New Research Reports

Aurobindo Pharma is well positioned to deliver sustainable double-digit growth, supported by healthy momentum across its US, Europe, India, and Growth Markets businesses, along with a steady cadence of complex product launches.

Lupin is expected to report Q1 FY27 revenue of INR 78,286 Mn, reflecting a robust 25% YoY growth, driven by continued strength across its key operating markets.

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.

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

BSE enjoys strong prospects of volume growth across segments (options, cash, and the MF platform) led by derivatives, which has been our key investment thesis for the stock.

Godrej Properties (GPL) clocked robust Q1FY27 gross sales bookings worth INR 87bn (up 22% YoY), led by several launches worth INR 105bn across Bengaluru, NCR and Hyderabad.

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.

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).

Kalyan’s Q1FY27 revenue/EBITDA/PAT grew ~46/25/32 (%) YoY, respectively. Gross margin contracted 194bps YoY to 11.9%, led by exchange offers, a higher recycled gold mix (46% vs. 30% in Q1FY26), one-off gains from the sale of platinum/silver in the base, a higher share of FOCO stores, and a lower studded mix in new FOCO stores.

Godrej Properties (GPL) added three new projects, offering a GDV potential of INR95b. These include INR90b from group housing projects in NCR, and INR5b plotted development in Chennai.

Glenmark Pharmaceuticals (Glenmark)’s Q1FY27 revenue was better our estimates, although EBITDA and profits lagged expectations. Strong growth across India (+15.5% YoY), US (+8.5% YoY) and emerging markets (+27.7% YoY) drove the revenue outperformance.

KEI Industries’ (KEII) 1QFY27 revenue grew ~23% YoY to INR31.9b (in line). EBITDA increased ~53% YoY to INR4.0b (~7% above, driven by a higher-thanestimated margin in the C&W segment). OPM improved 2.5pp YoY to 12.4% (+1.1pp vs. our estimate).

Marico (MRCO) witnessed a strong start to FY27 with consolidated revenue growth of 23% YoY (in line) in 1QFY27. Domestic revenue growth was 21% YoY, with volume growth of 11%. International revenue growth was 15% YoY CCG (+29% INR).

Persistent (PSYS)’s Q1FY27 performance marked a continued trend of industry-leading organic revenue growth, up 4.1% QoQ CC and strong deal wins (TCV/ACV grew 120%/39% YoY).

FY27 revenue is expected to track 18 to 20% growth in constant currency, supported by execution on the USD 650M+ strategic agreement, balanced vertical momentum across Healthcare, BFSI, and Technology, and healthy underlying ACV bookings.

Kalyan Jewellers (Kalyan)’s consolidated revenue growth was at 46% YoY to INR105.9b (est. INR105.7b). The India business delivered 47% YoY revenue growth and registered a robust 28% SSSG (30% in the South, 27% in the non-South).

BSE reported an operating revenue of ~INR15.7b (in line), reflecting a growth of 63% YoY/flat QoQ. This was driven by 70% YoY growth in transaction charges, while revenue from services to corporates declined 4% YoY.

We expect UPL Ltd. to report revenue of INR 101,274 Mn, registering a 9.9% YoY growth in Q1 FY27. Growth is expected to be driven primarily by the domestic business, which is likely to deliver double-digit growth, supported by healthy demand across key crop protection products.

NALCO (NACL)’s revenue was in line at INR53b (+39% YoY and +6% QoQ), mainly driven by favorable aluminum prices. Consol. EBITDA stood at INR27b (+81% YoY and +15% QoQ), in line with our estimate during the quarter.

APL Apollo Tubes (APAT) reported muted volumes (down 6% YoY), hit by the UAE disruptions, weak SG Premium volumes amid higher primarysecondary steel price gaps, energy-related supply issues, and subdued construction demand due to elevated input costs and channel destocking.