| GRINFRA G R Infraprojects Ltd Infra - General ·Improving · Maintained | Infra - General | Improving | Maintained | Q1 standalone revenue rose 32.7% YoY to ₹2,423 crore but standalone PAT fell 6% to ₹203.63 crore as EBITDA margin dropped 163 bps to 11.02% on higher construction and material costs. Growth came from highways plus new oil and gas and T&D verticals, though O&G receivables of ₹1,784 crore only realize on project completion by May 2027. Management maintained FY27 standalone revenue growth guidance of 15-20% and EBITDA margin of 10-11%, with order inflow target of ₹20,000-22,000 crore. Main risk is appointed date delays for ₹7,250 crore of projects, expected October-December 2026, which could push growth below 15%. |
| GALAPREC Gala Precision Engineering Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Gala reported Q1 FY27 revenue of ₹75 crores (+20% YoY, ~25% excluding a delayed dispatch), EBITDA margin 16.31%, and net profit ₹8 crores (+29% YoY). The real driver was 40% YoY order booking growth, with order book at ₹110 crores, led by Chennai fastener ramp-up and new product wins across segments. Management guides 20-25% revenue growth and 17-19% EBITDA margin for FY27, expecting Chennai utilization and tax benefits to lift margins. Main risks are elevated working capital (~180 days), reduced forex hedging (40% cover) and 12-24 month customer approval cycles. |
| GRWRHITECH Garware Hi Tech Films Ltd Packaging - Films ·Improving · Maintained | Packaging - Films | Improving | Maintained | Garware Hi-Tech Films reported record Q1 FY27 revenue of ₹633 cr (+28% YoY), EBITDA of ₹192 cr at 30.3% margin, and PAT of ₹133 cr (+60% YoY), with zero tariff refunds or one-time items. The driver was a premium mix shift, with sun control films at 55% of revenue and architectural business scaling from 5% to over 25% of revenue. Management reaffirmed FY27 guidance of ₹2,500 cr+ revenue and 25% ±2% EBITDA margin, and guided TPU commissioning in Q3 FY27 adding 1.5-2% FY28 margin, plus a new SCF line in H1 FY28. Key risks: Middle East shipping delays hit PPF volumes (new line at 60% utilization), Q2 tariff refund of ~₹50 cr net must be shared with US customers, and consumer education remains the main top-line bottleneck. |
| GVT&D GE Vernova T&D India Ltd Electrical Equipments/HVDC ·Mixed · Maintained | Electrical Equipments/HVDC | Mixed | Maintained | Revenue rose 38% YoY to ₹1,840 crores on backlog execution, but order intake fell 30% YoY to ₹1,140 crores on a soft TBCB pipeline and delayed related-party orders. Gross margin dropped to 41.3% on lower export share, HV ramp-up, and commodity inflation, though EBITDA held at 25.1% against the mid-20s FY27 guidance that management reaffirmed. Management expects ₹7,000-8,000 crores of base orders and a 6-7% TBCB market growth, with the ₹1,300 crore US data center order booking in Q2-Q3 and HVDC revenue only from FY29. The ₹3,000 crore related-party approval lapses at September AGM on customer budget issues, and Chinese supplier re-entry into GIS pricing is unproven. |
| GEE GEE Ltd Electrodes - Welding Equipment ·Improving · Maintained | Electrodes - Welding Equipment | Improving | Maintained | Q1 FY27 revenue rose 30% YoY to ₹103 crore, EBITDA up 77% to ₹8 crore at 7.8% margin, adjusted PAT up 223% to ₹3.2 crore. Growth came from electrode sales, new niche products at 27-30% of mix, and NPCIL certification, with MIG wire already at full utilization. Management guides to ₹500-550 crore revenue this year and ₹1,000 crore by FY29-30 via 71,000 MT capacity, SAW/flux lines starting by Q2 FY27, and 10% EBITDA margin target. Main risk is aggressive 20%+ CAGR execution after a two year stagnation, plus monsoon seasonality and a ₹40 crore promoter pledge overhang. |
| GKENERGY GK Energy Ltd Solar Pumps ·Improving · Maintained | Solar Pumps | Improving | Maintained | GK Energy reported Q1 FY27 revenue of ₹505 crore, up 71.1% YoY, with EBITDA margin at 17.05% and PAT of ₹59.7 crore. Volume drove growth: 24,118 pump systems installed, more than double YoY, though per-unit realizations fell on competition. Management guides FY27 revenue to double, with PM-KUSUM 2.0 work expected by end of Q3 FY27 and rooftop solar at 20% of the ₹541 crore order book as a fill-in. Main risk: PM-KUSUM 2.0 delay would dent growth, compounded by single-state Maharashtra concentration and realization pressure. |
| GODAVARIB Godavari Biorefineries Ltd Sugar ·Improving · Raised | Sugar | Improving | Raised | Q1 FY27 revenue rose 4.6% YoY to ₹557.9 crores, but EBITDA fell to ₹2.6 crores from ₹6.5 crores and net loss widened to ₹19.3 crores. Bio-based chemicals drove growth with revenue up 19.4% to ₹168.7 crores and EBITDA margins at 11.4%, while sugar, cogeneration and ethanol losses widened to ₹14.6 crores on feedstock and input costs. Management guides Q2 FY27 chemical revenue to ₹190 crores and a ₹240 crores quarterly run-rate by early FY28 after a ₹25 crores debottlenecking investment. Key risks are monsoon dependency, static sugarcane ethanol prices versus rising sugar, and CDSCO approval timing for the breast cancer trial expected in Q3 FY27. |
| GODREJCP Godrej Consumer Products Ltd FMCG - Personal Care ·Improving · Raised | FMCG - Personal Care | Improving | Raised | Q1 FY27 revenue grew 19% YoY with 9% volume and EBITDA up 14% at a 19% margin; India volume grew 7% at the lower end. India absorbed a ~500 bps gross margin hit as LPG, kerosene and LABSA prices trebled, yet gained HI market share for the first time in a decade, while Indonesia returned to 10% UEG growth and GAUM grew 25% constant currency with mid-teens EBITDA. Management guides India volume to ~8% for FY27, India EBITDA margin back to the 22-26% band by the second half, and revenue above original guidance. Risks are volatile crude and palm costs, El Nino hitting rural demand, and LPG fill rates that fell 20-25% in the quarter. |
