Buy

MM Forgings’ (MMFL) EBITDA grew by 19% y/y to Rs750m in Q1FY27, above our estimate of Rs659m, due to more-than-expected gross margin, other operating income and DVS merger.

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).

Max Healthcare posted a stable performance in Q1FY27, with revenue/EBITDA/PAT rising by 15/15/4% y/y. Consolidated revenue grew 15% y/y to Rs28.3bn (ex-Onco up 20% y/y), while Max Labs/Max@Home revenue came in at Rs580/780m (up 20/32% y/y).

With surge in shipments to the US in anticipation of a tariff decision, the global inventory at LME and SHFE has squeezed further. The upswing in prices has more to do with trade dislocations and demand tug-of-war between the USA and China.

Blue Jet Healthcare (BLUEJET), a niche specialty chemicals and pharmaceutical intermediates company, is steadily transforming from a PI for cardiovascular molecule led growth story into a diversified healthcare platform.

Colgate focuses on driving toothpaste and toothbrush category growth, accelerating premiumization, and scaling up its personal care portfolio.

Sudarshan Chemical Industries’ (SCHI) Q1FY27 EBITDA exceeded ARe and consensus, led by sharp margin recovery in Heubach’s portfolio.

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.

Fuelled by a 13% YoY increase in operational bed capacity and 5% surge in ARPOB (INR 81,900), Max Healthcare (Max)’s Q1FY27 revenue growth accelerated to 15.3%.

Brigade Enterprises (BRGD) clocked muted Q1FY27 sales bookings worth INR 11bn (down 5% YoY), along expected lines owing to no major launches during the quarter.

Rubicon Research (RUBICON) delivered its fourth consecutive earnings surprise since its IPO (4%/13%/16% beat on revenue/EBITDA/PAT)—a strong pattern of promise vs consistent superior execution.

Weak 1Q hit by lower volumes: Saatvik Green Energy Limited’s (SGEL) 1QFY27 revenue stood at INR5,110m (-44% YoY, -68% QoQ), while EBITDA came in at INR338m (-81%YoY, -69% QoQ), with an EBITDA margin of 6.6% (vs. 6.7%/19.3% in 4QFY26/1QFY26).

Indraprastha Gas (IGL)’s 1QFY27 EBITDA/scm came in line with our est. at INR3.4/scm, as a ~INR4.4/scm QoQ increase in realization was more than offset by a ~INR6.5/scm QoQ rise in gas costs, while opex declined ~INR0.6/scm QoQ.

EIL reported a good Q1 with revenue of INR 8bn (-6% YoY) led by a decline in low-margin EPC revenues. However, EBITDA/adj. PAT grew 70%/55% YoY to INR 1.2bn/INR 1.1bn led by high-margin consultancy business revenue growth of 22% YoY to ~INR 5bn.

Indraprastha Gas (IGL) saw a 42.3/47.7% YoY decrease in Q1FY27 EBITDA/PAT to INR 2.9/INR 1.9bn, due to disruptions in the gas supply mix and sharply higher gas costs on account of the Gulf conflict.

NMDC’s reported revenue came in line with our estimate at INR68b, remaining flat YoY but declining 19% QoQ, as muted sequential volumes were offset by better NSR during the quarter.

Max Healthcare (MAXH) delivered slightly better-than-expected revenue and in-line EBITDA in 1QFY27. However, adj. PAT was below expectation (13.5% miss) due to higher depreciation and interest costs.

LG’s 1QFY27 revenue increased ~15% YoY to INR72.3b (in line). EBITDA grew ~26% YoY to INR9.0b (~8% beat). OPM expanded 1.1pp YoY to 12.5% (vs. est. of 11.8%).

Ipca Lab (IPCA) delivered a strong financial performance with 8%, 25%, and 34% beat on revenue, EBITDA and PAT, respectively in 1Q.

Indigo Paints (INDIGOPN) reported standalone revenue growth of 19% YoY (on a flat base), with double-digit value and volume growth.