Stocks World

SKY GOLD & DIAMONDS: ADDED TO MSCI INDIA DOMESTIC SMALL CAP INDEX 💎📈 • Added to the MSCI India Domestic Small Cap Index, reflecting growing relevance in India’s listed small-cap universe. • Operating cash flow turned positive in the quarter, indicating improved working capital discipline. • Strengthening governance and management framework with structured leadership and robust financial processes. • Focus remains on lightweight & value-added jewellery and expanding its organised retail presence. • Asset-light manufacturing model supports efficient capacity scaling. • “Sky Gold 3.0” focus: sustainable growth, efficient capital deployment, stronger systems and deeper customer relationships.

L&T: SECURES ULTRA-MEGA OFFSHORE ORDER IN MIDDLE EAST 🚢🌍 • L&T Energy Hydrocarbon Offshore secured an Ultra-Mega order from a prestigious client in the Middle East. • Order involves development of multiple offshore facilities. • Scope includes engineering, procurement, construction, installation & commissioning (EPCIC) of offshore facilities. • Significant fabrication work will be executed at L&T’s integrated manufacturing and fabrication facilities. • Order classification: Ultra-Mega — ₹15,000 Cr+ • The project strengthens L&T’s presence in the Middle East offshore sector.

BCL INDUSTRIES GETS ADDITIONAL ETHANOL ALLOCATION FROM OMCs 📦 BCL Industries and subsidiary Svaksha Distillery received an additional 23.5 crore litres + 2.02 crore litres respectively for Q4 of Ethanol Supply Year 2025-26. 📈 Combined additional allocation stands at 25.52 crore litres of ethanol. 🏭 Following the additional allocation, total ESY 2025-26 allocation across BCL Industries, Svaksha Distillery and Reliance Industries stands at 151.11 crore litres. 🚚 Ethanol will be supplied to Oil Marketing Companies across various locations in India. 🟢 Impact: Positive — additional ethanol allocation strengthens order visibility and supports higher distillery utilisation.

Saatvik Solar Signs MoU with Odisha Government for 3.6 GW Phase II Cell Facility; Phase-I Cell & Module Plant Ready for Commissioning Saatvik Solar has signed an MoU with the Government of Odisha to establish a 3.6 GW solar cell manufacturing facility at Gopalpur, Ganjam district. Proposed facility is expected to create employment opportunities while contributing to the growth of Odisha's renewable energy manufacturing ecosystem. MoU builds on Saatvik Solar's ongoing manufacturing development at Gopalpur, with Phase I comprising 2.4 GW of cell and 4 GW of module manufacturing capacity, alongside the proposed 3.6 GW Phase II expansion. Development reinforces Saatvik Solar's long-term focus on expanding domestic manufacturing capabilities and building a more integrated and resilient solar value chain in Indian

ANTIQUE ON BHARAT DYNAMICS (BDL) BUY | Target: ₹1,597 (Unchanged) Strong Q1 beat — Revenue up 130.8% YoY, ahead of ₹300 Cr estimate. EBITDA turns positive at ₹83.1 Cr vs ₹45.4 Cr loss YoY. Order book provides strong ~6 years of revenue visibility. Robust order pipeline from QR-SAM, Astra & Akash missiles keeps growth outlook positive. Valuation maintained at 45x 1HFY29E EPS.

NIBE: ₹563 CR INDIAN ARMY ORDER FOR VAYUASTRA LOITERING MUNITION SYSTEM 🛡️ NIBE has signed a contract with the Indian Army for supply of the indigenous “Vayuastra” Loitering Munition System. 💰 NIBE secured the L2 vendor share worth ~₹563.35 crore, strengthening its defence order book. ⚡ Order awarded under the Fast Track Procurement (FTP) route, highlighting the Army’s focus on rapid induction of indigenous combat-ready systems. 🎯 Vayuastra is a man-portable, precision-guided loitering munition designed to engage high-value targets with minimal collateral impact. 🇮🇳 Contract strengthens NIBE’s position in indigenous defence manufacturing and supports Make in India & Atmanirbhar Bharat initiatives. 📈 Deliveries will commence according to the contractual schedule agreed with the Indian Army and are expected to contribute meaningfully to the defence order book. 🟢 Impact: Positive — Large ₹563 crore defence contract provides strong revenue visibility and further establishes NIBE in the growing loitering-munitions segment.

