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October 30, 2026 LATEST NEWS >> 3:02 PM First Cut: NFIL – Juggernaut continues – Top
Pick
>> 2:05 PM First cut: Intellect
Design Arena Q2FY27 results -
Revenue from operations grew 13.0% y-o-y and 1.2% q-o-q
to Rs 855.4 Cr, about 2.3% below our estimate of Rs 876.0 Cr. License-linked
revenue (Platform + License + AMC) rose about 8% y-o-y to Rs 457 Cr, while
implementation and services revenue grew roughly 19% y-o-y and drove most of
the growth. -
EBIT grew 12.7% y-o-y and 6.4% q-o-q to Rs 116.7 Cr,
broadly in line with our estimate of Rs 117.6 Cr. EBIT margin was 13.6%, flat
y-o-y (-4 bps) and up 66 bps q-o-q, and about 22 bps above our estimate of
13.4%. On a y-o-y basis, lower software development costs and R&E spend
were offset by a 22.3% rise in SG&A and a 22.2% rise in D&A. The
q-o-q margin gain came mainly from a 12.1% drop in R&E expenses. -
PAT grew 1.8% y-o-y and 2.0% q-o-q to Rs 104.1 Cr, in
line with our estimate of Rs 104.9 Cr. PAT margin was 12.2%, down 134 bps
y-o-y and up 9 bps q-o-q. PAT grew more slowly than EBIT because other income
fell 37.1% y-o-y to Rs 21.1 Cr and share of associates swung to a Rs 1.5 Cr
loss from a Rs 1.6 Cr profit last year. -
Business momentum: The company won 21 new customers, including 8 Destiny
Deals, and had 25 go-lives in the quarter. It also launched MSOCK, its
AI-native engineering system, which management says has sped up deliveries
for 250 clients. -
Cash and collections: Q2 collections were Rs 815 Cr vs Rs
753 Cr. LTM collections were Rs 3,282 Cr vs Rs 2,604 Cr, and cash rose to Rs
1,216 Cr from Rs 927 Cr.
TOP NEWS War update: Three tankers that caught fire
after hitting mines in the Strait of Hormuz had “turned off their radar and
navigation systems and were trying to leave the unauthorized southern route”
of the waterway, the navy of Iran’s Islamic Revolutionary Guard Corps (IRGC) says.
The navy added that another tanker had hit naval mines in the eastern Strait
of Hormuz. Two missiles fired by the Houthis towards the capital, Riyadh. Oil
prices Dec contract prices have reached $118 and Jan contracts also increased
to $112/barrel. Nasdaq has fallen by 1.5% due to weak performance of tech
stocks. Asian markets are all down due to tech down fall and gift nifty
indicates a flattish start with 38 points cut on bourses. Suzlon Energy : Q2FY27 profit plunged 69.2% YoY
to ₹394 crore, despite revenue rising 25.9% to ₹4,875 crore; EBITDA slipped
0.3% to ₹719 crore. Margin guidance cut to 15-16%. Negative KRN Heat exchanger: Q2FY27 revenue surged
110% YoY to ₹319 crore and PAT doubled to ₹36 crore, though EBITDA margin
contracted to 15.3% from 19.9%. Negative Vedanta power: Revenue Rs 2,908 Cr (+38%
YoY), EBITDA: Rs 421 Cr (+122% YoY),PAT: Rs 101 Cr (vs loss of ₹142 Cr YoY),
First-ever positive EPS: Rs 0.21, Power sales: 5,593 MU (+26% YoY), Net Debt/EBITDA
improved sharply to 4.47x (from 9.82x). Strong operational turnaround across
plants — Meenakshi Energy +111% volume growth, Jharsuguda availability surged
to 98%, and sustained performance at Talwandi Sabo. RBA: Q2FY27 consolidated revenue grew 20.1%
y-o-y to Rs. 844.8 crore, driven by 24.1% y-o-y growth in BK India and SSSG
of 14%, marking the second consecutive quarter of double-digit same-store
growth. Operating profit increased 55.1% y-o-y to Rs. 110.1 crore, while net loss
narrowed to Rs. 23.8 crore from Rs. 63.3 crore. Laurus Labs Ltd. reported a sharp rise in
consolidated net profit for the second quarter of fiscal 2027, with earnings
more than doubling year-on-year as revenue and operating profit grew. Net
profit rose 126.7% to Rs 442 crore in Q2FY27, compared with Rs 195 crore in
the year-ago quarter. Revenue increased 33.5% to Rs 2,206 crore from Rs 1,653
crore. EBITDA surged 86.3% to Rs 749 crore from Rs 402 crore a year earlier. The
company's EBITDA margin expanded to 34% from 24.3%, indicating a significant
improvement in operating profitability. GRSE: The Cabinet Committee on Security led
has cleared the Rs 40,000 crore project to build eight Next Generation
Corvettes for the Indian Navy. First mega project to have been cleared in the
recent times at the top level. MTAR Tech: Q2FY27 revenues grew 200% yoy to Rs 407 crore. Margins came in at 24.4% vs 12.5%.
