ICICI Securities Limited Broker Research reports

Sagility reported a slight beat on I-Sec’s Q1FY27 revenue growth estimate and an in-line EBITDA margin. Revenue growth was led by the payer segment, as the provider segment’s traction has slowed over the last two quarters.

Mahindra & Mahindra Financial Services’ (MMFS) Q1FY27 financial performance, with RoE sustaining above 14% and RoA at 2.4%, is a reflection of the company benefitting from the structural changes made to its business model.

Bajaj Auto’s (BJAUT) Q1FY27 operational performance surpassed our estimate. Despite a pricier RM basket, margins largely remained stable QoQ at 20.9% (I-Sec est: 20%).

FY26 was a pivotal year for Aavas Financiers (Aavas) – marked by leadership transitions, including CVC Capital Partners' entry as a promoter and the appointments of Mr. Manu Singh as MD & CEO and Mr. Ripudaman Bandral as CBO.

IndiaMART’s revenue grew 11.4% YoY as retention and upselling trends within the gold and platinum cohorts remained healthy. However, lower gross adds and high churn in the silver cohort led to a decline in paying suppliers by 2,000 QoQ.

Bandhan Bank (Bandhan) reported a reasonable Q1FY27 PAT of INR 5.0bn (1% RoA), led by a stable NIM, while EEB slippages improved further to ~4% annualised. However, the bank has cut its Q4FY27 RoA guidance from 1.6-1.8% earlier to 1.2-1.4%, due to pressure on NIM and opex.

TVS Motor Company (TVSL) is poised to sustain its domestic and international outperformance, driven by robust retail demand (led by market share gain), strong EV momentum, and strategic global expansion (LATAM, Middle-East and EU).

Q1FY27 saw Indian Hotels Co. Ltd. (IHCL) delivering resilient performance, with 15%/17% consolidated revenue/EBITDA growth (14% domestic LTL RevPAR) in spite of geopolitical disruptions.

Karur Vysya Bank (KVB) reported yet another strong quarter with Q1FY27 PAT of INR 7.6bn (up 45% YoY; 3% beat), driven by strong NII growth (>30% YoY) and multi-quarter-low slippages/credit costs.

Rossari Biotech (Rossari)’s Q1FY27 EBITDA grew 18.8% YoY; however, the company’s margin profile remains constrained due to limited availability of EO, raw-material volatility, and losses in its institutional and B2C businesses.

Q1FY27 was among the best quarters for UltraTech Cement (UTCEM). Despite fuel cost pressures, the company sustained industry-superior profitability (EBITDA/t at INR 1,214 stood flattish YoY/down just 3% QoQ, coming in 2% ahead of our forecast).

ICICI Prudential (IPRU) witnessed a recovery in retail APE in H2FY26 which has broadly extended into Q1FY27. Retail APE grew 8.8% between Oct’25–Feb’26 and 8.9% in Q1FY27 (geopolitics weakening markets in Mar’26), while VNB grew 24.9% in Q1FY27.

CEAT’s Q1FY27 operating performance was below our estimate. Nevertheless, we believe its margins have bottomed out and could gradually improve hereon.

Poonawalla Fincorp (Poonawalla) reported another strong quarter with PAT at INR 3.1bn, or 1.98% RoA (up 17bps QoQ/130ps YoY). AUM growth was robust at 11% QoQ/63% YoY, amongst the highest within India’s listed NBFC space.

Yes Bank (YES) delivered Q1FY27 PAT of INR 10.7bn (up 34% YoY), driven by 25% growth in PPOP and aided by lower tax rate. while slippages too improved.

Tatva Chintan Pharma Chem (TATVA)’s Q1FY27 print showed sustained EBITDA improvement (14.8% QoQ/86.4% YoY) to INR 323mn. Revenue grew 42.9% YoY, largely led by volumes, and price pass-through could show up in coming quarters.

WeWork India Management delivered robust Q1FY27 earnings, with revenue up 28% and IGAAP EBITDA growing 69% YoY to INR 1.4bn, driven by portfolio occupancy rising 840bps YoY to 85% and new capacity additions.

Piramal Finance (PIRAMALF)’s FY26 performance marks an inflection point, reflecting successful execution of its strategic transformation.

RBL Bank (RBL) reported muted Q1FY27 PAT of INR 2.5bn; RoA of 57bps. Loan growth was strong at 23% YoY (2% QoQ; NII growth lagged significantly, at 12% YoY (-1% QoQ), as growth remains driven by wholesale (up 38% YoY) and secured retail (up 18% YoY), while unsecured retail grew 8% YoY.

Kotak Mahindra Bank (KMB) reported Q1FY27 PAT of INR 41.2bn, up 26% YoY (and 2% QoQ), driven by ~45% drop in provisioning, while NII and PPOP growth were weak at 9–10% YoY.