Research notes

The report lists Apollo Hospitals Enterprise among the top gainers on 28 October, up 2.03-4.43% along with other names in that group.

The report lists Bharti Airtel among the top losers on 28 October.

The report lists Tech Mahindra among the top losers on 28 October.

The report lists ONGC among the top losers on 28 October.

The report lists Reliance Industries among the top losers on 28 October.

The report lists Infosys among the top losers on 28 October, down 1.55-3.43% along with other names in that group.

The report lists DMART under short build-up in the market monitor section.

The report lists UNITDSPR under short build-up in the market monitor section.

The report lists KAYNES under short build-up in the market monitor section.

The report lists PGEL under long build-up in the market monitor section.

The report lists UPL under long build-up in the market monitor section.

The report lists KPITTECH under long build-up in the market monitor section.

The report downgrades Allied Blenders and Distillers to Reduce from ADD with an unchanged Sep-27 target price of INR685, citing limited valuation upside, leveraged balance sheet from rising capex, and execution risks despite better-than-expected Q2 revenue and earnings growth.

The report maintains a REDUCE rating on HUL with a Sep-27 target price of INR1,925 (36x P/E, ~30% discount to 5Y/10Y average forward P/E), citing in-line Q2FY27 results, margin stress from gross margin contraction, reduced A&P spends raising strategic concerns, and a narrowing moat with muted earnings outlook despite 15% revenue growth and 7% underlying volume growth in the quarter.

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.