| BLUEDART Blue Dart Express Ltd Logistics ·Improving · Maintained | Logistics | Improving | Maintained | Blue Dart reported Q1 FY27 revenue of ₹1,658 crores, up 15% YoY, and PAT of ₹87 crores. Growth came from yield, not volume, as shipments rose only 2% to 96.15 million while tonnage rose 7%, aided by a 4-5% GPI, price corrections, and fuel surcharges. Management expects stable margin improvement with CapEx of ₹100-150 crores annually, plus hub consolidation in Bangalore, Chennai, and Mumbai. Risks are fuel volatility, peak-season H2 resource flexing, and competitive e-commerce pricing limiting share gains. |
| CASTROLIND Castrol India Ltd Lubricants ·Improving · Maintained | Lubricants | Improving | Maintained | Reported Q2 FY26 revenue was ₹1,871 cr, EBITDA margin ~26%, PAT ₹348 cr, all up 25-43% YoY, helped by consuming lower-cost inventory. Volume grew 2x market (~6-8% vs industry 3-4%) with two pricing hikes totaling low double digits, but the inventory tailwind is one-off. Management guides EBITDA margin of 21-24% for H2, expects Q3 cost inflation from higher-cost inventory, and is ready for further price action if FX or base oil rises. Main risks are commodity/feedstock inflation (Group 3 base oil) and the open offer timeline from BP's 65% divestment to Stonepeak, plus uneven monsoon rural demand. |
| CLEDUCATE CL Educate Ltd Computer Education ·Improving · Raised | Computer Education | Improving | Raised | Q1 FY27 revenue fell ~₹17.5 crore YoY, but EBITDA margin rose 218 bps to 16.6% on ₹18 crore cost cuts, with test prep down 15% to ₹45 crore and Martech up 3.8% with 32% EBITDA growth. The real driver was cost discipline, not demand, as Dexit deferred ₹4.7 crore revenue and lost a ₹6 crore rollover, while PAT stayed negative. Management guides continued YoY EBITDA margin expansion each quarter, Dexit revenue normalization in Q2, and zero net debt within 36 months. Main risks: MBA test prep churn, NTA in-house technology moves, and unsustainably low tender bids. |
| COHANCE Cohance Lifesciences Ltd Pharma - API & CRAMS ·Weakening · Maintained | Pharma - API & CRAMS | Weakening | Maintained | Cohance's Q1 FY27 consolidated revenue fell 23% YoY to $4.223 million, with adjusted EBITDA margin at 2.2% due to negative operating leverage and NJ Bio's $328 million EBITDA loss. The real driver was shipment phasing in Pharma CDMO and softer AgChem, partly offset by Sapala's 2.5x revenue growth. Management forecasts sequential Q2 improvement and YoY growth from H2 FY27, with FY27 margins closer to last year's level. Main risk: NJ Bio's profitability drag persists until revenue conversion improves, plus the US FDA Form 483 with five observations at Pashamylaram. |
| GANESHCP Ganesh Consumer Products Ltd Food - Processing - Atta/Rava/Sooji ·Mixed · Maintained | Food - Processing - Atta/Rava/Sooji | Mixed | Maintained | Ganesh Consumer Products Q1 FY27 revenue fell 7.1% YoY to ₹188.5 crores, hit by heatwave, LPG constraints, benign wheat prices and election disruptions, while EBITDA margin hit a record 11.2% and PAT rose 31.4% YoY to ₹12.5 crores. The beat came from value-added products at 59% of B2C revenue, better realizations and lower finance costs, not volumes. Management reaffirmed 7-8% FY27 volume growth with 9.8-10% EBITDA margin guidance and targets 18-20% non-West Bengal revenue mix in 2-3 years. Main risk is Satchuria plant commissioning slipping to end-FY28 and absorbed LPG costs threatening margin sustainability. |
| GATEWAY Gateway Distriparks Ltd Logistics ·Weakening · Maintained | Logistics | Weakening | Maintained | Gateway Distriparks reported flat to declining rail volumes in Q1 FY27 with rail EBITDA compressed, while reported PAT fell 15% on tax accounting despite cash tax staying at 18.88% for 7-8 years. The real driver was West Asia crisis disruptions since April, plus lower double stacking at 39%, fuel costs, and Haryana wage hikes of 35%, with market share intact. Management guides 10-15% top-line growth for FY27, Ankleshwar ICD operational by September 2026, Indore by 2028, and Snowman pricing up 5-7% with 24,000 pallets added. Main risk is unresolved geopolitical disruption and port restrictions, with recovery dependent on the crisis clearing and JNPT haulage rationalization unconfirmed. |
| GREAVESCOT Greaves Cotton Ltd Engines ·Improving · Maintained | Engines | Improving | Maintained | Greaves Cotton reported Q1 FY27 adjusted revenue growth of 19% YoY, but margins fell due to commodity cost inflation. The real driver was portfolio pruning into mobility and industrial, with two-wheeler volumes up over 100% YoY and Excel revenue up 14% at over 25% EBITDA margins. Management guides to maintained full-year FY27 margins, with Q2 marginally better and H2 covering any H1 shortfall, and GML positive EBITDA within 4 to 6 quarters. Key risks are commodity cost pass-through execution and early-stage AI data-center genset partnerships, plus GML scaling beyond core states. |
| HTMEDIA H T Media Ltd Entertainment & Media ·Improving · Maintained | Entertainment & Media | Improving | Maintained | Q1 FY27 revenue rose 15% YoY to ₹497 crores, EBITDA tripled to ₹90 crores at ~18% margin, and PAT was ₹47 crores. Print advertising yield improvement and a government rate hike drove growth, while digital revenue fell 28% YoY after the OTT shutdown. Management models ~13% print EBITDA margin for FY27, with newsprint at $650-700/MT expected to plateau and Q2 slightly higher. Key risk is rupee depreciation plus newsprint costs, which hit print margins; no formal revenue guidance was given. |
