Research notes

The report states HSBC India may join Apple Pay by FY27-end while other banks negotiate terms with Apple.

The report states Anthropic's proposed $1.5-trillion IPO valuation faces investor concerns amid AI stock volatility and US midterm opposition to data-centre projects.

The report states Waterways Leisure Tourism topped the losers among Samvat 2082 IPOs with an 89.07% decline.

The report states ESDS gained 160.02% among Samvat 2082 IPO performers.

The report states KSH International gained 161.75% among Samvat 2082 IPO performers.

The report states Omnitech Engineering led Samvat 2082 IPO performers with 166.16% gains.

The report states MakeMyTrip acquired a majority stake in Quick Ride for an undisclosed amount to enter the shared mobility and ride-pooling segment.

The note says Tata Steel's consolidated margin hit a 17-quarter high in Q2FY27 on pricing gains and Netherlands strength, prompting HSIE to raise EBITDA estimates and maintain BUY with a revised target price of INR 255/share.

The note says Divi's Q2 EBITDA beat estimates on 35% YoY sales growth and margin expansion, leading HSIE to raise EBITDA estimates and revise its target price to INR 11,470 while maintaining ADD.

The report states GIVA raised ₹975 crore in a funding round led by Multiples Alternate Asset Management to expand manufacturing and retail operations.

The report notes Datasoft Computer Services filed its DRHP for an IPO comprising a fresh issue of up to 52.48 lakh shares and an OFS of up to 16 lakh shares by the promoter.

The report says IL JIN Electronics' DRHP specifies a ₹2,500-crore fresh issue IPO without disclosing share numbers, with a possible ₹500-crore pre-IPO placement reducing the issue size.

The report states Hindustan Coca-Cola Beverages filed its DRHP for an entirely offer-for-sale IPO of up to 9.98 crore shares, targeting a 2027 listing and a reported $10-billion valuation.

The report notes Encube Ethicals received SEBI approval for a ₹3,000-crore IPO entirely via offer for sale, with no proceeds going to the company.

The report maintains a BUY rating with a Sep-27 target price of INR 6,000 based on 45x P/E, citing encouraging 13% tonnage growth and 16% revenue growth in Q2 despite margin contraction from gross margin pressure.

The report maintains a BUY rating with a Sep-27 target price of INR 565 (raised from INR 550), citing healthy Q2FY27 revenue growth of 36%, volume growth of 31%, EBITDA growth of 95% YoY with margin at 12.7%, and raised FY27 earnings estimates by 8% on continued execution strength in offline distribution and younger brands.

The report describes Sonata's Q2FY27 results as a turning point, with International IT Services returning to growth and Domestic Products & Services growing strongly despite client-side challenges.

The report maintains BUY on NCC with a reduced TP of INR 175 (multiple cut to 11x from 15x), citing a revenue/EBITDA/APAT beat and an order book of INR 801.7bn consolidated.

The report maintains REDUCE on TTK Prestige with a higher TP of INR 615, noting 21% YoY revenue growth and management commentary on elevated cost pressures requiring further price hikes.

The report maintains REDUCE on Sudarshan Chemical with TP of INR 1,027, citing uncertain global pigment demand outlook and the stock trading at what it calls contextually high valuations.

The report continues to recommend BUY on Lemon Tree with a modified TP of INR 178, citing strong RevPAR growth of 18% YoY and growth in managed rooms portfolio.

The report maintains ADD on IRB Infra with an SOTP TP of INR 27, noting a beat on revenue/EBITDA/APAT and plans to become net-debt-free by FY30.

The report maintains BUY on KPIL with an increased TP of INR 1,952, citing robust order booking, an order book of INR 718bn, and new growth opportunities in Middle East O&G and data centres.

The report reiterates BUY on CemIndia Projects with TP of INR 1,459, noting a beat on revenue/EBITDA/APAT and a well-diversified order book of INR 327bn.

The report maintains BUY on Thermax with a reduced TP of INR 4,050 (cut from 52x to 45x multiple), noting a revenue/EBITDA/APAT miss and muted order inflow in Q2FY27.