Research notes

The report says Somany Ceramics' revenue grew 26% YoY with EBITDA margin expanding 380bps YoY, raising TP to INR700 and maintaining ADD.

The report says JK Lakshmi's margin slumped YoY on rising energy and packing costs but expects recovery from Q3FY27 price hikes, maintaining ADD with unchanged TP INR680.

The report says Galaxy Surfactants' Q2 EBITDA/APAT were above estimates aided by a new Unilever framework agreement and a BASF-related market opportunity, maintaining ADD with TP INR2,775.

The report says Vinati Organics is expanding ATBS capacity and expects strong volume growth, maintaining BUY with TP INR1,742.

The report says Century Plyboards' revenue grew 28% YoY driven by strong volume growth across segments, maintaining BUY with a lower TP of INR860.

The report says Kansai Nerolac's gross margin contracted 513bps YoY due to crude-linked input cost inflation outpacing price hikes, maintaining REDUCE with TP INR200.

The report says Ramco Cements' unit EBITDA remained subdued with rising debt and leverage, retaining SELL with unchanged TP of INR830.

The report says Astral's EBITDA margin declined 320bps YoY with negative operating cash flow, leading to a rating downgrade from BUY to ADD with lower TP of INR1,540.

The report says IPCA's EBITDA grew 21% YoY with margin expansion to 23%, retaining FY27 guidance, and raises TP to INR2,240 maintaining BUY.

The report says Berger Paints' revenue grew in line but EBITDA margin fell 184bps YoY due to brand investment and RM inflation, maintaining ADD with TP INR550.

The report says Aurobindo's EBITDA grew 28% YoY, ahead of estimates, with FY27 guidance retained, and revises TP to INR1,950 maintaining ADD.

The report says Apollo's EBITDA grew 29% YoY across hospitals, HealthCo and AHLL segments, and raises concerns on trade margin impact on oncology while retaining BUY with revised TP INR9,990.

The report says Titan's consolidated jewelry sales grew 24.1% YoY with in-line results but notes declining jewelry ROCEs, maintaining REDUCE with TP INR4,700.

The report says LICI posted 5.7% YoY APE growth with VNB margin at 22.3% (+470bps YoY) driven by product mix shift and actuarial assumption changes, and maintains BUY with TP INR555.

The report notes Prince Pipes' Q2 revenue grew 38% YoY led by strong plumbing volumes and NSR expansion, with EBITDA margin expansion (detail truncated in text).

The report notes revenue growth led by exports and retains BUY with an unchanged target price despite margin contraction from freight and energy costs.

The report notes in-line topline growth with muted SSSG due to festive timing shift and maintains ADD with unchanged estimates.

The report maintains SELL citing underutilized capex platforms and margin pressure from a methylamines supply glut and Chinese dumping, despite a Q2 beat.

The report notes in-line revenue growth but margin decline from cost pressures, maintaining REDUCE pending execution under the new CEO.

The report describes a mixed quarter with NIM reflation offset by moderating disbursement growth and higher delinquencies, maintaining ADD with an unchanged target.

The report notes an EBITDA beat and raised growth/margin guidance from the company, maintaining ADD with a revised target price.

The report states profitability doubled on topline growth and improved underwriting, maintaining BUY despite flagging regulatory overhang from proposed commission reforms.

The report notes an EBITDA beat driven by volume and realization growth and reiterates BUY with a raised target price.

The report describes a mixed quarter with strong AUM growth offset by higher credit costs, maintaining ADD with a revised SoTP-based target price.

The report notes EBITDA growth in line with estimates on gross margin expansion and reiterates ADD with a revised target price.