Upgrades

Sudarshan Chemical Industries’ (SCHI) Q1FY27 EBITDA exceeded ARe and consensus, led by sharp margin recovery in Heubach’s portfolio.

Ipca posted a broad-based sales beat across markets (ex-branded exports) in 1QFY27, with the strong sales beat translating into a 20%/24% EBITDA beat vs our/street estimates.

Rubicon Research (RUBICON) delivered its fourth consecutive earnings surprise since its IPO (4%/13%/16% beat on revenue/EBITDA/PAT)—a strong pattern of promise vs consistent superior execution.

Aegis Logistics' 1QFY27 revenue came in 26% above our estimate at INR23.6b, while EBITDA came in 71% above our estimates at INR7.1b, translating into an EBITDA margin of 30.3% (vs 14% in 1QFY26).

EIL reported a good Q1 with revenue of INR 8bn (-6% YoY) led by a decline in low-margin EPC revenues. However, EBITDA/adj. PAT grew 70%/55% YoY to INR 1.2bn/INR 1.1bn led by high-margin consultancy business revenue growth of 22% YoY to ~INR 5bn.

JSW Cement’s (JSWC) 1QFY27 revenue grew 22% YoY to INR19.0b. However, EBITDA declined ~7% YoY to INR3.0b (6% miss, led by higher-than-estimated opex/t).

Max Healthcare (MAXH) delivered slightly better-than-expected revenue and in-line EBITDA in 1QFY27. However, adj. PAT was below expectation (13.5% miss) due to higher depreciation and interest costs.

LG’s 1QFY27 revenue increased ~15% YoY to INR72.3b (in line). EBITDA grew ~26% YoY to INR9.0b (~8% beat). OPM expanded 1.1pp YoY to 12.5% (vs. est. of 11.8%).

Ipca Lab (IPCA) delivered a strong financial performance with 8%, 25%, and 34% beat on revenue, EBITDA and PAT, respectively in 1Q.

Indigo Paints (INDIGOPN) reported standalone revenue growth of 19% YoY (on a flat base), with double-digit value and volume growth.

Galaxy Surfactants (GALSURF) delivered a strong 1QFY27 performance, with EBITDA growing 2x YoY, while EBITDA/kg jumped 77% YoY to ~INR35, driven by strong performance in the US Specialty business, continued momentum in premium specialties, and a sharp recovery in India volumes.

Fujiyama Power Systems reported a strong quarter as EBITDA surged 2.4x YoY in 1QFY27. Growth was fueled by robust volume-led demand, aided by PM Surya Ghar Muft Bijli Yojana (PMSGMBY), expansion of its distribution network (covered Orissa and Uttarakhand) and improved aftersales capabilities.

Endurance Technologies’ (ENDU) 1QFY27 Adj. PAT stood at INR2.4b and missed our estimates. Standalone margins at 12.4% came in slightly below our estimate of 12.6%, while the European business posted 18.1% margins, which were ahead of our estimate of 17.5%.

Ashok Leyland’s (AL) 1QFY27 PAT at INR6b was 12% ahead of estimates. EBITDA margin fell 100bp YoY to 10.1% due to high commodity costs, though still 100bp ahead of our estimates.

Aditya Birla Real Estate (ABREL) reported pre-sales of INR3.3b in 1QFY27 (down 22% YoY, broadly in line), primarily due to the absence of new launches during the quarter.

KNR Constructions’ (KNRC) 1QFY27 revenue declined 9% YoY to ~INR4.3b (13% below our estimate). Reported EBITDA margin expanded 210bp YoY to 15% (vs our estimate of 10%), with EBITDA rising ~6% YoY to INR655m (vs our estimate of INR503m).

Bharat Dynamics (BDL)’s results were ahead of our estimates as the revenue scale-up has commenced with the Akash missile project. We expect further scale-up from both, the Akash and Astra Mk1 projects, to be visible from 2QFY27 onwards.

Apollo Hospitals (Apollo)’s Q1FY27 beat was led by addition of five new hospitals and improvement in operating performance of Healthco. Surge in occupancy by 500bps YoY to 70% (72% for established hospitals) accelerated hospital revenue growth to ~22% YoY.

GMR reported subdued pax growth of 1% YoY to 28.7mn amidst ~7% traffic growth at Delhi and 12% YoY traffic deceleration at Hyderabad.

Wabag reported a good set of numbers for Q1FY27, as its revenue grew 21% to INR 8.9bn, with EBITDA at INR 1.2bn, (+22% YoY).