Research notes

The note says Mphasis will extend its collaboration with Social Security Scotland to manage and maintain its benefits management platform.

The note says Titan reported 25% growth in consumer business sales in Q2, with jewellery up 21%, watches up 30% and eyewear up 28%, and 78 stores added taking the total to 3,758.

The note says the company launched Mahindra Rivenza in Pune across 13.46 acres with a gross development value of about Rs 3,500 crore.

The note says Shakti Pumps received a Letter of Empanelment worth Rs 112.18 crore from MSEDCL for supply and installation of 4,755 off-grid solar water pumping systems.

The note says GCPL inaugurated the first phase of a new manufacturing facility in Indonesia's Kendal Special Economic Zone as part of an IDR 500 billion (about Rs 250 crore) investment.

The report reiterates a BUY rating with a Sep-27 target price of INR 550 (5x EV/sales), citing strong offline execution by Mamaearth and The Derma Co, scaling of younger brands like Aqualogica, Dr. Seth's, BBlunt and Reginald, and management's confidence of sustaining 12-12.5% margins in FY27 with gradual expansion thereafter, while modeling 18% revenue CAGR and 29% EBITDA CAGR over FY26-29E.

The note says the stock has formed a strong bullish daily candle with rising volumes, an intraday bullish breakout, price above key moving averages and a positive RSI, and suggests buying in the 5018.20-5045 range with add-on-dip at 4911, stop loss 4845 and target 5270 over up to 15 days.

The note recommends buying USHAMART in the range of 522-516.20 with a stop-loss of 490 and a target of 552 over a time horizon of up to 10 days, citing an upside bounce, breakout of narrow range movement, rising volumes, a positive candlestick pattern and positive momentum oscillator readings.

The report maintains a REDUCE rating with a revised RI-based target price of INR 595 (2.5x Sep-28 ABVPS; 16x Sep-28 EPS), citing muted growth, pressured revenue pools and steady-state RoA/RoE significantly below pre-pandemic levels despite improving asset quality.

The note says URBANCO has bounced after a period of minor declines/consolidation, possibly breaking out of a narrow range on rising volumes with positive candlestick and momentum indications, and suggests a buying range of 167-165.11 (CMP 165.11), add on dip at 160, stop loss 156 and target 177 over a horizon of up to 10 days.

The note says to buy BHEL October futures at CMP 439.55 with an average level of 429, stoploss 422 and target 466 over 1-10 days, citing a weekly bullish candlestick pattern, rising volume alongside price and positive daily RSI divergence.

The report upgrades APL Apollo Tubes to BUY from ADD with a higher target price of INR 2,350 (35x Sep'28E adjusted EPS), citing strong Q2FY27 volume recovery of 13% YoY/29% QoQ led by high-margin branded pipes and roofing products, robust margin outlook of ~INR 5,500/MT, upcoming capacity additions to 8mn MT by FY28E, expected UAE profitability rebound from FY28E, and projected 14/16/20% volume/EBITDA/adjusted PAT CAGR over FY26-29E.

The note maintains a BUY rating on Radico Khaitan with a Sep-27 target price of INR 5,300 on 55x P/E, citing superior execution, vodka-led margin uplift, and confidence in sustaining above-20% EBITDA margins in FY27E.

The report maintains a BUY rating with a Sep-27 target price of INR700 on 35x P/E, citing management's focus on strengthening the Imperial Blue franchise, premiumization efforts, improving leverage, and potential catalysts from Telangana price hikes and Tamil Nadu market opening.

The report expects Gopal Snacks' revenue to grow 20% YoY but adjusted PAT to decline 24% YoY in Q2FY27E.

The report forecasts 28% revenue growth and 68% adjusted PAT growth YoY for Honasa Consumer in Q2FY27E, aided by margin expansion.

The report expects Bikaji's revenue to grow 11% YoY but EBITDA and adjusted PAT to decline 16% and 15% respectively in Q2FY27E.

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.