Downgrades

Brigade Enterprises (BRGD) clocked FY26 sales bookings worth INR 74bn (down 5% YoY) owing to delayed approvals. Heading into FY27, management guides for INR 90bn of sales bookings (20% YoY growth) and intends to launch projects with GDV of ~INR 120bn in FY27.

Store expansion and execution remain strong, but demand recovery still lacks enough depth to materially improve earnings quality.

Escorts’ 4QFY26 PAT at INR3.2b came in below our estimate of INR3.6b due to lower other income, while EBITDA was broadly in line with our estimate.

Dabur’s (DABUR) consolidated revenue grew ~7% YoY (flat base), with India business revenue up 10% YoY. Demand recovery was noted in steady double-digit growth in HPC in 2HFY26. India volume grew 6% (est: 4%, 3% in 3Q).

Blue Star’s (BLSTR) 4QFY26 revenue was up marginally ~1% YoY to INR40.7b (~7% miss). However, EBITDA increased ~17% YoY to INR3.3b (+9% vs. our est.), led by cost rationalization measures and certain deferred discretionary costs.

Raymond Lifestyle (RLL) reported a weak 4QFY26 performance, with EBITDA at INR1.2b missing estimates due to lower gross margins and higher operating costs.

KPIT Technologies (KPIT) reported revenue of USD185m in 4QFY26, up 1.8% QoQ in CC terms vs. our estimate of 1% growth.

Hexaware Technologies (HEXT) reported revenue of USD389m in 1QCY26, down 0.3% QoQ in CC terms vs. our estimate of 0.5% QoQ CC.

In 4QFY26, Brigade Enterprises’ (BRGD) pre-sales rose 3% YoY to INR25.2b (6.7% below estimates). Volumes stood at 2msf, down 4% YoY.

Arvind Fashions (AFL) ended FY26 on a strong note, with 4Q/FY26 LFL growth of 8%, led by robust performance in US Polo and Flying Machine.

Aditya Birla Real Estate (ABREL)’s 4Q presales dipped 24% YoY to INR42.9b; however, they were in line with our estimate.

Shree Cement (SRCM) delivered resilient performance with Q4FY26 EBITDA surging 45% QoQ (18% ahead of our estimates), though down 9% YoY.

Shoppers Stop (SHOP) posted resilient 9.3% YoY revenue growth in Q4FY26, with full-year department store LFL at ~4.7%. Management is driving premiumisation, scaling Intune, and targeting a debt-free balance sheet by FY27.

Birlasoft delivered a mixed FY26, with full-year revenues declining 6% in dollar terms to ~USD 598mn, weighed down by a soft demand environment, clientspecific headwinds in the life sciences/med-tech vertical, deliberate exits from low-margin contracts (~200bps revenue impact), and upfront productivity pass through on AI deals. Margin recovery was remarkable and EBITDA expanded 333bps YoY to 16.3% in FY26, reaching 18.5% in Q4, aided by cost rationalization, forex tailwinds (~170bps), and one-time provision reversals (~170bps). PAT for Q4 surged 47% QoQ to ~INR 1.76bn. Deal wins stayed above USD 200mn TCV for the second consecutive quarter. Management is doubling...

We maintain our BUY rating on the stock, supported by reasonable valuations.

We maintain our HOLD rating on the stock

Revenue/EBITDA grew 27%/13% YoY; W&C drove the top line, but margin contracted 160bps YoY to 13.1%, on an adverse mix

4Q revenue was weaker than estimate though margins were better. FY26 revenue declined 6.5% in CC, the weakest in our coverage

Healthy volumeled recovery: Volumes grew ~9.5% YoY to ~10.8mnt, driving ~7.8% YoY revenue growth in Q4FY26

4Q revenue fell short of estimates due to client specific issues. In the rapidly evolving services landscape, FSOL creates a new category