| HAPPYFORGE Happy Forgings Ltd Castings, Forgings & Fastners ·Improving · Maintained | Castings, Forgings & Fastners | Improving | Maintained | Q1 FY27 revenue ₹449 cr (+27% YoY), EBITDA margin 31.3% (+275 bps), PAT ₹91 cr (+39.2%), driven by 23.1% volume growth and realization ₹253/kg. Real driver: negotiated OEM price revision of ~4.5-5%, with only ~30% captured in Q1 and the rest from Q2; CV exports fell ~12% on geopolitical shipping delays despite domestic CV +18%, industrial ~50%, PV >70%. Management guides high-teens volume growth for FY27, EBITDA margin broadly in line with FY26, 18,000-ton press from Q4 FY27, solar from January, heavy forging contribution from FY29. Main risk: container costs tripled to ~$6,000 with only ~75% pass-through, weak US/EU farm demand, and asset-turn trough by FY28 start; ₹950 cr order book is 60% export. |
| HINDALCO Hindalco Industries Ltd Aluminium ·Improving · Maintained | Aluminium | Improving | Maintained | Novelis Q1 FY27 adjusted EBITDA rose 24% YoY to $516 million, but that includes an $18 million net insurance gain from the Oswego fire. The real driver was higher aluminum prices, not volumes, since shipments fell 5% to 916 kilotons on the Oswego disruption and ex-fire EBITDA per ton was $525. Management guides full Oswego capacity in Q2 FY27, Bay Minette commercial shipments in Q1 FY28, and positive free cash flow by FY27 end. Main risk is metal price normalization eroding EBITDA benefits, while South America's $1,114 per ton margin is flagged as unsustainable. |
| HNDFDS Hindustan Foods Ltd FMCG - Contract Mfg ·Improving · Maintained | FMCG - Contract Mfg | Improving | Maintained | Q1 FY27 revenue rose 18% YoY to ₹1,207cr, EBITDA 26% to ₹106.3cr, PAT 33% to ₹42.8cr (record) despite a ₹6cr footwear hit from Middle East-linked polymer/freight inflation and a 30% Haryana wage hike. The real driver was record volumes in home care, food, beverages and ice cream; footwear utilization was weak in Q1 but order books are full from Q2 at 80-90% utilization with customer-supported pass-through. Management reaffirmed FY27 PAT guidance of ₹200-220cr and ~₹500cr of signed CapEx, expecting beverage capacity online by Dec-Jan. Main risks: US tariff ambiguity delays a ready personal care export order, GST inversion ties up cash flow, and season-fixed footwear pricing leaves no contractual pass-through for future black swan events. |
| HMVL Hindustan Media Ventures Ltd Entertainment & Media ·Improving · Maintained | Entertainment & Media | Improving | Maintained | HMVL reported consolidated revenue of ₹497 crores, up 15% YoY, EBITDA of ₹90 crores, nearly 3x YoY, and PAT of ₹47 crores. The real driver was print ad revenue growth of 15% to ₹295 crores from yield improvement and a November 2025 government rate hike, plus employee costs down ₹12 crores. Management expects newsprint prices to plateau and uses 13% print EBITDA margin as a modeling baseline, but Q2 newsprint will be slightly higher and government rate benefits annualize after Q3/Q4. The main risks are unhedgeable newsprint at $650-700/MT with rupee at lifetime high, a 28% digital revenue decline, and shareholder criticism of the ₹24.70 preferential issue diluting 15%. |
| JTLIND JTL Industries Ltd Steel - Tubes/Pipes ·Improving · Maintained | Steel - Tubes/Pipes | Improving | Maintained | JTL's Q1 FY27 revenue hit a record ₹722 crores, with EBITDA margin at 8.1% and PAT at ₹35 crores, after a ₹2.8 crore non-cash depreciation charge at Defence. The real driver was record secondary demand from a wide ₹8-12/kg primary-secondary spread, lifting volumes 17.8% YoY to 1,18,513 tonnes with core EBITDA per tonne at ₹4,750. Management maintained FY27 volume growth guidance of 30%, targets ₹5,000 consolidated EBITDA per tonne and 65% utilization by year-end, with ₹100 crore capex completing the 2 MTPA expansion. The main risk is spread normalization, plus export logistics constraints that kept exports at 5% of sales despite a ₹75+ crore order book. |
| METROBRAND Metro Brands Ltd Footwear ·Improving · Maintained | Footwear | Improving | Maintained | Q1 FY27 standalone revenue grew 14% YoY, EBITDA margin ~30%, PAT +13% at ~13% margin, gross margin ~60% at a five-quarter high. Real driver: June rebounded to mid-teens growth after April–May U.S.–Iran conflict and Adhik Mas wedding-date softness, with premium mix and forward buying offsetting ~200 bps PAT pressure from marketing, occupancy, treasury, and tech investments. Management guides FY27 revenue ~15% plus or minus a couple points, PAT 13–15%, gross margin 55–57%, EBITDA ~30%, triple-digit net store additions, and e-commerce 20–30% growth excluding SOR 3P lumpiness. Main risk: BIS certification disruptions, especially high-end athletics, not out of the woods, plus crude-linked input inflation and Diwali shift into Q3. |
| METROPOLIS Metropolis Healthcare Ltd Diagnostics ·Improving · Maintained | Diagnostics | Improving | Maintained | Q1 FY27 revenue was ₹450 crores, up 17% YoY and ahead of the 14-15% full-year guidance, with EBITDA margin at 25.2% (up 210 bps) and PAT up 26% to ₹57 crores. Growth was volume-led (patients +10%, tests +11%) with no price increase in 18 months, driven by 300 new centers, TruHealth up 22% at 18% of revenue, and specialty at 40% of revenue. Management keeps FY27 guidance of 14-15% revenue growth and 100-150 bps EBITDA margin expansion, targeting 400-500 net centers, a 30:1 center-to-lab ratio, and 27-28% margins by FY28. Key risks: weather-driven seasonality, Core Diagnostics margin drag (high single-digit now versus a 25% target in 3-4 years), and B2B competitive intensity. |
| MCX Multi Commodity Exchange of India Ltd Exchanges ·Improving · Maintained | Exchanges | Improving | Maintained | MCX reported Q1 FY27 total income of ₹752 crores (+85% YoY) with ₹544 crores EBITDA at 72% margin and PAT of ₹413 crores, consolidating at an elevated baseline after exceptional Q4 FY26. ADT rose 47% YoY to ₹10.5 lakh crores and client base doubled to 13.72 lakh, but bullion options premium-to-notional ratio compressed from 1.03% to 0.35% as volatility normalized, directly pressuring transaction revenue. Management guides strong FY27 momentum with BULLDEX redesign and index products in coming months and electricity futures at ~55% market share, expecting RBI bank guarantee regulation impact to be optimal. Main risks: premium yield compression from volatility normalization, uncosted RBI regulation on member prop flows effective Q2, and competitive pressure from challenger exchanges. |