| GULPOLY Gulshan Polyols Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Gulshan Polyols reported record Q1 FY27 revenue of ₹646 crore (+8% YoY), EBITDA of ₹91 crore (14.2% margin vs 6.5%), and PAT of ₹54 crore (+307% YoY). Ethanol drove results with ₹416 crore revenue at 18% EBITDA margin, aided by favorable grain prices and DDGS at ₹20-22/kg contributing ~₹10 per liter of ethanol cost. Management maintained FY27 guidance of ₹2,600 crore revenue, 10-11% EBITDA and 5-6% PAT margins, targeting 100-110% ethanol utilization by FY28 and a specialty chemicals entry in FY28. Main risks are Q2 seasonal grain price pressure before the kharif harvest, a possible 6-12 month E30 policy slip, and feedstock stocking capped at 30-45 days. |
| HCG Healthcare Global Enterprises Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Revenue rose 13% YoY to ₹6,951 million; adjusted EBITDA margin expanded 120 bps to 19.4%, boosted by a deliberate cut in low-margin institutional business in the West (-16% YoY) and discontinued chemo drugs, which trimmed top line 1.5% but aided margins. Volume growth of 11% and ARPP up 2% drove the quarter, with 16 of 25 centers at record revenues and North Bangalore contributing ₹67 million in its first quarter. Management guides mid-teens revenue growth and 21-22% EBITDA margin in two years, targeting 24-25% in four to five years, with North Bangalore monthly breakeven expected within FY27. Main risk is execution: new hospital ramp-up (optimal utilization only in 3-4 years), insurance empanelments, and an ESOP charge hitting Q2 FY27, plus continued drug price capping impact around 1.5% of top line. |
| HEROMOTOCO Hero MotoCorp Ltd Auto - 2 & 3 Wheelers ·Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | Q1 FY27 revenue rose 36% YoY to ₹12,999 crore on 23% volume growth, but EBITDA margin fell 120 bps QoQ to 13.3% on a 300 bps gross margin hit from roughly 4.5% commodity inflation. The real driver was mix: premiumization added 8%, EV volumes jumped 151% YoY to 57,000 units, scooter share gained 230 bps to about 7%, exports grew 63%, and EV per-unit EBITDA loss narrowed to about ₹40,000. Management maintained its medium-term EBITDA margin guidance of 14-16%, forecast 40%+ export growth, EV capacity tripling to 45,000 units per month by Q4 FY27, and EV profitability by end-FY27 via PLI coverage of 100% by December 2026. Risks are West Asia-driven commodity escalation beyond Q2, H2 base effects lowering industry growth, EV competitive pressure on pricing, and a 150 bps YoY decline in Vahan retail share that management attributes to price calibration, not lost demand. |
| POWERINDIA Hitachi Energy India Ltd Electrical Equipments/HVDC ·Improving · Maintained | Electrical Equipments/HVDC | Improving | Maintained | Q1 FY27 revenue was ₹2,493 crores (+68% YoY) with EBITDA margin at 16.0% versus 11.5% YoY; order intake was ₹5,096.5 crores (+26.5% YoY ex-HVDC) and backlog hit ₹32,222 crores. The driver was disciplined backlog execution with HVDC revenue ramping, though gross margin stayed ~40% with slight YoY product-mix contraction and a ₹36.37 crore unrealized FX loss hit EBITDA. Management guides a greenfield HVDC award within 6 months, rail and metro order pickup in H2 FY27, and BESS margins converging to portfolio average as volumes scale. Main risks are gross margin mix volatility, HVDC execution concentration, FX exposure on ~25% export revenue, and Chinese competitor entry, partly mitigated by 70% variable price clauses. |
| IGPL I G Petrochemicals Ltd Chemicals - Organic - Maleic Anhydride ·Improving · Maintained | Chemicals - Organic - Maleic Anhydride | Improving | Maintained | IG Petrochemicals Q1 FY27 revenue rose 30% YoY to ₹625 crore with EBITDA at ₹120 crore (19.2% margin) and PAT ₹71 crore. The driver was elevated phthalic spreads of $250-300/tonne plus a ₹10-15 crore inventory gain and record DEP sales, not volume, which fell 10-15% QoQ on export logistics issues. Management guides FY27 volume of 2,00,000 tonnes ±2-3% and a September plasticizer startup adding ₹250-300 crore revenue in balance FY27, with sustainable 15-16% EBITDA margins if spreads hold at $200-250. Main risk: spread normalization as geopolitical tensions ease, plus Chinese maleic oversupply and freight costs adding $80-120/tonne. |
| INDIASHLTR India Shelter Finance Corporation Ltd Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | India Shelter Q1 FY27 PAT was ₹143 crores, up 20% YoY, but reported disbursements of ₹641 crores were hit by a one-time switch to check realization recognition; underlying disbursements were ₹1,046 crores, up 3% QoQ. Gross AUM grew 24% YoY to ₹11,284 crores, slightly below guidance. Management reiterated FY27 guidance of 25-30% AUM growth, 40-50bps credit cost, and 40-45 branch additions, citing ₹400 crore July disbursements and 14.9% incremental yields. Risk is asset quality: Stage 3 rose 30bps to 1.5% and 30+ DPD hit 5.2%, driven by the ≤₹7 lakh self-employed cohort, with recovery expected only from Q3. |
| INOXGREEN Inox Green Energy Services Ltd Miscellaneous ·Improving · Maintained | Miscellaneous | Improving | Maintained | Inox Green Q1 FY27: total income ₹101 cr (+17% YoY), PAT ₹41 cr (+86% YoY), driven by value-added services like turbine overhauls and operating leverage, with 96.3% machine availability. EBITDA at ₹57 cr (+19%) absorbed one-time infrastructure costs, keeping margin near 50% guidance. Management guides FY27 annualized EBITDA of ~₹600 cr from Q3/Q4 after Wind World India's 4.5 GW consolidation, expected to complete in Q2, with acquired portfolios yielding higher per-MW revenue. Key risks: integration of 6.5 GW acquired assets, H2-heavy revenue concentration, and ₹400 cr deferred revenue recognition timing. |
