RAILTEL CORPORATION OF INDIA LIMITED: CO. SECURES ORDER WORTH ₹47.4 CRORE FROM HARYANA STATE ELECTRONICS DEVELOPMENT CORPORATION FOR SITC OF STRUCTURED LAN; EXECUTION PERIOD UNTIL APRIL 2028
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VENUS PIPES & TUBES LIMITED: CO. COMMENCES PIPE SPOOLING OPERATIONS AHEAD OF SCHEDULE; RECEIVES LOI WORTH ₹185 CRORE FROM DATA CENTRE CUSTOMER; FASTER EXECUTION AND DISPATCH EXPECTED ONCE ORDERS ARE RECEIVED.
APPLE: ANNOUNCES NEW AMERICAN MANUFACTURING PROGRAM PARTNERS FOR IPHONE DUO AND IPHONE 18 PRO
SHREE RAM TWISTEX Q2 FY27
Net Profit: ₹4 Cr ↑1% YoY | ↓23% QoQ
Revenue: ₹93 Cr ↑35% YoY | ↓34% QoQ
EBITDA: ₹9 Cr ↑35% YoY | ↓36% QoQ
EBITDA Margin: 9.3% vs 9.3% YoY | 9.7% QoQ
Net Profit: ₹4 Cr ↑1% YoY | ↓23% QoQ
Revenue: ₹93 Cr ↑35% YoY | ↓34% QoQ
EBITDA: ₹9 Cr ↑35% YoY | ↓36% QoQ
EBITDA Margin: 9.3% vs 9.3% YoY | 9.7% QoQ
KAPSTON SERVICES Q2 FY27
Net Profit: ₹85 Cr ↓35% YoY | ↑21% QoQ
Revenue: ₹220 Cr ↑10% YoY | ↑5% QoQ
Other Income: ₹30 Cr — Flat YoY | ↓52% QoQ
Net Profit: ₹85 Cr ↓35% YoY | ↑21% QoQ
Revenue: ₹220 Cr ↑10% YoY | ↑5% QoQ
Other Income: ₹30 Cr — Flat YoY | ↓52% QoQ
IRAN NAVY SAYS VIOLATING TANKER CAUGHT FIRE IN HORMUZ STRAIT - TASNIM
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SPACEX Q3
Revenues of $14.6 billion, up 161% from $5.6 billion YoY
Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion
Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion
Income from operations of $2.8 billion
Launched first revenue-generating Starship mission, delivering 26 Starlink V3 satellites
Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026
Added $6.7 billion of incremental SI solutions and infrastructiure revenue year-over-year
Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment
Revenues of $14.6 billion, up 161% from $5.6 billion YoY
Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion
Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion
Income from operations of $2.8 billion
Launched first revenue-generating Starship mission, delivering 26 Starlink V3 satellites
Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026
Added $6.7 billion of incremental SI solutions and infrastructiure revenue year-over-year
Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment
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Q2 Earnings
Good-Bajaj Finance, Sobha, Tatva Chintan Pharma, Jai Prakash Power
Inline/Mixed-Hind Zinc, LTTS, NELCO, IREDA, Waree Renewable Tech, Just Dial, Elevate Campuses (Q1)
Weak-A-One Steel, Gallant Ispat, A-One Steel (Q1), Piramal Finance, Delta Corp
Good-Bajaj Finance, Sobha, Tatva Chintan Pharma, Jai Prakash Power
Inline/Mixed-Hind Zinc, LTTS, NELCO, IREDA, Waree Renewable Tech, Just Dial, Elevate Campuses (Q1)
Weak-A-One Steel, Gallant Ispat, A-One Steel (Q1), Piramal Finance, Delta Corp
OPENING CUES
Oil Steadies As Traders Weigh-In US-Iran Talks
Treasury Rates Cool-Off Slighlty
US Futures Advance On Strong Corporate Earnings
Elon Musk:SpaceX and Tesla Explore Potential Merger
Strong Earnings From SpaceX
Nikkei, Kospi-Rally On AI Optimism
Rest of Asian Markets Open Muted
FII Shorts At 90% vs 89%
FIIs Turn Sellers In Cash Markets After 1 Session
Oil Steadies As Traders Weigh-In US-Iran Talks
Treasury Rates Cool-Off Slighlty
US Futures Advance On Strong Corporate Earnings
Elon Musk:SpaceX and Tesla Explore Potential Merger
Strong Earnings From SpaceX
Nikkei, Kospi-Rally On AI Optimism
Rest of Asian Markets Open Muted
FII Shorts At 90% vs 89%
FIIs Turn Sellers In Cash Markets After 1 Session
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🏢 JEFFERIES ON ULTRATECH CEMENT
• Rating: BUY
• Target Price raised to ₹14,380 from ₹14,065.
