Emkay Broker Research reports

eClerx is positioning itself toward domain expertise + tech + data + analytics + AI, with limited exposure to low-end, easily automatable work and a more annuity-like revenue mix.

Hiring an India CEO and a Global CFO over the next few months, accelerating growth in the India business; and the management expressed confidence in achieving its guidance of double-digit consolidated revenue and EBITDA growth in FY27.

Management reiterated its FY27 guidance of 14-15% revenue growth (assuming no price increase) and EBITDA margin expansion of 100-150bps on the back of accelerating network expansion and improving center-to-lab ratio, resulting in better utilization.

Cyient is moving up the value chain, from niche ER&D services to ‘Whole Asset Lifecycle Engineering’, expanding its TAM from $80-100bn to $2.4-3.2trn.

HMIL is entering a comeback phase, with India increasingly becoming a strategic global hub for Hyundai (HMC).

We believe ABREL is entering a strong business development phase, although the improvement in pre-sales is likely to be visible only from FY28E.

We initiate coverage on Urban Company (UC) with BUY and DCF-based SOTP TP of Rs190 (implying 19.5% upside). UC is the leader of India's online home services market, whose large TAM and highly unorganized nature provide the company with a long growth runway.

The Government of India has approved an incentive scheme for the promotion of domestic PNG connections, effective 1-Sep-26 (PIB release). The scheme is designed to fast-track the expansion of active PNG connections.

We initiate coverage on Pearl Global (PGIL) with BUY and TP of Rs2,800 (implying ~15% upside), on the back of PGIL’s exposure in key exporting nations (Bangladesh, India, Vietnam) ensuring business continuity despite headwinds (steep tariffs, FTA window expiry, etc).

TVSL’s FY26 annual report highlights accelerated execution across 5 strategic priorities—premiumization, EV leadership, commercial mobility, sustainability, and global expansion—supported by sustained R&D (5x over 10Y to Rs12.5bn, 2.7% of FY26 revenue) and brand investments (4% of revenue).

Ipca posted a broad-based sales beat across markets (ex-branded exports) in 1QFY27, with the strong sales beat translating into a 20%/24% EBITDA beat vs our/street estimates.

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.