Upgrades

Oil India (OINL) continues to build momentum across both core upstream as well as downstream segments. In the standalone business, oil production is on track to reach its oft repeated target of ~4mt in FY27 itself, with the level likely sustaining through FY28–29E as well.

Cyient (CYL IN) Analyst Meet Update Transition underway, execution remains key HOLD

RRKABEL is well-positioned to outgrow the industry, targeting ~25% growth in cables vs. ~15% industry growth, which could increase its market share from 3.0% to 4.5%.

Q 1FY2 7 Results: RACL reported healthy results. On a consolidated basis, topline for the quarter came in at 132 crores, up by ~31.5% YoY. EBITDA for Q1FY27 came in at 32 crores, with EBITDA margins at 24.1%, up ~190 bps QoQ. PAT in Q1FY27...

Global Health (MEDANTA IN) Company Update Strong growth outlook BUY

HMIL is entering a comeback phase, with India increasingly becoming a strategic global hub for Hyundai (HMC).

We value the stock at 20x FY28E EPS and recommend a BUY on the stock with a target price of Rs 1,250/share, implying an upside of 10% from the CMP.

We recommend a BUY with a target price of Rs 3,135/share, implying an upside of ~10% from the CMP.

We now value the company at 34x FY28E EPS and maintain our BUY rating on the stock with a revised TP of Rs 9,040/share, implying an upside of 10% from the CMP.

Standalone Aster revenues grew ~22% YoY to 1311 crore aided by ~10% growth in Average Revenue Per Patient (IP) to 130352 and 16% growth in the total patient volumes. Occupancies improved by 350 bps YoY to 62% led by higher IP volume growth. EBITDA grew ~27% YoY to 264 crore, driven by operating leverage and disciplined cost management. Margins stood at ~20% (up 93 bps YoY). Combined entity Q1FY27 numbers are presented on a pro forma basis, as the merger became effective only on July 1, 2026. Combined revenues grew 20% YoY to 2,597 crore, EBITDA increased 30% YoY to 576...

: The core stainless-steel business continues to deliver healthy growth, with Q1FY27 revenue increasing 18.9% YoY, EBITDA rising 19.1% YoY, and PAT growing 22.0% YoY, while EBITDA margin stable at 10.2%. Company operates five integrated manufacturing facilities with 90% renewable power, 100% forward and backward integration, Management has guided its long-term aspiration target of achieving ~2,500 crore consolidated revenue over the next 3-5 years, with existing stainless-steel businesses expected to contribute ~1,800...

Q1FY27 Results: Clean Science delivered a steady performance in the quarter. Revenue and PAT increased by 11% and 5% respectively while EBITDA declined by 3% on a YoY basis. Consolidated Revenue growth was majorly led by growth in...

Landmark Cars Ltd reported its Q1FY27 numbers, with revenue grew 22.66% YoY and 1.86% QoQ to Rs 13,024 Mn, above our estimate of Rs 12,938 Mn. Gross profit increased 12.46% YoY and down by 6.48% QoQ to Rs 2,015 Mn, below our estimate of Rs 2,210 Mn. GP margin stood at 15.47%, down 140 bps YoY and 138 bps QoQ, below our estimate of 17.08%. EBITDA grew 17.98% YoY to Rs 720 Mn, but declined 4.9% QoQ, below our estimate of Rs 770 Mn. EBITDA margin declined 22 bps YoY and 39 bps QoQ to 5.53%, below our estimate of 5.95%. PAT nearly...

FY26 marked a meaningful improvement in AFL's earnings quality, with revenue growing 14% to INR52.7b, Pre-Ind AS EBITDA rising 23% to INR4.5b, and RoIC improving to 24.1%.

The company reported Q1 FY27 sales of INR 6,550 Mn, up 31% YoY and 27.8% QoQ, driven by product commercialization and expanding CDMO scale, although revenue was 9.4% below our estimates.

MM Forgings’ (MMFL) EBITDA grew by 19% y/y to Rs750m in Q1FY27, above our estimate of Rs659m, due to more-than-expected gross margin, other operating income and DVS merger.

Quarterly Update Q1FY27

Relaxo Footwears Ltd.'s (Relaxo) Q1FY27 result was broadly in-line with our estimates on key parameters. Despite an evolving external environment, including elevated raw material prices and geopolitical uncertainties, the company maintained healthy operating performance during the quarter. Relaxo's continued focus on cost optimization, product mix improvement and operational efficiencies enabled it to deliver steady margin performance. Alongside the upgradation and modernisation of existing outlets, the company is...

: Rishabh Instruments Limited is a leading global engineering and energy efficiency solutions provider specializing in the design, development and manufacturing of products that support electrical automation, energy measurement,...