Downgrades

We recommend a BUY on the stock with a target price of Rs 1,805/share, implying an upside of 10% from the CMP.

TCS, through its wholly owned subsidiary TCS Netherlands B.V., has announced the acquisition of 100% equity shares of MHP Management und IT-Beratung GmbH (MHP), Porsche AG's Germany-based management and IT consulting subsidiary, for an enterprise value of EUR 320 million (approx. INR 3,550 Cr).

We attended Hexaware (HEXT)’s Investor Day. The company's AI strategy has two legs: a ‘Zero Friction Enterprise’ framework built on six Zero pillars, and ‘AI for Business’ – solving previously unsolvable problems and entering adjacent markets.

Q 1F Y2 7 performance : Patel Engineering reported consolidated revenue of 1,280.7 crore, up 3.8% YoY given the low executable order book. Operating EBITDA came in at 179.6 crore, with an EBITDA margin of 14%, up 62 bps YoY....

Nuclear growth; diversified opportunities to drive earnings : KSB Ltd is a leading manufacturer of pumps and valves. KSB specializes in centrifugal end suction pumps, high pressure multistage pumps, industrial gate, globe, check valves, submersible motor pumps, monobloc & mini monobloc pumps,...

The Government of India has approved an incentive scheme for the promotion of domestic PNG connections, effective 1-Sep-26 (PIB release). The scheme is designed to fast-track the expansion of active PNG connections.

Crompton is transitioning from the transformation phase of Crompton 2.0 to a more scalable growth phase. We note: Management aims to double its revenue by FY31, implying ~15% CAGR, with new businesses contributing ~20% of sales and exit EBITDA margin of 12%+.

orderbook stood at 14,502 crore as 3x TTM book to bill. Although management targets new order inflows of 11,000-12,000 crore for FY27 (having won ~5,500 crore in Q1), clarity over execution visibility is missing. Moreover, over 6,000 crore more than 41% of the total orderbook-is currently not under execution due to persistent land acquisition delays, pending appointed dates, and right-of-way permissions across major projects. Furthermore, intense sector competition threatens project win profitability...

Apeejay Surrendra Park Hotels (PARKHOTE IN) Q1FY27 Result Update Soft operating performance BUY

Muted Q1, Execution recovery key for FY27 : Kilburn Engineering Limited (KEL), incorporated in 1987, largest player in customised drying solutions and process equipment. With a strong proprietary...

The order book stood at 21,096 crore as of Q4FY26 (4.6x book to bill). Ahluwalia enjoys a healthy balance sheet and is a net cash company Q1FY27 performance: The consolidated revenue at 1125.8 crore in Q1FY27, was up 12% YoY. EBITDA came in at 48.3 crore, with margins down 430 bps YoY to 4.29% mainly caused due to higher labour costs, and lower labour availability coupled with one-off impact of 29 crore bill value reduction on the completed...

Consultancy- led growth with strong order visibility About the stock: Engineers India (EIL), established in 1965, is an Indian public sector Q1FY27 performance: Engineers India reported revenue of 820 crore, down 5.8% YoY, as Turnkey Projects revenue declined 32.8% YoY to 302 crore, partly offset by 22.9% YoY growth in Consultancy & Engineering Projects to 518 crore. EBITDA grew 75.4% YoY to 126 crore, with margin expanding 714bps to 15.4%, while PAT...

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.

Colgate Palmolive (CLGT IN) Analyst Meet Update Steady outlook, valuations limit downside HOLD

Revenue grew 13% YoY, missed estimates by 16%; EBITDA rose 22% YoY, led by Electronics mix, with margin expanding 60bps 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.