| INOXWIND Inox Wind Ltd Capital Goods - Engineering Heavy ·Improving · Maintained | Capital Goods - Engineering Heavy | Improving | Maintained | Inox Wind Q1 FY27 revenue was flat at ₹872 crore, but adjusted EBITDA margin jumped to 27% from 17-18% a year ago, driven by the pivot to equipment supply, now 59% of the 4.4 GW order book. Management maintained FY27 guidance of 75% revenue growth and 20-22% EBITDA margin, with the 4.X MW turbine launching in September and 70-75% of revenue expected in H2. The main risk is execution of the equipment pivot and reducing elevated receivables, as management admitted historical revenue guidance misses and cited only force majeure as a risk to FY27. Inox Green's PAT rose 86% to ₹41 crore on a 13.3 GW O&M portfolio, with Wind World India consolidation expected from Q3-Q4. |
| INTERARCH Interarch Building Solutions Ltd Pre-Engineering Buildings ·Improving · Raised | Pre-Engineering Buildings | Improving | Raised | Q1 FY27 revenue was ₹460cr (+20.7% YoY) and EBITDA ₹39cr (+24.6%), but PAT was flat at ₹28cr as IPO proceeds deployed into capex cut treasury income. The quarter's softness came from monsoon and site clearances delaying dispatches, while order book rose ~9% QoQ to ₹1,864cr with ~35% from new-age industries. Management kept FY27 revenue guidance at ₹2,150-2,200cr, raised FY28 revenue target to ₹2,700cr (from ₹2,500cr) and guided FY28 EBITDA margin of 9.5-10%, aided by selectiveness and exports. Main risks are heavy structure ramp-up execution, steel and labour cost inflation, and working capital discipline on larger orders. |
| IRMENERGY IRM Energy Ltd LPG Bottling ·Improving · Raised | LPG Bottling | Improving | Raised | IRM Energy reported Q1 FY27 revenue of ₹326 crore (+24% YoY), EBITDA of ₹62 crore (19% margin), PAT of ₹34 crore (+140% YoY), and volumes of 50.9 MMscm. The operating driver was HPHT sourcing at ~$9/MMBtu versus $14-16 spot, lifting EBITDA per SCM to ~₹12. Management guides FY27 volume of ~250 MMscm (+10-12%) and full-year EBITDA per SCM of ~₹7, with ₹250 crore capex for Namakal/Trichy and Diu. The main risk is the March government cut in industrial gas allocation (80%) and NGT order delays, which cap volume upside and will compress margins as industrial volumes normalize. |
| JKIL J Kumar Infraprojects Ltd EPC ·Improving · Maintained | EPC | Improving | Maintained | Q1 FY27 revenue rose 2% YoY to ₹1,511 crore, EBITDA margin fell to 14.1% from 14.6%, PAT fell 6% to ₹97 crore, hit by BMC water restrictions and project timing. The real driver is mega-project ramp-up: order inflow hit ₹5,500 crore plus ₹1,500 crore L1 for DMRC, with GMLR tunneling (26% complete) offering ₹3,000-4,000 crore revenue potential. Management guides FY27 revenue growth of 15% to ₹6,500 crore, order inflow ₹8,000-10,000 crore, EBITDA margin 14-15%, and gross debt below ₹800 crore by March 2027. Main risk: H2 revenue concentration, as meeting the target needs 20%+ H2 growth, with Vadhavan earthwork delayed by monsoon and land acquisition issues on the initial 6-7 km stretch. |
| JYOTICNC Jyoti CNC Automation Ltd CNC - Machines ·Improving · Maintained | CNC - Machines | Improving | Maintained | Reported consolidated revenue rose 24% to ₹508.5 crores with adjusted EBITDA margin at 23.4%, but the real driver was standalone demand with revenue up 37% to ₹107 crores and reported EBITDA margin at 27.2%, supported by a record ₹4,848 crore order book and July bookings exceeding 1,000 machines. Management guides FY27 revenue growth of 25-30%, ~25% EBITDA margin, over 8,000 machines sold, and Huron revenue of ₹300-325 crores at 8-10% EBITDA. The main risk is Huron export license delays deferring ~₹100 crores of revenue across 7-8 machines, with a shift to dispatch-based recognition creating quarterly lumpiness. The 10,000-machine capacity expansion is on track for commissioning by end September, but competitive capacity additions like BFW and 62% import dependence are watch items. |
| KKCL Kewal Kiran Clothing Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 consolidated revenue rose 19% YoY to ₹279 crores, EBITDA ₹52 crores (margin >19% vs 17-18% guidance), PAT ₹41 crores (+29%). Growth was volume-led (+24% apparel volumes), with retail channel up 29% and Kraus margins at par with KKCL. Management maintains FY27 revenue growth guidance of 15-20% and EBITDA margin 17-18%, with 50-70 net EBO additions skewed to Q2/Q3; revised targets come post-Q2. Main risks: cotton price inflation pressuring gross margins, unresolved Goregaon land monetization delayed ~2 years, muted standalone growth at 12% YoY, and rising competitive intensity. |
| KIRLOSENG Kirloskar Oil Engines Ltd Gensets ·Improving · Maintained | Gensets | Improving | Maintained | Q1 FY27 standalone net sales rose 16% YoY to ₹1,461 crores but EBITDA margin fell 230 bps to 11.2% and net profit dropped 9% to ₹99 crores. The driver was domestic demand, with Power Gen, Industrial and Distribution each up 18-20%, while exports fell 11% to ₹106 crores on Middle East logistics chokepoints. Management guides export normalization in 3-6 months, a ₹16,600 crores FY30 revenue target, and expects margins to recover as staged pricing flows through. Main risks are commodity inflation lag, employee costs up ~40% YoY, and execution credibility on the first 192 MW hyperscale data center order. |
