Latest broker research reports from Aditya Birla Money Limited buy, sell, hold, neutral recommendations along with
share price targets forecast and upside.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased share price target.
1) Oppo manufacturing is on track, with trial run in Q4FY27 and commercialization starting in Q1FY28. 2) The previously guided 50-100bps margin headwind for FY27 is less likely as pass-through lag narrows, subject to stability in current prices. 3) Railways EBITDAM guided at 15-16% for FY27 as execution mix normalizes and new capacities ramp up. 4) Management highlighted a potential CCL plant opportunity to...
Jaro Education (JARO IN) reported Q1FY27 revenue broadly in line with our expectations, while EBITDA margin contracted 755bps QoQ to 21.4%, below estimates, due to elevated employee and marketing investments ahead of the key Q2 intake season. Revenue grew 16.6% YoY to Rs 708mn, supported by healthy learner demand, a 11.6% YoY increase in enrollments and a 4.5% YoY improvement in ARPU. Gross bookings increased 17% YoY to Rs 1.9bn, reflecting sustained traction across higher education and executive learning programs, while Jaro take rate was largely steady. Despite the margin...
We recommend SUBSCRIBE to the IPO of Shiprocket, driven by its market leadership in India's commerce enablement ecosystem, scalable merchant franchise, improving operating leverage and multiple monetisation opportunities across shipping, fulfillment, cross-border commerce, checkout and merchant solutions. The company has delivered a 24% revenue CAGR over FY24-26. While the core business contributed 73.4% of FY26 revenue and grew at a 17.0% CAGR, emerging businesses expanded at a 52.6% CAGR and accounted for 26.6% of revenue in FY26. Consolidated Adj. EBITDA margin has...
Kaynes reported a healthy topline beat led by its core EMS execution offsetting deliberate smart meter moderation. Revenue grew 40% YoY to Rs9.5bn (53% growth in standalone EMS), 7% ahead of our estimate on the back of broadbased growth across segments. EBITDA margin contraction of 120bps was as expected, impacted by supply chain cost pressure and timing gaps in pass through. Lower other income however, hurt PAT with a 24% YoY decline. Management consciously curtailed smart meter execution to prioritise WC discipline. The commentary on demand remained encouraging, although nearterm profitability is likely to remain exposed to component inflation and PCB shortages. Management maintained its guidance to grow at ~2x industry growth...
We recommend SUBSCRIBE to Milky Mist's IPO, given its differentiated valueadded dairy products (VADP) model, category leadership and brand-led pricing power. Unlike traditional dairy players with meaningful exposure to lowermargin liquid milk, Milky Mist is exclusively focused on VADPs, supporting superior realisation and margins. It is India's largest private packaged paneer player with ~19% market share, the largest private packaged cheese player in South India and among the top two private packaged yogurt players nationally. Revenue grew at a strong 31.3% CAGR over FY24-26, while EBITDA margin expanded from 11.9% to 13.7%. FY26 ROCE is modest at 11.7% and net debt/EBITDA at 3.8x. At the upper band of Rs 140, the issue implies a post-issue...
IKS's Q1FY27 numbers missed consensus, with revenue up 4.2% QoQ/20.7% YoY and EBITDA margins down 200bps QoQ at 33% (including one-time acquisition costs of Rs 200Mn). However, underlying demand remained healthy, driven by strong client mining and expansion across key accounts and growing traction in large health systems. We believe the recent TruBridge acquisition significantly expands IKS' presence in the rural and community healthcare market and strengthens its platform play. While IKS revised TruBridge's revenue run-rate to USD 300mn (vs. USD 340mn earlier), EBITDA remains...
Mrs Bectors Food Specialities (BECTORS IN) delivered a strong Q1FY27, with growth broadening across domestic biscuits, exports and bakery. Domestic biscuits sustained a volume-led recovery despite intense competition, while exports regained momentum as the US business returned to growth. Branded bakery remained the key growth engine, supported by rapid scale up beyond Delhi-NCR, while improving QSR demand adds another leg to growth. Near-term inflation in packaging and fuel could moderate margin progression in Q2, but pricing actions and operating leverage should drive a gradual recovery towards...
1) Camera module capacity is being expanded to ~180-190mn units from ~70mn over the next 15-18 months, supporting higher domestic value addition and localization. 2) Display module trials are expected in Q3FY27, with commercial production targeted by Q4FY27, creating additional value capture avenue beyond assembly. 3) Management maintained FY27 telecom revenue guidance at Rs6770bn led by a healthy order book and continued traction. 4) IT hardware is expected to emerge as a meaningful growth driver with SSD manufacturing expected to...
