New Research Reports

BUY (maintained)

We recommend a HOLD rating on the stock.

We maintain our HOLD rating on the stock.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock with a revised target price of Rs 835/share, implying a 12% upside from the CMP.

We maintain our BUY recommendation on the stock

Asian markets are trading in the red, following the decline on Wall Street. Shanghai, Nikkei, and Hang Seng were trading lower by 0.68%, 3.02%, and 1.13%, respectively.

BPCL reported Q1FY27 adj. EBITDA/PAT loss of INR 40.8/INR 39.6bn vs. profit of INR 100.6/INR 31.9bn in Q4FY26 and INR 96.6/INR 61.2bn in Q1FY26, beating Street and I-Sec estimates.

Cipla’s muted performance in Q1FY27 was due to lower sales of gRevlimid, the discontinuation of lanreotide and a cost surge due to geopolitical tensions.

Thyrocare Technologies’ (Thyrocare) Q1FY27 performance was ahead of our expectations. Outperformance was led by strong traction in both pathology segments, with franchises growing at ~27% YoY and partnerships at ~26%.

Stable asset quality trends despite ongoing global market uncertainties, steady NIMs, and sustained momentum in disbursements have helped Ujjivan SFB (Ujjivan) deliver strong Q1FY27 earnings with 7bps QoQ RoA expansion to 2.2% with RoE settling at >18%.

Vishal Mega Mart (VMM) reported consolidated revenue growth of 18.7% YoY to ~INR 37bn, driven by 10% SSSG (samestore-sales growth) and continued store expansion.

Infosys cut its organic revenue growth guidance to 0.55% YoY CC (at mid-point) for FY27 (vs. 2.2% earlier) due to weaker-thanexpected growth in seasonally strong Q1.

We expect revenue to grow 15.0% YoY to INR 18,045 Mn, driven by continued momentum in the CDMO and Finished Dosages (FDF) businesses.

Jubilant Ingrevia (JUBLINGR) reported ~Rs2bn EBITDA (up 40% y/y and 22% q/q) in Q1FY27, ahead of estimates, driven by strong pricing growth across Nutrition and Health Solutions (NHS) and Chemical Intermediates (CI).

Infosys reported a soft Q1 FY27 with revenue of $5,082mn, up 1.0% q/q cc (-0.1% organic). Three factors which drove the weakness: a ~50bps impact due to an EURS program termination late in the Q, higher volumes softness than plan & lower price realisation than expected due to -- client productivity asks & competitive intensity.

END OF DAY SUMMARY

Retail Research

We expect CreditAccess Grameen to report PAT of INR 357 Cr in Q1FY27, up 5.2% QoQ and 494% YoY, with the sharp YoY growth largely reflecting a favourable base effect following the stress impacted Q1FY26, rather than underlying organic strength.

AI Services at an Inflection Point: AI has moved beyond narrative to become a meaningful growth driver, with its revenue contribution rising from 5.5% in Q3 FY26 to 8.2% in Q1 FY27, implying an annualized run rate of nearly $1.7 Bn.