Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in BSE Small Cap.
Broker Research reports: latest Downgrades
for BSE Small Cap
Q2FY26 performance: Revenue declined by 1.6% YoY (+14% QoQ) to 744 crore as the revenue of cranes, construction equipment & material handling segment (94% of total revenue) was flat YoY (+15% QoQ). Agri equipments revenue (~6% of total) stood at 49 crore (-20% YoY, +6% QoQ). EBIDTA margin improved to 14.6% (+30 bps YoY, +41 bps QoQ). EBITDA was flat (+0.4% YoY) at 109 crore. However, PAT declined 5% YoY (8% QoQ) to 90 crore as other income declined by 14% to 29 crore. PAT Margins declined 35 bps YoY to 11.6%. Company saw 18% decline in volumes in cranes, construction equipment segment to 2348 units vs 2863 units last...
Firm expansion plans in place- In the US, the company is optically transitioning to B2C model to focus on high margin products. The company is also looking for third party ANDAs (4 already acquired, 5 more to come) as well as outsourcing some in-house products to the CMOs for optimal plant utilisation. This, we believe is a part of larger strategy where the company wants to increase the offerings via front-end and at the same time focusing on margin expansion. The legacy LatAm growth was slower seemingly on account of some saturation in the existing markets and focus...
Nilkamal Ltd.'s (NILK) Q2FY26 result was ahead of our estimates on key parameters. The B2B segment of the Company achieved a growth of 18% in value & 13% in volume terms. Material Handling Business grew by 20%. The Mattress and Foam Business grew by 65% in Q2FY26 through diverse product offerings, brand engagement initiatives and market presence through higher channel partners. The Bubbleguard business grew by 23%, Nilkamal Edge - Institutional furniture business witness de growth of 2% while furniture trade business grew by 6%. The Retail & E-commerce segment clocked turnover of Rs110crs a growth...
Somany Ceramics Ltd.'s (SCL) Q2FY26 result was below our estimates on key parameters. The company reported muted sales volume as Northern markets were weak due to excess rains. Further, the domestic market witnessed higher sales volume being captured by local players due to a substantial price differential resulting from poor quality and high levels of tax/duty evasion. This high level of evasion was expected to go down post-GST, but has persisted. On a positive note, the industry's overall export pickup (up 7% based on five months of data) is significant because it means a lot of Morbi players will start re-exporting,...
One-offs led Weak Quarter; H2 to be better! About the stock: Somany Ceramics is the second largest tiles manufacturer in Riding on real estate strong cycle, the company has guided for mid to high single digit tiles volumes ahead in FY26. Q2FY26 Performance: Somany ceramics tile volumes were flat YoY at 17.8 MSM with tile revenues of 570.6, were up 0.4% YoY. The overall revenue was at 680.5 crore, was up 2.9% YoY. The EBITDA margins were subdued at 8.1%, down 72bps YoY, given the higher operating expenses. PAT stood at ~15 crore, down 12.6% YoY...
Weak Quarter; Most of the pain priced in! About the stock: NCC is one of the leading infrastructure companies with Well-diversified order backlog, robust execution capabilities, and a strong focus on working capital to be key over next few years Q2FY26 Performance: NCC on standalone basis, reported a weak set of numbers for Q2FY26, with revenue at 3,726 crore, down 16.2% YoY, impacted by sluggish execution owing to extended monsoon. EBITDA declined 30.8% YoY to 277.5 crore, while margins contracted by 158 bps YoY to 7.4%. PAT stood at 101 crore,...
Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.
With healthy volume growth and healthy improvement in EBITDA/ton over FY25-28E, we expect revenue to grow ~15% CAGR over FY25-28E while EBITDA & PAT are expected to grow at ~30% & ~50% CAGR respectively. We recommend BUY on Star Cement with a revised target price of Rs 300...
NCC Limited reported a soft quarter as execution headwinds and workingcapital strain weighed on results. Consolidated revenue declined 12% YoY to Rs45.8bn vs 52.2bn in Q2FY25 with EBITDA at Rs3.9bn, reflecting a margin of 8.7% versus 8.5% last year. PAT stood at Rs1.55bn with a net margin of 3.4%. On a standalone basis, revenue fell 16% YoY to Rs37.7bn while PAT dropped 37% YoY to Rs1.bn. H1 FY26 revenue was Rs97.9bn, down 9.3% YoY, reflecting a calibrated execution approach amid delayed project mobilization, extended monsoons, and elongated client payment cycles. Management cited heavy rainfall across multiple states, ROW delays, and slower receipts in water/JJM...
Strengthening AI capabilities to spur future growth: Birlasoft continues to invest in AI, automation and data engineering capabilities, positioning itself to capture the next wave of enterprise digital transformation. Its expanding portfolio of agentic AI solutions and domain-specific digital offerings enhances differentiation against peers. As discretionary tech budgets return, these capabilities, backed by an improving deal pipeline & execution strength, should...
Birlasoft reported stable Q2FY26 performance amidst a challenging macro environment, with dollar revenue marginally up 0.1% QoQ to USD 150.7mn and rupee revenue rising 3.4% QoQ. Manufacturing softness was partially offset by sequential growth in BFSI and Lifesciences. EBITDA margin expanded sharply to 16% from 12.4% in Q1, aided by operational efficiencies and one-offs, but the underlying margin excluding these benefits would be around 13.5%. Q2 deal wins totaled USD 107mn, with some committed deals spilling into Q3, which is expected to deliver growth in the seasonally weak quarter. The company...
Godrej Agrovet (GOAGRO) reported muted EBITDA/PAT of INR 2.1/0.9bn in Q2. EBITDA/PAT fell 4/10% YoY, with a sharply weaker performance in both standalone crop protection and Astec Lifesciences, offsetting the resilience seen in animal feed and strong performance in vegetable oil segment.
Chalet Hotels Ltd.'s (Chalet) Q2FY26 result was below our estimates on key parameters as increased competitive intensity in MMR region weighed on net sales. However, on YoY basis, the company reported yet another robust quarterly performance. The management is very optimistic of a strong operating performance in the second half of the year for both business and leisure locations. The dip in Q2 occupancy was a temporary "blip" due to the addition of 166 new rooms. The company expects to be back to the occupancies they have been delivering in the past very quickly. The company introduced the new...
