Research notes

The report expects EBITDA margin to fall 406.9bps QoQ due to correction in finished product prices and higher energy costs despite falling ammonia prices.

The report expects revenue and EBITDA to grow over 22% YoY, aided by improved Baker Hughes contract revenue.

The report expects revenue to rise 14.4% YoY but EBITDA margin to contract 145.3bps QoQ due to higher raw material prices.

The report states that PEPL's H1FY27 presales of INR 72.3bn grew 20% YoY, collections rose 16% YoY, retail occupancy stood at 99%, and a launch pipeline of over INR 400bn for H2FY27 supports achieving FY27 presales guidance of INR 350bn, while maintaining a BUY rating with a target price of INR 1,878.

The report says Tata Elxsi delivered broad-based revenue growth and margin outperformance across all verticals in Q2FY27, with EBITDA margin expanding 77bps QoQ to 21.9%, and maintains an ADD rating with a target price of INR 3,915 based on 25x Sep 28E EPS.

The report says ICICI Life's APE grew 15% YoY and VNB rose 22% YoY, with VNB margins at 26% (highest H1 margin since H1FY24), and it maintains an ADD rating with a revised target price of INR585 (1.2x Sep-28 EV).

The report expects IRM Energy's per-unit EBITDA margin to decline QoQ to INR 9.5/scm amid higher gas costs, with modest 0.4% QoQ volume growth.

The report projects MGL's per-unit EBITDA margin to soften QoQ to INR 7.1/scm due to higher gas costs and rupee depreciation despite 3.0% QoQ volume growth.

The report expects IGL's per-unit EBITDA margin to improve QoQ to INR 3.9/scm, led by a higher CNG volume share, alongside 2.4% QoQ sales volume growth.

The report projects HPCL's EBITDA to remain negative at INR -81.7bn, though improved from INR -161.4bn in Q1FY27, with declining crude throughput QoQ.

The report expects BPCL's EBITDA to improve to INR 45.9bn from a loss of INR 40.8bn in Q1FY27, aided by expanding crude throughput and improved marketing margins.

The report projects IOCL's EBITDA to improve sharply QoQ to INR 70.3bn from INR 20.2bn, aided by stronger GRMs despite lower crude throughput.

The report expects PLNG's EBITDA to remain flattish QoQ at INR 15.1bn even as total volumes decline to 207 tbtu due to lower realizations and elevated spot delivery costs.

The report projects GAIL's EBITDA to fall to INR 43.9bn from INR 63.8bn QoQ due to trading normalization and weak gas marketing, despite 5.4% QoQ growth in transmission volumes.

The report expects OIL's revenue to rise 3.1% QoQ on higher crude and gas volumes, with EBITDA estimated at INR 42.0bn.

The report projects ONGC's revenue to decline 4.6% QoQ due to lower crude and gas realizations, with EBITDA estimated at INR 263.3bn.

The note reports APAT delivered 13/29% YoY/QoQ volume growth driven by the higher-margin APL Apollo brand, expects flattish margins QoQ, and maintains its BUY rating and target price.

The note expects SAIL to post healthy 7/26% YoY/QoQ volume growth and maintains its ADD rating and target price.

The note expects Jindal Steel to deliver strong 25% YoY volume growth from recent expansion ramp-ups, while estimating the largest margin contraction among coverage companies, and maintains its BUY rating and target price.

The note expects JSW Steel's sales volume to rise 2/20% YoY/QoQ aided by gradual ramp-up of BF3 at Vijayanagar, and maintains its BUY rating and target price.

The note expects Tata Steel to deliver flattish YoY consolidated volumes with India deliveries up 7% YoY offset by declines in EU and Thailand, and maintains its BUY rating and target price.

The report estimates a Sales/EBITDA impact of 0.6%/2.7% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 1.3%/5.0% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 0.5%/2.8% from the oncology drug price cap and maintains a BUY rating.

The note says Can Fin Homes' Q2FY27 earnings were largely in line with estimates, with a temporary disbursement slowdown due to tech transformation expected to reverse from Q3, while profitability metrics remain strong.