WAAREE RENEWABLE:
CO.EXPECTS TO MAINTAIN CONSOLIDATED EBITDA MARGINS ABOVE 15% AND ANTICIPATES T&D SEGMENT MARGINS, CURRENTLY 9-10%, TO IMPROVE IN COMING QUARTERS; THE UNEXECUTED ORDER BOOK OF OVER INR5,500 CR, INCLUDING INR3,300 CR FROM SOLAR EPC AND BESS, IS EXPECTED TO CONVERT INTO REVENUE OVER THE NEXT THREE TO FOUR QUARTERS
CO.EXPECTS TO MAINTAIN CONSOLIDATED EBITDA MARGINS ABOVE 15% AND ANTICIPATES T&D SEGMENT MARGINS, CURRENTLY 9-10%, TO IMPROVE IN COMING QUARTERS; THE UNEXECUTED ORDER BOOK OF OVER INR5,500 CR, INCLUDING INR3,300 CR FROM SOLAR EPC AND BESS, IS EXPECTED TO CONVERT INTO REVENUE OVER THE NEXT THREE TO FOUR QUARTERS
❤1
MORGAN STANLEY ON VISHAL MEGA MART
Target ₹146
Recommendation Overweight
KEY TAKEAWAYS
Broad-based miss; impact of festive shift greater than expected
Reiterated FY27 double-digit SSSG target, implying lower growth in Q2 to be compensated in Q3
No customer demand moderation seen so far across regions
No further price hikes needed, at current levels of inflation
Confident on being able to maintain YoY margins in FY27, aided by cost re-engineering
Target ₹146
Recommendation Overweight
KEY TAKEAWAYS
Broad-based miss; impact of festive shift greater than expected
Reiterated FY27 double-digit SSSG target, implying lower growth in Q2 to be compensated in Q3
No customer demand moderation seen so far across regions
No further price hikes needed, at current levels of inflation
Confident on being able to maintain YoY margins in FY27, aided by cost re-engineering
MORGAN STANLEY ON ADANI GREEN
Target *1525
Recommendation Overweight
KEY TAKEAWAYS
Healthy Beat; 2%/8% beat on revenue/EBITDA, underpinning a strong PAT beat
Wind and hybrid CUFs in particular surprised, and were significantly stronger YoY
Key Moniterables in the Earnings call: Merchant realisations, BESS contribution and scale up over FY27, impact of curtailment
Target *1525
Recommendation Overweight
KEY TAKEAWAYS
Healthy Beat; 2%/8% beat on revenue/EBITDA, underpinning a strong PAT beat
Wind and hybrid CUFs in particular surprised, and were significantly stronger YoY
Key Moniterables in the Earnings call: Merchant realisations, BESS contribution and scale up over FY27, impact of curtailment
MACQUARIE ON ETERNAL
Target ₹225
Recommendation Underperform
KEY TAKEAWAYS
Continued strong execution
Management raised its store guidance to >3,500 by Mar-27 from 3,000 earlier
Acknowledge that consistent execution supports consensus expectations
Prefer Eternal over Swiggy and rate Eternal Underperform given what we believe is already priced in
Target ₹225
Recommendation Underperform
KEY TAKEAWAYS
Continued strong execution
Management raised its store guidance to >3,500 by Mar-27 from 3,000 earlier
Acknowledge that consistent execution supports consensus expectations
Prefer Eternal over Swiggy and rate Eternal Underperform given what we believe is already priced in
INDIAN HOTELS CO CONCALL UPDATE
CO. IS ON TRACK TO ACHIEVE ITS TARGET OF 50 HOTEL OPENINGS IN FY27, WITH 30 HOTELS EXPECTED TO OPEN IN THE SECOND HALF;
MANAGEMENT REMAINS CONFIDENT OF SUSTAINING MANAGEMENT FEE GROWTH AT A HIGH TEENS CAGR, SUPPORTED BY A STRONG PIPELINE AND NEW HOTEL CONTRIBUTIONS.
CO. IS ON TRACK TO ACHIEVE ITS TARGET OF 50 HOTEL OPENINGS IN FY27, WITH 30 HOTELS EXPECTED TO OPEN IN THE SECOND HALF;
MANAGEMENT REMAINS CONFIDENT OF SUSTAINING MANAGEMENT FEE GROWTH AT A HIGH TEENS CAGR, SUPPORTED BY A STRONG PIPELINE AND NEW HOTEL CONTRIBUTIONS.