BALU FORGE: SECURES MULTI-MONTH ORDER FOR 155MM EXTENDED-RANGE ARTILLERY SHELLS 🛡️ Successfully commercialised and received its first purchase order from an Indian ammunition player for 155mm ERFB BB/BT shells. 📦 Initial pilot supply of 10,000 units, following which monthly supplies at mutually agreed quantities will commence. 🎯 ERFB BB shells can extend the range of 155mm artillery to around 48 km, compared with ~38 km for systems such as the 45-calibre Dhanush. ⚙️ Order validates Balu Forge’s advanced forging & machining capabilities and strengthens its position in the defence supply chain. 🏭 Company has already commercialised standard 152mm & 155mm M107 projectiles at its automated Belgaum facility and is now moving toward more sophisticated long-range ammunition. 🌍 Management sees potential from both Indian defence requirements and global markets, as the shells meet standard NATO specifications and are compatible with key artillery platforms. 🟢 Impact: Positive — First order followed by recurring monthly supplies opens a new defence revenue stream and supports Balu Forge’s strategy of moving into higher-value, technologically advanced products.

*Corporate Actions* Dhoot Transmission is set to make stock market debut today, August 17. The issue price is fixed at Rs. 871 per share. Molbio Diagnostics is set to make stock market debut today, August 17. The issue price is fixed at Rs. 807 per share. GTV Engineering has approved issue of Bonus Shares in the ratio of 2:1 i.e., 2 new bonus equity shares for every 1 existing equity share held, subject to necessary approvals. Gujarat Natural Resources has approved Sub-division/ Split of equity shares, such that 1 Equity Share of Rs. 10/- each be Sub-divided / Split into 10 Equity Shares having face value of Rs. 1/- each, subject to necessary approvals. Knowledge Marine & Engineering Works has approved Sub-division/ Split of equity shares, such that 1 Equity Share of Rs. 5/- each be Sub-divided / Split into 5 Equity Shares having face value of Rs. 1/- each, subject to necessary approvals. *Dividend* *17-Aug-26* YSL: Final Dividend - Rs. - 500.00 PLASTIBLEN: Final Dividend - Rs. - 3.00 BANDHANBNK: Dividend - Rs. - 1.50 DELTACORP: Final Dividend - Rs. - 0.50 HUDCO: Final Dividend - Rs. - 1.50 SKFINDUS: Interim Dividend - Rs. - 20.00 HISARMETAL: Final Dividend - Rs. - 1.00 PANAMAPET: Dividend - Rs. - 3.00 FABTECH: Final Dividend - Rs. - 0.60 ICIL: Final Dividend - Rs. - 1.50 MANAPPURAM: Interim Dividend - Rs. - 1.00 NBCC: Interim Dividend - Rs. - 0.15 SILVERTUC: Final Dividend - Rs. - 0.10 *18-Aug-26* TOTEM: Interim Dividend - Rs. - 5.00 ECOSMOBLTY: Final Dividend - Rs. - 2.38 MGL: Final Dividend - Rs. - 18.00 INDGELA: Final Dividend - Rs. - 6.00 ELIXIR: Final Dividend - Rs. - 1.25 VRL: Final Dividend - Rs. - 2.00 SUNTV: Interim Dividend - Rs. - 5.00 ROSSELLIND: Dividend - Rs. - 0.40 STYL: Final Dividend - Rs. - 2.50 SAFE: Final Dividend - Rs. - 0.75 ROUTE: Final Dividend - Rs. - 2.00 RVNL: Final Dividend - Rs. - 0.71 BOMOXY-B1: Final Dividend - Rs. - 25.00 SYRMA: Final Dividend - Rs. - 1.50 NGLFINE: Final Dividend - Rs. - 1.75 *19-Aug-26* CESC: Interim Dividend - Rs. - 6.00 BATAINDIA: Interim Dividend - Rs. - 25.00 LGBBROSLTD: Final Dividend - Rs. - 22.00 HONDAPOWER: Final Dividend - Rs. - 23.00 JKPAPER: Final Dividend - Rs. - 4.00 GULFPETRO: Final Dividend - Rs. - 0.50 FOSECOC: Final Dividend - Rs. - 12.50 PAGEIND: Interim Dividend - Rs. - 200.00 JAYBARMARU: Final Dividend - Rs. - 0.70 TAMBOLIIN: Dividend - Rs. - 1.20 PRITHVIEXCH: Final Dividend - Rs. - 0.50 KOVAI: Final Dividend - Rs. - 15.00 FLAIR: Final Dividend - Rs. - 0.50 CUBEINVIT: Income Distribution (InvIT) *IPO* Lalithaa Jewellery Mart: Open: 17-Aug-26; Close: 19-Aug-26 Horizon Industrial Parks: Open: 17-Aug-26; Close: 19-Aug-26 Sunshine Pictures: Open: 18-Aug-26; Close: 20-Aug-26 Shankesh Jewellers: Open: 18-Aug-26; Close: 20-Aug-26 Gaja Alternative Asset Management: Open: 19-Aug-26; Close: 21-Aug-26 Skyways Air Services: Open: 24-Aug-26; Close: 26-Aug-26 *Buyback - Tender Offer* Industrial Investment Trust: Ex-Date: 18-Aug-26 *Buyback - Open Market* SIS: Open: 13-Aug-26; Close: 20-Aug-26 Advanced Enzyme Technologies: Open: 14-Aug-26; Close: 20-Aug-26 *Bonus Issue* Bizotic Commercial: Bonus Issue 5:1; Ex-Date: 17-Aug-26 Organic Recycling Systems: Bonus Issue 1:2; Ex-Date: 20-Aug-26 Mayank Cattle Food: Bonus Issue 1:1; Ex-Date: 24-Aug-26 *Stock Split* Kirloskar Pneumatic Co: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 18-Aug-26 Spice Islands Industries: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 28-Aug-26 *Right Issue* Minolta Finance: Open: 01-Aug-26; Close: 20-Aug-26 Genesys International Corp.: Open: 14-Aug-26; Close: 21-Aug-26 Shanti Gold International: Open: 14-Aug-26; Close: 21-Aug-26

