Research notes

The report says Tech Mahindra delivered a broad-based beat in Q2FY27 with margin expansion for the 12th consecutive quarter and a bullish management pivot to growth, including a 1:1 bonus issue.

The report says Wipro posted a muted Q2FY27 with flat QoQ revenue and soft Q3 guidance due to transient factors, but expects a growth recovery from Q4FY27.

The report says ICICI Lombard posted steady NEP growth of 18% and a 15% YoY PAT increase driven by higher investment income, and maintains a BUY rating with a revised target price of INR2,000.

The report says Canara Bank's Q2FY27 earnings were in line with estimates on strong NII growth and loan growth, with organically improving asset quality, and maintains an ADD rating with a revised SOTP-based target of INR175.

The report notes improving recruitment billings growth and accelerating 99acres/Jeevansathi billings, maintaining BUY with an unchanged SoTP-based target of INR 1,475.

The report expects a soft quarter for Route Mobile with margins below management's target and cuts EPS estimates, maintaining ADD with a revised target of INR 610 from INR 730.

The report expects a stable quarter for Tanla with recovering domestic messaging and OTT growth, maintaining BUY with a revised target of INR 800 from INR 780.

The report expects a muted quarter for IndiaMart due to elevated churn and downgrades the stock to ADD from Buy with a revised target of INR 1,900 from INR 2,375.

The report expects Quess to post a soft quarter with lower APAT on a high base, maintaining ADD with a revised target of INR 370 from INR 360.

The report expects Teamlease to post a muted quarter and cuts FY27-29E revenue and EPS estimates, maintaining ADD with a revised target of INR 1,420 from INR 1,590 citing slow growth and margin recovery concerns.

The report expects CDSL to deliver a strong quarter driven by demat account additions and IPO revenue recovery, maintaining BUY with a revised target of INR 1,570 from INR 1,620.

The report expects BSE to post a soft quarter due to lower industry options premium ADTV and regulatory impact, maintaining ADD with a revised target of INR 3,950 from INR 3,850.

The report expects MCX to post a strong quarter on recovering options premium volumes and raises FY27-29E EPS, maintaining BUY with a revised target of INR 3,900 from INR 3,600.

The report expects revenue to grow 29.9% YoY though EBITDA margin is seen declining 710.7bps YoY to 23.4%.

The report expects APAT to rise 228.8% YoY despite EBITDA margin contraction of 187.3bps QoQ.

The report expects revenue to grow 37.7% YoY but EBITDA margin to contract 406.3bps QoQ to 20.5%.

The report expects EBITDA margin to fall 349.5bps QoQ to 7.5% despite 20% YoY revenue growth.

The report expects APAT to rise sharply YoY and the rating was revised down from BUY to REDUCE with a raised target price.

The report expects revenue to rise 38.5% YoY driven by ramp-up in the CDMO business.

The report expects per-unit EBITDA to fall to INR 24.5/kg from INR 35.0/kg in Q1 despite 32.8% YoY revenue growth.

The report expects EBITDA margin to decline 276.8bps QoQ to 22.6% despite 22% YoY revenue growth.

The report expects revenue to grow 31% YoY but EBITDA margin to fall 417bps QoQ to 16.8%; the rating was revised from SELL to REDUCE.

The report expects EBITDA margin to contract 335.4bps QoQ due to higher raw material prices and high-cost inventory.

The report expects EBITDA margin to decline 452.7bps QoQ to 20.9% despite 30% YoY revenue growth.

The report expects revenue and EBITDA to grow YoY and QoQ with EBITDA margin broadly stable at 34.2%.