| LINC Linc Ltd Printing & Stationery ·Mixed · Maintained | Printing & Stationery | Mixed | Maintained | Q1 FY27 operating income was ₹13,895 lakhs, up 1.4% YoY, but EBITDA margin fell 89 bps to 8.7% and PAT margin to 4.2%, both pressured by elevated polymer prices. The real driver was raw material inflation, with only about 50% of the price hike passed to trade, while e-commerce grew 32% and corporate sales fell 14% YoY. Management withheld formal guidance for Q1, expecting better visibility by the Q2 call, and sees polymer prices easing, with the West Bengal facility commissioning in Q3 FY27. Main risk remains polymer price volatility and geopolitical pressure on exports, which declined 3% YoY. |
| LUPIN Lupin Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue ₹8,277 cr (+32% YoY), EBITDA ₹2,464 cr (30% margin, +340 bps) from broad growth across US (+30% CC to $366M), India (+13.9%), ODM (+48%), EM (+52%). Management guides FY27 to high single-digit revenue growth, ~25% EBITDA margin, US $1.1-1.2 bn, with US quarterly run-rate dropping to $250-280M from Q2 as tolvaptan and mirabegron competition intensifies. US growth returns FY28 via 50+ launches, 5 biosimilars, apixaban 505(b)(2), but risks include 3-4 player tolvaptan pricing erosion, H2 gross margin pressure from geopolitical cost inflation, and ~1-1.5% EBITDA drag from loss-making adjacencies. Also watch Pithampur remediation and India innovation target of 1/3 revenue from proprietary products in 10 years. |
| MAHALIFE Mahamaya Lifesciences Ltd Pesticides/Agrochemicals ·Improving · Raised | Pesticides/Agrochemicals | Improving | Raised | Mahamaya reported FY26 revenue of ₹328 crores, EBITDA of ₹34.26 crores and PAT of ₹16.52 crores, with manufacturing margins of 12-13% versus 5-7% for trading. The real driver is the shift toward higher-margin manufacturing, currently 40% of revenue, led by Emamectin Benzoate, while exports fell over 50% due to Middle East disruptions. Management guides FY27 revenue to ₹440-450 crores, manufacturing at 70% of revenue, exports at 10-12%, and the technical plant operational by Q4 FY27. Key risks are negative FY26 operating cash flow from ₹241 crore inventory and extended debtor days, plus 95% dependence on Chinese intermediates. |
| MEEIND Meenakshi (India) Ltd Textiles - Readymade Apparel ·Mixed · Maintained | Textiles - Readymade Apparel | Mixed | Maintained | Meenakshi India's Q1 FY27 PAT jumped 153% YoY to ₹712 lakhs, but revenue fell 3.4% to ₹3,224 lakhs and the core garment business only turned positive at a 3.4% EBITDA margin. The real driver was other income of ₹711 lakhs, including unrealized fair value gains and FX reversals that management flagged as non-recurring. Management forecasts roughly 70% utilization in FY27, a 17% EBITDA margin by FY28, and conservative FY30 revenue of ₹565 crores, backed by ₹40-50 crores capex to double capacity. The main risk is US tariff volatility on 40% of revenue, with customer concentration heavy since top 5 clients make up 70%. |
| BECTORFOOD Mrs Bectors Food Specialities Ltd FMCG - Foods ·Improving · Maintained | FMCG - Foods | Improving | Maintained | Mrs. Bectors Q1 FY27 revenue was ₹548.7 crore (+16% YoY), EBITDA margin 13.1% (+80 bps), PAT ₹38.8 crore (+25.5%). Growth came from bakery (+17.5%) and export-led biscuits, with domestic biscuit growth only high single-digit and QSR B2B recovering. Management guides mid-teens FY27 revenue and 14% EBITDA by Q4, with Q2 margin flattish due to sharper input inflation. Main risk: West Asia shipping disruption and rising freight costs could hit export growth, plus intense biscuit competition in Upper North. |
| MUTHOOTMF Muthoot Microfin Ltd Finance & Investments - Microfinance ·Improving · Raised | Finance & Investments - Microfinance | Improving | Raised | Muthoot Microfin reported Q1 FY27 disbursements of ₹2,644 crore, up 49% YoY, with credit cost down to 2.6% and PPOP up 43% YoY. The real driver is asset quality improvement: post-April-2025 book at 65% of portfolio shows 1.2% 30+ delinquency, while new individual and gold loan products expand mix. Management raised FY27 AUM growth guidance to 20%, with NIM guided at 12.3-12.5%, ROA at 3.3% upper end, and single-digit cost of funds by year-end. Main risk is customer base decline, down 0.6% QoQ, plus El Nino impact on rural cash flows, though only <2% of portfolio sits in sensitive areas. |
| NCC NCC Ltd Construction & Contracting ·Improving · Maintained | Construction & Contracting | Improving | Maintained | NCC reported Q1 FY27 consolidated revenue of ₹5,842 crores, up 12% YoY, EBITDA margin of 9.38% and PAT of ₹216 crores. The record order book of ₹81,214 crores and JJM collections of ₹610 crores in Q1 drove results, but net debt rose to ₹3,513 crores, with ₹1,461 crores for smart meter projects. Management guided FY27 order inflow of ₹22,000-25,000 crores, 8-10% revenue growth and EBITDA margin of 8.5-9%, citing client fund approvals as the main uncertainty. Risks include fixed-price BharatNet with OFC price inflation, sub-judice Telangana receivables of ₹180 crores, and TBM depreciation from Q3. |
| OLAELEC Ola Electric Mobility Ltd Auto - 2 & 3 Wheelers ·Improving · Maintained | Auto - 2 & 3 Wheelers | Improving | Maintained | Deliveries nearly doubled QoQ to ~39,200 units, automotive revenue rose 72% QoQ to ₹455 crores, market share recovered to 8.4%, and adjusted EBITDA improved to -₹195 crores. Gross margin held at 30.5% despite commodities, normalized opex fell to ~₹380 crores on twice volumes, and order-to-delivery gap came from the 4680 cell pause during 2.5 to 6 GWh installation. Management guided opex to ₹300-325 crores, gross margin of 30-32%, 6 GWh cell capacity by September 2026 with yields to 90%+ within a quarter, first dealerships from September 4, and no volume guidance. Risks include sub-90% cell yields, dealer pivot execution before Diwali, commodity costs, service parts availability, and ASP swings within plus/minus 5%. |