*Forthcoming Event* 17th August: Atal Realtech, Capital Infra Trust, Fineotex Chemical, Gamco to consider Fund Raising 18th August: IGIL, JMJFIN, PICCADIL, SIGMA, SGFRL to consider Dividend; Kairosoft Ai Solutions to consider Stock Split & Fund Raising; Balkrishna Industries, Bharat Petroleum Corporation, EFC (I) to consider Fund Raising 19th August: Aditya Infotech, GP Petroleums, Homre, Safa Systems & Technologies, Wheels India to consider Fund Raising 20th August: Steelman Telecom, Supreme Engineering to consider Fund Raising 21st August: SWANAGRO to consider Dividend

*Stocks in Action:* *Honasa Consumer Ltd:* Honasa Consumer delivered a strong Q1FY27 performance, with revenue rising 31.8% YoY to Rs. 785 crore and EBITDA more than doubling to Rs. 110 crore, translating into a healthy 14.1% margin. PAT reached a record Rs. 90 crore, highlighting continued operating leverage as the business scales. Growth remained broad-based, with Focus Categories expanding over 35% and stronger traction across General Trade, Modern Trade and e-commerce, while offline distribution expanded to ~3 lakh FMCG outlets. Mamaearth accelerated to high-teens growth, led by its Focus Categories, while The Derma Co. crossed Rs. 1,000 crore in NSV ARR and entered the teens EBITDA margin bracket, strengthening Honasa’s portfolio of scaled brands. Younger Brands also grew over 40%, with BBlunt, Staze and other emerging franchises gaining traction. BTM Ventures crossed Rs. 150 crore ARR and continues to expand beyond South India. *Positive on Honasa Consumer given broad-based brand growth, improving profitability, strengthening offline distribution and increasing contribution from younger brands.* *LG Electronics India Ltd:* LG Electronics India delivered a strong Q1FY27 performance, with revenue rising 15.5% YoY to Rs. 7,233 crore, while EBITDA grew 26.2% to Rs. 904 crore, driving margin expansion of 106bps to 12.5%. PAT increased 27.2% to Rs. 653 crore, reflecting healthy operating leverage and premiumisation. Growth was broad-based across categories, with Home Entertainment revenue rising 22.3%, led by large-screen and premium television demand, while EBIT margin expanded sharply by 336bps to 19%. Home Appliances & Air Solution grew 13.6%, supported by strong summer demand and premium upgrades, with margins remaining resilient despite commodity and currency headwinds. The company’s two-track strategy of premiumisation and deeper penetration through the LG Essential range is gaining traction, while B2B and exports provide additional growth avenues. New capacity at Sri City should further support domestic and overseas demand. *Positive on LG Electronics India given broad-based growth, premiumisation-led margin expansion, strengthening B2B and export opportunities, and incremental capacity coming on stream.*

