Downgrades

Ahluwalia reported a weak Q1FY27 print. Although revenue grew at a healthy 12% YoY, the EBITDA margin nearly halved to 4.3%, translating into an EBITDA decline of 44% YoY.

Max Healthcare posted a stable performance in Q1FY27, with revenue/EBITDA/PAT rising by 15/15/4% y/y. Consolidated revenue grew 15% y/y to Rs28.3bn (ex-Onco up 20% y/y), while Max Labs/Max@Home revenue came in at Rs580/780m (up 20/32% y/y).

Supriya Lifescience’s growth remains backended to H2 FY27, with management reiterating its INR 1,000 crore revenue target and 33-35% EBITDA margin guidance as Q1 headwinds from solar policy charges and water shortages were temporary.

ALKEM delivered in-line revenue and EBITDA/PAT beat of 16%/19% in 1QFY27, driven by improved segmental mix and higher-than-expected operating leverage.

Weak 1Q hit by lower volumes: Saatvik Green Energy Limited’s (SGEL) 1QFY27 revenue stood at INR5,110m (-44% YoY, -68% QoQ), while EBITDA came in at INR338m (-81%YoY, -69% QoQ), with an EBITDA margin of 6.6% (vs. 6.7%/19.3% in 4QFY26/1QFY26).

Indraprastha Gas (IGL)’s 1QFY27 EBITDA/scm came in line with our est. at INR3.4/scm, as a ~INR4.4/scm QoQ increase in realization was more than offset by a ~INR6.5/scm QoQ rise in gas costs, while opex declined ~INR0.6/scm QoQ.

Indraprastha Gas (IGL) saw a 42.3/47.7% YoY decrease in Q1FY27 EBITDA/PAT to INR 2.9/INR 1.9bn, due to disruptions in the gas supply mix and sharply higher gas costs on account of the Gulf conflict.

VOLT’s 1QFY27 revenue increased ~19% YoY to INR46.7b (~7% miss), driven by ~32%/17% YoY growth in UCP/PES segments, while EMPS revenue declined ~27% YoY.

Page Industries’ (PAGE) Q1FY27 revenue grew ~8% YoY, driven by a modest volume uptick (+5.7% YoY). However, a deeper look reveals persistent structural challenges.

Jubilant FoodWorks’ (JFL) Q1FY27 provides early evidence of an improving operating momentum. Domino’s India LFL recovered to 2.5% from 0.2% in Q4FY26, while 6.5% YoY order growth and 12.1% delivery revenue growth indicate better underlying demand than the LFL headline suggests.

LG Electronics India (LG) reported strong Q1FY27 with revenue and PAT growth of 15.5% and 27.2%, respectively YoY, led by broad-based double-digit growth across categories.

DCX Systems reported a weak set of numbers in Q1FY27, with revenue declining 54% YoY and 50% QoQ to INR 1,031 Mn, significantly below our estimates, primarily due to execution delays as highlighted by management earlier.

Indiqube Spaces Ltd. (Indiqube) delivered a strong Q1FY27 result on the back of mature centre occupancy rising 200bps QoQ to 90%. Hence, Q1FY27 revenue was up 5% QoQ, and IGAAP EBITDA (cash EBIT) rose 10% QoQ to INR 0.8bn at an IGAAP EBITDA margin of 17.7% (up 81bps QoQ).

Tata Motors Passenger Vehicles (TMPV) adjusted PAT came in at INR11.4b in 1QFY27 compared to our estimated loss of INR1.2b, on the back of a betterthan-expected performance in JLR.

Relaxo Footwears (RLXF) sustained its recovery in 1QFY27, with revenue growing 8% YoY to INR7.1b, broadly driven by higher realizations. ASP rose 10% YoY to INR166, while volumes declined 2% YoY.

Midwest reported 1QFY27 revenue of INR1.9b (in line with our est.), up 35% YoY but down 11% QoQ due to higher realization.

Axis Max Life Insurance (MAXLIFE)’s APE grew 15% YoY to INR19.2b (in line). MAXLIFE’s VNB grew 33% YoY to INR4.5b (14% beat), resulting in a VNB margin of 23.2% (MOFSLe of 20.5%) vs. 20.1% in 1QFY26.

JUBI reported 9% YoY standalone revenue growth in 1QFY27 (in line). Domino’s LFL growth improved to 2.5% (0.2% in 4QFY26) on a high base of 12%, and orders grew 6.5% YoY.

PI Industries is likely to remain in a transition phase through FY27, with the pace of recovery in global agrochemical and CSM demand being the key determinant of earnings momentum.

Sun TV Network (SUNTV) reported a strong 1QFY27, with revenue rising 13% YoY, led by a ~34% YoY increase in IPL revenue. Advertising revenue declined 2.6% YoY, while domestic subscription grew a modest 3.3% YoY.