| OMNI Omnitech Engineering Ltd Engineering - Light - General ·Improving · Maintained | Engineering - Light - General | Improving | Maintained | Q1 FY27 revenue rose 61.5% YoY to ₹166.6 crore, PAT jumped 468.7% to ₹29.73 crore, EBITDA margin ~30.4%, driven by Chhapra plant ramp-up and NBFC loan restructuring gains. Order book stands at ₹3,000+ crore, including a Weatherford order over $100 million and two large staggered contracts; management guides FY28 revenue growth of 35-40% with EBITDA margin ~30% and above. Working capital days improved to 233 from 294, but management targets a further 10-20% improvement while balancing growth. Main risks: 55-60% North America order book concentration, 2-3 month raw material pass-through lag, and Chhapra capex spillover into FY28 due to monsoon delays. |
| PARAGMILK Parag Milk Foods Ltd FMCG - Dairy Products ·Improving · Maintained | FMCG - Dairy Products | Improving | Maintained | Parag Milk Foods reported Q1 FY27 revenue of ₹945 crores (+11% YoY) and EBITDA of ₹70 crores (+6% YoY), with margin down to 7.4% from 7.7% as raw milk prices rose 13% to ₹42/litre. Growth was price-led: flagship categories (61% of revenue) grew value 10% but volumes fell 2% on deliberate B2B forfeiture, while new age business grew 59% to 13% of revenue on volume. Management guides to >10% FY27 revenue growth, doubling cheese capacity to 120 MT/day by March 2028, and 1.5 million outlet distribution. Risks are structural whey protein cost inflation, seasonal milk price increases, and sustained B2B volume softness. |
| PGEL PG Electroplast Ltd Consumer Electronics - EMS ·Improving · Maintained | Consumer Electronics - EMS | Improving | Maintained | PG Electroplast reported Q1 FY27 revenue of ₹2,034 crores, up 35.2% YoY, with EBITDA margin at 7.7% and net profit up 12.9% to ₹75.3 crores. Growth came from RAC volumes up 20-22% and washing machines up 67.2%, aided by 10-12% ASP pass-through on higher commodity costs. Management guides ~20% RAC volume growth, ~8% FY27 EBITDA margin, and compressor mass production by December-January, with refrigerator output from Q4 FY27. Key risks: copper at $14,000/tonne, rupee at 95.5-96, and import restrictions on compressors from January could tighten supply and compress percentage margins. |
| POWERGRID Power Grid Corporation of India Ltd Power - Transmission/Equipment ·Improving · Maintained | Power - Transmission/Equipment | Improving | Maintained | Power Grid's Q1 FY27 consolidated PAT was ₹3,598 crores, flat versus ₹3,631 crores prior quarter, despite ₹11,697 crores total income. New commissioned assets added ₹790 crores transmission charges, but ₹560 crores regulatory drag (₹330 crores depreciation trajectory plus ₹230 crores expired interim interest) offset it; capitalization hit ₹5,277 crores, 3.1x YoY. Management kept FY27 guidance of ₹37,000 crores capex and ₹30,000 crores capitalization with "meaningful upside" seen, backed by ₹1.75 lakh crore works in hand and ₹1.19 lakh crore bidding pipeline. Risks include right-of-way and land compensation costs not factored into the ₹7.9 lakh crore sector pipeline, continued regulatory depreciation drag, and unaddressed requests for separate TBCB profitability disclosure. |
| PREMIERENE Premier Energies Ltd Capital Goods - Solar ·Improving · Maintained | Capital Goods - Solar | Improving | Maintained | Premier Energies Q1 FY27 revenue was ₹2,508 crores (+34% YoY) with EBITDA margin at 30.3% and PAT up 53% to ₹472 crores, including one month of Transcon. The quarter was driven by record 92% cell utilization and sold-out DCR module demand, while the non-DCR module business remains "not profitable" due to oversupply. Management guides EBITDA margins at 29-30% plus or minus 100-150 bps, with first revenue from the new 7 GW cell line in September 2026 and ~70% utilization by Q4 FY27. The main risk is persistent unprofitability in non-DCR markets and near-term slower transformer revenue ramp due to certification timelines. |
| RAYMOND Raymond Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 total income was ₹628 crore (+13% YoY) with EBITDA of ₹100 crore at a 15.9% margin. Growth came from aerospace revenue up 40.4% to ₹123 crore and precision tech margins up 320 bps to 13.8% on export ramp-up. Management guides 25% annual aerospace growth, an aftermarket launch in Q2 FY27, and Andhra facility revenue from FY28. Risks include full R&D expensing trimming aerospace margins 250 bps to 21.2%, input cost inflation, and top-3 customer concentration at 40-45%. |
| SJS S J S Enterprises Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | SJS reported Q1 FY27 revenue of ₹261 crore, up 24.5% YoY, with EBITDA margin at 30.0% and adjusted PAT up 45.2% to ₹50.3 crore, though reported PAT included a ₹24.2 crore one-time gain. The real driver was a 45.4% YoY jump in passenger vehicles, export growth of 83.2%, and two-wheeler momentum, with automotive outpacing the industry by 1.5x. Management forecasts FY27 revenue growth at 1.5x to 2x industry, EBITDA margins of 27% to 28%, and exports reaching 14% to 15% of revenue by FY28, backed by new Decoplast capacity and a cover glass subsidiary. The main risks are 50 to 60 bps input-cost margin pressure pending pass-through, Walter Pack's non-compete with BMW and Mercedes until January 2027, and new facility ramp-up execution. |
| SAILIFE Sai Life Sciences Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue hit ₹553 crores, +12% YoY, with CRO at +26% (40% of revenue) and CDMO at +6% (60%), in line with expectations. The driver is discovery chemistry scaling, integrated service delivery for ~65% of discovery customers, and FTE engagements that brought 5 of 6 late-phase additions. Management maintained 15-20% mid-term growth and 28-30% EBITDA margin guidance, expecting H2 stronger as 225 KL Bidar and discovery capacity go live, with FY27 CapEx of ₹1,100-1,300 crores. Main risks: quarterly lumpiness, Phase 3 milestone slips (2 this FY, 1 in Q2 FY28), and discovery capacity sold out faster than planned. |