Varun Beverages (VBL IN) delivered a healthy Q2, with strong reported volume growth across India and international markets, partly offset by Twizza led EBITDA margin dilution. India volumes grew 14.4% YoY, with demand improving from March onwards and momentum sustaining into July. However, a modest two-year volume CAGR and slight correction in India realization point to rising competitive intensity. International volumes grew 38.4% YoY, led by midtwenties organic growth and Twizza contribution, reinforcing its role as a key growth driver. Gross margin expanded but EBITDA margin declined 76bps YoY to 27.7% due to lower margin Twizza consolidation. Calpis launch in India...
Vishal Mega Mart (VMM IN) delivered a strong Q1FY27, with consolidated revenue up 18.7% YoY to Rs 37.3bn, 1% ahead of our estimate. Growth was led by 10% SSSG, ahead of our 8% estimate, supported by new customer additions, higher purchases by existing customers and continued scale up in hyperlocal delivery. Importantly, VMM maintained prices in its opening and mid-price portfolios despite inflation, which protected customer affordability and helped drive footfalls, volumes and SSSG. This reinforces VMM's ability to drive volume led growth while protecting affordability, a key differentiator in the value retail...
We raise our revenue estimates by 0.8%/2.7%/4.7% for FY27E/FY28E/FY29E, factoring in CareSeed consolidation and sustained revenue momentum. However, we revise our EPS estimates by -6.7%/-1.8%/+1.8% for FY27E/FY28E/FY29E to incorporate the ~120bps FY27 wage-related margin headwind. While near-term margins may remain under pressure, CareSeed enhances the company's quality and care-management capabilities while expanding its mid-market client base. We maintain our BUY rating with a revised TP of Rs 58 (earlier Rs 61). At 17.1x FY27E EPS, valuations remain attractive with scope for re-rating. We remain positive on...
We recommend SUBSCRIBE to the IPO considering Indo-MIM's leadership position in the global Metal Injection Molding (MIM) industry, integrated and scalable manufacturing platform, strong technological capabilities, and diversified exposure across aerospace, defence, medical, automotive and industrial end-markets. Indo-MIM is well-positioned to benefit from global supply-chain diversification, increasing outsourcing by multinational OEMs, and the China+1 manufacturing shift, providing a long-term growth runway. At the upper end of the price band, the IPO is valued at 44.4x TTM P/E based on FY26...
India's largest mutual fund AMC by QAAUM, SBI Funds Management (SBIFM) is uniquely positioned to benefit from India's accelerating financialization and rising mutual fund penetration. Backed by SBI's trusted franchise and Amundi's global expertise, the company has built a scalable, asset-light and high-return business model. We recommend SUBSCRIBE to the SBIFM IPO, supported by its market leadership, strong distribution network, robust profitability and multiple growth levers. The company is well placed to capitalize on the industry's expected double-digit AUM growth (16-17% CAGR over FY26-FY29)...
Macro Snapshot: Higher Oil Pushes Global Yields Up, CAD are the culprit for INR pressure Oil-driven ination fears triggered a global bond sell-off, pushing the U.S. 10-year yield to ~15-month highs. The rupee slid to fresh record lows above 96/$ amid higher crude and tighter global nancial conditions. Domestic Flows Supports Markets : AI Trade Unwind Could Bring FPIs Back Robust domestic inows absorbed selling pressure and provided easy exit to...
Mrs Bectors Food Specialities (BECTORS IN) Q4 revenue grew 8.9% YoY, broadly in line, supported by recovery in domestic biscuits, partly offset by muted exports due to peak US tariff impact and March softness in retail bakery due to Navratri. Management expects growth to improve in FY27, driven by low-to-mid teens growth in biscuits, while bakery should grow mid-teens on new market entry, portfolio expansion and QSR/institutional revival. We cut FY27E/FY28E earnings by 12%/8% but maintain Buy with revised TP of Rs 240 at 35x FY28E P/E,...
Healthy outlook; platform model a key moat IKS's positioning as a platform-based system of action with embedded AI capabilities continues to differentiate it from point solution peers. Management remains confident of outpacing industry growth (outsourcing provider TAM expected to grow at ~12% CAGR), on the back of a healthy deal pipeline, cross-sell opportunities, platform-led expansion and scaling of outcome-oriented deals. Post the TruBridge acquisition, management has outlined a medium-term target of growing its EBITDA by nearly ~3x to...