*Electrotherm:* Company reported Q1 FY27 net profit of Rs. 6.9 crore against Rs. 27.8 crore YoY. Revenue stood at Rs. 913 crore against Rs. 834 crore YoY. (Negative) *Easytrip:* Company reported Q1 FY27 net loss of Rs. 11.7 crore against profit Rs. 1.3 crore YoY. Revenue stood at Rs. 134 crore against Rs. 113 crore YoY. (Negative) *DCAL:* Company reported Q1 FY27 net loss of Rs. 57.9 crore against profit Rs. 23.4 crore YoY. Revenue stood at Rs. 678 crore against Rs. 708 crore YoY. (Negative) *Bannari Amman:* Company reported Q1 FY27 net loss of Rs. 10.9 crore against profit Rs. 15.3 crore YoY. Revenue stood at Rs. 172 crore against Rs. 419 crore YoY. (Negative) *Kitex:* Company reported Q1 FY27 net loss of Rs. 9 crore against profit Rs. 21 crore YoY. Revenue stood at Rs. 158 crore against Rs. 196 crore YoY. (Negative) *PB Fintech:* IRDAI issues a show-cause notice to arm Policybazaar Insurance (Negative)

*Rajesh Exports:* Company reported Q1 FY27 net Profit at Rs. 47.2 crore vs loss Rs. 9.5 crore YoY. Revenue at Rs. 2.4 lakh crore vs Rs. 1.31 lakh crore YoY. (Neutral) *Alpex Solar:* Company reported Q1 FY27 net profit of Rs. 40.0 crore against Rs. 42.0 crore YoY. Revenue stood at Rs. 503 crore against Rs. 380 crore YoY. (Neutral) *MM Forging:* Company reported Q1 FY27 net profit of Rs. 34.1 crore against Rs. 19.3 crore YoY. Revenue stood at Rs. 420 crore against Rs. 358 crore YoY. (Neutral) *Allcargo:* Company reported Q1 FY27 net loss of Rs. 28 crore against Rs. 87 crore YoY. Revenue stood at Rs. 3522 crore against Rs. 3330 crore YoY. (Neutral) *GMR Power:* Company reported Q1 FY27 net loss of Rs. 35 crore against Rs. 7 crore YoY. Revenue stood at Rs. 1705 crore against Rs. 1648 crore YoY. (Neutral) *Bank of India:* Bank appoints Vineet Srivastava as CFO. (Neutral) *ADF Foods:* Ascot appeals a US court ruling against the company's arm; no stay granted on the injunction or monetary judgment. (Neutral) *Adani Energy:* Company acquires 100% stake in Vizag Power Transmission from REC Power at ₹10 per share. (Neutral) *ICICI Bank:* Seeks to raise $1.45 billion loan from a BofA-led consortium (Neutral) *Oil Refining stocks:* Government Cuts Windfall Gains Tax on Exports of Petrol, Diesel, Aviation Fuel; Reduced Rates. (Neutral) *UPL:* Company’s arm Advanta to acquire Hytech Egypt for $110 Mn (Neutral) *Aditya Infotech:* Company to Consider equity fundraising on August 19. (Neutral) *Knowledge Marine:* Company