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.

Larsen and Toubro L&T in Focus

Maintains growth and order Outlook

Working capital improvements see despite middle east crisis

Order pick up seen ahead with margins improvement in Q4

BAJAJ AUTO says

Lost Some Mkt Share In 100/125cc Segment, 150cc Segment Has Seen A Turnaround Recently

BAJAJ AUTO - Margins boosted by PLI Scheme, Market Share losses continue -mix brokerage reviews - Stock off highs

1 PLI on Electric Scooters

2 PLI on Export

3 Higher Royalty income in Q2

These 3 factors lead to better margins, may not be the case in coming quarters

NEW LISTING IPO

JIO PLATFORMS LIMITED – IPO LISTING

• Issue Price: ₹1,119.00

• Listing Price: ₹1,358.00

• Listing Gain: 21.36% (+₹239.00 per share)

NEW LISTING IPO

PARAS HEALTHCARE LIMITED – IPO LISTING

• Issue Price: ₹693.00

• Listing Price: ₹720.00

• Listing Gain: 3.90% (+₹27.00 per share)

MOTILAL OSWAL ON JIO

Initiates 'Buy' Call, Target Price At 1,350/Sh, Sees 21% Upside

HINDUSTAN UNILEVER Q2 FY27

• Net Profit: ₹2,796 Cr vs ₹2,694 Cr YoY (↑4%) | vs ₹2,680 Cr QoQ (↑4%)

• Revenue: ₹18,226 Cr vs ₹15,919 Cr YoY (↑14%) | vs ₹17,341 Cr QoQ (↑5%)

• Other Income: ₹160 Cr vs ₹147 Cr YoY | vs ₹188 Cr QoQ

• EPS: ₹11.87 vs ₹11.43 YoY (↑4%) | vs ₹11.38 QoQ (↑4%)

HUL Q2 ; VOLUME GROWTH OF 7 % V EST 6-7 %

SBI LIFE Q2 CONCALL : H1 VNB JUMPS 19%, PAT GROWS 17%; MANAGEMENT RETAINS 14–15% FY27 PREMIUM GROWTH GUIDANCE & 26–28% VNB MARGIN TARGET

• MANAGEMENT REITERATES FY27 INDIVIDUAL RATED PREMIUM (IRP) GROWTH GUIDANCE OF 14–15%, DESPITE 12% GROWTH DURING H1 FY27

• MANAGEMENT EXPECTS STRONGER PREMIUM GROWTH IN Q3 & H2 FY27, SUPPORTED BY BANCA CHANNEL MOMENTUM, AGENCY RECOVERY & HIGHER NON-ULIP SALES

• MANAGEMENT RETAINS FY27 VALUE OF NEW BUSINESS (VNB) MARGIN GUIDANCE OF 26–28%, DESPITE Q2 MARGIN IMPROVING TO 29.3%

• MANAGEMENT TARGETS ULIP CONTRIBUTION OF APPROXIMATELY 63% FOR FY27, WHILE EXPANDING HIGHER-MARGIN GUARANTEED SAVINGS, ANNUITY & PROTECTION PRODUCTS

• MANAGEMENT PLANS TO LAUNCH A REGULAR-PAY DEFERRED ANNUITY PRODUCT IN Q3 FY27, SUPPORTING NON-PAR SAVINGS GROWTH & PRODUCT DIVERSIFICATION

• H1 FY27 NEW BUSINESS PREMIUM GREW 10% YOY TO ₹20,260 CR, WHILE GROSS WRITTEN PREMIUM INCREASED 13% TO ₹48,400 CR

• H1 ANNUALISED PREMIUM EQUIVALENT (APE) GREW 18% YOY TO ₹11,750 CR, WHILE INDIVIDUAL RATED PREMIUM INCREASED 12% TO ₹9,720 CR

• H1 VALUE OF NEW BUSINESS JUMPED 19% YOY TO ₹3,270 CR, WITH VNB MARGIN AT 27.9%, SUPPORTED BY IMPROVING PRODUCT MIX

• H1 NET PROFIT GREW 17% YOY TO ₹1,270 CR, DESPITE ₹530 CR GST-RELATED IMPACT; MANAGEMENT INDICATED ADJUSTED PAT OF ₹1,690 CR, UP 39%

