Data Patterns, Go Digit Post Weak Q2 Prints as Brokers Trim Targets; IPO Pipeline Swells With MakeMyTrip, Veritas Finance Approvals

No exchange filings were analysed by Orivam today, so this wrap draws entirely on broker research published this morning. Two earnings reactions stood out. HDFC Securities flagged Data Patterns (India) reporting a 57% YoY revenue decline in Q2FY27, which it attributes to a high base effect rather than demand weakness, pointing to a strong orderbook of INR 17.2bn and fresh order inflows of INR 9.3bn during the quarter; the brokerage kept its ADD rating but trimmed its target to INR 3,910 from INR 3,940, applying a lower multiple of 45x versus 55x earlier. HDFC Securities also cut its target on Go Digit General Insurance to INR 300 from INR 315 after the insurer posted a 31.4% YoY drop in PAT alongside muted 1.7% revenue growth, with its combined ratio climbing to 99.8% on Gujarat flood-related claims and higher loss ratios; the ADD rating was retained.

India IPO's coverage highlighted pricing pressure in the tyre sector, noting that Ceat, JK Tyre and Apollo Tyres may need further price hikes as raw material costs continue to squeeze margins despite increases already taken. Separately, Sterlite Technologies laid out medium-term plans to brokers, expecting data centres to supply 55-60% of revenue going forward and targeting ₹20,000 crore in revenue by FY29. Dabur India outlined plans to lift advertising spend by 150 basis points, extend rural distribution to 100,000 villages, and raise premiumisation to 23% of its mix over the next 18 months.

The IPO and private-placement calendar was active. Blackstone is reported to be acquiring a 15% stake in IIFL Finance for roughly ₹5,000 crore, with the company's promoters investing ₹1,200 crore to hold onto a 25% stake. Muthoot Mercantile opened a ₹200-crore NCD issue with a ₹200-crore green-shoe option, taking the total offer to ₹400 crore, closing November 26. On the primary market front, Veritas Finance received SEBI approval for an IPO combining a ₹900-crore fresh issue with an OFS of up to 12.8 million shares, while MakeMyTrip's Indian subsidiary, MMT India, also cleared SEBI approval for its IPO after filing draft papers confidentially in July 2026.

Further down the pipeline, Uranus Stone Products filed its DRHP for an SME IPO comprising a fresh issue of up to 46.27 lakh equity shares for a BSE SME listing, and Hindustan Coca-Cola Holdings filed its DRHP for an IPO structured entirely as an offer for sale of up to 99.75 crore equity shares by existing shareholders.