| BAJAJELEC Bajaj Electricals Ltd Domestic Appliances ·Improving · Maintained | Domestic Appliances | Improving | Maintained | Bajaj Electricals reported Q1 FY27 revenue growth of 2.3% YoY with EBIT margin expanding to 6.6% from 2.5%, aided by 150 bps gross margin improvement and cost discipline. Consumer products returned to growth at 1.7% YoY with EBIT margin at 3.9% versus -1.7%, driven by double-digit growth in non-summer categories and Morphy Richards, while lighting grew 4.4%. Management forecasts 8-10% revenue growth assuming industry growth of 6-7%, with consumer products EBIT margin stabilizing at 6-7% for two years before climbing toward 10% over 3-5 years. The main risk is acknowledged share loss in fans due to supply chain issues (gas shortages, BLDC PCB availability) expected to recover in 2-3 quarters, alongside 6-13% raw material inflation. |
| BIKAJI Bikaji Foods International Ltd FMCG - Snacks ·Improving · Maintained | FMCG - Snacks | Improving | Maintained | Q1 FY27 revenue grew 12.5% YoY (volume +7.7%) with EBITDA margin at 13.5%, aided by ~150 bps from PLI income and operating leverage. The real driver was a two-half story: first 45 days hit by plant shutdowns and labor shortage, but last 45 days saw ~20% growth as supply constraints eased. Management guided 12-13% festive-quarter sweets growth and expects THS stores to clock INR 6-8 crore annual sales each. Main risks are exports down 2.2% YoY on freight costs up 2-3x and US tariff uncertainty, and papad down 6.5% on early monsoons. |
| BIOCON Biocon Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Biocon Q1 FY27 revenue rose 10% YoY, with biosimilars up 17% to ₹2,855 crores at 25% EBITDA margin and generics up 21% at 7% margin; net profit before exceptionals surged 245% to ₹145 crores as interest costs fell 23% to ₹213 crores. The real driver was biopharma growth, especially North America launches, while Syngene services revenue fell 16% to ₹736 crores due to a key client's reduced offtake and forex hedge losses. Management guides meaningful H2 acceleration from US aflibercept launch and EMA approval for the second Malaysia insulin line, with Syngene single-digit full-year degrowth and mid-20s margins by year-end. Main risk remains Syngene client concentration, plus biosimilar price erosion and US tariff uncertainty, though generics and biosimilars are currently exempt by law. |
| BRIGHOTEL Brigade Hotel Ventures Ltd Hotels - Resorts ·Improving · Maintained | Hotels - Resorts | Improving | Maintained | Brigade Hotel Ventures reported Q1 FY27 total income of ₹131 crores (+5% YoY) and PAT of ₹17 crores (+140% YoY), with EBITDA margin at 34.8% hit by 160 bps from GST 2.0. The real driver was rate-led RevPAR growth of 9% to ₹5,479 and a 54% finance cost cut after debt repayment, while West Asia cancellations cost ₹14 crores of revenue. Management maintains mid-teens like-to-like revenue growth for FY27, expecting H2 recovery from September bookings and the Q4 Aero Show, and targets portfolio ARR above ₹7,500 to offset GST. The main risk is renewed geopolitical escalation, which could hit Q2/Q3 bookings again, plus Grand Hyatt approval delays and FTA mix decline to 30% of arrivals. |
| CAMPUS Campus Activewear Ltd Footwear ·Improving · Maintained | Footwear | Improving | Maintained | Campus Activewear reported Q1 FY27 revenue growth of 12.2% YoY, volume growth of 11.7%, EBITDA margin stable at 15.9%, and PAT growth of 17.7%. School shoes grew ~50% and drove ~40% of volume growth, but reported growth was dampened by ~4.5-5% from temporary GT charges accounting change (~2-2.5%) and franchise SOR model transition (~2-2.5%), implying normalized growth of ~15-16%. Management forecasts FY27 mid-double-digit revenue growth with 6-7% ASP recovery from Q2 and high single-digit volume growth, targeting 17-19% EBITDA margins and 90-100 EBO additions. The main risk is record-high festive inventory build, which could force discounting if secondary sales tapering from geopolitical factors and Maharashtra/Gujarat floods persists. |
| CANTABIL Cantabil Retail India Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Q1 FY27 revenue ₹178.8 cr (up 13% YoY), EBITDA ₹59.4 cr (up 21%, margin 33.2%), PAT ₹16.3 cr (up 11%), SSSG 4.04%. The driver is larger store formats, with Q2 planned at 28-30 openings adding 55,000-60,000 sq ft, plus product mix. Management guides ₹1,000 cr FY27 revenue, ~5% SSSG, 8% online sales, and 60% gross margin target. Risks: volume growth 7-8% lags space growth 13%, late Diwali (Nov 10) defers festive sales to Q3, ₹15 cr developer loan outstanding till Feb 2027, and ~10% raw material inflation passed through. |
| CROMPTON Crompton Greaves Consumer Electricals Ltd Consumer Electronics ·Improving · Maintained | Consumer Electronics | Improving | Maintained | Q1 FY27 consolidated revenue rose 11.8% YoY to ₹2,235 crores, EBITDA up 14.2% to ₹224 crores at a 10.0% margin, PAT ₹143 crores up 15.2%. Growth came despite ~₹200 crores lost sales from commodity-induced supply disruptions; price hikes covering ~80% of inflation and cost programs lifted margins, with BLDC up 45%, lighting +15.4%, Butterfly +18% ex-intercompany. Management forecasts Q2-Q3 execution of the ₹450 crores solar rooftop order book, flags Q2 starting well with supplies normalized, and guides ₹350 crores greenfield capex over 2-3 years. Risks: competitors holding low-cost inventory have not matched price hikes and that advantage will fade, B2B lighting margins are squeezed by pre-contracted prices, and monsoon could delay solar installations. |
