ICICI Securities Limited Broker Research reports

State Bank of India (SBI) reported Q1FY27 PAT of INR 211bn (up 10% YoY; 4% beat), led by NII growth of 14% YoY and stable net slippages. It sustained 1.1% RoA in a seasonally weak quarter. Core PPOP growth was strong at 20% YoY, aided by strong core fee and opex.

Cohance Lifesciences (Cohance)’s Q1FY27 performance was sub-par. Results was marred by the lumpy nature of the CDMO business and a high-cost base coupled with mounting losses of NJ Bio.

Whirlpool reported revenue growth of 12.1% YoY. Considering the price hikes, we believe the volume growth was likely in low single digits. EBITDA margin contracted 358bps due to multiple cost headwinds and we model the cost pressures to remain elevated in rest of FY27.

BSE enjoys strong prospects of volume growth across segments (options, cash, and the MF platform) led by derivatives, which has been our key investment thesis for the stock.

Aster’s merger with QCIL was completed in Jul’26. Both entities reported strong performance, with Aster’s revenue / EBITDA growing 21.6%/27.5% YoY led by traction and improved profitability in new units.

Metropolis’ Q1FY27 was broadly in-line with our expectation. Revenue, on an organic basis, grew at a faster pace of 16.6% led by an uptick in patient volumes (+10% YoY) and improvement in test mix.

ASK Automotive’s (ASK) EBITDA growth (+34% YoY) was ~20% ahead of our estimate. Strong performance was led by market share gain in the ALP business and benefits of commodity pass-through.

Novelis’ (Hindalco’s subsidiary) Q1FY27 (adj.) EBITDA was ahead of our estimate, at USD 516mn (+12% QoQ/+23% YoY), driven by USD 47mn Oswego insurance proceeds.

ONGC’s Q1FY27 adj. EBITDA/PAT (standalone) came in at INR 292.5/INR 170.4bn (+67%/2.1x YoY), ahead of I-Sec and Street’s estimates. Consol. adj. EBITDA/PAT stood at INR 163.9/INR 115.5n (-40%/+18% YoY), driven by weaker performance by subs HPCL (reported EBITDA loss of INR 161.4bn).

National Securities Depository (NSDL) provides depository services to investors, issuers, depository participants, financial institutions, stockbrokers, custodians, clearing corporations, and other market intermediaries through an integrated platform.

Happy Forgings (HFL)’s Q1FY27 operating performance was ahead of our estimates. HFL’s domestic CV/PV/farm segments continue to do well on the back of wallet share gains from existing customers.

PNB Housing Finance (PNBHF) maintained strong AUM growth at 15% YoY/3% QoQ in Q1FY27, despite shifting to a cheque realisation-based disbursement recognition, which resulted in 18% YoY growth (56% YoY on handover basis).

In Q1FY27, Bharti Airtel (Bharti) exhibited a robust performance across segments, showcasing its execution prowess. Mobile business’ revenue rose 3.8% QoQ, implying potential market share win.

Kalyan’s Q1FY27 revenue/EBITDA/PAT grew ~46/25/32 (%) YoY, respectively. Gross margin contracted 194bps YoY to 11.9%, led by exchange offers, a higher recycled gold mix (46% vs. 30% in Q1FY26), one-off gains from the sale of platinum/silver in the base, a higher share of FOCO stores, and a lower studded mix in new FOCO stores.

Orkla's Q1FY27 suggests that the investment story is gradually shifting from managing commodity cycles to sustaining broad-based growth through execution.

Godrej Properties (GPL) clocked robust Q1FY27 gross sales bookings worth INR 87bn (up 22% YoY), led by several launches worth INR 105bn across Bengaluru, NCR and Hyderabad.

DLF clocked Q1FY27 sales bookings of INR 7bn, with no major launch during the quarter. For the remainder of FY27, the company is targeting multiple launches with GDV of over INR 200bn with FY27 sales booking guidance of INR 200bn.

Jindal Stainless (JSL) reported Q1FY27 EBITDA of INR 13.2bn (+1% YoY/-9% QoQ). The decline was due to production disruptions caused by industrial gas shortages.

Motherson Sumi Wiring India’s (MSUMI) revenue growth was 5% above our estimate. The company continued to outperform its underlying industry, driven by healthy content growth and new business execution.

Gulf Oil (GOLI) delivered EBITDA/PAT growth of 35%/26% YoY to INR 1.7/INR 1.3bn in Q1FY27 (ahead of I-Sec est. EBITDA/PAT: INR 1.37bn/INR 0.95bn).