HDFC Securities publishes Q2FY27 previews across IT, breweries, building materials and hospitals

There were no corporate disclosures from NSE and BSE in Orivam's pipeline for analysis today, so the day's material is broker research — and HDFC Securities published a wide batch of Q2FY27 preview notes.

In IT services, HDFC Securities trimmed targets across much of tier-1 while raising a few. Its note calls Infosys its preferred tier-1 pick but expects only +1.3% QoQ constant-currency growth with a 50bps FY27 guidance cut to 2-3%, and trims the target to INR 1,250. TCS, it says, will trail expectations in a seasonally strong quarter at +0.5% QoQ CC with TCV of USD 8-10bn; target cut to INR 2,470 on a lower 15x multiple. HCL Tech is expected to lead tier-1 at +2.0% QoQ CC, Tech Mahindra to post one of the best prints at +0.9% QoQ CC with ~190bps YoY margin expansion, and Wipro to decline -0.4% QoQ CC. Among mid-tiers the brokerage prefers Persistent (+6.3% QoQ CC), LTIMindtree (+5.3%, aided by about a month of Randstad IT) and Mphasis (+3.5%); it upgraded Cyient to BUY with target raised to INR 1,450, and downgraded Birlasoft to ADD with a target of INR 365, calling it a laggard on a slow turnaround.

In alcoholic beverages, HDFC Securities expects Radico Khaitan to lead its coverage with ~13% revenue and ~59% adjusted PAT growth (BUY, INR 5,300), and sees Tilaknagar Industries' consolidated revenue rising ~167% YoY on the acquired Imperial Blue portfolio while adjusted PAT falls 9% on roughly INR 650mn of interest costs. It expects United Spirits' adjusted PAT to fall ~5% with a ~30% popular-segment volume decline, and rates United Breweries REDUCE at INR 1,325, flagging that margin recovery to double digits could slip on West Asia-related cost headwinds. Allied Blenders is at ADD with a target implying 5% downside.

Building materials previews were largely positive on realisation and volumes: Century Plyboards is named the brokerage's top sector pick with 28.4% expected revenue growth, Kajaria a Q2 result pick, and Supreme Industries' target was raised to INR 4,250 on PVC inventory gains. Greenpanel's target was cut to INR 230 on weak exports and domestic share loss, and Prince Pipes retains a REDUCE despite an expected 219% YoY APAT jump on a low base. On cement, the brokerage maintained ADD on Sagar Cements at INR 190 after the 0.7mn MT Andhra Cements brownfield commissioning, cutting FY27/28 EBITDA estimates by 7% and 4.4%.

Elsewhere, HDFC Securities quantified an assumed hospital margin-cap scenario, estimating EBITDA impacts of roughly 7% for Aster DM, 6% for Max Healthcare and 5% for Apollo Hospitals while maintaining BUY on all three. In consumer, it reiterated BUY on Honasa at INR 550 on a lower 5x EV/sales, and kept ADD on Metro Brands at INR 1,030 after a roughly 34% one-year stock correction, while cutting FY27/28 EPS by 5-7%.