Emkay Broker Research reports

Granules’s 1QFY27 EBITDA/PAT were ahead of our estimates (by 7%/11%), primarily on the back of a beat in gross margin. The gross margin (65.6%) beat was aided by a favorable mix, while the quarter’s EBITDA margin outperformance has also come in the face of elevated R&D spend.

We upgrade MMFS to BUY from Add while revising up Jun-27E TP by 18.4% to Rs450 from Rs380, implying SA FY28E PBV of 1.9x and ~10% of value from subsidiaries.

TVSL logged another strong quarter, with revenue up 38% yoy led by 28% yoy volume growth/4% qoq ASP rise. EBITDA was up 41% yoy with EBITDAM at 12.8% (dip limited to 30bps qoq as the 130bps gross margin drop was offset by lower other expenses).

BJAUT logged a resilient 1Q, with revenue up 37% yoy led by 29% yoy volume growth and ASPs up 2.8% qoq. EBITDAM was stable qoq at 20.9%, as the 100bps qoq gross-margin drop was offset by lower other expenses.

ICICIAMC delivered a stable quarter, with MF QAAUM at Rs11.1trn, increasing ~1% qoq, and overall MF QAAUM market share at 13.4%. While yields were broadly stable, revenue at Rs15.6bn grew ~1% sequentially, mirroring the AUM growth.

Dr Reddy's has disclosed that it has halted commercial supplies of Semaglutide with the recently scaled-up batch being found to be out of specification due to an issue associated with an impurity.

Dixon intimated the markets (link) that the PN3 approval for its 51:49 JV with Vivo has come through. Dixon had given guidance for flattish smartphone volumes in FY27 vs FY26, and this development should trigger earnings upgrades to reflect the Vivo JV volumes.

We initiate coverage on Vedanta Aluminium (VAML) with BUY and TP of Rs550 (~22% upside), based on 6.0x FY28E EV/EBITDA, as we believe the market is yet to fully appreciate its structural earnings potential.

Dr Reddy’s’ Form 20-F disclosures indicate that gRevlimid sales in FY26 were closer to our base-case estimate (~$300mn). However, assuming muted growth in the company’s base oncology portfolio since FY22, gRevlimid contribution would have been higher by ~$100mn in FY26 vs our base case.

Adani Ports (APSEZ) has signed a definitive agreement with Terminal Investment (TiL), the container terminal arm of Mediterranean Shipping Company (MSC), wherein TiL will acquire 49% stake in Adani Vizhinjam Port Private (AVPPL) for ~$1.4bn, valuing AVPPL at EV of ~$2.85bn subject to regulatory approvals.

Growth continues to be secular, with the core region growing in high double-digits on the back of continued market-share gains and network expansion in newer clusters within Hyderabad. We expect the core region to continue performing well over the next 3-4Y.

We attended Tata Motors (TMCV) Analyst Day (link), where the management highlighted that the global CV industry is entering a new phase of evolution led by four themes: connected vehicles, ADAS, decarbonization, and softwaredefined vehicles.

We initiate coverage on Park Medi World (Park) with BUY and Mar-27E TP of Rs350 (37% upside), based on 21x Mar-28E EBITDA (in line with sector average). Park’s differentiated business model and lean cost structure allow it to deliver quality care at accessible prices.

We recently met with SOBHA’s management. Bengaluru continues to see strong real estate absorption. SOBHA has also witnessed strong response to its recent launch, Sobha One World in Hoskote, Bengaluru, along with steady sales momentum across its Bengaluru projects.

PL is seeing strong device growth in select verticals on the back of its bespoke solutions. Affordability scaling well, with both category and channel expansion.

The company’s growth strategy is centered on four pillars, with an emphasis on execution, big bets focused on strengthening core capabilities in AI-led engineering, data and integration, and cloud, while deepening its presence in industries (healthcare in the US and public sector in the UK).

Cyient's FY26 annual report highlights strategic transformation, with a focus on three complementary growth vectors—DET (engineering services and tech-led transformation), DLM (engineering-led manufacturing), and the newly carvedout semicon business (IP-led, AI-driven silicon innovation).

We attended Honasa’s ‘Investor Day’ on 10-Jun-26 where the company shared its vision for FY31. Honasa aims to become the fastest-growing domestic FMCG player and reach >Rs50bn in revenue, with significant expansion of 500bps in EBITDA margin to 15% by FY31.

We initiate coverage on Ajmera Realty & Infra India (AREAL) with BUY and TP of Rs175, based on 6x EV/embedded EBITDA, at 28% discount to the NAV (the stock is trading at 53% discount to the NAV).

Order backlog at ~Rs13bn is well-diversified, supported by strong long-term demand drivers across key end-user industries such as power, steel, cement, mining, and material handling equipment (MHE).