Research notes

The report projects HPCL's EBITDA to remain negative at INR -81.7bn, though improved from INR -161.4bn in Q1FY27, with declining crude throughput QoQ.

The report expects BPCL's EBITDA to improve to INR 45.9bn from a loss of INR 40.8bn in Q1FY27, aided by expanding crude throughput and improved marketing margins.

The report projects IOCL's EBITDA to improve sharply QoQ to INR 70.3bn from INR 20.2bn, aided by stronger GRMs despite lower crude throughput.

The report expects PLNG's EBITDA to remain flattish QoQ at INR 15.1bn even as total volumes decline to 207 tbtu due to lower realizations and elevated spot delivery costs.

The report projects GAIL's EBITDA to fall to INR 43.9bn from INR 63.8bn QoQ due to trading normalization and weak gas marketing, despite 5.4% QoQ growth in transmission volumes.

The report expects OIL's revenue to rise 3.1% QoQ on higher crude and gas volumes, with EBITDA estimated at INR 42.0bn.

The report projects ONGC's revenue to decline 4.6% QoQ due to lower crude and gas realizations, with EBITDA estimated at INR 263.3bn.

The note reports APAT delivered 13/29% YoY/QoQ volume growth driven by the higher-margin APL Apollo brand, expects flattish margins QoQ, and maintains its BUY rating and target price.

The note expects SAIL to post healthy 7/26% YoY/QoQ volume growth and maintains its ADD rating and target price.

The note expects Jindal Steel to deliver strong 25% YoY volume growth from recent expansion ramp-ups, while estimating the largest margin contraction among coverage companies, and maintains its BUY rating and target price.

The note expects JSW Steel's sales volume to rise 2/20% YoY/QoQ aided by gradual ramp-up of BF3 at Vijayanagar, and maintains its BUY rating and target price.

The note expects Tata Steel to deliver flattish YoY consolidated volumes with India deliveries up 7% YoY offset by declines in EU and Thailand, and maintains its BUY rating and target price.

The report estimates a Sales/EBITDA impact of 0.6%/2.7% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 1.3%/5.0% from the oncology drug price cap and maintains an ADD rating.

The report estimates a Sales/EBITDA impact of 0.5%/2.8% from the oncology drug price cap and maintains a BUY rating.

The report states Tata Motors and Stellantis partnered to develop vehicles in India for more than 50 global markets.

The report states L&T Technology Services launched an AI-native Engineering Intelligence Lab focused on digital manufacturing and physical AI applications.

The report states HCLTech signed a partnership with Anthropic to establish a dedicated AI business unit.

The report states CreditAccess Grameen raised $175 million through a syndicated social loan to support lending and financial inclusion initiatives.

The report states Emcure Pharmaceuticals approved the merger of its subsidiaries Zuventus Healthcare and Emcutix Biopharmaceuticals into the parent company as part of corporate restructuring.

The report lists Max Healthcare Institute among the top losers, down 2.02-3.15%.

The report lists Larsen & Toubro among the top losers, down 2.02-3.15%.

The report lists Tech Mahindra among the top losers, down 2.02-3.15%.

The report lists ITC among the top losers, down 2.02-3.15%.

The report lists Apollo Hospitals Enterprise among the top losers, down 2.02-3.15%.