MAJOR CONTRACT WINS | OCTOBER 26, 2026
CONTRACT WINS
• CGPOWER – Subsidiary received RDSO approval for critical KAVACH order.
• UNIMECH – Signed long-term aerospace manufacturing deal with Honeywell.
MICROCAPS
• BAJEL – Secured ₹1,700 Cr transmission and substation projects.
• JYOTISTRUC – Secured ₹949.35 Cr HVDC transmission line project.
• SRM – Secured ₹138.37 Cr infrastructure contract from MORTH.
• HILINFRA – Secured ₹91.78 Cr toll operations contract for one year.
• COSMICCRF – Secured ₹33.46 Cr orders for fabricated steel items.
• 3CIT – Secured ₹9.08 Cr desktop supply order for IT services.
• CLASSROOM – Secured ₹9.10 Cr content licensing and development order.
• GLOBAL – Secured ₹9.95 Cr desktop computer supply order.
• SUGSLLOYD – Secured ₹3.16 Cr contract from Tata Power-DDL.
• ORIRAIL – Secured ₹1.37 Cr rail seat supply order.
CONTRACT WINS
• CGPOWER – Subsidiary received RDSO approval for critical KAVACH order.
• UNIMECH – Signed long-term aerospace manufacturing deal with Honeywell.
MICROCAPS
• BAJEL – Secured ₹1,700 Cr transmission and substation projects.
• JYOTISTRUC – Secured ₹949.35 Cr HVDC transmission line project.
• SRM – Secured ₹138.37 Cr infrastructure contract from MORTH.
• HILINFRA – Secured ₹91.78 Cr toll operations contract for one year.
• COSMICCRF – Secured ₹33.46 Cr orders for fabricated steel items.
• 3CIT – Secured ₹9.08 Cr desktop supply order for IT services.
• CLASSROOM – Secured ₹9.10 Cr content licensing and development order.
• GLOBAL – Secured ₹9.95 Cr desktop computer supply order.
• SUGSLLOYD – Secured ₹3.16 Cr contract from Tata Power-DDL.
• ORIRAIL – Secured ₹1.37 Cr rail seat supply order.
Q2 Earnings
Good-Paramount Communications, Paytm, Sona BLW, Tata Consumer, Brigade Hotel, Venus Remedies, LEAP India, Aegis Logistics, Kfintech
Inline/Mixed-Sumitomo Chem, Dalmia Bharat (One-time loss, but strong commentary), Five Star Business, Aavas Financiers, Nazara Tech (PAT high due to tax credit), Sunteck Realty, WeWork
Weak- Aequs, REC, Astec Life, DCM Shriram, Shanthi Gears, Antelopus Selan (Weak QoQ)
Good-Paramount Communications, Paytm, Sona BLW, Tata Consumer, Brigade Hotel, Venus Remedies, LEAP India, Aegis Logistics, Kfintech
Inline/Mixed-Sumitomo Chem, Dalmia Bharat (One-time loss, but strong commentary), Five Star Business, Aavas Financiers, Nazara Tech (PAT high due to tax credit), Sunteck Realty, WeWork
Weak- Aequs, REC, Astec Life, DCM Shriram, Shanthi Gears, Antelopus Selan (Weak QoQ)
Earnings Watchlist
POSITIVE
Paytm-Solid growth and margins ahead of MDR benefits
Tata Consumer Management expects margin expansion in H2
Sona BLW-Earnings beat
Brigade Hotel-Strong operational quarter
Venus Remedies-Margin up 337 bps YoY
Aegis Logistics-Strong growth in gas terminal division
Kfintech-Margins beat on operational efficiencies
Leap India-PAT jumps on higher other income
Paramount Communications-Margins increase by 580bps YoY
NEGATIVE
Aequs-Consumer segment loss widens
REC-PAT down 21% YoY
Antelopus Selan-Sequentially weak numbers
POSITIVE
Paytm-Solid growth and margins ahead of MDR benefits
Tata Consumer Management expects margin expansion in H2
Sona BLW-Earnings beat
Brigade Hotel-Strong operational quarter
Venus Remedies-Margin up 337 bps YoY
Aegis Logistics-Strong growth in gas terminal division
Kfintech-Margins beat on operational efficiencies
Leap India-PAT jumps on higher other income
Paramount Communications-Margins increase by 580bps YoY
NEGATIVE
Aequs-Consumer segment loss widens
REC-PAT down 21% YoY
Antelopus Selan-Sequentially weak numbers
Opening Cues (Tomorrow Is FOMC Meet-10% Chance Of Rate Hike Only)
Oil Eases On Mideast Diplomatic Efforts
Gold Steady Ahead Of Fed Rate Call
AI Rebound On Wall Street
Anthropic Files For IPO
Microsoft Offers Voluntary Buyout To 60K Employees
South Korea GDP Growth Stronger Than Expected
Nikkei Snaps 3-Day Decline
Short Covering/Positioning Unwinding Likely
FII Shorts At 87% vs 90%
FIIs Turn Sellers In Cash Market After 1 Session
Oil Eases On Mideast Diplomatic Efforts
Gold Steady Ahead Of Fed Rate Call
AI Rebound On Wall Street
Anthropic Files For IPO
Microsoft Offers Voluntary Buyout To 60K Employees
South Korea GDP Growth Stronger Than Expected
Nikkei Snaps 3-Day Decline
Short Covering/Positioning Unwinding Likely
FII Shorts At 87% vs 90%
FIIs Turn Sellers In Cash Market After 1 Session
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MORGAN STANLEY ON DALMIA BHARAT
• Rating: UNDERWEIGHT | Target Price: ₹1,640
• Reported results were weak, with volume growth impacted partly by seasonality and elevated costs.
