Anand Rathi Broker Research reports

MM Forgings’ (MMFL) EBITDA grew by 19% y/y to Rs750m in Q1FY27, above our estimate of Rs659m, due to more-than-expected gross margin, other operating income and DVS merger.

Max Healthcare posted a stable performance in Q1FY27, with revenue/EBITDA/PAT rising by 15/15/4% y/y. Consolidated revenue grew 15% y/y to Rs28.3bn (ex-Onco up 20% y/y), while Max Labs/Max@Home revenue came in at Rs580/780m (up 20/32% y/y).

With surge in shipments to the US in anticipation of a tariff decision, the global inventory at LME and SHFE has squeezed further. The upswing in prices has more to do with trade dislocations and demand tug-of-war between the USA and China.

Sudarshan Chemical Industries’ (SCHI) Q1FY27 EBITDA exceeded ARe and consensus, led by sharp margin recovery in Heubach’s portfolio.

TD Power Systems (TDPS) delivered strong performance in Q1FY27 with consolidated revenue rising by 71% y/y to Rs6.4bn vs. our estimate of Rs4.78bn, led by execution of 320 generators.

Star Cement’s quarterly performance was impacted owing to assembly elections in key operating region along with elevated cost and reduced incentive on change in scheme by Assam Govt.

Fine Organic Industries' Q1FY27 EBITDA came in at ~Rs1.76bn (+42% y/y, +36% q/q), ahead of estimate, led by: revenue of ~Rs6.9bn (+18% y/y, +11% q/q), aided by contractual pricing reset and higher share of exports at ~60%, while demand remained steady.

Rainbow Children’s Medicare reported a robust performance in Q1FY27, driven by strong patient volume growth and improved operating efficiency with revenue, EBITDA and PAT increasing by 33%, 30% and 13% y/y, respectively.

IRB Infrastructure reported a healthy performance in Q1FY27, with revenue (ex-other income) coming in at ~Rs21.4bn, beating our estimate by ~11%, primarily driven by higher contribution from BOT and InvIT segments.

Karnataka Bank reported a healthy performance in Q1FY27, with stronger margin, higher profitability and improved asset quality.

Waaree’s reported quarterly performance was complemented by Rs3.5bn reciprocal tariff reversal, masking a weak operational quarter characterised by subdued utilisation and softer exports.

Sharda Cropchem continued its strong earnings momentum in Q1FY27 despite higher y/y base. Revenue grew by 9% y/y to Rs10.7bn, owing to 12.7% y/y growth in price and forex, partially offset by 1.6/2.1% y/y decline in volume and product-mix.

Mahindra & Mahindra (M&M) reported a lower-than-estimated operating performance in Q1FY27, with its standalone EBITDA growing by 5% y/y to Rs51.1bn (vs. our estimate of Rs55.8bn), owing to a lowerthan-estimated automotive margin.

Chalet Hotel’s Q1FY27 consolidated revenue is not comparable on y/y basis, due to inclusion of residential revenue in Q1FY26, as it sold 95 units in Q1FY26 vs. just 1 unit in Q1FY27.

TBO Tek maintained a steady business trajectory in Q1FY27 with GTV growing by ~37.4% y/y (up 30% in CC terms) to ~Rs111.5bn, led by consolidating GTV growth of Hotels & Ancillaries (~49.8% y/y) and Airlines (~16.9% y/y).

Devyani International delivered a broad-based growth in Q1FY27 with consolidated revenue rising by 17% to Rs15.8bn, aided by: positive SSSG across most brands (led by KFC with 3% SSSG and BBK, Costa Coffee & Vango with >7% SSSG); disciplined store expansion; and continued strength in international business.

Dabur started FY27 on a strong note with consolidated revenue rising by ~11% y/y to Rs37.6bn in Q1FY27 (in-line with street estimate of Rs37.3bn), led by broad-based growth in domestic and international businesses despite weather adversities, input inflation and geopolitical headwinds.

DCB Bank delivered a strong performance for another quarter, supported by healthy growth in balance-sheet (deposits up 20.1% y/y and advances up 17.1% y/y); core operating profit outpacing balance-sheet growth; and healthy asset quality.

Recent rejig in the KMP signals a clear strategic focus on ‘Earn and Invest’, with increased emphasis on expanding the share of high-margin VAP. The company aims to gradually transition away from commoditised steel products, while ramping up capacity utilisation to 100%.

Bank of Baroda’s underlying operating performance (excluding exceptional item) remained healthy in Q1FY27. However, one-off settlement of US$600m NMC-related litigation sharply impacted its reported profitability, with RoA declining by 90bps q/q to 0.25%.