Brokers Flag Mixed Q2 Prints: Havells, Cyient Beat; SRF, Colgate, Swiggy Trail Estimates

No exchange filings were analysed by Orivam today, so this wrap draws entirely on broker research published through the day, largely centred on second-quarter earnings reactions.

HDFC Securities was active across a wide set of names. It maintained BUY on Mahindra Lifespace Developers with a target of INR 612, pointing to a strong H2FY27 launch pipeline and healthy business development additions despite near-term demand risks. It also kept BUY on Cyient with a target of INR 1,410, citing a turnaround in the DET segment, record order intake and margin expansion.

On the consumer and financials side, HDFC Securities maintained ADD on CreditAccess Grameen with a revised target of INR 1,595, noting strong NIM reflation and loan growth but flagging asset quality risk from a monsoon deficit in key states. It raised its target on Havells India to INR 1,290 (ADD) after 35% YoY revenue growth led by cables and a constructive management tone on the festive season, even as cost inflation persists.

Not all commentary was positive. HDFC Securities kept ADD on SRF with a target of INR 3,000 but noted Q2 EBITDA and APAT came in 8% and 14% below estimates on raw material cost pressure, even as it cited market share protection and pharma and fluoropolymer growth. It cut its Swiggy target to INR 435/share from INR 460, keeping BUY, after largely in-line food delivery performance was offset by widening consolidated adjusted EBITDA losses tied to Quick Commerce and Toing. The most negative call was on Colgate-Palmolive India, where HDFC Securities maintained REDUCE and lowered its target to INR 1,575 from INR 1,800, citing a Q2 miss, margin pressure from a 40% YoY jump in A&P spending, and limited visibility on whether that spend will translate into sustained growth.

Taken together, the day's broker commentary reflects a Q2 earnings season with pockets of strength in building products and engineering services set against misses in specialty chemicals, FMCG and food-tech delivery economics.