The report states Q2 topline grew 11.2% YoY in line with estimates, EBITDA margin expanded, and maintains BUY with an SOTP-based TP of INR135.
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83 notes from HDFC Securities · since 03 Nov 2026, 02:08 IST
The report maintains REDUCE citing high revenue concentration risk and rising input costs, despite EBITDA/APAT beating estimates by 18/34%.
Read this note →The report notes Q2FY27 revenue grew 34.7% QoQ/23.7% YoY on buoyant primary markets, PAT beat estimates by ~12%, and maintains BUY with TP of INR1,570.
Read this note →The report states Q2FY27 earnings beat estimates due to negative credit costs, loan growth remains subdued at +4.6% YoY, and maintains ADD with a revised TP of INR660.
Read this note →The report notes revenue grew 74% YoY, the company raised revenue growth guidance to 40-45%, and the TP was raised to INR1,800 with a maintained BUY rating.
Read this note →The report states NGEL's revenue/EBITDA/APAT missed estimates by 16.7/15.1/52.3% due to grid curtailment issues, while maintaining BUY with a reduced TP of INR115.
Read this note →The report notes Q2FY27 presales of INR50.3bn (+10.2/+8.8% YoY/QoQ), reiterated FY27 presales guidance of INR240bn, and maintains TP at INR1,299 driven by data centre premium at Palava.
Read this note →The report maintains an ADD rating with a Sep-27 SoTP-based target price of INR300, citing a 21% YoY decline in cigarette revenue and 27% decline in cigarette EBIT against a 22%/23% rise in non-cigarette revenue/EBIT, with cigarette per-stick profitability expected to recover by Q4FY27.
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