| NAVINFLUOR Navin Fluorine International Ltd Chemicals - Flourine ·Improving · Maintained | Chemicals - Flourine | Improving | Maintained | Q1 FY27 consolidated revenue rose 44% YoY to ₹1,045 crores, EBITDA up 73% to ₹357 crores (34.2% margin, +566 bps), PAT up 108% to ₹243 crores, net debt-free. CDMO led at ₹180 crores (+82%) on European partner deepening to API-minus-one; HPP ₹540 crores (+33%) on R32 volumes and realizations; Specialty ₹325 crores (+48%) on patented campaign molecules. Management guided 32-33% ±1% EBITDA margin run-rate, reiterated FY28 $100M CDMO target, R32 15,000 MT expansion and MPP debottleneck due Q3 FY27. Risks are raw material inflation with ~100 bps gross margin dip and pass-through lag, India HFC oversupply before likely 2028 quotas, and one CDMO FDA readout miss with three more pending in 8-12 months. |
| NEULANDLAB Neuland Laboratories Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 total income rose 16.3% YoY to ₹650.1 crores with EBITDA margin at 35.5% and PAT at ₹147.4 crores versus ₹13.7 crores a year ago. The beat came from a handful of roughly 3 commercial CMS molecules plus favorable mix and operating leverage, not broad-based demand. Management aspires to ~20% annual revenue growth in FY27-28, targets long-term EBITDA margin of 25%+, and expects the peptide facility commissioned next month with 1 new commercial molecule in FY27 and 1-2 in FY28. The main risks are revenue concentration in those few molecules and ROCE pressure from ₹1,460 crores approved capex, of which ₹870 crores is already spent. |
| ONGC Oil & Natural Gas Corpn Ltd Oil Drilling & Exploration ·Improving · Maintained | Oil Drilling & Exploration | Improving | Maintained | ONGC standalone Q1 FY27 revenue was ₹56,450 crore (+45% YoY) and PAT ₹17,034 crore (+112% YoY), driven by crude realization of $99.45/bbl from Hormuz volatility, but consolidated PAT fell to ₹6,554 crore on HPCL's ₹12,265 crore loss. Management credited the beat to pricing, not volumes; oil production stayed flat and gas rose to 28% of revenue. Management forecasts FY27 production of 39 MMTOE and FY28 of 40 MMTOE, with KG 98/2 gas reaching 3+ MMSCMD after CPP commissioning in October-November. Key risks are KG 98/2 reservoir interconnection complexity (well re-entry costs ₹500+ crore each) and OPaL's EBITDA swing from positive ₹1,207 crore in FY26 to negative ₹57 crore in Q1. |
| POLICYBZR PB Fintech Ltd Insurance - Proxy ·Improving · Cut | Insurance - Proxy | Improving | Cut | PB Fintech Q1 FY27: consolidated revenue ₹1,888cr (+40% YoY), PAT ₹163cr (+92%, margin 6% to 9%), total insurance premium ₹8,372cr (+41%) led by new health and term at 53% and claims support (70,000 claims, CSAT>90%). Real driver is renewals, LTM ₹1,003cr (+55%), as management prioritizes fresh business growth over margins. Management guides PAT margin toward 3% of premium and Paisabazaar EBITDA at ~₹50cr for FY27 (halved from earlier ₹100cr), with renewals growing >50%. Main risk: regulatory changes on effort-based commission or dark-pattern phone collection could raise acquisition costs, plus H2 base effect from GST-driven Q3 FY26. |
| PIDILITIND Pidilite Industries Ltd Speciality Chemicals ·Improving · Maintained | Speciality Chemicals | Improving | Maintained | Pidilite reported Q1 FY27 standalone revenue of ₹4,237 crores (+22.2% YoY) with 11.3% underlying volume growth and EBITDA margin of 26.4%, up 80 bps QoQ; consolidated revenue grew 21.3% to ₹4,541 crores. The beat came from proactive 2-12% price hikes on replacement costs, low-cost inventory carryover and scheme moderation, while C&B UVG stepped up to 12.2% but exports UVG fell 8.4% on geopolitical issues. Management kept the 20-24% EBITDA band, flagged Q2 moderation as higher-cost inventory gets consumed, and forecast mid-to-upper band if crude holds mid-80s with C&B UVG sustaining 11-12%. Risks: VAM price "yo-yoing" could trigger rebates nullifying price gains, export customers may have shifted suppliers permanently, and new tile adhesive entrants plus a paint major's VAM/VAE integration loom. |
| PNBHOUSING PNB Housing Finance Ltd Finance - Housing ·Improving · Maintained | Finance - Housing | Improving | Maintained | PNB Housing Finance reported Q1 FY27 PAT of ₹557 crore (+4% YoY), ROA 2.37%, GNPA 0.95%, and credit cost negative 12 bps. Real driver: mix shift toward Affordable/Emerging (41% of retail book) improved yields, but NIM fell 19 bps QoQ to 3.50% on leverage and a one-time true-up. Management guides 18-20% FY27 book growth, 50-60% Affordable growth, NIM improvement from H2, and ROA 2.35-2.4%, with possible upside. Main risks: elevated incremental borrowing costs, execution of Affordable scale-up, and no recovery factored for the reclassified ₹420 crore fraud account. |
| POCL Pondy Oxides & Chemicals Ltd Recycling ·Improving · Raised | Recycling | Improving | Raised | Q1 FY27 revenue was ₹931 crore (+56% YoY), EBITDA ₹56 crore at 6% margin, PAT ₹36 crore, driven by copper volumes tripling and a record lead EBITDA/ton of ₹21,595. The lead record reflected an elevated 85% value-added mix versus ~55% last year, as management prioritized margins over pure-lead volumes during Hormuz shipping delays on ~97% import-based sourcing; copper EBITDA/ton rose 66% to ₹48,488 on new capacity. Management guides lead volumes close to the committed 1.25-1.3 lakh tons, sustainable lead EBITDA of ₹18,000-20,000/ton, copper recycling EBITDA above ₹40,000/ton, and a ₹200 crore cathode plant (Phase 1 December 2025, Phase 2 by Q3 FY27) with ₹60,000-65,000 blended EBITDA/ton. Risks include persistent Hormuz disruption, fuel and additive costs lifting other expenses 44% sequentially, cathode commissioning slippage, and unmonetized EPR credits tied to Q2 domestic sourcing economics. |
