Brokers Flag Mixed Q2 Prints Across Infra, Healthcare and BFSI; No Fresh Exchange Filings Today

Orivam found no new corporate filings on NSE or BSE to analyse today, so this brief is built entirely from broker research published during the day.

HDFC Securities issued a round of Q2 result notes spanning several sectors. On the stronger side, it flagged Gopal Snacks for 23% revenue growth, 72% EBITDA growth and 102% adjusted PAT growth, maintaining a BUY with a target of INR 335 and raising its FY27 operating margin estimate from 6.1% to 8.4%. Eureka Forbes was noted for 15% YoY revenue growth with improved EBITDA margins, prompting HDFC Securities to raise its FY27 revenue and profit estimates while keeping a BUY rating and a target of INR 570. Bharat Electronics was described as delivering 27% revenue growth and 20% PAT growth YoY, though margins contracted on raw material inflation; the broker kept an ADD rating with a target of INR 480 and pointed to an order book of INR 703 billion. State Bank of India's quarter was characterised as healthy, with loan and deposit growth, a slight margin rebound and gross NPAs at a two-decade low, leading HDFC Securities to raise its FY27 and FY28 earnings estimates under a BUY rating and a target of INR 1,270. Kolte-Patil Developers was highlighted for strong presales growth and the signing of six redevelopment projects in the Mumbai Metropolitan Region, with the broker maintaining BUY and a target of INR 524.

Other names saw more mixed or cautious notes. KEC International was reported to have missed revenue, EBITDA and profit estimates significantly due to supply chain disruptions and cost pressures, leading HDFC Securities to cut estimates and lower its target to INR 422 while retaining an ADD rating. Max Healthcare's 18% EBITDA and sales growth YoY came alongside a cut to FY27/28 EBITDA estimates because of trade margin impact on its oncology business, with an ADD rating and a target of INR 1,000. Happiest Minds Technologies posted modest constant-currency revenue growth with stable margins, but HDFC Securities trimmed its FY27/28 earnings estimates on lower other income, keeping an ADD rating and a target of INR 345. Bajaj Finserv's quarter was called mixed, with muted performance at BAGIC offset by standout results at BALIC and strong growth at BAF; the broker kept a BUY rating and a target of INR 2,175 despite noting regulatory overhangs.

Petronet LNG was the one name with a negative stance: HDFC Securities reiterated a REDUCE rating and a target of INR 288, citing subdued return ratios amid heavy capex and limited visibility on marketing margins, even though Q2FY27 results were in line with expectations.

All ratings, targets and estimate changes above are HDFC Securities' own views as published today; Orivam is reporting them, not endorsing them.