1. JSW Steel: 

This steelmaker rose 6.3% on Monday after Q2FY27 net profit more than tripled, beating Forecaster estimates by 34.1%.

Revenue grew 21% YoY as the company sold a record 7.5 million tonnes of steel, up 13%. Automakers were a key source of demand, with sales to the sector jumping 36%. This helped domestic sales grow 12%, outpacing India’s overall steel demand growth of 7%. Operating profit per tonne fell 11% from Q1 as coal costs rose and steel prices weakened. But prices recovered as construction activity picked up after the monsoon.

Coking coal costs are expected to rise by $25 per tonne from Q2, following a $10 increase in Q2 itself. If steel prices lose momentum, those higher costs could wipe out the expected improvement.

Joint MD and CEO Jayant Acharya expects the company’s October price hikes to lift margins in Q3, despite rising raw-material costs. “Our expectation is that we will be able to offset the cost and add incrementally to the margin over Q2,” he said.

JSW Steel is also making a bigger bet on India’s steel demand. It approved a five-million-tonne annual expansion at its Odisha project, doubling the site’s planned capacity, plus an equally sized expansion with Japan’s JFE Steel. Together, these projects would increase its current annual capacity by about 26% when completed in FY31.

The company plans to spend roughly Rs 1.5 lakh crore over five to six years across new and ongoing projects, including mines to secure more raw materials. Acharya expects to fund most of this using the company’s own cash.

Jefferies initiated a ‘Buy’ rating with a target price of Rs 1,650, implying a 32% upside. It expects the company’s EPS to triple between FY26 and FY29. But that forecast relies on stronger steel sales and profits as the company funds a costly expansion.

2. United Breweries: 

This beer manufacturer's stock rose 5.8% over two sessions starting October 28 after it reported standout Q2FY27 results. Revenue climbed 23.6% YoY and net profit skyrocketed 190.9%. Higher overall sales, better pricing, and a shift toward premium brands drove this performance. Total beer volumes grew 16% during the quarter, helping both revenue and profit surpass Forecaster estimates.

Premium beer was the primary growth engine. Premium sales volumes surged 38%, rising sharply from just 7% a quarter ago. Strong demand for Kingfisher Ultra and Heineken Silver fueled growth in this category. Expanding Heineken Silver into new markets directly boosted sales. By selling more premium brands, the company improved its per-unit realisations and overall profitability.

United Breweries has shifted its focus to prioritise profitability over market share gains in states with strict pricing regulations. Management noted that aggressive price hikes, lower trade spending, and a richer product mix expanded margins. These strategic moves, combined with better bottle recovery and higher factory efficiency, pushed EBITDA margins up 480 basis points to 11.9%.

However, cost pressures persist. Management expects raw material and packaging inflation to impact operating profits by Rs 350–400 crore in FY27. They added that 30% of the business still awaits price hikes, particularly in heavily regulated markets like Telangana, Andhra Pradesh, and Tamil Nadu. This regulatory drag could limit near-term margin expansion.

Looking ahead, MD & CEO Vivek Gupta outlined a conservative volume outlook, stating, “We expect underlying beer sales volume growth of 6–7% without major policy changes”. This guidance trails Q2’s 16% growth, reflecting management’s pivot toward profitability. The company plans to ramp up marketing and supply-chain investments ahead of the next summer season, which could squeeze margins temporarily in the near term. Meanwhile, expanding premium distribution and securing pending pricing approvals will drive future growth.

Following the results, Nirmal Bang upgraded United Breweries to a ‘Buy’ rating from ‘Hold’ and raised its target price to Rs 1,610, implying a 36.4% upside. The brokerage is bullish on the stock, citing accelerating volumes, aggressive premiumisation, and margin recovery. Analysts expect the brewer to deliver annual revenue growth of 11.8% and net profit growth of 29.5% through FY29.

3. Eris Lifesciences:

This pharmaceutical company rose 8.4% on October 27 after posting strong Q2FY27 results. Revenue increased 12.6% YoY, driven by growth in domestic branded medicines, particularly diabetes and cardiovascular treatments. Net profit rose 52.9%, aided by a one-time tax benefit of around Rs 65 crore following the merger of its subsidiaries. The company also appears in a screener of stocks with promoters increasing shareholding sequentially.

Diabetes treatment has emerged as a key growth driver, contributing 37.3% of its total revenue. The segment grew 18.5%, outpacing the broader Indian diabetes market's 16.1% growth, supported by new insulin and semaglutide products. Speaking about India’s semaglutide market, Chairman and MD Amit Bakshi said, "The market might double in the next year." Eris recently won approval for clinical trials of its own lab-made version of semaglutide, a weight loss and diabetes drug.