• GUARANTEED NON-PAR SAVINGS GREW 27% TO ₹2,470 CR, WHILE ULIP CONTRIBUTION DECLINED TO 62% FROM 65% IN H1 FY26

• INDIVIDUAL PROTECTION APE GREW 16%, PURE PROTECTION APE INCREASED 26% & GROUP PROTECTION APE SURGED 134% TO ₹1,600 CR

• SBI BANCASSURANCE CONTRIBUTED 53% OF TOTAL APE, WHILE AGENCY INDIVIDUAL APE GREW 12% TO ₹3,200 CR & OTHER DISTRIBUTION CHANNELS EXPANDED 67%

• EMBEDDED VALUE GREW 15% YOY TO ₹87,350 CR, WHILE OPERATING RETURN ON EMBEDDED VALUE STOOD AT 18.8% & AUM INCREASED 9% TO ₹5.3 LAKH CR

• COMPANY MAINTAINED 22.6% PRIVATE MARKET SHARE IN INDIVIDUAL RATED PREMIUM, WHILE 13TH-MONTH & 25TH-MONTH PERSISTENCY IMPROVED TO 87.6% & 78.4%

• MANAGEMENT REMAINS POSITIVE ON H2 PREMIUM GROWTH, PROTECTION & ANNUITY DEMAND, BUT GST-RELATED COST PRESSURES, AGENCY RECOVERY, REGULATORY CHANGES & DELIVERY OF FY27 GROWTH GUIDANCE REMAIN KEY MONITORABLES

HUL Q2: RETAINS FY27 EBITDA MARGIN GUIDANCE AT 22–24%; EXPECTS BETTER GROWTH THAN FY26

• FY27 Outlook: Expects better performance than FY26

• Demand: Consumer demand remains resilient, supported by healthy macroeconomic indicators

• EBITDA Margin Guidance: Retained at 22–24% (Consolidated)

• Commodity Costs: Raw material inflationary pressures expected to persist in the near term

• Growth Strategy: Focus on competitive, volume-led profitable growth under the WINI strategy

• Portfolio & Distribution: Continued transformation to drive business growth

• Profitability: Aims to balance volume growth and profitability amid commodity cost pressures

HUL – Q2 HIGHLIGHTS

• FY27 performance expected to be better than FY26, supported by portfolio and channel transformation.

• Underlying consumer demand remains resilient, backed by healthy macroeconomic indicators.

• FY27 consolidated EBITDA margin guidance retained at 22–24%.

• Raw material inflationary pressures expected to persist in the near term.

• Focus remains on competitive, volume-led profitable growth under the WINI strategy.

HUL Q2 FY27 – SEGMENT-WISE PERFORMANCE 📊

HOME CARE
• Revenue: ₹6,882 Cr | +21.44% YoY | +5.09% QoQ

• Segment Profit: ₹1,070 Cr | +1.90% YoY | -1.74% QoQ

BEAUTY & WELLBEING
• Revenue: ₹3,935 Cr | +16.19% YoY | +5.85% QoQ

• Segment Profit: ₹1,242 Cr | +20.47% YoY | +11.63% QoQ

PERSONAL CARE
• Revenue: ₹2,618 Cr | +7.91% YoY | -0.23% QoQ

• Segment Profit: ₹443 Cr | -9.03% YoY | -9.03% QoQ

FOODS
• Revenue: ₹3,849 Cr | +8.61% YoY | +1.18% QoQ

• Segment Profit: ₹834 Cr | +15.67% YoY | +20.52% QoQ

OTHERS (INCLUDING EXPORTS)
• Revenue: ₹259 Cr | +10.90% YoY | -4.43% QoQ

• Segment Profit: ₹46 Cr | -12.77% YoY | +2.22% QoQ

JIO PLATFORMS BECOMES INDIA'S 2ND LARGEST LISTED CO AT SETTLED PRICE

🚨 HUL Q2 FY27 – ACTUAL VS ESTIMATES (CONS.)

🟢 Net Profit: ₹2,790 Cr vs ₹2,784 Cr est. (+0.22%)

🟢 Revenue: ₹18,226 Cr vs ₹17,582 Cr est. (+3.66%)

🟢 EBITDA: ₹4,089 Cr vs ₹4,018 Cr est. (+1.77%)

🔴 EBITDA Margin: 22.4% vs 23.1% est. (Miss by 70 bps)

SEBI CHIEF NEED MORE IMPROVEMENT IN FII ON BOARDING PROCESS

WE ARE COONTINOUSLY MEETING FII FOR FEEDBACK AND TROUBLE SPOTS