA down 23% QoQ to ₹184 crores; PAT rose 150% to ₹271 crores on ₹175 crores of equity gains. The operating driver is the order book, up 31% to ₹1,709 crores, with 63-64% high-margin oil sector (42%), North American exports (20%) and special orders. Management guides FY27 dispatches of 4,10,000-4,30,000 tons, Q2 at 1,05,000-1,10,000 tons, and margins maintained or improved as high-margin orders execute in Q2-Q3. Key risks: anti-dumping duty only extended on an interim basis to January 2027, US export pricing depends on customers absorbing tariffs, and the demerger was withdrawn with no capital allocation plan communicated. |
| ADSL Allied Digital Services Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 FY27 revenue: ₹260 crore, up 19% YoY; EBITDA margin 10%; PAT ₹12 crore vs ₹14 crore due to ₹4.5 crore tax provision. The driver was existing-customer execution; margins were hit by wage revisions, AI investments, and customer discounting. Management guides EBITDA margin to 12-13% as large deals convert, new government orders in Q2-Q3 FY27, and 10x growth over a decade. Main risks: AI-driven revenue deflation, hardware price swings that forced exiting ₹180-200 crore railway orders, and elongated procurement cycles. |
| APOLLOTYRE Apollo Tyres Ltd Tyres & Tubes ·Improving · Maintained | Tyres & Tubes | Improving | Maintained | Consolidated revenue rose 12.8% YoY to ₹7,400 crores, India's ₹5,460 crores a record, but consolidated EBITDA margin fell 150bps to 11.7% as raw materials jumped ~17%. Volume-led India growth (replacement +13%, OEM +10%, exports +15%) was offset by natural rubber at ₹225/kg and Enschede closure costs pulling Europe EBITDA margin from 10.8% to 8.9%. Management guided ~8% sequential Q2 raw material inflation, two more India price hikes to the 15-16% cumulative requirement, FY27 capex above ₹3,000 crores, and Europe high-teens EBITDA once restructuring completes by September-October 2026. Key risks are West Asia cost volatility, agri offtake needing 2-4 quarters to stabilize, H2 demand moderation from El Nino and a high base, and unresolved CFO succession after Gaurav Kumar's departure. |
| ARVSMART Arvind SmartSpaces Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Presales hit ₹432 cr, up 147% YoY, all sustenance sales, with revenue at ₹318 cr and PAT at ₹97 cr inflated by the Bengaluru Orchards phase-1 BU. The real driver is project recognition, not core margins; management calls normalized EBITDA around 25% and guides 22-25% on new sales. Management forecasts FY27 bookings of ₹2,100-2,200 cr, backed by six launches and ₹4,000-5,000 cr BD GDV, plus ₹400-500 cr OCF. Main risks are OC/BU-linked revenue lumpiness, moderating price hikes, and rising labor costs. |
| BIRLANU BirlaNu Ltd Cement Products ·Improving · Maintained | Cement Products | Improving | Maintained | BirlaNu reported Q1 FY27 revenue of ₹1,174 crore (+11.6% YoY) and EBITDA of ₹80 crore (+35%), driven by record Roofs revenue of ₹517 crore at 18.2% margin and Walls margin expansion to 10.2%. The real drag was Parador, posting a ₹13 crore EBITDA loss on one-time SAP costs and soft European demand, while Pipes volumes fell 27% on PVC price swings despite 660 bps margin gains. Management guided Parador to break-even or better in FY27 via a BCG cost-out program targeting 300-400 bps, plus ₹300-350 crore revenue uplift from boards capacity. Main risks remain geopolitical raw material inflation and Parador profitability, with borrowings at ₹758 crore. |
| BLUESTARCO Blue Star Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 FY27 revenue rose 13.3% to ₹3,378 crores but PBT fell 23.7% to ₹125.6 crores; Unitary Products EBIT margin dropped ~290bps to 2.9% with only ~5% of the required ~13% price increase passed through. Data center MEP inflow of ~₹1,500 crores lifted order inflow 24% to ₹2,435 crores; order book ₹7,764 crores, net cash ₹900 crores. Management guided Segment 2 margin above 6.5% FY27 via product rejig from Q3, data center inflow ₹3,000 crores FY27 and ₹4,500 crores FY28, exports +$100 million per annum from FY28. Main risks: US tariff delays on heat pump exports, West Asia conflict deferring projects, ~60-day channel inventory above normal, and industry RAC margin settling at 7.5%-8% vs 12%. |