| PTC PTC India Ltd Trading ·Mixed · Maintained | Trading | Mixed | Maintained | Q1 FY27 standalone PAT fell 33% YoY to ₹71 crore despite trading volume up 12% to 25.78 billion units and margin steady at 3.35 paisa/unit, driven by lower surcharge and rebate income as DISCOM liquidity improved. Management attributed the earnings hit to structural payment-discipline gains, not market share loss. It declared a one-time ₹23/share dividend from PEL sale proceeds, expects no long-term PPA expiries in three years, and targets growth via exchange trades, a 1,200 MW NTPC Green PPA (FY29), and storage models. Key risks: a ₹17.4 crore disputed-contract provision with limited recoverability, hydro variability, and regulatory exclusion from long-term SBD bidding. |
| RSYSTEMS R Systems International Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Q2 revenue rose 30.2% YoY to ₹601.7 crores, adjusted EBITDA margin 20.1% from 17.3%, though adjusted net profit of ₹62.9 crores fell QoQ on the ₹18 crore Q1 hedge benefit and ₹23.8 crore SG&A spend. Driving performance is AI-led productivity: data/AI/cloud crossed 50% of revenue, ACV bookings hit $82.9 million, and revenue grew 30% on flat headcount. Management expects H1 bookings to convert into H2 revenue, reiterates an 18 to 18.x% sustainable adjusted EBITDA margin band, and aspires to 3 to 4% constant currency growth. Main risks: INR volatility in hedge accounting, Novigo's Middle East exposure, and client decision delays that could push the constant currency target further out. |
| RPTECH Rashi Peripherals Ltd Trading ·Improving · Maintained | Trading | Improving | Maintained | Q1 FY27 consolidated revenue rose 61.9% YoY to ₹5,102 crore, EBITDA up 55% to ₹173 crore (3.38% margin), PAT up 69% to ₹105 crore. Growth was driven by 30-35% price inflation, 20-25% volume, ~10% share gains from PC refresh and AI adoption, not just one factor. Management forecasts Q2 FY27 revenue growth similar to Q1, with price increase speed halving, and targets sustaining 20% CAGR via VDA acquisition and ReStar semiconductor JV. Main risks: entry-level laptop shortage (~50% short) due to component constraints and H2 consumer affordability pressure from near-doubled laptop prices. |
| RITES Rites Ltd Railways ·Improving · Maintained | Railways | Improving | Maintained | Q1 FY27 revenue +19% YoY, PAT +8%, with consolidated EBITDA margin 22% and PAT margin 17%, both above the 20%/15% red lines. Execution from the record order book drove growth; ₹670 crore of new orders kept the book at ₹9,450 crore, but ~70% of wins were competitive and 450 new hires plus an imminent 8-10% pay revision pressure costs. Management guided double-digit FY27 revenue growth, at least ₹300 crore export revenue with the first Bangladesh rake dispatching within days, and a ₹10,000+ crore order book while holding margin floors. Risks: Bangladesh delivery completes only in Q2-Q3 FY28, Mozambique locomotive start uncertain until end-Q2 visibility, and turnkey's 1.5-2% margins at ~50% of book dilute profits. |
| RSWM RSWM Ltd Textiles - Spinning ·Improving · Maintained | Textiles - Spinning | Improving | Maintained | RSWM posted Q1 FY27 revenue of ₹1,161 crore, up 1.7% QoQ, with EBITDA at ₹94 crore (8% margin) and PAT of ₹17 crore, helped by gross margin expansion to 39.8% and renewable power now at ~60% of consumption. The real driver was domestic yarn demand (cotton utilization 98%, synthetic 96%) with favorable cotton-yarn spreads, while knit fabric margins stayed weak from cost inflation and subdued export demand. Management forecasts all quarters similar or better than Q1, backed by graphene commercialization in FY27, a ₹92 crore fabric expansion, a 50,000 MT PET recycling project, and a denim garmenting JV. The main risks are crude-linked polyester price volatility, gradual export recovery, and execution of new ventures like food-grade PET certifications. |
| SANOFI Sanofi India Ltd Pharma - MNC bulk Drugs ·Improving · Maintained | Pharma - MNC bulk Drugs | Improving | Maintained | Q2 FY27 income rose 7% YoY with PBT up 19% to ₹112 crore, as diabetes growth of 14% and public sector expansion offset a 2% partnership business rise. Operating expenses fell 15% in H1, boosting margins, while cash grew 34%. Management expects H2 diabetes momentum to match H1 but says partnership business will not reach industry growth in 2026, with 2027 under evaluation. Risks include Novo's once-weekly insulin, Australian export losses, and uncertain partnership recovery. |
| SFL Sheela Foam Ltd Mattress ·Improving · Maintained | Mattress | Improving | Maintained | Consolidated Q1 FY27 revenue rose 26% YoY to ₹1,032 crores with EBITDA up 45% to ₹109 crores, a first for the quarter. The real driver was international inventory gains, as Australia and Spain EBITDA margins jumped to 12.8% and 14.7%, while India volume grew only 6% due to raw material price swings of +40% to -20%. Management reaffirmed FY27 standalone revenue growth above 15% and 11-12% EBITDA margin, expecting double-digit volume recovery and India debt repayment within a year. Main risk is raw material volatility persisting through November 2026, plus normalization of international margins toward a sustainable 10-12%. |