| BUILDPRO Shankara Buildpro Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Shankara Buildpro reported Q1 FY27 revenue of ₹1,890 crore (up 21% YoY), EBITDA margin 3.26% after a ₹10 crore inventory loss from April-May steel price swings, and steel volumes of 2.5 lakh tonnes (up 10% YoY) despite a flattish industry. The real driver was volume-led same-store growth of 21% and non-steel recovery (CP sanitary up 32%), offset by price volatility and Morbi tile disruption. Management guides FY27 steel volumes of 1.2 million tonnes, 25% non-steel growth, and steady-state EBITDA margin above 3.5%, citing strong June-July momentum. Main risk: renewed steel price swings or geopolitical escalation could repeat inventory losses and delay the 2-million-tonne four-year target. |
| SBCL Shivalik Bimetal Controls Ltd Shunt Resistors ·Improving · Maintained | Shunt Resistors | Improving | Maintained | Q1 FY27 consolidated revenue was ₹182.2 crores, up 33.4% YoY, with EBITDA at ₹43.2 crores and PAT at ₹33 crores, up 44.9%. Silver price escalation drove about half the revenue growth, while sustainable margin gains came from Shunts strip-to-component conversion, with strip volume down to one-third of last year. Management guided FY27 consolidated revenue growth of 20-30% and CCS revenue of ₹30-60 crores in year 1, ₹150-200 crores in year 2 and ₹300+ crores in year 3, with Pune operational by October 2026. Risks include slower Indian EV two-wheeler adoption, silver price swings on reported revenue, and Bimetals capacity utilization of only 40-45% with long CapEx lead times. |
| SONATSOFTW Sonata Software Ltd IT - Software ·Mixed · Maintained | IT - Software | Mixed | Maintained | The provided summary contains only the call header and executive names, with no financial or operating details. Therefore reported revenue, profit, margins, order book, and cash flow for Q1 FY27 cannot be stated. Management guidance for the next quarter and any stated risks are also absent from the excerpt. Please supply the full earnings call transcript or detailed summary for an accurate TLDR. |
| SBIN State Bank of India Banks - PSU ·Improving · Raised | Banks - PSU | Improving | Raised | SBI reported record Q1 FY27 net profit of ₹21,121 crore on 9.77% YoY operating profit growth, with domestic NIM at 3.0% and GNPA/NNPA at two-decade lows. The real driver was disciplined deposit pricing, deliberately avoiding costly bulk deposits while CASA grew 10% on a ₹17.5 lakh crore base. Management revised FY27 credit growth guidance up to 14-15% from 12-14% and reaffirmed 3.0% NIM, with FCNR(B) inflows of $6 billion expected to reach $10 billion. Main risk is ECL framework impact, quantified only in Q2 FY27, plus fresh slippages of ₹7,046 crore and SMA-2 doubling sequentially. |
| SULA Sula Vineyards Ltd Alcoholic Beverages ·Improving · Maintained | Alcoholic Beverages | Improving | Maintained | Sula reported Q1 FY27 revenue of ₹121 crores, up 3% YoY, but gross profit fell 5% due to a 150 bps grape cost drag and a 200 bps adverse geographic mix from fast-growing low-margin markets. The real driver was premiumization: Elite & Premium grew 6% to a record 78% share of own brands, while wine tourism rose 12% to ₹15.5 crores, partly offsetting a soft economy segment. Management forecasts EBITDA margins recovering to last year's levels before FY27-end, with grape costs normalizing from Q4 FY27 and CSD listings expanding to 14 wines by Q3. Main risk: Karnataka's wine category is degrowing, Sula is ceding Popular share to unsustainable competitor discounting, and recovery timing is uncertain. |
| SUMEETINDS Sumeet Industries Ltd Textiles - Manmade Fibre - PFY/PSF ·Improving · Maintained | Textiles - Manmade Fibre - PFY/PSF | Improving | Maintained | Q1 FY27 revenue rose 9% YoY to ₹272.74 crores, but EBITDA margin fell to 3.24% and PAT to ₹1.14 crores, hit by crude oil driven PTA/MEG price volatility and a 17% QoQ production drop from a 15 day maintenance shutdown, with stock liquidation sustaining sales. Management guides FY27 revenue growth above 30%, EBITDA margin near 6%, and PAT margin of 3.5 to 4%, aided by new 30,000 TPA capacity, lower finance costs, and ₹25 crores annual solar savings from a Q4 FY27 plant. The main risk is raw material volatility persisting, which could keep margins below target and slow pricing pass-through given the 15 day order cycle. Nakoda CP plant commissioning in Q2 FY28 is expected to double revenue, but execution timing remains a key watch point alongside post rights issue share price pressure. |
| SUNDROP Sundrop Brands Ltd FMCG - Foods ·Improving · Maintained | FMCG - Foods | Improving | Maintained | Sundrop reported 15% YoY revenue growth (11% QoQ) with EBITDA margin flat at 7% ex-ESOP despite sunflower-led inflation, helped by 110 bps gross margin improvement. Growth accelerated across both brands (Sundrop 16%, Del Monte 14%), driven by e-commerce up 32%, B2B up 18%, popcorn at 18% value, and culinary at 15%, while peanut butter decline narrowed to -3%. Management targets 12% EBITDA margin in three years from ~200 bps Del Monte-Sundrop integration synergies, ESOP relief of ~100 bps after 18-21 months, scale and premiumization, with half of gains reinvested. Main risks are demand elasticity from ~9% edible oil price pass-through, peanut butter share loss to value-added competitors holding 3% share in the 85% value-added segment, and merger integration execution slippage. |