approves subdivision of one equity share into five shares. (Neutral) *Kitex Garments:* Company approves fundraising of up to Rs. 3,000 crore via QIP. (Neutral) *Dr.Reddy's Labs:* US FDA issues 4 observations to Bachupally unit. (Neutral) *JSW Dulux:* Krishna Rallapalli resigns as CFO with effect from October 14. (Neutral) *Neuland Laboratories:* US FDA issues Form 483 with one observation for the company's Telangana manufacturing facility. (Neutral) *Sterlite Technologies:* Department of Telecommunications issues a demand notice for Rs. 8.56 crore against Sterlite Technologies, alleging violation of the terms. (Neutral) *Embassy REIT:* A unitholder is seeking to sell a USD 189 million stake in a block deal. (Neutral) *Tenneco Clean:* Promoter entity Tenneco Mauritius Holdings sold of 5.06 crore shares in the company. (Neutral) *Cochin Shipyard:* Q1 SL Net Profit at Rs. 136 crore vs Rs. 188 crore YoY. Revenue at Rs. 910 crore vs Rs. 980 crore YoY. (Negative) *Kilburn Engineering:* Q1 Consolidated Net Profit at Rs. 13.1 crore vs Rs. 21.3 crore YoY. Revenue at Rs. 117 crore vs Rs. 130 crore YoY. (Negative) *Schneider Electric Infrastructure:* Q1 SL Net Profit at Rs. 12.4 crore vs Rs. 41.2 crore YoY. Revenue at Rs. 650 crore vs Rs. 622 crore YoY. (Negative) *FACT:* Company reported Q1 FY27 net loss of Rs. 65 crore against Rs. 4.3 crore YoY. Revenue stood at Rs. 1253 crore against Rs. 1043 crore YoY. (Negative) *Saatvik Green:* Company reported Q1 FY27 net Profit of Rs. 5.5 crore against Rs. 117.0 crore YoY. Revenue stood at Rs. 511 crore against Rs. 916 crore YoY. (Negative) *Ahluwalia:* Company reported Q1 FY27 net profit of Rs. 10.4 crore against Rs. 69.6 crore YoY. Revenue stood at Rs. 1125 crore against Rs. 1004 crore YoY. (Negative) *NIBE:* Company reported Q1 FY27 net loss of Rs. 12.0 crore against profit Rs. 1.0 crore YoY. Revenue stood at Rs. 63 crore against Rs. 83 crore YoY. (Negative) *Mamata Machinery:* Company reported Q1 FY27 net loss of Rs. 3.5 crore against profit Rs. 2.7 crore YoY. Revenue stood at Rs. 36 crore against Rs. 38.6 crore YoY. (Negative) *Responsive Ind:* Company reported Q1 FY27 net profit of Rs. 2.7 crore against Rs. 49.9 crore YoY. Revenue stood at Rs. 192 crore against Rs. 338 crore YoY. (Negative) *Ravindra Energy:* Company reported Q1 FY27 net profit of Rs. 1.6 crore against Rs. 22.2 crore YoY. Revenue stood at Rs. 120 crore against Rs. 181 crore YoY. (Negative)