INTERNATIONAL GEMOLOGICAL GUIDANCE
MANAGEMENT INITIALLY GUIDED FOR FY2027 REVENUE GROWTH OF 15% AND EBITDA GROWTH OF 20%, SET IN MAY;
GIVEN THE STRONG H1 PERFORMANCE, WITH REVENUES GROWING 27% AND EBITDA 34%, MANAGEMENT EXPECTS TO OUTPERFORM THE FULL
MANAGEMENT INITIALLY GUIDED FOR FY2027 REVENUE GROWTH OF 15% AND EBITDA GROWTH OF 20%, SET IN MAY;
GIVEN THE STRONG H1 PERFORMANCE, WITH REVENUES GROWING 27% AND EBITDA 34%, MANAGEMENT EXPECTS TO OUTPERFORM THE FULL
FESTIVE DEMAND IS BOOSTING BOOKINGS AT MARUTI SUZUKI, HYUNDAI AND TATA MOTORS, WITH MARUTI SUZUKI (MARUTI) THE KEY STOCK TO WATCH, THOUGH SUPPLY CONSTRAINTS AND A HIGH COMPARISON BASE MAY LIMIT SALES GROWTH.
ABBOTT INDIA: ABBOTT LAB TO SPIN OFF NUTRITION BUSINESS AS IT REFOCUSES ON CORE HEALTHCARE OPERATIONS
ULTRATECH CEMENT PRICE HIKES SET TO SUPPORT H2 MARGINS, BUT FUEL COSTS REMAIN KEY RISK
U.S SEEKS TO DEEPEN ENERGY PARTNERSHIP WITH INDIA AS LPG SUPPLIES SURGE ( RELIANCE INDUSTRIES )
HDFC BANK PROBE FLAGS ALLEGED LEAK OF CONFIDENTIAL STRATEGIES BY TWO SENIOR EXECUTIVES, RAISING GOVERNANCE CONCERNS
GUJARAT URGES INDUSTRIES TO SHIFT POWER CONSUMPTION AS ELECTRICITY DEMAND SURGES AND COAL SUPPLIES TIGHTEN
ABBOTT INDIA: ABBOTT LAB TO SPIN OFF NUTRITION BUSINESS AS IT REFOCUSES ON CORE HEALTHCARE OPERATIONS
ULTRATECH CEMENT PRICE HIKES SET TO SUPPORT H2 MARGINS, BUT FUEL COSTS REMAIN KEY RISK
U.S SEEKS TO DEEPEN ENERGY PARTNERSHIP WITH INDIA AS LPG SUPPLIES SURGE ( RELIANCE INDUSTRIES )
HDFC BANK PROBE FLAGS ALLEGED LEAK OF CONFIDENTIAL STRATEGIES BY TWO SENIOR EXECUTIVES, RAISING GOVERNANCE CONCERNS
GUJARAT URGES INDUSTRIES TO SHIFT POWER CONSUMPTION AS ELECTRICITY DEMAND SURGES AND COAL SUPPLIES TIGHTEN
❤4
SRF Ltd – Q2 FY27 FINANCIAL RESULTS HIGHLIGHTS
Un-audited financial results for the quarter and half year ended 30th September 2026:
- Revenue from Operations: INR 4904.2 Cr (up 35% YoY)
- Operational EBIT: INR 816 Cr (up 25% YoY)
- Profit Before Tax (PBT): INR 671 Cr (up 17% YoY)
- Profit After Tax (PAT): INR 509.1 Cr (up 14% YoY)
- Chemicals Business Revenue: INR 2079.5 Cr
- Performance Films & Foil Revenue: INR 2122.4 Cr
Un-audited financial results for the quarter and half year ended 30th September 2026:
- Revenue from Operations: INR 4904.2 Cr (up 35% YoY)
- Operational EBIT: INR 816 Cr (up 25% YoY)
- Profit Before Tax (PBT): INR 671 Cr (up 17% YoY)
- Profit After Tax (PAT): INR 509.1 Cr (up 14% YoY)
- Chemicals Business Revenue: INR 2079.5 Cr
- Performance Films & Foil Revenue: INR 2122.4 Cr
SOURCES ON IRDAI'S DISTRIBUTION CONSULTATION PAPER
IRDAI open to extending feedback period on distribution reforms consultation paper
IRDAI open to selective extension for market intermediaries
IRDAI open to considering stakeholder requests for consultation extension
IBAI sought extension, met IRDAI leadership on concerns last week
Alert: IBAI - Insurance Brokers Association of India. Stakeholder comment deadline Oct. 25; implementation proposed Jan. 1, 2027
IRDAI open to extending feedback period on distribution reforms consultation paper
IRDAI open to selective extension for market intermediaries
IRDAI open to considering stakeholder requests for consultation extension
IBAI sought extension, met IRDAI leadership on concerns last week
Alert: IBAI - Insurance Brokers Association of India. Stakeholder comment deadline Oct. 25; implementation proposed Jan. 1, 2027
📊 IPO GMP UPDATE
JIO PLATFORMS
• Issue Date: 21–23 October
• GMP: ₹246 (21.98%)
PARAS HEALTHCARE
• Issue Date: 21–23 October
• GMP: ₹25 (3.61%)
SFC ENVIRONMENTAL TECHNOLOGIES
• Issue Date: 27–29 October
• GMP: ₹31 (9.39%)
BLS POLYMERS
• Issue Date: 27–29 October
• GMP: ₹30 (20.00%)
Note: GMP is unofficial and may change frequently.
