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

POLYCAB : NCLAT DIRECTS MSCI NOT TO DELIST SCRIP TILL ORDER

INDIAMART CUTS FY27 REVENUE GROWTH GUIDANCE TO 10 % FROM 10-12 % EARLIER

INFO EDGE (INDIA) Q2 FY27

• Net Profit: ₹650 Cr vs ₹347 Cr YoY (↑87%) | vs ₹490 Cr QoQ (↑33%)

• Revenue: ₹904 Cr vs ₹805 Cr YoY (↑12%) | vs ₹881 Cr QoQ (↑3%)

• Other Income: ₹428 Cr vs ₹162 Cr YoY | vs ₹192 Cr QoQ

• EPS: ₹7.40 vs ₹4.50 YoY (↑64%) | vs ₹4.88 QoQ (↑52%)

STYLAM INDUSTRIES Q2 FY27

• Net Profit: ₹42 Cr vs ₹37 Cr YoY (↑13%) | vs ₹48 Cr QoQ (↓12%)

• Revenue: ₹341 Cr vs ₹292 Cr YoY (↑16%) | vs ₹326 Cr QoQ (↑4%)

• EBITDA (Operating Profit): ₹57 Cr vs ₹57 Cr YoY (↑1%) | vs ₹69 Cr QoQ (↓17%)

• EBITDA Margin: 16.8% vs 19.4% YoY | 21.1% QoQ

• Other Income: ₹4 Cr vs ₹1 Cr YoY | vs ₹1 Cr QoQ

• EPS: ₹24.93 vs ₹22.17 YoY (↑12%) | vs ₹28.37 QoQ (↓12%)

STYRENIX PERFORMANCE MATERIALS Q2 FY27

• Net Profit: ₹23 Cr vs ₹45 Cr YoY (↓48%) | vs ₹138 Cr QoQ (↓83%)

• Revenue: ₹994 Cr vs ₹799 Cr YoY (↑24%) | vs ₹1,011 Cr QoQ (↓2%)

• EBIDTA: ₹72 Cr vs ₹85 Cr YoY (↓16%) | vs ₹220 Cr QoQ (↓67%)

• Margin: 7.2% vs 10.7% YoY | 21.8% QoQ

• Other Income: ₹4 Cr vs ₹3 Cr YoY | vs ₹3 Cr QoQ

• EPS: ₹13.18 vs ₹25.43 YoY | vs ₹78.64 QoQ

INFO EDGE (INDIA) Q2 FY27 (STANDALONE) ; NET PROFIT DOWN 92.93% AT ₹333.90 CR (YOY), UP 36.01% (QOQ)

REVENUE UP 12.78% AT ₹841.66 CR (YOY), UP 2.09% (QOQ)

EBITDA UP 27.57% AT ₹377.24 CR (YOY), UP 3.94% (QOQ)

MARGINS AT 44.82% VS 39.62% (YOY), 44.02% (QOQ)

INFO EDGE Q2: 99ACRES BILLINGS UP 21%; AI REVENUE RUN RATE REACHES ₹240 CR

• Standalone Billings: Excluding Shiksha, billings grew 14.4% YoY in Q2 and 15.7% in H1 FY27

• Recruitment Business: Billings up 12.6% YoY in Q2 and 14.9% in H1, driven by strong B2B recruitment demand

• Naukri & Job Hai: Continued business expansion while maintaining strong operating margins

• 99acres: Billings surged 21.2% YoY in Q2 and 19.2% in H1, supported by strong traffic and property listings

• 99acres Profitability: Business approached operating breakeven during Q2 FY27

• Matchmaking Business: Combined Jeevansathi and Aisle billings grew 23.1% YoY in Q2 and 21.7% in H1

• Matchmaking Profitability: Jeevansathi achieved operating profitability, while Aisle continued reducing losses

• AI Business: AI-led offerings now contribute a high-single-digit share of Recruitment topline

• AI Revenue Run Rate: Annualised AI billings reached approximately ₹240 Cr based on Q2 performance

• AI Products: Growth supported by AI-Rex, Talent Pulse, AI mock interviews, Neo and AI resume maker

• Shiksha Business: Transitioning towards domestic counselling and AI-led operations while continuing investments in Study Abroad