Downgrades

NIMs moderated on liability mix and overseas balance sheet expansion, Further near-term NIM moderation expected in Q3, will recover in Q4

Revenue grew 18% YoY to Rs 22.6 bn, with ECD up 19%, Lighting up 14% and Butterfly up 17%

Lower fee income and NIMs dent PAT, though lower credit cost and strong loan growth provided some relief to PAT this quarter

Earnings strong; deposit growth picks up, leading to an ease in the CD ratio

Q 2F Y2 7 performance : HDFC Life reported improved growth momentum in Q2FY27, with total APE increasing 13.1% YoY (34.9% QoQ) to 4,735 crore, supported by recovery in the HDFC Bank channel (+12% YoY) and healthy traction in other banca and non-bank alliances (+13% each). Individual WRP grew 11% YoY, while retail protection increased 33% YoY in H1FY27. Product mix remained diversified, led by ULIPs (45%), non-par savings (22%), par (13%), annuity (12%) and protection (8%). VNB grew 14.7% YoY (31.5% QoQ) to 1,157 crore, with H1FY27 VNB margin improving 20 bps YoY to 24.7%. H1FY27 PAT increased 13%...

leading fast moving electrical goods (FMEG) companies with presence in electrical consumer durables (ECD). With a legacy spanning over 85+ years and robust distribution backbone of 2800+ distributors, 2,75,000+ retail touchpoints and over 860 service centres, CGCE is well positioned to capitalize its network for existing segments as well as provide a runway for its newer businesses to scale. Q 2F Y2 7 performance : CGCE reported healthy Q2FY27 with consolidated revenue growth of 18.2% YoY (+1.3% QoQ) to 2,263 crore, marking the third consecutive quarter of double-digit revenue growth along with signs of profitability revival....

moderate overall revenue growth partially impacted by weakness in Technology & Services (19.0% of the mix) due to seasonal renewal for top client and weakness in Saudi due to Middle East war (~0.6-0.7% impact on revenues) and subdued...

We maintain our BUY rating on the stock, implying an upside of 25% from the CMP.

We maintain our BUY rating on the stock.

We recommend a BUY with a target price of Rs 9,000/share, implying an upside of 10% from the CMP.

Wipro delivered a mixed Q2FY27, with IT Services constant-currency growth of 0.6% YoY and operating margins improving to 16.1%. Weak bookings reflected two delayed large deals, which management expects to close in Q3FY27.

Axis Bank (AXSB) reported 2QFY27 net profit of INR70.0b (up 38% YoY/down 2% QoQ; 4% miss). NII grew 12% YoY/5% QoQ to INR153.7b (3% beat). NIM contracted 10bp QoQ to 3.36% (vs. our est. of 3.34%).

LTM delivered a steady quarter, with revenue of USD 1.24bn (+1.1% QoQ, +5.1% YoY CC) and EBIT margin of 15.6%, up 10bps QoQ, despite absorbing wage hikes. Growth was dragged due to the Saudi business. AI revenue reached 13.4% of total (+40% YoY), and gross margins on AI work are above traditional services. Three of four verticals grew 7%+ YoY, BFSI returned to YoY growth (+0.4%, +3.1% QoQ), and the first USD 100mn financial services account was added. Order inflow of USD 1.3bn looks soft, but...

Loan growth guidance maintained in mid teens, loan growth robust this quarter 20% YoY, ex FCNR 18% YoY

Nestle India reported a strong Q2 FY27 with revenue growth of 20.3% YoY to INR 6,788 Cr, driven by broad-based domestic demand, quick commerce traction and channel expansion.

Wipro delivered a steady quarter, with IT services revenue of USD 2.61bn, flat QoQ and up just 0.6% YoY in constant currency, while the operating margin of 16.5% improved 0.5% on operational gains and rupee depreciation. Q3 guidance of -1.5% to +0.5% CC (USD 2.571-2.625bn) implies another soft print on furloughs, and management declined to give a timeline for returning to the 17-17.5% margin band given AI-native unit investments. TCV of USD 2.6bn fell sharply QoQ as two large...

PSYS has rarely cited macro as the reason for a weakish TCV/ACV. It did post 2Q as decisions apparently got delayed

HDFC AMC reported steady operating performance, with margin expansion on account of decreased other expenses

Core franchise steady, focus on opex to support earnings : HDFC AMC is among the largest and profitable mutual funds with closing AUM of 9.6 lakh crore+ as on Q2FY27. Higher presence in equityoriented schemes and stable yields enable it to maintain market share. Strong distribution network with 280 branches and over 1,13,000 empanelled distribution partners Q 2F Y2 7 performance : HDFC AMC reported healthy performance, with QAAUM growing 10% YoY (4% QoQ) to 9.69 lakh crore, with overall market share at 11.1%. Actively managed equity-oriented QAAUM grew 14% YoY (67.1% of QAAUM...

High backlog visibility trumps near-term operational headwinds : Cyient DLM (CDLM) is an integrated Electronics Manufacturing Services (EMS) provider and Design-Led Manufacturing (DLM) provider. As a subsidiary of Cyient Limited, CDLM specializes in design-led manufacturing, printed circuit board assemblies (PCBA), box builds and mission-critical systems. It serves highly regulated sectors with a FY26 diversified revenue mix: aerospace &...