• Operating leverage benefits are expected in H2, but variable costs are likely to remain elevated.
• Recent price hikes may partly offset continued cost pressures.
• Morgan Stanley maintains its relative UNDERWEIGHT stance amid weak profitability.
• Rating: UNDERWEIGHT | Target Price: ₹1,640
• Reported results were weak, with volume growth impacted partly by seasonality and elevated costs.
• Operating leverage benefits are expected in H2, but variable costs are likely to remain elevated.
• Recent price hikes may partly offset continued cost pressures.
• Morgan Stanley maintains its relative UNDERWEIGHT stance amid weak profitability.
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HSBC ON DALMIA BHARAT
• Rating downgraded to HOLD | Target Price cut to ₹1,820
• Muted volume growth, significant cost increases and asset impairment led to a net loss.
• Acquired assets are expected to remain a drag on performance in Q3.
• Breakeven for acquired assets is targeted by the end of FY27.
• Rating downgraded to HOLD | Target Price cut to ₹1,820
• Muted volume growth, significant cost increases and asset impairment led to a net loss.
• Acquired assets are expected to remain a drag on performance in Q3.
• Breakeven for acquired assets is targeted by the end of FY27.
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HSBC on Tata Cons
Buy, TP Rs 1170
Q2FY27 results were a marginal beat driven by non-India business; India business margins remained flat qoq
‘Growth’ businesses grew by 40% (Q1: +47% yoy). 50-70bp margin improvement remains a focus (FY27 HSBCe: 40bp)
India margin trajectory near-term trigger
Buy, TP Rs 1170
Q2FY27 results were a marginal beat driven by non-India business; India business margins remained flat qoq
‘Growth’ businesses grew by 40% (Q1: +47% yoy). 50-70bp margin improvement remains a focus (FY27 HSBCe: 40bp)
India margin trajectory near-term trigger
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GS on Tata Cons
Buy, TP Rs 1325
Strong 2QFY27 despite a tough environment, largely in-line with estimates
India business: Double digit volume growth and 17% revenue growth, pricing to significantly accelerate in 2H
'Growth' businesses deliver 40% growth driven by Sampann & RTD
Capital Foods and Organic India domestic growth at 24%, exports impacted due to shipping delays
Salt continues to deliver strong growth, tea muted
Management reiterated their guidance for 50–70 bps of consolidated EBITDA margin expansion in FY27
Buy, TP Rs 1325
Strong 2QFY27 despite a tough environment, largely in-line with estimates
India business: Double digit volume growth and 17% revenue growth, pricing to significantly accelerate in 2H
'Growth' businesses deliver 40% growth driven by Sampann & RTD
Capital Foods and Organic India domestic growth at 24%, exports impacted due to shipping delays
Salt continues to deliver strong growth, tea muted
Management reiterated their guidance for 50–70 bps of consolidated EBITDA margin expansion in FY27
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Morgan stanley on Tata Cons
OW, TP Rs 1202
2Q revenue, EBITDA and adj. PAT grew +14%, +17% and +18% YoY, which was +1%, +1% and -3% vs MSe.
EBITDA margin was 13.8% (+31bps YoY, +30bps QoQ; MSe 13.9%).
Strong top-line growth momentum is positive - India branded revenue growth rose to +17% (13% each for last 3 quarters) with volume growth at +11% YoY.
Management guided for YoY EBITDA margin expansion in 2H, without committing to 50-70bps guidance for F27.