• Strong quarter with volumes, EBITDA and PAT rising 13–21% YoY.
• Cement pricing momentum improving since mid-September.
• Focus remains on protecting EBITDA per tonne amid higher costs.
• Management raises expectations for the cables and wires business.
• Sustained cement price recovery remains a key trigger.
• Rating: BUY
• Target Price raised to ₹14,380 from ₹14,065.
• Strong quarter with volumes, EBITDA and PAT rising 13–21% YoY.
• Cement pricing momentum improving since mid-September.
• Focus remains on protecting EBITDA per tonne amid higher costs.
• Management raises expectations for the cables and wires business.
• Sustained cement price recovery remains a key trigger.
🏢 CITI ON ULTRATECH CEMENT
• Rating: BUY
• Target Price cut to ₹13,200 from ₹14,750.
• Q2 performance broadly in line, with cost pressures continuing.
• Pricing and cost trends expected to improve in Q3, supported by September and October price hikes.
• Management expects strong industry growth, with UltraTech likely to outperform the market.
• Focus areas: Pricing, premiumisation and cost control.
• Rating: BUY
• Target Price cut to ₹13,200 from ₹14,750.
• Q2 performance broadly in line, with cost pressures continuing.
• Pricing and cost trends expected to improve in Q3, supported by September and October price hikes.
• Management expects strong industry growth, with UltraTech likely to outperform the market.
• Focus areas: Pricing, premiumisation and cost control.
🏢 BOFA SECURITIES ON ULTRATECH CEMENT
• Rating: BUY
• Target Price raised to ₹13,900 from ₹13,400.
• Q2 results broadly in line; management remains positive on demand and pricing.
• Cement demand outlook remains strong, with ~8% growth in H1 and ~10% in Q2.
• Higher costs amid West Asia uncertainty could support cement price hikes.
• Recent price hikes indicate EBITDA/MT may have bottomed out.
• Rating: BUY
• Target Price raised to ₹13,900 from ₹13,400.
• Q2 results broadly in line; management remains positive on demand and pricing.
• Cement demand outlook remains strong, with ~8% growth in H1 and ~10% in Q2.
• Higher costs amid West Asia uncertainty could support cement price hikes.
• Recent price hikes indicate EBITDA/MT may have bottomed out.
🏢 ULTRATECH CEMENT – HSBC
• Rating: BUY
• Target Price: ₹13,200
• Market share gains partly offset by higher costs.
• Spot cement prices are around 5% above Q2 average.
• 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
• Cement price hikes expected to help offset cost inflation.
• Rating: BUY
• Target Price: ₹13,200
• Market share gains partly offset by higher costs.
• Spot cement prices are around 5% above Q2 average.
• 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
• Cement price hikes expected to help offset cost inflation.
💻 JP MORGAN ON LTTS
• Rating: NEUTRAL
• Target Price raised to ₹3,700 from ₹3,300.
• Q2 revenue and margins beat estimates for the second consecutive quarter.
• Management's H2 guidance is stronger.
• FY27–FY29 revenue and earnings estimates raised by 1–3%.
• Rating: NEUTRAL
• Target Price raised to ₹3,700 from ₹3,300.
• Q2 revenue and margins beat estimates for the second consecutive quarter.
• Management's H2 guidance is stronger.
• FY27–FY29 revenue and earnings estimates raised by 1–3%.
