Research notes

The report maintains a BUY rating with a revised target price of INR 2,220 (based on 46x Q2FY29E EPS), citing steady volume-led growth, margin stability around 29.2-29.3%, wellness segment traction, and recent M&As in genomics (SN Gene) and international markets (Sunshine Healthcare, Ghana).

The report says TCS's Q2FY27 revenue grew 0.5% QoQ in constant currency, led by international business and AI adoption, with annualized AI revenue surpassing USD 3bn and contributing ~10% of revenue, while margins remain a monitorable due to elevated subcontracting costs and MHP consolidation, and maintains an ADD rating with a target price of INR 2,470 based on 15x Sep-28E EPS.

The note retains REDUCE on Deccan Cement and cuts its TP to INR 530 from INR 830.

The report expects ~23% YoY volume growth for Sagar but the weakest margin in the universe at INR 244/MT, retaining ADD.

The note says Orient Cement is upgraded to BUY from REDUCE with TP cut to INR 180 from INR 260, aligned to Ambuja on the announced swap ratio ahead of the merger.

The report lists JK Lakshmi with a TP of INR 680 (ADD in the revision table) and flags subpar Q2FY27E margin of INR 522/MT.

The note expects a marginal volume decline but industry-leading margin of INR 1,365/MT for Star Cement, retaining BUY.

The report expects weak margin of INR 255/MT for Heidelberg and retains a REDUCE rating on SOTP-based valuation.

The note flags subpar Q2FY27E margin of INR 495/MT for Birla Corp while retaining ADD.

The report estimates ~12% YoY volume growth for JK Cement and says the house remains structurally positive on the stock.

The note expects ~10% YoY volume growth but subpar margin of INR 526/MT and an adjusted loss in Q2FY27E, retaining a SELL rating.

The report keeps BUY on Nuvoco Vistas with TP unchanged at INR 445.

The note retains BUY on Dalmia Bharat with an unchanged TP and estimates Q2FY27E EBITDA/MT of INR 754.

The report says ACC has been upgraded to BUY from ADD with TP cut to INR 1,800 from INR 2,010, as its valuation is now linked to Ambuja on the finalised share swap ratio.

The note expects flattish consolidated volumes for Ambuja in Q2FY27E but says the sharp stock correction offers large upside.

The report estimates ~13% YoY volume growth for Shree Cement with EBITDA/MT of INR 776 and retains an ADD rating.

The note says UltraTech should deliver ~10% YoY volume growth and industry-leading EBITDA of INR 977/MT, and that the house remains structurally positive on the stock.

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.