PCBL's Q1FY27 performance was above our expectations. Carbon black sales increased by 20% YoY, driven by 20% YoY increase in NSR owing to rise in Brent prices and effective monetization of spot book, while volumes remained flat YoY. Domestic volumes increased by 15% YoY, driven by higher local consumption due to rising tire exports, while export volumes declined by 15% YoY as volumes were deliberately redirected to domestic market amid elevated ocean freight costs. Consolidated EBITDA margin...
Zensar delivered a mixed performance in Q1FY27; Revenue grew a modest 1.1% QoQ CC to USD 159.5mn, powered by BFSI (+8.3% QoQ) and early ramp-up of the ~USD 210mn mega deal, while HLS, MCS and TMT continued to bleed (-2.3% to -9.1%), extending a two-quarter pattern of broad-based softness outside financial services. Margins contracted 150bps on pre-staffing costs for the large deal and elevated SG&A/travel spend, with management guiding flattish margins through Q2/Q3 before recovery from Q3FY27. Order book...
Supreme Industries Ltd.'s (SIL) Q1FY27 result was below our estimates on key parameters. Volatile raw material prices led to de-stocking and decline in sales volume and weighed on Q1 earnings. Despite weak net sales growth, SIL reported expansion in operating margin, which was primarily driven by a favorable product mix. The management expects strong volume recovery in Q2 FY27 as channel inventory restocking occurs. Management is confident that despite the Q1 decline, the first half of the financial year will post positive YoY...
Home First Finance delivered another strong quarter with AUM growing 25.7% YoY to 16,938 crore, supported by 31% YoY growth in disbursements to 1,628 crore, led by higher home loan originations. Profitability remained healthy with PAT increasing 34.5% YoY to 160 crore, driven by 38.2% YoY growth in NII, while PPOP rose 32.9% YoY. The company maintained industry-leading profitability with RoA of 4.2% (+10bps QoQ) and RoE of 14.5% (+50bps QoQ). Liability repricing supported margin expansion with NIM improving to 6.0%, while...
City Union Bank delivered a healthy Q1FY27 performance, with advances growing 25% YoY to Rs676.45bn and deposits rising 21% YoY to Rs793.42bn, resulting in total business growth of 23% YoY to Rs1.47tn. Strong balance sheet growth translated into robust earnings, with NII increasing 31% YoY to Rs8.2bn, operating profit rising 29% YoY and PAT growing 25% YoY to Rs3.83bn. Profitability improved, with NIM expanding 24bps YoY to 3.78%, while RoA and RoE stood at 1.57% and 14.37%, respectively. Asset quality remained among the strongest in the...
Cholamandalam delivered a strong Q1FY27, with disbursements up 22% YoY to Rs29,612 crore and AUM up 22% YoY to Rs2.54 lakh crore, aided by momentum across vehicle finance, mortgage and consumer businesses. NIM expanded 42bps YoY to 8.2%, while credit cost fell to 1.5% from 1.8%, meeting full-year guidance in Q1. PBT rose 45% YoY, ROA improved to 3.7% (vs 3.1%) and ROE reached 21.2%. Although GNPA rose to 4.5% (vs 4.29%, RBI norms) and Stage-3 to 3.29% (vs 3.16%), management attributed this to normal Q4Q1 seasonality,...
Birlasoft's Q1 FY27 reflects a company that is still finding its footing. Revenue grew a modest 0.3% CC QoQ, with dollar revenue flattish at USD 145.2mn, a marked contrast to peers like Coforge which posted double-digit growth. EBITDA margin normalized to 16.1% post oneoffs, but management flagged 170-200bps dilution from wage hikes effective July, with only partial recovery expected through productivity gains. TCV signings of USD 168.7mn (+20% YoY) and a widening AI-led deal pipeline offer some encouragement, yet management didn't provide any clear revenue guidance, citing market...
market depends on pharma commercialization, medical affairs and regulatory outsourcing with an estimation at over USD 40bn by 2033, yet Indegene's FY26 revenue represents well under 0.2% of this opportunity. Rising drug development costs, patent cliffs, and increasing outsourcing...
CCL Products Q1FY27 performance remained mixed bag. Sales grew 14% YoY to Rs12bn, driven by 20% YoY volume growth which was offset by 6% YoY drop in NSR. Gross margin expanded by 252bps YoY to 35.2%, due to lower input costs and improved product mix. Consequently, EBITDA margin expanded by 106bps YoY to 16.1%, despite higher employee costs (24% YoY) and other overheads (23% YoY). PAT increased by 61% YoY to Rs1,169mn, aided by lower finance cost (-15% YoY) as net debt decreased by Rs...
