Research notes

The note says Nykaa's Q2 FY2027 consolidated GMV growth is expected close to thirties with net revenue growth in late twenties, citing its moat in beauty and personal care, at CMP INR325.

The note states AUBANK reported 7.0% QoQ gross advances growth and 28.6% YoY deposit growth, and calls it its top pick among mid-sized private banks with 29% upside from CMP INR987.

The note says RBI approval of Anup Bagchi as MD & CEO from 27 Oct'26 removes a key leadership-succession overhang.

The note says Bajaj Finance's 2QFY27 AUM of INR5.85t (up ~26.5% YoY) was higher than its estimates with customer franchise at ~128.85m.

The note says DMart's 2QFY27 standalone revenue of INR192b grew 18.4% YoY, slightly ahead of its last published estimate.

The note says Accenture's 4QFY26 revenue of USD18.7b (up 7% YoY cc) beat guidance but shows no sequential change in discretionary spending, so it does not alter the firm's cautious 2QFY27 outlook for Indian IT services.

The note says Canon is in discussions with players in major Indian semiconductor projects and is setting up local service centres.

The note says NetApp named India its fastest-growing Asian market on enterprise cloud adoption and BFSI/IT demand.

The note says IBM India highlighted rising demand for secure, governed AI systems and infrastructure as Indian firms raise AI spending.

The note cites a forecast of 3.5% sequential growth for Mphasis in Q2 FY27.

The note cites a forecast of 4.5% sequential growth for Coforge in Q2 FY27, aided by large deal wins and acquisitions.

The note reports mid-tier IT firms are expected to outperform larger peers in Q2 FY27, with Persistent forecast to grow 7% sequentially.

The note says Jio Platforms is preparing to list by late October with a record $3.8 billion IPO at an enterprise valuation above Rs 12 trillion.

The note says the B2B commerce platform plans to file its DRHP in November and launch an IPO next year to raise roughly $1 billion.

The note says ESDS Software Solutions led H1 FY27 IPO gains with a 233.7% return.

The report initiates coverage on Molbio Diagnostics with a BUY rating and a 12-month target price of INR1,800, implying about 19-21% upside, based on a 45x 12-month forward P/E (a 20% premium to the sector multiple of 36x), citing its differentiated R&D-driven business model and expected 23% revenue CAGR and 50% PAT CAGR over FY26-29E, while flagging customer concentration, high TB revenue dependence, regulatory delays and working-capital intensity as key risks.

The report reiterates a BUY rating with a target price of Rs 1,225, stating that the appointment of Anup Bagchi as MD & CEO removes leadership overhang and should help restore investor and customer confidence, with re-rating expected as business execution improves and FPI outflows moderate.

The report says it received Mainboard approval for a fresh issue of 57.62 lakh shares and an OFS of 15.15 lakh shares.

The report says it received Mainboard approval for a fresh issue of 1.187 crore shares and an OFS of 0.728 crore shares.

The report says it received Mainboard approval with issue details marked confidential.

The report says it received Mainboard DRHP approval for a ₹550 crore fresh issue.

The report says it proposed an ₹800 crore fresh issue along with OFS of ₹200 crore.

The report says it proposed a ₹550 crore fresh issue along with OFS of ₹450 crore.

The report says it proposed a ₹525 crore fresh issue cum OFS of ₹200 crore.

The report says it proposed a ₹500 crore fresh issue cum OFS of 0.15 crore shares.