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💻 NOMURA ON LTTS
• Rating: NEUTRAL
• Target Price raised to ₹3,500 from ₹3,290.
• Q2 FY27 EBIT margins significantly beat estimates.
• Growth driven by data centres, energy transition, robotics and plant engineering.
• FY27–FY28 EPS estimates raised by around 3–4%.
• Rating: NEUTRAL
• Target Price raised to ₹3,500 from ₹3,290.
• Q2 FY27 EBIT margins significantly beat estimates.
• Growth driven by data centres, energy transition, robotics and plant engineering.
• FY27–FY28 EPS estimates raised by around 3–4%.
🏭 HSBC ON TATA STEEL
• Rating: BUY
• Target Price: ₹260
• HSBC believes the valuation discount versus peers is unjustified.
• Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
• HSBC expects strong India business performance to support further debt reduction.
• Rating: BUY
• Target Price: ₹260
• HSBC believes the valuation discount versus peers is unjustified.
• Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
• HSBC expects strong India business performance to support further debt reduction.
⛏️ CITI ON HINDUSTAN ZINC
• Rating: SELL
• Target Price raised to ₹495 from ₹480.
• Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
• Zinc prices may moderate going forward.
• Citi estimates LME zinc at $3,700/tonne in CY28.
• Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
• Physical zinc market expected to remain relatively balanced through 2027.
• Rating: SELL
• Target Price raised to ₹495 from ₹480.
• Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
• Zinc prices may moderate going forward.
• Citi estimates LME zinc at $3,700/tonne in CY28.
• Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
• Physical zinc market expected to remain relatively balanced through 2027.
🏦 CLSA ON BAJAJ FINANCE
• Rating: OUTPERFORM
• Target Price: ₹1,300
• Q2 FY27 delivered strong performance across all parameters.
• Remains CLSA's top pick in the NBFC sector.
• Asset quality trends remain healthy across products.
• FY27–FY29 PAT estimates raised by 2–3% on stronger growth, partly offset by lower insurance distribution fee income.
• CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
• Rating: OUTPERFORM
• Target Price: ₹1,300
• Q2 FY27 delivered strong performance across all parameters.
• Remains CLSA's top pick in the NBFC sector.
• Asset quality trends remain healthy across products.
• FY27–FY29 PAT estimates raised by 2–3% on stronger growth, partly offset by lower insurance distribution fee income.
• CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
🛒 HSBC ON CONSUMER / FMCG
📈 MARICO
• BUY | TP ₹1,050 (Earlier ₹1,020)
📈 TATA CONSUMER
• BUY | TP ₹1,180 (Earlier ₹1,390)
📊 COLGATE
• HOLD | TP ₹1,860 (Earlier ₹2,140)
📊 DABUR
• HOLD | TP ₹426 (Earlier ₹456)
📊 GODREJ CONSUMER
• HOLD | TP ₹960 (Earlier ₹990)
📊 NESTLÉ INDIA
• HOLD | TP ₹1,390 (Earlier ₹1,480)
📈 MARICO
• BUY | TP ₹1,050 (Earlier ₹1,020)
📈 TATA CONSUMER
• BUY | TP ₹1,180 (Earlier ₹1,390)
📊 COLGATE
• HOLD | TP ₹1,860 (Earlier ₹2,140)
📊 DABUR
• HOLD | TP ₹426 (Earlier ₹456)
📊 GODREJ CONSUMER
• HOLD | TP ₹960 (Earlier ₹990)
📊 NESTLÉ INDIA
• HOLD | TP ₹1,390 (Earlier ₹1,480)
🏦 CITI ON BAJAJ FINANCE
• Rating: BUY
• Target Price: ₹1,300
• AUM growth guidance raised, with core business metrics remaining resilient.
• Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
• MSME lending stabilised, with downward pressure easing.
• Margins declined 10–12 bps QoQ; further compression is expected.
• Rating: BUY
• Target Price: ₹1,300
• AUM growth guidance raised, with core business metrics remaining resilient.
• Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
• MSME lending stabilised, with downward pressure easing.
• Margins declined 10–12 bps QoQ; further compression is expected.
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