SAIL's Q1FY27 Revenue/EBITDA was below our expectations, amid lower production volumes due to repair works at key plants. Revenue decreased by 15% QoQ to Rs262bn, driven by a 22% QoQ decline in volumes, partially offset by 9% rise in NSR to Rs63,090/t led by elevated steel prices. EBITDA decreased by 6% QoQ to Rs42bn, while EBITDA/t improved 21% QoQ to Rs 9,981/t, led by higher NSR and improved product mix, which was partially offset by elevated coking coal costs. Management reiterated FY27 sales volume and capex...
Coforge delivered a robust Q1 FY27. Consolidated revenue came in at USD 592.2mn (+33.3% YoY), aided by the Encora acquisition, while organic growth ex-portfolio exits stood at a healthy 5.2% CC sequentially. Margins surprised positively as the consolidated EBIT margin came in at 16% and has surpassed full-year FY27 guidance of 15.5%, backed by faster than expected synergy realization (40% G&A cost-out) of Encora. The order book hit an all-time high of USD 2.23bn (+44.2% YoY), providing strong revenue visibility into FY2728. Free cash flow conversion improved sharply to 95.3% from...
Solid start to FY27: Neogen registered a solid start to FY27 with Revenue, EBITDA and PAT registering growth of 34%, 53% and 67% respectively. Performance was bolstered by favourable product mix, achieving highest-ever quarterly revenues in both...
Mold-tek Packaging Ltd. (MTPL) reported mixed set of numbers in Q1FY27. The company reported net sales higher than our estimate; however, margins were below our forecast. MTPL reported 6.2% YoY growth in sales volume at 12089MT, while NSR was up by healthy 17.6% over Q1FY26 to Rs249/Kg. Despite higher sales growth, EBITDA margin eroded by 86bps YoY to 18.6% due to inflationary raw material prices. The company reported net sales of Rs3bn, up 24.9% YoY, while EBITDA came in at Rs0.56bn, higher by 19.4% over Q1FY26. The profit...
Acutaas Chemicals registered healthy growth in Q1FY27 with Revenue, EBITDA and PAT rising by 59%, 122% and 68% respectively. In terms of seasonality Q1 tends to be the softest quarter with a strong ramp up over the financial year. Revenue of Advanced...
PVR INOX delivered a strong beat, with revenue up 12% YoY to INR 1,642cr, EBITDA nearly doubling to INR 230cr (~14% margin), and a return to profit (PAT INR 71cr vs. a loss of INR 34cr in Q1FY26). Footfalls grew 8% to 36.6mn, while ATP (+8%) and SPH (+9%) rose in tandem which is a sign of healthy pricing power alongside volume recovery, aided by premium formats (IMAX/4DX/ScreenX) and dynamic pricing. The standout is balance-sheet repair with a net cash of INR 80cr versus peak debt of INR 1,450cr, achieved via an assetlight/FOCO expansion model. Management trimmed FY27 capex...
JSL's Q1FY27 Revenue and EBITDA was above our expectations. Revenue decreased by 5% QoQ to Rs155bn, driven by 15% decline in sales volume due to seasonality and planned plant shutdowns. This was partially offset by a 12% QoQ increase in NSR led by higher steel prices. EBITDA margins contracted by 94bps QoQ to 17.2%. Consequently, EBITDA declined by 9% QoQ to Rs27bn, amid increased raw material costs and lower production. EBITDA/tonne increased by 6% QoQ to Rs11,930, driven by higher NSR and improved VASP...
Revenue grew 21% YoY to Rs7.2bn, driven by robust volume growth across segments and strategic price hikes that improved NSR. EBITDA increased 27% YoY to Rs783mn, while EBITDA margin expanded 55bps YoY to 10.8%. PAT surged by 57% YoY to Rs376mn. Net debt increased by Rs720mn QoQ to Rs5.3bn. Management has outlined a capex of Rs 5bn for FY27, with D/E expected to peak at 0.7x-0.75x during FY27. We value revise upwards our FY27/FY28 EPS estimates by 12%/9% the stock at PER...
Shriram Finance reported a strong Q1FY27 performance, driven by healthy disbursement growth, robust earnings and sustained margin expansion despite macro uncertainties. Disbursements grew ~20% YoY to Rs49,974 crore, while AUM increased ~15% YoY to Rs3.14 lakh crore. Net Interest Income rose ~34% YoY and PAT surged ~60% YoY to Rs3,445 crore, supported by a sharp improvement in NIM to 9.04% and lower funding costs. Asset quality remained stable with Gross Stage-3 at 4.64% and Net Stage-3 at 2.33%, while credit cost...
DCB Bank reported a strong Q1FY27, delivering its highest-ever quarterly profit, driven by lower funding costs, improving operating efficiency and stable asset quality. Management reiterated its focus on consistent, predictable and sustainable growth, led by stronger liabilities, higher productivity and disciplined capital allocation. Advances grew 17.1% YoY to Rs599.51bn, driven by mortgages, gold loans and Agri & Inclusive Banking, while deposits increased 20.1% YoY to Rs744.82bn. NIM expanded 15bps YoY to 3.35% and core fee...
