Research notes

The report downgrades Voltas to REDUCE from Add with a lower SOTP-based TP of INR 1,145, citing weak UCP segment margins, Voltbek JV losses, and a reduced target multiple reflecting cost pressures.

The report reiterates BUY on Sai Life Sciences with a revised TP of INR 2,050, citing 29% YoY EBITDA growth, capacity expansion plans, and strong sales growth visibility of 25% CAGR over FY26-29E.

The report maintains ADD on Mphasis with revised TP of INR 2,860, citing its strongest sequential growth in three years, record deal pipeline, and raised FY27 revenue growth guidance to low double digits.

The report maintains ADD on GIC Re with a revised TP of INR490, highlighting 20% YoY NEP growth, improved combined ratio, but flags revenue vulnerability if mandatory cessation is abolished.

The report keeps ADD on Aster DM with a revised TP of INR 810, noting 24% YoY EBITDA growth, bed capacity expansion plans, and a cut in target multiple to 25x from 28x to reflect regulatory overhang.

The report retains BUY on Prestige Estates citing strong quarterly presales growth, FY27 guidance of 15-20% presales growth, a robust launch pipeline, and CPPIB's hospitality platform investment.

The report notes 20% YoY revenue growth and margin expansion, unchanged FY27 guidance, and new B2B and vehicle-solutions initiatives, while maintaining REDUCE with unchanged TP of INR 1,530.

The report maintains REDUCE on ONGC with a revised TP of INR 242 citing limited production upside from subsurface issues at KG-98/2 and mature field declines, despite Q2FY27 EBITDA growing 48.7% YoY but falling 10.6% QoQ.

The report states that post better-than-expected Q2FY27 results, FY27 revenue/EBITDA/PAT estimates were revised upwards by 22%/41%/52% and FY28 estimates by 25%/45%/56%, with revenue/EBITDA/PAT expected to grow at a CAGR of 24%/37%/42% over FY26-28, while maintaining a HOLD rating.

The report notes Tata Power Renewable Energy commissioned a 300 MW renewable energy project in Karnataka for SECI.

The report notes Rajesh Power secured a Rs 1,629 crore order from Gujarat Vij Company Limited for its modernisation project.

The report lists Adani Ports and Special Economic Zone among the top losers for the session.

The report lists Coal India among the top losers for the session.

The report lists NTPC among the top losers for the session.

The report lists Oil and Natural Gas Corporation among the top losers for the session.

The report lists Apollo Hospitals Enterprise among the top losers, falling 1.33-2.66% range on the day.

The report lists Tata Motors Passenger Vehicles among the top gainers for the session.

The report lists Maruti Suzuki India among the top gainers for the session.

The report lists Mahindra & Mahindra among the top gainers for the session.

The report lists Shriram Finance among the top gainers for the session.

The report lists Bajaj Finance among the top gainers, up 5.46-7.65% range on the day.

The report maintains an ADD rating with a Sep-27 target price of INR 425 (32x P/E), stating it prefers to wait for execution of the new Ignite strategy to take shape before turning more constructive on the stock.

The report maintains a BUY rating on Emami with a Sep-27 target price of INR500, citing strong Q2FY27 topline growth of 36% YoY ahead of expectations, while flagging near-term margin compression from scaling strategic investments.

The report notes SBI was among the stocks leading the Bank Nifty rally.

The report notes HDFC Bank was among the stocks leading the Bank Nifty rally.