| SHILPAMED Shilpa Medicare Ltd Pharma - API & CRAMS ·Improving · Maintained | Pharma - API & CRAMS | Improving | Maintained | Q1 FY27 revenue ₹469cr (+43% YoY), EBITDA margin 30%, PAT ₹101cr (+115%) aided by deferred tax reversal. Formulation drove growth with ex-licensing +112% on complex US FDA products, API +15%, biologics +42%. Management guides ~30% EBITDA margin and ~25% normalized tax, but no numeric revenue guidance, expecting higher ROCE from biologics and CDMO monetization. Main risks: regulatory hurdles, raw material inflation, US tariffs on complex exports, and clinical failures across 25+ NCE programs. |
| SNOWMAN Snowman Logistics Ltd Logistics - Warehousing/Supply Chain ·Mixed · Maintained | Logistics - Warehousing/Supply Chain | Mixed | Maintained | Q1 FY27 ICD volumes were flat year on year and reported PAT fell 15% as the West Asia crisis hit container flows from April, though market share held. Rail EBITDA compressed on import-export mix, port imbalances, double stacking at 39% versus 40-42% last year, and a 35% Haryana wage hike with pricing pass-through lagging to Q2. Management guides to double-digit Gateway volume growth for FY27 subject to conflict resolution, Ankleshwar EXIM by September, and Snowman 10-15% top line growth on 24,000 pallet additions. Main risk is unresolved war uncertainty plus whether shipping lines shift cargo to JNPT as DFC benefits remain unproven. |
| SHRIPISTON SPR Auto Technologies Ltd Auto Ancillaries - Engine Parts ·Improving · Maintained | Auto Ancillaries - Engine Parts | Improving | Maintained | SPR Auto Q1 FY27 consolidated income grew 51% YoY but PBT only 7%, with EBITDA up 27% as commodity costs and Antolin acquisition finance costs capped margins. The real driver was GST 2.0 demand plus Antolin's margin improving from 7-8% to early mid-teens on synergies, while legacy piston volumes grew 22% on mix shift to lower-value vehicles. Management guides margin normalization in Q2 FY27 through back-to-back OEM price hikes, high-teens EBITDA, and continued demand momentum, with Takahata Phase 4 revenues from early FY28. Main risk is exports staying "badly affected" by geopolitics in Europe, US, and Middle East, with recovery expected only next quarter at best. |
| STYRENIX Styrenix Performance Materials Ltd Petrochem - Polymers ·Mixed · Cut | Petrochem - Polymers | Mixed | Cut | Styrenix Q1 FY27 reported standalone EBITDA of ₹201.4 cr (up 133.9% YoY, 26.1% margin) and PAT of ₹137.3 cr, but volumes fell 26% YoY to 38.9 KT; management says the margin spike is a temporary lag between raw material price surges and product price adjustments, not sustainable. Demand destruction in non-OEM sectors (15-25% market decline) was the real driver, while OEM/auto stayed resilient. Management guides the 50,000-ton ABS brownfield expansion on for FY27 commissioning, expects margins to normalize to historical ~10-12% levels, and gives no volume guidance. Main risk: prolonged Middle East geopolitical volatility, which has already shifted raw material sourcing to longer lead-time alternatives and compressed demand. |
| SUDEEPPHRM Sudeep Pharma Ltd Chemicals - Speciality ·Improving · Maintained | Chemicals - Speciality | Improving | Maintained | Q1 FY27 revenue was ₹158.3 cr, up 27% YoY, with EBITDA at ₹54.9 cr (34.7% margin) and PAT at ₹40.6 cr. Growth was predominantly volume-driven, with PFN up 31% and bisglycinate Q1 sales already exceeding last full year, but specialty growth of 19% was held back by an LPG shortage that kept utilization below 50% for six weeks. Management guides specialty back to historical growth from Q2, greenfield supplies from Q3, NSS normalization by FY28, and a sustainable 37-38% EBITDA margin. Main risks: continued NSS European demand weakness, SAM off-take conversion timing before April 2027 commissioning, and phosphoric acid prices up about 50% with pass-through only starting Q2. |
| TIMKEN Timken India Ltd Bearings ·Improving · Maintained | Bearings | Improving | Maintained | Reported Q1 FY27 standalone revenue rose 15% YoY to ₹929 crores with PBT at ₹150 crores (+15% YoY) and gross margin up 100 bps to 39.9%. Growth was driven by process sales up ~30% from wind and metal projects plus exports up 21% on US intercompany tapers, while rail grew single digits due to delayed government tenders. Management guides Bharuch SRB utilization to ~70% by Aug-Sep 2026 from 40-45%, Jamshedpur commercial rail production by calendar year-end, and FY27 capex of 8-10% of sales. The main risk is steel cost inflation of ~₹5,000 per ton with restricted pass-through in fixed railway and PSU contracts, plus uncertain rail procurement timing. |
| TRACXN Tracxn Technologies Ltd IT - Software ·Improving · Raised | IT - Software | Improving | Raised | Q1 FY27 revenue was ₹21.1 crore, up 2.9% QoQ, but EBITDA turned negative at -₹4.2 crore and PAT at -₹3 crore. India revenue accelerated to ~19% annualized, while international turned positive QoQ, driven by a vertical sales playbook and a doubling of the closing sales team from 34 to ~60 by Dec-26. Management guides India revenue growth of 15-20% for FY27, likely at the higher end, with expense growth of ~10%, and expects international improvement from Q2 FY27 as new datasets launch. The main risk is persistent flatness in VC segment revenue at decade-low deal volumes and unproven international inflection. |
| UGROCAP Ugro Capital Ltd Finance & Investments - MSME Lending ·Improving · Maintained | Finance & Investments - MSME Lending | Improving | Maintained | Q1 FY27 AUM was flat at ₹15,013 crore as prime intermediated run-off accelerated to ~25% versus 20% guided, while EM LAP grew 9% QoQ to ₹3,892 crore and GrowX 32% QoQ to ₹3,003 crore. Real driver is the portfolio mix shift: yield rose 63 bps to 18.1%, borrowing cost fell to 10.14%, and quarterly opex was cut to ₹119 crore from ₹217 crore, lifting pre-tax ROA to 2.6% (normalized ~2.1%). Management guides FY27 AUM broadly flat, opex annualized near ₹490 crore, and no equity raise through FY29, with Profectus merger closing by Feb-27 leaving CRAR at ~23-24%. Main risks: faster prime run-off triggers income reversals, 145 young branches must reach ₹75-80 lakh monthly disbursement by 12 months, and focus-book GNPA seasoning (EM LAP peak 3-3.5% at 18+ months). |
