Research notes

The report says VMM posted 14% YoY revenue growth with SSSG moderating to 5.4% (festive-adjusted ~9%), margins contracted due to minimum wage impact and new store costs, and the firm trimmed FY27/28 EPS estimates by ~4%/3% while maintaining BUY with a reduced DCF-based target of INR 135 (from INR 140).

The report says IHCL's Q2FY27 revenue grew 22% YoY to INR 24.8bn on strong RevPAR growth, management upgraded FY27E revenue growth guidance to 15-17%, and the firm rolled forward valuation to FY29 at 25x EV/EBITDA for a raised target of INR 838 while maintaining BUY.

The note says Shoppers Stop's topline grew 4.4% YoY in Q2 with improved margins, but maintains a REDUCE rating with a DCF-based target of INR 360.

The note says Sobha reported presales growth in Q2FY27 and guided FY27 presales of INR 105bn, maintaining BUY with a target of INR 1,930.

The note says L&T Technology Services delivered strong Q2FY27 revenue growth and margin expansion, with the target price revised to INR 3,700 based on 20x Sep-28E EPS.

The note says Piramal Finance's Q2FY27 earnings were largely in line with estimates on healthy AUM growth, maintaining ADD with a target of INR 2,000.

The note says Oberoi Realty posted presales of INR 91.5bn led by 360 North and maintains BUY with a target of INR 2,490.

The note says Union Bank's earnings were in line with estimates on healthy NII growth and improving asset quality, maintaining ADD with a target of INR 210.

The note says UltraTech delivered 13% consolidated volume growth in Q2FY27 and expects cement price stability to drive margin rebound, maintaining BUY with an unchanged target of INR 14,500.

The note says Bajaj Finance reported strong AUM growth of 26.5% YoY with credit costs in line with guidance, and maintains BUY with an unchanged target of INR 1,200.

The report says Ujjivan Small Finance Bank delivered its highest-ever quarterly PAT in Q2FY27, aided by healthy loan growth, stable margins and falling credit costs.

The report says Crompton Consumer's revenue grew 18% YoY with double-digit growth across segments, driven by price hikes, and management reiterated medium-term guidance.

The report says Metro Brands posted 12.2% YoY topline growth with gross margin expansion, while store expansion remained measured in the quarter.

The report says DLF posted strong presales and collections in Q2FY27, with a building launch pipeline and FY28 expected to be a key inflection point for earnings, despite near-term execution risks from labor and construction disruptions.

The report says Axis Bank's Q2FY27 earnings missed HSIE estimates due to softer other income and higher opex, though loan and deposit growth were strong and asset quality improved.

The report says ICICI Bank delivered strong loan growth, fee income traction and improved credit costs, with best-in-class asset quality and operating efficiency, and remains HSIE's top pick among banks.

The report says Angel One delivered flat broking revenues but a non-linear rebound in margins and 45% QoQ profit growth, maintaining BUY while noting valuation re-rating depends on a market volume rebound.

The report describes a mixed Q2FY27 for L&T Finance with positive NIM surprise offset by higher credit costs, and flags near-term headwinds and ambitious 'Lakshay 2031' targets.

The report says Federal Bank's Q2FY27 profitability beat estimates with strong credit growth and improving asset quality, while flagging that NII growth is likely to lag credit growth and building in 60bps credit costs for MSME stress.

The report says LTM's Q2FY27 results were below estimates on weak Tech & Services, but maintains BUY expecting a stronger H2FY27 and FY28 benefits from BFSI recovery and Randstad integration.

The report maintains a BUY rating with a Sep-27 target price of INR1,555 based on 60x P/E, citing execution-led 20% domestic revenue growth, margin expansion and strong Q2FY27 earnings growth of 37%, while noting high base effects could moderate pace in H2FY27.

The report says Orient Electric posted strong revenue growth of 25% YoY with EBITDA margin expansion and raised FY27-29E estimates following a strong Q2 performance.

The report says Karur Vysya Bank reported a steady quarter with strong loan growth and stable NIMs, despite a slight uptick in credit costs.

The report says Persistent Systems delivered strong revenue growth ahead of estimates but softer margins and deal intake than expected, while the Nagarro acquisition remains on track.

The report says Indian Bank reported a steady quarter in line with estimates, with a positive surprise on operating profit and improving asset quality, though higher MSME and agri exposure poses macro risk.