Research notes

The report upgrades United Breweries from Reduce to ADD with an unchanged Sep-28 target price of INR1,325, citing strong Q2FY27 revenue growth of 23.7% YoY, 200bps gross margin expansion to 44.8%, and a 385bps YoY OPM expansion to 10.2%, alongside a 13% EBITDA upgrade for FY27E.

The report gives a trading idea to buy GESHIP at CMP 1562 with a stoploss of 1510 and target of 1650-1669 over a 2-3 week timeframe.

The report says Route Mobile's Q2FY27 marked a recovery with improved gross margin and new-product growth, while management maintained its FY27 revenue and margin guidance.

The report states Bajaj Electricals' Q2FY27 revenue grew only 1% YoY with weak two-year CAGR, maintaining an unchanged target price amid a leadership change.

The report says Medplus posted 9% YoY EBITDA growth on strong sales despite margin pressure, and retains its store addition guidance for FY27 and FY28.

The report states Tanla delivered strong revenue growth driven by Enterprise/OTT and Valuefirst consolidation, with improving growth visibility and attractive valuations noted.

The report notes Birlasoft posted 2.1% QoQ CC revenue growth with broad-based momentum and multiple AI-led deal wins, with management expecting a better H2FY27.

The report says HOMEFIRST's Q2FY27 earnings were ahead of estimates on loan growth and operating efficiency, with AUM CAGR expected at ~25% over FY27-29E.

The report states CUBK's Q2FY27 earnings beat estimates with healthy loan and deposit growth and expanding margins, maintaining its growth trajectory outlook.

The report says Bandhan Bank's Q2FY27 earnings beat estimates on fee income and stable credit costs, but believes the path to portfolio stability will be protracted.

The report states PNBHF's adjusted Q2FY27 earnings were in line with estimates on strong loan growth, though return ratios are likely to face pressure from normalizing credit costs and regulatory changes.

The report says Star Health beat expectations with PAT up 233% YoY aided by the new IND-AS accounting regime and improved underwriting profitability.

The report states Piramal Pharma's EBITDA grew 120% YoY ahead of estimates, with upgraded revenue growth guidance to 19-20% driven by CDMO and CHG momentum.

The report says Axis Max Life Insurance delivered strong H1FY27 APE/VNB growth with margin improvement, though flags IRDAI's upcoming distribution framework as a risk to its banca-led model.

The report notes SAIL's Q2FY27 volumes rose YoY/QoQ though unit EBITDA fell due to weak steel pricing and elevated coal costs, and raises the target price citing a firmer steel price outlook.

The report states Info Edge's recruitment billings grew 12.6% YoY with AI monetization scaling and margin expansion, while noting a leadership transition from Hitesh Oberoi to Sanjeev Bikhchandani.

The report says CIFC's Q2FY27 earnings were largely in line with estimates, with healthy loan and AUM growth offsetting NIM compression, and remains HSIE's top pick among vehicle financiers.

The report recommends a Hold rating on Blue Star, citing strong fundamentals and sustainable stock performance despite the stock trading at 43x FY27E PE amid a broader market correction.

The report notes Q3FY25 revenue grew 23.5% YoY to Rs1467.4cr with EBITDA up 11.3% YoY but margins contracting, and at ~34.4x TTM P/E recommends investors hold the stock.

The CTFT cash-only section notes a Pine Labs Buy call where the first target was achieved and profit booked at 1.88% gain.

The CTFT cash-only section notes a Birlacorp Buy call that was exited with a 0.16% gain.

The Momentum Swing section notes a Titan November futures Buy call that was exited at a small loss of -0.84%.

The Momentum Swing section lists a Buy call on OFSS November futures with stop loss 9,767 and targets 10,220 and 10,415, showing a small gain.

The Momentum Swing section lists a Buy call on Lupin November futures with stop loss 1,937 and targets 2,025 and 2,060.

The Smart Charts section lists a Buy call on KEC dated 28 Oct 26 with stop loss 326 and targets 355 and 368, currently near breakeven.