1. Motherson Sumi Wiring India:

This auto components maker surged 10.4% on Monday after reporting strong Q2FY27 earnings. Motherson Sumi Wiring’s revenue rose 47% YoY, beating Forecaster estimates by 11.9%. Net profit grew 35% and topped estimates by 23.6%.

Higher car sales drove demand for its wiring systems. Passenger vehicles (PV) accounted for 64% of Motherson’s FY26 revenue, and sales across India’s PV industry rose 25% in Q2. Demand for premium models also helped the company sell more wiring per car, increasing revenue per vehicle.

The company’s operating margin recovered in Q2 after declining for three consecutive quarters. It expanded 160 bps QoQ to 9.2%, thanks to higher production at three recently built factories in Kharkhoda, Pune and Navagam in Gujarat. Management said all three now operate at their intended capacity levels, after initially struggling with low orders. With higher production, employee and other expenses accounted for a smaller share of revenue, helping profitability recover.

Management expects car demand to stay healthy in H2, supported by new model launches and festive sales. Chairman Laksh Vaaman Sehgal said, “We are really hopeful that this festive period again continues to deliver very strong revenue growth.” The company plans to invest around Rs 200 crore in FY27, with further expansion depending on carmakers’ production plans. 

Rising copper prices remain a concern, up 54% in Q2. Motherson typically takes three to six months to recover the higher costs from customers. The company is also negotiating with carmakers to cover the cost of increased wages. Despite the recovery from Q1, its operating margin was still below the 10.1% recorded a year earlier.

Following the results, Emkay reiterated its ‘Buy’ rating but cut its target price from Rs 50 to Rs 45, citing risks from higher fuel prices and interest rates. However, the brokerage raised its FY27 profit forecast by 4.6%, expecting stronger sales to lift earnings. 

2. Reliance Industries:

This conglomerate jumped 11.6% on Monday, its biggest one-day gain in over six years, after Q2FY27 net profit grew 41% YoY to Rs 25,548 crore. Net profit and operating revenue beat Forecaster estimates by 12.7% and 3.1%, respectively.

The biggest lift came from oil-to-chemicals. Operating profit from this business surged 68% to a record Rs 25,203 crore, accounting for nearly 85% of Reliance’s overall operating profit growth. Its operating margin expanded 160 bps to 10.9%.

Supply disruptions in West Asia and Russia pushed diesel and aviation fuel margins to 3.5 and 3.7 times last year’s levels. The company bought crude from different regions, used contracted ships to mitigate higher freight costs and sold fuel in overseas markets at better prices. Cheaper US ethane also helped its chemicals business.

Refining COO Srinivas Tuttagunta said the company would keep switching crude suppliers in Q3 to take advantage of price differences.

Jio Platforms also helped. Although it listed separately through an IPO in October, Reliance still owns 64.48% of the company. Jio’s operating profit rose 17% as its subscriber base reached 542 million. Average monthly revenue per user increased 3.5% to Rs 218.8 without tariff hikes. Strategy head Anshuman Thakur said capital spending is easing after the company largely completed its nationwide 5G rollout.

Retail was the weak link. Operating profit fell by over 11% as festive sales shifted to Q3 and Reliance spent more on online deliveries. A Rs 108 crore charge for closing its 7-Eleven stores added to the hit. Retail CFO Dinesh Taluja expects investments in online delivery to start adding to profits from FY28. “We are quite confident these will start giving us results next year,” he said.

JPMorgan reiterated its ‘Overweight’ rating on the stock and raised its target price to Rs 1,675, implying a 27% upside. The brokerage increased its FY27 and FY28 EPS estimates by 10.9% and 5%, respectively, expecting stronger refining margins and a recovery in retail to support earnings. 

3. Marico:

This FMCG company surged 12% over the past week after reporting strong Q2FY27 results. Revenue grew 11.9% YoY, while net profit increased 31%. Strong volume growth, improved margins and traction across its portfolio have prompted Marico to raise its full-year growth outlook. The company appears in a screener of stocks with growth in quarterly net profit and increasing profit margins.

Parachute and value-added hair oils continue to anchor the domestic business. Parachute volumes grew 13%, its strongest performance in 22 quarters, taking its volume market share to a record 60%. However, revenue growth remained modest as Marico passed on the benefits of lower copra prices through price cuts. Value-added hair oils recorded 21% value growth, supported by a shift towards mid-priced and premium products. Saffola edible oils, meanwhile, saw its volumes decline as the company rationalised lower-margin variants.

Newer businesses are also gaining scale. The food portfolio grew by 45%, supported by brands such as True Elements, 4700BC, and Cosmix. Managing Director and CEO Saugata Gupta said, “The growth portfolio should deliver 20% to 25% while subsequently improving profitability.”

