MAX FINANCIAL SERVICES Q2 FY27

NET PROFIT UP 1,609% AT ₹100 CR (YOY) ↑, DOWN 15% (QOQ) ↓

REVENUE UP 18% AT ₹11,601 CR (YOY) ↑, DOWN 23% (QOQ) ↓

EBITDA UP 545% AT ₹135 CR (YOY) ↑, DOWN 19% (QOQ) ↓

MARGINS AT 1.2% VS 0.2% (YOY) ↑, 1.1% (QOQ) ↑

OTHER INCOME AT ₹4 CR VS ₹7 CR (YOY) ↓, ₹7 CR (QOQ) ↓

WAAREE ENERGIES Q2 FY27

• Net Profit: ₹754 Cr ↓14% YoY | ↓15% QoQ

• Revenue: ₹7,518 Cr ↑24% YoY | ↓5% QoQ

• EBITDA: ₹1,335 Cr ↓5% YoY | ↓7% QoQ

• EBITDA Margin: 17.8% vs 23.2% YoY | 18.2% QoQ

KNACK PACKAGING Q2 FY27 (CONS.)

• Net Profit: ₹2.50 Cr ↑21.24% YoY | ↓18.04% QoQ

• Revenue: ₹29.48 Cr ↑52.52% YoY | ↑12.31% QoQ

• EBITDA: ₹4.01 Cr ↑25.14% YoY | ↓29.55% QoQ

• EBITDA Margin: 13.59% vs 16.56% YoY | 21.66% QoQ

ALLIED BLENDERS Q2 FY27 (CONS.)

• Net Profit: ₹71.5 Cr ↑11% YoY | ↑45% QoQ

• Revenue: ₹1,148 Cr ↑16% YoY | ↑17% QoQ

• EBITDA: ₹139 Cr ↑11% YoY | ↑20% QoQ

• EBITDA Margin: 12.1% vs 12.65% YoY | 11.87% QoQ

SYNGENE INTERNATIONAL Q2 FY27 (CONS.)

• Net Profit: ₹32.20 Cr ↓52.01% YoY | vs loss of ₹9 Cr QoQ

• Revenue: ₹832.70 Cr ↓8.55% YoY | ↑13.14% QoQ

• EBITDA: ₹147.40 Cr ↓26.12% YoY | ↑62.33% QoQ

• EBITDA Margin: 17.70% vs 21.91% YoY | 12.34% QoQ

PG ELECTROPLAST Q2 FY27 (CONS.)

• Net Profit: ₹13.67 Cr ↑395.15% YoY | ↓82.07% QoQ

• Revenue: ₹933.88 Cr ↑42.50% YoY | ↓54.09% QoQ

• EBITDA: ₹59.78 Cr ↑98.62% YoY | ↓59.67% QoQ

• EBITDA Margin: 6.40% vs 4.59% YoY | 7.29% QoQ

Max Financial Services Ltd – H1 FY’27 FINANCIAL HIGHLIGHTS

Axis Max Life Insurance performance for the first half of FY’27:

- VNB grew 21.1% YoY to INR 1180 Cr

- Individual Adjusted First Year Premium grew 12% YoY to INR 4368 Cr

- Gross Written Premium increased 17% YoY to INR 18066 Cr

- Assets Under Management (AUM) stood at INR 2.06 Lakh Cr as of Sep 30, 2026

- Embedded Value grew 17% YoY to INR 31437 Cr

- Consolidated PAT for H1 FY'27 stood at INR 219 Cr, up 137% YoY

SBI Life Insurance Company Ltd – H1 FY27 FINANCIAL PERFORMANCE

Performance for the quarter and half year ended September 30, 2026:

- Profit After Tax (PAT) stands at INR12.7 billion with 17% growth

- Annualized Premium Equivalent (APE) stands at INR117.5 billion with 18% growth

- Value of New Business (VoNB) stands at INR32.7 billion with 19% growth

- Indian Embedded Value (IEV) stands at INR873.5 billion with 15% growth

- Assets under Management (AuM) stands at INR5.3 trillion with 9% growth

- Gross Written Premium (GWP) grew by 13% to INR484.0 billion

CLSA ON INDUS TOWERS

• Rating: High Conviction Outperform

• Target Price: ₹565/share

• Net tenancy additions rose to 7,903 in Q2 from 4,236 in Q1, despite continued delays in Vodafone Idea's fundraising.

• Balance sheet remained net cash positive at ₹3,400 Cr.

• CLSA expects 9% core EBITDA CAGR through FY29.

HSBC ON MAX FINANCIAL

• Rating: Maintain Buy

• Target Price: ₹1,900/share

GOLDMAN SACHS ON BAJAJ AUTO

• Rating: Maintain Buy

• Target Price: ₹12,900/share

KOTAK SECURITIES ON MARUTI SUZUKI

• Rating: Maintain Add

• Target Price: ₹13,000/share

JEFFERIES ON CIPLA

• Rating: Upgrade to Hold

• Target Price: Hiked to ₹1,270/share

JEFFERIES ON CIPLA

• Rating: Upgrade to Hold

• Target Price: Hiked to ₹1,270/share

GOLDMAN SACHS ON BAJAJ AUTO

• Rating: Maintain Buy

• Target Price: ₹12,900/share

KOTAK SECURITIES ON MARUTI SUZUKI

• Rating: Maintain Add

• Target Price: ₹13,000/share

KOTAK SECURITIES ON MAZAGON DOCK

• Rating: Maintain Sell

• Target Price: Cut to ₹1,660/share

KOTAK SECURITIES ON CIPLA

• Rating: Maintain Buy

• Target Price: ₹1,675/share

NOMURA ON INDIAMART INTERMESH

• Rating: Upgrade to Neutral

• Target Price: Hiked to ₹1,840/share

NOMURA ON PAYTM

• Rating: Maintain Buy

• Target Price: Hiked to ₹2,300/share

CLSA ON L&T

• Rating: Outperform

• Target Price: ₹4,842/share

• E&C execution grew 22% YoY despite West Asia disruptions.

• West Asia business grew 26% and India business rose 16%.

• FY27 guidance retained: 10–12% growth in orders and execution, with flat margins.