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 Nifty Smallcap 250.
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V-Guard Industries Ltd (VGRD) is one of the leading players in the electrical consumer durables space. Major product segments include Stabilizers, Cables & Wires, UPS, Pumps and Electrical Appliances. In Q2FY26, revenue recorded a modest 3.6% YoY increase, constrained by an extended monsoon and subdued demand across summer-dependent categories such as AC stabilizers and fans. Gross margin rose to 37.6% (+170 bps YoY), supported by a favourable product mix and lower copper prices. However, EBITDA margin slipped to 8.1% (-40 bps YoY) due to reduced operating leverage. Sunflame business delivered 3.4% YoY growth, with integration progressing and synergy benefits anticipated over time....
Granules India appears to be entering a phase of structural recovery, supported by steady progress on regulatory milestones (notably the remediation of Gagillapur) and a 40% incremental formulation capacity expansion at its Genome Valley site, which should meaningfully reduce supply constraints.
The YoY numbers for the quarter are not comparable due to low base of FY25. Post the Gagillapur USFDA warning letter, the company has focused on developing other facilities and also focused on incremental flings across markets. Besides CNS and ADHD, it is also focusing on Oncology as a segment with dedicated API and formulations block at Vizag. The management expects full revival of Gagillapur facility post clearance from the USFDA (Management meeting with USFDA scheduled in Jan 26) by filing new products. On the margins front, the numbers continued to...
Happiest Minds is expected to sustain double-digit revenue growth over the next three to four years, supported by steady execution and resilient margins. The Generative AI *over or under performance to benchmark index Business Services (GBS) and Net New (NN) unit continue to scale well, driving strong client additions and deeper artificial intelligence (AI)-led engagements. Growth visibility remains healthy across key verticals, with BFSI poised for recovery and healthcare gaining traction owing to modernisation and AI-driven programmes. Strategic investments in talent, vertical depth and sales capabilities are enhancing scalability and...
Elgi is the second largest player in the Indian air compressor market (~22% market share) and among the top eight players globally Expansion in new international markets to drive long term incremental growth (rest of the world contributed ~48% in FY25) Q2FY26 performance: Elgi reported a decent set of numbers with amid US tariff for Q2FY26. Revenues grew 11.4% to 968 crore. EBITDA declined 1.2% YoY to 140 crore. EBITDA margins at 14.5% down 184 bps YoY (+50 QoQ). Consequently, PAT for the quarter came in at 121 crore up 28% YoY...
Sonata Software demonstrated a resilience performance with reported consolidated revenue at INR 2,119cr, reflecting a 2.3% YoY decline but stable order book growth with a book-to-bill ratio of 1.28x. International services revenue grew 3.2% YoY to USD 82mn, driven by strong demand in Healthcare, BFSI, and TMT verticals. EBITDA margin expanded by 70 bps QoQ to 17.3%, supported by higher utilization (87.3%), planned large-deal offshoring, and AI-led productivity improvements, partially offsetting salary inflation impact. Sonata secured one large multi-year healthcare deal and several mid-sized...
Q2FY26 Performance: International IT services (IITS) revenue came at US$ 82 mn, up 1% QoQ/ down 2.9% YoY in CC terms. IITS EBITDA margin at 17.3%, up ~70 bps QoQ. Consol revenue came at US$ 242.8 mn, down 30% QoQ while in rupee terms it stood at 2,119.3 crores, a decline of 28.5% QoQ and 2.3% YoY with EBITDA...
IRCON delivered a subdued performance in Q2FY26 on a standalone basis, with revenue from operations at Rs18.5bn, down 19.5% YoY despite an 11% sequential recovery. EBITDA declined to Rs2.4bn from Rs2.9bn in Q2FY25, while margins contracted sharply to 12.9% from 14.9% a year ago, reflecting cost overruns and lower-margin project execution. PAT stood at Rs1.8bn, down 25% YoY though improving 23% sequentially, driven by better execution in railway and highway projects and higher other income. The decline in profitability and margin compression were key disappointments, primarily due to losses in...
Considering the near-term challenges, we maintain our HOLD rating on the stock and revise our TP to Rs 320/share. The TP implies an upside potential of 3% from the CMP.
In H1FY26, KEC's order book grew by 15% YoY to Rs.39,325cr, driven by robust order inflows of Rs.16,050cr, reflecting a 19% YoY increase. The company has guided for order inflows in the range of Rs.28,00030,000cr for FY26, supported by strong traction in T&D projects across both domestic and...
Jyothy Laboratories (JYL) posted flat YoY sales growth in 2QFY26, with volumes rising 3% (est. 4%; 1QFY26 4%). The difference between value and volume growth was primarily due to MRP reductions, higher grammage, and promotional price-offs in select categories.
Campus Activewear (Campus) delivered a strong 16% revenue growth, driven by strong traction in the premium segment (sneaker sales up 2x YoY, ASAP up by INR50 or 8% YoY).
Q2FY26 performance: MCX reported healthy result as expected with revenue of 374 crore, which increased by 31% YoY and was flattish sequentially. Average daily turnover (ADT) for futures segment has increased 55% YoY, 3% QoQ to 41,758 crore while options premium ADT has increased 25% YoY, 4% QoQ to 4096 crore. Sharp surge in price and volatility of gold as well as silver has boosted ADT growth. EBITDA grew 36% YoY and 1% QoQ at 243 crore. EBITDA margins...
Krishna Institute of Medical Sciences (KIMS)’s Q2FY26 revenue was in line with our expectation. That said, EBITDA loss at Maharashtra of INR 96mn (-100bps) and Karnataka of INR 255mn (-265bps) coupled with lower margin at Kerala cluster dragged EBITDA margins to a low of 21.2%.
Gujrat State Petronet’s (GUJS) 2QFY26 revenue/EBITDA stood 9%/13% below our estimate at INR2.3b/INR1.7b, as total volumes came 8% below our estimate at 28.5mmscmd.
infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables. A strategic mix in portfolio of T&D (65%) and non-T&D (35%) Strong T&D prospects in domestic and international markets (35% of backlog from international markets) Q2FY26 performance: KEC reported a robust Q2FY26 with Revenue at 6091 crore up 19% YoY, mainly from T&D business which grew 44% YoY. The renewables and cables business grew by 5% and 19% YoY to 190 crore and 524 crore, whereas...
