Motilal Oswal Broker Research reports

Emcure Pharma (Emcure) delivered a better-than-expected financial performance in 1QFY27, with 6%/7%/21% beat on revenue/EBITDA/PAT.

In 1QFY27, LIC reported net premium income of INR1.3t, which grew 7% YoY. Renewal premium rose 3% YoY to INR618b and single premium grew 9% YoY to INR564b. First-year premium grew 22% YoY to INR92b.

JK Lakshmi Cement’s (JKLC) 1QFY27 revenue grew ~9% YoY to INR19.0b (~7% above our estimates, driven by higher volume/realization vs. our estimates).

Deepak Nitrite (DN) reported a strong operating performance on a low base. Its EBITDA surged 2.8x YoY to INR5.4b, led by 3.5x YoY EBIT growth in the Phenolic segment and 89% EBIT growth in the Advanced Intermediates (AI) segment.

TCI Express’s (TCIE) 1QFY27 revenue grew 9% YoY to INR3.1b (in line). EBITDA stood at INR336m (+12% YoY), 5% above our estimate. EBITDA margin came in at 10.8% vs. our estimate of 10.4%.

Inventurus Knowledge Solutions’ (IKS) 1QFY27 USD revenue was up 12% YoY at USD97m (est. USD97m). INR revenue rose 21% YoY to INR8.9b (est. INR8.1b), with EBITDA of INR2.9b (est. INR3.1b) and margin of 33.0%, up 24% YoY (est. 35%), led by strong traction in top accounts.

Godrej Agrovet (GOAGRO) reported subdued operating performance in 1QFY27, with EBIT declining ~13% YoY due to a significant 35% YoY decline in the Crop Care business caused by delayed monsoons and slower kharif sowing. In contrast, Animal Feed and Vegetable Oil businesses delivered strong performance, with EBIT growth of 30%/15% YoY, respectively.

India's natural gas demand is poised to enter a structurally stronger growth phase, with consumption likely to accelerate to 5-6% CAGR over FY26-31 (vs. 3.2% over FY16-26).

Cummins (KKC)’s 1QFY27 result was lower than our expectations due to margin weakness. Higher RM prices and delays in pass-through of price hikes impacted margins adversely.

Crompton Greaves Consumer Electricals (CROMPTON)’s 1QFY27 earnings were in line with our estimates. Revenue grew ~12% YoY to INR22.4b (led by ~11-18% growth across key segments).

Campus Activewear (Campus)’s revenue grew 12% YoY (on a weak base) and came in below our expectations (17% YoY).

Biocon (BIOS) delivered in-line revenue for the quarter, with EBITDA/PAT lower than expected (16%/28% miss). Biosimilars and generics led robust revenue growth, while Syngene (CRDMO) dragged overall performance in 1QFY27 due to lower offtake from certain key customers.

Bikaji Foods (BFL)’s 1Q revenue grew 12.5% to INR7.3b, led by ~7.7% YoY volume growth. Its EBITDA/APAT grew 2.8%/ 1.6% YoY.

Aurobindo Pharma (ARBP) delivered in-line revenue in 1QFY27. It delivered better-than-expected EBITDA/PAT (6%/8% beat) for the quarter.

Ixigo’s 1QFY27 revenue rose 13% YoY to INR3.6b (est. 3.6b), with EBITDA at INR0.24b (est. INR0.3b) and margin at 6.8% (est: 9.4%), led by strong GTV and revenue performance in the Bus and Flight segments.

United Breweries (UBBL) reported 7% YoY revenue growth (est. +9%, -3% in 4QFY26), driven by 9% volume growth (est. +8%).

Pidilite Industries (PIDI) reported strong consolidated revenue growth of 21% YoY in 1QFY27. Standalone revenue grew 22% YoY, led by underlying volume growth of 11% (est. 11%).

PB Fintech (POLICYBZ) reported revenue of INR18.9b (in line), growing 40% YoY, driven by 43% YoY growth in online revenue to INR11.9b (5% beat) and 35% YoY growth in new initiatives revenue to INR6.9b (in line).

Navin Fluorine International (NFIL) delivered a robust performance in 1QFY27, with revenue growing 44% YoY, driven by broad-based strength across all business segments.

MCX’s operating revenue stood at INR7b (in line), up 88% YoY but down 21% QoQ, reflecting normalization after an exceptionally strong volatility-driven 4QFY26. Meanwhile, underlying business fundamentals remained healthy.