Research notes

The note says UltraTech delivered 13% consolidated volume growth in Q2FY27 and expects cement price stability to drive margin rebound, maintaining BUY with an unchanged target of INR 14,500.

The note says Bajaj Finance reported strong AUM growth of 26.5% YoY with credit costs in line with guidance, and maintains BUY with an unchanged target of INR 1,200.

The report says Ujjivan Small Finance Bank delivered its highest-ever quarterly PAT in Q2FY27, aided by healthy loan growth, stable margins and falling credit costs.

The report says Crompton Consumer's revenue grew 18% YoY with double-digit growth across segments, driven by price hikes, and management reiterated medium-term guidance.

The report says Metro Brands posted 12.2% YoY topline growth with gross margin expansion, while store expansion remained measured in the quarter.

The report says DLF posted strong presales and collections in Q2FY27, with a building launch pipeline and FY28 expected to be a key inflection point for earnings, despite near-term execution risks from labor and construction disruptions.

The report says Axis Bank's Q2FY27 earnings missed HSIE estimates due to softer other income and higher opex, though loan and deposit growth were strong and asset quality improved.

The report says ICICI Bank delivered strong loan growth, fee income traction and improved credit costs, with best-in-class asset quality and operating efficiency, and remains HSIE's top pick among banks.

The report says Angel One delivered flat broking revenues but a non-linear rebound in margins and 45% QoQ profit growth, maintaining BUY while noting valuation re-rating depends on a market volume rebound.

The report describes a mixed Q2FY27 for L&T Finance with positive NIM surprise offset by higher credit costs, and flags near-term headwinds and ambitious 'Lakshay 2031' targets.

The report says Federal Bank's Q2FY27 profitability beat estimates with strong credit growth and improving asset quality, while flagging that NII growth is likely to lag credit growth and building in 60bps credit costs for MSME stress.

The report says LTM's Q2FY27 results were below estimates on weak Tech & Services, but maintains BUY expecting a stronger H2FY27 and FY28 benefits from BFSI recovery and Randstad integration.

The report maintains a BUY rating with a Sep-27 target price of INR1,555 based on 60x P/E, citing execution-led 20% domestic revenue growth, margin expansion and strong Q2FY27 earnings growth of 37%, while noting high base effects could moderate pace in H2FY27.

The report says Orient Electric posted strong revenue growth of 25% YoY with EBITDA margin expansion and raised FY27-29E estimates following a strong Q2 performance.

The report says Karur Vysya Bank reported a steady quarter with strong loan growth and stable NIMs, despite a slight uptick in credit costs.

The report says Persistent Systems delivered strong revenue growth ahead of estimates but softer margins and deal intake than expected, while the Nagarro acquisition remains on track.

The report says Indian Bank reported a steady quarter in line with estimates, with a positive surprise on operating profit and improving asset quality, though higher MSME and agri exposure poses macro risk.

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.