| UNIPARTS Uniparts India Ltd Castings, Forgings & Fastners ·Improving · Raised | Castings, Forgings & Fastners | Improving | Raised | Uniparts posted Q1 FY27 revenue of ₹347 crores, up 27% YoY, with EBITDA up 55% to ₹90 crores and PAT up 64% to ₹57 crores. The driver was construction equipment demand from US AI spending and European infrastructure plus warehouse channel mix at 56% of sales lifting EBITDA margin to ~26%. Management guides FY27 growth a couple of percentage points above FY26's 21%, with Q2 flat and H2 better on ag recovery. Key risk: large ag industry decline of mid-teens in CY2026, aftermarket deferral and currency volatility hurting margins. |
| UBL United Breweries Ltd Alcoholic Beverages ·Improving · Raised | Alcoholic Beverages | Improving | Raised | Q1 FY27 sell-out volumes rose 13% YoY, while sell-in grew only 9% due to deliberate inventory cuts, gross margin fell 155bps to 41% on a ~300bps war cost shock, and EBITDA margin recovered to 10.9% from 6.5% sequentially. The operating driver was premium margins turning accretive for the first time, with premium at about 10-11% of revenue and Heineken Silver up 28%, plus a recovery program delivering over ₹50 crores that offset half the war impact. Management maintains FY27 double-digit revenue growth on double-digit volumes, revises war impact down to ₹350-400 crore, and has implemented 2.5-3% weighted price increases across 22 states. Key risks are crude oil volatility, reliance on state reforms (Karnataka up 30-35%, Maharashtra up 20%) while Haryana and West Bengal lag from deliberate cuts and import costs, and competitive trade-spend aggression. |
| VAIBHAVGBL Vaibhav Global Ltd Diamond, Gems & Jewellery ·Improving · Maintained | Diamond, Gems & Jewellery | Improving | Maintained | Reported Q1 revenue of ₹917 crore grew 12.7% YoY, EBITDA rose 37% to ₹102 crore, PAT 50% to ₹56 crore, but constant currency was flat, aided by a ₹25 crore US tariff refund and favorable forex. The real driver was product mix, with in-house brands at 57% of B2C and lab-grown diamonds at 13% of retail lifting gross margin to 67%, while digital mix reached 45%. Management reiterated FY27 guidance of 9-11% revenue growth, 50-100 bps EBITDA margin expansion, and digital mix over 50% by year-end, targeting customer payback compression from 9-10 months to 3 months. Main risks are US/UK discretionary weakness, one-off tariff refunds not recurring, Shopify migration hiccups, and INR volatility that masks local currency performance. |
| VENTIVE Ventive Hospitality Ltd Hotels ·Improving · Maintained | Hotels | Improving | Maintained | Consolidated revenue rose 7% YoY to ₹554 crores with EBITDA at ₹205 crores (37% margin), but Maldives EBITDA fell 32% due to a ₹19 crore fuel cost spike. India was the driver, with revenue up 13% to ₹203 crores and EBITDA up 16% to ₹74 crores on ~20% RevPAR growth. Management forecasts Q3/Q4 Maldives recovery on strong bookings and expects Pune solar to add 5-6% India EBITDA from Q1 FY28. Main risks are sustained West Asia fuel price volatility and Sri Lanka project delays to ~FY30. |
| VRLLOG VRL Logistics Ltd Logistics - Warehousing/Supply Chain ·Improving · Raised | Logistics - Warehousing/Supply Chain | Improving | Raised | VRL Logistics Q1 FY27 revenue rose 18% YoY to ₹885 crore, PAT ₹81 crore (+62%), EBITDA margin 21.8% (+71 bps). Realization per ton jumped 9% to ₹8,546 and volumes 9% to 10.19 lakh tons, driven by ~5% freight rate hikes and recovering customers after FY26 price resets, despite fuel costs up 13% to ₹94/liter. Management guides FY27 volume growth of 8% (July at 10%), maintainable EBITDA margin 20-21%, with ₹220-240 crore CapEx funded by ₹480-500 crore free cash flow plus a ₹280 crore buyback. Risks: fuel price declines could force 2-3% rate cuts, lower monsoon may hit agricultural volumes (10-11% of mix), and owned fleet is capacity-constrained. |
| WELENT Welspun Enterprises Ltd Water Treatment ·Mixed · Maintained | Water Treatment | Mixed | Maintained | Q1 FY27 revenue fell to ₹774 crore due to geopolitical supply chain issues, Mumbai construction stoppages and election labor migration, but EBITDA margin held at 22.9% and continuing PAT was ₹90 crore. The real driver was margin discipline and capital recycling, with the Aunta-Simaria divestment at ₹1,000 crore enterprise value expected to cut ₹800 crore debt in Q2 FY27. Management guides FY27 revenue growth closer to 15%, fresh order inflows of ₹8,000–10,000 crore (shifted to H2), and Pune-Shirur revenue near ₹500 crore, backed by an ₹18,700 crore order book. The main risk is uncontrollable external factors and oil and gas FDP approval, expected in 4–6 weeks, with production about two years away. |
| WONDERLA Wonderla Holidays Ltd Amusement Parks ·Improving · Maintained | Amusement Parks | Improving | Maintained | Wonderla Q1 FY27 income rose 41% YoY to ₹252 crores, EBITDA up 39% to ₹122 crores at a 48% margin, PAT ₹72.79 crores, on 33% higher footfalls of 12.25 lakhs. Chennai Park in its first year drove 64% of EBITDA growth with ₹21.86 crores on ₹45 crores revenue; existing parks grew 15% on 7% footfalls and 8% ARPU, with non-ticket spend up 20% to ₹591 per guest. Management guides to at least one new park announcement before FY27 end from talks with 3-4 states, targeting 40-50% non-ticket revenue mix from ~30%. Key risks are Q2 monsoon weakness, unpredictable footfalls, and the high ARPU base, making similar growth unlikely, per management. |
