New Research Reports

Solar Industries India’s (SOIL) Q1FY27 EBITDA of INR 10.2bn surged 90%/23% YoY/QoQ, meaningfully ahead of our and streets’ estimates.

DCX Systems reported a weak set of numbers in Q1FY27, with revenue declining 54% YoY and 50% QoQ to INR 1,031 Mn, significantly below our estimates, primarily due to execution delays as highlighted by management earlier.

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Retail Research

MARKET SNAPSHOT

Retail Research

Gujarat Fluorochemicals Ltd. (GFCL) reported strong performance across all its business verticals in Q1FY27, with revenue of INR 15,880 Mn, up 16% QoQ and 24% YoY, exceeding our estimates. The company reported EBITDA of INR 4,280 Mn, up 24.4% YoY and 39% QoQ, with EBITDA margin at 27%, broadly in line with the previous year. EBITDA also exceeded our estimates.

Shiprocket Limited, headquartered in New Delhi with its corporate office in Gurugram, Haryana, operates an end-to-end, merchant-first, API-led technology platform that enables e-commerce transactions for India's MSMEs and large retailers.

PI Industries is likely to remain in a transition phase through FY27, with the pace of recovery in global agrochemical and CSM demand being the key determinant of earnings momentum.

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Retail Research

MARKET SNAPSHOT

Tata Motors’ (TMCV) 1QFY27 PAT at INR16b was above our est. of INR13.5b thanks to higher-than-expected margins and higher other income.

Sun TV Network (SUNTV) reported a strong 1QFY27, with revenue rising 13% YoY, led by a ~34% YoY increase in IPL revenue. Advertising revenue declined 2.6% YoY, while domestic subscription grew a modest 3.3% YoY.

Senco Gold (SENCO) delivered strong consolidated revenue growth of 67% YoY to INR31b (est. INR29b) in 1QFY27, ahead of peers. SSSG stood at 39%, aided by festive and wedding demand and a higher contribution from lightweight jewelry.

PI Industries (PI) reported a weak quarter as revenue declined 10% YoY, primarily due to a 13% YoY dip in the CSM business, attributed to muted global agrochemical demand and continued pricing pressure.

Lenskart sustained growth momentum in 1QFY27, with in-line 34% YoY consol. revenue growth, driven by healthy volume growth (25% YoY) and premiumization (ASP up ~6.5%).

Laxmi Dental (LAXMIDEN) delivered an in-line revenue for the quarter. The EBITDA/PAT were better than expected (11%/14% beat) in 1Q.

Hindustan Aeronautics (HAL) reported a healthy set of numbers in 1QFY27, with in-line profitability, while margins came in ahead of our estimate.

Gujarat Energy Limited’s city gas distribution (CGD) volumes were in line with est. at 12.3mmscmd (up 39% YoY). CNG/I&C-PNG volumes were 3%/4% above our est.