| CUMMINSIND Cummins India Ltd Gensets ·Mixed · Maintained | Gensets | Mixed | Maintained | Cummins India posted Q1 FY27 sales of ₹3,375 cr (+18% YoY), but PBT fell 0.7% YoY to ₹721 cr on commodity inflation and freight costs. The real driver was domestic power gen (+35% YoY), with data centers at 40% of segment revenue, up from 23% a year ago. Management guided to 20%+ distribution growth, one Q2 price hike with realization lagging about a quarter, and uncertain margin recovery to historic 36-37% gross margins. Main risk: West Asia crisis cut LHP exports 20% YoY and threatens permanent demand shift, while inflation could dent power gen order momentum. |
| DATAMATICS Datamatics Global Services Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q1 FY27 revenue was ₹513.9 crores (+9.9% YoY), EBITDA margin up 343 bps to 19.7%, and PAT ₹72.3 crores (+43.5% YoY). Growth was driven by AI-led deals, about 60% of FY27 wins, including TruAI underwriting and Kai legacy modernization, while Digital Experiences fell 5.3% YoY. Management maintains high single-digit FY27 revenue growth and ~20% EBITDA margin guidance, with a three-year revenue target of ~₹3,000 crores on ₹40–50 crores annual AI R&D spend. Key risk: customers automating internally, GCC/captive competition, and geopolitical softness shortening deals to 3–9 months versus 3–5 year annuities. |
| DEEDEV DEE Development Engineers Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | DEE reported Q1 FY27 revenue of ₹294.5 crores, up 31.6% YoY, with EBITDA margin of 16.9% and PAT of ₹16.1 crores, though ~₹25 crores of exports were deferred to Q2. The driver was piping execution to power and oil and gas, plus operating leverage from the new seamless pipe plant and better utilization at Anjar. Management guides FY27 revenue of ₹1,500+ crores, EBITDA margin of 19%+, and order inflow above ₹2,000 crores, with net debt falling to ₹400–425 crores. Main risk: GE HRSG LOI delays and slower BHEL order pacing, plus working capital cycle still at 263 days against a 180–200 day target. |
| DEEPAKNTR Deepak Nitrite Ltd Chemicals - Inorganic ·Improving · Maintained | Chemicals - Inorganic | Improving | Maintained | Record Q1 FY27 revenue ₹2,592 cr (+35% YoY), EBITDA ₹554 cr (+159% YoY, 21% margin), PAT ₹345 cr (+207% YoY). Driver was Phenolics record EBIT ₹418 cr (24% margin) on debottlenecking and backward integration, plus Advanced Intermediates EBIT +89% YoY. Management guides phenol to 400 KTPA run-rate, MIBK/MIBC/acetophenone commissioning in August 2026, and polycarbonate project commissioning H2 FY2029 with peak debt ₹8,000-8,500 cr and D/E below 1x. Main risks are feedstock volatility, freight and insurance escalation, import duty policy reversals, and execution delays on the ₹11,500 cr polycarbonate capex. |
| ECLERX eClerx Services Ltd IT Enabled Services ·Improving · Maintained | IT Enabled Services | Improving | Maintained | eClerx Q1 FY27 revenue was $125.9 million, up 15.2% YoY and 2.8% QoQ, with EBITDA margin at 23%, down 260 bps QoQ on wage increments and infrastructure costs. The real driver was analytics and automation, up 7% sequentially and crossing $100 million annual run rate, plus new deal wins of $41 million up 25% YoY, while BFSI stayed flat and M&D/retail remained soft. Management guides another sequential growth quarter, top quartile full year growth, at least $170 million ACV, and reaffirms 24-28% EBITDA margin despite lower gross margins from Cairo, Manila, Lima and higher G&A. Main risk is BFSI weakness persisting into H2 and pricing pressure on AI deals from larger peers. |
| EDELWEISS Edelweiss Financial Services Ltd Finance & Investments - Wholesale NBFC ·Improving · Maintained | Finance & Investments - Wholesale NBFC | Improving | Maintained | Q1 FY27 consolidated PAT was ₹122 crores, up 83% YoY. Growth was flow-led, not MTM-led, with EAAA PAT up 45% to ₹81 crores at 29% ROE, FPAUM up 27% to ₹48,623 crores, and mutual fund equity AUM up 32% to ₹96,000 crores, crossing ₹1 lakh crore in July. Management guided to an October EAAA IPO, Carlyle-Nido closure in 3-4 weeks bringing Edelweiss to 26%, corporate debt below ₹4,000 crores by year-end from ₹5,700 crores, and FY27 insurance break-even. Main risks are the co-lending rule shift forcing 180-day loan holds that hurts Nido profitability, volatile markets threatening IPO pricing, and a possible 30-50% holding company discount as subsidiaries list. |
| ELIN Elin Electronics Ltd Electronics - Equipment/Components ·Mixed · Cut | Electronics - Equipment/Components | Mixed | Cut | Q1 FY27 revenue rose 23% YoY to ₹362.8 crore, but EBITDA collapsed to ₹4.0 crore (1.1% margin) and adjusted PAT was a ₹2.8 crore loss. The driver was a margin squeeze from 40-50% resin and 40-45% aluminum inflation, a 25% Ghaziabad wage hike, INR depreciation, and loss-making batten sales. Management guided FY27 revenue to ₹1,375 crore, deferred margin guidance by a quarter, and cut loss-making batten volumes (~₹6.5 crore/month), with Bhiwadi adding ₹70-90 crore. Main risk: commodity and wage pass-through remains incomplete, with only 50-60% of labor costs recoverable and 6-8% EBITDA margins deemed "unlikely" near-term. |
| EMCURE Emcure Pharmaceuticals Ltd Pharma - Formulators ·Improving · Maintained | Pharma - Formulators | Improving | Maintained | Q1 FY27 revenue rose 22.8% YoY to ₹2,580 crores, with EBITDA margin up 50 bps to 19.7% and PAT up 35.4%. Growth was driven by international markets at +34.2%, especially ROW ARV sales, while India returned to 10.2% growth after Zuventus disruption. Management guides FY27 revenue to the higher end of low-to-mid teens growth, 70-100 bps EBITDA margin expansion, and net cash by end FY28. Main risks are gross margin compression to ~59% on international mix, semaglutide channel stuffing uncertainty, and Q2 net debt rising ₹450-500 crores on acquisition payouts. |
