Research notes

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.

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.