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
ONESOURCE SPECIALTY PHARMA Q2 FY27 (CONS.)
Net Profit: ₹57.48 Cr ↑448.25% YoY | ↑129.96% QoQ
Revenue: ₹516.24 Cr ↑37.39% YoY | ↑14.97% QoQ
EBITDA: ₹163.29 Cr ↑53.33% YoY | ↑32.38% QoQ
EBITDA Margin: 31.63% vs 28.34% YoY | 27.47% QoQ
Net Profit: ₹57.48 Cr ↑448.25% YoY | ↑129.96% QoQ
Revenue: ₹516.24 Cr ↑37.39% YoY | ↑14.97% QoQ
EBITDA: ₹163.29 Cr ↑53.33% YoY | ↑32.38% QoQ
EBITDA Margin: 31.63% vs 28.34% YoY | 27.47% QoQ
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L&T: CO WINS MAJOR ORDER; MAJOR ORDER VALUES BETWEEN 5000 CR - 10000 CR RUPEES
BANDHAN BANK: FIRST ABU DHABI SAID TO BE IN TALKS WITH BANDHAN BANK FOR ACQUISTION
TARIL: CO. ANNOUNCES RS. 1,250 CRORE INVESTMENT IN THREE GREENFIELD MANUFACTURING PLANTS TO STRENGTHEN INDIA'S POWER INFRASTRUCTURE ECOSYSTEM AND CREATE 1,000+ DIRECT JOBS