| ENIL Entertainment Network (India) Ltd Entertainment & Media ·Mixed · Maintained | Entertainment & Media | Mixed | Maintained | Q1 domestic revenue fell 19% YoY to ₹111 crores with radio FCT at ₹62.2 crores and events hit by cancellations, but EBITDA rose 42% to ₹8.7 crores on cost cuts like station networking and AI. Digital revenue grew 43.3% to ₹31.1 crores (30.2% of total), with Gaana up 19% to ₹21.4 crores and digital losses down to ₹8.3 crores from ₹9.8 crores. Management expects traditional media to stay subdued through FY27, events to recover from Q2 given a H2-heavy mix, and Gaana to reach EBITDA break-even as soon as possible with 70% subscribers on profitable price points. Main risks: continued geopolitical disruption to H2 events, rising customer acquisition costs for music streaming, and slow Indian willingness to pay for subscriptions. |
| FSL Firstsource Solutions Ltd IT Enabled Services ·Improving · Maintained | IT Enabled Services | Improving | Maintained | Firstsource Q1 FY27 revenue was ₹27.2 billion, up 12.3% YoY in constant currency, with EBIT margin 12.4% and adjusted PAT ₹2.2 billion, up 31.2% YoY. The driver was best-in-four-quarter ACV intake of four large deals and 12 new logos, offsetting a healthcare BPAS engagement wind-down after a client leadership change. Management reaffirmed FY27 guidance of 10%-13% constant currency revenue growth and 12.25%-12.75% EBIT margin, expecting stronger H2 as new deals ramp. Main risks are the ₹271 million net exceptional charge from that wind-down plus a separate ₹216 million regulatory settlement, with recovery and healthcare payer recalibration uncertain. |
| GRSE Garden Reach Shipbuilders & Engineers Ltd Ship - Docks/Breaking/Repairs ·Improving · Maintained | Ship - Docks/Breaking/Repairs | Improving | Maintained | Q1 FY27 revenue from operations was ₹1,815 crores, up 39% YoY, with PAT at ₹173 crores, up 44%. Delivery-linked revenue recognition drove the order book to ₹13,596 crores, its lowest in a decade. Management guides the execution pace is replicable, expects NGC contract signing in Q2 FY27, and plans ₹4,400 crores capex to lift capacity from 28 to 43 platforms. Risks include NGC signing delays, import dependence on propulsion engines, and a 15-20% wage revision in FY28. |
| GODREJAGRO Godrej Agrovet Ltd FMCG - Animal/Polutry ·Mixed · Cut | FMCG - Animal/Polutry | Mixed | Cut | Godrej Agrovet reported Q1 FY27 consolidated revenue of ₹2,852 crores, up 10% YoY, with animal nutrition segment results up 29% and oil palm revenue up 28.9%, while crop care fell 16.2% on a 40% June rainfall deficit. The real drivers were cattle feed volumes up 15%, improved oil extraction at 18.8%, and downstream oil palm integration, offset by dairy milk procurement cost inflation and planned live bird de-growth. Management revised consolidated PBT guidance to double-digit for FY27, raised Astec revenue growth guidance to over 20%, and expects a crop care assessment by end-September. Main risk: erratic monsoon persistence, with milk procurement prices elevated for 2 to 3 more quarters. |
| GNFC Gujarat Narmada Valley Fertilizers & Chemicals Ltd Fertilisers ·Mixed · Maintained | Fertilisers | Mixed | Maintained | Q1 FY27 was the second-highest quarterly profit; fertilizer segment profit was revised up to ₹85 crores from ₹24 crores, driven by urea (~₹48 crores) and ANP (~₹12 crores). Chemical realizations supported profits despite idling of acetic acid, ethyl acetate, and TDI plants, as oil prices surged from ₹43-44 to ₹73; ammonia output was 1,73,000 tonnes. Management guides FY27 TGU near FY26 (~2,10,000 tonnes), capex ₹1,500-1,800 crores, and a ₹2,800-crore project pipeline adding ₹1,200-1,500 crores revenue and ₹500-600 crores contribution by mid-2027; Dahej steam saves ₹30,000-40,000 per MT TDI, with A.T. Kearney savings target of ₹250-300 crores. Key risks are unresolved Middle East crisis, gas availability, global TDI oversupply, and government urea allocation policies; management avoided forward guidance citing extreme volatility. |
| HIKAL Hikal Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Hikal Q1 FY27 revenue was ₹403 crore with 9.2% EBITDA margin and a ₹7 crore net loss, hit by US FDA remediation costs and a ₹6 crore crop division EBITDA loss. Pharma revenue rose to ₹233 crore despite plant shutdowns, while crop exports stayed weak on Chinese pricing and ₹7-8 crore raw material cost inflation from Middle East tensions. Management guided FY27 revenue growth of 14-16% and EBITDA growth of 25-30%, with Q2 substantially up YoY and H2 accelerating. Main risk is the US FDA re-inspection due end FY27; delay or failure would defer pending DMF approvals and the FY28 margin recovery. |
| INDUSINVIT Indus Infra Trust Infra/Real Estate Investment Trust ·Improving · Maintained | Infra/Real Estate Investment Trust | Improving | Maintained | Indus Infra Trust Q1 FY27 consolidated income rose to ₹301.66 crores on finance income from three SPVs acquired at ₹1,912 crores EV, with trust-level NDCF of ₹225.77 crores and DPU of ₹3.55. The real driver was the QIP and sponsor pref raising ~₹2,000 crores at ₹119 per unit plus refinancing, lifting standalone finance cost to ₹72.17 crores. Management reaffirmed FY27 DPU guidance of ~₹14 per unit and targets 5-6 ROFO acquisitions with EV ~₹5,200 crores by year-end, contingent on NHAI approvals. Main risk is competitive bidding compressing IRRs and maintenance surprises on newer assets despite fixed-price O&M contracts, with gross debt/AUM at ~48% near the 62-63% trigger for a fundraise. |
