Research notes

The report says Q2 EBITDA/APAT were 23%/5% above estimates on pricing-led revenue growth, and maintains ADD with a target price of INR 201.

The report says V-Guard revenue grew 38% YoY with EBITDA/APAT up 54%/71%, upgrades FY27-29E estimates, maintains BUY with a revised TP of INR 430/sh, and adds the stock to its top picks list.

The report says BEL reaffirmed its FY27 presales guidance of INR 90bn and a sizeable launch pipeline, and reiterates BUY with a TP of INR 940/sh.

The report says AIL's growth will be led by ramp-up in exclusive manufacturing and new capacity commissioning, with EBITDA/APAT 2/5% above estimates, and maintains ADD with a target price of INR 1,617.

The report says PBFINTECH posted 35% YoY core revenue growth and 46% YoY PAT growth, downgrades FY28 revenue estimate by ~15% on IRDAI commission reset risk, and maintains BUY with a TP of INR1,390.

The report says ABCAP sustained strong growth across lending and non-lending businesses, flags IRDAI distribution commission guidelines as an overhang, and maintains ADD with a revised SOTP-based TP of INR 421.

The report says Q2FY27 standalone EBITDA rose 101% YoY driven by strong NG marketing margins, and maintains ADD with a revised target price of INR 203.

The report says Q2FY27 earnings were flattered by a one-off NSE stake sale gain, flags caution on retail/MSME asset quality and elevated credit-to-deposit ratio, and reiterates BUY with a revised TP of INR325.

The report says EBITDA grew 14% YoY on 12% sales growth, retains BUY and cuts FY27E/28E EPS by 4%/2% while revising target price to INR 2,180.

The report maintains a BUY rating with a Sep-27 target price of INR 1,750, citing expected double-digit revenue growth and 20%+ earnings growth in H2FY27 on improved execution and easing regulatory headwinds, despite a weak Q2FY27 print with EBITDA down 4% and adjusted PAT down 6% YoY.

The report maintains a BUY rating with a Sep-27 target price of INR 1,000 based on 35x P/E, while flagging near-term margin headwinds from inflation and a 7% cut to FY27 earnings estimates.

The report maintains an ADD rating with a target price of INR 2,610 (34x Q2FY29E, implying EV/E at 21x), citing focus on chronic-led growth, BSV scale-up, consumer wellness turnaround, and the long-term CAR-T bet via ACTx acquisition.

The report recommends buying the MCX 3500 Call with a target of 58 and stop-loss of 29 over a horizon of up to 10 days, citing a breakout from range-bound consolidation, rising volumes, positive candlestick formation and positive momentum oscillator readings.

The report downgrades Allied Blenders and Distillers to Reduce from ADD with an unchanged Sep-27 target price of INR685, citing limited valuation upside, leveraged balance sheet from rising capex, and execution risks despite better-than-expected Q2 revenue and earnings growth.

The report maintains a REDUCE rating on HUL with a Sep-27 target price of INR1,925 (36x P/E, ~30% discount to 5Y/10Y average forward P/E), citing in-line Q2FY27 results, margin stress from gross margin contraction, reduced A&P spends raising strategic concerns, and a narrowing moat with muted earnings outlook despite 15% revenue growth and 7% underlying volume growth in the quarter.

The report upgrades United Breweries from Reduce to ADD with an unchanged Sep-28 target price of INR1,325, citing strong Q2FY27 revenue growth of 23.7% YoY, 200bps gross margin expansion to 44.8%, and a 385bps YoY OPM expansion to 10.2%, alongside a 13% EBITDA upgrade for FY27E.

The report says Route Mobile's Q2FY27 marked a recovery with improved gross margin and new-product growth, while management maintained its FY27 revenue and margin guidance.

The report states Bajaj Electricals' Q2FY27 revenue grew only 1% YoY with weak two-year CAGR, maintaining an unchanged target price amid a leadership change.

The report says Medplus posted 9% YoY EBITDA growth on strong sales despite margin pressure, and retains its store addition guidance for FY27 and FY28.

The report states Tanla delivered strong revenue growth driven by Enterprise/OTT and Valuefirst consolidation, with improving growth visibility and attractive valuations noted.

The report notes Birlasoft posted 2.1% QoQ CC revenue growth with broad-based momentum and multiple AI-led deal wins, with management expecting a better H2FY27.

The report says HOMEFIRST's Q2FY27 earnings were ahead of estimates on loan growth and operating efficiency, with AUM CAGR expected at ~25% over FY27-29E.

The report states CUBK's Q2FY27 earnings beat estimates with healthy loan and deposit growth and expanding margins, maintaining its growth trajectory outlook.

The report says Bandhan Bank's Q2FY27 earnings beat estimates on fee income and stable credit costs, but believes the path to portfolio stability will be protracted.

The report states PNBHF's adjusted Q2FY27 earnings were in line with estimates on strong loan growth, though return ratios are likely to face pressure from normalizing credit costs and regulatory changes.