Pat was at rs 60 crore up by 1310% yoy. Margin expansion to 24.4% reflects operating
leverage as clean-energy (fuel cells), nuclear and aerospace volumes ramp; in
line with FY27 guidance of ~24%. Order book visibility remains strong (Q1-end
~5,143 Cr / ~4.6x FY26 revenue) with recent NPCIL and international inflows
supporting multi-year execution. Company has guided ~80%+ FY27 revenue growth
(raised earlier) with EBITDA margins ~24% (±100 bps). Execution is tracking
ahead of the elevated guidance trajectory. The print reinforces the
multi-year growth thesis in nuclear, clean energy and aerospace/defence. Investment call First cut: Blue star, Q2FY2027 results
– Beat on expectations ·
Revenues
for Q2FY27 strongly grew by 21% yoy to Rs 2,931
crore ahead of our estimates . All the segments broadly grew in single
digits. ·
The
operating margins declined by 65bps to 6.9% vs our expectations of 6.5%.
Operating profit was higher by 11%. ·
PAT
was higher by 26% to Rs 124 crore. ·
View:
Bluestar had a upbeat on revenues
as well as margins. We shall review our earnings estimates and come out
with a detailed note post the conference call. Currently we have a Hold
rating on the stock. Results
(consolidated)
Rs
crore
First cut: Coal India Q2FY27 results -
In
Q2FY27, consolidated PAT rose 57.1% y-o-y to Rs. 6,547 crore but was down
26.0% q-o-q. Revenue from operations rose ~21% to Rs. 44,179 crore, driven by
higher FSA and e-auction volumes and realisations. Other income rose 24% to Rs.
2,654 crore. PBT rose 45.7% to Rs. 8,728 crore, and EBITDA rose 28% to Rs.
11,447 crore, despite a 17% rise in expenditure to Rs. 38,398 crore. -
Overall,
CIL coal production rose 4% year on year to 151.37 MT in Q2FY27, while
offtake rose 12% year on year to 186.34 MT. Overall average realisation
improved 7% y-o-y to Rs. 2,346.21/tonne. This was aided by a 4% rise in
e-auction realisation and a 51% jump in e-auction volumes. FSA volumes rose 12%
to 159.71 MT, and FSA realisation rose 4%.\EBITDA margin on revenue from
operations improved to 26% in Q2FY27, up from 24% a year earlier. It was,
however, well below the 31% seen in Q1FY27, due to a sharp rise in total
expenses. Contractual expenses rose 18% and other expenses rose 18%, led by
Rs. 1,535 crore higher rates and taxes. The company also made a Rs. 499 crore
NCWA wage provision -
Coal
inventory fell to 66.58 MT as on 30-09-2026, from 101.35 MT as on 30-06-2026,
a 34.77 MT drop. -
View: CIL Q2FY27 results show strong
year-on-year growth on a weak base, with PAT up 57% on 21% top-line growth
led by volumes. Sequentially, though, PAT fell 26%, and EBITDA margin
contracted ~510 bps as cost pressures intensified. We will review our
estimates and send a detailed note. Currently, we have a buy rating on the
stock.
First cut: Welspun Corp
Q2FY2027 - Revenue rose
6.2% YoY to Rs 4,643.72 crore from Rs 4,373.61 crore in Q2FY26, and 13.8% QoQ
from Rs 4,081.12 crore in Q1FY27. This growth came despite lower volumes in the
two largest businesses. By segment, Steel Products revenue grew 5.6% to Rs
4,462.47 crore and Others (incl. plastics) grew 21.1% to Rs 181.25 crore. The
plastics segment’s loss widened to Rs 43.51 crore from Rs 28.29 crore. Line
Pipes (India + USA) fell 22% YoY to 197 KMT and DI Pipes fell 29% to 56 KMT.