| IKS Inventurus Knowledge Solutions Ltd IT Enabled Services/Business Process Outsourcing ·Improving · Maintained | IT Enabled Services/Business Process Outsourcing | Improving | Maintained | Inventurus Q1 FY27 revenue was ₹893 crore, up 21% YoY, with adjusted EBITDA of ~₹314 crore (~35% margin) excluding ₹20 crore TruBridge acquisition costs, and PAT up 28% to ₹193 crore. The real driver was operating non-linearity: headcount rose only 4.2% against 12% constant currency revenue growth, with currency neutral. Management guides a post-TruBridge pro forma EBITDA dip to 26-27%, recovering to early/mid-30s in two to three years, and reaffirms FY30 EBITDA of ₹3,000 crore without dilution. Main risk is TruBridge integration and its reset revenue base of ~$300M annualized, which may keep near-term growth flat. |
| JKLAKSHMI JK Lakshmi Cement Ltd Cement ·Mixed · Maintained | Cement | Mixed | Maintained | Q1 FY27 volumes were 35.98 lakh tonnes, up ~8% YoY, with realization up ₹20 per ton QoQ on geomics optimization (lead down 20 km to 368 km, worth ₹60-70 per ton) and non-trade price hikes in Gujarat, Mumbai and East, though fuel cost rose ₹0.11 to ₹1.65 per kg. Management guides Q2 fuel at ₹1.80-1.85 per kg plus ~₹80 per ton packaging inflation, with FY27-FY29 capex of ₹1,500-₹2,000 crore annually toward 30 MT capacity by FY30 and net debt/EBITDA capped at 2.5-2.75x. The main risk is Q2 monsoon demand cyclicity and maintenance shutdowns limiting cost pass-through, while Assam land litigation could delay the Northeast greenfield plant and SAIL approvals hold up railway and conveyor projects. |
| KIRLFER Kirloskar Ferrous Industries Ltd Steel - Pig Iron ·Mixed · Maintained | Steel - Pig Iron | Mixed | Maintained | Q1 FY27 EBITDA margin was 12-13%, with castings production up 19% to 43,800 MT but tube sales down 14%, while a ₹58 crore power and fuel cost hike compressed profits. The real drag was coke and LPG cost inflation on top of regulatory cuts to green power windows and a trading ban. Management forecast ≥15% FY27 volume growth, including castings at ~1,88,000 MT and steel external sales up over 20%, with EBITDA improving from Q2 on pig iron price recovery and pass-through hikes. Main risk: tube recovery depends on oil and gas demand while a ₹350 crore Karnataka forest fee remains sub judice. |
| IXIGO Le Travenues Technology Ltd E-Commerce - Platform - Travel ·Improving · Maintained | E-Commerce - Platform - Travel | Improving | Maintained | Q1 FY27 gross transaction value hit ₹5,524 crore, up 19% year on year, revenue ₹357 crore up 13%, and profit after tax ₹34 crore up 81%. Operating driver was buses, now the largest contribution margin vertical at 37% of group margin, while trains segments fell 8% on policy constraints and flights grew 4% despite fare inflation. Management guides deliberate reinvestment into hotels and AI, keeping customer inducement near 4% of gross transaction value, with aviation capacity cuts from Air India and IndiGo to persist until the festive quarter. Main risk is front-loaded AI and hotel costs pressuring margins if geopolitical resolution stays delayed and train policy relief fails to materialize. |
| LICI Life Insurance Corporation of India Finance - Insurance ·Improving · Maintained | Finance - Insurance | Improving | Maintained | LIC reported Q1 FY27 PAT of ₹13,492 crore, up 22.81% YoY, with net VNB up 61.32% to ₹3,136 crore and margin expanding 750 bps to 22.9%. The driver was a mix shift to non-par savings (+59.24%) and protection (+43.59%) plus a positive ~5% RFR assumption change, partly offset by a 1.9% expense hit from GST input tax credit loss. Management guides to a mid-20s VNB margin by FY27 exit and expects APE growth to accelerate in Q2-Q4, with ULIP and bank channel recovery dependent on market normalization. Key risks are persistency deterioration (61st month down 273 bps to 61.12%), FYP market share erosion of 341 bps to 60.10%, and near-term expense ratio pressure from the GST ITC loss. |
| MAYURUNIQ Mayur Uniquoters Ltd Plastics - Plastic & Plastic Products ·Improving · Maintained | Plastics - Plastic & Plastic Products | Improving | Maintained | Mayur Uniquoters reported Q1 FY27 standalone revenue of ₹247.03 crore (+20% YoY) and PAT of ₹58.95 crore (+43% YoY), but only ~2.8% volume growth, with the rest from mix shift to higher-value US OEM exports (export OEM ₹73.56 crore, +39% YoY). The real driver is wallet-share gains with Ford and Chrysler, not domestic demand; footwear degrew on 2-3x sole-material price hikes. Management guides 10-15% revenue growth for 3 years, 25%+ EBITDA margin as sustainable, and a new line adding 5 lakh meters/month by Feb-Mar 2027. Main risk: raw material and 4x freight cost inflation not passed on in export OEM, compressing near-term margins. |
| MINDSPACE Mindspace Business Parks REIT Real Estate Investment Trusts ·Improving · Maintained | Real Estate Investment Trusts | Improving | Maintained | Q1 FY27 NOI rose 27.8% YoY to ₹7,880 million, DPU ₹6.67 (+15.2% YoY), highest ever, with like-to-like occupancy at 95.8%. Growth came from Hyderabad pre-leasing at ₹110-132 per sq ft versus ₹80 park average, offset by Chennai’s ~14.5 lakh sq ft vacancy. Management guides to ~97% portfolio occupancy by March 2027, ₹17-18 billion NOI added over three years, and SPV tax cut to 28.6% boosting distribution. Risks: Chennai lease-up execution, Q-City cash distribution restrictions, possible funding cost rise, and Hyderabad construction slippage. |
| MOLDTECH Mold-Tek Technologies Ltd Infra - Construction & Contracting ·Improving · Raised | Infra - Construction & Contracting | Improving | Raised | Q1 FY27 revenue hit ~₹61 crore, PAT ~₹9.4 crore (12x YoY), with EBITDA margin of 19-23%, boosted by automation, MES restructuring and a ₹1.2 crore FX gain. The real driver was cost cuts, not demand: civil work on hand is $4.5 million but MES order book is flat at $0.15 million. Management guides FY27 revenue of ₹240-250 crore and EBITDA margin above 20%, with an October US design firm acquisition targeted to enable FY28 revenue of ₹300-350 crore. Main risks are M&A failure, Beryl's soft Florida permits (down ~10% YoY) and power distribution growth capped by engineer availability. |
