Research notes

The note says Galaxy Surfactants is entering a structurally stronger growth phase, with HSIE forecasting revenue/EBITDA/APAT CAGR of 10/14/20% over FY26-FY29E and RoE improving 306bps to 13.5% in FY29, aided by the Unilever strategic framework agreement and volumes freed up by BASF's Dahej sulfation plant closure, with the stock trading at 21.7/21.2/18.9x FY27/28/29E EPS versus an 8-year average 1-year forward PE of ~27x.

The note says Aavas is upgraded to BUY with an RI-based target price of INR1,540 (implying 1.7x Sep-28 ABVPS), citing expected growth revival under new management, sub-25bps credit cost guidance and a valuation derating to 1.4x Sep-28 ABVPS for a franchise delivering ~14-15% RoE and ~17% loan growth, while flagging the ~20% long-term loan growth guidance as ambitious and a key monitorable.

The note says two unions began industrial action at Antofagasta's Centinela mine in Chile, disrupting mining and development work and raising concerns about future production, which supported copper prices.

The note reports BMC is partnering with Godrej Properties and RC Group to develop the first phase of a landscaped promenade at Bandra Bay.

The note says PC Jeweller reported about 28% YoY consolidated revenue growth for the September 2026 quarter and became debt-free, receiving around Rs 142 crore from export debtors.

The note reports 31% YoY total revenue growth in Q2 FY27, retail revenue up 29% and SSSG of 19%, aided by festive demand.

The note says the firm will invest up to Rs 4.10 crore in Jager Renewables, an SPV for solar power supply in Uttar Pradesh.

The note reports consolidated revenue of Rs 2,608.7 crore for the quarter ended September 2026, up 11.9% YoY, with Domino's India LFL growth of 4.1% and 108 stores added, taking Domino's India count to 2,601.

The note says the company signed an SPA with PFC Consulting to acquire 100% of Satara Power Transmission Limited, a planned 765 kV inter-regional corridor project.

The note reports Inox Green completed payment for the transfer of Wind World India's 4.5 GW wind O&M business for Rs 550 crore inclusive of taxes, taking a 75% stake in VEPL.

The note says Tata Power has partnered with Norway's Ocean Sun for a ~300 kWp membrane-based floating solar pilot at its Mulshi reservoir.

The note reports the company received an LoI from Gujarat Energy Transmission Corporation for a 220kV transmission line worth Rs 78.84 crore including GST.

The note says Kanoria Chemicals launched a 12 TPD Triacetin manufacturing facility at Ankleshwar, Gujarat.

The note reports LTM announced an expanded collaboration with Google Cloud to accelerate adoption of Gemini Enterprise.

The note says Ramco Systems has partnered with UAE audit firm Baker Tilly SM Envoy Consultancy to offer Ramco Payce payroll solutions.

The note reports a 300 MW wind PPA with SECI has been terminated, obliging Torrent Power to pay Rs 39.78 crore in liquidated damages.

The note says GAIL is in talks with three to four US LNG export projects for long-term supplies and may acquire a minority stake in one, to diversify sourcing after Strait of Hormuz disruptions.

The note reports Dixon has formed a 60%-owned joint venture, Dixon Electroconnect Pvt Ltd, with Gemtek Technology to produce telecom products addressing AI, cloud and networking demand.

The note previews TCS's Q2 FY27 results due after market hours, estimating rupee revenue up 1.1% QoQ and 11.1% YoY to Rs 73,081 crore, US$ revenue up 0.4% QoQ to US$7,652mn, net profit down 7.1% QoQ to Rs 13,639 crore and EBIT margin up 50bps QoQ to 24.5%, with TCV expected at $10-11bn and a second interim dividend to be considered.

The note says HSIE maintains BUY with a Sep-27 target of INR 700 at 45x P/E (a ~20% discount to the three-year forward average), noting management guidance of 100-150bps FY27 margin compression (200-250bps in Q2FY27E), weighted average inflation of ~7% partly offset by a 5% price hike, an 8% cut to FY27E EPS, and that the stock is down ~35% YTD with a strong Q3 seen as pivotal for sentiment.

The report expects 15% YoY revenue growth led by patient and test volumes with EBITDA margin improvement, naming it a strong performer.

The report expects 17% YoY revenue growth with volume-led gains and margin expansion, naming it a strong performer.

The report expects 20% YoY revenue growth but a decline in private label sales to impact margins, listing it as a muted performer.

The report flags numbers as not comparable due to the Quality Care Hospital merger, with strong reported growth but a cautious first integration quarter.

The report expects 17% YoY revenue growth but margin pressure from integration of low-margin acquired hospitals, listing it as a muted performer.