Research notes

The report forecasts 20% revenue growth but only 4% adjusted PAT growth YoY for Emami in Q2FY27E, naming it among preferred names.

The report expects Colgate to post 16% revenue growth and 21% adjusted PAT growth YoY in Q2FY27E, aided by margin expansion.

The report forecasts 11% revenue growth and 9% adjusted PAT growth YoY for Dabur in Q2FY27E, citing inflationary headwinds on margins.

The report expects GCPL to post 18% revenue growth and 10% adjusted PAT growth YoY, listing it among preferred stronger execution-led names.

The report forecasts 16% revenue growth and 31% adjusted PAT growth YoY for Marico in Q2FY27E.

The report expects Britannia to post 12% revenue growth and 10% adjusted PAT growth YoY in Q2FY27E on a low base, naming it among preferred execution-led stocks.

The report upgrades Nestlé India to BUY given sector-wide de-rating making its valuation more reasonable, and forecasts 21% revenue growth and 37% adjusted PAT growth in Q2FY27E.

The report forecasts 7% revenue growth but a 24% YoY decline in EBITDA and adjusted PAT for ITC due to cigarette excise impact and margin stress.

The report expects 11% YoY revenue growth and 8% YoY adjusted PAT growth for HUL in Q2FY27E, aided by a low base.

The report says Orient Cements is part of the mega merger with parent Ambuja expected to complete by FY27-end, simplifying the corporate structure and financial reporting.

The report says ACC, a listed subsidiary, is to be merged into Ambuja within the next two quarters with most approvals in place, contributing to ~14% equity dilution by FY27-end.

The note maintains BUY with an unchanged TP of INR 550/share (15x Sep'28E consolidated EBITDA), estimating a ~2% YoY Q2FY27 volume decline and unit EBITDA falling ~INR 220/MT QoQ to ~INR 700/MT, while projecting consolidated volume/EBITDA CAGR of 8%/17% over FY26-29E, cumulative capex of ~INR 199bn, and the company staying net cash.

The report says Sobha posted Q2FY27 presales of INR 22.1bn (+16% YoY), H1FY27 presales at an all-time high of INR 58.6bn (+47% YoY, 59% of FY27 guidance), a strong launch pipeline (H1 launches of 7.9msf/INR 112bn, ~75% of FY27 guidance), and that margins are expected to improve meaningfully from H2FY27 as the INR186bn unrecognized revenue book with 30%+ project-level EBITDA margins moves into recognition, leading HSIE Research to maintain a BUY rating with a target price of INR 1,930/share.

The note expects Stylam to report 16.5% YoY revenue growth and 26.3% YoY APAT growth led by improved realisation.

The note expects Greenlam to deliver 14% YoY revenue growth on improved realisation but a 1.7% YoY EBITDA decline, with estimates unchanged.

The note expects Greenpanel to report negative topline growth (-4.3% YoY) on weak exports and domestic market share loss, with EBITDA down 38% YoY, and cuts FY27-29E estimates.

The note calls Century Plyboards its top sector pick and a Q2 result pick, expecting strong double-digit revenue growth of 28.4% YoY aided by better realisation and market share gains.

The note expects Prince Pipes to report 16% YoY volume growth with revenue up 26.8% and APAT up 219% YoY on a low base, while retaining a REDUCE rating.

The note expects Astral to post 22% YoY volume growth, 27.2% YoY revenue growth and 45.9% YoY APAT growth in Q2FY27.

The note expects Supreme to report 18% YoY volume growth with revenue up 33.5% and APAT up 89.9% YoY, aided by PVC inventory gains, and values it at 40x Sep'28 EPS plus its stake in Supreme Petrochem at a 30% discount.

The note says Somany should report 6% YoY volume growth, 27.1% YoY revenue growth and 350bps YoY EBITDA margin expansion on price hikes.

The note says Kajaria is a Q2 result pick, expecting 11% YoY volume growth, revenue up 26.3% YoY to INR 14,975mn and EBITDA margin expansion of ~300bps YoY.

The note says UBL should post ~12% volume-led revenue growth with EBITDA up 29% and adjusted PAT up 21% on a depressed base, but flags that margin recovery to double digits could be delayed by West Asia-related cost headwinds.

The report says P&A volumes should grow ~15% YoY, with overall revenue up 9%, EBITDA up ~7% and adjusted PAT up 3%, with EBITDA margin broadly flat at 12.5% in line with management's FY27 guidance; its target price implies 5% downside.

The note states it expects ~4% net sales growth with flat P&A volumes, a ~30% popular segment volume decline, EBITDA margin of ~19.5% (down 170bps on a high base) and a ~5% fall in adjusted PAT.