| MONTECARLO Monte Carlo Fashions Ltd Textiles - Readymade Apparel ·Mixed · Cut | Textiles - Readymade Apparel | Mixed | Cut | Q1 FY27 revenue was ₹149 crores (+8% YoY), EBITDA loss ₹13 crores, net loss ₹23 crores, after processing INR50 crores of extra B2B winter returns, 65% of expected H1 returns versus 50% last year. Underlying demand was stronger: cotton volumes +23%, home textiles +42%, SSG 7%, but returns are booked at cost, not wholesale price, suppressing revenue. Management guides FY27 revenue to low double-digit growth, cut from 15-20%, with ~100 bps EBITDA margin compression from input costs, partly offset by 6-7% winter and 8-10% summer price hikes. Main risks are geopolitical tension, monsoon deficit in rural demand and inflation, with recovery expected from Q2 as remaining returns normalize to 35% of H1. |
| PACEDIGITK Pace Digitek Ltd Engineering - Turnkey Services ·Improving · Maintained | Engineering - Turnkey Services | Improving | Maintained | Q1 FY27 revenue was ₹555 cr (+51.3% YoY) with PAT ₹62 cr (11.3% margin), driven by energy at 79.5% of revenue and a ₹10,800 cr order book. Management confirmed FY27 guidance of ₹3,200-3,400 cr with ~45% of revenue expected in H1 and positive operating cash flow by March FY27 as energy's 90-100 day payment cycle replaces telecom's 150 days. Cell prices, ~60% of cost, are the key margin risk; guidance factors 10.5-11% PAT margin with inventory stocking, while BESS tender competition rationalized (NTPC bidder count fell from 51 to 7-8). Management guides 10 GWh capacity by December 2026 and C&I margins 4-5% above grid scale, but BOO projects require capital and China cell dependency persists with indigenous production ~2 years away. |
| PAISALO Paisalo Digital Ltd Finance - Capital Markets - Brokers ·Improving · Maintained | Finance - Capital Markets - Brokers | Improving | Maintained | Q1 FY27: AUM up 28% YoY to ₹6,707 crores, PAT up 30% YoY to ₹61.3 crores, record disbursements of ₹1,731 crores (+128% YoY), GNPA at 0.70% and collection efficiency at 97.5%. Growth was driven by touch point expansion to 5,995 across 23 states, six new product lines, and AI adoption that processes ~1,80,000 onboarding applications with cost-to-income at ~40%. Management forecasts doubling of AUM, income and PAT over the next three fiscal years, supported by an NCD issue (Tranche 1 up to ₹300 crores) opening August 7. Risks include the SBI co-lending delay, treated as optionality, seasonal provision volatility (loan losses up 120% QoQ but down 10% YoY), and elevated cost-to-income during AI transformation. |
| PGIL Pearl Global Industries Ltd Textiles - Readymade Apparel ·Improving · Maintained | Textiles - Readymade Apparel | Improving | Maintained | Pearl Global reported Q1 FY27 consolidated revenue of ₹1,528 crore (+24.5% YoY), EBITDA margin of 10.7% (+140 bps) and PAT of ₹99 crore (+51.4%), its best-ever Q1. Growth came from 20.8 million pieces shipped (+20.9% YoY) and high-value outerwear mix, with no tariff one-offs, while India standalone margin fell 70 bps to 6.6% on Haryana wage hikes. Management guides high-teens FY27 revenue growth, sees ₹6,000 crore milestone potentially achievable before FY28, and double-digit EBITDA margins, backed by ₹200-250 crore capex. Key risks: US Fed rate hikes, Iran conflict-driven freight disruptions, and conservative customer ordering based on sell-through, which limits order book visibility. |
| PELATRO Pelatro Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Pelatro reported Q1 FY27 revenue of ₹40.22 crores, up 50.7% YoY, with PAT at ₹5.43 crores, up 52.5%, including Estel's ₹6.83 crores and 25.1% organic CVM growth. The driver is operating leverage from the CVM platform and Estel integration, with recurring revenue at 62% and only 1.3 of 8 products sold per telco. Management guides a minimum 15% annual growth floor, says 100% of FY27 revenue is already contracted, and targets ~30% EBITDA margin with Estel reaching CVM-level ~22% by FY28. The main risk is ₹6 crores (30% of unbilled receivables) tied to two customers awaiting government approvals with 8-10 month payment cycles, plus Estel's margin dilution. |
| RPPL Rajshree Polypack Ltd Packaging - Plastic Containers ·Improving · Maintained | Packaging - Plastic Containers | Improving | Maintained | Q1 FY27 revenue hit ₹102.91 crores (+24.72% YoY), EBITDA ₹16.52 crores at 16.05% margin, PAT ₹7.25 crores. Growth came from domestic packaging recovery (₹91.19 crores, +31.9% YoY) with exports flat at ₹11.72 crores. Management forecasts revenue of ₹420-430 crores in 12-18 months and steady 15-16% EBITDA margins, pending injection moulding recovery to 15-16% of sales. Main risks: polypropylene spike cut gross margins to ~38.3% versus 42.5-43.5% normal, and 60% export-linked injection moulding could stay disrupted. |
| RATEGAIN Rategain Travel Technologies Ltd IT Product Companies ·Improving · Raised | IT Product Companies | Improving | Raised | Rategain posted highest-ever quarterly revenue of ₹785 crores, up 187.6% YoY, with adjusted EBITDA margin at 24.6% and FCF conversion at 78.8%. Organic growth was 17.5% YoY driven by Sojern consolidation; Martech (81% of revenue) grew organically 18.2% and DaaS grew 22.7%. Management guided to beat revised FY27 revenue guidance of ₹3,100 crores and expect organic exit at higher end of 15-20%, with EBITDA margin guidance revised upward. Risks include Middle East revenue halved to ~$425K/month with no recovery timeline, FIFA $2.5M uplift not repeating in Q2, and Europe/US property teams yet to unify to accelerate deal velocity. |
