Transformers And Rectifiers Gets LoI For A Project Worth ₹100-500 Cr From APTRANSCO

• Demand Sentiment Is Strong Right Now
• Confident Of Maintaining 19-21% EBITDA Margin Even If Input Costs Remain Elevated
• See Strong Growth From The Athleisure Segment
• Spend 4-5% Of Net Revenue On Marketing Spends, Could See Higher Spends In Athleisure
• Consumer Data Platform Is Live Since Feb 26, Expect It To Be A High-gestation Proj
• Going Ahead, Expect Significant Intelligence From The Consumer Data Platform
• Expect Marvel/Disney Licence To Start Contributing To Rev FY28 Onwards
• See Significant Interest In Opening Excl Brand Outlets
• Royalty Rate With Jockey Will Continue To Remain At 5%
• No Export Exposure In UK/EU Yet, FTA Opens Up Opportunities For Us
• Don’t See Any Challenges With Third Party Logistics Despite Of Disruptions In Q1

• Future Growth Could Probably Be Higher Than Past
• Full Depreciation Of Assets, Lower Finance Costs Will Further Expand PAT
• Will See Over 50% PAT Growth Going Forward
• Will Continue To Add Pallets At Higher Rate Than Earlier
• Container Biz Will Be >24% Of Sales Vs 14% 2 Years Ago

• Our Deposit Growth Was In Double-digits, More Focused On Deposits Now
• Our Reliance On Bulk Deposits Was On The Higher Side, Working To Replace It W/ Retail Deposits
• Have Tgt Of $2.3-2.5 Bn Across FCNR(B) Deposits, OFC & ECBs, Already Achieved $2 Bn+ Tgt
• Do Not Want To Revise Our 11-12% Growth Guidance
• We Are Also Performing Well In The Retail, Agri, & MSME Sectors

• Printed circuit board margin to rebound Q3 if copper price stable
• To achieve FY27 guidance for electronics mgmt svcs segment
• Got permission to reconstruct UP facility that saw fire mishap
• Margin pressure to sustain through H1FY27
• Clarity on revenue share of Oppo likely in 15-20 days

• `500 Cr Fund Raise Via QIP Will Be Utilised To Repay Debt
• 2 Months Of Dalco GFT Are Showing In Q1 Results
• Textiles Biz To Grow In High Single-digit, Mid-teens For Garmenting
• Advanced Materials Biz To Grow By 20% YoY
• Targeting `1,000 Cr Revenue, 16% EBITDA Margin In FY27
• Will See Recovery In Textiles Biz Margin In H2
• Adv Materials Biz To Become A Larger Part Of Biz, 30% Now With Dalco-GFT Acqn
• Will Compensate For Margin Loss In Textile With Volume Growth

• Profit (GU) 14% At `38.6 Cr Vs `34.0 Cr (YoY)
• Revenue (GU) 35% At `655.0 Cr Vs `485.8 Cr (YoY)
• EBITDA (GU) 31% At `162.4 Cr Vs `124.3 Cr (YoY)
• Margin At 24.8% Vs 25.6% (YoY)

Board Approves Appointment Of Deepak Sapra As CEO Of The Company

Alert: Deepak Sapra Currently Serves As CEO–API & Services At DRL

• Q2 Is Turning Out To Be Better Than What We Thought
• Last Aug 15 GST Changes Were Announced & Implemented Later, Caused Confusion
• Focused On Increasing Localisation, Reduce Pressure Of Commodity Costs & Forex Changes
• Confident That We Can Deliver Better Results Going Ahead
• Exporting To 65 Countries Now Vs 47 Countries At The Time Of IPO
• Will Expand Exports Further Going Ahead

Tata Motors PV declines over 4% after JLR drags Q1 earnings, ApexFrozen surges over 16% on strong Q1

• The Probability Of UltraTech Paying The Royalty Is High
• Recent MMDR Bill Is Positive For The Sector
• JSW Cement’s North Operations Seem To Be Doing Well & Is A Positive
• Positive On UltraTech & JK Cement In The Industry
• Positive On Ambuja But Will Monitor Capex Delays Comes
• Have A Sell On Ramco Cements Due To Slower Capex

Sources Say

Airbus Says:

• Aircraft Briefly Lost Control Of Elevators & Ailerons For Around 4 Seconds
• Hydraulic Pressure Was First Lost In Green System, Followed By Blue & Yellow Systems
• Loss Of Hydraulic Pressure Temporarily Affected Aircraft’s Elevators & Ailerons
• Autopilot Disconnected, Pilots Applied Full Nose-Down Input To Recover Aircraft
• Hydraulic Systems Recovered Within Seconds, Restoring Control Of The Aircraft
• Airbus Asks Air India To Conduct Detailed Checks Of Hydraulic Pressure Switches & Sensors
• Airbus Preliminary Assessment Does Not Establish The Root Cause, Further Checks Recommended

• Shares of Galaxy Surfactants Ltd surged dramatically in morning trade today
• Shares rallied over 20% following sharp buying
• The stock opened at ₹2,412.50 against its previous close of ₹2,078.00.
• During the morning session, it hit a high of ₹2,508.40
• Stock has gained 20.71% (+₹430.40) from the previous close of ₹2,078.00.
• Shares have gained ~22.8% over the past month (30 days).
• Shares are trading at a new 52-week high of ₹2,508.40
• Shares are trading 66.12% above the 52-week low of ₹1,510.00.
• Morning trading volume stands at 0.08 lakh shares (8,465 shares)
• The stock has closed in the green in 7 out of the last 10 trading sessions.
• Biggest single-day gain in 2026

Galaxy Surfactants hits upper circuit in opening hour of trade after Mgmt tells CNBC-TV18: ‘Raise FY27 EBITDA/mt guidance from ₹19,000-21,000/mt To ₹24,000-25,000/mt’

Galaxy Surfactants’ management has increased its full-year profit forecast following a more than twofold increase in its net income for the latest quarter, reaching ₹166 crore. The company now anticipates an EBITDA of ₹24,000-25,000 per tonne, a rise from the previous estimate of ₹19,000-21,000. The stock surged by over 15% at the market’s opening on Friday, shortly after an interview aired on CNBC-TV18.

