Research notes

The report notes BPCL expects a decline in Russian crude imports in November due to higher freight costs, with refinery maintenance likely slowing operations.

The report says Tata Communications plans to invest Rs 4,350 crore to build 10,000 km of AI-ready connectivity infrastructure across India.

The report states L&T Technology Services signed a five-year contract with Nokia for engineering and R&D support.

The report notes Bajel Projects secured its highest-ever transmission order worth Rs 1,500 crore for a renewable energy transmission corridor in Gujarat.

The report says Mastek delivered healthy revenue growth but missed on margins in Q2FY27, maintaining BUY with a TP of INR 1,920.

The report says AAVAS's Q2FY27 earnings were in line with estimates, with loan growth improving and disbursements up 21% YoY, maintaining BUY with an unchanged TP of INR 1,540.

The report says ABREL's Q2FY27 presales rose YoY but fell QoQ, with FY27 presales now expected at INR 50bn due to a delayed Niyaara launch, maintaining BUY with a TP of INR 1,910.

The report says Eris's EBITDA grew 7% YoY with sales up 13% YoY, and raised H2FY27 margin guidance to 36%, revising the TP to INR 1,500.

The report says AMS posted 72% YoY revenue growth and 54% YoY PAT growth in Q2FY27, raising the TP to INR 460 on strong order pipeline optimism.

The report says Kajaria's revenue grew 24% YoY with margin expansion, and the rating was upgraded from Add to BUY with the TP unchanged at INR 1,390.

The report says Dalmia reported sub-par volume and margin in Q2FY27 due to weak demand and elevated costs, lowering the TP to INR 2,030.

The report says SIL posted 40% YoY revenue growth but cut its FY27 volume growth guidance, maintaining the ADD rating and a TP of INR 4,250.

The report says APAT's Q2FY27 volume rose 13% YoY with margins hitting a new high, and raises the target price to INR 2,450.

The report says BOMH posted strong loan growth, margin expansion and sharply lower credit costs, with RoA/RoE at 2%/27%, leading to an upgrade in FY27E/28E estimates and a revised TP of INR 95.

The report says EBITDA grew 27% YoY on 17% sales growth and margin expansion, with India formulation expected to outperform IPM in H2FY27 and margin guidance of 25.5-26.5% retained, with the TP revised to INR 2,610.

The report says BPCL's Q2FY27 EBITDA improved sequentially on narrowing auto fuel and LPG losses, though it expects marketing margin pressure and LPG under-recoveries in H2FY27E, and cuts the price target from INR 430 to INR 408.

The report maintains a SELL rating on Deepak Nitrite with a revised target price of INR 1,532, citing limited near-term volume growth, rising leverage from debt-funded capex, and global oversupply in phenol and polycarbonate pressuring margins, with EPS CAGR expected at -9% over FY27-29E.

The report notes IndusInd Bank's quarterly results were marginally above expectations with sales up 3.6% YoY.

The report lists an open short-term BUY trading call on Orient Hotel in the 157-154.27 range with a target of 166 and stop loss of 147, valid till 5-Nov-26.

The report lists an open short-term BUY trading call on TVS Motor in the 4041.40-4062 range with a target of 4290 and stop loss of 3875, valid till 29-Oct-26.

The report states AU Small Finance Bank's PAT surged 53% YoY to Rs 858 crore, described as in line with expectations.

The report states Kotak Mahindra Bank's standalone net profit expanded 29.5% YoY to Rs 4,212 crore, described as in line with expectations.

The report states SBI Cards' net profit surged 75% YoY to Rs 778 crore, marginally above expectations.

The report states DCB Bank posted its fifth consecutive quarter of record earnings with net profit up 28.54% YoY, described as in line.

The report states Shriram Finance posted a 59.37% YoY surge in standalone net profit to Rs 2,071 crore, though the results table marks the performance as below expectations.