Research notes

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.

The report expects 19% YoY revenue growth from better occupancy and new bed additions, naming it a strong performer with margin improvement.

The report expects 26% YoY revenue growth and 55% YoY EBITDA growth driven by Small Molecule CDMO, naming it a strong performer despite its REDUCE rating.

The report expects 23% YoY revenue growth led by the CRDMO business, naming it a strong performer.

The report expects 14% YoY revenue growth led by CDMO and CHG businesses, with EBITDA margin expansion though PAT remains negative.

The report expects 11% YoY revenue growth with soft CMC business but strong CRO growth, with margin expansion expected.

The report expects 17% YoY revenue growth led by Custom Synthesis business, naming it a strong performer.

The report expects 27% YoY revenue growth but a sharp margin correction due to absence of gRevlimid and gMyrbetriq royalty fees, listing it as a muted performer.

The report notes 51% YoY revenue growth (not comparable due to JB Chemicals integration), with margin improvement from cost synergies but flattish PAT growth.