| SUPRAJIT Suprajit Engineering Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Q1 FY27 consolidated revenue hit a record ₹1,070 crores (+24% YoY) with EBITDA up 57% to ₹129 crores at a 12.1% margin. The driver was the completed GCM restructuring, doubling its EBITDA margin to 12.6%, plus SED revenue surging 48%. Management reaffirmed FY27 consolidated EBITDA margin guidance of 12-13.5%, forecasting ICM and PLE margin recovery in Q2-Q3 as price pass-through for raw material and wage inflation completes. Risks include uncertain wage pass-through negotiations and a possible GCM margin drop within its guided 10-12% band despite Q1 outperformance. |
| TARACHAND Tara Chand Infralogistic Solutions Ltd Capital Goods - EPC/Cranes ·Mixed · Maintained | Capital Goods - EPC/Cranes | Mixed | Maintained | Tara Chand reported Q1 FY27 revenue of ₹67.6 crores (+11% YoY), EBITDA of ₹21 crores at 30.7% margin, and PAT of ₹1.7 crores, hit by a client scope change that halved specialized services margins to ~10% and warehousing margin collapse to 1%. Cash profit of ₹17.6 crores fell only 6% YoY despite ₹16 crores depreciation, with net debt-to-equity improving to 0.87x. Management maintains its FY27 targets of 20-25% revenue growth and 37-38% EBITDA margin, backed by a ₹204.82 crores order book and ₹80-100 crores capex, expecting H2 recovery. Main risk is execution slippage after consistent quarterly misses, plus receivable days at 97 versus the 80-day target and an undisclosed client settlement quantum. |
| TRANSRAILL Transrail Lighting Ltd EPC ·Improving · Maintained | EPC | Improving | Maintained | Transrail's Q1 FY27 revenue was ₹1,736 crore, up 5% YoY, with 11.7% EBITDA margin and ₹108 crore PAT, the best first quarter ever. Operating driver was project mix and cost discipline despite fuel, logistics, and labor disruptions that cut international revenue to ₹600 crore from ₹1,000 crore YoY. Management maintains FY27 guidance of 20%+ revenue growth, 11%+ margin, and ₹10,000 crore order intake, backed by ₹20,000 crore tenders expected to fructify in Q2-Q3. Main risk: net debt/EBITDA nearly doubled in Q1 on delayed collections; if Q2 normalization slips, FY27 leverage and working capital targets fail. |
| VIJAYA Vijaya Diagnostic Centre Ltd Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Vijaya Diagnostic reported Q1 FY27 consolidated revenue of ₹98 crore, up 22.8% YoY, with EBITDA margin at 42.7% and PAT up 37.6% to ₹53 crore. Growth was driven by 16.5% volume and 18% footfall gains from network expansion, not pricing, as no price hikes have occurred since June 2025. Management guides FY27 revenue to high double-digit growth and sustainable 40%+ EBITDA margins despite a 1-1.5% drag from nine planned hubs, with CapEx of ₹190-195 crore. Key risks are new hub ramp-up, with three to four hubs launched 6-12 months ago still burning cash at ~0.5% of top line, and absence of pricing power. |
| VIKRAMSOLR Vikram Solar Ltd Capital Goods - Solar ·Improving · Maintained | Capital Goods - Solar | Improving | Maintained | Reported revenue of ₹1,560 cr (+38% YoY) and record 1,006 MW dispatches masked EBITDA margin compression to 8.06% (₹1.25/Wp) from historical ~16% and PAT of ₹19.78 cr. The driver was metal/crude-linked input inflation and lagged Chinese cell costs, with pass-through clauses covering only cell costs, not BOM, and no captive cells until Q4 FY27. Management deferred its FY27 EBITDA guidance of ₹1,500-1,600 cr to H1 results, and guided 9 GW cell commissioning in Q4 FY27, DCR volume growth of 2-2.5x per quarter, and ~₹5,000 cr capex in FY27. Main risks are ALMM-2 policy fluidity (C&I deferment to December 2026) and industry oversupply limiting pass-through, with margin recovery contingent on DCR mix scaling, cell ramp, and cost program gains. |
| WAKEFIT Wakefit Innovations Ltd Mattress ·Improving · Maintained | Mattress | Improving | Maintained | Wakefit Q1 FY27 revenue was ₹404.9 crores, up 16.6% YoY, with operating EBITDA margin at 9.1% and PAT of ₹23.3 crores including a ₹7.3 crore deferred tax charge. Mattress growth of 27.3% drove the quarter, two-thirds volume-led, one-third from two price hikes of ~5% each. Management guides ~80 COCO store additions in FY27, furniture recovery to mid-teens growth over two quarters, and Q2 gross margin down ~100 bps as high-cost raw material inventory flows through. Main risk is TDI and polyol spot prices up 70-160% from Middle East disruptions, with net inflation at 30-40% and possible further price actions. |
| ZIMLAB Zim Laboratories Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue was ₹94.2 crore with a 58.1% gross margin, but EBITDA margin fell to ~2.6% due to ₹1.9 crore one-time EU-GMP audit costs and higher employee expenses. The driver was exports at ~84% of revenue and NIP/OTF recovering to 18% share, with EU-GMP re-inspection complete and no critical observations. Management guides FY27 growth of 10-15% without EU revenue and flat EBITDA margins, while FY28 growth of 30-35% depends on EU-GMP approval enabling supplies by Q4 FY27. The key risk is EU-GMP delay beyond 3-4 months forcing re-filing of marketing authorizations, plus Middle East geopolitical exposure and slow debtor collections. |
| AJAXENGG Ajax Engineering Ltd Capital Goods - EPC/Cranes ·Mixed · Maintained | Capital Goods - EPC/Cranes | Mixed | Maintained | Ajax Q1 FY27 revenue was ₹475 crore (+1.7% YoY) and PAT ₹55.6 crore (+5%), but EBITDA margin fell to 12.5% (-70 bps) as SLCM volumes dropped 16% with industry registrations down 27%. Market share rose to 75.1% from ~69% a year ago via a Q4 price hike and mix shift to urban infrastructure, while non-SLCM grew 6.4% on concrete pumps and new B2B customers. Management guides Q2 EBITDA margin of 12-12.5% as challenging, expects ~60% of revenue in H2, a second price hike within Q2, and 10-15% non-SLCM growth for FY27 plus 30% export CAGR over three years. Main risk is prolonged government spending shortfalls and state payment delays in Maharashtra/MP, with steel and fuel inflation pressuring margins despite cost initiatives. |