Margin concerns, though valid, are in price.
OW, TP Rs 1202
2Q revenue, EBITDA and adj. PAT grew +14%, +17% and +18% YoY, which was +1%, +1% and -3% vs MSe.
EBITDA margin was 13.8% (+31bps YoY, +30bps QoQ; MSe 13.9%).
Strong top-line growth momentum is positive - India branded revenue growth rose to +17% (13% each for last 3 quarters) with volume growth at +11% YoY.
Management guided for YoY EBITDA margin expansion in 2H, without committing to 50-70bps guidance for F27.
Margin concerns, though valid, are in price.
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CLSA ON SUPREME INDUSTRIES
• Rating: HOLD | Target Price: ₹3,500
• Q2 FY27 EBITDA rose 45% YoY, supported by strong volume growth of 19% and price hikes.
• FY27 volume growth guidance revised to 10% from 12–13%; EBITDA margin guidance maintained at 14–14.5%.
• Volume growth target looks challenging, requiring 17%+ growth for the remainder of FY27.
• October volume growth stood at 23%, while announced price hikes provide some comfort.
• FY27–FY29 PAT estimates raised by 2–10% on improved volume growth and profitability.
• Rating: HOLD | Target Price: ₹3,500
• Q2 FY27 EBITDA rose 45% YoY, supported by strong volume growth of 19% and price hikes.
• FY27 volume growth guidance revised to 10% from 12–13%; EBITDA margin guidance maintained at 14–14.5%.
• Volume growth target looks challenging, requiring 17%+ growth for the remainder of FY27.
• October volume growth stood at 23%, while announced price hikes provide some comfort.
• FY27–FY29 PAT estimates raised by 2–10% on improved volume growth and profitability.
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ATHER ENERGY:
CO SAYS WE WILL WITNESS STRONG TWO E WHEELEER MARKET IN UPCOMING QTR
WE AIM TO INCREASE CAPACITY MOVING AHEAD: INTERVIEW
CO SAYS WE WILL WITNESS STRONG TWO E WHEELEER MARKET IN UPCOMING QTR
WE AIM TO INCREASE CAPACITY MOVING AHEAD: INTERVIEW
SONA BLW says
Barring North America, EV Market Is Growing Rapidly | Orderbook Is EV Dominated
BEV Revenue Share Will Increase To 80% From 50% In The Long Term
Barring North America, EV Market Is Growing Rapidly | Orderbook Is EV Dominated
BEV Revenue Share Will Increase To 80% From 50% In The Long Term
HSBC Q3 Earnings:
• Rev: $18.6B (est $18.93B)
• Pretax Profit: $9.63B (est $9.70B)
• Announces Share Buyback Of Up To $1B
• Expects Banking NII Of At Least $46B In 2026
• Rev: $18.6B (est $18.93B)
• Pretax Profit: $9.63B (est $9.70B)
• Announces Share Buyback Of Up To $1B
• Expects Banking NII Of At Least $46B In 2026
Coforge Ltd – PARTNERSHIP WITH DRIVING FORWARD
Company announces partnership to expand career pathways for students in Chicago:
- Partnered with US-based nonprofit Driving Forward to support first-generation and under-resourced college students
- Participated as an Opportunity Sponsor at the organization’s 2026 Annual Celebration in Chicago
- Coforge employees selected to serve as Driving Forward mentors in 2027
- Program focuses on paid internships, mentorship, coaching, and career-readiness training
Company announces partnership to expand career pathways for students in Chicago:
- Partnered with US-based nonprofit Driving Forward to support first-generation and under-resourced college students
- Participated as an Opportunity Sponsor at the organization’s 2026 Annual Celebration in Chicago
- Coforge employees selected to serve as Driving Forward mentors in 2027
- Program focuses on paid internships, mentorship, coaching, and career-readiness training
ONESOURCE SPECIALTY PHARMA Q2 FY27
Net Profit: ₹57 Cr ↑448% YoY | ↑130% QoQ
Revenue: ₹516 Cr ↑37% YoY | ↑15% QoQ
Other Income: ₹1 Cr vs ₹3 Cr YoY | ₹4 Cr QoQ
EPS: ₹5.01 ↑445% YoY | ↑130% QoQ
Net Profit: ₹57 Cr ↑448% YoY | ↑130% QoQ
Revenue: ₹516 Cr ↑37% YoY | ↑15% QoQ
Other Income: ₹1 Cr vs ₹3 Cr YoY | ₹4 Cr QoQ
EPS: ₹5.01 ↑445% YoY | ↑130% QoQ