| ROLEXRINGS Rolex Rings Ltd Bearings ·Improving · Maintained | Bearings | Improving | Maintained | Q1 FY27 revenue was Rs 304 crore, up 4.3% YoY, with EBITDA margin at 22.6% and PAT up 22% to Rs 60 crore. The reported revenue missed guidance because of a seasonal labor shortage on the shop floor, not demand, and July 2026 was the highest monthly revenue ever. Management guides mid-teens revenue growth for FY27 and about 20% for FY28, plus 50 bps margin improvement, as capacity utilization moves from 63-65% to 70-72%. Key risks are ocean freight costs up 2-3x from Middle East tensions, still-soft industrial bearing demand led by Timken weakness, and a couple of US tariff-related orders on hold. |
| MOTHERSON Samvardhana Motherson International Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Q1 FY27 revenue was a record, up 17% YoY and 3% QoQ, with EBITDA up 26% YoY and margin up 60 bps, and normalized PAT up 55% YoY, despite global light vehicle output falling 1.8% YoY. The driver was Wiring Harness revenue up 31% YoY on India and North American CV recovery, plus MPP restructuring savings absorbing copper up 40% YoY and German polymer prices up 55% YoY. Management guides FY27 CapEx at ₹6,000 crore ±10%, GF3 consumer electronics commissioning in Q3 FY27 with 40 million units annual capacity, and copper pass-through lag of 1-2 quarters will pressure Q2/Q3 margins before Q4 settlements. The main risk is commodity inflation and consumer electronics ramp execution, given an untested 17-stage glass process and customer concentration, though leverage is at an all-time low of 0.8x. |
| SIGNATURE SignatureGlobal India Ltd Realty - Construction & Contracting ·Improving · Maintained | Realty - Construction & Contracting | Improving | Maintained | Q1 FY27 pre-sales were ~₹2,000 crores (20% of the ₹100 billion target) but collections fell to ₹670 crores versus the usual ₹1,000-1,100 crore run-rate on milestone slippage. The driver was the Tonino Lamborghini launch at ₹22,000+/sq ft with ₹4,400 crore GDV and 300+ units sold, lifting realizations to ₹17,000+/sq ft. Management guides FY27 launches of ₹150 billion (most remaining in SPR), pre-sales of ₹100 billion, and revenue recognition of ₹50 billion+, with collections returning to normal from Q2. Main risks: most launches cluster in one micro-market, Middle East conflict could hit demand, and affordable completions below ₹6,000/sq ft distort quarterly P&L. |
| SIS SIS Ltd Facility Management ·Improving · Maintained | Facility Management | Improving | Maintained | SIS Q1 FY27 reported consolidated revenue of ₹4,604 crore (up 29.7% YoY), EBITDA ₹207 crore at 4.5% margin, PAT ₹101.7 crore. Growth came from India Security crossing ₹2,000 crore for the first time (+37.3% YoY) and International Security at a record ₹1,982 crore run rate. Management expects labor code implementation (notified May 8-9) to be EBITDA/PAT accretive over 3-4 quarters and guides India blended margins to 5.5%-6% over 4-8 quarters. Main risks are wage pass-through timing lags, seasonal DSO at 66 days, and a delayed Cash IPO awaiting a better market window. |
| SETL Standard Engineering Technology Ltd Engineering - Heavy - Glass - lined Equipment ·Improving · Raised | Engineering - Heavy - Glass - lined Equipment | Improving | Raised | Q1 FY27 total income was ₹250 crores, up 41% YoY, with EBITDA of ₹44 crores at a 17.5% margin, which fell YoY due to investments in GScale and consumables. The real driver was the core pharma/CDMO engineering order book of ₹1,400 crores, supporting upgraded core revenue guidance of ₹1,200 crores for FY27 (40-50% growth). Management guides consolidated FY27 revenue to ₹1,450 crores, including ₹250 crores from GScale data center infrastructure, with EBITDA margin held at 17-18%. Main risk: GScale revenue depends on unbound orders and November facility commissioning, while exports fell to 2-3% of revenue due to global uncertainty. |
| STERTOOLS Sterling Tools Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Sterling Tools Q1 FY27 standalone revenue rose 23.7% YoY to ₹201.9 crores with PAT up 48.4% to ₹16.4 crores, driven by wallet share gains at 90-95% fastener capacity utilization. Cost pressure from steel and up to 35% wage inflation is not yet fully visible as low-cost inventory was used. Management guides 20%+ fastener growth in FY27, holds EBITDA margins at 15.4%, and targets FY28 breakeven for SCM and STML at combined ₹225-250 crores revenue. Main risk is Q2 margin squeeze from steel pass-through lags and SCM customer concentration after losing ₹280 crores from one insourcing customer. |
| SUBEXLTD Subex Ltd IT - Software ·Improving · Raised | IT - Software | Improving | Raised | Q1 FY27 revenue hit ₹79.45 cr, up 19.7% YoY, with EBITDA margin at 21.2% and normalized PAT of ₹16.91 cr. Growth came from backlog execution and billing milestones, not a single large deal, supported by an APAC PAM renewal and offshored Middle East delivery. Management guided to ₹100 cr quarterly revenue within a few quarters, margins held near 21% with excess reinvested into AI and R&D, and ESOP market acquisition by Q3 FY27. Main risk is Middle East geopolitical delays shifting contract closures by one to two months, plus unresolved litigation on two of three sectorial contracts targeted within FY27. |
| SUNDRMFAST Sundram Fasteners Ltd Auto Ancillaries - Engine Parts ·Improving · Maintained | Auto Ancillaries - Engine Parts | Improving | Maintained | Q1 FY27 revenue rose 20% YoY to ₹1,618 crores, with 13% tonnage growth and export share back to ~30%. EBITDA margin fell to 16.1% on West Asia driven input inflation, partly offset by pass-through contracts. Management guides ~16.5% exit EBITDA from Q2 indirect-material settlements, ~20% FY27 revenue growth, EV at ₹200-250 crores and aerospace at ₹100+ crores. Risks: high H2 FY26 base, imported capex delays, and unresolved indirect-material negotiations. |
