Anand Rathi Broker Research reports

We believe the proposed semiconductor collaboration in India between Tata Electronics and Sumitomo Chemical is expected to be housed under or closely tied to the listed entity SCIL (JV between SCC-Japan an SCIL, with majority being held with SCIL).

Havells delivered a healthy performance in Q1FY27 with 19.5% y/y revenue growth, aided by robust performance in Cables & Wires (C&W) business and strong traction in Lloyd and Renewables.

ICICI Bank saw marked acceleration in credit growth to 19.9% y/y in Q1FY27 (from 15.8% y/y in 4Q), with broad-based traction across segments.

Loan growth accelerated to 19.0% y/y (vs. 18.5% in Q4FY26), ahead of the system and peers (Kotak/HDFC), while deposit growth of 18.0% y/y was the highest among peers (Kotak/HDFC/ICICI).

Despite some pick-up in loan growth to 15.5% y/y, HDFC Bank’s credit growth remained well below peers such as ICICI Bank and Axis Bank.

JSW Steel’s consolidated production volume (adj. to BPSL), which improved 3.3% y/y and 1.7% q/q to 6.59m tonne in Q1FY27, is expected to improve further in Q2 FY27, driven by volume ramp-up from BF-3 expansion at Vijayanagar and improvement in operations at Ohio, especially in API grades.

Federal Bank's Q1FY27 performance reinforces our constructive stance. Credit growth accelerated to 15% y/y (from 12.7% in Q4FY26), led by Commercial and Corporate segments, while the management has guided for mid-teen credit growth with a positive bias.

South Indian Bank delivered a healthy performance for another quarter, with continued improvement in growth, profitability and asset quality.

Union Bank of India reported another steady quarter with 1.4/16.7% RoA/RoE. Credit growth accelerated to 13.3% y/y in Q1FY27 from 10.5% in Q4FY26, led by MSME and Corporate, while CASA ratio improved to 35.1% and LCR strengthened to 121% (vs. 114% in Q4FY26), addressing the key concern that had weighed on the stock last quarter.

Indian Bank delivered a strong performance in Q1FY27, with RoA/RoE coming in at 1.3/16.3%, ahead of our expectation.

LTM opened FY27 with revenue of $1,224mn (+0.3% q/q, +6.4% y/y cc), EBIT margin of 15.5% (+40bps q/q) despite absorbing a ~100bps wage hike, and a stable order book of US$1.7bn (+3.1% y/y) including 2 large deals.

Our plant visit to JUBLINGR's Bharuch site reinforces conviction. FY27 is shaping up as the earnings inflection year, with management guiding EBITDA at the upper end of Rs7.5-8.0bn (vs ~Rs6.0bn in FY26), implying ~Rs7.6bn operating EBITDA vs our ~Rs7.3bn estimate.

Hindustan Copper (HCP) is undertaking multi-pronged strategy to expand its capacity. It has awarded a 20-year revenue-sharing contract to restart/upgrade/ maintain the 50k tonne Gujarat Copper Plant (GCP).

RateGain Travel Technologies (RateGain) reported organic revenue growth of ~8.8% in INR terms (~4% y/y in USD terms) in FY26, driven by client specific issues across Distribution and MarTech.

The thesis of the Annual Report revolves around integration, which is expected to improve the company’s operational efficiency, as it moves beyond mining into VAP.

For Q4 FY26, Lumax auto reported 3rd conservative of Highest ever quarterly revenue which stood at Rs 1,417 cr; YoY increase of 25% , QoQ increase of 12%, reflecting sustained growth across key product segments, continued business momentum with OEMs and strong performance in the aftermarket portfolio.

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

With 9% y/y revenue growth (vs. 10% street estimate) and EBITDA margin of 12.7% (vs. 12.9% street estimate), Mrs. Bector Foods' Q4FY26 result was slightly below estimates on muted demand amid elevated input cost, though growth improved sequentially.

A 44.9% EBITDA beat in Q4FY26 was driven by record quarterly revenue and a sharp 606bps expansion in gross margin. Conclusion of the trade deal and approaching operationalisation of FTWZ materially improve the outlook of tooling business, while accelerating SKU addition is expected to drive parabolic growth in the PCA segment over the medium-term.

TBO Tek’s organic business maintained a steady trajectory in Q4FY26 with GTV rising by ~16% y/y to ~ Rs90bn. While GTV grew by a strong ~27% y/y in Jan and Feb, disruption was seen in Mar, led by Middle East conflicts with Hotels & Ancillaries/Airlines GTV growth of ~ 20.4/9.4% y/y.