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Research notes

What India's research desks published, reported with attribution and linked to the original notes. Orivam issues no recommendations of its own.

1793 notes · 01 Oct 2026, 00:00 to 01 Nov 2026, 00:00 IST

27 Oct 2026, 08:42 IST Vectras Enprocon India IPO

The report notes Vectras Enprocon's IPO of ₹53.05 crore opens October 30 and closes November 3, 2026 with a price band of ₹99–₹105.

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27 Oct 2026, 08:42 IST HGS (India) India IPO

The report notes HGS (India)'s IPO of ₹34.56 crore opens October 30 and closes November 3, 2026 with a price band of ₹114–₹120.

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27 Oct 2026, 08:39 IST Ather Energy Limited HDFC Securities Limited (HSL)

The report states Ather Energy turned net profitable in Q2FY27 with revenue up 63% YoY to Rs 1,464.24 crore and approved fresh capex of Rs 122 crore.

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27 Oct 2026, 08:39 IST Aavas Financiers Limited HDFC Securities Limited (HSL)

The report states Q2FY27 net profit rose 10.73% YoY to Rs 181.52 crore with AUM up 16.1% YoY and improved cost-to-income ratio.

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27 Oct 2026, 08:39 IST Bank of Maharashtra HDFC Securities Limited (HSL)

The report notes Q2FY27 net profit surged 41.42% YoY to Rs 2,310 crore with NII up 21.76% and a sharp drop in NPA provisions.

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27 Oct 2026, 08:39 IST Eris Lifesciences Limited HDFC Securities Limited (HSL)

The report states revenue grew 12.6% YoY to Rs 892.4 crore with net profit up 53% YoY, and the stock trades at 18.5x FY29E EPS.

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27 Oct 2026, 08:39 IST Mankind Pharma Limited HDFC Securities Limited (HSL)

The report states Mankind Pharma's revenue grew 17.3% YoY to Rs 4,338 crore, beating estimates, with net profit up 39% YoY and the stock trading at 26.5x FY29E EPS.

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27 Oct 2026, 08:39 IST Brigade Hotel Ventures Limited HDFC Securities Limited (HSL)

The report notes Brigade Hotel Ventures' net profit doubled to Rs 22 crore with revenue up 10% YoY and EBITDA margin improving to 34.85%.

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27 Oct 2026, 08:39 IST Dalmia Bharat Limited HDFC Securities Limited (HSL)

The report states Dalmia Bharat posted a net loss of Rs 205 crore in Q2 FY27 versus a profit a year ago, with EBITDA falling 29.2% and margin contracting.

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27 Oct 2026, 08:39 IST ITC Hotels Limited HDFC Securities Limited (HSL)

The report states ITC Hotels' consolidated revenue rose 25.6% YoY to Rs 1,054 crore and EBITDA grew 37.3% YoY with margin at 32.0%.

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27 Oct 2026, 08:39 IST Tata Communications Limited HDFC Securities Limited (HSL)

The report says Tata Communications plans to invest Rs 4,350 crore to build 10,000 km of AI-ready connectivity infrastructure across India.

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27 Oct 2026, 08:39 IST Bajel Projects Limited HDFC Securities Limited (HSL)

The report notes Bajel Projects secured its highest-ever transmission order worth Rs 1,500 crore for a renewable energy transmission corridor in Gujarat.

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27 Oct 2026, 06:56 IST Mastek Limited HDFC Securities BUY target INR 1,920

The report says Mastek delivered healthy revenue growth but missed on margins in Q2FY27, maintaining BUY with a TP of INR 1,920.

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27 Oct 2026, 06:56 IST Aavas Financiers Limited HDFC Securities BUY target INR 1,540

The report says AAVAS's Q2FY27 earnings were in line with estimates, with loan growth improving and disbursements up 21% YoY, maintaining BUY with an unchanged TP of INR 1,540.

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27 Oct 2026, 06:56 IST Aditya Birla Real Estate Limited HDFC Securities BUY target INR 1,910

The report says ABREL's Q2FY27 presales rose YoY but fell QoQ, with FY27 presales now expected at INR 50bn due to a delayed Niyaara launch, maintaining BUY with a TP of INR 1,910.

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27 Oct 2026, 06:56 IST Eris Lifesciences Limited HDFC Securities BUY target INR 1,500

The report says Eris's EBITDA grew 7% YoY with sales up 13% YoY, and raised H2FY27 margin guidance to 36%, revising the TP to INR 1,500.

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27 Oct 2026, 06:56 IST Apollo Micro Systems Limited HDFC Securities ADD target INR 460

The report says AMS posted 72% YoY revenue growth and 54% YoY PAT growth in Q2FY27, raising the TP to INR 460 on strong order pipeline optimism.

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