Research notes

The report expects IGL's per-unit EBITDA margin to improve QoQ to INR 3.9/scm, led by a higher CNG volume share, alongside 2.4% QoQ sales volume growth.

The report projects HPCL's EBITDA to remain negative at INR -81.7bn, though improved from INR -161.4bn in Q1FY27, with declining crude throughput QoQ.

The report expects BPCL's EBITDA to improve to INR 45.9bn from a loss of INR 40.8bn in Q1FY27, aided by expanding crude throughput and improved marketing margins.

The report projects IOCL's EBITDA to improve sharply QoQ to INR 70.3bn from INR 20.2bn, aided by stronger GRMs despite lower crude throughput.

The report expects PLNG's EBITDA to remain flattish QoQ at INR 15.1bn even as total volumes decline to 207 tbtu due to lower realizations and elevated spot delivery costs.

The report projects GAIL's EBITDA to fall to INR 43.9bn from INR 63.8bn QoQ due to trading normalization and weak gas marketing, despite 5.4% QoQ growth in transmission volumes.

The report expects OIL's revenue to rise 3.1% QoQ on higher crude and gas volumes, with EBITDA estimated at INR 42.0bn.

The report projects ONGC's revenue to decline 4.6% QoQ due to lower crude and gas realizations, with EBITDA estimated at INR 263.3bn.

The note reports APAT delivered 13/29% YoY/QoQ volume growth driven by the higher-margin APL Apollo brand, expects flattish margins QoQ, and maintains its BUY rating and target price.

The note expects SAIL to post healthy 7/26% YoY/QoQ volume growth and maintains its ADD rating and target price.

The note expects Jindal Steel to deliver strong 25% YoY volume growth from recent expansion ramp-ups, while estimating the largest margin contraction among coverage companies, and maintains its BUY rating and target price.

The note expects JSW Steel's sales volume to rise 2/20% YoY/QoQ aided by gradual ramp-up of BF3 at Vijayanagar, and maintains its BUY rating and target price.

The note expects Tata Steel to deliver flattish YoY consolidated volumes with India deliveries up 7% YoY offset by declines in EU and Thailand, and maintains its BUY rating and target price.

The report estimates a Sales/EBITDA impact of 0.6%/2.7% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 1.3%/5.0% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 0.5%/2.8% from the oncology drug price cap and maintains a BUY rating.

The note says Can Fin Homes' Q2FY27 earnings were largely in line with estimates, with a temporary disbursement slowdown due to tech transformation expected to reverse from Q3, while profitability metrics remain strong.

The note says RBL Bank posted strong headline PAT growth and NIM expansion driven by equity infusion and FCNR(B) mobilization, but flags structural handicaps in its deposit franchise and asset side profit pools.

The note says HCLTech's Services and ER&D beat expectations on strong Advanced AI traction, with record H1 TCV and margin expansion, though guidance implies no H2 acceleration and estimates remain largely unchanged.

The report notes DMART's standalone revenue grew 18.4% YoY to INR192bn with SSSG of 9.5%, but EBITDA margin contracted 28bps YoY to 7.3% and APAT grew only 7.6% YoY to INR8bn, lagging revenue growth and estimates, and maintains an ADD rating with a reduced DCF-based target price of INR4,000/share (from INR4,100 previously).

The report cuts the target to Rs 135 from Rs 150 while maintaining BUY, expecting ~10.5% overall revenue growth with Trent outperforming it.

The report maintains BUY with an unchanged target of Rs 140, expecting ~16% YoY revenue growth driven by store expansion.

The report raises the target to Rs 395 from Rs 390 while maintaining BUY, expecting Eternal to continue gaining market share in food delivery and quick commerce.

The report cuts the target to Rs 460 from Rs 470 while maintaining BUY, expecting rising quick-commerce losses as it attempts to recoup market share.

The report raises the target to Rs 240 from Rs 230 while maintaining SELL, expecting ~29% revenue growth but continued margin pressure relative to peers like Myntra.