Research notes

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.

The report maintains REDUCE citing high revenue concentration risk and rising input costs, despite EBITDA/APAT beating estimates by 18/34%.

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.

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.

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.

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.

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.

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.

The report rates United Breweries ADD with a target of Rs 1,325 (12% upside) and states it holds an estimated 30-35% beer market share in Tamil Nadu with two breweries.

The report rates United Spirits BUY with a target of Rs 1,750 (31% upside) and notes it operates through brandy and premium labels in Tamil Nadu.

The report rates Tilaknagar Industries BUY with a target of Rs 700 (45% upside) and highlights its Mansion House brandy brand as best placed to benefit from Tamil Nadu's market opening.

The report rates Radico Khaitan BUY with a target of Rs 5,300 (30% upside) and states it is well positioned in Tamil Nadu brandy and vodka, including the Jaisalmer gin brand.

The report rates Allied Blenders REDUCE with a target price of Rs 685, implying a 2% downside from CMP of Rs 700.

The report recommends buying the Persistent 23 Nov 6100 CALL at a price of 165.50 with a stoploss of 116 and target of 250 over up to 10 days, citing a bullish breakout, weekly candlestick pattern, rising volumes and positive RSI.

The report maintains a BUY rating with a Sep-27 target price of INR700, citing strengthening execution and festive-season H2FY27 momentum despite a marginal Q2 miss where revenue grew 1% QoQ while EBITDA and earnings declined 2% and 30% respectively due to higher Ind-AS linked interest charges.

The note recommends buying BEL FUTURE at CMP 376.40 with a target of 397, stop loss of 367 and add-on-dip level of 370 over a horizon of up to 10 days, citing a bullish breakout, volume jump, positive candlestick pattern and positive momentum oscillator readings.

The report says Q2 EBITDA/APAT were 23%/5% above estimates on pricing-led revenue growth, and maintains ADD with a target price of INR 201.

The report says V-Guard revenue grew 38% YoY with EBITDA/APAT up 54%/71%, upgrades FY27-29E estimates, maintains BUY with a revised TP of INR 430/sh, and adds the stock to its top picks list.

The report says BEL reaffirmed its FY27 presales guidance of INR 90bn and a sizeable launch pipeline, and reiterates BUY with a TP of INR 940/sh.

The report says AIL's growth will be led by ramp-up in exclusive manufacturing and new capacity commissioning, with EBITDA/APAT 2/5% above estimates, and maintains ADD with a target price of INR 1,617.

The report says PBFINTECH posted 35% YoY core revenue growth and 46% YoY PAT growth, downgrades FY28 revenue estimate by ~15% on IRDAI commission reset risk, and maintains BUY with a TP of INR1,390.

The report says ABCAP sustained strong growth across lending and non-lending businesses, flags IRDAI distribution commission guidelines as an overhang, and maintains ADD with a revised SOTP-based TP of INR 421.

The report says Q2FY27 standalone EBITDA rose 101% YoY driven by strong NG marketing margins, and maintains ADD with a revised target price of INR 203.

The report says Q2FY27 earnings were flattered by a one-off NSE stake sale gain, flags caution on retail/MSME asset quality and elevated credit-to-deposit ratio, and reiterates BUY with a revised TP of INR325.

The report says EBITDA grew 14% YoY on 12% sales growth, retains BUY and cuts FY27E/28E EPS by 4%/2% while revising target price to INR 2,180.