Emkay Broker Research reports

Supported by broad-based disbursement growth, benign asset quality, and contained credit cost, MMFS reported a healthy 2QFY27. PAT was up 55% yoy to Rs8.82bn and AUM rose ~15% yoy to Rs1.47trn, aided by strong momentum in the non-wheels segment.

Eternal’s 2QFY27 performance was healthy, with Quick Commerce (QCom) NOV growth increasing to 22.2% qoq from 19.1% in 1QFY27 and adjusted EBITDA for Food Delivery growing 24.7% yoy to Rs6.27bn.

We maintain BUY on Sobha (SOBHA) with an unchanged TP of Rs1,900, based on 8x EV/embedded EBITDA at 19% premium to NAV (the stock is trading at 26% discount to NAV).

UltraTech Cement (UTCEM) reported consolidated EBITDA of ~Rs37bn (up 20% yoy), in line with our and street estimates.

HZL (~90% of VEDL’s EBITDA) beat our/consensus’ 2Q estimates, with reported EBITDA at Rs92.9bn (+14.2% qoq) as zinc CoP fell to $703/t from $851/t. Net cash stood at Rs112.7bn after a record FCF of Rs62.0bn.

ICICI Bank continues to deliver a PAT beat, of Rs148bn (+8% qoq/15.9% yoy), 10% ahead of our/consensus’ estimates.

Ujjivan SFB delivered a strong 2QFY27, with PAT rising 200% yoy and 15.3% qoq to Rs3.65bn, beating our/consensus estimates by 13%/19%, driven by lower credit costs and opex alongside robust loan growth.

Axis Bank reported PAT of ~Rs70bn (up 38% yoy/down 1.6% qoq), 2% below our estimate, while PPOP at Rs110.8bn missed our estimate by 6%. The miss was due to lower other income and elevated operating expenses, partly offset by provisions coming 23% below our estimate.

Urban Company (UC) delivered a healthy 2QFY27 performance, with the India Consumer Services (ex Instahelp) (ICS) NTV growing 26.3% yoy on a higher base, while International NTV increased 66.9% yoy.

Federal Bank (FB) reported a strong PAT of Rs13.9bn (ROA: 1.3%), beating our estimates by 8%, driven by higher NII and a sharp uptick in other income, partly offset by higher opex.

HDFC Bank reported PAT of Rs195bn/ROA of 1.8%, broadly in line with our estimates. PPOP grew 5.6% yoy/4.7% qoq, while core PPOP grew 12.4% yoy/3.4% qoq.

We maintain BUY on Metro Brands, while cutting our TP by ~8% to Rs1,150 from Rs1,250 (50x Sep-28E EPS vs 54x earlier), on a relatively slower ramp-up of FILA/Foot Locker/Walkway.

LTF reported another strong quarter, with its highest-ever PAT of Rs9.7bn (+33% yoy) and AUM of Rs1.37trn (+28% yoy), led by robust disbursements in Gold Loans, Personal Loans, and SME.

ICICIAMC delivered steady performance in 2QFY27, with MF QAAUM growing ~4% qoq to Rs11.6trn, while revenue yields improved to 57.5bps, driving ~7% sequential revenue growth.

RBL’s 2Q PAT stood at Rs4.8bn/ROA at 0.9%, which is 4% below our estimates largely due to higher provisions (32% above our estimate).

On 1-Oct-26, the RBI approved the appointment of Anup Bagchi, an ICICI Bank veteran and current MD&CEO of ICICI Life, as the MD & CEO of HDFC Bank for a three-year period starting 27-Oct-26.

Mahindra Lifespace Developers (MAHLIFE) continues to see steady progress in its business development and launches.

The traditional laborarbitrage model is evolving, as the boundaries between IT/BPO and front/backoffice services increasingly blur, with clients seeking domain-led partners that can advise, implement, and operate workflows.

The 700tpd plant (phase 1) is running at ~99% capacity utilization, STL expects to commission the 250tpd (phase 2) plant in 2HFY27 in a calibrated manner, At optimal utilization of ~950tpd, the company expects topline of Rs41-43bn from the Punjab plant alone, with an EBITDA margin of ~12%.

We visited PLNG’s Kochi terminal and interacted with top management. Despite the prevailing ME crisis and higher LNG prices, Indian LNG demand remains steady, driven by the fertilizer, power, and CGD sectors.