Research notes

The report highlights strong Q2FY27 revenue/EBITDA growth as volumes recovered and maintains BUY with a raised EPS estimate.

The report states EBITDA declined 8% YoY despite 11% sales growth due to higher costs, but maintains ADD with a revised target price.

The report notes strong Q2 topline and margin growth but maintains SELL citing heady valuations of ~80x Sep-28 EV/EBITDA.

The report says BSE's revenue fell 8.5% QoQ due to CAS-related weakness in options activity but cost discipline aided margins, and maintains ADD with a raised target price.

The report notes EBITDA grew only 8% YoY despite 29% YoY sales growth due to higher operating costs, but maintains ADD citing steady India/US growth, R&D monetization and Medtech scale-up.

The note recommends buying GE Vernova T&D India in the range of 4216.10-4240, with a stop loss of 4095/4020 and a target of 4500 within 15 days, citing bullish candle formation, volume jump, breakout above key moving averages and positive RSI.

The note recommends buying Hero Moto November futures at CMP 5362, citing long build-up in futures OI, price above 5 and 11 day EMA, and a breakout from a downward sloping trendline, with stop loss at 5140 and target at 5650 over a 1-10 day horizon.

The note says GROWWDEFNC shows a decisive breakout of its downtrend line around Rs 90-91 with bullish chart pattern and positive RSI bias, recommending a positional buy in the range of Rs 92.35-90.38 with a stop loss of Rs 85.80.

The note says MODEFENCE shows a decisive breakout of its downtrend line with bullish higher tops and bottoms pattern and positive RSI bias, recommending a positional buy in the range of Rs 101.40-99.47 with a stop loss of Rs 94.50.

The report says KPDL reported strong presales growth and a landmark signing of six redevelopment projects in MMR, maintaining a positive outlook on execution and land bank.

The report says Happiest Minds posted modest CC revenue growth with stable margins, while cutting FY27/28E earnings estimates on lower other income.

The report says Eureka Forbes posted 15% YoY revenue growth with improved EBITDA margin, and raised FY27E revenue and APAT estimates.

The report says KECI missed revenue/EBITDA/APAT estimates significantly due to supply chain disruptions and cost pressures, leading to cut estimates and a reduced target price.

The report reiterates a REDUCE rating on Petronet LNG citing subdued return ratios amid heavy capex and limited visibility on marketing margins, despite in-line Q2FY27 results.

The report says Max Healthcare delivered 18% EBITDA and sales growth YoY with steady occupancy, while cutting FY27/28E EBITDA estimates due to trade margin impact on oncology business.

The report says Bajaj FinServ posted a mixed quarter with muted BAGIC performance but standout BALIC and strong BAF growth, maintaining a positive view despite regulatory overhangs.

The report says BEL delivered strong execution with 27% revenue and 20% PAT growth YoY despite margin contraction from raw material inflation, with a robust order book of INR 703bn.

The report says SBIN posted healthy loan and deposit growth, a slight margin rebound, and improving asset quality with GNPAs at a two-decade low, raising FY27E/FY28E earnings estimates.

The report maintains a BUY rating with a Sep-27 target price of INR 335 on 30x P/E, citing better-than-expected margin resilience, 23% Q2 revenue growth, 72% EBITDA growth and 102% adjusted PAT growth, and raises FY27 OPM estimate from 6.1% to 8.4% along with a 56% earnings upgrade.

The report states Q2FY27 EBITDA grew 77.2% YoY and maintains BUY with a revised TP of INR352 based on volume and margin growth expectations.

The report notes weak Q2 performance and lackluster outlook, lowering APAT estimates and valuation multiple, while maintaining BUY with a lower TP of INR170.

The report notes strong volume growth of 22% YoY but subdued pricing and elevated costs dragged unit EBITDA, maintaining ADD with an unchanged TP of INR190.

The report states Quess delivered strong Q2FY27 revenue growth led by General Staffing, raised earnings estimates by 6-10%, and maintains ADD with a revised TP of INR390.

The report notes Q2FY27 unit EBITDA declined due to subdued cement prices and rising costs, and maintains ADD with a lower TP of INR1,080.

The report retains BUY with TP of INR2,580 premised on Organolithium and electrolyte business growth, despite Q2 EBITDA/APAT coming below estimates.