October 30, 2026

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.