Stainless-Steel Bars & Pipes were flat at 8.8 KMT, while TMT Rebars rose
26% to 43 KMT. - EBITDA was Rs
782 crore, up 25% YoY from Rs 626 crore and the company’s highest quarterly EBITDA
ever. EBITDA margin expanded about 250 bps YoY to 16.8% from 14.3%. H1FY27
EBITDA grew 30% to Rs 1,538 crore, which is about 54% of the full-year FY27
guidance of Rs 2,850 crore. H1 revenue of Rs 8,724.84 crore is about 44% of
the FY27 revenue guidance of Rs 20,000 crore. - PAT
attributable to owners rose 13.4% YoY to Rs 498.56 crore from Rs 439.68
crore, with EPS of Rs 18.91 versus Rs 16.70. - View: Welspun Corp
posted record quarterly EBITDA with strong margin expansion and is well ahead
of its run-rate for FY27 EBITDA guidance. H2 needs only about Rs 1,312 crore,
or about Rs 656 crore a quarter, against Rs 782 crore achieved in Q2. The
revenue guidance is more demanding: H2 needs about Rs 11,275 crore, roughly
21% above the Q2 quarterly run-rate. Volumes fell across line pipes, DI pipes
and stainless steel in both Q2 and H1, so execution is the main watch point.
The three mega US orders (about Rs 26,700 crore combined) will execute only in
FY28–FY29, and management flags India DI pipe demand as under stress from Jal
Jeevan Mission funding constraints. The company is putting its cash to work
in new capacity. “We will review our estimates and will come out with a
detailed note. We currently have a bullish view on the stock. Results (consolidated)
Rs crore
First cut: V-Guard Industries (Standalone),
Q2FY2027 results – Robust performance, Beats estimates ·
Revenues
for Q1FY27 grew 39% yoy to Rs 1768 crore far beyond
our estimates. Revenue growth was backed by strong performance in Electronics
(60%), Electricals (41%), Consumer Durables (20%) business Sunflame (21%). ·
The
operating margins were up by 117 bps to 7.9% in line with our expectations.
PAT was higher by 43% yoy. ·
South
markets witnessed a growth of 37% where as non south markets grew by 12%. ·
View:
V-Guard had decent quarter. We
shall review our earnings estimates and come out with a detailed note post
the conference call. Currently we have a Buy rating on the stock. Results
(consolidated)
Rs
crore
Other News Ambuja Cements Q2FY27: Ambuja Cements (consolidated)
reported a weak Q2FY27. Revenue was flat at ₹9,197 crore (+0.2% YoY) and
volumes slipped 0.6% to 16.5 mt. Realisation rose just 0.8% to ₹5,574/t,
while total cost per tonne climbed 7.6% to ₹4,804, mainly because of higher
fuel prices (₹1.87 vs ₹1.60 per 1,000 kcal). As a result, EBITDA per tonne
fell 27.4% YoY to ₹770, and EBITDA margin fell 538 bps to 13.8%. The company
commissioned 4.6 MTPA during the quarter. It also announced 14 new projects
adding about 30 MTPA at a capex of about ₹14,500 crore, to be funded
internally, which will take capacity from 113.5 MTPA to 149 MTPA by FY29 and
155 MTPA by FY30. For H2FY27, management guided for: - high single-digit volume growth, ahead of
the industry - utilisation improving to about 75% from
61–62% - cost of ₹4,250/t for FY27 and ₹4,000/t by
FY28 - further price hikes after the ₹10/bag
increase in October - completion of the ACC and Orient Cement
merger within FY27 Afcons Infrastructure: The
company Secured two EPC orders worth a combined Rs. 3,469 crore in Uttar
Pradesh. The first is a Rs. 2,086 crore contract (excluding GST) to construct
a 24.5-km, six-lane Jewar Link Expressway
connecting Noida International Airport with the Yamuna and Ganga Expressways.
The second is a Rs. 1,383 crore contract for a 6.52-km underground stretch of
Lucknow Metro Phase-1B, including seven underground stations. With these
wins, Afcons’ fresh order inflows in FY27 have
reached Rs. 19,438 crore. Ashiana Housing: Entered into a
Joint Development Agreement (JDA) for a senior living project on 4.41 acres
in Sector 78, Gurugram. The project will have an estimated saleable area of
7.25 lakh sq. ft. and sales potential of approximately Rs. 1,300 crore. |
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