Research notes

The report maintains REDUCE citing high revenue concentration risk and rising input costs, despite EBITDA/APAT beating estimates by 18/34%.

The report notes Q2FY27 revenue grew 34.7% QoQ/23.7% YoY on buoyant primary markets, PAT beat estimates by ~12%, and maintains BUY with TP of INR1,570.

The report states Q2FY27 earnings beat estimates due to negative credit costs, loan growth remains subdued at +4.6% YoY, and maintains ADD with a revised TP of INR660.

The report notes revenue grew 74% YoY, the company raised revenue growth guidance to 40-45%, and the TP was raised to INR1,800 with a maintained BUY rating.

The report states NGEL's revenue/EBITDA/APAT missed estimates by 16.7/15.1/52.3% due to grid curtailment issues, while maintaining BUY with a reduced TP of INR115.

The report notes Q2FY27 presales of INR50.3bn (+10.2/+8.8% YoY/QoQ), reiterated FY27 presales guidance of INR240bn, and maintains TP at INR1,299 driven by data centre premium at Palava.

The report maintains an ADD rating with a Sep-27 SoTP-based target price of INR300, citing a 21% YoY decline in cigarette revenue and 27% decline in cigarette EBIT against a 22%/23% rise in non-cigarette revenue/EBIT, with cigarette per-stick profitability expected to recover by Q4FY27.

The report upgrades Marico from Accumulate to Buy citing healthy demand outlook, raised EBITDA growth guidance to mid-20s, advancement of the Rs200bn revenue target to 2029, subdued competitive intensity in Parachute, and sustained traction in Foods/FMCG and digital-first brands, setting a target price of Rs 958 based on 45x Sep28 EPS.

The report lists Ethos Ltd as a momentum pick with a target price of ₹3,180, though detailed commentary is omitted from the excerpt provided.

The report assigns a BUY rating with a target price of ₹650 (38x FY28E EPS), citing paid music streaming penetration growth potential.

The report lists Indian Hotels as a momentum pick with a target price of ₹990, though detailed commentary is omitted from the excerpt provided.

The report recommends a BUY rating with a target of ₹2,765 (20x FY28E EBITDA), citing battery-materials capex and strategic tie-ups with Mitsubishi and Morita.

The report lists Apollo Micro Systems as a pick with a target price of ₹485, citing a strong defence electronics order book and pipeline across indigenous programmes.

The report recommends BUY with a target price of ₹2,210, citing upward revision of FY27 revenue/EBITDA guidance and accelerating capex.

The report states a BUY rating with a SoTP-based target of ₹1,530, citing recruitment recovery, AI-led monetisation, and improving 99acres economics.

The report assigns a BUY rating with a target of ₹1,480 (28x FY28E EPS), citing niche launches and the Rare and Orphan disease segment as growth drivers.

The report recommends BUY with a target price of ₹540, citing margin recovery, resilient asset quality, and the new MD & CEO appointment effective January 2027.

The report assigns a BUY rating on VPT with a target of ₹2,340 (30x FY28E P/E), citing diversification into data centers, semiconductors and nuclear power and a potential net-debt-free balance sheet in FY27E.

The report notes the Birla Corporation CTFT Buy call had profit booked.

The CTFT cash-only section lists a Buy call on Hindustan Copper with stop loss 405 and targets 417 and 425.

The CTFT cash-only section lists a Buy call on CG Power with stop loss 230 and targets 238 and 242.

The report notes the HDFC Bank November futures Buy call had its first target achieved and profit booked.

The Momentum Swing futures section lists a Buy call on Dabur November futures with stop loss 358 and targets 373 and 379.

The report notes the DMart November futures Buy call had profit booked.

The Momentum Swing futures section lists a Buy call on Vedanta November futures with stop loss 235 and targets 249 and 251.