Research notes

The report expects Quess to post a soft quarter with lower APAT on a high base, maintaining ADD with a revised target of INR 370 from INR 360.

The report expects Teamlease to post a muted quarter and cuts FY27-29E revenue and EPS estimates, maintaining ADD with a revised target of INR 1,420 from INR 1,590 citing slow growth and margin recovery concerns.

The report expects CDSL to deliver a strong quarter driven by demat account additions and IPO revenue recovery, maintaining BUY with a revised target of INR 1,570 from INR 1,620.

The report expects BSE to post a soft quarter due to lower industry options premium ADTV and regulatory impact, maintaining ADD with a revised target of INR 3,950 from INR 3,850.

The report expects MCX to post a strong quarter on recovering options premium volumes and raises FY27-29E EPS, maintaining BUY with a revised target of INR 3,900 from INR 3,600.

The report expects revenue to grow 29.9% YoY though EBITDA margin is seen declining 710.7bps YoY to 23.4%.

The report expects APAT to rise 228.8% YoY despite EBITDA margin contraction of 187.3bps QoQ.

The report expects revenue to grow 37.7% YoY but EBITDA margin to contract 406.3bps QoQ to 20.5%.

The report expects EBITDA margin to fall 349.5bps QoQ to 7.5% despite 20% YoY revenue growth.

The report expects APAT to rise sharply YoY and the rating was revised down from BUY to REDUCE with a raised target price.

The report expects revenue to rise 38.5% YoY driven by ramp-up in the CDMO business.

The report expects per-unit EBITDA to fall to INR 24.5/kg from INR 35.0/kg in Q1 despite 32.8% YoY revenue growth.

The report expects EBITDA margin to decline 276.8bps QoQ to 22.6% despite 22% YoY revenue growth.

The report expects revenue to grow 31% YoY but EBITDA margin to fall 417bps QoQ to 16.8%; the rating was revised from SELL to REDUCE.

The report expects EBITDA margin to contract 335.4bps QoQ due to higher raw material prices and high-cost inventory.

The report expects EBITDA margin to decline 452.7bps QoQ to 20.9% despite 30% YoY revenue growth.

The report expects revenue and EBITDA to grow YoY and QoQ with EBITDA margin broadly stable at 34.2%.

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.