*Mahindra & Mahindra:* Company unveils the Global Pik Up, with the Scorpio-based lifestyle pickup set to launch by April 2027. (Positive) *Reliance Industries:* Company and Rolls Royce announce a strategic partnership to jointly design, develop, manufacture and deliver an indigenous combat engine for India’s AMCA programme. (Positive) *Eicher Motors:* Company launches the updated Continental Royal Enfield GT 650 with a starting price of ₹3.58 lakh. (Positive) *BEML:* Company received USD 6.65 Mn order from Mauritius. (Positive) *Voltas:* JV with Atomberg for AC compressor manufacturing (Positive) *Nibe:* Company has secured Rs. 563 crore order from Indian Army. (Positive) *Texmaco Rail:* Company executes a pact with Texmaco Defence and Vagus Defence Technologies for investment of up to Rs. 200 crore in Texmaco Defence. (Positive) *CG Power/ Kaynes/ Dixon/ Moschip:* India PM said that more fabrication plants planned+ five to eight more plants were expected to be established in the coming years. (Positive) *BEL/ HAL/ Solar Ind:* India PM announced civil defence reform and defence manufacturing push. (Positive) *NIIT, NIIT Learning, Aptech:* India PM announced said that one crore youth to be trained in AI over the next year. (Positive) *TVS Motor:* Company launches TVS Orbiter electric scooter in Sri Lanka. (Positive) *Lux Industries:* Q1 Net Profit at Rs. 23.1 crore vs Rs. 23.3 crore YoY. Revenue at Rs. 604 crore vs Rs. 600 crore YoY. (Neutral) *TurtleMint:* Q1 FY27 Net Loss stood at Rs. 37.8 crore vs Loss of Rs. 46.7 crore YoY. Revenue stood at Rs. 294.1 crore vs Rs. 210.07 crore YoY, up 40%. (Neutral) *UFLEX:* Q1 Net Profit at Rs. 64 crore vs Rs. 57 crore YoY. Revenue at Rs. 5366 crore vs Rs. 3900 crore YoY. (Neutral) *Belrise:* Q1 Net Profit at Rs. 122 crore vs Rs. 112 crore YoY. Revenue at Rs. 2546 crore vs Rs. 2262 crore YoY. (Neutral) *Max Estate:* Q1 Net Profit at Rs. 8.4 crore vs Rs. 11.9 crore YoY. Revenue at Rs. 52 crore vs Rs. 51 crore YoY. (Neutral) *Jupiter Wagons:* Q1 Net Profit at Rs. 28.3 crore vs Rs. 32.7 crore YoY. Revenue at Rs. 670 crore vs Rs. 459 crore YoY. (Neutral) *NMDC:* Q1 Net Profit at Rs. 6795 crore vs Rs. 6738 crore YoY. Revenue at Rs. 2005 crore vs Rs. 1967 crore YoY. (Neutral) *Borosil:* Q1 Net Profit at Rs. 13 crore vs Rs. 17 crore YoY. Revenue at Rs. 254 crore vs Rs. 233 crore YoY. (Neutral) *Zaggle:* Q1 Net Profit at Rs. 18 crore vs Rs. 26 crore YoY. Revenue at Rs. 423 crore vs Rs. 332 crore YoY. (Neutral) *Lux Ind:* Q1 Net Profit at Rs. 22 crore vs Rs. 24 crore YoY. Revenue at Rs. 604 crore vs Rs. 601 crore YoY. (Neutral) *Tube Investment:* Q1 SL Net Profit at Rs. 169 crore vs Rs. 199 crore YoY. Revenue at Rs. 6215 crore vs Rs. 5309 crore YoY. (Neutral) *POCL:* Q1 Consolidated Net Profit at Rs. 6.2 crore vs Rs. 11.3 crore YoY. Revenue at Rs. 466 crore vs Rs. 372 crore YoY. (Neutral) *Western carriers:* Company reported Q1 FY27 Net profit at Rs 8.7 Cr Vs Rs 10.7 Cr, Revenue at Rs 464 Cr Vs Rs 415 Cr YoY (Neutral) *Jindal Poly:* Company reported Q1 FY27 net profit of Rs. 108 crore against Rs. 36.8 crore YoY. Revenue stood at Rs. 695 crore against Rs. 1083 crore YoY. (Neutral) *Suraj Estate:* Company reported Q1 FY27 net profit of Rs. 22.8 crore against Rs. 21.3 crore YoY. Revenue stood at Rs. 144 crore against Rs. 132 crore YoY. (Neutral) *Apeejay:* Company reported Q1 FY27 net profit of Rs. 11.5 crore against Rs. 13.4 crore YoY. Revenue stood at Rs. 167 crore against Rs. 154 crore YoY. (Neutral) *Rama Steel:* Company reported Q1 FY27 net profit of Rs. 5.5 crore against Rs. 5.0 crore YoY. Revenue stood at Rs. 223 crore against Rs. 268 crore YoY. (Neutral) *Amines & Plasticizers:* Company reported Q1 FY27 net profit of Rs. 9.4 crore against Rs. 7.4 crore YoY. Revenue stood at Rs. 150 crore against Rs. 140 crore YoY. (Neutral) *Solar World:* Company reported Q1 FY27 net Profit at Rs. 9.5 crore vs Rs. 12.9 crore YoY. Revenue at Rs. 168 crore vs Rs. 68 crore YoY. (Neutral)