| BRITANNIA Britannia Industries Ltd FMCG - Foods ·Improving · Maintained | FMCG - Foods | Improving | Maintained | Reported Q1 FY27 consolidated revenue ₹4,964 crore, +9.5% YoY, with ~9% tonnage volume growth and PAT margin 11.9% (PAT +13.6%). The real driver was resolution of dual-pricing in June which brought back general trade retailers, plus e-commerce and q-commerce growing strong double digits at roughly 2.5x GT pace. Management guides ~1.5-2% additional shrinkflation pricing in coming quarters, expects international growth to resume from Q2 FY27, and sees operating profit growth ahead of sales for the year. Main risk is input inflation: LPG/PNG still 1.5x February index, sugar up ₹7/kg, palm oil at ₹140/kg; only about half of inflation has been mitigated so far via pricing. |
| CARRARO Carraro India Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Carraro India Q1 FY27 revenue from operations rose 10% YoY to ₹5,447 million, with EBITDA margin at 10.4% and PAT at ₹314 million, helped by a one-time ₹88 million customs write-back. The driver was domestic strength: agriculture up 32% and construction up 20%, offsetting a 14% export decline to ₹1,652 million from West Asia logistics disruptions. Management guides at least 10% FY27 revenue growth, exports normalizing from Q2, and ~0.5pt EBITDA margin improvement if full cost pass-through is achieved. Key risks: supplier labor shortages, commodity inflation pass-through lag, Turkish order volatility, and monsoon uncertainty. |
| CLSEL Chamanlal Setia Exports Ltd FMCG - Rice ·Improving · Maintained | FMCG - Rice | Improving | Maintained | Q1 FY27 export realization hit ₹98/kg, up ~30% from January prices, lifting EBITDA margin to 12.35%, the top of the historical 8-14% band. The real driver was low-cost inventory built from season start through mid-January, plus opportunistic buying on war dips; domestic realization stayed at ₹64/kg. Management reaffirmed FY27 revenue guidance of ₹1,800 cr, possibly ₹2,000 cr, and expects margins to hold on remaining cheap stock. Main risks are Middle East logistics disruption from the Iran-US war, elevated basmati prices, and potential customer concentration from Al-Muhaidib's 2.5 lakh ton annual demand. |
| CHEMPLASTS Chemplast Sanmar Ltd Petrochem - Polymers ·Improving · Maintained | Petrochem - Polymers | Improving | Maintained | Chemplast Sanmar reported Q1 FY27 revenue of ₹1,125 crores (+2.3% YoY), a net loss of ₹176 crores and EBITDA loss of ₹115 crores. The driver was high-cost VCM inventory booked at ~$1,000+/ton during the Middle East supply crisis, causing negative PVC-VCM spreads; replacement spread is now ~$160/ton versus EBITDA breakeven of $120-130/ton. Management expects positive EBITDA from Q3 FY27 after high-cost inventory washout by August, with CMCD on track for ₹1,000 crore revenue and R32 full capacity by Q4 FY27. Main risks: Karaikal EDC plant restart timeline post-July fire remains unclear, and spread sustainability depends on global PVC prices and trade measures like the lapsed paste PVC anti-dumping duty and temporary MIP floor. |
| COSMOFIRST Cosmo First Ltd Packaging - BOPP ·Improving · Maintained | Packaging - BOPP | Improving | Maintained | Cosmo First Q1 FY27 revenue rose 46% YoY to ₹1,166 crore and EBITDA 26% to ₹147 crore, but margin fell to 12.6% as raw material pass-through inflated revenue; per-kg EBITDA improved ~15% on 9% volume growth and specialty mix at 61%. The real driver was higher BOPP gross margin of ₹30/kg including a one-time inventory gain, while BOPET dropped to ₹9/kg on overcapacity. Management guided ~20% FY27 revenue growth, ROCE rising from 11% to 15-20% in 12-24 months, and net debt below 2x EBITDA within a year. Risks: port congestion cut export volumes, BOPET margins remain weak, and consumer businesses still burn cash with Ziggly breakeven two-plus years away. |
