Research notes

The report says Star Health beat expectations with PAT up 233% YoY aided by the new IND-AS accounting regime and improved underwriting profitability.

The report states Piramal Pharma's EBITDA grew 120% YoY ahead of estimates, with upgraded revenue growth guidance to 19-20% driven by CDMO and CHG momentum.

The report says Axis Max Life Insurance delivered strong H1FY27 APE/VNB growth with margin improvement, though flags IRDAI's upcoming distribution framework as a risk to its banca-led model.

The report notes SAIL's Q2FY27 volumes rose YoY/QoQ though unit EBITDA fell due to weak steel pricing and elevated coal costs, and raises the target price citing a firmer steel price outlook.

The report states Info Edge's recruitment billings grew 12.6% YoY with AI monetization scaling and margin expansion, while noting a leadership transition from Hitesh Oberoi to Sanjeev Bikhchandani.

The report says CIFC's Q2FY27 earnings were largely in line with estimates, with healthy loan and AUM growth offsetting NIM compression, and remains HSIE's top pick among vehicle financiers.

The report maintains an ADD rating on Aether Industries with a target price of INR 1,617, down from a prior target of INR 1,769, citing growth drivers including Magnum site ramp-up, new customer contracts, semiconductor platform build-out, and the Dow Chemicals silicone partnership.

The report states an ADD rating on Max Healthcare.

The report states an ADD rating on Aster DM.

The report states a BUY rating on Apollo Hospitals.

The report maintains a BUY rating with a Sep-27 target price of INR 5,300, citing strong Q2FY27 execution with revenue up 17%, EBITDA up 50%, and earnings up 67%, driven by premiumization and raised FY27 P&A volume growth guidance to 30%.

The report says IndiaMart delivered a moderate quarter with ARPU-led growth offsetting declining paying subscribers, maintaining ADD with a DCF-based TP of INR 1,900.

The report says Acutaas Chemicals beat Q2 estimates on EBITDA/APAT but maintains SELL due to high near-term valuations, with TP of INR 2,427.

The report says JK Cement delivered strong volume growth and EBITDA growth in Q2FY27, maintaining BUY with unchanged TP of INR 6,130.

The report says MDL posted a disappointing quarter with declining revenue and EBITDA due to weak order book execution, but maintains a long-term constructive ADD rating with reduced multiple and TP of INR 2,300.

The report says Tata Capital's Q2FY27 earnings beat estimates on lower credit costs and AUM growth despite NIM compression, maintaining ADD with a revised TP of INR 365.

The report says SBI Life beat estimates on APE/VNB growth and margin expansion from product mix shift, maintaining a high-conviction BUY with revised TP of INR2,320.

The report says L&T beat revenue and APAT estimates with record order book and robust order inflows, maintaining BUY with a revised SOTP target of INR 4,680.

The note says the ETF's weekly chart shows a sustainable bounce from support near Rs 15.56 with a bullish higher-tops-and-bottoms pattern and positive RSI bias, suggesting a buying range of Rs 16.73-16.36 with a stop-loss of Rs 15.47.

The note says the ETF's weekly chart shows a sustainable bounce from support near Rs 157 with a bullish higher-tops-and-bottoms pattern and positive RSI bias, suggesting a buying range of Rs 166.50-162.90 with a stop-loss of Rs 154.05.

The report notes the company received NCLT approval for a composite scheme merging three wholly owned subsidiaries into the parent, effective April 1, 2024.

The report states Ather Energy turned net profitable in Q2FY27 with revenue up 63% YoY to Rs 1,464.24 crore and approved fresh capex of Rs 122 crore.

The report notes Q2FY27 consolidated revenue jumped 35% YoY to a record Rs 1,547 crore, driven by a 129% YoY surge in BEV revenue.

The report states Q2FY27 net profit rose 10.73% YoY to Rs 181.52 crore with AUM up 16.1% YoY and improved cost-to-income ratio.

The report notes Q2FY27 net profit surged 41.42% YoY to Rs 2,310 crore with NII up 21.76% and a sharp drop in NPA provisions.