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).*

Jefferies: BSE Limited | Risks Compounding; Downgrade To UNDERPERFORM (HOLD)*

* Cut FY27-29e EPS by 5-12%. Trades at 44x 1yr fwd EPS.

* Cut Price Target by 16% to INR2,940 (INR3,520)

BSE's revenues from domestic prop traders (50% of notional turnover) could be at risk due to headwinds from STT hike, RBI bank guarantee (BG) norms and Closing Auction Session (CAS).

Note BSE's options ADTO MTD in Aug'26 is down 12% vs Jul'26

While Consensus expects SENSEX to gain further market share, BSE's expiry day mkt share is similar to NSE & mkt share gains outside T-0/T-1 days have slowed

Cut FY27-29e EPS by 5-12%
Trades at 44x 1yr fwd EPS.

SAMMAAN CAPITAL: CO TARGETS ANNUAL LOAN DISBURSEMENTS OF UP TO ₹92,000 CR BY FY29-FY30 - BL

CEA Says

Restoring Lower Blends Like E10, Alongside Option To Buy E20, Would Calm Most Public Concern

Bring Back A Lower Blend, Such As E10, For The Older Fleet Of Vehicles

Fix Price & Water Distortions That Unintentionally Favour Maize Over Other Crops

Relook At Import Duty On Edible Oil To Support The Push Towards Domestic Self-Sufficiency

Hold At E20 Until India Has Costed Food Vs Fuel Trade-Off, Rather Than Assuming It Away

PATANJALI FOODS

REMAINS CONFIDENT OF MOVING TOWARD ₹2,500 CRORE ANNUALISED EBITDA OVER THE NEXT 18 MONTHS.

MODERN TRADE AND E-COMMERCE REVENUE CONTRIBUTION EXPECTED TO RISE FROM 15% CURRENTLY TO ~20% OVER THE NEXT 18 MONTHS

EXPECTS FMCG REVENUE TO GROW 10 – 12%+ YOY

EXPECTS TO MAINTAIN 16–18% EBITDA MARGIN ON DSP FOR FY27; CO CURRENTLY TRACKING SLIGHTLY ABOVE 18%

SAATVIK GREEN ENERGY:

CO. SIGNS MOU WITH ODISHA GOVERNMENT FOR 3.6 GW PHASE II CELL FACILITY; PHASE-I CELL & MODULE PLANT READY FOR COMMISSIONING;

PROJECT TO CREATE EMPLOYMENT OPPORTUNITIES AND SUPPORT RENEWABLE ENERGY ECOSYSTEM.

RAAMDEO AGRAWAL MOFSL SAYS

Sustainability Of Some Of The Blowout Earnings In Q1 Is The Key Talking Point At The Conference

Quick-commerce As A Segment Will Keep Growing At 40-50% For Next Few Years

Expect Bottomline Growth, Financials Likely To Remain Range-bound For Now

• Capital Markets Have Strong Growth Potential With Minimal Capex Requirements

Overall AMC Industry AUM Can Continue Growing At 20%, Could Be Huge In Coming Years

AZAD ENG : Citigroup raises Rolls-Royce target price to 1647p from 1101p 🟢🟢

SML MAHINDRA says Actual synergies from SML deal running ahead of what was promised to board | Advanced Driver Assistance System becomes applicable from January 1 next year

SML MAHINDRA says Merger saves duplicate product development spend | Both Mahindra & SML Brands Will Continue, No Brand Rationalisation

ASHOK LEYLAND says In Q1. M&HCV Grew By 13-14% & Q2 Growth Can Be The Same Or Even Better

ASHOK LEYLAND says Have Taken 2.5-3% Price Hikes In HCV Segment

ASHOK LEYLAND says LCV Segment Saw More Price Hikes Than HCV

ASHOK LEYLAND Says ESTIMATES Are Conservative So We Could Be Surprised On A Positive Side By Year End

ASHOK LEYLAND says EV Penetration Will Be A Significant Part Of CV Market In 5-6 Yrs. Can Be 15-16%

ASHOK LEYLAND says Very Happy With The Way E-PV Story Is Panning Out