New Research Reports

IPO Note

News Letter

We maintain our BUY recommendation on the stock

Asian markets were trading in the negative territory this morning. The Nikkei, Hang Seng and Shanghai declined 1.88%, 0.14%, and 1.84%, respectively.

Instamart added 69 stores in Q2FY27, as management focused on improving quality of services in dense urban clusters. Quick commerce (QC)’s NOV grew 13.4% QoQ, driven by addition of 1.3mn MTUs, targeted pricing investments to reactivate dormant users, differentiated assortment, and network expansion.

Sagility reported a mixed quarter with revenue growth at 12.2% YoY USD, vs. I-Sec’s estimate of 14.2%. EBITDA margin was at a record high of 26.1% despite wage hikes.

Havells delivered a strong performance in Q2FY27, with broad-based growth across categories supported by resilient consumer demand and calibrated price increases.

CreditAccess Grameen (CREDAG) delivered a robust Q2FY27 financial performance, characterised by strong profitability with RoE/RoA at 23%/5.8%, alongside resilient asset quality (GNPL moderating to 1.79% vs. 2.18% QoQ) despite macroeconomic headwinds.

On 17 October 2026, NPPA capped trade margins at 30% on 137 non-scheduled
anti-cancer drugs, including patented therapies, with revised MRPs effective 9
November 2026.

CIE Automotive (CAIL)’s Q3CY26 revenue performance met our expectation; however, margins missed our estimate on higher-than-expected cost inflation.

Cyient DLM reported Q2FY27 revenue of INR 3,931 Mn, up 26.5% YoY and 5.2% QoQ,
led by Aerospace (+62% YoY) and Industrial (+29% YoY), with H1FY27 revenue up
30.2%. EBITDA rose 9.5% YoY to INR 342 Mn, while margin eased 135 bps YoY to 8.7%
as investments in the sales team and product development were fully expensed.

Bajaj Finance reported consolidated PAT of INR 6,367 Cr, up 28.7% YoY and 4.7% QoQ,
after a INR 337 Cr management and macro-economic overlay; excluding it, PAT grew
34% to INR 6,619 Cr.

HDFC AMC reported PAT of INR 750 Cr, up 4.4% YoY but down 10.6% QoQ; excluding
an INR 47 Cr tax reversal in Q2FY26, PAT grew 11.7% YoY.

End of day summary

Retail Research

U.S. markets ended mixed on Thursday as concerns over AI spending and rising U.S.-Iran tensions affected investor sentiment. The S&P 500 fell 1.21%, marking its worst session since July, while the Nasdaq Composite declined 2.60%, recording its biggest daily fall since June.

In FY26, Mahindra Lifespace Developers Ltd. (MLIFE) had unveiled a strategy to reach INR 95–100bn in annual
residential sales bookings by FY30, or boosting its sales 4x in five years (FY25–30).

Balkrishna Industries (BKT) has partnered with Pirelli Tyres S.p.A. (Pirelli) for the offtake of Pirelli-branded premium PCR tyres from BKT’s Bhuj facility.

Aye Finance delivered a strong Q2FY27, which underscores the strength of its market positioning in the INR 0.15mn–0.5mn ticket size segment.

Indian Hotels Company (IHCL) delivered a strong performance in a seasonally weak quarter. Revenue grew ~21.7% y/y to ~Rs24.8bn (~6.3/5.1% ahead of ours/street estimates), led by ~25% y/y growth in domestic RevPAR to ~Rs10,275.