JIO PLATFORMS
• Issue Date: 21–23 October
• GMP: ₹246 (21.98%)
PARAS HEALTHCARE
• Issue Date: 21–23 October
• GMP: ₹25 (3.61%)
SFC ENVIRONMENTAL TECHNOLOGIES
• Issue Date: 27–29 October
• GMP: ₹31 (9.39%)
BLS POLYMERS
• Issue Date: 27–29 October
• GMP: ₹30 (20.00%)
Note: GMP is unofficial and may change frequently.
FGE NEXANTECA, IMAN NASSERI SAYS
Global oil supply disruptions expected to persist.
Product prices surge, trading at a $30-70/bbl premium.
Middle East production gradually recovering to pre-war levels.
Crude oil flows recover to 70% of pre-war levels.
Crude oil demand falls by 3-5 million barrels per day.
New oil supply sources emerge from markets such as Brazil.
US President shifts focus to increasing pressure on Iran's economy.
Oil prices could cool if attacks in West Asia, particularly on Saudi Arabia, come to a halt.
Global oil supply disruptions expected to persist.
Product prices surge, trading at a $30-70/bbl premium.
Middle East production gradually recovering to pre-war levels.
Crude oil flows recover to 70% of pre-war levels.
Crude oil demand falls by 3-5 million barrels per day.
New oil supply sources emerge from markets such as Brazil.
US President shifts focus to increasing pressure on Iran's economy.
Oil prices could cool if attacks in West Asia, particularly on Saudi Arabia, come to a halt.
🍌1
QUANT MUTUAL FUND, SANDEEP TANDON
More Optimistic On The FII Flow Front Now
Worried About 150 Midcap Stks Where Locals (Retail, HNI, Family Offices) Have Crowded Into, They Are Expensive
Market Could Form A Trading Bottom In The Next Few Weeks
We Are In The Early Phases Of Capitulation In Midcaps
Time To Identify Relatively High Beta Names In Large Caps
More Optimistic On The FII Flow Front Now
Worried About 150 Midcap Stks Where Locals (Retail, HNI, Family Offices) Have Crowded Into, They Are Expensive
Market Could Form A Trading Bottom In The Next Few Weeks
We Are In The Early Phases Of Capitulation In Midcaps
Time To Identify Relatively High Beta Names In Large Caps
SOWILO INVESTMENT SANDIP AGARWAL
I.T. SECTOR OUTLOOK
Expect Minimal Impact Of Al Deflation In H2FY27 For IT Cos
Expect IT Cos To Deliver PAT Growth Of 45-70% Over The Next 3 Years
Global IT Cos Have Recovered Much Faster Than Indian IT Cos
Enterprise Al Is A Big Opportunity For IT Cos Going Ahead
Stock Valuations Are A Concern For Cybersecurity Providers
I.T. SECTOR OUTLOOK
Expect Minimal Impact Of Al Deflation In H2FY27 For IT Cos
Expect IT Cos To Deliver PAT Growth Of 45-70% Over The Next 3 Years
Global IT Cos Have Recovered Much Faster Than Indian IT Cos
Enterprise Al Is A Big Opportunity For IT Cos Going Ahead
Stock Valuations Are A Concern For Cybersecurity Providers