ASHOK LEYLAND: UBS — ACCUMULATE | TARGET ₹210

• Target raised to ₹210 from ₹208

• Q1FY27 performance was mixed, but pricing discipline remains intact

• Profitability beat estimates, supported by inventory benefits

• Q2FY27 margins may face pressure from elevated commodity costs

KALYAN JEWELLERS: CITI — ACCUMULATE | TARGET ₹800

• Strong demand continues; 10%+ SSG achievable over medium-to-long term

• Old-gold exchange weighs on gross margins, partly offset by cash-for-gold

• Land sales expected to generate ₹350–400 Cr, including ~₹100 Cr by Sep’26

• Company remains on track to become debt-free by Sep’26

M&M: CITI — ACCUMULATE | TARGET ₹4,260

• BE6 SPORTEQ launch expands BEV portfolio with enhanced technology and BaaS offering

• M&M continues to gain EV market share

• BE6, XEV 9E & XEV 9S have received positive customer response

• New models and capacity expansion expected to further strengthen EV market share

HITACHI ENERGY INDIA: CITI — ACCUMULATE | TARGET ₹46,700

• Order book-to-revenue at 3.5x in Q1FY27, providing strong multi-year execution visibility

• Well positioned to benefit from the next wave of grid investments

• Expansion into Data Centers & BESS broadens addressable market

• 65% commodity cost pass-through supports margin resilience

NMDC: GOLDMAN SACHS — SELL | TARGET ₹84

• Q1 missed estimates due to lower-than-expected realisations and higher costs

• Recent price cuts and seasonally weak Q2 expected to weigh on near-term performance

• NMDC has announced two price cuts so far in Q2FY27

• Steel prices corrected earlier, while NMDC’s price cuts came later

• Receivables at NMDC Steel and RINL increased slightly QoQ

• FY27E/FY28E/FY29E EBITDA estimates cut by 2.9%/1.7%/1.6% respectively

ALKEM LABS: JPMORGAN — NEUTRAL | TARGET ₹6,100

• India business grew 10% YoY; branded business +12%, while trade generics remained flat

• Trade generics recovery expected, but structural constraints could cap India growth at high single digits

• Higher opex limited margin improvement despite sharp gross-margin expansion

• Occlutech expected to remain margin-dilutive over the next few years; breakeven targeted in FY27

• Enzene US CDMO expected to take ~4–5 quarters to reach breakeven

• Near-term earnings momentum remains limited, with few clear rerating triggers

ALKEM LABS: INVESTEC — UPGRADE TO BUY | TARGET ₹6,400

• Valuation attractive at 24x FY28E vs 38x for India-focused peers

• Stock underperformed Nifty Pharma by >20% over last 6 months

• Q1FY27 robust: Sales +11% YoY | EBITDA Margin 20.5%

• FY27 guidance maintained despite cost pressures

• India business growth guide upgraded to double-digit

• US business expected to grow mid-to-high single digits; ROW growth healthy double-digit

• CDMO business expected to break even

• Gross margin improved 250bps+ YoY & QoQ, providing scope for EBITDA margin beat

MAX HEALTHCARE: CLSA — OUTPERFORM | TARGET ₹1,160

• Network revenue grew 15% YoY, beating estimates

• Growth driven by higher operational beds, partly offset by discontinuation of high-value oncology drugs

• Margin miss due to higher operating costs from new beds and acquisition

• Plans to increase bed capacity by 66% over FY27–30 in phases

• Entering medical education business with targeted ROCE of 25–30%

• Estimates cut due to phased bed additions and higher costs for new capacity

MAX HEALTHCARE: JPMORGAN — OVERWEIGHT | TARGET ₹1,300

• Q1FY27 revenue & EBITDA grew 15% YoY each, 3% ahead of estimates

• Margins stable YoY but moderated QoQ due to brownfield commissioning and Kalinga acquisition

• Network occupancy at 75% despite 13% YoY increase in operational beds

• ARPOB grew 5% YoY/QoQ

• Growth and profitability expected to improve after two quarters of softer growth

• Balance sheet remains comfortable with net debt/EBITDA below 1x

ASHOK LEYLAND: UBS — ACCUMULATE | TARGET ₹210

• Target raised to ₹210 from ₹208

• Q1FY27 performance was mixed, but pricing discipline remains intact

• Profitability beat estimates, supported by inventory benefits

• Q2FY27 margins may face pressure from elevated commodity costs

ASHOK LEYLAND: CLSA — OUTPERFORM | TARGET ₹196

• Target raised to ₹196 from ₹183

• Demand outlook remains steady

• Q1 growth better than expected despite challenging conditions

• Margins expected to gradually normalise from Q3

• Stabilising commodity prices should support margin recovery

PHYSICSWALLAH: JPMORGAN — OVERWEIGHT | TARGET ₹148

• Q1 results beat estimates; FY27 revenue growth guidance maintained at 30%

• Plans to divest NBFC arm FinZ Finance to sharpen focus on core education business

• Stock corrected 18% over the past month amid concerns over NEET exam delays

INDIA STRATEGY: JPMORGAN — NIFTY 50 TARGET 27,000

• India earnings growth at highest level since Jun-2024

• Nifty 50 target reiterated at 27,000

• MSCI India Q1 Revenue: +19% YoY

• MSCI India Q1 PAT: +16% YoY

• Earnings beats: 58% | Misses: 24%

• Earnings growth showing improving sectoral breadth

KALYAN JEWELLERS: CITI — ACCUMULATE | TARGET ₹800

• Strong demand continues; 10%+ SSG achievable over medium-to-long term

• Old-gold exchange weighs on gross margins, partly offset by cash-for-gold

• Land sales expected to generate ₹350–400 Cr, including ~₹100 Cr by Sep’26

• Company remains on track to become debt-free by Sep’26

M&M: CITI — ACCUMULATE | TARGET ₹4,260

• BE6 SPORTEQ launch expands BEV portfolio with enhanced technology and BaaS offering

• M&M continues to gain EV market share

• BE6, XEV 9E & XEV 9S have received positive customer response

• New models and capacity expansion expected to further strengthen EV market share

JAPAN Q2 GDP |

PRELIMINARY DATA

GDP grows 0.3% QoQ vs 0.4% estimate; annualised growth at 1.1% vs 1.9% estimate

Capital expenditure falls 1.2% QoQ vs 0.6% growth estimate

Private consumption flat QoQ vs 0.5% growth estimate

External demand rises 0.5% QoQ vs 0.2% estimate

GDP price index rises 2.6% YoY vs 2.8% estimate

IGL: CLSA — OUTPERFORM | TARGET ₹195

• Target cut to ₹195

• Q1FY27 PAT missed estimates by 14%

• Unit margin missed estimates by 7%, despite volumes 1% ahead

• Unit EBITDA margin at record low; EBITDA fell to a 5-year low

• Long-term unit EBITDA guidance maintained at ₹7/scm

• FY27/FY28 EPS estimates cut by 16%/7% respectively

Kotak Securities write up:

*Rating Change*

*LG Electronics India (Downgrade to REDUCE, FV Rs1750)*

- Reported 15.5%/26% yoy topline/EBITDA growth in 1Q. The EBITDA margin print of 12.5% surprised positively, as RM headwinds were offset by higher premium mix, calibrated pricing, operating leverage and a normalization of promotional spends.

- After the strong start to the year, management remains confident of delivering FY2027E targets of mid-teen revenue growth and an early double-digit EBITDA margin.

- *We raise EPS estimates by 6-8% and raise FV to Rs1,750 (Rs1,580 earlier). Given the run-up in stock, we downgrade our rating to REDUCE (from ADD).*