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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.

Times are IST

2525 notes · all time

26 Oct 2026, 08:29 IST Torrent Pharmaceuticals Limited HDFC Securities Limited (HDFC Sky)

The report states quarterly revenue grew 50.8% YoY and operating profit rose 53.8% YoY, though net profit declined 9.6% YoY, described as in line with expectations.

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26 Oct 2026, 08:29 IST Lupin Limited HDFC Securities Limited (HDFC Sky)

The report notes the US FDA concluded an inspection at its Goa facility, closing with a Form-483 citing one observation.

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26 Oct 2026, 08:29 IST Dr. Reddy's Laboratories Limited HDFC Securities Limited (HDFC Sky)

The report states overall quarterly performance was weak, with revenue declining 1.5% YoY and net profit down 31.3% YoY, below expectations.

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26 Oct 2026, 08:29 IST Paradeep Phosphates Limited HDFC Securities Limited (HDFC Sky)

The report states the company will invest Rs 4,750 crore in new chemical and fertiliser facilities and has signed an agreement with the Odisha government.

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26 Oct 2026, 08:29 IST Ramky Infrastructure Limited HDFC Securities Limited (HDFC Sky)

The report notes the company received an order worth Rs 588.6 crore (incl. taxes) from Rail Vikas Nigam, to be executed over 30 months.

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26 Oct 2026, 06:37 IST Nuvoco Vistas Corporation Limited HDFC Securities BUY target INR 445

The report says Nuvoco delivered 9% YoY volume growth in Q2FY27 with unit EBITDA falling QoQ on subdued pricing and higher costs, and maintains BUY with an unchanged TP of INR445 based on 9x consolidated Sep-28E EBITDA.

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26 Oct 2026, 06:37 IST AU Small Finance Bank Limited HDFC Securities REDUCE target INR 900

The report says AUBANK's Q2FY27 earnings beat estimates on healthy loan and deposit growth with lower provisioning, but margins remain under pressure from changing loan mix, and it maintains REDUCE with a revised TP of INR900.

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26 Oct 2026, 06:37 IST SHREE CEMENT LIMITED HDFC Securities BUY target INR 28,400

The report says SRCM delivered its third consecutive quarter of strong volume growth (+18%/14% YoY standalone/consolidated) with margin among the best in industry despite YoY decline, and upgrades the rating to BUY from ADD with a revised SOTP TP of INR28,400.

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26 Oct 2026, 06:37 IST JINDAL STEEL LIMITED HDFC Securities BUY target INR 1,210

The report says Jindal posted 27% YoY volume growth in Q2FY27 with unit EBITDA declining ~INR1.1k/MT QoQ due to higher coking coal and freight costs, and maintains BUY with an unchanged TP of INR1,210 based on 7.5x FY28E consolidated EBITDA.

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26 Oct 2026, 06:37 IST JSW Steel Limited HDFC Securities BUY target INR 1,410

The report says JSTL posted 13% YoY LTL consolidated volume growth in Q2FY27 with margin contraction QoQ to INR13.6k/MT, and maintains BUY with an unchanged SOTP TP of INR1,410, while raising FY27/28E EBITDA estimates by 7%/1%.

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26 Oct 2026, 06:37 IST Kotak Mahindra Bank Limited HDFC Securities BUY target INR 480

The report says Q2FY27 earnings met expectations with ~13% QoQ volume growth and 25% YoY loan growth, improved asset quality, but sub-optimal capital deployment keeping RoE at ~12%, and it maintains BUY with revised SOTP TP of INR480.

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25 Oct 2026, 13:11 IST Kotak Mahindra Bank Limited Motilal Oswal Buy target INR500

The report reiterates a BUY rating with a revised target price of INR500, citing a steady quarter with healthy NII growth, improving asset quality, and robust RoA outlook of 2.0-2.1%.

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25 Oct 2026, 08:23 IST Adani Wind India IPO

The report states Adani Wind secured 696.2 MW of turbine orders from five independent power producers.

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25 Oct 2026, 08:23 IST SK Hynix India IPO

The report states SK Hynix has shelved plans for a US listing of its memory-chip subsidiary Solidigm.

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25 Oct 2026, 08:23 IST EAAA India Alternatives India IPO

The report states EAAA India Alternatives secured ₹360 crore from anchor investors ahead of its IPO.

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25 Oct 2026, 08:23 IST Jio Platforms India IPO

The report states Jio Platforms' ₹30,213 crore IPO received bids worth over ₹4.9 lakh crore, total demand exceeding ₹7.4 lakh crore including anchor investors, a record 1.39 crore applications, and closed at 22.19 times subscription.

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24 Oct 2026, 12:14 IST Coforge Limited Motilal Oswal Buy target INR2,370

The report reiterates a BUY rating on Coforge with a target price of INR2,370 (25% upside), citing strong order intake, margin guidance upgrade to 16% for FY27, and expected growth acceleration in 2HFY27 as Encora integration completes.

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24 Oct 2026, 11:49 IST Infosys Limited Motilal Oswal Financial Services Ltd (MOFSL) Buy target INR 1,300

The report reiterates a BUY rating on Infosys with a target price of INR1,300 (13% upside), despite noting a miss on 2QFY27 revenue, a cut in FY27 revenue growth guidance to 1-2% YoY CC from 1.5-3.0%, and margin pressure from competitive pricing and the Daimler deal exit.

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24 Oct 2026, 06:29 IST DCB Bank Limited HDFC Securities BUY target INR270

The report says DCB Bank's Q2FY27 earnings beat estimates with loan growth accelerating to 21% YoY and PAT up 29% YoY, maintaining BUY with revised TP of INR270.

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24 Oct 2026, 06:29 IST Godrej Properties Limited HDFC Securities BUY target INR 2,258/sh

The report says Godrej Properties reported presales of INR 80bn, added new projects worth INR 155bn in H1FY27, and the firm maintains BUY with TP of INR 2,258/sh on expected rerating triggers.

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