International business, which contributes around a quarter of revenue, grew 13%, led by Vietnam, the Middle East and South Africa. Bangladesh business remained relatively weak, with growth of 5%, although management expects a gradual recovery through better distribution and execution.

ICICI Direct upgraded its rating to ‘Buy’ and raised its target price to Rs 1,040, implying 16% upside. The brokerage is positive about Marico's revised FY27 outlook, with the company now expecting mid-teens revenue growth and double-digit volume growth in India.

Marico also raised its EBITDA growth guidance to 24-25%, from around 20% earlier, and expects margins to expand by 120-150 basis points in FY27. It has moved its Rs 20,000-crore revenue target forward by a year to FY29. However, sustained growth will depend on maintaining momentum in volume and premiumisation while managing rising input costs and advertising spend.

4. Affle 3I:

This consumer intelligence stock surged 14.4% last week after the company reported strong Q2FY27 results on October 30. Revenue jumped 21.2% YoY, beating Forecaster estimates, driven by demand across Indian, emerging, and developed markets. Net profit grew 17.4% as AI integration boosted operational efficiency, helping the company absorb higher data, inventory, and staff. However, the bottom line missed expectations by 2.7%.

The company provides customer intelligence & acquisition through mobile advertising. Its cost-per-converted-user (CPCU) business model fueled an 18.2% increase in user conversions to 12.9 million. Affle drove customer actions across the e-commerce, entertainment, fintech, and gaming verticals, pushing revenue from India and emerging markets (73% of total sales) up by 20.8%. Simultaneously, the developed markets business expanded by 22.1%.

Affle’s momentum accelerated after its Israeli subsidiary agreed to buy Perion Network for $420 million. This acquisition is expected to scale Affle's business across developed markets. The deal merges Affle's strength in advertising that drives customer actions & purchases with Perion's reach across retail websites, streaming TV and digital billboards. It gives the company access to over 1,000 new customers, established North American infrastructure, and a 100-person sales team, unlocking cross-selling opportunities across verticals.

Founder, MD & CEO Anuj Khanna Sohum highlighted the robust outlook, saying, “We are confident in sustaining 20% annual revenue growth in the medium-term, backed by deeper developed market penetration and Perion integration.” He anticipates the combined entity will hit a $700 million revenue run rate in 2027. Management also estimates the acquisition to boost earnings per share by the end of the first year, adding 30% to the company's existing 20% medium-term growth estimate.

Following these updates, Anand Rathi retained its ‘Buy’ rating with a target price of Rs 2,000, implying a 26.6% upside. The brokerage expects rising user conversions across new markets and industries to drive top-line growth. Meanwhile, continued AI-led automation will improve profitability. However, it flags lower marketing spend by customers and delayed integration & turnaround of acquired entities as key moniterables. Analysts project the company to deliver annual revenue growth of 20% and EBITDA growth of 22.6% over FY27-28.

5. Dixon Technologies: 

This electronic manufacturing services stock soared 9.9% over the past week after reporting strong Q2FY27 results on October 30. Revenue surged 46.7% YoY, beating Forecaster estimates by 12.3%. Robust sales across mobiles, IT hardware, telecom, consumer electronics, and home appliances drove this top-line growth. While expensive memory chips caused net profit to fall 48.7%, the bottom line still beat expectations by 25.7%. Lower inventory and finance costs helped the company absorb the margin hit.

The mobile, IT hardware, and telecom businesses acted as the primary growth engines, generating roughly 92% of total revenue. Smartphone volumes remained resilient despite a broader industry slowdown, helping Dixon capture more market share. High memory prices pushed up average selling prices, boosting overall realisations. Meanwhile, higher production volumes and new portfolio additions scaled the IT hardware and telecom businesses. The consumer electronics and home appliance segments also improved as the company launched new products.

Management remains optimistic about the near-term outlook. They maintained their FY27 mobile volume guidance of 33-34 million units, excluding the Vivo brand. The company expects exports to hit 3.5-4 million units, with Motorola smartphone shipments accelerating from the fourth quarter to meet global demand.

Dixon is aggressively expanding its IT hardware business by ramping up laptop and tablet production. CFO Saurab Gupta expects this segment to become the company's second major growth engine. He said, “We expect the segment to clock in a revenue of Rs 6,000 crore (up 4.8x) in FY27, with a target of Rs 15,000-20,000 crore in the next two years.” To achieve this massive scale, Dixon will manufacture laptops, tablets, and desktops. The company also plans to produce displays, memory drives, and mechanical parts in-house to localise 25-30% of its raw materials.

Following the results, Emkay maintained a ‘Buy’ rating with a target price of Rs 16,400, implying a 29.9% upside. The brokerage noted that Dixon is successfully navigating memory price cycles. Winning a larger share of client budgets and adding new customers easily offset weak broader market demand. Analysts project the company will deliver annual revenue growth of 39% and net profit growth of 51% through FY29.

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