HSIE Results Daily 07 Nov 26 HSIE

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 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 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 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 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 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 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 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 maintains BUY on Thermax with a reduced TP of INR 4,050 (cut from 52x to 45x multiple), noting a revenue/EBITDA/APAT miss and muted order inflow in Q2FY27.

The report reiterates BUY on CemIndia Projects with TP of INR 1,459, noting a beat on revenue/EBITDA/APAT and a well-diversified order book of INR 327bn.

The report maintains BUY on KPIL with an increased TP of INR 1,952, citing robust order booking, an order book of INR 718bn, and new growth opportunities in Middle East O&G and data centres.

The report maintains ADD on IRB Infra with an SOTP TP of INR 27, noting a beat on revenue/EBITDA/APAT and plans to become net-debt-free by FY30.

The report continues to recommend BUY on Lemon Tree with a modified TP of INR 178, citing strong RevPAR growth of 18% YoY and growth in managed rooms portfolio.

The report maintains REDUCE on Sudarshan Chemical with TP of INR 1,027, citing uncertain global pigment demand outlook and the stock trading at what it calls contextually high valuations.

The report maintains REDUCE on TTK Prestige with a higher TP of INR 615, noting 21% YoY revenue growth and management commentary on elevated cost pressures requiring further price hikes.

The report maintains BUY on NCC with a reduced TP of INR 175 (multiple cut to 11x from 15x), citing a revenue/EBITDA/APAT beat and an order book of INR 801.7bn consolidated.

The report describes Sonata's Q2FY27 results as a turning point, with International IT Services returning to growth and Domestic Products & Services growing strongly despite client-side challenges.