Research notes

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.

The report says Star Health beat expectations with PAT up 233% YoY aided by the new IND-AS accounting regime and improved underwriting profitability.

The report states Piramal Pharma's EBITDA grew 120% YoY ahead of estimates, with upgraded revenue growth guidance to 19-20% driven by CDMO and CHG momentum.

The report says Axis Max Life Insurance delivered strong H1FY27 APE/VNB growth with margin improvement, though flags IRDAI's upcoming distribution framework as a risk to its banca-led model.

The report notes SAIL's Q2FY27 volumes rose YoY/QoQ though unit EBITDA fell due to weak steel pricing and elevated coal costs, and raises the target price citing a firmer steel price outlook.

The report states Info Edge's recruitment billings grew 12.6% YoY with AI monetization scaling and margin expansion, while noting a leadership transition from Hitesh Oberoi to Sanjeev Bikhchandani.

The report says CIFC's Q2FY27 earnings were largely in line with estimates, with healthy loan and AUM growth offsetting NIM compression, and remains HSIE's top pick among vehicle financiers.

The report maintains an ADD rating on Aether Industries with a target price of INR 1,617, down from a prior target of INR 1,769, citing growth drivers including Magnum site ramp-up, new customer contracts, semiconductor platform build-out, and the Dow Chemicals silicone partnership.

The report states an ADD rating on Max Healthcare.

The report states an ADD rating on Aster DM.