Research notes

The report says Nuvoco delivered 9% YoY volume growth in Q2FY27 with unit EBITDA falling QoQ on subdued pricing and higher costs, and maintains BUY with an unchanged TP of INR445 based on 9x consolidated Sep-28E EBITDA.

The report says AUBANK's Q2FY27 earnings beat estimates on healthy loan and deposit growth with lower provisioning, but margins remain under pressure from changing loan mix, and it maintains REDUCE with a revised TP of INR900.

The report says SRCM delivered its third consecutive quarter of strong volume growth (+18%/14% YoY standalone/consolidated) with margin among the best in industry despite YoY decline, and upgrades the rating to BUY from ADD with a revised SOTP TP of INR28,400.

The report says Jindal posted 27% YoY volume growth in Q2FY27 with unit EBITDA declining ~INR1.1k/MT QoQ due to higher coking coal and freight costs, and maintains BUY with an unchanged TP of INR1,210 based on 7.5x FY28E consolidated EBITDA.

The report says JSTL posted 13% YoY LTL consolidated volume growth in Q2FY27 with margin contraction QoQ to INR13.6k/MT, and maintains BUY with an unchanged SOTP TP of INR1,410, while raising FY27/28E EBITDA estimates by 7%/1%.

The report says Q2FY27 earnings met expectations with ~13% QoQ volume growth and 25% YoY loan growth, improved asset quality, but sub-optimal capital deployment keeping RoE at ~12%, and it maintains BUY with revised SOTP TP of INR480.

The report says DCB Bank's Q2FY27 earnings beat estimates with loan growth accelerating to 21% YoY and PAT up 29% YoY, maintaining BUY with revised TP of INR270.

The report says Godrej Properties reported presales of INR 80bn, added new projects worth INR 155bn in H1FY27, and the firm maintains BUY with TP of INR 2,258/sh on expected rerating triggers.

The report says SBI Cards showed improved credit costs but receivables growth remained negative YoY, maintaining REDUCE with revised TP of INR 600.

The report says IndusInd Bank's Q2FY27 earnings beat estimates on lower provisioning but flags structural challenges like a sub-par deposit franchise, maintaining REDUCE with revised TP of INR815.

The report says HPCL reported Q2FY27 EBITDA of INR 90.8bn driven by strong refining performance and narrowed marketing losses, maintaining BUY with TP of INR 415.

The report says Dr Reddy's EBITDA declined 27% YoY on a 3% sales decline driven by a 30% YoY US decline, with TP revised to INR 1,270 and REDUCE rating retained.

The report says Torrent Pharma delivered 54% YoY EBITDA growth and 51% YoY sales growth aided by JB Chemicals integration, with TP revised to INR 5,000.

The report says SHFL's Q2FY27 earnings beat estimates on NIM reflation and lower opex despite higher credit costs and QoQ asset quality deterioration, with TP revised to INR 1,210 on an RI-based model.

The report says Infosys posted 1.2% QoQ CC revenue growth, cut FY27 CC growth guidance to 1-2%, retained EBIT margin guidance of 20-22%, and saw strong deal wins and AI revenue growth, with estimates slightly trimmed.

The report downgrades Divi's Laboratories to ADD from Buy with a revised target price of INR 9,780 based on 40x Q2FY29E EV/EBITDA, citing that near-term CDMO triggers including GLP-1 opportunities are already priced in after the stock's 40%/44%/43% rise over the last year/six months/since initiation.

The report maintains a REDUCE rating with a revised Sep-27 target price of INR 1,575 (down from INR 1,800), citing Q2 results below expectations, margin pressure from a 40% YoY jump in A&P spends, and limited visibility on whether higher media investment will translate into sustained growth.

The report maintains a BUY rating with a revised SOTP-based target price of INR 435/share (down from INR 460), citing largely in-line Food Delivery performance offset by widening consolidated adjusted EBITDA losses due to higher Quick Commerce and Toing-led losses.

The report retains BUY on Mahindra Lifespaces with a target of INR 612, citing a strong H2FY27 launch pipeline, healthy business development additions, and stable balance sheet despite near-term demand risks.

The report retains BUY on Cyient with an SoTP-based target of INR 1,410, noting a turnaround in the DET segment, record order intake, and margin expansion.

The report maintains ADD on CreditAccess Grameen with a revised target of INR 1,595, highlighting strong NIM reflation and loan growth but flagging asset quality as a monitorable due to monsoon deficit in key states.

The report maintains ADD on Havells with a raised target price of INR 1,290, citing 35% YoY revenue growth led by cables and a constructive management outlook for the festive season despite cost inflation.

The report maintains ADD on SRF citing market share protection, pharma scale-up, fluoropolymer growth and PFB value addition, though it notes Q2 EBITDA/APAT were 8/14% below estimates due to raw material cost pressure.

The report maintains a BUY rating with an SOTP-based target price of INR 395/share, citing accelerating Food Delivery growth and Blinkit's expanding scale despite trimming FY27/28 adjusted EBITDA estimates by about 8% each as management prioritizes market share gains over margin.

The report says MMFS delivered steady profitability and asset quality with 15% YoY loan growth, but flagged NIM pressure, rate hikes, and potential insurance distribution regulation as headwinds, maintaining an ADD rating with an unchanged SOTP-based target of INR 400.