*Stocks in News* *Rubicon Research:* Q1 Net Profit at Rs. 84.8 crore vs Rs. 43.3 crore YoY. Revenue at Rs. 530 crore vs Rs. 350 crore YoY. (Positive) *PTC Industries:* Q1 Net Profit at Rs. 29 crore vs Rs. 5.2 crore YoY. Revenue at Rs. 192 crore vs Rs. 97 crore YoY. (Positive) *Patanjali Foods:* Q1 Net Profit at Rs. 335 crore vs Rs. 180 crore YoY. Revenue at Rs. 11337 crore vs Rs. 8766 crore YoY. (Positive) *Puravankara:* Q1 Net Profit at Rs. 25.2 crore vs Loss of Rs. 68.5 crore YoY. Revenue at Rs. 850 crore vs Rs. 520 crore YoY. (Positive) *IZMO Ltd:* Q1 Net Profit at Rs. 12.2 crore vs Rs. 6 crore YoY. Revenue at Rs. 65.4 crore vs Rs. 56.5 crore YoY. (Positive) *PVP Ventures:* Q1 Net Profit at Rs. 12.1 crore vs Rs. 0.3 crore YoY. Revenue at Rs. 45.6 crore vs Rs. 17.2 crore YoY. (Positive) *Knowledge Marine & Engineering Works:* Q1 Net Profit at Rs. 61.7 crore vs Rs. 11.1 crore YoY. Revenue at Rs. 115 crore vs Rs. 48.5 crore YoY. (Positive) *Voltas:* Q1 Net Profit at Rs. 214 crore vs Rs. 140 crore YoY. Revenue at Rs. 4,623 crore vs Rs. 3,938 crore YoY. (Positive) *PhysicsWallah:* Q1 SL Net Loss at Rs. 22.9 crore vs Loss of Rs. 126 crore YoY. Revenue at Rs. 930 crore vs Rs. 694 crore YoY. (Positive) *Kwality Walls:* Q1 Net Profit at Rs. 50.7 crore vs Rs. 37.6 crore YoY. Revenue at Rs. 871 crore vs Rs. 744 crore YoY. (Positive) *Reliance Infra:* Q1 Net Profit at Rs. 371 crore vs Rs. 59.8 crore YoY. Revenue at Rs. 6344 crore vs Rs. 5901 crore YoY. (Positive) *CIAN Agro:* Q1 Net Profit at Rs. 150 crore vs Rs. 52.2 crore YoY. Revenue at Rs. 590 crore vs Rs. 510 crore YoY. (Positive) *NMDC Steel:* Q1 Net Profit at Rs. 55.2 crore vs Rs. 25.6 crore YoY. Revenue at Rs. 3660 crore vs Rs. 3365 crore YoY. (Positive) *Brightcom Group:* Q1 SL Net Profit at Rs. 260 crore vs Rs. 210 crore YoY. Revenue at Rs. 1750 crore vs Rs. 1451 crore YoY. (Positive) *Panorama:* Q1 Net Profit at Rs. 12.7 crore vs Rs. 3.5 crore YoY. Revenue at Rs. 183 crore vs Rs. 136 crore YoY. (Positive) *Expleo:* Q1 Net Profit at Rs. 34 crore vs Rs. 20 crore YoY. Revenue at Rs. 291 crore vs Rs. 259 crore YoY. (Positive) *Arihant Foundation:* Q1 Net Profit at Rs. 24.1 crore vs Rs. 16.4 crore YoY. Revenue at Rs. 134 crore vs Rs. 83 crore YoY. (Positive) *Elpro International:* Q1 Net Profit at Rs. 116 crore vs Rs. 74 crore YoY. Revenue at Rs. 138 crore vs Rs. 99 crore YoY. (Positive) *Blue Cloud:* Q1 Net Profit at Rs. 18.0 crore vs Rs. 14.4 crore YoY. Revenue at Rs. 292 crore vs Rs. 206 crore YoY. (Positive) *Kingfa:* Q1 Net Profit at Rs. 80.2 crore vs Rs. 39.8 crore YoY. Revenue at Rs. 689 crore vs Rs. 461 crore YoY. (Positive) *Gufic Bio:* Q1 Net Profit at Rs. 22 crore vs Rs. 13 crore YoY. Revenue at Rs. 260 crore vs Rs. 223 crore YoY. (Positive) *Afcom:* Q1 Net Profit at Rs. 39.2 crore vs Rs. 21.1 crore YoY. Revenue at Rs. 176 crore vs Rs. 119 crore YoY. (Positive) *Rolex Rings:* Mirae Asset Mutual Fund bought 9.30 lakh shares at Rs. 178.59 per share. (Positive) *Indigo Paints:* HDFC Mutual Fund bought 5.81 lakh shares at Rs. 1,173.26 per share. (Positive) *Juniper Green:* Company awarded LOA by Solar Energy Corporation of India to set up a 230 MW Firm and Dispatchable Renewable Energy (FDRE) round-the-clock project connected to the Inter-State Transmission System in India. (Positive) *DCW:* Operations resume at the Gujarat plant after temporary suspension. (Positive) *Jaykay Enterprises:* Company reappoints Abhishek Singhania as CMD and Partho Pratim Kar as Joint MD. (Positive) *CESC:* Company secures a 70 MW power supply order from SECI for 25 years at Rs. 5.25/kWh. (Positive) *Shukra Pharmaceuticals:* Company entered into a term sheet for a strategic JV with Borns Medical Robotics to design, manufacture and distribute AI-enabled surgical robotic systems in India and APAC. (Positive) *Kalpataru Projects International:* Company secured new orders/Notification of Awards worth approximately Rs. 3,526 crore (Positive) *Vedanta:* Company was declared the successful bidder for the Punnam Manganese Block through e-auction (Positive)