Read More

Market opens flat for the third straight day, Nifty below 24,400

Sudeep Shah, Head of Technical and Derivative Research, SBI Securities

• Buy 360 One WAM with a stop loss of ₹1,130 and a target of ₹1,240-1,270
• Buy L&T with a stop loss of ₹4,020 and a target of ₹4,140-4,180

Here’s a list of stocks in focus going into trade today

Here’s a list of stocks in focus going into trade today

Here’s a list of stocks in focus going into trade today

K. Natarajan, Galaxy Surfactants On CNBC-TV18

• See FY27 Volume Growth At 6-8%, Expect A Strong Finish
• No One-offs In EBITDA, EBITDA Per Million Tonne Rises To ₹24,000-25,000 From ₹19,000-21,000
• Volume Growth In Q2 Should Be Positive On Both, YoY & QoQ Basis
• Raises FY27 EBITDA/mt Guidance From ₹19,000-21,000/mt To ₹24,000-25,000/mt
• FY27 Volume Growth Guidance Seen At 6-8%

Rupee Opens At 95.38/$ Vs Thursday’s Close Of 95.44/$

Here’s how the global market cues are placed this morning

• Sell, TP Rs 305
• Q1much lower than expected for both JLR and India PV businesses, reflecting severe cost headwinds.
• Mgmt. outlook is positive for India, given healthy underlying demand, though due to continued increase in commodity costs (only partly offset by price-hikes), 2Q margin is also expected to be in line with 1Q.
• India Business FY27 volume growth guidance is high double-digits YoY.
• For JLR, mgmt. reiterated its double-digit revenue growth guidance for FY27, & will leverage cost efficiencies and higher ASPs to support margins.
• Mgmt. is also focusing on the four new launches planned over the near term
• Are disappointed by margin trajectory in both businesses, especially for the India business since despite healthy volumes and PLI, EBIT (inc EV Co) remains negative

• Buy, TP Rs 190
• IGL reported a weaker-than-expected performance, with EBITDA at Rs3bn (–30% QoQ, –42% YoY), 20% below Rs3.7bn estimate.
• While volumes were modestly ahead, the miss was on account of a sharp contraction in margins amid higher gas procurement costs.
• Reported net income at Rs1.9bn (–33% QoQ, –48% YoY) was correspondingly 25% below estimates.
• 1Q standalone EPS stood at Rs1.3/sh while consolidated EPS, which includes contributions from the two CGD JVs, stood at Rs1.7/sh (28% uplift over standalone)
• Await mgmt’s commentary on volume growth and, more importantly, margin recovery prospects under IGL’s new MD, Mr. Kumar Shanker, who assumed leadership in June.

• Buy, TP Rs 345
• Expect full volume recovery from 4QFY27F
• Qatar Energy’s force majeure may last till 3Q; impact partly offset by strong offtaker volume sourcing
• Volumes in line; EBITDA helped by inventory and trading gains
• Capex intensity may remain high as FCF turns negative over FY27-28F

• U-P, TP Rs 245
• Ebitda/PAT came 20%/19% above JEFe with volumes 8% below.
• Beat was driven by trading gains with high Spot prices supportive in the near term.
• Resolution of Middle East conflict would sharply narrow trading margins dragging profitability
• Ramp-up in PDHPP capex should turn net cash balance sheet to net debt by FY28 & drag on earnings
• Raised FY27E Ebitda by 12% on trading gains

• Buy, TP Rs 572
• Growth momentum picking up
• 1QFY27 EBITDA ahead; water purifier volume growth improves, service pick-up a key monitorable
• Management comments: Focus remains to step-up revenue growth & current momentum seems on track.
• Robotic VC is benefiting from premiumization
• Two-year filter life is seeing strong traction.
• Service growth was slower, it has taken a 3-12% price increase depending on single/multi-year, which has led to some moderation in booking growth.
• Maintains guidance of flat EBITDA margins y-y.

• Sell TP Rs 11200
• Delivered a strong 1Q, with PAT exceeding estimate by 18%, driven by better-than-expected execution and profitability.
• Revenue grew 70% yoy to Rs36.7 bn, led by defense (+123% yoy), international explosives (+65% yoy) and domestic explosives (+52% yoy), while EBITDA margin expanded 170 bps yoy to 27.9%
• A robust order book of Rs214 bn provides strong medium-term visibility, particularly for defense business (>Rs180 bn)
• Raise FY2027-29 EPS estimates by 2-6%, reflecting stronger execution during the quarter

• TP Rs 20270
• Revenue, EBITDA, & adjusted PAT growth were 70%, 88%, 93%, respectively
• Earnings beat est
• Revenue growth beat estimates across defence (123% vs. 70%), international explosives (+65% vs. our 35%), domestic explosives (52% vs. our
• 19%).
• Gross margin: 49.2% (+110bp), EBITDA margin: 27.5% (+265bp) led by defence mix, international explosive profitability & inventory gains
• Order book: Rs213.5bn (defence: >Rs180bn).
• F27e: Revenue: Rs140bn, capex: Rs20.5bn (1Q: Rs4.5bn)