| AJMERA Ajmera Realty & Infra India Ltd Realty - Construction & Contracting ·Mixed · Maintained | Realty - Construction & Contracting | Mixed | Maintained | Q1 FY27 concall summary contains no reported figures for Ajmera Realty, only the date, Tuesday August 4 2026, and participant names Dhaval Ajmera and Gaurang Chotalia. The operating drivers behind the quarter are absent from the extract, with no sales, collections, margins or order book data disclosed. Management provided no guidance in the available text, so any forward outlook cannot be summarized. The main risk is information incompleteness, as the summary omits every metric needed to assess the quarter's performance. |
| APLLTD Alembic Pharmaceuticals Ltd Pharma - Formulators ·Improving · Raised | Pharma - Formulators | Improving | Raised | Q1 FY27 consolidated revenue rose 26% YoY to ₹2,150 crore, with EBITDA at 16% margin and PAT up 12% to ₹173 crore. Growth was driven by US generics up 49% reported, ex-bosutinib up about 25% constant currency, plus API up 33%, while India branded lagged at 7% awaiting a turnaround under new sales leadership. Management raised FY27 guidance to mid-to-high teens US generics growth and closer to mid-teens consolidated, with 15 more US launches and bosutinib exclusivity to November. Main risk is post-exclusivity competition in bosutinib, plus US pricing erosion, ₹1,600 crore gross debt from receivables, and slower India human health recovery. |
| ARTEMISMED Artemis Medicare Services Ltd Hospitals ·Improving · Maintained | Hospitals | Improving | Maintained | Artemis Q1 FY27 reported consolidated revenue of ₹287.35 crores (+12.7% YoY), EBITDA margin of 21.5% on ₹61.78 crores, and PAT of ₹31.56 crores (+48.9% YoY). Results were driven by Gurgaon operating leverage (95-97% of revenue) with occupancy at 65.7%, ARPOB of ₹85,690, and 27% international patient mix. Management guided Gurgaon occupancy to ~70% by Q2 FY27, 20-21% FY27 margins rising to 23-24% in 2-3 years, and Raipur break-even in 15-18 months with ~₹20 crores cumulative loss. Key risk is patient denial capacity constraint pending the 200+ bed Tower 4 opening in 18-22 months, plus West Asian war impact on international volumes. |
| BSE BSE Ltd Exchanges ·Improving · Maintained | Exchanges | Improving | Maintained | BSE reported record Q1 FY27 revenue of ₹1,707 crore (operational revenue ₹1,566 crore, +63% YoY) and net profit of ₹873 crore (+62% YoY) at a 51% margin. The driver was record derivatives premium turnover of ₹29,615 crore ADPT (+96% YoY) and cash market ADT of ₹9,955 crore. Management guides to meaningful double-digit cash market share by early CY2027 and 800 FPIs, with in-house data distribution from Jan 2027. Main risk: RBI circular and STT hikes may hit volumes fully only as bank guarantees mature, plus stock options liquidity remains challenging. |
| CAPILLARY Capillary Technologies India Ltd IT - Software ·Improving · Maintained | IT - Software | Improving | Maintained | Capillary reported Q1 FY27 revenue of ₹256 crore (+43% YoY) but a reported PAT of -₹9.5 crore due to a ₹30-35 crore cyber fraud exceptional loss, with normalized PAT at ₹25 crore. The real driver was the Session M acquisition ($32M ARR for net ~₹17 crore) and 111% NRR, while organic growth was only 17% as the largest healthcare customer stalled (23% ex-customer). Management confirmed it will beat FY27 guidance of ₹1,065 crore revenue and ₹172 crore EBITDA, guiding organic growth 20-23% and targeting Kognitiv migrations by Sep-27 to add ₹120-130 crore EBITDA. Main risks are cyber fraud recovery timing, large customer concentration, and execution of AI-led migrations. |
| MAPMYINDIA CE Info Systems Ltd Geospatial ·Improving · Maintained | Geospatial | Improving | Maintained | CE Info Systems Q1 FY27 revenue was ₹139.7 crore, up 14.9% YoY, with EBITDA margin at 40.2% and PAT at ₹49.7 crore. Growth was driven by IoT-led revenue nearly doubling to ₹41 crore on hardware deployments, while Automotive rose 29% to ₹58.8 crore; a one-time ₹4 crore government write-off cut EBITDA by 4%. Management maintained FY27 EBITDA margin guidance of 35%+ and cited an open order book of ₹1,750 crore, expecting a stronger second half from government execution and SaaS conversion. Main risks are longer government receivable cycles, auto OEM technology time-shifting, and IoT hardware mix margin dilution before recurring SaaS revenue kicks in. |
| CENTURYPLY Century Plyboards (India) Ltd Plywood Boards/Laminates ·Improving · Maintained | Plywood Boards/Laminates | Improving | Maintained | Q1 FY27 consolidated revenue was ₹1,561 crores, up 33.5% YoY, with PAT at ₹83.3 crores (up 57%) and EBITDA margin excluding forest losses at 13.0%. The driver was plywood, up 32.4% YoY at a 16.9% margin from a 7% April price hike and dealer stocking, plus particle board up 155.7% on OEM acceptance, while MDF grew ~29% despite a shutdown. Management withdrew formal guidance citing geopolitical volatility, and forecasts particle board margins near 15% by next year and plywood market share rising from 9.5-10% to 15% in five years. Key risks are raw material price swings (MDF hike largely rolled back), working capital strain from 33% growth, and UP land delays for the April 2028 plant start. |
| CAMS Computer Age Management Services Ltd Finance - Capital Markets - RTA ·Improving · Maintained | Finance - Capital Markets - RTA | Improving | Maintained | Q1 FY27 operating revenue rose 11.5% YoY to ₹395 crore, with EBITDA up 18% to ₹183 crore and margin at 46.4%, up 270bps. Growth was driven by non-MF revenue +28% (payments +70%, alternatives mid-20s) while MF AUM grew ~15% to ₹56 lakh crore at 67.2% share, and KRA fell on a 29-30% price reset. Management guides FY27 revenue growth ~13%, EBITDA +16%, employee cost ≤5%, and non-MF margin improving from 13% to 16-17% by year-end. Key risks are KRA recovery pace, cloud/data-center cost inflation, structural 2.5-3% annual yield decline, and AMC renewal outcomes. |