| SUTLEJTEX Sutlej Textiles and Industries Ltd Textiles - Spinning ·Improving · Raised | Textiles - Spinning | Improving | Raised | Sutlej posted Q1 FY27 standalone PAT of ₹2.7 crores versus a ₹25.7 crore loss a year ago, with revenue up 17% to ₹704 crores and EBITDA margin at 6.7% versus 0.8%. The driver was product mix and operational efficiency, as all three clusters and six units turned EBITDA positive, with yarn segment EBITDA nearly fivefold higher. Management guided to maintain or better Q1 margins through FY27, targeting double-digit EBITDA long term, with technical textiles only contributing from FY28. The main risk is employee costs at 16.6% of revenue versus sub-10% peers, plus cotton prices that are neutral to bullish on a 30% cotton consumption base. |
| TCIEXP TCI Express Ltd Logistics - Warehousing/Supply Chain ·Improving · Maintained | Logistics - Warehousing/Supply Chain | Improving | Maintained | Q1 FY27 total income was ₹315 crores (+9% YoY), with EBITDA up 11% to ₹37 crores at an 11.7% margin and PAT at ₹22.4 crores (+6%). Q1 margins were compressed by absorbing the mid-May diesel hike in April-May before passing price increases to over 90% of customers effective June, masking 7.5% YoY volume growth to 250,000 MT. Management guided FY27 revenue growth of 13-15% on 11-12% volume plus ~3% net price hikes, PAT growth of 20-25%, EBITDA margin expansion of 100-150 bps to ~13%, and multimodal reaching 19% of revenue. Key risks are the ₹125-140 crore capex plan hinging on unclosed land deals in Mumbai, Chennai, and Bengaluru, plus further fuel volatility and competitive pricing pressure on realizations. |
| TENNIND Tenneco Clean Air India Ltd Auto Ancillaries - Others ·Improving · Maintained | Auto Ancillaries - Others | Improving | Maintained | Q1 FY27 revenue was INR 15,448 million, up 20.2% YoY; EBITDA margin at 17.9% of VAR fell 170 bps on inflation, Middle East disruptions and listed-company costs, with only 60 bps recovered. Growth came from Advanced Ride Technologies VAR, up 27.9% to INR 7,190 million on DCx Da Vinci wins and four new customers; Clean Air VAR grew 9.6%, ahead of the adjusted 8-10% served market. Management guided INR 350-450 crore FY27 CapEx, internally funded, debt-free, order book at H1, and BS7/CAFE3 content per vehicle up only 1.2-1.5X. Key risks are partial cost pass-through with Middle East war duration unknown, US Section 232 tariffs on exports, and EV penetration subtracting 3% from served market. |
| ANUP The Anup Engineering Ltd Capital Goods - Engineering Heavy ·Mixed · Maintained | Capital Goods - Engineering Heavy | Mixed | Maintained | Q1 FY27 revenue was ₹125 crores with EBITDA of ₹9.2 crores, a ~7.4% margin, hit by delayed FY26 orders and supply chain disruptions. The order book of ₹985 crores is the best-ever start, with ₹538 crores booked YTD and ₹240 crores for FY28. Management guides FY27 revenue growth of 5-10% and ~15% EBITDA margin, with Q3-Q4 heaviest revenue. Main risk is input cost inflation in fixed-price contracts, since design approvals prevent timely hedging. |
| TIMETECHNO Time Technoplast Ltd Cylinder ·Improving · Maintained | Cylinder | Improving | Maintained | Q1 net sales ₹1,694 crore (+25% YoY), EBITDA ₹225 crore (+15%), PAT ₹116 crore (+22%). Growth was driven by composite products (+29.3%) and 11% volume, but EBITDA margin slipped to 13.3% due to polymer price pass-through lag and PE pipe supply withheld where price hikes were not accepted. Management guided FY27 volume growth above 15%, EBITDA growth 19-20%, PAT growth 23-24%, and capex of ₹350 crore. Main risks are polymer price volatility from West Asia and Russia conflicts, government delay in passing PE pipe input cost increases, and the deferred Ebullient Packaging acquisition pending war stabilization. |
| VARROC Varroc Engineering Ltd Auto Ancillaries - Diversified ·Improving · Maintained | Auto Ancillaries - Diversified | Improving | Maintained | Varroc's Q1 revenue rose 29.9% YoY to ₹2,634 crores, with EV revenue up 87% to 16% of mix, but consolidated EBITDA margin fell 100 bps to 8.5% on war costs and ₹70 crores of low-margin tooling sales. Real drivers were India growth of 28.6% and overseas growth of 45.6%, plus e-powertrain wins, including one Q2 SOP backed by a major global OEM. Management ambition is FY27 revenue growth of 20-25%, capex of ₹500-550 crores, and Romania EBITDA break-even by Q4, while overseas electronics revenue is expected to double. Risks: Bajaj concentration (58% of order book, ~75% of EV revenue), war-cost recovery pace, and potential overseas OEM launch delays. |
| VIVIANA Viviana Power Tech Ltd EPC ·Improving · Maintained | EPC | Improving | Maintained | Q1 FY27 revenue rose 246% YoY to ₹71.86 crore with PAT of ₹6.93 crore and EBITDA margin near 16%, driven by central government funded power T&D project execution. Management guided FY27 revenue to ₹875-910 crore and annual EBITDA margin to 9-9.5%, calling the Q1 margin elevated and not a run-rate. Order book is ₹1,312.53 crore with ₹1,400+ crore bids under evaluation, but BESS projects await regulatory approvals and transformer manufacturing adds a ₹90 crore Greenfield capex. Main risks are margin normalization, working capital intensity and collection risk from government utilities, plus execution of planned subsidiary divestments. |
| WHIRLPOOL Whirlpool of India Ltd Consumer Electronics ·Mixed · Maintained | Consumer Electronics | Mixed | Maintained | Whirlpool India posted record Q1 FY27 standalone revenue of Rs 2,582 crore (+11.4% YoY), but EBITDA margin fell 377 bps to 4.6% on war-led commodity and forex inflation, regulatory energy costs, and e-waste accruals. The underlying driver was volume-led growth in ACs (+50% YoY) and front-load washers (+80% volume), partially offset by an inability to pass on prices without crashing market share, per the 2022 precedent. Management gave no FY27 targets, forecasting Q2 as a tough quarter and margin recovery only if the war de-escalates and e-waste costs resolve. Key risks are sustained commodity inflation, competitive pricing pressure, and overhang from the parent's 39.75% stake sale possibility. |