CLSA ON IGL | OUTPERFORM | TARGET ₹195 Q1FY27 Assessment - Standalone PAT missed estimates by 14%. - Unit margin missed estimates by 7%. - Volumes were 1% ahead of forecasts. - Unit margin hit a record low. - EBITDA fell to a five-year low. Margin Outlook - Management retained ₹7/scm long-term EBITDA guidance. - No near-term margin guidance provided. - Margin recovery remains a key monitorable. Earnings Estimates - FY27 EPS estimate cut by 16%. - FY28 EPS estimate cut by 7%. - Target price reduced to ₹195.

NOMURA ON IGL | DOWNGRADE TO NEUTRAL | TARGET ₹155 Broker View - Rating downgraded to Neutral. - Target price stands at ₹155. - IGL remains least preferred among CGDs. Volume Outlook - Delhi EV policy could pressure CNG volumes. - Volume growth remains a key concern. - 1QFY27 performance came below estimates. Margin Outlook - 1QFY27 margins disappointed. - Margins may remain under pressure in Q2. - Volume and margin pressures remain key risks. Valuation - Stock trades at 12.8x FY28F EPS. - Historical one-year-forward average stands at 18.6x.

NOMURA ON M&M | BUY | TARGET ₹4,875 New Launches - M&M unveiled global pick-up and refreshed BE6. - New Lifestyler targets international markets. - Refreshed BE6 gets additional features. - Software-defined vehicle capabilities strengthen proposition. - Lifestyler positioned competitively in India. Global Pick-up Opportunity - Global addressable market around 1 Mn units annually. - Hilux, Ranger and D-Max are key models. - 3–5% global share implies 30–50k units annually. - Export opportunity could become meaningful. Key Monitorables - Global competition remains intense. - Customer acceptance of Indian brands remains crucial. - Execution across international markets remains important. Valuation - M&M currently trades at 12.8x EV/EBITDA. - Nomura maintains Buy rating. - Target price stands at ₹4,875.

JEFFERIES ON VOLTAS Target *1,580 Earlier Target ₹1,530 Recommendation Accumulate KEY TAKEAWAYS RAC market share gained sharply to 17.3% from 15.9%, with volumes up 44% and channel inventory normalised to ~4 weeks Voltas plans a 50:50 JV with Atomberg to manufacture ~2.5mn RAC compressors over 1.5-2 years, aimed at securing supply amid import restrictions

JEFFERIES ON JSW CEMENT Target ₹150 Recommendation Accumulate Q1 EBITDA missed estimates dragged by steep losses at the new Nagaur plant and weaker GGBS mix Overall volumes grew 15% YoY, led by 26% cement growth; ex-North Cement EBITDA grew 4% YoY with EBITDA/t improving QoQ Nagaur utilization is ramping rapidly, with management targeting EBITDA breakeven by Sep-26

DAM Capital on Solar Industries Raise FY27E/FY28E earnings estimates by 8%/15% Target price to ₹22,000/sh from ₹19,100/sh Value the stock at 60x FY28E earnings Reason: Improving visibility on new order inflows across both existing and new products