However, spending on new launches, research, and regulatory paperwork squeezed profits. EBITDA margin fell 170 bps to 34.7%. The international business also took a hit. Margins at Swiss Parenterals, its injectables subsidiary, fell from 33% to 25% due to regulatory fixes. Eris plans to temporarily shut down the facility in November to address European regulatory compliance issues, potentially delaying the recovery of its international business.

Despite these hurdles, management raised its H2FY27 EBITDA margin target from 35% to 36%. Shifting insulin production in-house to its Bhopal facility is expected to improve margins by 100 bps over the next two quarters. Management also expects heavy spending to end by late FY27, and fresh investments to finally pay off in FY28.

Eris recently licensed part of its medicine portfolio to Zorvia Healthcare. Eris keeps the brand rights and earns a 7% royalty on sales. This move could push gross margins up another 100 bps. Explaining the decision, Bakshi said, "So at an EBITDA level, this business which we outsourced was not EBITDA positive for us."

PL Capital maintains its 'Buy' rating on Eris Lifesciences with a target price of Rs 1,500, an upside of 30%. Analysts expect EBITDA margin to improve to over 36% by FY28, supported by a broader insulin portfolio, upcoming product launches and higher contributions from biologics. 

4. TVS Motor:

The two-wheeler company has gained 6% over the past week after reporting strong Q2FY27 results. Volumes rose 27% YoY, while revenue and net profit grew 44% and 52%, respectively. TVS outperformed peers in both domestic and international markets, prompting brokerages to raise their earnings estimates.

Jefferies expects TVS Motor’s volumes to grow 19% in FY27, ahead of the broader two-wheeler industry. Festive demand has remained strong, with registrations rising 16% between October 11 and 24 despite last year’s high base. The brokerage expects the industry to grow at an 8% CAGR over FY27-29. New product launches and market-share gains across segments could help TVS maintain its lead over competitors.

Exports are providing another source of growth. The company reported 35% growth in international sales, supported by demand across Africa, Latin America and Asia. Exports now contribute around 22% to revenue. CEO K N Radhakrishnan said, “Quite a lot of new products were introduced into many of the international markets in Q2, to further this momentum.” To keep up with rising demand, TVS plans to increase its annual two-wheeler manufacturing capacity by 22% to 8.3 million units by Q4.

Rising commodity costs remain a concern, although management expects the pressure to ease in the second half of FY27. TVS has already taken price hikes in Q3, but a stronger rupee could affect export profitability. Jefferies expects EBITDA margins to remain between 13.3% and 14.2% over the next three years. Analysts also flag the risk of lower EV margins once the production-linked incentive scheme ends in FY28.

Motilal Oswal retained its ‘Buy’ rating with a target price of Rs 5,200, implying 24% upside. The brokerage raised its FY27 and FY28 earnings estimates by 11% and 10%, respectively, citing stronger margins, higher realisations and robust demand in domestic and export markets. It expects TVS to maintain its outperformance with support from a healthy pipeline of new launches, which could also help sustain its premium valuation.

5. Adani Ports & Special Economic Zone:

The stock of this marine port & services company rose over 6% on October 29 following strong September quarter numbers. Q2FY27 revenue climbed 16.1% YoY to Rs 11,610 crore, led by expansion in Port and SEZ operations, while net profit grew 16.5% to Rs 3,622 crore on higher net cargo volumes. The stock appears on a screener of companies with relative outperformance versus the industry over the past month.

The standout performer of the quarter was the international ports division, where EBITDA margins reached a record 47.7%. This margin expansion was fueled by the ramp-up of the Colombo West International Terminal alongside consolidated contributions from the North Queensland Export Terminal in Australia. Additionally, doubling Colombo Port’s capacity to 48 MT significantly boosted its ability to accommodate larger vessels and handle higher overall throughput.

Across domestic operations, Mundra port registered 8.3% volume growth while Vizhinjam port surged 20%, though cyclone disruptions temporarily weighed on Gangavaram and Krishnapatnam ports. Meanwhile, operating margins came under pressure as 7 to 8 vessels remained on standby during July and August due to Strait of Hormuz disruptions, incurring fixed costs and war insurance despite lower utilization. However, vessel utilization started rebounding in September as sailing resumed toward destinations like West Africa.

Expecting vessel operating margins to rebound as operations normalize, management raised its FY27 revenue target by 2.3% to Rs 45,000 crore, driven by scaling international ports, global fleet expansion and entry into subsea services. To back this growth, the company boosted its capex plan by 23.1% to Rs 16,000 crore, while reaffirming its ambitious goal of reaching 1 billion tonnes of domestic port capacity by FY31.

Kotak Securities maintained its ‘Buy’ rating on the stock and hiked its target price to Rs 2,075. Although domestic cargo volume growth was modest at 4% in Q2, the brokerage expects volumes to pick up pace in the second half of the year, noting that management's upgraded guidance significantly strengthens the overall earnings visibility.

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