| CRIZAC Crizac Ltd Platform - Education ·Weakening · Cut | Platform - Education | Weakening | Cut | Q1 FY27 revenue fell 4% YoY to ₹201.2 crore, with PAT up 2.9% to ₹47.1 crore and EBITDA margin at 29.8%; the decline came from a lower-fee university mix and missed bonuses, not volume, as enrollments rose 15% to 4,751. Management withdrew its earlier 15-17% growth forecast and expects FY27 revenue broadly flat with FY26, citing Q2 hit from Middle East flight cancellations and a Q3/Q4 recovery on pent-up demand. It reaffirmed a 25-27% EBITDA margin range and targets UK revenue concentration below 60% within three years from roughly 97% today. Main risks: visa policy tightening across destinations, GBP strength raising student costs, and whether pent-up demand actually materializes in H2. |
| DLF DLF Ltd Realty - National ·Improving · Maintained | Realty - National | Improving | Maintained | Reported Q1 FY27 new bookings muted at ₹657 cr due to Aureva deferment and high-ticket Dahlias (65% sold at ₹100 cr+), while collections ₹2,406 cr and net cash ₹15,200 cr stayed strong. DCCDL annuity grew 10% YoY revenue to ₹1,917 cr and profit +20%, office leasing slowed on Iran-US/AI uncertainty but management sees green shoots for Q2/Q3. Management reaffirmed FY27 sales guidance of ~₹20,000 cr (Goa only ~10%, PIL risk), expects FY28 revenue recognition inflection unlocking ~₹39,000 cr gross margin, and FY27 exit rentals ₹7,300-7,500 cr. Main risks: Goa PIL litigation, office leasing momentum if uncertainty persists, and construction timelines on 11-12 mn sq ft pipeline; land advances ₹545 cr and Mumbai expansion continue. |
| DOMS Doms Industries Ltd Printing & Stationery ·Improving · Maintained | Printing & Stationery | Improving | Maintained | Q1 FY27 revenue rose 19.2% YoY to ₹670.5 crores, but EBITDA margin fell 530 bps to 12.3% and PAT dropped 23.4% to ₹45.3 crores. Management deliberately passed on only 4-5% price hikes against ~20% raw material inflation, leaving ~500 bps uncovered, to gain share from unorganized players amid the West Asia crisis. They reaffirmed 18-20% FY27 revenue growth, guided exports at 13-15% of sales, and forecast 16-17% FY28 EBITDA margins only if raw material prices stabilize. Key risks are renewed RM price spikes in the last two weeks, deferred Uniclan cost impact in Q2, EU export softness, and Reynolds capacity substitution limiting incremental volume. |
| AGARWALEYE Dr Agarwals Health Care Ltd Hospitals/Medical Services ·Improving · Maintained | Hospitals/Medical Services | Improving | Maintained | Dr. Agarwal's Q1 FY27 revenue was ₹614 crores, up 26% YoY, with Ind-AS EBITDA margin at 28.5% and PAT margin at 8.9% despite ₹20 crores of greenfield losses. The operating driver was a 16.3% same-store sales growth from pre-FY23 facilities, split equally between 8% volume and 8% value, plus premiumization contributing 7.5%. Management guides to 60 total facility additions for FY27, with 16 surgical centers launched in Q1 and merger closure around mid-November. The main risk is greenfield ramp-up losses and execution constraints from compliance-compliant property availability and doctor onboarding, with overall doctor attrition at 16-17% but senior attrition only 2-3%. |
| EMAMILTD Emami Ltd FMCG - Personal Care ·Improving · Maintained | FMCG - Personal Care | Improving | Maintained | Consolidated revenue rose 15% YoY to ₹1,039 crores in Q1 FY27, but PAT fell 16% to ₹137 crores on tax normalization to ~29% effective rate. The operating driver was the strategic investment portfolio growing 61% like-to-like, now 18% of domestic business, while domestic core grew only ~6% and international fell 12% on West Asia conflict blocking OTC pain spray shipments. Management guided strategic investments to ₹750-800 crores for FY27, expects Q3/Q4 international recovery, and has taken aggressive pricing to offset ~200bps conflict-driven inflation, with FY27 tax rate guided at ~25-26%. Main risks: pending OTC shipping approvals, crude trajectory, and startups remaining EBITDA neutral with a three-year path to high single-digit margins. |
| NYKAA FSN E-Commerce Ventures Ltd New age - Platform - E-Retail ·Improving · Maintained | New age - Platform - E-Retail | Improving | Maintained | Q1 FY27 net revenue was ₹2,782 crores (+29% YoY), EBITDA ₹236 crores (+68% YoY, 8.5% margin), PAT ₹80 crores (+226% YoY), and ROCE 26.8%. Growth came from beauty NSV +29% at 10.3% EBITDA margin and fashion NSV +54%, profitable a second quarter, aided by premiumization, Rare Beauty entering top-5, Nike D2C reaching 1.5 million installs, and House of Nykaa brands up 36% annualized. Management forecasts Superstore 35%+ CAGR by FY2030 with the GST-led GMV gap normalizing from Q3 FY27, fashion 3x-3.5x over 4-5 years, and Nykaa Now at 25+ cities by FY27 end without EBITDA dilution. Risks include the Nike D2C base effect from mid-Q4 FY27, a 1% QoQ dip in BPC volumes, quick commerce competition, and fashion profitability depending on sustained marketing efficiency. |
| GMMPFAUDLR GMM Pfaudler Ltd Glass - Others ·Improving · Maintained | Glass - Others | Improving | Maintained | Consolidated revenue rose 10.2% YoY to ₹3,524 crores with EBITDA up 11.6% at ₹403 crores, but PAT grew only 6.1% to ₹52 crores, hit by ₹165 crores of one-time costs from German restructuring and labor code implementation. The real driver was diversification: order intake jumped 20% to ₹3,714 crores with nearly half from oil and gas, nuclear, defense and semiconductors, lifting backlog 34% to ₹2,194 crores. Management targets improved revenue, EBITDA, PAT and EPS in FY27, citing the higher backlog, SEMCO's Brazil acquisition, and recovery in chemical/pharma demand, especially India CDMO. Key risks are Continental Europe's under-investment demanding ongoing restructuring, and execution of the multi-year Global Transformation Program under new Group CEO Gregory Gelhouse. |