| ASKAUTOLTD ASK Automotive Ltd Auto Ancillaries - 2 Wheelers ·Improving · Raised | Auto Ancillaries - 2 Wheelers | Improving | Raised | Q1 FY27 net revenue rose 25.3% YoY to ₹1,358 crore, EBITDA rose 32.7% to ₹164 crore (12.1% margin), and PAT rose 28.8% to ₹85 crore. Reported growth was suppressed by the wheel-assembly closure (−6.6% drag) and alloy passthrough; underlying organic growth was ~52% ex-passthrough, with ABS +48%, ALPS +75%, cables +20%. Management raised FY27 revenue guidance to high-teens from mid-teens, expects normalized EBITDA margin of 13.5–14% as aluminum cools, and guided ~₹700 crore capex for a new Bangalore plant before March FY27. Risks are Hormuz re-escalation delaying margin normalization, monsoon-led rural demand, and the pending ABS mandate. |
| ASTERDM Aster DM Quality Care Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Aster DM Quality Care reported combined pro forma Q1 FY27 revenue of ₹2,597 crores, up 20% YoY, with EBITDA up 30% to ₹576 crores and margin at 22.2%, up 170 bps. The driver was independent volume growth, not merger synergies: emerging hospitals grew 63% and MVT 62%, while mature units hit 30% margins. Management guided to 24-25% EBITDA margin in 2-3 years and 10-15% incremental EBITDA synergies on FY24 base, plus 4,170 new beds over 3-4 years. Main risks are Bengaluru competition, clinical talent attrition, and greenfield commissioning timelines, with merger integration execution still pending. |
| AVALON Avalon Technologies Ltd Consumer Electronics - EMS ·Improving · Raised | Consumer Electronics - EMS | Improving | Raised | Avalon reported Q1 FY27 revenue of ₹484 crores, up 49.8% YoY, with PAT at ₹35 crores (7.2% margin), up 145% YoY, and EBITDA margin at 12.0%. The beat was driven by a 59.9% box build mix, India manufacturing scale (72% of revenue at 16.7% EBITDA), and an order book of ₹2,208 crores, while the US PAT loss narrowed to ₹4 crores. Management raised FY27 revenue growth guidance to 26-30% and targets ~₹3,200 crores by FY29, with US EBITDA break-even guided by FY27 end and NWC maintained at 120-130 days. Main risks are program cut-in timing shifts between February and April, a still-loss-making US operation, a 0.9% tariff drag on EBITDA, and PCB commodity supply chain pressure. |
| AXISOL Axis Solutions Ltd Engineering - Light - General ·Improving · Maintained | Engineering - Light - General | Improving | Maintained | Axis Solutions Q1 FY27 revenue was ₹48.98 crore (+78% YoY), EBITDA ₹6.22 crore (12.7% margin, +122% YoY), PAT ₹3.09 crore (+77% YoY), with a ₹365 crore order book mostly executing this year. Growth came from new product launches, import substitution from Europe to China, and international certifications, but mix shifted to industrial systems (59% of revenue) from water (55.8% last year). Management declined formal FY27 guidance, only assuring "really very good" growth, with hydrogen storage and Kavach railway opportunities still in POC and no revenue timeline disclosed. Risks include unproven margin expansion from patented products, potential MPS-driven promoter dilution (promoters hold 85.64%), and Q4 revenue concentration straining working capital. |
| BERGEPAINT Berger Paints India Ltd Building Materials - Paints ·Improving · Maintained | Building Materials - Paints | Improving | Maintained | Berger Paints Q1 FY27 standalone revenue rose 12.7% YoY with volume up 8.4% and PAT up 25.5%; PBDIT margin hit 17.4%, plus 40 bps YoY. Decorative growth of 13.5%, best in 12 quarters, drove the beat on favorable dry weather, calibrated price hikes and premium mix, while industrial lagged on delayed price pass-through. Management forecasts Q2 revenue slightly ahead of Q1 on volume of 7.5-8% and price impact of 7.5-8.5%, with FY27 operating margins held within the 15-17% band. Risks include crude-linked H2 price cuts, sustained challenger rebating with 10% free-material schemes, Northeast flood damage in a leadership market, and demand elasticity from cumulative ~12-13% price hikes. |
| BHARTIARTL Bharti Airtel Ltd Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Bharti Airtel reported Q1 FY27 consolidated revenue of ₹58,500 crores (+5.7% QoQ), EBITDA of ₹29,800 crores (51% margin), and ARPU of ₹264 with record 1 million postpaid adds. The real driver was data-led upgrades and postpaid conversion, while homes net adds deliberately slowed to 473,000 due to worsening FWA economics and a pivot to fiber-first. Management guides to 4-5% organic ARPU growth over 5-7 years, a London listing for Airtel Money in H2 2026, and a 1 GW data center ambition. Main risk is the unrepaired industry pricing architecture, which requires collective action on consumption-based data charges, plus B2B margin dilution as the digital mix scales. |
| BHARTIHEXA Bharti Hexacom Ltd Telecom Services ·Improving · Maintained | Telecom Services | Improving | Maintained | Q1 FY27 revenue was ₹2,510 crore, up 4% QoQ, with EBITDA margin at 48.2% and mobile ARPU at ₹259, helped by an extra calendar day. The operative driver was a deliberate pullback in homes additions to 75,000 net adds as management tightened FWA acquisition quality on poor cohorts and rising chipset prices, shifting focus to fiber. Management forecasts homes net adds returning to previous rates and stronger customer additions in H2, supported by a 0.2x net debt to EBITDA balance sheet. Main risks are extreme competitive intensity in Rajasthan and the full impact of higher diesel prices not yet absorbed. |