Research notes

Listed among the report's top large-cap fundamental picks at CMP Rs 1,759 with 16% potential upside.

The note says Dabur's Q2FY27 update showed double-digit consolidated revenue growth for a second consecutive quarter with EBITDA margins impacted by input cost inflation, and that management targets double-digit consolidated revenue growth in FY27, largely price-led.

The note says Titan's Q2FY27 consumer business revenue grew 25% YoY with domestic jewellery growth below its estimate due to the festive shift to Q3, while watches (30%) and eyecare (28%) beat estimates; impact is marked neutral.

The note says KIMS announced four investments across Andhra Pradesh, Telangana and Maharashtra, describing them as strategically positive but with differing financial implications depending on control assessment, ramp-up and returns on capital.

The note says Interarch secured a ~Rs 61 crore pre-engineered building order for a Gujarat copper refinery, far above its average order size of ~Rs 12 crore, with a 20% advance supporting working capital and 12-month execution providing revenue visibility.

The note says the Ministry of Defence's Rs 661.5 crore BrahMos fire control systems and launchers contract is positive for the domestic supply chain, with Data Patterns and L&T as key listed beneficiaries.

The note says Max Estates reported Q2FY27 presales of ~Rs 2,100 crore (up ~12.5x YoY) and H1FY27 presales of Rs 3,200 crore, describing it as an exceptional sales performance with further launches planned in Q3 and Q4FY27.

The note says Mphasis extended its partnership with Social Security Scotland in a deal worth ~GBP 35.4mn (~2.84% of FY26 revenues), which it says provides strong revenue visibility and deepens its UK public-sector presence.

The note says L&T Realty plans H2FY27 launches with Rs 25,000 crore development potential across Mumbai, Gurugram and Bengaluru, which it says provides strong medium-term presales and revenue visibility and diversification beyond Mumbai; L&T also appears as an open 'Gladiator' Buy call from 29-May-26 with a target of 4520 and stoploss 3798.

The note says Gabriel India and Faurecia Automotive Seating India will form a 50:50 JV for passenger vehicle seats with a ~Rs 50 crore equity commitment from Gabriel, and that this moves Gabriel from a ride-control company towards a broader mobility systems player with larger content-per-vehicle opportunity.

The note reports Paramount Skydance completed its $110-billion takeover of Warner Bros Discovery.

The digest states Citigroup ranked first in global IPO underwriting through September.

The note reports the Chinese AI firm plans an early-2027 Hong Kong IPO targeting up to $5 billion after a final private round at a $50 billion valuation.

The digest says Garuda Aerospace secured $10 million in pre-IPO funding at a $320 million valuation ahead of a planned listing.

The note reports that Jefferies raised its weighting on Reliance Industries in its model portfolio.

The digest reports that Jefferies added Kotak Mahindra Bank to its model portfolio; it also notes Kotak Mahindra Capital ranked first in the ECM league table with 45 deals worth Rs 379 billion.

The report states L&T Realty unveiled plans to execute real estate projects worth Rs 25,000 crore through launches across three metropolitan markets in H2 FY27.

The note says NTPC plans to procure about 10 million tonnes of commercial coal in H2 FY27 as coal stocks fall to 5.2 MT, covering only 5-6 days.

The digest states Adani Power and Bhutan's Druk Green Power Corporation signed an agreement to develop the 770-MW Chamkharchhu-I hydropower project under a 49:51 equity partnership, with construction scheduled to begin in H1 FY27.

The note reports the FirstCry-backed company received SEBI approval for a Rs 1,000-crore IPO split between a Rs 500-crore fresh issue and a Rs 500-crore OFS by promoters.

The digest says HD Fire Protect will launch its IPO on October 13 with an issue size of about Rs 750 crore, comprising an OFS of 2.63 crore shares at a price band of Rs 258-271 per share.

The note lists an open BUY call dated 6-Oct-26 with buy range 734-724.75, stop loss 685 and target 775 (5.8% upside), valid till 20-Oct-26.

The note lists an open BUY call dated 5-Oct-26 with a buy range of 1787-1776, stop loss 1688 and target 1900 (8% upside), valid till 19-Oct-26.

The note says Gabriel India and Faurecia signed a JV agreement to form Faurecia Anand Seating India, with FORVIA holding 50% plus one share.

The note says quarterly revenue rose 79% YoY to Rs 74.3 crore and net profit rose 202.8% YoY to Rs 9.7 crore.