| DIGISPICE DigiSpice Technologies Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 FY27 consolidated PAT was ₹6.6 crores versus ₹2.8 crores prior quarter, with continuing business PAT of ₹9 crores and EBITDA of ₹8.6 crores, but revenues stayed flattish. The gain came from operating leverage and cost cuts, plus own credit reaching breakeven with disbursements of ₹30.8 crores (2.8x YoY), while AEPS market share dipped to 17.93% then recovered to 18.3% in July. Management guides UPI Cash Point GTV exit to ~₹500 crores in Q2 from ₹276 crores, and targets 50%+ of margins from financial products and credit within five years, with NCLT merger completion by March 2027. Main risks are regulatory dependency on bank rails, competitive intensity in financial distribution, and execution of the UPI consumer app adoption strategy. |
| EMIL Electronics Mart India Ltd Retail - Electronics ·Improving · Maintained | Retail - Electronics | Improving | Maintained | Q1 FY27 revenue rose 39% YoY to ₹2,419 cr, EBITDA margin hit 9.9% and PAT surged 458% to ₹121 cr, all records, thanks to an exceptional AC season, cooling-product mix and one-time IT price hikes. Management cut working-capital borrowings from ₹658 cr to ₹97 cr and sees SSSG of 34.2% as evidence of 4-12% share gains. For FY27, management guides revenue growth of 18-20%, post-Ind AS EBITDA margin of 7.5-8% and gross margin of 15-15.5%, saying Q1's 17.2% gross margin is unsustainable. Risks: H2 margin normalization, North cluster still at 4.9% EBITDA margin, chip-driven mobile/laptop price hikes hurting demand, and untested Bengal entry with 5 stores due by Diwali. |
| ELECTCAST Electrosteel Castings Ltd DI Pipes/Saw Pipes ·Mixed · Cut | DI Pipes/Saw Pipes | Mixed | Cut | Q1 FY27 consolidated revenue fell to ₹1,465 crore with sales volume 1.20 lakh tonnes, down 27% YoY, but EBITDA margin improved to 9.5% from 6.5% in Q4 FY26, PAT ₹48.4 crore. The volume decline came from delayed state/municipal fund disbursement and Middle East tensions, while cost optimization lifted margins; DI realizations rose to ~₹55,000/tonne from ₹50,500. Management cut FY27 volume guidance to ~575,000 tonnes, expects H2 recovery from JJM 2.0 fund releases, targets 12-13% EBITDA margin exit rate, and is diversifying into paints and valves. Key risks are government execution pace, Saudi import duties cutting sales to ~1.5%, and diversification execution. |
| FINPIPE Finolex Industries Ltd Building Materials - Plastic Pipes ·Mixed · Maintained | Building Materials - Plastic Pipes | Mixed | Maintained | Q1 FY27 volume fell 27% YoY to 68,000 MT and revenue fell 15% to ₹884 crore, while EBITDA rose 14% to ₹107 crore with margin up 300 bps to 12%. The real driver was a sharp intra-quarter PVC price correction from $96 to $82 per kg triggering channel destocking, but backward integration and range-bound costs protected margins. Management reaffirmed FY27 EBITDA margin guidance of up to 15% and forecasts H1 volume flat to slightly positive, with July the best month so far, aided by minimum import price and customs duty withdrawal stabilizing PVC. Main risks are VCM supply constraints from Middle East force majeure and monsoon jetty limits, plus PVC price volatility that could hurt volume recovery and make other income mark to market swings. |
| FORTIS Fortis Healthcare Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Q1 FY27 revenue was ₹2,545 crore, up 17.5% YoY, with EBITDA margin at 22.3%, down 30 bps YoY due to acquisition drag and one-off legal and provision costs. The real driver was flat like-for-like hospital margins and Agilus margin up to 23.9%, while oncology growth slowed to ~5% from 24% on chemo pricing cuts. Management guides 25% consolidated EBITDA margin by FY28 post-ESOP, 500 beds added in FY27, and Agilus revenue growth of 12-13% for the rest of FY27. Main risks are the ₹40 crore quarterly ESOP charge, new unit ramp-up execution, and Agilus growth still lagging the industry's ~15%. |