| ALLTIME All Time Plastics Ltd Plastics - Others ·Improving · Maintained | Plastics - Others | Improving | Maintained | Q1 FY27 revenue ₹161 crores (+10.5% QoQ, +2% YoY), PAT ₹12 crores, EBITDA margin 14.3% versus 18.2% YoY. West Asia conflict spiked polymer prices 40-50% and cut gross margin 240 bps to 39.5% on time-lagged pass-through; volume processed rose 25% QoQ to 6,323 MT, but utilization at 64.9% trails 89.7% YoY due to Khatalwada fixed costs. Management guides 75% utilization at 41,000 MT for FY27, 15-20% volume growth, 30-35% domestic growth, and 18-19% EBITDA margin at 80% utilization, with full pass-through benefit in Q2. Main risks: raw material supply disruption persists, ₹5.5 crores shipments spilled to July, and only 1,500 MT of planned 6,000 MT capacity is ordered, rest deferred. |
| ALLCARGO Allcargo Logistics Ltd Logistics - Warehousing/Supply Chain ·Improving · Maintained | Logistics - Warehousing/Supply Chain | Improving | Maintained | Q1 FY27 revenue rose 11.2% YoY to ₹546 crores with PAT of ₹15 crores, a turnaround from the year-ago loss. Express volumes grew 6.7% to 312k tons with 6.4% realization gain, lifting Express EBITDA margin to 6.2%, while Consultative held 7.5M sq ft and improved revenue per sq ft 3% at 29.56% EBITDA margin. Management guides Express EBITDA margin to 7.5% this year and 10% over three years, with revenue growth 1 point faster than industry. Main risk is sustaining yield growth and cost pass-through against fuel and labor inflation, given the gap from current 6.2% Express margin to the 10% target. |
| AMANTA Amanta Healthcare Ltd Pharmaceuticals Bulk Drugs & Formulation ·Improving · Maintained | Pharmaceuticals Bulk Drugs & Formulation | Improving | Maintained | Q1 revenue was ₹69 crore, up 5% YoY, with EBITDA margin near 22%, absorbing polymer cost spikes and pre-commissioning overheads. The real driver is domestic SteriPort volume growth ahead of Line 3 commissioning, while exports remain small. Management guides FY27 revenue near ₹370 crore excluding SVP and FY28 peak revenue near ₹425 crore with 25-26% EBITDA margins. Key risk: SteriPort Line 3 FDA inspection on August 21 could slip, delaying commercial production and margin expansion. |
| AHCL Anlon Healthcare Ltd Chemicals - Speciality ·Improving · Maintained | Chemicals - Speciality | Improving | Maintained | Q1 FY27 consolidated revenue rose to ₹87.62 crore from ₹33.31 crore YoY, but EBITDA margin fell to ~17% from ~19% due to 2-3x solvent price spikes and Remember India integration costs. Growth came from consolidating Apiqo, Bizotic, and Remember India acquisitions, while standalone Anlon revenue slipped to ~₹32 crore on peak utilization. Management guides FY27 revenue of ₹350-400 crore excluding Remember India, 25-27% EBITDA margin recovery by Q3, and ~₹700 crore FY28 revenue from ₹130 crore capex. Main risk is raw material volatility and potential capex delays that could push commissioning past Q1 FY28 and miss the ₹700 crore target. |
| ARIS Arisinfra Solutions Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Q1 FY27 revenue rose 37% YoY to ₹291 crore, EBITDA up 68% to ₹31 crore with margin at 10.5%, driven by a mix shift as contract manufacturing and DaaS rose to 63% of revenue from 46%. Management maintained 35-40% FY27 revenue growth guidance, expects capacity expansion from 9 to 11 million metric tons without new deposits, and sees 10.5-11% EBITDA margin as sustainable. DaaS GDV under execution reached ₹1,800+ crore after a ₹650 crore Wadhwa Group mandate, while net debt is forecast to rise from ₹14.5 crore to ₹75-80 crore. Main risks are customer concentration, with top 10 customers at 45-50% of revenue, and real estate exposure through DaaS; ECL provisions are only ~0.5% of lifetime revenue. |
| AUROPHARMA Aurobindo Pharma Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Aurobindo Q1 FY27 revenue rose 16% YoY to ₹9,150 crores, with EBITDA margin at 21% (₹1,924 crores excluding one-time loss). Growth was broad-based, led by Europe +11% constant currency, growth markets +38%, and US +8.1%; Lannett acquisition completed and TheraNym Unit 1 commissioned. Management reaffirmed FY27 guidance of double-digit revenue growth, EBITDA margin north of 21%, and absolute EBITDA above ₹8,000 crores, with R&D at ₹1,450-1,500 crores. Main risks are UGA Unit 3 remediation capping injectable growth to single-digit, Middle East geopolitical impact on the ₹2,200 crore quarterly EBITDA run-rate, DEA quota constraints on controlled substances, and US onshoring policy uncertainty. |
| AUTOAXLES Automotive Axles Ltd Auto & Auto Ancl - CV ·Improving · Raised | Auto & Auto Ancl - CV | Improving | Raised | Automotive Axles reported Q1 FY27 revenue of ₹517 crores, EBITDA margin of 13.6% (highest ever), PAT of ₹45.5 crores and EPS of ₹30, despite industry volumes down roughly 30% sequentially. The beat came from favorable product mix, lower employee costs after Q4 peak settlement, one-off raw material benefits, and 13% export share. Management revised FY27 M&HCV industry forecast to 5%-10% below FY26 with best case flat, guided near-term PAT margin at 7.5%-8.5%, and expects Q4 FY27 to be peak as Phase 1/1A capex is 40% complete. Main risks are a weak monsoon dampening freight demand, absorbed LPG and logistics cost increases under negotiation, bus axle launch delays from pass-by noise regulation compliance, and competitive pressure from American Axles after Bharat Forge's acquisition. |