Research notes

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.

The report says consolidated revenue could rise ~167% YoY on the acquired Imperial Blue portfolio, but adjusted EBITDA margin may contract ~90bps to 14.2% and adjusted PAT decline 9% YoY to INR482mn due to interest costs of about INR650mn.

The note says Radico is expected to lead the coverage with ~13% revenue growth, 44% EBITDA growth and ~59% adjusted PAT growth in Q2FY27E, aided by ~30% P&A growth and a 45% rise in Magic Moments vodka, with EBITDA margin held above 20%.

The report estimates +2.3% QoQ CC growth for Happiest Minds and cuts its target price from INR 400 to INR 360.

The note expects Mastek to grow +1.7% QoQ CC and cuts its target price from INR 2,080 to INR 1,920 on a lower 12x multiple.

The report calls Sonata a key laggard at +0.6% QoQ CC on slow ramp-up and cuts its target price from INR 360 to INR 340 while retaining BUY.

The note downgrades Birlasoft from BUY to ADD and cuts the target price to INR 365, flagging it as a key laggard at +1.0% QoQ CC on a slow turnaround.

The report names Zensar among its preferred smaller names and expects +2.4% QoQ CC growth, while cutting the target price from INR 600 to INR 565.

The note upgrades Cyient to BUY with target price raised from INR 1,350 to INR 1,450, expecting DET growth of +5.5% QoQ CC including one month of Tao Digital consolidation.